TCRLA_Public/080620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, June 20, 2008, Vol. 9, No. 122

                            Headlines


A R G E N T I N A

AYU SA: Proofs of Claim Verification Deadline Is Aug. 18
CHRYSLER LLC: Nears Transmission Plant Lease Deal With Linamar
CIENTIFICA L: Proofs of Claim Verification Deadline Is Aug. 13
INDUSTRIAS NUEVO: Proofs of Claim Verification Is Until Sept. 17
LOS REYES: Proofs of Claim Verification Deadline Is Aug. 11

LUIS VARGAS: Proofs of Claim Verification Deadline Is Aug. 11
MARQUEZ MONTES: Files for Reorganization in Buenos Aires Court
OSTEOS SRL: Proofs of Claim Verification Is Until Oct. 3
SELAMAR SA: Concludes Reorganization Process
TAVACUE SA: Proofs of Claim Verification Deadline Is Aug. 11


B A H A M A S

TEEKAY CORP: To Purchase US$65 Mil. Common Units From Subsidiary


B E R M U D A

CAMELBACK INSURANCE: Court to Hear Wind-Up Petition on July 4
C-CUBE TECHNOLOGY: Proofs of Claim Filing Is Until July 2
C-CUBE TECHNOLOGY: Sets Final Shareholders Meeting for July 24
HLG BERMUDA: Proofs of Claim Filing Deadline Is July 2
HLG BERMUDA: Sets Final Shareholders Meeting for July 24

SOUTHSIDE OFFICE: Proofs of Claim Filing Deadline Is July 11
TYKHE FUND: Proofs of Claim Filing Deadline Is July 2
TYKHE FUND: Sets Final Shareholders Meeting for July 23


B R A Z I L

BANCO GMAC: Moody's Cut Ratings to B2 After GMAC LLC Downgrade
BRASIL TELECOM: Anatel May Set Additional Conditions on Sale
COMPANHIA SIDERURGICA:Awards Mill Upgrade Contract to Siemens
DUERR AG: Management Board Approves 10% Capital Increase
HEXION SPECIALTY: Files Suit to Cancel US$10BB Huntsman Merger

PERDIGAO SA: To Invest BRL65MM in New Milk Processing Unit
TELE NORTE: Anatel May Set Additional Conditions on Telecom Buy


C A Y M A N  I S L A N D S

ALTERNATIVE ASSET: Sets Final Shareholders Meeting on June 26
ASTON LIMITED: Deadline for Proofs of Claim Filing Is June 26
ASTON LIMITED: To Hold Final Shareholders Meeting on June 26
BENTEN LIMITED: To Hold Final Shareholders Meeting on June 26
BPN-CAYMAN LTD: Moody's Drops Subordinated Debt Ratings to Ba1

CEDAR GROUP LTD: Proofs of Claim Filing Deadline Is June 26
CEDAR GROUP LTD: Holds Final Shareholders Meeting on June 26
DAIKOKUTEN LIMITED: Sets Final Shareholders Meeting on June 26
GOLD FORREST: Will Hold Final Shareholders Meeting on June 26
HUBBARD LIMITED: Deadline for Proofs of Claim Filing Is June 26

HUBBARD LIMITED: Holds Final Shareholders Meeting on June 26
KHAKIS CAPITAL: Holds Final Shareholders Meeting on June 26
MERLIN BIOMED: To Hold Final Shareholders Meeting on June 26
MERLIN BIOMED OFFSHORE: Final Shareholders Meeting Is on June 26
MERLIN BIOMED INT'L: Sets Final Shareholders Meeting on June 26

NETWORKASIA: Will Hold Final Shareholders Meeting on June 26
NONG SANG GUAN: Proofs of Claim Filing Deadline Is June 26
NONG SANG GUAN: Will Hold Final Shareholders Meeting on June 26
PARAKEET LEASE: To Hold Final Shareholders Meeting on June 26
PARMALAT SPA: Investors File Suit v Banks & Auditors in Milan

SIDEWINDER LIMITED: Claims Filing Deadline Is Until June 26
SIDEWINDER LIMITED: Sets Final Shareholders Meeting on June 26
SHOVEL MOUNTAIN: Holds Final Shareholders Meeting on June 26
TAHOMA INTERNATIONAL: Final Shareholders Meeting Is on June 26
WESTPORT FINANCE: Holds Final Shareholders Meeting on June 26


C H I L E

COEUR D' ALENE: Produces Silver Dore at San Bartolome Mine


C O L O M B I A

HUNTSMAN CORP: Hexion Specialty Wants to Cancel US$10.6BB Merger


C O S T A  R I C A

ALCATEL-LUCENT SA: Inks US$1-Bil. Coop Deal with China Mobile
DIGICEL GROUP: May Launch Operations in Costa Rica After New Law
MILLICOM INTERNATIONAL: May Operate in Costa Rica After New Law


J A M A I C A

DIGICEL GROUP: Cuts Calling Rates for Caribbean Clients
* JAMAICA: S&P Places B Long-Term Rating on US$350 Million Bonds


M E X I C O

ABITIBIBOWATER INC: Subsidiary Amends Canadian Credit Agreement
FRONTIER AIRLINES: Court OKs Houlihan as Panel's Fin'l Advisor
COOPER TIRE: Invests US$31 Million in Mexican Tire Manufacturer
FRONTIER AIRLINES: Taps FTI Consulting as Specialist Advisors


P A N A M A

CHIQUITA BRANDS: Releases April-May Interim Price & Volume Data


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Spend US$15BB for Production Increase
PETROLEOS DE VENEZUELA: In Talks for New Drilling Platform
PETROLEOS DE VENEZUELA: Urges Private Investment in Oil Sector
PETROLEOS DE VENEZUELA: Aims Reserve Certification Completion
PETROLEOS DE VENEZUELA: Engages in National Fin'l Re-Boosting


                         - - - - -


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

AYU SA: Proofs of Claim Verification Deadline Is Aug. 18
--------------------------------------------------------
Gimena Botana, the court-appointed trustee for Ayu S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 18, 2008.

Ms. Botana will present the validated claims in court as
individual reports on Sept. 29, 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 Ayu 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 Ayu's accounting and
banking records will be submitted in court on Nov. 10, 2008.

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

The debtor can be reached at:

           Ayu S.A.
           Scalabrini Ortiz 234
           Buenos Aires, Argentina

The trustee can be reached at:

           Gimena Botana
           Tucuman 540
           Buenos Aires, Argentina


CHRYSLER LLC: Nears Transmission Plant Lease Deal With Linamar
--------------------------------------------------------------
Chrysler LLC is considering leasing part of its Kokomo
transmission plant in Indiana to Canada-based parts supplier
Linamar Corp. to conserve cash and cut capital spending, Josee
Valcourt writes for the Wall Street Journal.

Chrysler, the WSJ relates, is close to reaching a deal with
Linamar.

Under the deal, which is valued at US$60 million, Linamar will
lease more than 250,000 square feet of floor space at Kokomo,
the WSJ discloses.  The deal, the WSJ adds, will also allow
Linamar to use 200 of Chrysler's unionized workers as well as
use, buy and refurbish existing Chrysler equipment.

"There are several different avenues where the parties are
benefiting," Brian Harlow, general manager of transmission,
casting and machining for Chrysler, was quoted by the WSJ as
saying.  "We reduce our investment.  They reduce their
investment by buying our equipment and refurbishing."

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

                            *     *     *

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


CIENTIFICA L: Proofs of Claim Verification Deadline Is Aug. 13
--------------------------------------------------------------
The court-appointed trustee for Cientifica L Heritage S.A.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Aug. 13, 2008.

The trustee will present the validated claims in court as
individual reports on Sept. 24, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Cientifica L 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 Cientifica L's
accounting and banking records will be submitted in court on
Nov. 5, 2008.


INDUSTRIAS NUEVO: Proofs of Claim Verification Is Until Sept. 17
----------------------------------------------------------------
The court-appointed trustee for Industrias Nuevo Habitat S.A.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Sept. 17, 2008.

The trustee will present the validated claims in court as
individual reports on Nov. 21, 2008.  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 Industrias Nuevo 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 Industrias Nuevo's
accounting and banking records will be submitted in court on
March 10, 2008.


LOS REYES: Proofs of Claim Verification Deadline Is Aug. 11
-----------------------------------------------------------
Elisa Tomattis, the court-appointed trustee for Los Reyes
Publicidad SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Aug. 11, 2008.

Ms. Tomattis 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. 37, 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 Los Reyes 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 Los Reyes'
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Los Reyes Publicidad SA
           Maipu 726
           Buenos Aires, Argentina

The trustee can be reached at:

           Elisa Tomattis
           Rodriguez Pena 110
           Buenos Aires, Argentina


LUIS VARGAS: Proofs of Claim Verification Deadline Is Aug. 11
-------------------------------------------------------------
The court-appointed trustee for Luis Vargas y Cia. S.R.L.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Aug. 11, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Mendoza 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 Luis Vargas 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 Luis Vargas'
accounting and banking records will be submitted in court.

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


MARQUEZ MONTES: Files for Reorganization in Buenos Aires Court
--------------------------------------------------------------
Marquez Montes Iaizzo Construcciones SA has requested for
reorganization approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 12 in Buenos Aires.  Clerk No. 23 assists the court
in this case.

