TCRLA_Public/080617.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

            Tuesday, June 17, 2008, Vol. 9, No. 119

                            Headlines


A R G E N T I N A

AMERICAN AIRLINES: Seeks 5 More New York-Buenos Aires Flights
CERVECERIA Y MALTERIA: Fitch Puts BB Ratings on Negative Watch
COMPANIA ARGENTINA: Claims Verification Deadline Is Aug. 14
EQUINOS PAMPEANOS: Proofs of Claim Verification Is Until Aug. 12
ONCE ESQUINAS: Proofs of Claim Verification Deadline Is Aug. 4

PLATICOS HOMERO: Trustee Verifies Proofs of Claim Until Aug. 22
PROPERSA SRL: Proofs of Claim Verification Deadline Is Aug. 11
PROYECTOS ELECTROMECANICOS: Claims Verification Is Until Aug. 21
TECNOLOGIA & SERVICIOS: Trustee Verifies Claims Until Aug. 12


B E R M U D A

SCOTTISH ANNUITY: Moody's Cuts Insurance Financial Strength Rtng
SCOTTISH Re: Moody's Reviews Junk Ratings for Likely Downgrade
SCOTTISH RE: Selling Int'l Life Reinsurance for US$71.2 Million


B R A Z I L

BANCO CRUZEIRO: Moody's Shifts Outlook Negative; Keeps Ba2 Rtng
BANCO PINE: Raises US$150 Million on Medium Term Note Issuance
BANCO PINE: Says Mid-Sized Banks to Ally With Large Banks
BRASIL TELECOM: Anatel Allows Firm's Sale to Tele Norte
CA INC.: Moody's Gives Stable Rating After Restructuring

FORD MOTOR: Sells Missouri Assembly Plant to Panattoni Dev't
FORD MOTOR: Tracinda Corp. Reports Final Results of Tender Offer
PROPEX INC: Seeks Court Approval of Mac Bridger Separation Pact
PROPEX INC: Wants Court Nod on Alto Business Sale to Lumite Inc.
TAM SA: Offering Direct Flights to Bariloche From July to August

TELE NORTE: Anatel OKs Law Revision Allowing Brasil Telecom Buy


C A Y M A N  I S L A N D S

ALOPEX GLOBAL: Deadline for Proofs of Claim Filing Is June 24
BATNA INC: Will Hold Final Shareholders Meeting on June 24
CABLE INVESTMENT: Deadline for Claims Filing Is Until June 25
CALAMOS MULTI-STRATEGY: Final Shareholders Meeting is on June 25
IMAC CDO 2007-2: Proofs of Claim Filing Deadline Is June 25

KITAHAMA SC CAYMAN: Claims Filing Deadline Is Until June 25
LAGUNA INVESTMENT 2005: Claims Filing Deadline Is June 25
LAGUNA INVESTMENT FOUR: Deadline for Claims Filing Is June 25
MAXSTAR HOLDING: Proofs of Claim Filing Deadline Is June 24


C H I L E

AES GENER: Adequate Cash Flow Reflects Stable Outlook, S&P Says
EASTMAN KODAK: Exceeds Business Goals at Drupa Debut


J A M A I C A

AIR JAMAICA: Gov't Secures Flight Agreements for Jamaica


M E X I C O

AXTEL SAB: Negates Participation in Banco Popular Acquisition
CLEAR CHANNEL: Extends Offer Expiration Date to June 27
CLEAR CHANNEL: Shareholders' Special Meeting Set for July 24
COOPER-STANDARD: S&P Holds Ratings but Revises Outlook to Stable
DIOMED HOLDINGS: Massachusetts Court Approves AngioDynamics Deal

DIOMED HOLDINGS: VNUS Mulls Filing of Patent Infringement Claim
MCDERMOTT INTERNATIONAL: Moody's Puts Ba3 Rating Under Review
QUAKER FABRIC: Has Until June 18 to File Chapter 11 Plan
SMITHFIELD FOODS: Moody's Reviews Ratings for Possible Cut
UNITED RENTALS: Okays Modified Dutch Auction Offer for Shares

UNITED RENTALS: US$679MM Stock Buyback Cues Fitch's Rtg. Action


P A N A M A

CHIQUITA BRANDS: Two Execs Adopt Rule 10b5-1 Stock Trading Plans


P E R U

SPECIALIZED TECHNOLOGY: S&P Revises Outlook to Positive


P U E R T O  R I C O

HORIZON LINES: Launches Green Initiative With Horizon Logistics
HORIZON LINES: Partners With DAS Global Services
MAAX HOLDINGS: Affiliate Inks Takeover Deal With Brookfield


U R U G U A Y

* URUGUAY: Fitch Holds BB-/BB Foreign & Local Currency IDRs


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Invests US$1.7BB in Conversion Project
PETROLEOS DE VENEZUELA: Amuay Plant Unit Cuts Crude Runs by 50%
PETROLEOS DE VENEZUELA: Oil Output is 2.4 Million bpd in May


* Large Companies With Insolvent Balance Sheet


                         - - - - -


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

AMERICAN AIRLINES: Seeks 5 More New York-Buenos Aires Flights
-------------------------------------------------------------
American Airlines Inc. has filed a request with the United
States Department of Transportation for five additional round-
trip flights each week between New York John F. Kennedy
International Airport (JFK) and Buenos Aires, Argentina (EZE).

American Airlines, a founding member of the oneworld(R)
Alliance, currently flies one daily round trip in the market.  
Its proposed new service will add the five additional weekly
round trips starting on or before Dec. 18, 2008, which will
increase the airline's service between JFK and Buenos Aires to
12 round trips per week.  The airline plans to fly the new
service with its Boeing 767-300 aircraft with 219 seats -- 30
Next Generation Business Class seats and 189 seats in the
Coach/Economy cabin.

"Our existing service between JFK and Buenos Aires has been very
successful and well received by both our business and leisure
customers," American Airlines's Vice President of Passenger
Sales for Greater New York, Chuck Imhof said.  "We're adding
these new flights to meet the demand from our New York customers
for additional service to Argentina."

The airlines will operate the additional southbound flights to
Buenos Aires on Wednesday, Thursday, Friday, Saturday, and
Sunday.  Northbound flights will originate on Monday, Tuesday,
Friday, Saturday, and Sunday.

Here is the tentative schedule between New York JFK and Buenos
Aires, effective on or before Dec. 18.  The flights are
approximately 5,300 miles with travel time of approximately 10
hours, 45 minutes.  All times are local.

  From        To        Departs                  Arrives
  ------------------------------------------------------------
  JFK        EZE       9:10 p.m.           11:05 a.m. Next Day
  EZE        JFK       12:30 a.m.          8:15 a.m. Same Day

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, and Japan.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 17, 2008, Fitch Ratings has affirmed AMR Corp.'s Issuer
default rating at 'B-' and Senior unsecured debt at 'CCC/RR6' as
well as its principal operating subsidiary, American Airlines,
Inc.'s Issuer default rating at 'B-' and Secured bank credit
facility at 'BB-/RR1'.  Fitch's rating outlook for both AMR
Corp. and American Airlines has been revised to stable from
positive.

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


CERVECERIA Y MALTERIA: Fitch Puts BB Ratings on Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed the ratings of Cerveceria y Malteria
Quilmes S.A.I.C.A. y G., Anheuser-Busch Companies, Inc., and
Companhia de Bebidas das Americas on rating watch negative.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G.

  -- Foreign Currency Issuer Default Rating 'BB';
  -- Local Currency Issuer Default Rating 'BB';
  -- Senior unsecured notes 'BB'.

Anheuser-Busch Companies, Inc.

  -- Issuer Default Rating 'A';
  -- Short-Term Issuer Default Rating 'F1';
  -- Commercial Paper F1';
  -- Bank credit facilities 'A';
  -- Senior unsecured notes 'A'.

Companhia de Bebidas das Americas (AmBev)

  -- Foreign Currency 'BBB';
  -- Local Currency Issuer Default Rating 'BBB';
  -- Unsecured Notes due 2011, 2013 and 2017 'BBB';
  -- National Scale Rating 'AAA (bra)'

Approximately US$9 billion of Anheuser-Busch debt, US$1.3
billion of Companhia de Bebidas debt and US$150 million of
Cerveceria y Malteria debt is affected by this rating action.  
Fitch cautions investors that in case Anheuser-Busch is taken
over, only certain bonds can be put back to the issuer with a
change of control triggering event -- this is defined as a
change of control followed by a downgrade to below investment
grade.

Fitch's action follows the announced proposal by InBev to
acquire Anheuser-Busch's outstanding common stock for US$65 per
share in an all-cash transaction.  A combination of these two
companies will produce the world's largest brewing company with
leading positions in many countries, a balanced exposure to
developed and developing markets and considerable growth
opportunities.

The cost of this transaction is estimated at US$46 billion.  
This does not include existing debt at Anheuser-Busch, which
totals US$9.3 billion.  The combined company's debt would total
an estimated US$65.5 billion.  Reflecting the sizable increase
in leverage, debt service will be onerous at the outset.

On a pro-forma basis, the combined company would have net sales
of US$36.4 billion and EBITDA of US$11.9 billion.  Initially,
excluding any equity or asset sale proceeds or cost benefits
from the combination, debt/EBITDA is high at 5.5 times.  If
InBev is successful in acquiring Anheuser-Busch, a multiple
notch downgrade of Anheuser-Busch is likely.

InBev's management has stated that the transaction would be
carried out at the InBev level and that debt would not be placed
at the level of its subsidiary Companhia de Bebidas (61.4% of
total capital and 73.9% of voting shares), which has operations
in both North and South America.  Companhia de Bebidas' ratings
were placed on Rating Watch Negative to reflect the close
relationship between InBev and Companhia de Bebidas and the
potential impact upon AmBev's dividend policy and future capital
structure.  Cerveceria y Malteria Quilmes is an indirect
subsidiary of AmBev that operates in Argentina.  Cerveceria y
Malteria's U.S. dollar-denominated debt due in 2012 is rated
'BB', two notches above the 'B+' Argentine country ceiling due
to implicit support from AmBev.  A downgrade of AmBev's ratings
could potentially affect the credit rating of these notes.

Fitch will monitor Anheuser-Busch's response and any actions it
may take to InBev's proposal as well as review InBev's plans to
maintain an investment grade profile.

Based in Buenos Aires, Argentina, Cerveceria y Malteria Quilmes
SAICA is a subsidiary of Quilmes Industrial S.A. aka Quinsa,
which is jointly controlled by AmBev and the Bemberg family, via
Beverage Associates Corp. aka BAC through a shareholders'
agreement.  On April 13, 2006, it was announced that AmBev and
BAC had reached an agreement, in which BAC will sell its
remaining shares in Quinsa to AmBev for about US$1.2 billion.  
Upon the closing of this transaction, which is awaiting
regulatory approval, AmBev will own about 91.18% of Quinsa.


COMPANIA ARGENTINA: Claims Verification Deadline Is Aug. 14
-----------------------------------------------------------
The court-appointed trustee for Compania Argentina de Sistemas
Empresarios S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until Aug. 14, 2008.

Ms. Garcia will present the validated claims in court as
individual reports on Sept. 25, 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 Compania 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 Compania Argentina's
accounting and banking records will be submitted in court on
Nov. 6, 2008.


EQUINOS PAMPEANOS: Proofs of Claim Verification Is Until Aug. 12
----------------------------------------------------------------
Maria Diepenbrock, the court-appointed trustee for Equinos
Pampeanos SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Aug. 12, 2008.

Ms. Diepenbrock will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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 Equinos Pampeanos 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 Equinos Pampeanos'
accounting and banking records will be submitted in court.

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

Ms. Diepenbrock is also in charge of administering Equinos
Pampeanos' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

           Equinos Pampeanos SRL
           Uriburu 50
           Buenos Aires, Argentina

The trustee can be reached at:

           Maria Diepenbrock
           Tucuman 1657
           Buenos Aires, Argentina


ONCE ESQUINAS: Proofs of Claim Verification Deadline Is Aug. 4
--------------------------------------------------------------
The court-appointed trustee for Once Esquinas S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 4, 2008.

The trustee will present the validated claims in court as
individual reports on Sept. 16, 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 Once Esquinas 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 Once Esquinas'
accounting and banking records will be submitted in court on
Oct. 28, 2008.

The debtor can be reached at:

           Panabaires SA
           Paraguay 754
           Buenos Aires, Argentina

The trustee can be reached at:

           Laura Garcia
           Simbron 3537
           Buenos Aires, Argentina


PLATICOS HOMERO: Trustee Verifies Proofs of Claim Until Aug. 22
---------------------------------------------------------------
The court-appointed trustee for Plasticos Homero Pet S.A.'s
reorganization proceeding, will be verifying creditors' proofs
of claim until Aug. 22, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Cordoba 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 Plasticos
Homero 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 Plasticos Homero's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

        Plasticos Homero Pet S.A.
        Suipacha 2014 s (5004)
        Cordoba, Argentina
        Phone: 0351 4518003
        Fax: 0351 4519078


PROPERSA SRL: Proofs of Claim Verification Deadline Is Aug. 11
--------------------------------------------------------------
Mauricio Zafran, the court-appointed trustee for Propersa SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 11, 2008.

Mr. Zafran will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 Propersa 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 Propersa's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Propersa SRL
           Jorge Newbery 4494
           Buenos Aires, Argentina

The trustee can be reached at:

           Mauricio Zafran
           Avenida Callao 420
           Buenos Aires, Argentina


PROYECTOS ELECTROMECANICOS: Claims Verification Is Until Aug. 21
----------------------------------------------------------------
Eduardo Caggiano, the court-appointed trustee for Proyectos
Electromecanicos IME SA's bankruptcy proceeding, will be
verifying creditors' proofs of claim until Aug. 21, 2008.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 Proyectos Electromecanicos
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 Proyectos
Electromecanicos' accounting and banking records will be
submitted in court.