The debtor can be reached at:

                    Marquez Montes Iaizzo Construcciones SA
                    Alsina 1609
                    Buenos Aires, Argentina


OSTEOS SRL: Proofs of Claim Verification Is Until Oct. 3
--------------------------------------------------------
Ana Pazos, the court-appointed trustee for Osteos SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Oct. 3, 2008.

Ms. Pazos 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. 37, 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 Osteos 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 Osteos' accounting
and banking records will be submitted in court.

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

The debtor can be reached at:

           Osteos SRL
           Esmeralda 625
           Buenos Aires, Argentina

The trustee can be reached at:

           Ana Pazos
           Maipu 374
           Buenos Aires, Argentina


SELAMAR SA: Concludes Reorganization Process
--------------------------------------------
Selamar S.A. has concluded its reorganization process, according
to data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Buenos
Aires homologated the debt plan signed between the company and
its creditors.

The company can be reached at:

         Selamar S.A.
         Lavalle 2024
         Buenos Aires, Argentina


TAVACUE SA: Proofs of Claim Verification Deadline Is Aug. 11
------------------------------------------------------------
Griselda Eidelstein, the court-appointed trustee for Tavacue
SA's bankruptcy proceeding, will be verifying creditors' proofs
of claim until Aug. 11, 2008.

Ms. Eidelstein will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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 Tavacue 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 Tavacue's accounting
and banking records will be submitted in court.

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

The debtor can be reached at:

           Tavacue SA
           Rincon 1091
           Buenos Aires, Argentina

The trustee can be reached at:

           Griselda Eidelstein
           Lambare 1140
           Buenos Aires, Argentina



=============
B A H A M A S
=============

TEEKAY CORP: To Purchase US$65 Mil. Common Units From Subsidiary
----------------------------------------------------------------
Teekay Corporation is buying US$65 million of common units
in a private placement from subsidiary Teekay Offshore Partners
LP, Royal Gazette reports.

Teekay Offshore has reportedly proposed 7 million common units
in a public offering, and expected to grant the underwriters a
30-day option to purchase an additional 1.05 million units to
cover any over-allotments.

The net proceeds will be used to buy an additional 25% interest
in Teekay Offshore Operating LP from Teekay Corp. for
US$205 million, the report adds.

Headquartered in Nassau, Bahamas, Teekay Corporation (NYSE: TK)
-- http://www.teekay.com/-- transports more than 10 percent of
the world's seaborne oil, has built a significant presence in
the liquefied natural gas shipping sector through its publicly-
listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and is
further growing its operations in the offshore production,
storage and transportation sector through its publicly-listed
subsidiaries, Teekay Offshore Partners L.P. (NYSE: TOO) and
Teekay Petrojarl ASA (OSE: TPO).  With a fleet of over 185
vessels, offices in 17 countries and 6,300 seagoing and shore-
based employees, Teekay provides a comprehensive set of marine
services to the world's leading oil and gas companies, helping
them seamlessly link their upstream energy production to their
downstream processing operations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Moody's Investors Service affirmed its debt
ratings of Teekay Corporation -- Corporate Family of Ba2, senior
unsecured of Ba3 and speculative grade liquidity rating of
SGL-2.  Moody's changed the rating outlook to stable from
negative.



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

CAMELBACK INSURANCE: Court to Hear Wind-Up Petition on July 4
-------------------------------------------------------------
The Supreme Court of Bermuda will hear a petition to wind up
Camelback Insurance Ltd. on July 4, 2008, at 9:30 a.m.

The Bermuda Monetary Authority filed the wind-up petition  to
the court on May 30, 2008.

Any creditor or contributory of Camelback Insurance who want to
support or oppose the making of an order on the wind-up petition
may attend the hearing.  A copy of the petition can be acquired
by request upon paying the regulated charge for the document.  
For a copy of the petition, contact the attorneys to the
petitioner:

          Attride-Stirling & Woloniecki
          Crawford House
          50 Cedar Avenue
          Hamilton HM11, Bermuda
          Fax: 441 295 6566

Any person who wants to attend the hearing must inform Attride-
Stirling by sending a notice stating his intention so to do.  
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their attorney (if any), and must
be sent not later than 4:00 p.m. on July 3, 2008.


C-CUBE TECHNOLOGY: Proofs of Claim Filing Is Until July 2
---------------------------------------------------------
C-Cube Technology Limited's creditors are given until
July 2, 2008, to prove their claims to Paul Bento, 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.

C-Cube Technology's shareholders agreed on June 11, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Paul Bento
         Conyers Dill & Pearman, Liquidation Department    
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


C-CUBE TECHNOLOGY: Sets Final Shareholders Meeting for July 24
--------------------------------------------------------------
C-Cube Technology Limited will hold its final general meeting on
July 24, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

C-Cube Technology's shareholders agreed on June 11, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Paul Bento
         Conyers Dill & Pearman, Liquidation Department    
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda



HLG BERMUDA: Proofs of Claim Filing Deadline Is July 2
------------------------------------------------------
HLG Bermuda Limited's creditors are given until July 2, 2008, to
prove their claims to Robin J. Mayor, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

HLG Bermuda's shareholders agreed on June 17, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, 2 Church Street
         Hamilton, HM 11, Bermuda


HLG BERMUDA: Sets Final Shareholders Meeting for July 24
--------------------------------------------------------
HLG Bermuda Limited will hold its final general meeting on
July 24, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

HLG Bermuda's shareholders agreed on June 17, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, 2 Church Street
         Hamilton, HM 11, Bermuda


SOUTHSIDE OFFICE: Proofs of Claim Filing Deadline Is July 11
------------------------------------------------------------
Southside Office Depot Limited's creditors are given until
July 11, 2008, to file their claims to the official receiver or
liquidator, or be excluded from receiving a final dividend.

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.

Claims can be filed in the first instance by e-mail at
lebasden@gov.bm or fax at +441-292-6640, with originals to
follow by post to:

          Registrar of Companies
          Government, Administration Building
          30 Parliament Street, Hamilton HM12
          Bermuda

Claim forms can be obtained from the office of the liquidator at
Government, Administration Building, Parliament Street,
Hamilton, Bermuda, or by e-mail at lebasden@gov.bm.


TYKHE FUND: Proofs of Claim Filing Deadline Is July 2
-----------------------------------------------------
Tykhe Fund Systematic Macro Ltd.'s creditors are given until
July 2, 2008, to prove their claims to Beverly Mathias, 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.

Tykhe Fund's shareholders agreed on June 13, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


TYKHE FUND: Sets Final Shareholders Meeting for July 23
-------------------------------------------------------
Tykhe Fund Systematic Macro Ltd. will hold its final general
meeting on July 23, 2008, at 9:30 a.m. at Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Tykhe Fund's shareholders agreed on June 13, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda



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

BANCO GMAC: Moody's Cut Ratings to B2 After GMAC LLC Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded Banco GMAC S.A.'s
global long-term local and foreign currency deposit ratings to
B2 from B1.  Moody's also downgraded Banco GMAC's national scale
deposit ratings to Baa3.br/BR-3 from Baa1.br/BR-2.  Moody's E+
bank financial strength rating for Banco GMAC was affirmed by
the rating agency.  The outlook remains negative for all ratings
except the BFSR, which has a stable outlook.  The actions on
Banco GMAC's ratings are a result of Moody's downgrade of its
parent company's, GMAC LLC, long-term senior unsecured debt
rating to B3 from B2, announced on June 16, 2008.

Moody's noted that the gradual deterioration of the stand-alone
credit profile of GMAC LLC has resulted in higher funding costs
for Banco GMAC, thus pressuring its profitability indicators in
the first quarter of 2008.  Such effects were exacerbated by
already tight domestic funding conditions in the period, and
which affected all banks in the market.

Nonetheless, Moody's recognizes the high quality of Banco GMAC's
vehicle financing portfolio as positive for the bank's ratings
because it represents an alternative funding source that could
be tapped through credit sales agreements.  Moody's noted that
Banco GMAC's loan origination remains strong, in light of the
still robust demand for car financing in Brazil.

The rating a agency indicated that the one-notch difference
between Banco GMAC's B2 deposit ratings and GMAC LLC's B3 senior
long-term rating is based on Moody's expectation that the parent
is strengthening its commitment to preserve the capital position
of its Brazilian subsidiary.  Should Moody's expectations in
this regard not be validated, the Banco GMAC ratings could come
under downward pressure.

These ratings for Banco GMAC S.A. were downgraded:

  -- Global long-term local-currency deposit ratings: to B2 from
     B1, negative outlook

  -- Long-term foreign-currency deposit ratings: to B2 from B1,
     negative outlook

  -- Brazilian long- and short-term national scale deposit
     ratings: to Baa3.br/BR-3 from Baa1.br/BR-2, negative
     outlook

This rating was affirmed:

  -- Bank financial strength rating: E+, stable outlook

Banco GMAC is headquartered in Sao Paulo, Brazil.  As of March
2008, Banco GMAC had total assets of BRL6.7 billion and
shareholders' equity of BRL877 million.


BRASIL TELECOM: Anatel May Set Additional Conditions on Sale
------------------------------------------------------------
Folha de S. Paulo reports that Brazilian telecommunications
regulatory agency Anatel may set additional conditions for the
approval of Brasil Telecom Participacoes S.A.'s sale to Tele
Norte Leste Participacoes S.A.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Anatel authorized the revision of the telecoms
law that will allow Tele Norte to proceed with its acquisition
of Brasil Telecom.

Folha de S. Paulo relates that Anatel may need the new firm that
will be formed to run its different services as separate
operations.  Anatel already proposed that the company operate
its broadband and fixed-line telephone services separately.  The
regulator may also limit the new firm's operations in certain
areas.