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

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

The debtor can be reached at:

           Proyectos Electromecanicos IME SA
           Lavalle 1783
           Buenos Aires, Argentina

The trustee can be reached at:

           Eduardo Caggiano
           San Martin 66
           Buenos Aires, Argentina


TECNOLOGIA & SERVICIOS: Trustee Verifies Claims Until Aug. 12
-------------------------------------------------------------
The court-appointed trustee for Tecnologia & Servicios S.A.'s
reorganization proceeding, will be verifying creditors' proofs
of claim until Aug. 12, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Cordoba 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 Tecnologia &
Servicios 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 Tecnologia &
Servicios' accounting and banking records will be submitted in
court.

Infobae didn't state the reports submission deadlines.



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

SCOTTISH ANNUITY: Moody's Cuts Insurance Financial Strength Rtng
----------------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating of Scottish Annuity & Life Insurance Company
(Cayman) Ltd. to B3 from Ba3.  Moody's also placed the ratings
of Scottish Re Group Limited on review with direction uncertain-
it had previously been on review for possible downgrade.  The
ratings review impacts the company's debt and preferred stock
ratings (Caa3 preferred stock), the Ba3 IFS rating of Scottish
Re (U.S.), Inc and the B3 IFS rating of Scottish Annuity.  The
rating agency said change in the ratings review indicates the
possibility that Scottish Re's ratings could now be downgraded,
upgraded or confirmed depending on the future developments at
Scottish Re.

On April 4, 2008, Scottish Re announced that it intends to
explore the sale of its Life Reinsurance North American Segment.
Previously, management had announced its intention to pursue
dispositions of its International Life Reinsurance Segment and
its Wealth Management Business.

Moody's stated that the downgrade of Scottish Annuity reflects
the belief that policyholders at Scottish Re (U.S.) are in a
better position than creditors at Scottish Annuity, primarily
because it has limited available assets.  According to Moody's
Vice President and Senior Credit Officer Scott Robinson,
"SALIC's most material asset is Scottish Re (U.S.), and in our
opinion, the success of the sales process will have a material
impact on creditors at SALIC."  During its review, the rating
agency will monitor the company's progress in selling its Life
Reinsurance North American Segment, as well as any actions taken
by creditors or regulators.

Recently, Scottish Re signed a definitive agreement with Pacific
Life to sell its International Life Reinsurance Segment for
US$71.2 million.  According to Mr. Robinson, "While this is a
positive development, its financial impact is not material, and
the sale of Scottish Re (U.S.) is the critical determinant of
the company's ratings."  He added that while creditors will take
available actions as needed to protect their financial
interests, Moody's believes that as a group, creditors at
Scottish Annuity are motivated to encourage an efficient and
expedient sales process.

The company delayed the filing of its 10k in order to evaluate
the other-than-temporary impairment charges to be included in
its consolidated GAAP financials.  Mr. Robinson said, "The
magnitude of the company's subprime and Alt-A exposure,
specially to recent year vintages, makes them susceptible to
potentially substantial losses."  

As of the end of the third quarter 2007, Scottish Re had
approximately US$3 billion of subprime ABS and Alt-A holdings,
which represented 27% of its total investment portfolio.

These ratings were downgraded and placed on review with
direction uncertain:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.:
     IFS rating to B3 from Ba3

  -- Premium Asset Trust Series 2004-4: Senior Secured rating to
     B3 from Ba3

  -- Stingray Pass-Through Certificates (based on IFS rating of
     Scottish Annuity): to B3 from Ba3

These ratings were placed on review with direction uncertain:

  -- Scottish Re Group Limited: senior unsecured shelf of
     (P)Caa1; subordinate shelf of (P)Caa2; junior subordinate
     shelf of (P)Caa2; preferred stock of Caa3; and preferred
     stock shelf of (P)Caa3

  -- Scottish Holdings Statutory Trust II: preferred stock shelf
     of (P)Caa2

  -- Scottish Holdings Statutory Trust III: preferred stock
     shelf of (P)Caa2

  -- Scottish Re (U.S.), Inc.: Insurance Financial Strength of
     Ba3

On March 11, 2008, Moody's downgraded the insurance financial
strength and debt ratings of Scottish Re Group Limited and
subsidiaries.  The downgrade was primarily driven by their
change in strategic focus in response to business challenges it
faces in writing new business.  This was partially caused by
market conditions and its substantial exposure to subprime and
Alt-A investments.

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


SCOTTISH Re: Moody's Reviews Junk Ratings for Likely Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating of Scottish Annuity & Life Insurance Company
(Cayman) Ltd. to B3 from Ba3.  Moody's also placed the ratings
of Scottish Re Group Limited on review with direction uncertain-
it had previously been on review for possible downgrade.  The
ratings review impacts the company's debt and preferred stock
ratings (Caa3 preferred stock), the Ba3 IFS rating of Scottish
Re (U.S.), Inc and the B3 IFS rating of Scottish Annuity.  The
rating agency said change in the ratings review indicates the
possibility that Scottish Re's ratings could now be downgraded,
upgraded or confirmed depending on the future developments at
Scottish Re.

On April 4, 2008, Scottish Re announced that it intends to
explore the sale of its Life Reinsurance North American Segment.
Previously, management had announced its intention to pursue
dispositions of its International Life Reinsurance Segment and
its Wealth Management Business.

Moody's stated that the downgrade of Scottish Annuity reflects
the belief that policyholders at Scottish Re (U.S.) are in a
better position than creditors at Scottish Annuity, primarily
because it has limited available assets.  According to Moody's
Vice President and Senior Credit Officer Scott Robinson,
"SALIC's most material asset is Scottish Re (U.S.), and in our
opinion, the success of the sales process will have a material
impact on creditors at SALIC."  During its review, the rating
agency will monitor the company's progress in selling its Life
Reinsurance North American Segment, as well as any actions taken
by creditors or regulators.

Recently, Scottish Re signed a definitive agreement with Pacific
Life to sell its International Life Reinsurance Segment for
US$71.2 million.  According to Mr. Robinson, "While this is a
positive development, its financial impact is not material, and
the sale of Scottish Re (U.S.) is the critical determinant of
the company's ratings."  He added that while creditors will take
available actions as needed to protect their financial
interests, Moody's believes that as a group, creditors at
Scottish Annuity are motivated to encourage an efficient and
expedient sales process.

The company delayed the filing of its 10k in order to evaluate
the other-than-temporary impairment charges to be included in
its consolidated GAAP financials.  Mr. Robinson said, "The
magnitude of the company's subprime and Alt-A exposure,
specially to recent year vintages, makes them susceptible to
potentially substantial losses."  

As of the end of the third quarter 2007, Scottish Re had
approximately US$3 billion of subprime ABS and Alt-A holdings,
which represented 27% of its total investment portfolio.

These ratings were downgraded and placed on review with
direction uncertain:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.:
     IFS rating to B3 from Ba3

  -- Premium Asset Trust Series 2004-4: Senior Secured rating to
     B3 from Ba3

  -- Stingray Pass-Through Certificates (based on IFS rating of
     Scottish Annuity): to B3 from Ba3

These ratings were placed on review with direction uncertain:

  -- Scottish Re Group Limited: senior unsecured shelf of
     (P)Caa1; subordinate shelf of (P)Caa2; junior subordinate
     shelf of (P)Caa2; preferred stock of Caa3; and preferred
     stock shelf of (P)Caa3

  -- Scottish Holdings Statutory Trust II: preferred stock shelf
     of (P)Caa2

  -- Scottish Holdings Statutory Trust III: preferred stock
     shelf of (P)Caa2

  -- Scottish Re (U.S.), Inc.: Insurance Financial Strength of
     Ba3

On March 11, 2008, Moody's downgraded the insurance financial
strength and debt ratings of Scottish Re Group Limited and
subsidiaries.  The downgrade was primarily driven by their
change in strategic focus in response to business challenges it
faces in writing new business.  This was partially caused by
market conditions and its substantial exposure to subprime and
Alt-A investments.

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


SCOTTISH RE: Selling Int'l Life Reinsurance for US$71.2 Million
---------------------------------------------------------------
Scottish Re Group Limited and Pacific Life Insurance Company
disclosed that a definitive agreement has been signed whereby
Pacific LifeCorp, the parent company of Pacific Life, will
purchase the International Life Reinsurance segment of Scottish
Re Group Limited.  The purchase price is US$71.2 million,
subject to certain potential downward adjustments.

Other terms of the purchase agreement were not disclosed.  The
transaction is subject to regulatory approvals and other
customary closing conditions, both of which are expected to be
achieved during the third quarter of 2008.

The new operation, to be called Pacific Life Re, provides
reinsurance solutions to insurance and annuity providers in the
United Kingdom and Ireland and to insurers in selected markets
in Asia.  

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

Through this purchase, Pacific LifeCorp will acquire these
assets:

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

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

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

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

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

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

The executive team will comprise:

   * David Howell, FSA - chief executive officer
   * Warren Copp - chief underwriter
   * Duncan Hayward, ACA - chief financial officer
   * David Heeney, FIA - chief marketing officer, UK and Ireland
   * Andrew Linfoot, FIAA - regional director, Asia
   * Steve Nuttall, FIA - chief pricing officer
   * George Scott, Solicitor - legal counsel and chief risk
                               officer
   * Jerry Staffurth, FIA - chief actuary

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

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

             About Pacific LifeCorp and Pacific Life

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

                        About Scottish Re

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

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.



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

BANCO CRUZEIRO: Moody's Shifts Outlook Negative; Keeps Ba2 Rtng
---------------------------------------------------------------
Moody's Investors Service has affirmed Banco Cruzeiro do Sul's
ratings and changed to negative, from stable, the outlook on the
D+ bank financial strength rating, Ba1/NP global local currency
deposit ratings, Aa2.br/BR-1 Brazil's national scale deposit
ratings, as well as on the Ba1 senior and Ba2 subordinated debt
ratings.  Moody's also affirmed the long and short-term foreign
currency deposit ratings Ba2/NP, and maintained the stable
outlook.

The change in outlook reflects Moody's view that Banco
Cruzeiro's franchise value and profitability are likely to be
challenged by a less robust growth and increasing competition in
its core product, payroll loans, which contributes approximately
85% of its recurring earnings.  Moreover, Moody's said, upcoming
accounting changes, expected for January 2009, and increasing
funding costs could also pressure the bank's recurring
profitability, particularly in light of regulated spreads on
payroll loans.  In such a scenario, Banco Cruzeiro's management
would be challenged to reposition the bank's franchise to ensure
adequate earnings diversification and recurrence.

The rating agency acknowledges the bank's expertise and relevant
position in the payroll loans segment, where it ranks among the
four largest loan originators.  Management's efforts to
diversify the bank's product offering -- which include the
establishment of a commercial SME lending platform -- is likely
to face stiff competition and could delay Banco Cruzeiro's
ability to replenish declining earnings.

Moody's also noted that Banco Cruzeiro's liquidity management
has been reliant on the high marketability of both the payroll
loans and of the quotas of investment funds that the bank holds
in its balance sheet, and whose underlying assets are its own
payroll loans (FIDCs).  These holdings are very liquid
unencumbered assets, which however, are financed by expensive
funding sources, thus adding to pressure on profits, as funding
costs rise.  Moreover, under the new accounting rules, the bank
is expected to absorb a growing share of loans in its balance
sheet, which in turn might rapidly consume current capital
surplus.

Stabilization of the rating outlook would require the generation
of recurring profitability and continued adequate capital and
asset quality indicators, in alignment with its bank peers.

The outlook has been changed to negative on these ratings
assigned to Banco Cruzeiro do Sul SA:

  -- Bank Financial Strength Rating: D+

  -- Global Local Currency Deposit Ratings: Ba1 for long-term,
     and Not Prime for short-term

  -- Brazilian National Scale Deposit Ratings: Aa2.br for
     long-term and BR-1 for short-term

  -- Long-term foreign-currency senior unsecured debt: Ba1

  -- Long-term foreign-currency junior subordinate debt: Ba2

These ratings assigned to Banco Cruzeiro do Sul were affirmed
and remain stable outlook:

  -- Global Foreign Currency Deposit Ratings: Ba2 for long-term
     and Not Prime for short-term

Banco Cruzeiro do Sul SA is had unconsolidated assets of
BRL4,549 million and equity of BRL1,112 million as of
March 30, 2008.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.


BANCO PINE: Raises US$150 Million on Medium Term Note Issuance
--------------------------------------------------------------
Banco Pine SA has raised some US$150 million through the
issuance of medium term notes, NoticiasFinancieras reports.

According to Business News Americas, Banco Pine sold
US$150 million in unsubordinated debt through a two-year issue
outside Brazil, paying 7.375% yearly.

Banco Pine SA's Chief Financial Officer Clive Botelho told
BNamericas that demand for the medium-term notes reached
US$200 million "despite continuing uncertainty on the
international markets."

Banco Pine will likely tap international markets for funds
closer to the end of 2008, BNamericas says, citing Mr. Botelho.  
"The window of opportunity is still open.  Midsize Brazilian
banks have raised almost BRL700 million on international markets
since Brazil was given an investment-grade debt rating," Mr.
Botelho added.

Mr. Botelho told BNamericas that Banco PIne is continuing
negotiations with various entities to raise money through
private placements.

Headquartered in Sao Paulo, Banco Pine SA was established in
1997 by the brothers Nelson and Noberto Pinheiro after the sale
in 1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Standard & Poor's Ratings Services assigned its
'BB-' foreign currency long-term debt rating to Banco Pine
S.A.'s US$100 million unsecured, unsubordinated, two-year
medium-term notes.  S&P's long-term foreign-currency
counterparty credit rating on the bank is 'BB-/Stable/B'.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2008, Fitch Ratings affirmed Banco Pine S.A.'s 'B+'
long-term foreign and local currency issuer default rating.  It
also affirmed the bank's 'B' short-term foreign and local
currency issuer default rating.  Fitch said the outlook remaines
positive.