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.


COMPANHIA SIDERURGICA:Awards Mill Upgrade Contract to Siemens
-------------------------------------------------------------
The Financial, Business News & Multimedia reports that  
Companhia Siderurgica Nacional S.A. has awarded Siemens VAI
Metals Technologies a contract for the upgrade of its five-stand
tandem cold rolling mill No. 3 in Volta Redonda.

The report says that Companhia Siderurgica wants to improve
product quality and to boost production.  The rolling mill No. 3
has been operating since 1982 with a nominal yearly capacity of
1.6 million metric tons.  Upgrade of the unit will improve
product quality and boost plant availability.  Increased level
of automation will increase productivity.  

According to The Financial, the contract involves:

   -- replacement of the automation system;

   -- renewal of the drive and process equipment; and

   -- modification of the rolling stands, the infeed and outfeed
      areas, and the emulsion cooling systems.

The Financial relates that Siemens VAI will upgrade:

   -- drive controllers,
   -- entire automation system,
   -- technological control systems, and
   -- operator control system.

The report further notes that the new equipment "will be based
on the Siroll CM concept for cold rolling mills."  It will "see
the plant fitted with a thickness control system in accordance
with the advanced mass flow concept and new process models,
which enable fully automatic adjustment of the rolling line to
the different operating modes.  Simplified operator control,
integrated diagnostic systems and fully automatic rolling
sequences are designed to increase the productivity of the
facility."

The Financial states that Siemens VAI will also conduct
extensive renovation work on the mechanical equipment, which
includes:

   -- new hydraulic cylinders for rolling stands like servo
      valve stands;

   -- modifications of the mounting parts on the work rolls and
      on the roll changing system to guarantee automatic roll
      change; and

   -- additions in the infeed and outfeed areas.

The plant will be repaired as part of a scheduled shutdown in
the second half of 2009.  Siemens Brazil is also helping in the
project.  The modernized plant will begin operations in the
second half of 2009, The Financial states.

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

                        *     *     *

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


DUERR AG: Management Board Approves 10% Capital Increase
--------------------------------------------------------
The Board of Management of Duerr AG resolved to carry out a
capital increase for cash excluding shareholders' subscription
rights.

On the strength of an authorization passed by the Annual
Shareholders' Meeting in 2006, 1,572,500 bearer ordinary shares
-- just under 10% of the capital stock -- were placed mainly
with institutional investors in an accelerated bookbuilding
process.

With a placing price of EUR28.00 the proceeds (before
transaction fees) for Duerr AG amount to EUR44.0 million.  The
capital stock has increased from EUR40,263,731 to EUR44,289,331.
The Supervisory Board's approval of the capital increase is
currently being obtained.

With the capital increase Duerr intends to further improve its
financing structure. The aim is greater long-term security and
at the same time flexibility and efficiency.

Another purpose of the capital increase is to secure the basis
for financing growth.  Besides above-average organic growth
relative to the market, Duerr also plans several smallish bolt-
on acquisitions to round out its activities.

Duerr intends to redeem a substantial part of its high-yield
bond in the summer of 2008.  In addition, negotiations are
currently being conducted in the credit consortium for
prolonging and increasing the syndicated credit facility in line
with the company's improved situation.  This package of measures
will probably yield significant relief in interest expense
already in 2009.  

Duerr expects this to have a positive effect on earnings per
share and thus create value for shareholders. In addition, Duerr
expects an accelerated upgrading of its corporate ratings by the
rating agencies.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 19, 2008, Moody's Investors Service changed the outlook to
positive from stable on Duerr AG's B2 corporate family rating.  
The B2 corporate family as well as the Caa1 rating on Duerr AG's
EUR200 million senior subordinated notes (LGD 5, 83%) have been
affirmed.

Duerr AG still carries B long-term corporate credit rating with
positive outlook from Standard & Poor's Ratings Services.


HEXION SPECIALTY: Files Suit to Cancel US$10BB Huntsman Merger
--------------------------------------------------------------
Hexion Specialty Chemicals Inc. and related entities filed a
suit in the Delaware Court of Chancery to declare its
contractual rights with respect to a US$10.6 billion merger
agreement with Huntsman Corporation.  As reported in the
Troubled Company Reporter on July 13, 2007, the agreement
includes assumption of debt.

Hexion said in the suit that it believes that the capital
structure agreed to by Huntsman and Hexion for the combined
company is no longer viable because of Huntsman's increased net
debt and its lower than expected earnings.  While both companies
individually are solvent, Hexion believes that consummating the
merger on the basis of the capital structure agreed to with
Huntsman would render the combined company insolvent.

The suit alleges that in light of this conclusion, Hexion does
not believe that the banks will provide the debt financing for
the merger contemplated by their commitment letters.  Hexion
stated in its suit that, while it will continue to use its
reasonable best efforts to close the transaction, which includes
obtaining all necessary antitrust and regulatory approvals as
required by the merger agreement, it does not believe that
alternate financing will be available.

Hexion disclosed in the filing that its board of directors has
received an opinion from Duff & Phelps LLC, a provider of
independent financial advisory and investment banking services,
concluding that, based on the capital structure agreed to by the
parties at the time the merger agreement was signed, the
combined company would be insolvent based on the fact that it
would not meet the standard tests of solvency and capital
adequacy set forth in the opinion.

The suit also alleges that in light of the substantial
deterioration in Huntsman's financial performance, the increase
in its net debt and the expectation that the material downturn
in Huntsman's business will continue for a significant period of
time, Huntsman has suffered a material adverse effect as defined
in the merger agreement.

"While both Hexion and Huntsman can be successful as separate
companies, they cannot now support the debt load that was agreed
to at the time the transaction was put together," Craig O.
Morrison, Hexion's chairman, president and CEO, said.  "We
continue to have enormous respect for Huntsman, the Huntsman
family and management team and still believe that a combination
of the two companies would offer significant strategic
benefits."

"However, the financing for the acquisition is predicated on a
certain level of financial performance and, given the increase
in Huntsman's total debt and decrease in earnings, Hexion does
not believe that the transaction can be completed," Mr. Morrison
said.

"While this development is disappointing, Hexion - with its
long-dated, stable capital structure, no significant debt
maturities until 2013, and with more than $475 million in
liquidity -- remains very well positioned to service our
customers, compete and grow globally," Mr. Morrison continued.

                    About Huntsman Corporation
  
Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE:HUN) -- http://www.huntsman.com/-- is a manufacturer of  
differentiated chemical products and inorganic chemical
products.  The company operates in four segments: Polyurethanes,
Materials and Effects, Performance Products and Pigments.  Its
products are used in a range of applications, including those in
the adhesives, aerospace, automotive, construction products,
durable and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining,
synthetic fiber, textile chemicals and dye industries.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting    
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives
produced for consumer or industrial uses.   Hexion Specialty
Chemicals is controlled by an affiliate of Apollo Management
L.P.  The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.

As reported in the Troubled Company Reporter on May 16, 2008,
Hexion Specialty Chemicals Inc.'s balance sheet at March 31,
2008, showed  the company had total assets of US$4.2 billion and
total liabilities of US$5.5 billion, resulting in a
shareholders' deficit of US$1.3 billion.


PERDIGAO SA: To Invest BRL65MM in New Milk Processing Unit
----------------------------------------------------------
Perdigao S.A. is constructing a powdered milk processing unit in
Tres de Maio, state of Rio Grande do Sul, located 500 km from
Porto Alegre.  The plant will have the capacity for receiving
600,000 liters of milk daily and for processing 2,000 tonnes
monthly of powdered milk.  The company already operates a plant
in the city for the production of mozzarella cheese.

The new unit will have state-of-the-art facilities for high-
quality production.  The construction work is expected to take
20 months.  Perdigao will make a BRL65 million investment in the
project, the second the company has made in less than two years
in the region.  In April 2007, a plant with similar capacity was
opened in Ijui.

The plant to be set up in Tres de Maio will occupy a 60,000 m2
built area.  It will be built in a 30-hectare lot donated by the
Municipal Government, which will also support the enterprise by
providing infrastructure services that will facilitate the
industrial, production and transportation operations.

This will be Perdigao's sixth powdered milk processing plant, as
it already operates units in Ijui  (two drying towers) and
Teutonia (two towers), in the state of Rio Grande do Sul;
Itumbiara (two towers), in the state of Goias; Ravena and Rio
Casca (one tower each), in the state of Minas Gerais.

               Generation of Jobs and Partnerships

Tres de Maio is located between the Celeiro, Fronteira Noroeste
and Missoes regions, in the geographical center of one of the
largest milk basins in the state.  With a population of
approximately 24,000 inhabitants, the city has easy access to
the main consumer centers in the northwestern region of Rio
Grande do Sul.

Once it is operating at full capacity, Perdigao's plant will
generate approximately 150 direct jobs and more than 500
indirect ones.  To meet the new unit's input demand, the company
will implement the "Clube do Produtor" (Producer's Club)
program, intended to enhance milk production in the region, thus
helping increase the income and improve the quality of life of
local producers.

Clube do Produtor, which has been implemented in other producing
regions of Rio Grande do Sul, has already been tested
successfully in Carambeí, in the state of Parana, where one of
Perdigao's dairy product plants is located, and is being adapted
to Bom Conselho, located in the rural area of the state of
Pernambuco, where the company is building a new agroindustrial
plant.