BANCO PINE: Says Mid-Sized Banks to Ally With Large Banks
---------------------------------------------------------
Banco Pine SA's Chief Financial Officer Clive Botelho told
Business News Americas that mid-sized banks will likely to
collaborate with large commercial banks for the expansion of
their loan portfolios beyond payroll loans.

Mr. Botelho commented to BNamericas, "The next step for midsize
banks is to try to find partnerships to develop new product
lines, including Pine, although we're not currently in talks.  
Pine couldn't offer housing loans today, for example, because it
doesn't have the funding or permission from the central bank."

BNamericas relates that Mr. Botelho said that Banco Pine entered
into car loans in the fourth 2007.  According to Mr. Botelho,
the bank "found spreads too low and decided to keep retail
lending just to payroll loans to civil servants" and Instituto
Nacional de la Seguridad Socia pensioners.  "Car loans are for
big players.  It's a matter of scale," Mr. Botelho added.

Mr. Botelho told BNamericas that retail loans comprised 30% of
Banco Pine's loan book.  Corporate loans mostly to the middle
and large middle market account for 70% of the bank's loan book,
Mr. Botelho added.

Banco Pine is preparing a BRL240 million receivables fund,
BNamericas notes, citing Mr. Botelho.  Middle-market loans for
August or September will back the fund, Mr. Botelho added.

Headquartered in Sao Paulo, Banco Pine SA was established in
1997 by the brothers Nelson and Noberto Pinheiro after the sale
in 1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Standard & Poor's Ratings Services assigned its
'BB-' foreign currency long-term debt rating to Banco Pine
S.A.'s US$100 million unsecured, unsubordinated, two-year
medium-term notes.  S&P's long-term foreign-currency
counterparty credit rating on the bank is 'BB-/Stable/B'.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2008, Fitch Ratings affirmed Banco Pine S.A.'s 'B+'
long-term foreign and local currency issuer default rating.  It
also affirmed the bank's 'B' short-term foreign and local
currency issuer default rating.  Fitch said the outlook remaines
positive.
  

BRASIL TELECOM: Anatel Allows Firm's Sale to Tele Norte
-------------------------------------------------------
Business News Americas reports that Brazilian telecommunications
regulator Anatel has authorized the revision of the telecoms law
that will allow Tele Norte Leste Participacoes S.A. to proceed
with its acquisition of Brasil Telecom Participacoes S.A.

The law will let telecoms acquire fellow operators from a
different region of Brazil, Anatel board member Pedro Jaime
Ziller told the press.  BNamericas relates that Tele Norte has
closed a deal to acquire Brasil Telecom for BRL5.86 billion.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2008, current legislation doesn't allow a fixed line
telecommunications firm to purchase another telecom to avoid
creating a conflict with existing concession licenses.

Mr. Ziller commented to BNamericas, "Mergers are happening all
over the world, therefore Anatel needed to enable the creation
of large companies in Brazil."  The decision to approve the
revision to the telecoms law was unanimous among Anatel's four
board members.  Anatel determined that firms that have
concessions in over one region should have indirect presence in
the other areas in Brazil through a representative to offer
national coverage.  According to Mr. Ziller, an operator may
provide telecoms services in one region or it may be national.

BNamericas relates that due to disagreements among board
members, Anatel's decision had been postponed many times.  The
new telecoms law will go through public consultation process for
a month, starting June 17.  The final document will then be
submitted to Brazil's President Luiz Inacio Lula da Silva for
approval.

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

                        *     *     *

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


CA INC.: Moody's Gives Stable Rating After Restructuring
--------------------------------------------------------
Moody's Investors Service has revised CA Inc.'s outlook to
stable from negative and affirmed the Ba1 corporate family
rating.  The change in outlook reflects the continued
improvement in performance the company has demonstrated over the
past several quarters and the management team's success in
restructuring the business.

The results for the quarter and fiscal year ended March 31, 2008
indicate healthy growth in revenue and bookings.  While the
increases reflect the underlying strength in IT management
software markets (and improvements in the mainframe environment
in general), we believe it also indicates success from the
restructuring of CA's sales force.

The company continues to book restructuring charges but even
after those charges, operating income and free cash flow are
increasing.  While full year revenue growth of 8% (4% in
constant currency) and bookings growth of 15% included some
modest impact from acquisitions, growth in the March quarter
over the prior year periods can be viewed as substantially all
organic.  Revenues grew 8% (2% in constant currency) and
bookings grew 30% in the March quarter over prior year periods.
Bookings growth is an indicator of sales force success and
future growth as those revenues will be recognized over a
several year period.

These ratings were affirmed:

  -- Corporate family rating: Ba1

  -- Probability of default: Ba1

  -- US$460 million Convertible Senior Notes due 2009: Ba1, LGD4
     (50%)

  -- US$500 million Senior Notes due 2009: Ba1, LGD4 (50%)

  -- US$500 million Senior Notes due 2014: Ba1, LGD4 (50%)

  -- Speculative grade liquidity rating: SGL-1

The Ba1 rating continues to reflect the company's leading
positions across multiple enterprise management software
segments, the overall strength and size of the company's
customer base, moderate credit metrics and strong free cash flow
generation.  The ratings are constrained by continued reliance
on legacy mainframe technology for a substantial percentage of
total revenues, competition from large, well-capitalized
competitors, and limited organic growth.

The ratings also reflect the company's history of share buyback
activity, which although manageable in the past fiscal year,
have in prior periods been at elevated levels.  In the past, the
company's ratings have also been constrained by governance and
financial control issues which management and the board have
worked to resolve.  The ratings or outlook could face upward
pressure if the company is able to demonstrate consistent
organic growth while maintaining conservative financial policies
and prudent financial controls and governance.

Based in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.  The company
had approximately US$4.3 billion in revenues for the twelve
months ended March 31, 2008.


FORD MOTOR: Sells Missouri Assembly Plant to Panattoni Dev't
------------------------------------------------------------
Ford Motor Company sold its St. Louis Assembly Plant in
Hazelwood, Missouri, to Panattoni Development Company, Inc.

Panattoni plans to demolish the existing structure and add new
buildings totaling approximately 2.6 million square feet of
warehouse, distribution and light industrial space on the 155-
acre site.

Panattoni is a commercial real estate development company based
in Sacramento, California, specializing in industrial, office
and retail projects.  In the past three years the company has
developed more 2.8 million square feet with a total value in
excess of US$135 million in St. Louis.

Ford worked closely with the city of Hazelwood and the state of
Missouri to find a buyer who would develop the site in a way
that benefits the community.  Ford did not disclose the terms of
the sale.

"We are pleased that the sale of the property to Panattoni will
result in a new development that will serve the community and
preserve a positive legacy for Ford Motor Company," Jay Gardner,
director, Real Estate Services, Ford Land, said.

"This is a unique site, and we are delighted to be involved in
its redevelopment," Mark Branstetter, senior vice president for
Panattoni, said.  "Through a shared vision and strong
cooperation by all parties we were able to accomplish this
acquisition.  We are very excited to be building again in the
City of Hazelwood."

Hazelwood Mayor T.R. Carr was pleased that Panattoni will
spearhead the redevelopment of the property.

"When discussing the future of the site with Ford last year, I
expressed my vision to see the building demolished and the area
restored so that it would once again be an employment and
business center," Mr. Carr said.  "Ford accepted that vision and
with the sale to Panattoni, new career opportunities will be
made available and Hazelwood will remain a strong, viable
community. We are proud to welcome Panattoni to Hazelwood."

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.


FORD MOTOR: Tracinda Corp. Reports Final Results of Tender Offer
----------------------------------------------------------------
Tracinda Corporation disclosed the final 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 final tabulation by Mellon Investor Services LLC,
the depositary for the tender offer, 826,223,862 shares of
Ford's common stock were properly tendered and not withdrawn in
the tender offer, resulting in a proration factor of
approximately 2.42%.  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.  Mellon Investor Services LLC will promptly
issue payment for the shares validly tendered and accepted for
payment 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.

             Trancinda Owner To Meet Ford Execs

Kirk Kerkorian, Trancinda Corp.'s owner, is set to meet
executive chairman William C. Ford Jr. and CEO Alan Mulally,
this week, indicating that the major shareholder stands by the
management and its turnaround strategy, The New York Times,
citing sources familiar with the matter, reports.

                        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.


PROPEX INC: Seeks Court Approval of Mac Bridger Separation Pact
---------------------------------------------------------------
Out of an abundance of caution, Propex Inc. and its debtor-
affiliates seek permission from the U.S. Bankruptcy Court for
the Eastern District of Tennessee to enter into a Separation
Agreement with Mac Bridger.

Mr. Bridger resigned as the Debtors' executive vice president
for worldwide sales and marketing, effective as of May 9, 2008.  
The Debtors relate that they contemplate eliminating the
position Mr. Bridger held.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
tells the Court that in order to effectuate an orderly
transition in their business operations, the Debtors are
finalizing a separation agreement with Mr. Bridger.

The salient terms of the Separation Agreement are:

   * Mr. Bridger will be subject to a non-compete provision, and
     will waive any and all claims he has against the Debtors
     and their bankruptcy estates.  

   * The Debtors will provide three months severance to Mr.
     Bridger.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  The Debtors' exclusive period to
file a plan of reorganization expires on May 17, 2008.

(Propex Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Court Nod on Alto Business Sale to Lumite Inc.
----------------------------------------------------------------
Propex Inc. and its debtor-affiliates seek permission from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
sell their Alto Business to Lumite, subject to higher and better
bids.  The Debtors also seek the Court's authority to assume and
assign certain assumed contracts and Chapter 11 licenses,
pursuant to Section 365 of the Bankruptcy Code.

The debtors are engaged in the manufacture and sale of fabrics
for trampolines, swimming pool covers, industrial filtration,
D.E. filtration, and miscellaneous government requirements at
their manufacturing facility in Alto, Georgia.

Prior to the Petition Date, the Debtors began scrutinizing their
business operations in order to identify any asset or property
that do not fit into their long-term business strategy, Mark W.
Wege, Esq., at King & Spalding, LLP, in Houston, Texas, relates.  
Upon evaluation, the Debtors determined it best to sell their
Alto Business.  The Debtors maintain that the contemplated Sale
would permit them to monetize the Alto Business for distribution
to their creditors, and would facilitate a successful
reorganization for them.

As a result of their marketing efforts, the Debtors received
offers from two potential purchasers.  One offer was
subsequently withdrawn, and the other offer was from Lumite,
Inc., a domestic fabric converting company.  Lumite is 50% owned
by Thrace Plastics Co. S.A., a Greek company engaged in the
production and trade of plastics, textiles and packaging
materials primarily throughout Europe.

The Debtors and Lumite subsequently executed an asset purchase
agreement dated June 4, 2008, for the sale of the Debtors' Alto
Business, on an "as is, where is" basis.

The salient terms of the Lumite APA are:

   (a) The Debtors will sell to Lumite their Alto Business,
       including all real property and improvements in the Alto
       manufacturing facility, machinery and equipment,
       inventory, related contracts and leases, customer orders,
       and purchase orders from vendors.

   (b) Subject to a post-closing working capital adjustment,
       Lumite will pay the Debtors US$3,100,000 for the Alto
       Business at closing:

        (1) US$1,000,000 will be in cash in immediately
            available funds; and

        (2) Lumite will issue to the Debtors a secured
            promissory note for an original principal amount of
            US$2,100,000.

   (c) The Secured Note (i) accrues interest at "prime rate"
       plus 3%, to be determined and applied on a quarterly
       basis, and (ii) is payable in three equal installments of
       principal for US$700,000, which are due on each of the
       first three anniversaries of the issue date.

   (d) Lumite will assume certain of the Debtors' liabilities,
       including:

       -- cure payments under assumed contracts;

       -- all liabilities for accrued vacation due to employees
          of the Alto Business as of closing;

       -- all liabilities for severance due to certain employees
          of the Alto Business;

       -- all applicable transfer taxes; and

       -- certain pro-rated costs, expenses and liabilities.  

The third parties to the Contracts to be assumed under the
proposed sale are Cut-N-Care Lawn Service, Waste Management,
Inc., AAA Scales and Systems, Inc., Material Handling, Inc.,
Smith Cleaning of South Hall, Inc. and Norfolk Southern Railway
Company.

A full-text copy of the Lumite Purchase Agreement is available
for free at http://bankrupt.com/misc/PROPEX_LumiteAPA.pdf

Mr. Wege clarifies that although the Debtors are not proposing a
formal auction process for their Alto Business, the Lumite APA
is subject to higher or better offers, at any time through the
conclusion of a sale hearing.  The APA will, therefore, be
"tested" in the marketplace so as to ensure that the Debtors'
estates realize the maximum value for their Alto Business, he
says.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  The Debtors' exclusive period to
file a plan of reorganization expires on May 17, 2008.

(Propex Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


TAM SA: Offering Direct Flights to Bariloche From July to August
----------------------------------------------------------------
TAM S.A. is going to offer direct flights from Sao Paulo to
Bariloche, Argentina, between July 3 and Aug. 10.

The new flight will leave from Guarulhos International Airport
in Sao Paulo, with departures on Thursdays and Sundays, touching
down at San Carlos de Bariloche -- Teniente Luis Candelaria
International Airport.  The service will be provided on Airbus
A320 aircraft, with a capacity for 174 passengers.

With the start of operations, TAM will be the only airline to
offer direct flights from Sao Paulo to Bariloche.  Currently,
this route is only served by charter flights.  The new service
will be offered on a provisional basis.  This is the first step
so the company can assess the viability of offering regular
flights on this route.