The program offers a series of benefits to the company's
partners, among which are the development of actions aimed at
the plantation's genetic improvement and at providing permanent
technical support to the producer, in addition to assisting in
the purchase of medicine and semen at competitive prices.

Perdigao's technical team will also negotiate with financial
agents of the sector, seeking alternatives to allow the
execution of agreements between those entities and producers in
order to finance the purchase of milking machines and coolers,
which help increase productivity and improve milk quality.

At the same time, the company intends to enter into a
partnership with the region's farmers in order to expand the
reforestation area in the surroundings of the city, since the
plant's operations will demand the use of wood for heat
generation.

                       About Perdigao S.A

Headquartered in Sao Paulo, Brazil, Perdigao S.A. is one of the
largest food processors in Brazil, with a focus on poultry,
pork, beef, milk and processed products including dairy.  With
revenues of BRL6 billion for the last twelve months eding in
June 30, 2007, Perdigao is one of the leaders in the domestic
market and exports 42% of its sales to over 100 countries and
850 customers around the world.

                         *     *     *

As of Nov. 1, 2007, Moody's Investors Service affirmed Perdigao
SA's Ba1 corporate family rating following the company's
announced signed agreement to acquire Eleva Alimentos S.A. for
approximately BRL1.67 billion in equity value plus
BRL547 million in assumed debt.  Moody's rating outlook remains
stable.


TELE NORTE: Anatel May Set Additional Conditions on Telecom Buy
---------------------------------------------------------------
Folha de S. Paulo reports that Brazilian telecommunications
regulatory agency Anatel may set additional conditions for the
approval of Tele Norte Leste Participacoes S.A.'s acquisition of
Brasil Telecom Participacoes S.A.  

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Anatel authorized the revision of the telecoms
law that will allow Tele Norte to proceed with its acquisition
of Brasil Telecom.

Folha de S. Paulo relates that Anatel may need the new firm that
will be formed to run its different services as separate
operations.  Anatel already proposed that the company operate
its broadband and fixed-line telephone services separately.  The
regulator may also limit the new firm's operations in certain
areas.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- 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
==========================

ALTERNATIVE ASSET: Sets Final Shareholders Meeting on June 26
-------------------------------------------------------------
Alternative Asset Strategies LDC will hold its final
shareholders meeting on June 26, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Alternative Asset's shareholders agreed on May 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Averell H. Mortimer
               Arden Asset Management Inc.
               375 Park Avenue, 32nd Floor,
               New York, New York, USA 10152

Contact for inquiries:

               Angus Davison
               c/o Ogier, Queensgate House
               South Church Street, P.O. Box 1234
               Grand Cayman, Cayman Islands
               Telephone: (345) 949 9876
               Fax: (345) 949 1986


ASTON LIMITED: Deadline for Proofs of Claim Filing Is June 26
-------------------------------------------------------------
Aston Limited's creditors have until June 26, 2008, to prove
their claims to Buchanan 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.

Aston's shareholders decided on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


ASTON LIMITED: To Hold Final Shareholders Meeting on June 26
------------------------------------------------------------
Aston Limited will hold its final shareholders meeting on
June 26, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Aston's shareholders agreed on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170, Grand Cayman,
               Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


BENTEN LIMITED: To Hold Final Shareholders Meeting on June 26
-------------------------------------------------------------
Benten Limited will hold its final shareholders meeting on
June 26, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Benten's shareholder agreed on April 2, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Joshua Grant and Bobby Toor
               c/o Maples Finance Limited,
               P.O. Box 1093GT, Grand Cayman,
               Cayman Islands


BPN-CAYMAN LTD: Moody's Drops Subordinated Debt Ratings to Ba1
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Banco
Portugues de Negocios, S.A.: the bank financial strength rating
to D+ from C-, the long-term bank deposit rating to Baa3 from
Baa1 and the short-term deposit rating to Prime-3 from Prime-2.  
The outlook on the BFSR and the long-term deposit rating is
negative.  The downgrade of Banco Portugues de Negocios SA's
ratings has prompted the downgrade of the issuer rating of Banco
Portugues de Negocios SGPS, the banking group's holding company,
to Ba1 from Baa2, also with negative outlook.

The downgrade of Banco Portugues de Negocios SA's BFSR to D+
primarily reflects the bank's exposure to a number of securities
investments -- including mainly first-loss pieces of SIVs and,
to a lesser extent, CDOs -- whose declines in market value are
likely to further constrain the bank's already low
capitalisation levels.

It also takes account of Moody's updated opinion regarding the
bank's risk appetite and management, which the rating agency
regards as no longer commensurate with a C- BFSR, for which it
expects a bank's risk management information systems and risk
measurement tools and practices to be consistent with its size,
structure, risk appetite and profile.  In this respect, Moody's
in particular refers to the valuation of these securities
investments, as well as the decision to allocate them to its
various subsidiaries which have a targeted risk profile that
should be incompatible with such investments.

Moody's also highlights the weak capitalisation of SLN SGPS --
the holding company that owns Banco Portugues de Negocios SGPS
-- and the consequences of this vulnerability on Banco Portugues
de Negocios' creditworthiness.

In addition, Moody's notes that the bank is currently pending
the appointment of a new senior management team, after a
four-month period in which an interim management team has been
in place following the resignation of the former Chairman in
February 2008.

The downgrade also reflects:

   (i) the bank's high credit risk concentration, both per
       borrower and in the real estate and  construction
       industry, with the latter exposure being significantly
       higher than that of its domestic peers,

  (ii) its modest asset quality, which also compares
       unfavourably with that of other rated Portuguese banks,
       and

(iii) some corporate governance and control issues, and in
       this context Moody's notes the absence of independent
       board members.

For 2007, the group has recognised only a EUR3.3 million charge
to reserves and EUR0.2 million to the income statement.  
However, for 2008, Moody's expects a charge of close to EUR75
million -- the bulk of which will go against revaluation
reserves -- which amounts to 112% of 2007 preliminary pre-tax
income (non-audited) and 18% of preliminary 2007 Tier 1 capital.

The downgrade of the bank's other ratings has been prompted by
the downgrade of the BFSR to D+.  Banco Portugues de Negocios'
debt and deposit ratings continue to benefit from Moody's
assessment of a moderate probability of systemic support for the
bank in case of need and thus enjoy a one-notch uplift from the
bank's Ba1 baseline credit assessment -- the measure of its
intrinsic financial strength that is mapped from the D+ BFSR.

The negative outlook reflects Moody's view that:

   (i) the likelihood and timing of a capital increase remain
       uncertain at this stage,

   (ii) losses in the securities portfolio may prove higher than
        anticipated, and

  (iii) continued turmoil at senior management level may impair
        the bank's core franchise.

These ratings were downgraded:

Banco Portugues de Negocios SA:

  -- Bank financial strength rating to D+ from C-
  -- Long-term bank deposits to Baa3 from Baa1
  -- Short-term bank deposits from Prime-2 to Prime-3

Banco Portugues de Negocios SGPS:

  -- Issuer rating to Ba1 from Baa2

BPN-Cayman, Limited:

  -- Bkd Senior unsecured debt to Baa3 from Baa1
  -- Bkd Subordinated debt to Ba1 from Baa2
  -- Bkd Junior Subordinated debt to Ba1 from Baa2
  -- Bkd Short-term debt to Prime-3 from Prime-2

Banco Portugues de Negocios, Madeira:

  -- Senior unsecured debt to Baa3 from Baa1
  -- Subordinated debt to Ba1 from Baa2
  -- Junior Subordinated debt to Ba1 from Baa2
  -- Short-term debt to Prime-3 from Prime-2

Moody's last rating action on Banco Portugues de Negocios SA was
on 13 April 2007, when the bank's ratings were upgraded to
Baa1/Prime-2/C- from Baa2/Prime-2/C- as result of the
implementation of Moody's Joint Default Analysis and BFSR
methodologies.

BPN-Cayman Ltd. is the Cayman Islands-based subsidiary of Banco
Portugues de Negocios SA of Lisbon, Portugal.  Banco Portugues
de Negocios had consolidated total assets of EUR7.7 billion as
of Dec. 31, 2007.


CEDAR GROUP LTD: Proofs of Claim Filing Deadline Is June 26
-----------------------------------------------------------
Cedar Group Ltd.'s creditors have until June 26, 2008, to prove
their claims to Buchanan 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.

Cedar Group's shareholders decided on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360

                
CEDAR GROUP LTD: Holds Final Shareholders Meeting on June 26
------------------------------------------------------------
Cedar Group Ltd. will hold its final shareholders meeting on
June 26, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Cedar Group's shareholders agreed on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


DAIKOKUTEN LIMITED: Sets Final Shareholders Meeting on June 26
--------------------------------------------------------------
Daikokuten Limited will hold its final shareholders meeting on
June 26, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Daikokuten's shareholder agreed on April 2, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Joshua Grant and Bobby Toor
               c/o Maples Finance Limited,
               P.O. Box 1093GT, Grand Cayman,
               Cayman Islands


GOLD FORREST: Will Hold Final Shareholders Meeting on June 26
-------------------------------------------------------------
Gold Forrest Holdings Ltd. will hold its final shareholders
meeting on June 26, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

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

The liquidator can be reached at:

                IPC Management Trust Reg.
                c/o Staedtle 28, FL-9490
                Vaduz Principality of Liechtenstein


HUBBARD LIMITED: Deadline for Proofs of Claim Filing Is June 26
---------------------------------------------------------------
Hubbard Limited's creditors have until June 26, 2008, to prove
their claims to Buchanan 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.

Hubbard's shareholders decided on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360
                

HUBBARD LIMITED: Holds Final Shareholders Meeting on June 26
------------------------------------------------------------
Hubbard Limited will hold its final shareholders meeting on
June 26, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Hubbard's shareholders agreed on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


KHAKIS CAPITAL: Holds Final Shareholders Meeting on June 26
-----------------------------------------------------------
Khakis Capital Ltd. will hold its final shareholders meeting on
June 26, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Khakis Capital's shareholder agreed on March 28, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Wendy Ebanks and Joshua Grant
               c/o Maples Finance Limited,
               P.O. Box 1093GT, Grand Cayman,
               Cayman Islands


MERLIN BIOMED: To Hold Final Shareholders Meeting on June 26
------------------------------------------------------------
Merlin Biomed Round Table Fund (Cayman) Ltd. will hold its final
shareholders meeting on June 26, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Merlin Biomed's shareholders agreed on May 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               OGIER
               Attn: Michael Lubin
               Queensgate House, South Church Street
               Grand Cayman, Cayman Islands
               Telephone: (345) 949 9876
               Fax: (345) 945 8604


MERLIN BIOMED OFFSHORE: Final Shareholders Meeting Is on June 26
----------------------------------------------------------------
Merlin Biomed Offshore LongTerm Appreciation Fund Ltd. will hold
its final shareholders meeting on June 26, 2008, at 10:00 a.m.,
at the offices of Ogier, Attorneys, Queensgate House, South
Church Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Merlin Biomed Offshore's shareholders agreed on May 16, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               OGIER
               Attn: Michael Lubin
               Queensgate House, South Church Street
               Grand Cayman, Cayman Islands
               Telephone: (345) 949 987


MERLIN BIOMED INT'L: Sets Final Shareholders Meeting on June 26
---------------------------------------------------------------
Merlin Biomed International Ltd. will hold its final
shareholders meeting on June 26, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Merlin Biomed International's shareholders agreed on May 16,
2008, to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               OGIER
               Attn: Michael Lubin
               Queensgate House, South Church Street
               Grand Cayman, Cayman Islands
               Telephone: (345) 949 987


NETWORKASIA: Will Hold Final Shareholders Meeting on June 26
------------------------------------------------------------
NetworkAsia will hold its final shareholders meeting on June 26,
2008, at 10:00 a.m., at Suite 3510 Jardine House, One Connaught
Place, Central, Hong Kong.

Accounting of the wind-up process will be taken up during the
meeting.

NetworkAsia's shareholders agreed on May 14, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Alfredo Paulo Lobo
               Suite 3510 Jardine House
               One Connaught Place
               Central, Hong Kong


NONG SANG GUAN: Proofs of Claim Filing Deadline Is June 26
-----------------------------------------------------------
Nong Sang Guan Holdings Ltd.'s creditors have until June 26,
2008, to prove their claims to Buchanan 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.

Nong Sang Guan's shareholders decided on May 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


NONG SANG GUAN: Will Hold Final Shareholders Meeting on June 26
---------------------------------------------------------------
Nong Sang Guan Holdings Ltd. will hold its final shareholders
meeting on June 26, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, George Town, Grand Cayman,
Cayman Islands.

Accounting of the wind-up process will be taken up during the
meeting.

Nong Sang Guan's shareholders agreed on May 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


PARAKEET LEASE: To Hold Final Shareholders Meeting on June 26
-------------------------------------------------------------
Parakeet Lease Company Ltd. will hold its final shareholders
meeting on June 26, 2008, at 10:00 a.m., at the offices of BNP
Paribas Bank & Trust Cayman Limited, 3rd Floor Royal Bank House,
Shedden Road, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Parakeet Lease's shareholders agreed on May 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Piccadilly Cayman Limited
                c/o BNP Paribas Bank & Trust Cayman Limited
                3rd Floor Royal Bank House, Shedden Road
                P.O. Box 10632APO, George Town,
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Ellen J. Christian
                Telephone: 345 945 9208
                Fax: 345 945 9210


PARMALAT SPA: Investors File Suit v Banks & Auditors in Milan
-------------------------------------------------------------
A group of 4,000 Parmalat S.p.A. bondholders will file in
September 2008, a damage suit against the company's former
auditors and banks at the civil court of Milan, Sara Gay Forden
writes for Bloomberg News.

The bondholders, represented by Altroconsumo and Deminor, are
suing:

    * Citigroup Inc.,
    * Bank of America Corp.,
    * UBS AG,
    * Eurizon Financial Group S.p.A. (fka Nextra),
    * Morgan Stanley,
    * Deutsche Bank AG
    * Deloitte & Touche, and
    * Grant Thornton

In July 2007, a judge at the U.S. District Court for the
Southern District of New York excluded non-American bondholders
from joining a class action against Deloitte & Touche, Grant
Thornton, Citibank, and Bank of America.  

Alberto Albanese, Deminor Managing Director, told Bloomberg News
that they "hope to win full settlements for investors," since
"up to now, settlements have gone to Bondi and the current
Parmalat."

UBS AG recently paid over EUR184 million to settle legal
disputes with Parmalat.

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


SIDEWINDER LIMITED: Claims Filing Deadline Is Until June 26
-----------------------------------------------------------
Sidewinder Limited's creditors have until June 26, 2008, to
prove their claims to Buchanan 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.

Sidewinder's shareholders decided on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360
       

SIDEWINDER LIMITED: Sets Final Shareholders Meeting on June 26
--------------------------------------------------------------
Sidewinder Limited will hold its final shareholders meeting on
June 26, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

Accounting of the wind-up process will be taken up during the
meeting.

Sidewinder's shareholders agreed on May 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Buchanan Limited
                P.O. Box 1170, Grand Cayman,
                Cayman Islands

Contact for inquiries:

                Francine Jennings
                Telephone: (345) 949-0355
                Fax: (345) 949-0360


SHOVEL MOUNTAIN: Holds Final Shareholders Meeting on June 26
------------------------------------------------------------
Shovel Mountain Ltd. will hold its final shareholders meeting on
June 26, 2008, at 10:00 a.m., at the representative office, 5003
Westview Drive, Austin, Texas, 78731, USA.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process; and

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

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

The liquidator can be reached at:

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


TAHOMA INTERNATIONAL: Final Shareholders Meeting Is on June 26
--------------------------------------------------------------
Tahoma International Ltd. will hold its final shareholders
meeting on June 26, 2008, at 10:00 a.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process;

   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.

Tahoma International's shareholder agreed 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:

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


WESTPORT FINANCE: Holds Final Shareholders Meeting on June 26
-------------------------------------------------------------
Westport Finance Ltd. will hold its final shareholders meeting
on June 26, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

Accounting of the wind-up process will be taken up during the
meeting.

Westport Finance's shareholder agreed on April 3, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Mora Goddard and Joshua Grant  
               c/o Maples Finance Limited,
               P.O. Box 1093GT, Grand Cayman,
               Cayman Islands



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

COEUR D' ALENE: Produces Silver Dore at San Bartolome Mine
----------------------------------------------------------
Coeur d'Alene Mines Corporation's new San Bartolome mine, the
world's largest pure silver mine, has poured its first silver
dore.  Additionally, representatives of the company, local and
national mining cooperatives and Bolivian government officials
recently marked the inauguration of the new facilities at the
San Bartolome silver mine, located in South America's
historically richest silver mining area.

San Bartolome is expected to produce six million ounces of
silver this year and nine million ounces in 2009, its first full
year of production.  The complete crushing, milling, leaching,
thickening, Merrill-Crowe and smelting facilities are now all
commissioned and fully operational.  San Bartolome contains an
estimated 153 million ounces of probable silver mineral reserves
and an additional 34 million ounces of measured and indicated
silver mineral resources, with an expected 14-year mine life.

The new plant and tailings facilities were constructed by 2,200
Bolivian workers and employs 250 local workers from Potosi and
generates an additional 1,000 mining related jobs in the nearby
community.  Construction work at San Bartolome, which surpassed
five million man hours without a lost time accident, was
recently recognized with a top safety award from the
International Society of Mine Safety Professionals.

"The San Bartolome mine, a cornerstone of Coeur's growth, is the
culmination of the efforts of a great many people, and we at
Coeur are especially proud to be associated with the mining
cooperatives of Potosi on this project,"Dennis E. Wheeler,
Chairman, President and Chief Executive Officer of Coeur said at
the inaugural event in Potosi.  "Mining has been taking place
here for nearly 450 years, and San Bartolome represents an
entirely new way of mining at Potosi.  The San Bartolome
construction effort is of the highest quality, bringing
economic development to Potosi, protecting the environment, and
building a state-of-the-art processing plant under the safest
levels of worker safety."

Mr. Wheeler added, "Production from the San Bartolomé silver
mine will drive a 40% increase in our silver production this
year to sixteen million ounces and lead to a doubling of our
2008 operating cash flow based on current silver and gold
prices."

The mineral rights at San Bartolome are owned by COMIBOL, the
Bolivian mining authority, which leases the rights to Empresa
Manquiri, Coeur's wholly-owned Bolivian subsidiary, and to the
cooperatives.  Both COMIBOL and these cooperatives also receive
a royalty.  Mining taxes applicable to San Bartolome production
are returned to the local community in Potosi.