TAM will have an ample structure set up at the airport in
Bariloche to take care of its customers.  The company will have
exclusive positions for handling check-in, a store for selling
tickets, freight service operated by TAM Cargo and a team of
staff specially deployed to ensure necessary service during the
process of passenger departure and arrival.

TAM Viagens, the tourism unit of TAM Linhas Aereas, has created
three different 7-night packages for travelers wishing to spend
the July holidays in Bariloche.  All packages include round-trip
airfare, airport-hotel-airport transportation, and an excursion
to the key tourist points of the city and surroundings.  
Customers may also choose special skiing packages that include
lift passes for up to six days, skis, boots and poles.

Flight 8042 will depart from Guarulhos International Airport at
11:25 a.m. and arrive in Bariloche at 4:15 p.m.  The return trip
will be on Flight 8043, leaving from Bariloche at 5:15 p.m. and
arriving in Sao Paulo at 9:25 p.m.

With this new service, TAM is expanding its offering of flights
to Argentina.  At present, the company operates 49 regular
weekly flights to Buenos Aires, with departures from Belo
Horizonte, Brasilia, Florianopolis, Fortaleza, Porto Alegre, Rio
de Janeiro, Salvador and Sao Paulo.

From June 19 to Aug. 10, TAM will also be offering extra flights
to Buenos Aires, with departures from Porto Seguro, Recife,
Salvador, Sao Paulo and Rio de Janeiro, to meet the demand of
the high season.  With this additional service, the company will
be offering 56 scheduled flights per week to the Argentine
capital.

Through TAM Airlines, the company will also offer a daily flight
to the city of Cordoba, Argentina, with a stop in Asuncion,
Paraguay.

                            About TAM

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

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

                        *     *     *

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

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


TELE NORTE: Anatel OKs Law Revision Allowing Brasil Telecom Buy
---------------------------------------------------------------
Business News Americas reports that Brazilian telecommunications
regulator Anatel has authorized the revision of the telecoms law
that will allow Tele Norte Leste Participacoes S.A. to proceed
with its acquisition of Brasil Telecom Participacoes S.A.

The law will let telecoms acquire fellow operators from a
different region of Brazil, Anatel board member Pedro Jaime
Ziller told the press.  BNamericas relates that Tele Norte has
closed a deal to acquire Brasil Telecom for BRL5.86 billion.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2008, the current legislation doesn't allow a fixed line
telecommunications firm to purchase another telecom to avoid
creating a conflict with existing concession licenses.

Mr. Ziller commented to BNamericas, "Mergers are happening all
over the world, therefore Anatel needed to enable the creation
of large companies in Brazil."  The decision to approve the
revision to the telecoms law was unanimous among Anatel's four
board members.  Anatel determined that firms that have
concessions in over one region should have indirect presence in
the other areas in Brazil through a representative to offer
national coverage.  According to Mr. Ziller, an operator may
provide telecoms services in one region or it may be national.

BNamericas relates that due to disagreements among board
members, Anatel's decision had been postponed many times.  The
new telecoms law will go through public consultation process for
a month, starting June 17.  The final document will then be
submitted to Brazil's President Luiz Inacio Lula da Silva for
approval.

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

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.



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

ALOPEX GLOBAL: Deadline for Proofs of Claim Filing Is June 24
-------------------------------------------------------------
Alopex Global Vega Fund Ltd.'s creditors have until
June 24, 2008, to prove their claims to Alopex Capital
Management LLC, 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.

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

The liquidator can be reached at:

                Alopex Capital Management LLC
                c/o Ogier, P.O. Box 1234
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Jonathan McLean
                Telephone: (345) 815-1705
                Fax: (345) 949 1986


BATNA INC: Will Hold Final Shareholders Meeting on June 24
----------------------------------------------------------
Batna Inc. will hold its final shareholders meeting on
June 24, 2008, at the offices of UBS Trustees (Bahamas) Ltd.,
UBS House, Nassau, Bahamas.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process;

               2) determining the manner in which the books,
                  accounts and documentation of the company
                  and of the Liquidator should be maintained
                  and subsequently disposed; and
              
               3) hearing any explanation thereof.

Batna's shareholders agreed on May 13, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CABLE INVESTMENT: Deadline for Claims Filing Is Until June 25
-------------------------------------------------------------
Cable Investment Ltd.'s creditors have until June 25, 2008, to
prove their claims to Walkers SPV Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Cable Investment's shareholders decided on May 26, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walker House, 87 Mary Street,
                George Town, Grand Cayman,
                Cayman Islands


Contact for inquiries:

                Anthony Johnson
                Telephone: (345) 914-6314    


CALAMOS MULTI-STRATEGY: Final Shareholders Meeting is on June 25
----------------------------------------------------------------
Calamos Multi-Strategy Master Fund Ltd. will hold its final
shareholders meeting on June 25, 2008, at 10:00 a.m., at the
registered office of the company.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and

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

Calamos Multi-Strategy's shareholder agreed on April 29, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and Lawrence Edwards
               c/o PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Miguel Brown
               P.O. Box 258, Grand Cayman,
               Cayman Islands
               Telephone: (345) 914 8665
               Fax: (345) 945 4237


IMAC CDO 2007-2: Proofs of Claim Filing Deadline Is June 25
-----------------------------------------------------------
Imac CDO 2007-2 Ltd.'s creditors have until June 25, 2008, to
prove their claims to Walkers SPV Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Imac's shareholder decided on May 26, 2008, to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walker House, 87 Mary Street,
                George Town, Grand Cayman,
                Cayman Islands


Contact for inquiries:

                Anthony Johnson
                Telephone: (345) 914-6314  


KITAHAMA SC CAYMAN: Claims Filing Deadline Is Until June 25
-----------------------------------------------------------
Kitahama SC Cayman's creditors have until June 25, 2008, to
prove their claims to Mark Hill and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                Mark Hill and Giles Le Sueur
                c/o Maples Finance Jersey Limited,
                2nd Floor Le Masurier House,
                La Rue Le Masurier, St. Helier,
                Jersey JE2 4YE    


LAGUNA INVESTMENT 2005: Claims Filing Deadline Is June 25
---------------------------------------------------------
Laguna Investment 2005 Ltd.'s creditors have until
June 25, 2008, to prove their claims to Mark Hill and Giles Le
Sueur, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Laguna Investment 2005's shareholder(s) decided on May 15, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Mark Hill and Giles Le Sueur
                c/o Maples Finance Jersey Limited,
                2nd Floor Le Masurier House,
                La Rue Le Masurier, St. Helier,
                Jersey JE2 4YE


LAGUNA INVESTMENT FOUR: Deadline for Claims Filing Is June 25
-------------------------------------------------------------
Laguna Investment Four Ltd.'s creditors have until June 25,
2008, to prove their claims to Mark Hill and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                Mark Hill and Giles Le Sueur
                c/o Maples Finance Jersey Limited,
                2nd Floor Le Masurier House,
                La Rue Le Masurier, St. Helier,
                Jersey JE2 4YE


MAXSTAR HOLDING: Proofs of Claim Filing Deadline Is June 24
-----------------------------------------------------------
Maxstar Holding Co. Ltd.'s creditors have until June 24, 2008,
to prove their claims to Yi-Chung Chen, 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.

Maxstar Holding's shareholder decided on May 2, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Yi-Chung Chen
                P.O. Box 268GT, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Rhonda Laws
                Tel: (345) 949 2648
                Fax: (345) 949 8613



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

AES GENER: Adequate Cash Flow Reflects Stable Outlook, S&P Says
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on AES
Gener S.A. mainly reflect the company's good market position as
a reliable power provider in Chile, with lower-than-average
exposure to droughts in its core market, Chilean Central
Interconnected System (SIC), its large power sales contracts
with solid offtakers in the SIC, its good competitive position
in the Chilean Northern Interconnected System (SING) and in
Colombia, and the company's intermediate financial risk profile.  

The offsetting factors are AES Gener's higher-than-average power
generation costs under normal hydrological conditions compared
with relatively large hydroelectric generators in the SIC, as
well as severe natural-gas supply shortages in Chile, which
raise the company's generation costs and/or the cost of its
power purchases.

AES Gener's profit margin and cash flow generation highly depend
on the evolution of the node and spot electricity prices in the
SIC -- where about 45% of AES Gener's generation assets are
located -- and on the performance of its operations in the SING
and Colombia.  During 2007, the SIC's contribution to the
company's consolidated EBITDA plunged to 16% from 47% in 2006
because of the skyrocketing operating and power purchase costs,
only partly offset by the higher node price.  

Total consolidated EBITDA decreased by 14% to US$285 million in
2007 in U.S. dollar terms.  Lower EBITDA was partially offset by
a good performance of the SING and Colombian operations.  
However, in a base case medium to long term scenario, S&P
expects AES Gener's operations in the SIC to generate 30%-50% of
consolidated EBITDA.

Given its higher operating costs than for other hydro based
competitors, AES Gener's strategy in the SIC is to sign a
relatively high level of sale contracts to reduce revenue
volatility.  When spot prices are below AES Gener's generation
costs, the company buys lower-cost power from the spot market to
fulfill its power sales contracts.  Consequently, its margins
improve.  When spot prices are higher, margins fall because AES
Gener either buys more expensive power in the spot market or
generates it at a higher cost.  Below average hydrology and the
shortages in natural-gas supply from Argentina increase the cost
of buying and generating power, given the need to burn
higher-cost fuels, and harm AES Gener's margins.  However, in a
scenario of extremely tight supply demand situation, such as in
the first quarter of 2008, AES Gener could benefit from selling
its non-contracted power generation in the spot market at very
high prices.  

In addition, AES Gener's profit margin and cash flow generation
also depend on natural-gas availability in the SING and on the
performance of its 100%-owned Colombian power generator AES
Chivor.  These operations provided a high 45% and 39%,
respectively, of total consolidated EBITDA in 2007 compared with
25% and 28% in 2006, respectively, mainly because of the
abovementioned extraordinary adverse scenario in the SIC.  
However, S&P expects that in a base case medium to long term
scenario, those markets would contribute 20%-40% and 30%-40%,
respectively, of AES Gener's consolidated EBITDA.

AES Gener's intermediate financial risk profile is supported by
adequate, but volatile, cash flow generation, moderate debt
levels, adequate debt service coverage ratios, low debt
maturities until 2014, and financial flexibility.  During the
first quarter of 2008, AES Gener's debt service coverage ratios
benefited from higher node prices and sales in the spot market
and to distribution companies without contracts at very high
spot prices in the SIC.  In addition, operations in the SING
benefited from sales at high spot prices. This is evidenced on
FFO interest coverage and FFO to total debt that improved to 4.2
and 21.8%, respectively, in the 12 months ended March 31, 2008.

AES Gener has developed an aggressive expansion strategy in
Chile through these measures:

   -- The construction of new thermal capacity for around 1,200
      MW (Santa Lidia 130 MW diesel, Nueva Ventanas 267 MW coal,
      Campiche 270 MW coal, and Angamos 518 MW coal);

   -- 304 MW expansion by its 50%-owned Empresa Electrica
      Guacolda S.A.; and

   -- Other planned projects, such as Alto Maipo 530 MW hydro
      and Los Robles 750 MW coal in Chile.

The strategy is to take advantage of the positive environment
deriving from the expanding Chilean economy and attractive
regulatory framework after the passage of the Short Law II in
2005.  This law allows power generators to enter into long-term
contracts with distribution companies at a price adjusted by a
formula agreed between the parties that can be passed through to
end users.  All these projects, except for Angamos, are located
in the SIC. Under this regulatory framework, the company has
already awarded several new long-term power supply contracts for
around 8,300 GWh per year, with regulated and non-regulated
customers, at attractive base prices to be delivered in the
2010-2030 period.

The already announced projects would represent a high level of
investments of US$2 billion to US$2.5 billion (excluding
Guacolda) that are projected to be financed by a mix of equity
and recourse and non-recourse debt.  To partly finance its
capital contributions in those projects, AES Gener has to raise
long-term debt and raise capital for about US$300 million (AES
Corp already announced that it will exercise its right to buy
80.1% of that amount).  The 'BBB-' rating reflects the
assumption that total debt to EBITDA will be below 4.0 and FFO
interest coverage and FFO to average total debt will remain
above 3.0 and 20%, respectively.

AES Gener accounts for about 20% of Chile's total generation
capacity, with an installed capacity of 2,559 MW.  The company
is 80.1% indirectly owned by the United States-based AES Corp.
(BB-/Stable/--), which is rated significantly lower than AES
Gener (BBB-/Stable/--).  Generally, S&P will not rate the debt
of a majority-owned subsidiary higher than that of the parent.  
However, S&P makes exceptions on the basis of the cumulative
value provided by enhancements, such as structural protections,
covenants, and an independent shareholder or director.  

According to the company's bylaws, AES Gener cannot make
intercompany loans to its shareholders.  AES Gener can
distribute dividends only if FFO interest coverage exceeds 2.4
or, in case the company has two investment-grade credit ratings,
if the company obtains confirmation that the dividend payment
will not affect the ratings.  The enhancements in place for AES
Gener, with certain legal insulation provided by Chilean
bankruptcy law, provide sufficient comfort to allow for the
current three-notch difference between AES Corp and AES Gener.

                           Liquidity

Despite projected significant increase in investments in new
generation projects in the next five years, which would result
in higher debt levels, S&P expects AES Gener to maintain a good
liquidity and to benefit from a cash position of at least US$50
million (US$136.4 million as of March 31, 2008), low debt
maturities until 2014, and a fluid access to the financial
markets, which includes access to committed bank lines fully
available for US$130 million.

                            Outlook

The stable outlook incorporates the company's adequate cash flow
generation and smooth debt maturity profile, and S&P's
expectation that total debt to EBITDA will be below 4.0 and
consolidated FFO interest coverage and FFO to average total debt
will remain above 3.0 and 20%, respectively, from 2008 to 2009.
Ratings could be lowered if a power supply crisis affects the
Chilean power sector and results in a strong deterioration of
the company's financial performance.  The ratings could be
raised if AES Gener's Chilean operations and financial
performance improve further, which would require a more stable
cash flow generation and a significant reduction of the
uncertainties regarding power supply in Chile and fuel supply
for the company's natural-gas-fired facilities.

AES Gener SA is the second-largest electricity generation group
in Chile in terms of generating capacity (20% market share) with
an installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary. TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line. Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).


EASTMAN KODAK: Exceeds Business Goals at Drupa Debut
----------------------------------------------------
Eastman Kodak Company said that it exceeded its aggressive
business goals at its debut at drupa, the world's largest
graphic communications trade show.

As the two-week run of drupa 2008 closed on JUne 11, 2008,
Kodak's Graphic Communications Group concluded a hugely
successful event, taking hundreds of orders, conducting
thousands of demonstrations, and logging in excess of 10,000
qualified leads.

"At the outset of drupa, I said Kodak would change print
forever, and the traffic in our booth suggests that message
resonated in the industry," said Antonio M. Perez, Chairman and
Chief Executive Officer.  "If this is remembered as the inkjet
drupa, then Kodak will be at the heart of it with our unique and
innovative Stream Inkjet Technology, which delivers offset class
output and which we demonstrated to packed audiences throughout
the show.  Customer enthusiasm validated our message that print
solutions must provide reliability, productivity, the right cost
of ownership, substrate variety and image quality."

Hundreds of thousands of customers and visitors flocked to
Kodak's stand during the show to see the company's unmatched
portfolio of conventional and digital printing solutions.

"drupa is a truly global event, and this was reflected with huge
numbers of visitors from every region of the world who crowded
our stand to see our integrated offerings," said Kevin Joyce,
Chief Marketing Officer, Kodak's Graphic Communications Group,
and Vice President, Eastman Kodak Company.  "Customers and
visitors told us that our stand was one of the busiest and well
thought out at the show.

"Our strategy of placing workflow at the hub and showing
conventional and digital solutions within this blended
production environment resonated with visitors, who were eager
to see our 25 new product introductions," Joyce said.  "We
showed how customers can expand their capabilities and profits.  
With our technology also featured in over two thirds of the
halls, we have thousands of sales leads taken at the show
filling the funnel.  Without exception, every region, segment
and product line exceeded our expectations, with activity and
sales in Asia Pacific particularly high."

In addition to Kodak's Stream Inkjet Technology, other key
highlights on the stand which attracted huge attention and
significant sales were the new KODAK NEXPRESS S3600 Digital
Production Color Press; the KODAK FLEXCEL NX Digital
Flexographic System; KODAK ELECTRA XD Thermal Plate; KODAK
MAGNUS 800Z QUANTUM Platesetter; KODAK COLORFLOW Software and
KODAK PRINERGY Workflow System Version 5.0.

"drupa 2008 showcased the power of print and the role that print
plays in successful communications," Perez said.  "Our dynamic
industry requires a variety of technologies to satisfy the needs
of today's multimedia world. Kodak demonstrated the broadest
portfolio of innovative solutions to help customers grow their
printing and marketing services businesses."

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, and China.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2008, Standard & Poor's Ratings Services revised its
outlook on Eastman Kodak Co. to stable from negative.  At the
same time, S&P affirmed the ratings, including the 'B+'
corporate credit rating.  S&P  credit analyst Tulip Lim
explained that "[t]he outlook change reflects [S&P's] opinion
that a near-term downgrade is unlikely."

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2008, Fitch Ratings revised Eastman Kodak Company's
rating outlook to stable from negative and affirmed issuer
default rating at 'B', senior secured revolving credit facility
at 'BB/RR1', and Senior unsecured debt at 'B/RR4'.



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

AIR JAMAICA: Gov't Secures Flight Agreements for Jamaica
--------------------------------------------------------
The Jamaican government has secured flight agreements from
foreign airlines to connect services with Air Jamaica, Jamaica
Information Service reports, citing Tourism Minister Edmund
Bartlett.

Minister Bartlett told Jamaica Information that the flight
agreements will secure air travel for next year.  "The fact is
that whilst the rest of the region and arguably the world will
be having trepidations about air travel for the next year,
Jamaica's position has been secured," Minister Bartlett said
during a post-Cabinet press briefing at Jamaica House on
June 11.

According to the report, Minister Bartlett said that the
government visited emerging markets in China, Japan, and the
United Arab Emirates from April 18 to 23.  He said that the
government was able to negotiate and complete arrangements
between Asian airlines like China Southern Airlines, China Air
and All Nippon Airways "to create linkages with Air Jamaica
through connections out of critical gateways such as New York."

Minister Bartlett told Jamaica Information that the government
also negotiated the possibility of linking with Mexico's Aero
Mexico airline "so that the traffic out of Asia could find a
route to Jamaica through Mexico City and New York."  The
minister commented, "Already, that program has been showing some
signs of results, because Air Jamaica's afternoon flight out of
New York is now getting traffic out of Asia en route to Montego
Bay."

The government completed talks last Thursday with one of the
airlines in the U.S. to ensure an additional 2,000 seats or 17
rotations beginning November, Jamaica Information says, citing
Minister Bartlett.  Five rotations out of Canada will be added.  
The minister said that Jamaica has been able to settle again
flights out of Europe that are scheduled for Jamaica.  The
minister added that Jamaica will be able to "bring in another
five rotations out of Italy, and a new one out of Russia, which
will be very important to us, because that would mean now the
opening up of the Russian market to Jamaica.  We'll have an
additional three rotations out of Spain as well as one from
Germany."

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

                          *    *     *

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

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



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

AXTEL SAB: Negates Participation in Banco Popular Acquisition
-------------------------------------------------------------
Axtel, S.A.B. de C.V., disclosed that it is not participating,
nor intends to participate, in any acquisition transaction
involving Spain's Banco Popular, as some news agencies have
reported.

The company also confirms that Axtel Chairperson of the Board
and Chief Executive Officer Tomas Milmo Santos, is neither
participating, nor intends to participate, in such a
transaction.

Axtel S.A.B de C.V., formerly known as Axtel S.A. de C.V., is a
fixed-line integrated telecommunications company in Mexico.  The
company provides local and long distance hat provides local and
long distance telephony, broadband Internet, data and built-to-
suit communications solutions.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's affirmed the 'BB-' corporate
credit and senior unsecured debt ratings on Axtel and its notes
due 2013 and 2017.

In November 2007, Moody's Investors Service gave Axtel S.A.B Ba2
Long-Term Corporate Family Rating and Senior Unsecured Debt
Rating.


CLEAR CHANNEL: Extends Offer Expiration Date to June 27
-------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s
previously announced tender offer for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s previously announced tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), the company, has extended the date on which the
tender offers are scheduled to expire from 8:00 a.m. New York
City time on June 11, 2008, to 8:00 a.m. New York City time on
June 27, 2008, and the consent payment deadline for the Notes
from 8:00 a.m. New York City time on June 11, 2008, to 8:00 a.m.
New York City time on June 27, 2008.  The Offer Expiration Date
and the Consent Payment Deadline are subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion, including
in connection with the terms of the settlement agreement and the
amendment to the merger agreement described below.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger (by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated November 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement.   The closing of the Merger has not
occurred.

On March 26, 2008, Clear Channel, joined by CC Media Holdings,
Inc., filed a lawsuit in the Texas State Court in Bexar County,
Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit
Suisse, The Royal Bank of Scotland, and Wachovia, the banks who
had committed to provide the debt financing for the Merger.  

Clear Channel intends to complete the tender offers and consent
solicitations for the CCU Notes, and AMFM intends to complete
the tender offers and consent solicitations for the AMFM Notes,
upon consummation of the Merger.   On May 13, 2008, Clear
Channel said that the company, entities sponsored by Bain
Capital Partners, LLC and Thomas H. Lee Partners, L.P., and a
bank syndicate have entered into a settlement agreement in
connection with the lawsuits previously filed in the Texas and
in New York.  Pursuant to the terms of the settlement agreement,
the parties have agreed to enter into a third amendment to the
previously-announced merger agreement.  While the merger is
expected to close by the end of the third quarter 2008 pending
shareholder approval, the parties to the settlement agreement
have agreed to extend the outside date for completion of the
merger to December 31, 2008.

Clear Channel previously disclosed on January 2, 2008 that it
had received, pursuant to its previously announced tender offer
and consent solicitation for the CCU Notes, the requisite
consents to adopt the proposed amendments to the CCU Notes and
the indenture governing the CCU Notes applicable to the CCU
Notes, and that AMFM had received, pursuant to its previously
announced tender offer and consent solicitation for the AMFM
Notes, the requisite consents to adopt the proposed amendments
to the AMFM Notes and the indenture governing the AMFM Notes.  

As of June 11, 2008, approximately 99% of the AMFM Notes have
been validly tendered and not withdrawn and approximately 99% of
the CCU Notes have been validly tendered and not withdrawn.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated December 17, 2007, and the related Letter of
Transmittal and Consent.  The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated December 17, 2007, and the
related Letter of Transmittal and Consent.  Further details
about the terms and conditions of the tender offers and consent
solicitations are set forth in the Offers to Purchase and the
related documents.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                     About Clear Channel

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 2, 2008, Standard & Poor's Ratings Services said that its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.  S&P originally placed them on CreditWatch on
Oct. 26, 2006, following the San Antonio, Texas-based company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.


CLEAR CHANNEL: Shareholders' Special Meeting Set for July 24
------------------------------------------------------------
Clear Channel Communications, Inc. said that it will hold a
special meeting of its shareholders on July 24, 2008, at which
the proposed merger with the group led by Bain Capital Partners,
LLC and Thomas H. Lee Partners, L.P will be considered.

Clear Channel shareholders of record as of 5:00 p.m. New York
City time on June 19, 2008, will be entitled to vote at the
special meeting.  The parties expect that closing will occur on
July 30, 2008.

Further details regarding the proposed merger, including such
specifics as the special meeting time and location, will be
provided in an updated proxy statement/prospectus, which the
company expects to file in the near future.

In connection with the proposed merger, CC Media Holdings, Inc.
and the Company have filed with the Securities and Exchange
Commission a registration statement on Form S-4 that contains a
proxy statement/prospectus and other documents regarding the
proposed transaction.  Before making any voting or investment
decisions, security holders of the company are urged to read the
proxy statement/prospectus and all other documents regarding the
proposed transaction carefully in their entirety, because they
contain important information about the proposed transaction.  

Security holders of the company may obtain free copies of the
proxy statement/prospectus and other documents filed with, or
furnished to, the SEC at the SEC's website at
http://www.sec.gov.

In addition, a security holder who wishes to receive a copy of
these materials, without charge, should submit a request to the
company's proxy solicitor:

         Innisfree M&A Incorporated
         501 Madison Avenue, 20th Floor
         New York, New York 10022
         Tel: (877) 456-3427 [toll free]

The final proxy statement/prospectus will be mailed to security
holders of the company when available.

               About Thomas H. Lee Partners

Thomas H. Lee Partners, L.P. is one of the oldest and most
successful private equity investment firms in the United States.  
Since its establishment in 1974, THL has been the preeminent
growth buyout firm, raising approximately US$22 billion of
equity capital, investing in more than 100 businesses with an
aggregate purchase price of more than US$125 billion, completing
over 200 add-on transactions and generating superior returns for
its investors.  THL focuses its high value-added strategy on
growth businesses, partnering with the best managers in an
industry to build great companies through strong organic growth
and targeted add-on acquisitions.  Notable transactions
sponsored by THL include Aramark, Ceridian, Dunkin' Brands,
Experian, Fidelity National Information Services, Grupo ONO,
HomeSide Lending, Houghton Mifflin, Michael Foods, The Nielsen
Company, Nortek, ProSiebenSat.1, Simmons Bedding Company,
Snapple, Univision, Warner Chilcott, Warner Music Group and West
Corporation.

                About Bain Capital Partners

Bain Capital Partners, LLC -- http://www.baincapital.com/-- is  
a global private investment firm that manages several pools of
capital including private equity, high-yield assets, mezzanine
capital and public equity with more than US$40 billion in assets
under management.  Since its inception in 1984, Bain Capital has
made private equity investments and add-on acquisitions in over
230 companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media.  Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                     About Clear Channel

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 2, 2008, Standard & Poor's Ratings Services said that its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.  S&P originally placed them on CreditWatch on
Oct. 26, 2006, following the San Antonio, Texas-based company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.


COOPER-STANDARD: S&P Holds Ratings but Revises Outlook to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cooper-Standard Automotive Inc. to stable from positive and
affirmed the 'B' long-term corporate credit rating
and all debt issue ratings.

"The outlook change reflects our view that industry challenges
in North America, including recently announced production cuts
from Ford and General Motors, will limit improvement in Cooper-
Standard's earnings and cash flow expansion in the year ahead,"
said Standard & Poor's credit analyst Nancy Messer.  Most of the
effect from recent production cuts will be seen only from the
second quarter on in 2008.  Thus, S&P no longers expect the
company's credit measures to improve sufficiently in 2008 and
into 2009 to warrant a potential upgrade.  However, S&P does
expect the company's financial performance and resulting credit
measures to remain adequate for the existing rating.

Novi, Mich.-based Cooper-Standard has meaningful dependence on
sales of light vehicles produced by the Michigan-based
automakers, although the company's geographic and customer
diversity has improved in the past two years.  Also hurting
Cooper-Standard's financial performance in 2008 is the weak
sales trend for light trucks and SUVs in North America because
the company's revenues are heavily weighted toward these
platforms.

The ratings reflect Cooper-Standard's high leverage and the
risks of persistent weak near-term automotive production
volumes.  Cooper-Standard makes fluid-handling systems, body and
chassis sealing systems, and vibration-control components and
systems for the global light-vehicle market.