               Officials Speak At Inaugural Event

Those attending the Inaugural event in support of the project
included representatives of the Bolivian Government, the state
mining company COMIBOL, and representatives of the mining
cooperatives in Potosi.  They included:

   -- Honorable Carmen Rosa Velasquez – Senator of Bolivian
      Government

   -- Ing. Freddy Beltran Reyes – Representative of the Ministry
      of Mining and Metallurgy

   -- Ing. German Elias – Departmental Secretary of Mining and
      Metallurgy and Representative of the Prefect of the
      Department of Potosi

   -- Ing. Mario Zeballos – Municipal Councilman of the City of
      Potosi

   -- Ing. Alejandro Vargas – Manager of Technical Services of
      COMIBOL

   -- Benedicto Llano – President of the Departmental Federation
      of Mining Cooperatives of Potosi

   -- Esteban Martinez – Vice President of the National
      Federation of Mining Cooperatives and representative of
      Reserva Fiscal Cooperative

   -- Felipe Jaita – Representative of Manquiri workers

Speaking at the recent inauguration, Mr. Beltran, Representative
of the Ministry of Mining and Metallurgy, stated, "We are happy
to be here and see that the project is being launched – a
project that will generate resources in different ways for the
population of Potosi.  It is not only a matter of generating
direct employment for the operation – the multiplier effect of
this operation is very significant.  Today, we see that mining
is here and has a very important future in our country.  Of
course the government will support these types of enterprises.  
We take this opportunity to express our satisfaction to have
been asked to this historic ceremony and would like to thank and
congratulate Coeur, Minera Manquiri and the San Bartolome
project executives."

Mr. Elias, Departmental (Provincial) Secretary of Mining and
Metallurgy, remarked during his speech, "There are winds of
change supported by a government that has confidence in the
private sector, that has confidence in Bolivians and the mining
cooperatives and that, through COMIBOL, has established a very
important strategic alliance at San Bartolome.  Of course, we
are delighted because Coeur is a model company in its
management, in industrial safety, and in protecting the
environment.  This is a mega project that, together with the
other mega-projects, is supported by the government.  The
government supports these important endeavors that involve
strategic alliances with the social sector."

Mr. Martinez, Vice President of the Bolivian National Federation
of Mining Cooperatives and representative of the Reserva Fiscal
Mining Cooperative, commented in his prepared remarks, "We now
realize that it is imperative for Bolivia, particularly for
Potosi, to bring technology and investment to the cooperative
mining sector and to the mining sector as a whole.  Now we
realize the value of this type of company and the importance of
these joint ventures for the country."

Mr. Vargas, Manager of Technical Services of COMIBOL, Bolivia's
state-owned mining company, added during his speech at the
inauguration, "San Bartolome is the first project in Bolivia to
establish a strategic relationship with the Potosi mining
cooperatives and COMIBOL.  Manquiri has partnered through joint
ventures and leasing contracts with COMIBOL and seven of the
mining cooperatives operating in the Cerro Rico area, which
represent approximately 25 percent of the population of Potosi.  
I wish to express my deepest congratulations to the technical
team and to the company's top executives for having made this
historic project come true for the country and for the mining
sector.  I wish to congratulate everyone who has participated in
this Project."

Mr. Tarqui, Chief of the Ayllu Jesus de Machaca, remarked, "Back
when negotiations began with Empresa Manquiri, we could not even
imagine what we'd be seeing today.  We wish much success to
Empresa Manquiri, for we know that should they do well, we, the
communities and the population of Potosi will also do well."

                       About Coeur d'Alene

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

                         *     *     *

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



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

HUNTSMAN CORP: Hexion Specialty Wants to Cancel US$10.6BB Merger
----------------------------------------------------------------
Hexion Specialty Chemicals Inc. and related entities filed a
suit in the Delaware Court of Chancery to declare its
contractual rights with respect to a US$10.6 billion merger
agreement with Huntsman Corporation.  As reported in the
Troubled Company Reporter on July 13, 2007, the agreement
includes assumption of debt.

Hexion said in the suit that it believes that the capital
structure agreed to by Huntsman and Hexion for the combined
company is no longer viable because of Huntsman's increased net
debt and its lower than expected earnings.  While both companies
individually are solvent, Hexion believes that consummating the
merger on the basis of the capital structure agreed to with
Huntsman would render the combined company insolvent.

The suit alleges that in light of this conclusion, Hexion does
not believe that the banks will provide the debt financing for
the merger contemplated by their commitment letters.  Hexion
stated in its suit that, while it will continue to use its
reasonable best efforts to close the transaction, which includes
obtaining all necessary antitrust and regulatory approvals as
required by the merger agreement, it does not believe that
alternate financing will be available.

Hexion disclosed in the filing that its board of directors has
received an opinion from Duff & Phelps LLC, a provider of
independent financial advisory and investment banking services,
concluding that, based on the capital structure agreed to by the
parties at the time the merger agreement was signed, the
combined company would be insolvent based on the fact that it
would not meet the standard tests of solvency and capital
adequacy set forth in the opinion.

The suit also alleges that in light of the substantial
deterioration in Huntsman's financial performance, the increase
in its net debt and the expectation that the material downturn
in Huntsman's business will continue for a significant period of
time, Huntsman has suffered a material adverse effect as defined
in the merger agreement.

"While both Hexion and Huntsman can be successful as separate
companies, they cannot now support the debt load that was agreed
to at the time the transaction was put together," Craig O.
Morrison, Hexion's chairman, president and CEO, said.  "We
continue to have enormous respect for Huntsman, the Huntsman
family and management team and still believe that a combination
of the two companies would offer significant strategic
benefits."

"However, the financing for the acquisition is predicated on a
certain level of financial performance and, given the increase
in Huntsman's total debt and decrease in earnings, Hexion does
not believe that the transaction can be completed," Mr. Morrison
said.

"While this development is disappointing, Hexion - with its
long-dated, stable capital structure, no significant debt
maturities until 2013, and with more than $475 million in
liquidity -- remains very well positioned to service our
customers, compete and grow globally," Mr. Morrison continued.

                    About Huntsman Corporation

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE:HUN) -- http://www.huntsman.com/-- is a manufacturer of  
differentiated chemical products and inorganic chemical
products.  The company operates in four segments: Polyurethanes,
Materials and Effects, Performance Products and Pigments.  Its
products are used in a range of applications, including those in
the adhesives, aerospace, automotive, construction products,
durable and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining,
synthetic fiber, textile chemicals and dye industries.

                     About Hexion Specialty

Huntsman Corp. -- http://www.huntsman.com/-- is a global
manufacturer and marketer of differentiated chemicals.  Its
operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care, detergent, personal care,
furniture, appliances and packaging.  Originally  known for
pioneering innovations in packaging and, later, for rapid and
integrated growth in petrochemicals, the company has 13,000
employees and operates from multiple locations worldwide.   Its
Latin American operations are in Argentina, Brazil, Chile,
Colombia, Guatemala, Panama and Mexico.

                         *     *     *

In June 2007, Moody's Investors Service placed the debt ratings
and the corporate family ratings (CFR -- Ba3) for Huntsman
Corporation and Huntsman International LLC, a subsidiary of
Huntsman under review for possible downgrade.



==================
C O S T A  R I C A
==================

ALCATEL-LUCENT SA: Inks US$1-Bil. Coop Deal with China Mobile
-------------------------------------------------------------
Alcatel-Lucent S.A. has signed a US$1 billion framework
agreement for 2008 with China Mobile to provide mobile
communication equipment and services.  This agreement was
secured through Alcatel-Lucent's flagship company in China,
Alcatel Shanghai Bell.

Under the frame agreement, Alcatel-Lucent will provide China
Mobile with mobile core network solutions, wireless network
solutions, TD-SCDMA equipment, applications, transmission and IP
router equipment and the related services.  Alcatel-Lucent's
cutting-edge products and solutions will further enhance China
Mobile's network capacity and performance to help China Mobile
provide high-quality services for its end-users.

"We are delighted to be selected to continue providing solutions
and services to China Mobile. China Mobile is one of our
company's main strategic cooperation partners," said Olivia Qiu,
President of Alcatel Shanghai Bell.  

"The strategic frame agreement with China Mobile reinforces
Alcatel-Lucent's position as a trusted partner, as China Mobile
relies upon our network solutions and services to meet their
growing demand for mobile and now fixed services and in
advancing China's telecommunication industry."

                     About Alcatel-Lucent
  
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were were affirmed in
April 2008.   

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


DIGICEL GROUP: May Launch Operations in Costa Rica After New Law
----------------------------------------------------------------
Digicel Group Limited is an important candidate for launching
operations in Costa Rica, Cellular-News reports, citing Signals
Telecom Consulting.

According to Cellular-News, the newly passed General
Telecommunications Law cleared the way for the entrance of new
telecoms into the Costa Rican mobile market.  Signals Telecom
said that Costa Rica is attractive for telecoms due to:

   -- low mobile teledensity (less than 40%);

   -- high average revenue per unit levels (the highest in
      Central America); and

   -- absence of a prepaid market.

Cellular-News relates that Signals Telecom is positive that new
operators will encourage the change of fixed services with
mobile ones.  The Costa Rican state-run telecom Instituto
Costarricense de Electricidad's fixed network will become
important, mainly because of the added value it will provide
through broadband services offered via its domain-specific
language network.  

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Fitch Ratings affirmed its 'CCC+/RR5' ratings on
Digicel Group Limited's US$1 billion 8.875% senior subordinated
notes due 2015 and US$400 million 9.125/9.875% senior
subordinated toggle notes due 2015.  Fitch said the rating
outlook is stable.