The company had total balance sheet debt of US$1.2 billion at
March 31, 2008.  Privately held Cooper-Standard is owned by
unrated GS Capital Partners 2000 and The Cypress Group LLC.

Headquartered in Novi, Mich., Cooper-Standard Automotive Inc. --
http://www.cooperstandard.com/-- is a global automotive  
supplier specializing in the manufacture and marketing of
systems and components for the automotive industry.  Products
include body sealing systems, fluid handling systems, and NVH
control systems.  Cooper-Standard Automotive Inc. employs
approximately 19,000 people globally with more than 70
facilities throughout the world.

The company's international headquarters is located in Mannheim,
Germany.  The company has manufacturing facilities in Mexico,
Korea, India, China, Japan, and Australia.


DIOMED HOLDINGS: Massachusetts Court Approves AngioDynamics Deal
----------------------------------------------------------------
The United States Bankruptcy Court for the District of
Massachusetts, Western Division, approved AngioDynamics, Inc.'s
purchase of certain United States assets of Diomed Holdings and
its wholly owned subsidiary, Diomed, Inc.

The sale conditions are set forth in a definitive asset purchase
agreement, whereby AngioDynamics has agreed to pay US$8 million
in cash for the United States assets and US$3 million in cash
for certain United Kingdom Assets of Diomed Limited.  The final
purchase price will be subject to adjustment for changes in
working capital at the closing date.  AngioDynamics expects to
simultaneously close the purchase of both the United States and
United Kingdom assets by June 16, 2008.

"The acquisition of Diomed's United States and United Kingdom
assets will greatly strengthen our worldwide presence in the
high-growth market to treat varicose veins," said Eamonn Hobbs,
President and CEO of AngioDynamics.  "The acquisition, combined
with the recent settlement with VNUS Medical that provides us
with a license to certain patents for use in endovenous laser
therapy, enhances our ability to provide physicians with
innovative technologies for superior patient care.  We believe
Diomed's endovenous laser products will be an excellent
complement to our venous product line and once the purchase
closes we will begin to integrate the businesses and expand our
sales organization in both the United States and overseas."

On April 10, 2008, AngioDynamics entered into asset purchase
agreements with Diomed Holdings, Inc., Diomed, Inc., and Diomed
Limited for the acquisition of certain assets of Diomed's
business in the United States and United Kingdom.  The agreement
with Diomed Holdings, Inc. and Diomed, Inc. was subject to an
auction process administered by the bankruptcy court as a result
of Diomed's Chapter 11 bankruptcy proceedings.

Diomed's United States and United Kingdom businesses are engaged
in the sale of systems for the endovenous laser treatment of
varicose veins, and in the 12-month period ending Sept. 30,
2007, Diomed had worldwide sales of US$25.4 million.  The
agreements do not provide for the acquisition of any interest in
Diomed's legal judgment award against Vascular Solutions.

                       About AngioDynamics

AngioDynamics, Inc. -- http://www.angiodynamics.com/-- provides  
innovative medical devices used by interventional radiologists,
surgeons, and other physicians for the minimally invasive
treatment of cancer and peripheral vascular disease.  The
Company's diverse product line includes market-leading
radiofrequency ablation systems, vascular access products,
angiographic products and accessories, dialysis products,
angioplasty products, drainage products, thrombolytic products,
embolization products and venous products.

                      About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--   
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


DIOMED HOLDINGS: VNUS Mulls Filing of Patent Infringement Claim
---------------------------------------------------------------
VNUS Medical Technologies, Inc., said it plans to file a claim
against the bankruptcy estate of Diomed Holdings, Inc., for
monetary damages attributable to Diomed's alleged past and
current infringement of VNUS patents.

VNUS filed a patent infringement lawsuit in 2005 against three
endovenous laser competitors, Diomed, AngioDynamics and Vascular
Solutions.  Trial has been scheduled for June 23, 2008.

The VNUS patent litigation against Diomed was stayed as a result
of Diomed's bankrutpcy filing in March.

On Tuesday, VNUS entered into an agreement with AngioDynamics
and Vascular Solutions that settles and resolves a patent
infringement lawsuit between the companies.  The Agreement
results in VNUS granting to AngioDynamics and Vascular
Solutions, a non-exclusive, non-sublicensable patent license
that covers certain products such as disposable endovenous laser
fiber kits, laser fibers, and lasers used in the field of
endovenous laser ablation.

As a part of the agreement, licensees AngioDynamics and Vascular
Solutions stipulated that the VNUS patents-in-suit are valid,
enforceable, and were infringed by the licensees.  The license
requires per unit royalty payments for endovenous laser products
sold or shipped in the United States until September 11, 2017.  
In conjunction with the patent license, AngioDynamics and
Vascular Solutions have agreed to an upfront payment of
US$6.8 million and US$3.1 million respectively for past
infringement of the VNUS patents through May 31, 2008 for
AngioDynamics and through March 31, 2008 for Vascular Solutions.

Brian Farley, VNUS President and CEO, stated, "This agreement
validates the importance and value of our intellectual property
in the field of endovenous ablation.  It brings to VNUS a
favorable result in the enforcement of our endovenous vein
ablation patents and is expected to produce a forward royalty
stream that allows VNUS to financially benefit from endovenous
laser ablation products sold into the vein ablation market over
the next nine years."  Mr. Farley added, "We expect the
financial and other terms of our settlement agreement will also
facilitate productive dialog with others who practice the
patented methods."

Diomed is selling its operations to AngioDynamics for
US$8,000,000 cash plus assumption of certain liabilities.

                       About VNUS Medical

Founded in 1995 and headquartered in San Jose, California, VNUS
Medical Technologies (Nasdaq: VNUS) -- http://www.vnus.com/--   
manufactures medical devices for the minimally invasive
treatment of venous reflux disease, a progressive condition that
causes the varicose veins afflicting 25 million Americans.  The
pioneering company in the field, VNUS offers the ClosureFAST
system, which consists of a proprietary radiofrequency generator
and proprietary disposable endovenous catheters and devices to
close diseased veins through the application of temperature-
controlled RF energy.  VNUS devices have been used in more than
300,000 procedures worldwide.

                      About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--   
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


MCDERMOTT INTERNATIONAL: Moody's Puts Ba3 Rating Under Review
-------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
and B1 probability of default ratings of both McDermott
International Inc. and J Ray McDermott, S.A. under review for
possible upgrade. At the same time, Moody's said it would review
for possible upgrade the B3 universal shelf rating of MDR, the
Baa3 senior secured rating of MDR's subsidiary, Babcock and
Wilcox Power Generation Group, Inc., the Ba2 senior secured debt
rating of J Ray and the B2 senior unsecured revenue bonds backed
by McDermott Inc.

The review of MDR and J Ray's corporate family ratings for
upgrade is prompted by Moody's expectation that end market
demand for the companies main business segments are likely to
remain favorable into the medium term.  Coupled with the their
demonstrated ability to execute on growing backlog levels,
Moody's believes MDR and J Ray are likely to produce continued
strong operating results and sustain recent improvements to key
credit metrics which are currently supportive of a higher
rating.  Moody's review will 1) evaluate the potential that the
companies may continue their growth trajectories given the
strong prospects that exist for offshore oil and gas
infrastructure and power generation systems and services; 2)
consider the impact that increasingly larger contacts may have
on margins, cash flows and resource requirements; and 3) assess
the extent to which MDR or J Ray may pursue organic or
acquisition growth initiatives in context of execution risks and
maintenance of their strong liquidity profiles.

Moody's also said that the evolution of the capital structure of
the group will be a consideration in the rating review,
including the potential amounts or future borrowing needs and
the locations within the organizational structure where future
borrowings might be incurred.  Moreover, Moody's noted that
incremental additions have been made to each of the senior
secured revolving credit facilities of J Ray and BWPGG during
the past year while the amounts of junior ranking unfunded
pension liabilities have been reduced.  The review will consider
the degree to which this shift in relative weighting of the
company's capital structure could adversely impact expected loss
for the bank facilities and potentially limit the rating benefit
for these facilities even if the Corporate Family rating is
raised.

On Review for Possible Upgrade:

  -- Issuer: Babcock & Wilcox Power Generation Gr, Inc.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Upgrade, currently 06 - LGD1

  -- Issuer: Beaver (County of) PA, Industrial Devel Auth

  -- Senior Unsecured Revenue Bonds, Placed on Review for

     Possible Upgrade, currently 72 - LGD5

  -- Issuer: J. Ray McDermott, S.A.

  -- Probability of Default Rating, Placed on Review for      
     Possible Upgrade, currently B1

  -- Corporate Family Rating, Placed on Review for Possible
     Upgrade, currently Ba3

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Upgrade, currently 22 - LGD2

  -- Issuer: McDermott International Inc.

  -- Probability of Default Rating, Placed on Review for
     Possible Upgrade, currently B1

  -- Corporate Family Rating, Placed on Review for Possible
     Upgrade, currently Ba3

  -- Multiple Seniority Shelf, Placed on Review for Possible
     Upgrade, currently 88 - LGD5

Outlook Actions:

  -- Issuer: Babcock & Wilcox Power Generation Gr, Inc.
  -- Outlook, Changed To Rating Under Review From Stable

  -- Issuer: J. Ray McDermott, S.A.
  -- Outlook, Changed To Rating Under Review From Positive

  -- Issuer: McDermott International Inc.
  -- Outlook, Changed To Rating Under Review From Stable

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/--is a leading worldwide energy
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.


QUAKER FABRIC: Has Until June 18 to File Chapter 11 Plan
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended the exclusive periods of Quaker Fabric Corporation and
its debtor-affiliates to file a Chapter 11 plan until
June 18, 2008, and solicit acceptances of that plan until
Aug. 18, 2008, Bloomberg News reports.

The TCR reported on May 23, 2008, that Joseph M. Barry, Esq., at
Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware,
said the Debtors together with the Official Committee of
Unsecured Creditors is working out the final issues of a
proposed joint Chapter 11 liquidating plan.

The extension of the exclusive plan filing period, which expired
on May 19, 2008, proved to short to allow both parties to craft
and document a plan, Mr. Barry asserted.  For the benefit of
their creditors, he said the Debtors need more time to put the
last touches of the proposed plan and resolve a few remaining
issues in these cases.

                      About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' schedules reflect total assets of US$41,375,191 and
total liabilities of US$54,435,354.


SMITHFIELD FOODS: Moody's Reviews Ratings for Possible Cut
----------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the long-term ratings of Smithfield Foods, Inc.,
including the company's Ba2 corporate family rating and Ba2
probability of default rating.  This action was based Moody's
expectation that credit metrics will remain inconsistent with
the rating category, despite the anticipated receipt of proceeds
from the pending sale of Smithfield's beef business, given
worsening returns in the hog production business and higher than
anticipated debt balances at fiscal year end April 27, 2008.

The company's speculative grade liquidity rating was lowered to
SGL-4 from SGL-3, reflecting Moody's concern that poor
profitability will result in even heavier reliance on external
sources of financing and that Smithfield will be challenged to
meet its bank covenants.

Ratings placed under review for possible downgrade:

  -- Corporate family rating at Ba2
  -- Probability of default rating at Ba2
  -- Senior unsecured debt at Ba3

Rating lowered:

  -- Speculative Grade Liquidity Rating to SGL-4 from SGL-3

Smithfield's reported debt rose by about US$277 million in the
recent fourth fiscal quarter, to approximately US$3.9 billion,
as the company's hog production business incurred an operating
loss of US$129 million.  Live hog prices, averaging US$42 per
hundredweight in the quarter, significantly trailed cash raising
costs of US$54 per hundredweight.  While the company is making
progress in meeting its plan to reduce its U.S. sow herd by 4%
to 5%, significant improvement in hog production returns is not
likely in the near term, in Moody's view.

Smithfield has agreed to sell its beef processing and cattle
feeding operation to JBS S.A. for initial proceeds of
US$565 million in cash, subject to regulatory and other
approvals.  Live cattle owned by Smithfield and its Five Rivers
joint venture are excluded from the transaction.  Proceeds to
Smithfield from the liquidation of cattle over about 12 months
following the transaction are likely to exceed US$200 million,
after payment of joint venture debt.  In total, cash proceeds to
Smithfield could exceed US$750 million.

This inflow, which Moody's anticipates will be applied to debt
reduction, will improve financial flexibility.  However, credit
metrics post transaction may not be appropriate for Smithfield's
current rating if pre-transaction debt levels continue to grow
and/or profit margins deteriorate as a consequence of hog
production operating losses.

Smithfield's speculative grade liquidity rating of SGL-4
reflects Moody's expectation that the company will rely heavily
on its external sources of cash in order to cover capital
expenditures, working capital requirements, and scheduled debt
maturities until profit margins improve.  Smithfield's US$1.275
billion domestic revolving credit expires in August 2010, and
all but 16% of its Euro 300 million revolving credit expires in
August 2010.  Headroom under financial covenants is quite
limited due to weak operating performance.  International assets
are generally unencumbered, and the company's bank facility
permits the establishment of an accounts receivable facility for
up to 5% of total assets.

Moody's review will focus on (1) whether credit metrics (which
today meet our criteria for a downgrade) over the near to
intermediate term could improve to levels better than those
previously articulated as exerting downward pressure on the
rating; (2) the likely returns in the hog production business
over time; (3) the company's plans to bolster sales and earnings
in pork products and international operations; and (4) financial
flexibility in terms of external sources of liquidity and
covenant cushion.

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


UNITED RENTALS: Okays Modified Dutch Auction Offer for Shares
-------------------------------------------------------------
The board of directors of United Rentals Inc. has approved a
"modified Dutch auction" tender offer to purchase up to
27,160,000 shares of its common stock at a price not less than
US$22.00 nor greater than US$25.00 per share.  The low and high
ends of the price range represent a 12.8% and 28.2% premium, to
June 9's US$19.50 per share closing price for the common stock.

The number of shares of common stock sought to be repurchased in
the tender offer represents approximately 31.4% of the total
number of shares of common stock currently outstanding.  If the
maximum number of shares is purchased at the high end of the
price range, the total purchase price for the common stock would
be US$679 million.

The tender offer will be subject to a number of terms and
conditions, but will not be conditioned on receipt of financing
or any minimum number of shares being tendered.  The full terms
and conditions of the offer will be described in an offer to
purchase and a related letter of transmittal, which will be
distributed to the company's stockholders when the tender offer
is commenced.  The company intends to commence the tender offer
within the next week and will keep the offer open for at least
20 business days.

The company also repurchased all of its outstanding Series C
preferred stock and Series D preferred stock, a substantial
majority of which was held by Apollo Investment Fund IV, L.P.
and Apollo Overseas Partners IV L.P.  Prior to the preferred
stock repurchase, a majority of the preferred stockholders had
the right to consent to certain transactions by the company,
including the proposed tender offer.

Under the definitive repurchase agreement, the total purchase
price for the preferred stock is approximately US$679 million,
and the former preferred stockholders are prohibited from
tendering into the offer any shares of common stock they hold.  
In addition, Leon Black and Michael Gross, the two company
directors elected by the former preferred holders in accordance
with the terms of the Series C preferred stock, have resigned
from the board as a result of the company's repurchase of the
preferred stock.

"We believe that these share repurchases represent an
opportunity to achieve significantly more EPS accretion, and to
capture it more quickly, than through any other means," Michael
Kneeland, chief executive officer of United Rentals, said.  
"Moreover, we believe that the tender offer will benefit
stockholders by providing an efficient mechanism for those who
desire it to obtain liquidity at a premium over recent trading
prices and, for our remaining stockholders, an enhanced ability
to participate in the long-term earnings potential of our
business."

"The removal of the preferred stock from our capital structure
was a necessary step in proceeding with the tender offer and
will give us greater flexibility in many respects," Mr. Kneeland
continued. "We believe that these transactions are in the best
interests of our company and stockholders."

In anticipation of the share repurchases, on June 9, 2008, the
company entered into a new US$1.25 billion asset-based loan
facility and repaid the approximately US$464 million outstanding
under the company's former revolving credit facility and term
loan.  Pursuant to the purchase agreement with the preferred
holders, the company issued to the former preferred holders
US$425 million aggregate principal amount of 14% Notes due 2014
in partial payment of the repurchase price of the preferred
stock.

These notes were issued under a new indenture between the
company and The Bank of New York, as trustee, and are callable
at par by the company at any time. The balance of the amounts
necessary for the share repurchases, the repayment of the
company's former credit facility and term loan and the related
fees and expenses is being funded with existing cash on hand and
through approximately US$800 million in borrowings under the new
asset-based loan facility and approximately US$270 million in
borrowings under the company's accounts receivable
securitization facility.

The new debt issuances, combined with the existing debt of the
company and its subsidiaries, is expected to result in total pro
forma leverage ratios that the company views as reasonable.  

The company also believes that the share repurchases will be
accretive to projected earnings per share, excluding a one-time
charge of approximately US$235 million that will be recorded as
a reduction of income available to common stockholders as a
result of the purchase of the preferred stock, although the
actual impact will depend on a number of factors, including the
amount of common stock actually repurchased, the price paid for
such repurchased shares and the interest cost of the debt
funding the share repurchases.

The company expects that the dealer managers for the tender
offer will be UBS Investment Bank and Credit Suisse, and the
information agent for the tender offer will be D.F. King & Co.,
Inc.

                      About United Rentals

Headquartered in Greenwich, Connecticut, United Rentals Inc.
(NYSE: URI) -- http://www.unitedrentals.com/ -- is an equipment  
rental company with an integrated network of over 690 rental
locations in 48 states, 10 Canadian provinces and Mexico.  The
company's approximately 10,900 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others.  The company offers for rent over 20,000 classes of
rental equipment with a total original cost of US$4.2 billion.


UNITED RENTALS: US$679MM Stock Buyback Cues Fitch's Rtg. Action
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating
for United Rentals (North America), Inc. at 'BB-' and downgraded
parent company, United Rentals Inc. IDR to 'B+' from 'BB-'.
Approximately US$2.6 billion in debt was affected by this rating
action.

Fitch downgraded this rating with a Stable Outlook:

URI
  -- Long-Term IDR 'B+' from 'BB-'.

Fitch affirmed these ratings with a Stable Outlook:

URNA
  -- Long-Term IDR 'BB-';
  -- Senior Secured Credit Facility 'BB';
  -- Senior Unsecured debt 'BB-'.

In addition, Fitch upgraded this rating with a Stable Outlook:

URNA
  -- Subordinated debt to 'B+' from 'B'.

The rating action follows the company's announcement that it had
repurchased all of its preferred stock for US$679 million and
intends to repurchase 27.16 million shares of common stock.  To
fund the repurchases, the company entered into a new
US$1.25 billion asset-based loan facility and issued
US$425 million of unsecured debt at the parent company level.

The balance of the amounts necessary for the share repurchases,
the repayment of the company's former credit facility and term
loan, and the related fees and expenses is being funded with
existing cash on hand and through approximately US$800 million
in borrowings under the new asset-based loan facility and
approximately US$270 million under the company's accounts
receivable securitization facility.

Fitch downgraded URI's IDR to reflect the structural
subordination of the parent company notes, which is the only
debt issued by URI.  Furthermore, URNA's subordinated debt was
upgraded one notch to reflect improved underlying recovery
prospects.

The rating affirmation of the existing senior secured and
unsecured debt reflects the company's strong core franchise and
leadership position in the equipment rental industry and
improved overall financial performance and capitalization.  
Going forward, Fitch expects the economic environment to remain
challenging and equipment demand to soften.  While near-term
trends are expected to continue to modestly weaken, Fitch is not
anticipating a substantial decline in underlying operating
performance.  The Rating Outlook assumes that operating metrics,
leverage ratios and capitalization may weaken but remain
appropriate for the current rating level.  Ratings remain
constrained by seasonal and cyclical factors challenging the
industry and company's primarily secured borrowing profile.  Any
significant deterioration in operating performance or weakening
of the company's overall financial profile could result in a
negative rating action.

Headquartered in Greenwich, Connecticut, United Rentals Inc.
(NYSE: URI) -- http://www.unitedrentals.com/ -- is an equipment  
rental company with an integrated network of over 690 rental
locations in 48 states, 10 Canadian provinces and Mexico.  The
company's approximately 10,900 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others.  The company offers for rent over 20,000 classes of
rental equipment with a total original cost of US$4.2 billion.



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

CHIQUITA BRANDS: Two Execs Adopt Rule 10b5-1 Stock Trading Plans
----------------------------------------------------------------
Chiquita Brands International Inc. has disclosed that two of its
executive officers have adopted a prearranged stock trading plan
in accordance with Rule 10b5-1 under the Securities Exchange Act
of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.  
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Tanios Viviani, President, Global Innovation and Emerging
Markets and Chief Marketing Officer, and Waheed Zaman, Senior
Vice President, Product Supply Organization, have each adopted a
plan under Rule 10b5-1, which is in accordance with the
company's stock ownership guidelines and provides for the sale
of portions of their holdings over time, as part of their
financial planning for the benefit of their family.  Shares sold
pursuant to the plan will be disclosed publicly through Form 144
filings and Form 4 filings as required by the SEC.

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
=======

SPECIALIZED TECHNOLOGY: S&P Revises Outlook to Positive
-------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Enfield, Conn.-based Specialized Technology Resources
Inc. to positive from stable.  At the same time, S&P affirmed
all ratings, including the 'B' corporate credit rating.

"The outlook revision reflects the company's materially improved
operating performance over the past several quarters due to
higher demand for its products and services, a trend we expect
will continue in the near term," said Standard & Poor's credit
analyst Andy Sookram.  As a result, credit metrics have improved
to a level that S&P would consider to be more consistent with a
higher rating.  Specifically, S&P expects operating margins to
remain above 35% and the debt to EBITDA to improve to below
3.5x.

The ratings on STR reflect its narrow business focus, relatively
small size, and highly competitive operating environment.  
Still, its two niche business segments have established market
positions and maintain favorable growth prospects.  Also, the
company's overall financial profile has materially improved over
the past 12 months.

STR derives about 60% of its revenues from solar panel
encapsulants and 40% from quality assurance business.  Both
solar and quality assurance services have a diverse base of
customers across geographic regions, and high customer-retention
rates provide a degree of stability to cash flows.

STR's solar business, which carries higher margins that its
quality assurance business, is the faster growing segment
because high energy prices are encouraging end users to seek
alternatives including solar power.  However, its existing
product offerings appeal to a narrow end user.  Moreover, the
potential for technology enhancements from Asian encapsulant
manufacturers and the possibility of solar panel manufacturers
directly sourcing encapsulants from these manufacturers could
pressure margins over the longer term and remain rating
concerns.  Nevertheless, while prospects for growth in the use
of solar energy are strong, increased adaptation of solar-based
energy products is partially dependent on government subsidies
to make the technology more cost effective and increase market
penetration.

Demand for STR's quality assurance business has increased,
driven by stricter safety requirements and regulations,
increasingly global manufacturing platforms, and short product
life cycles.

Headquartered in Enfield, Conn., Specialized Technology
Resources Inc. -- http://www.strlab.com/-- is an independent  
global provider of quality assurance testing, product
development, and supply chain support services for major
consumer product retailers, manufacturers, importers, and raw
material suppliers.  The company has laboratories and inspection
offices in over 30 countries across five continents.

The company has laboratories located in Peru, Mexico, Hong Kong,
China, Taiwan, Singapore, Indonesia, Korea, India, Sri Lanka,
Switzerland, United Kingdom, France, and Turkey.



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

HORIZON LINES: Launches Green Initiative With Horizon Logistics
---------------------------------------------------------------
Horizon Lines, Inc., reported a wide-ranging corporate
environmental initiative called Horizon Green.  Environmental
stewardship is a fundamental tenet at Horizon Lines, and the
company has launched Horizon Green to better understand and
measure freight transportation's impact on the environment, and
to develop programs that incorporate increased environmental
sensitivity and mitigation into Horizon's core operations.

"Horizon Lines is committed to protecting the environment and
ensuring the safety and health of our associates and the
public," Horizon Lines Chairperson, President and Chief
Executive Officer, Chuck Raymond said.  "Horizon Green will
focus our environmental effort across the entire Horizon Lines
organization."

Within the Horizon Green initiative, Horizon Lines is addressing
four key areas.

                        Marine Environment

To protect the marine environment, Horizon Lines has established
several programs in addition to compliance with the MARPOL
Convention (International Convention for the Prevention of
Pollution from Ships) and ISM Code (International Safety
Management Code) created by the International Maritime
Organization.  These include vessel management controls and
audits, ballast water management, waste stream analyses, low
sulfur diesel fuel usage and marine terminal pollution
mitigation plans.

                           Emissions

Horizon Lines is focused on reducing transportation emissions,
including carbon dioxide, particulates, nitrous oxides and
sulfur dioxide, through improvements in vessel fuel consumption
and truck efficiency, combined with the use of alternative fuels
and more efficient transportation alternatives, such as
coastwise shipping.

                        Sustainability

Horizon Lines believes in a long-term, sustainable approach to
logistics management which will benefit the company, its
associates, customers, shareholders and the community. Examples
include reducing empty rail and truck backhaul miles through
logistics network optimization, reduced fossil fuel consumption
and using recycled materials to build containers.

                       Carbon Offsets

Freight shipping is a significant source of carbon dioxide
emissions that contribute to global climate change.  To address
this challenge together with the company's customers, Horizon
Logistics has introduced a new carbon offset shipping program,
Aero Green, developed by Aero Logistics, Horizon's custom
delivery and special handling division.  Aero Green offers
customers a carbon-neutral shipping solution through which
retailers and manufacturers can purchase environmental credits
that fund carbon offset programs, such as forestation and
alternative energy projects.

More detail on each aspect of Horizon Green is available at:
http://www.horizonlines.com/horizongreen.asp.

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals
linking the continental United States with Alaska, Hawaii, Guam,
Micronesia, Asia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services has revised its
outlook on Horizon Lines Inc. to negative from stable.  S&P
affirmed the 'BB-' long-term corporate credit rating.  At the
same time, S&P affirmed the 'BB+' rating on the senior secured
debt while leaving the recovery rating on this debt unchanged at
'1', indicating expectations of a substantial (90%-100%)
recovery in the event of a payment default.

In addition, S&P affirmed the 'B' rating on the senior unsecured
notes while leaving the recovery rating unchanged at '6',
indicating expectations of a negligible (0%-10%) recovery in the
event of a payment default.


HORIZON LINES: Partners With DAS Global Services
------------------------------------------------
Horizon Lines Inc. subsidiary, Horizon Logistics LLC, has tied
up with DAS Global Services in connection with the latter's
launch of a new automotive vehicle shipping service in the
United States mainland-Puerto Rico trade lane.  Horizon Lines
LLC has been named the "carrier of choice" for this service.

DAS Global Services is the international division of Dependable
Auto Shippers, the industry leader in domestic and international
vehicle relocation, moving some 100,000 vehicles, boats, RV's,
heavy equipment and motorcycles per year.  With the help of
Horizon Logistics, the company has started a weekly service from
Port Elizabeth, New Jersey, to San Juan, Puerto Rico.  DAS
Global Services shipments depart every Friday and arrive in San
Juan the following Tuesday, making vehicles available on
Thursday the same week of arrival.