In February 2007, Moody's Investors Service affirmed Caa2 senior
unsecured rating to Digicel Group Limited's US$1.4 billion
senior unsecured notes offering.


MILLICOM INTERNATIONAL: May Operate in Costa Rica After New Law
---------------------------------------------------------------
Millicom International Cellular S.A. is an important candidate
for launching operations in Costa Rica, Cellular-News reports,
citing Signals Telecom Consulting.

According to Cellular-News, the newly passed General
Telecommunications Law cleared the way for the entrance of new
telecoms into the Costa Rican mobile market.  Signals Telecom
said that Costa Rica is attractive for telecoms due to:

   -- low mobile teledensity (less than 40%);

   -- high average revenue per unit levels (the highest in
      Central America); and

   -- absence of a prepaid market.

Cellular-News relates that Signals Telecom is positive that new
operators will encourage the change of fixed services with
mobile ones.  The Costa Rican state-run telecom Instituto
Costarricense de Electricidad's fixed network will become
important, mainly because of the added value it will provide
through broadband services offered via its domain-specific
language network.  

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications    
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 16, 2007, Moody's Investors Service upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.



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

DIGICEL GROUP: Cuts Calling Rates for Caribbean Clients
-------------------------------------------------------
The Jamaica Observer reports that Digicel Group has decreased
calling rates between Caribbean subscribers to US$10 per minute
from US$17.75.

According to The Observer, Digicel is claiming that its new
calling rates is the cheapest within the region.  Digicel said,
"We are aware that many Jamaicans have family members who now
live and work in other Caribbean territories; and Digicel is
only too happy to do what it takes to increase communication
between them and continue to maintain family ties and greater
business and personal relationships overall."

Digicel Group -- www.digicelgroup.com -- was awarded a license
in Honduras in December 2007, making it Digicel's second market
in Central America following its launch in El Salvador in April
2007.  The Caribbean Company operates in 23 markets across the
Caribbean.  In May 2008 Digicel was awarded an additional
license in Panama and is committed to further expansion in the
Central America region.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2008, Fitch Ratings affirmed its 'CCC+/RR5' ratings on
Digicel Group Limited's US$1 billion 8.875% senior subordinated
notes due 2015 and US$400 million 9.125/9.875% senior
subordinated toggle notes due 2015.  Fitch said the rating
outlook is stable.

In February 2007, Moody's Investors Service affirmed Caa2 senior
unsecured rating to Digicel Group Limited's US$1.4 billion
senior unsecured notes offering.


* JAMAICA: S&P Places B Long-Term Rating on US$350 Million Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B' long-
term foreign currency senior unsecured bond rating to Jamaica's
newly issued US$350 million, 8% bond, which is due June 24,
2019.
     
Jamaica issued this bond amid the persistently challenging
financial environment.  "The bond carries one of the lowest
coupons among all of Jamaican external bonds outstanding," noted
S&P's credit analyst Olga Kalinina.  "These factors attest to
the lasting investor support for the Jamaican sovereign, which
is bolstered by the credibility of the government's policies."
     
In April 2008, the Jamaica Labour Party government, which came
to power less than a year ago, presented an ambitious budget for
fiscal-year 2008-2009.  It aimed to significantly improve the
tax administration and tax compliance in the country, where 138
billion Jamaican dollars of accumulated tax arrears (17% of GDP)
are outstanding.  This year's budget -- together with the strong
fiscal effort in 2007, which resulted in the government
outperforming the 2007 budget targets -- together with the
strong fiscal effort in 2007, which resulted in the government
outperforming the 2007 budget targets -- underscores the
sovereign's ongoing commitment to fiscal discipline.  The
general government deficit was 5.8% of GDP in 2007, and S&P
expects that it will come down to 4.9% this year.
     
Given the high amortization due, the borrowing requirement is
large: 19% of GDP (US$2.45 billion), about 30% of which Jamaica
will likely finance externally.  In this respect, the current
US$350 million bond fills an important gap in closing the budget
financing requirement for this fiscal year.
     
On the economic front, the government is focusing on promoting
local and foreign direct investment, boosting growth and
efficiency in traditional industries, diminishing the growing
dependency on oil and food imports through energy conservation,
developing alternative energy resources, and endorsing
local food products.  With tourism so far withstanding the
negative impact of the slowing United States economy, strong
construction activity, and recovering agriculture, S&P expects
real GDP growth to rebound to 2% in 2008 from 1.1% in 2007.
     
The gross financing need is likely to rise to 125% of current
account receipts and useable reserves in 2008 from 117% in 2007.
The public external amortization is US$666 million in 2008. Of
this amount, US$100 million is due to bilateral creditors,
US$161 million to multilateral creditors, and the rest to the
commercial creditors, which includes the repayment of the
international bond (EUR200 million or roughly US$310 million)
due in February 2009.

"With the present US$350 million issuance, the government has
successfully secured the bulk of the needed financing to meet
its external commercial debt amortization for the current fiscal
year," Ms. Kalinina added.



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

ABITIBIBOWATER INC: Subsidiary Amends Canadian Credit Agreement
---------------------------------------------------------------
Bowater Inc., a subsidiary of AbitibiBowater Inc., entered into
an amendment to its Canadian credit agreement.  The Amendment to
the Canadian credit agreement was entered into among Bowater and
certain subsidiaries and affiliates of Bowater, Bowater Canadian
Forest Products Inc., an indirect subsidiary of Bowater,
AbitibiBowater, certain lenders and The Bank of Nova Scotia, as
Administrative Agent for the various lenders under the credit
agreement.  The Amendment principally:

   (i) extends the maturity date of the credit facility from
       May 28, 2008 to June 5, 2009,

  (ii) imposes additional reporting obligations on BCFPI and
       implements more extensive eligibility criteria for the
       assets that may be used in determining the borrowing base
       under the facility, thereby reducing the funds available
       under the credit facility and

(iii) reduces the aggregate commitment of all the lenders party
       thereto from US$165,000,000 to US$143,750,000.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/ -- produces a wide range of   
newsprint, commercial printing papers, market pulp and wood
products.  AbitibiBowater owns or operates 27 pulp and paper
facilities and 34 wood products facilities located in the United
States, Canada, the United Kingdom and South Korea.  
AbitibiBowater is also among the world's largest recyclers of
newspapers and magazines.  AbitibiBowater's shares trade under
the stock symbol ABH on both the New York Stock Exchange and the
Toronto Stock Exchange.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea. The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 16, 2008, Standard & Poor's Ratings Services assigned
recovery ratings to the senior unsecured debt issues of
AbitibiBowater Inc., Abitibi-Consolidated Inc., and Bowater Inc.  
At the same time, S&P lowered the issue-level rating on these
debts to 'CCC+' from 'B-'.


FRONTIER AIRLINES: Court OKs Houlihan as Panel's Fin'l Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Frontier
Airlines Holdings Inc. and its subsidiaries' Chapter 11 cases
obtained authority from the U.S. Bankruptcy Court for the
Southern District of New York to retain Houlihan Lokey Howard &
Zukin Capital Inc. as financial advisor, nunc pro tunc to
April 24, 2008.

Houlihan Lokey is expected to:

   * analyze business plans and forecasts of the Debtors;

   * evaluate the Debtors' assets and liabilities;

   * assess the Debtors' financial issues and options concerning
     (i) the sale of the Debtors, either in whole or in part;
     and (ii) the Debtors' Chapter 11 plan of reorganization or
     liquidation;

   * analyze and review the Debtors' financial and operating
     statements;

   * provide financial analyses as the Committee may require;

   * assist in the determination of an appropriate capital
     structure for the Debtors;

   * evaluate the Debtors' debt capacity in light of its
     projected cash flows;

   * assist with a review of the Debtors' employee benefit
     programs, including key employee retention, incentive,
     pension and other post-retirement benefit plans;

   * analyze strategic alternatives available to the Debtors;

   * assist in the review of claims and with the related
     reconciliation, estimation, settlement and litigation;

   * assist the Committee in identifying potential alternative
     sources of liquidity in connection with any debtor-in-
     possession financing or Chapter 11 plan;

   * represent the Committee in certain negotiations with the
     Debtors and third parties;

   * provide testimony in Court or on behalf of the Committee
     with respect to certain issues; and

   * provide other financial and investment banking services to
     the Committee as may be agreed upon.

Pursuant to an engagement letter, Houlihan Lokey's compensation
will include:

   -- a monthly fee of US$150,000;

   -- a transaction or deferred fee, payable by the Debtors in
      an amount equal to 1.5% of the aggregate consideration
      paid by the Debtors, pursuant to a Plan, on account of
      allowed unsecured claims; and

   -- reimbursement of necessary out-of-pocket expenses.

The Court directed Houlihan Lokey to keep its time records in
one-hour increments in connection with the services to be
rendered to the Committee pursuant to the Engagement Letter;
provided; however, that the firm will be excused from
maintaining
time records for the period from April 24 to June 12, 2008.

Judge Robert D. Drain ruled that the Debtors will indemnify
Houlihan Lokey and its affiliates pursuant to the Engagement
Letter, provided that:

   -- all requests of Indemnified Persons for payment of
      indemnity, contribution or otherwise pursuant to the
      Engagement Letter, will be made by means of an interim and
      final fee application;

   -- in no event will an Indemnified Person be indemnified or
      receive contribution or payment under the Indemnification  
      if the Debtors, their estates, or the Committee asserts a
      claim for faith, self-dealing, breach of fiduciary duty,
      if any, gross negligence, or willful misconduct on the
      part of other Indemnified Person; and

   -- in the event that an Indemnified Person seeks
      reimbursement for fees from the Debtors, supporting
      documents will be annexed to Houlihan Lokey's own fee
      applications, subject to the U.S. Trustee's guidelines.