"Our goal was to create a fast, reliable and secure service to
Puerto Rico via the Elizabeth seaport," DAS Global Services  
Executive Vice President, Michael Liquori said.  "We are
partnering with Horizon Logistics, leveraging their information
technology capabilities as well as the liner capacity of sister
company Horizon Lines.  With this affiliation, along with our
experienced agents in San Juan, we are confident that we can
build a leadership position in the Puerto Rico vehicle trade as
we have previously in the Europe and Hawaii markets."

DAS Global Services is employing a Horizon Logistics web portal,
http://www.shipmyvehicle.com,and has launched a similar  
containerized service in the Hawaii market that has proved
extremely popular, currently handling over 2,700 vehicles per
year via a Horizon Lines service.

"We look forward to working with DAS to provide the speed and
reliability necessary to succeed in the Puerto Rico trade lane.
DAS has always shown that creativity and partnership will drive
success and we value their relationship across all our ventures
with them," said Horizon Logistics President, Brian Taylor.

                   About Horizon Lines Inc.

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals
linking the continental United States with Alaska, Hawaii, Guam,
Micronesia, Asia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services has revised its
outlook on Horizon Lines Inc. to negative from stable.  S&P
affirmed the 'BB-' long-term corporate credit rating.  At the
same time, S&P affirmed the 'BB+' rating on the senior secured
debt while leaving the recovery rating on this debt unchanged at
'1', indicating expectations of a substantial (90%-100%)
recovery in the event of a payment default.

In addition, S&P affirmed the 'B' rating on the senior unsecured
notes while leaving the recovery rating unchanged at '6',
indicating expectations of a negligible (0%-10%) recovery in the
event of a payment default.


MAAX HOLDINGS: Affiliate Inks Takeover Deal With Brookfield
-----------------------------------------------------------
MAAX Corporation, a MAAX Holdings Inc.'s subsidiary, entered
into an Asset Purchase Agreement with Brookfield Bridge Lending
Fund Inc., its senior lender, concerning a transaction that will
see Brookfield acquire substantially all of the assets and
property of MAAX Corporation and its affiliates.

The Sale Transaction preserves the MAAX business and ensures its
continuance as a successful competitor in the marketplace.  The
Sale Transaction has these key elements:

  -- Brookfield will purchase substantially all of the assets
     and property of the company;
    
  -- Brookfield will assume substantially all of the company's
     trade obligations and the continued employment of
     substantially all of the company's employees as set out in
     the Asset Purchase Agreement;
    
  -- Brookfield will continue to fulfill the company's
     obligations to its customers and suppliers as set out in
     the Asset Purchase Agreement;
    
  -- The purchase price is the amount owing under the company's
     Senior Secured Credit Facility, plus the assumption by
     Brookfield of the assumed liabilities; and
    
  -- The Sale Transaction is expected to close within 60 days.

"This transaction will place the MAAX business on a much
stronger financial footing that will enable it to focus on
building upon its competitive position and positive reputation,"
Paul Golden, the company's president and CEO.  "It preserves the
MAAX business and ensures its continuance as a successful
competitor in the marketplace."
    
The Sale Transaction will be implemented through a Court-
supervised process.  To that end MAAX has applied for and
obtained today an Order of the Superior Court of the Province of
Quebec, Commercial Division, to initiate proceedings under the
Companies' Creditors Arrangement Act.

                   Sale Hearing Set June 26

These proceedings are limited to the company's operations in
Canada and do not apply to those in the United States or Europe.
The Sale Transaction hearing has been scheduled to approve the
sale of the assets and the business and a vesting order before
the Superior Court of the Province of Quebec, Commercial
Division, and the matter is presentable on June 26, 2008, at
9:15 a.m. in Courtroom 16.12, 1 East, Notre-Dame Street,
Montreal, Quebec.
    
This process will not affect the company's day-to-day
operations. MAAX has access to the funding necessary to maintain
operations and the business will continue without disruption
during this period.  As part of the Initial CCAA Order, the
Court approved an amendment to the company's existing credit
facilities with Brookfield that provide MAAX with an additional
C$30 million of available financing.
    
As part of the Sale Transaction, MAAX will continue pay its
suppliers for all goods and services in the ordinary course.
Brookfield is assuming the co-op, rebate, warranty claim and
other provisions of its current customer agreements, and the
company anticipates that these will continue to be honored
without interruption.
    
"Our sales in Canada remain strong," Mr. Golden added.  "We have
plans to continue growing our leadership position and market
share in the United States, and we expect that the completion of
the Sale Transaction will enable MAAX to emerge as a stronger
company for the long term in North America and Europe."

                          About MAAX

Headquartered in Quebec, MAAX Corporation --
http://www.maax.com/-- is a North American manufacturer of   
bathroom products, and spas for the residential housing market.
The Company is committed to offering its customers an enjoyable
experience: distinctive, stylish and innovative products and the
best customer service practices in the industry.  MAAX offerings
are available through plumbing wholesalers, bath, and spa
specialty boutiques and home improvement centers.  The company
has operations in Jamaica and Puerto Rico.

The corporation employs more than 2,000 people and currently
operates 16 manufacturing facilities and independent
distribution centers throughout North America and Europe. MAAX
Corporation is a subsidiary of Beauceland Corporation, itself a
wholly owned subsidiary of MAAX Holdings, Inc.

The Troubled Company Reporter-Latin America reported on
April 9, 2008, that Moody's Investors Service withdrew all
ratings on MAAX Holdings, Inc. and MAAX Corporation for business
reasons.

These ratings were withdrawn on MAAX Holdings, Inc.:

  -- Corporate Family Rating, Ca

  -- Probability of Default Rating, Ca

  -- Speculative Grade Liquidity Rating, SGL-4

  -- US$152 million 11.57% senior unsecured discount notes due
     2012, C (LGD6, 93%)

This rating was withdrawn on MAAX Corporation:

  -- US$150 million 9.75% senior subordinated notes due 2012, Ca
     (LGD5, 73%)



=============
U R U G U A Y
=============

* URUGUAY: Fitch Holds BB-/BB Foreign & Local Currency IDRs
------------------------------------------------------------
Fitch Ratings has affirmed Uruguay's foreign currency sovereign
Issuer Default Rating at 'BB-' and its local currency IDR at
'BB'.  The rating outlook remains stable.  At the same time, the
agency maintained Uruguay's country ceiling at 'BB+'.  The
short-term IDR was affirmed at 'B'.

Uruguay's creditworthiness is supported by its manageable
financing needs, above-average economic growth, and the
country's high institutional quality and political stability,
which reduce the risk of a marked policy departure from the
current macroeconomic setting.  Nevertheless, relatively high
fiscal and external solvency ratios, the exposure of public debt
to currency risk, and relatively low external liquidity remain
as credit weaknesses.

Uruguay's growth has continued to outperform expectations due to
the continued high commodity prices and robust foreign direct
investment flows.  The five-year growth average reached 7% in
2007 and compares favorably with the Fitch 'BB' median.  FDI
reached 3.8% of GDP, helping Uruguay diversify its narrow
economy and finance its current account deficit. Higher growth
is essential for further improvement in the country's fiscal and
external solvency ratios.

While the government met its fiscal target in 2007, it has
lowered the primary surplus target for 2008-09.  "The lowering
of the public sector primary surplus is likely to slow the pace
of public debt reduction.  Nevertheless, Fitch recognizes that
this decision is unlikely to undermine medium-term fiscal
sustainability" Associate Director in Fitch's Sovereign Group,
Erich Arispe said.  

In 2007, public sector debt equaled 64.8% of GDP compared to a
median of 34.7% for sovereigns in the 'BB' rating category.
Moreover, public debt dynamics are highly exposed to
fluctuations in the exchange rate, as approximately 70% of
public debt is denominated in foreign currency.  On the positive
side, astute liability management efforts have helped in
reducing general government financing needs to 5% of GDP in
2008, which is lower than the 8% for the 'BB' median.

On the external front, Uruguay's net public external debt
(NPXD), at 84.7% of current external receipts (CXR), continues
to be an outlier in the 'BB' rating category, where most
sovereigns are net public external creditors.  Uruguay's
external liquidity also remains weaker than rating peers,
especially in the context of widespread, albeit diminishing,
dollarization of the financial system.

Resilience to external shocks has increased through lower
external financing needs -- external amortizations plus current
account deficit -- export markets diversification and prudential
measures in the banking system.  "The country remains
vulnerable, though, to a sharp correction in international
commodity prices and a deeper than anticipated deterioration in
the Argentine economy," the analyst added.

Fitch believes that supply shocks, high international commodity
prices and continued growth above potential have increased
inflationary pressures in the Uruguayan economy. Inflation is
running at 7.2% on an annual basis, which is above the target
range of the central bank. The fight against inflation should be
of high priority for the authorities in order to build monetary
policy credibility and support medium-term growth.

Sustained reduction in fiscal and external solvency ratios,
continued improvements in currency composition of public debt,
as well as continued resilience to the ongoing 'credit crunch'
would be positive for Uruguay's credit profile. On the contrary,
signs of weakening of the macroeconomic policy framework,
especially if the authorities are unable to adjust fiscal and
monetary policies in the face of external shocks, could hurt
creditworthiness.



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

PETROLEOS DE VENEZUELA: Invests US$1.7BB in Conversion Project
--------------------------------------------------------------
Petroleumworld.com reports that Petroleos de Venezuela S.A. is
spending US$1.7 billion on a major conversion of its Puerto La
Cruz refinery in Anzoategui, Venezuela, to make the plant the
first in the country to use HDH Plus technology.

Developed by PDVSA subsidiary Intevep, the technology, will be
used to convert heavy oil and extra-heavy oil into products like
gasoline and diesel fuel, the report adds.

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.


PETROLEOS DE VENEZUELA: Amuay Plant Unit Cuts Crude Runs by 50%
---------------------------------------------------------------
Sources at Petroleos de Venezuela SA's Amuay plant told Reuters
that the refinery's delayed coking unit has cut crude runs by
50% due to an operational problem at a furnace.

A furnace at the unit "blew out a lid" that forced it to lower
"runs", Reuters says, citing the sources.  According to one of
the sources, tar entered the furnace due to the incident.

The source commented to Reuters that the unit should be "at full
capacity by Saturday."

Reuters relates that the Amuay refinery shut down the unit for
maintenance in March.  The plant restarted the unit in May.

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.


PETROLEOS DE VENEZUELA: Oil Output is 2.4 Million bpd in May
-------------------------------------------------------------
The U.S. Energy Information Administration has noted in its
monthly report that last month 2.4 million barrels per day were
drilled, exactly the same amount that has been disclosed since
March 2007 despite Petroleos de Venezuela CEO Rafael Ramirez
said that the Venezuelan output is at the highest level of
3.3 million bpd on average, El Universal reports.

All the member nations of the Organization of Petroleum
Exporting Countries, according to the statistical arm of the US
Department of Energy, has maintained or raised their average
production last month, totaling 31.47 million bpd in the
aggregate, a hike of 510,000 bpd, El Universal says.

In April and May, the condensates output of member nations
climbed also, from 4.54 to 4.55 million bpd, the report adds.

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.




* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                   Shareholders     Total
                                      Equity       Assets
  Company               Ticker        (US$MM)     (US$MM)
  -------               ------    ------------    -------
Arthur Lange             ARLA3       (24.32)        34.09
Kuala                    ARTE3       (33.57)        11.86
Bombril                  BOBR3      (480.75)       423.86
Caf Brasilia             CAFE3      (909.16)        95.01
Chiarelli SA             CCHI3       (68.72)        42.15
Ceper-Inv                CEP          (7.77)       120.08
Ceper-B                  CEP/B        (7.77)       120.08
Telefonica Hldg          CITI     (1,481.31)       307.89
Telefonica Hldg          CITI5    (1,481.31)       307.89
SOC Comercial PL         COME       (751.50)       450.17
Marambaia                CTPC3        (1.38)        79.73
DTCOM-DIR To Co          DTCY3       (14.16)         9.24
Aco Altona               ESTR        (41.68)       144.91
Estrela SA               ESTR3       (62.09)       118.58
Bombril Holding          FPXE3    (1,064.31)        41.97
Fabrica Renaux           FTRX3        (5.55)       136.60
Cimob Partic SA          GAFP3       (52.94)        93.89
Gazola                   GAZ03       (43.13)        22.28
Haga                     HAGA3      (115.97)        18.29
Hercules                 HETA3      (240.65)        37.34
Doc Imbituba             IMB13       (20.49)       209.80
IMPSAT Fiber Networks    IMPTQ       (17.17)       535.01
Minupar                  MNPR3       (27.58)       158.43
Wetzel SA                MWET3       (15.02)       137.09
Nova America SA          NOVA3      (300.97)        41.80
Paranapamema SA          PMAM3      (105.13)     3,724.69
Paranapamema-PRF         PMAM4      (105.13)     3,724.69
Recrusul                 RCSL3       (67.90)        27.89
Telebras-CM RCPT         RCTB30     (171.66)       230.92
Rimet                    REEM3      (219.34)        93.47
Schlosser                SCL03       (84.39)        44.57
Tecel S Jose             SJ0S3       (13.24)        71.56
Sansuy                   SNSY3       (63.13)       235.18
Teka                     TEKA3      (347.07)       538.30
Telebras SA              TELB3      (171.66)       230.92
Telebras-CM RCPT         TELE31     (171.66)       230.92
Telebras SA              TLBRON     (171.66)       230.92
TECTOY                   TOYB3        (6.58)        36.02
TEC TOY SA-PREF          TOYB5        (6.58)        36.02
TEC TOY SA-PF B          TOYB6        (6.58)        36.02
TECTOY SA                TOYBON       (6.58)        36.02
Texteis Renaux           TXRX3      (103.01)        76.93
Varig SA                 VAGV3    (8,194.58)     2,169.10
FER C Atlant             VSPT3      (104.65)     1,975.79
Wiest                    WISA3      (140.97)        71.37

                            ***********


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.


           * * * End of Transmission * * *