                  About Frontier Airlines Inc.

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

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


COOPER TIRE: Invests US$31 Million in Mexican Tire Manufacturer
---------------------------------------------------------------
Cooper Tire & Rubber Company disclosed an agreement to invest in
a tire manufacturing facility in Guadalajara, Mexico.  The
facility will be jointly owned by Cooper Tire, a Mexican holding
corporation (IBSA), and Cooperativa TRADOC SRL, employee owners
of the Occidente facility.  Cooper Tire ownership in this
facility is 38 percent at an investment of US$31 million.

Cooper Tire Chairperson, President and Chief Executive Officer,
Roy Armes said, "This is an important step in the implementation
of our strategic plan and our access to cost-competitive
sourcing.  Securing access to a steady source of supply to
supplement the production of our U.S. facilities and meeting the
customer's demands in the North American market is critical to
our success.  Further, this will help us facilitate penetration
in the Mexico market with our Cooper brand."

Cooperativa TRADOC SCP President and Corporacion de Occidente
Vice President, Jesus Torres Nuno added, "This agreement
highlights the importance for the company to join with
specialized labor with a commitment to high- quality products
and efficiency.  Further, as this alliance combines all parties'
strengths, the factory is expected to be one of the most
reliable and efficient plants in North America."

Corporacion de Occidente executive director, Jose Antonio Suarez
Hernandez commented about the agreement, "Cooper is definitely
the 'world class' partner we were looking for to succeed in the
global tire market.  This long-term agreement will allow
important synergies that will take our plant to a high
efficiency level and the ability to become a quality producer
for the world market."

In October 2007, Cooper Tire announced a 50-50 joint venture to
form a trading company with Nemet International, SA de CV,
responsible for the marketing, sales and distribution of the
Cooper and Pneustone brands in Mexico.  This trading company
will continue to operate as a separate entity.  This agreement
will also replace the offtake arrangement previously announced.

Mr. Armes concluded, "We believe this is another example of our
commitment toward competitive cost manufacturing to improve our
overall global cost positioning of Cooper tires and, more
importantly, improve our competitive advantage in the North
America market.  We are pleased with this opportunity and
believe it moves us forward as a stronger competitor in an
ever-changing global market."

                  About Corporacion de Occidente

Corporacion de Occidente is the second-largest tire plant in
Mexico, is located on 17.3 acres, and currently produces 2.4
million passenger radial tires per year.  Expansion plans are in
place to bring that capacity to an estimated 4.6 million by
year-end 2010, and 6,000,000 units during 2011.  Currently there
are approximately 700 employees involved in manufacturing
at the facility.

                         About Cooper Tire

Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company
(NYSE:CTB) -- http://www.coopertires.com/-- is a manufacturer  
of replacement tires.  The company focuses on the manufacture
and sale of passenger and light truck replacement tires.  It
also manufactures radial medium and bias light truck tires, and
materials and equipment for the truck tire retread industry. The
Company also manufactures and sells motorcycle and racing tires.
Cooper has two business segments: North American Tire
Operations and International Tire Operations.  The North
American Tire Operations segment produces passenger car and
light truck tires, primarily for sale in the United States
replacement market, and materials and equipment for the tread
rubber industry.  The International Tire Operations segment has
manufacturing facilities in the United Kingdom and China. The
segment has two administrative offices and a sales office in
China.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2007,
Moody's Investors Service affirmed its B2 corporate family
rating and B2 probability of default rating on Cooper Tire &
Rubber Company.  Ratings hold to date.


FRONTIER AIRLINES: Taps FTI Consulting as Specialist Advisors
-------------------------------------------------------------
Frontier Airlines Holdings Inc. and its subsidiaries seek
authority from the U.S. Bankruptcy Court for the Southern
District of New York to employ FTI Consulting Inc. as their
specialist financial advisors "for a limited assignment."

According to the Debtors, FTI is well-qualified to represent the
Debtors in a cost-effective, efficient and timely manner because
of its substantial experience providing financial advisory
services in restructuring and reorganization.  Moreover, the
firm has an excellent reputation for its services in large and
complex Chapter 11 cases on behalf of debtors throughout the
United States.

Pursuant to an engagement letter, FTI will provide consulting
and advisory services that have been determined as non-
duplicative of the services to be provided by Seabury Group LLC,
the Debtors' lead financial advisors.  

The Debtors and FTI expect these services to be completed by
June 30, 2008:

   (a) assisting the Debtors with certain Chapter 11 reporting
       requirements, including statement of financial affairs,
       schedules of assets and liabilities, and monthly
       operating reports;

   (b) advising the Debtors on specific accounting matters
       related to the Chapter 11 cases, as required by SOP 90-7;

   (c) assisting the Debtors services that are specifically
       related to reclamation claims; and

   (d) any other financial advisory support services that may be
       requested by the Debtors and agreed to by FTI and the
       Official Committee of Unsecured Creditors, to the extent
       approved by the Court as necessary.

As specialist financial advisors, FTI will be paid based on
these hourly rates:

     Senior managing directors             US$650 - US$715
     Directors or managing directors       US$475 - US$620
     Consultants or senior consultants     US$235 - US$400
     Administrative and paraprofessionals  US$100 - US$190

The Debtors also ask the Court to approve the indemnification
provisions of the Engagement Letter, which specifically provide
that the Debtors will have no obligation to indemnify FTI, or to
provide contribution or reimbursement to FTI, for any
liabilities or expenses that are (i) finally judicially
determined to have resulted from or (ii) agreed by FTI to have
resulted from, the reckless or willful misconduct, gross
negligence, breach of fiduciary duty, bad faith or self-dealing
of FTI.

If, before the earlier of the entry of an order (i) confirming a
Chapter 11 plan and (ii) closing the Chapter 11 Cases, FTI
believes that it is entitled to the payment by the Debtors on
account of the Debtors' indemnification, contribution or
reimbursement obligations under the Engagement Letter,
including, without limitation, the advancement of defense costs,
FTI must file an application with the Court, and the Debtors may
not pay any amounts to FTI prior to the entry of a Court order
approving any payment.

Additionally, the Debtors and FTI have agreed that:

   * any controversy or claim with respect to the services
     provided by FTI to the Debtors will be brought in the
     Bankruptcy Court;

   * FTI, the Debtors, and all their successors and assigns
     consent to the jurisdiction and venue of the Court as the
     sole and exclusive forum for the resolution of claims,
     causes of actions or lawsuits;

   * FTI and the Debtors waive trial-by-jury, with the waiver
     being informed and freely made;

   * if the Bankruptcy Court does not have or retain
     jurisdiction over the claims and controversies, FTI and
     the Debtors will submit first to non-binding mediation or
     to binding arbitration, in accordance with certain dispute
     resolution procedures agreed between the parties; and

   * judgment on any arbitration award may be entered in any
     Court having proper jurisdiction.

David J. Beckman, a managing director at FTI, assures the Court
that his firm (i) has no connection with the Debtors, their
creditors or other parties-in-interest, (ii) does not hold any
interest adverse to the Debtors' estates, and (iii) is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                  About Frontier Airlines Inc.

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

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



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

CHIQUITA BRANDS: Releases April-May Interim Price & Volume Data
---------------------------------------------------------------
Chiquita Brands International, Inc., reported on June 16, 2008,
significant year-over-year increases in banana prices in all
markets for April-May 2008 on flat and lower volumes in North
America and Europe, respectively.  In its Fresh Express value-
added salads business, the company reported that net revenue per
case and volume increased slightly during the two-month period
year-over-year.

"We are pleased that banana pricing remains favorable as we
continue working to offset higher industry costs," chairperson
and chief executive officer, Fernando Aguirre said.  "At the
same time, banana volumes remain flat to down, reflecting
industry-wide supply constraints due to a series of adverse
weather conditions throughout Central America and Ecuador that
have substantially raised the cost of sourcing high-quality
fruit.  These higher sourcing costs, along with significant
increases in industry and other product supply costs, continue
to impact our results."

Mr. Aguirre added, "We continue to expect strong year-over-year
improvement in operating performance for the full year 2008,
based largely on very strong first half results.  However, we
continue to expect the second half will be challenging. Pricing
in Europe has begun to moderate and reflect normal seasonal
trends, as previously expected, and industry and other product
supply costs continue to increase substantially.  We expect
these factors to result in a difficult third quarter, which is
likely to reflect a significant loss, and a more normal fourth
quarter."

Since its last update in May, the company's estimate of
year-on-year industry and other product supply cost increases in
2008 has risen by a total of US$60 to US$65 million, principally
due to market fuel prices, purchased raw products (primarily
bananas and lettuce), and market fertilizer prices.  The
company's new estimate of such full-year cost increases now
totals US$240 to US$265 million, including an estimated US$30
million benefit from internal cost savings initiatives but
excluding fuel hedging gains.  The company's fuel hedging
portfolio would generate an estimated US$42 million in gains
during 2008, based on current market forward rates, compared to
US$30 million estimated earlier.

North American banana pricing was up 36 percent, reflecting
higher year-on-year fuel surcharges linked to a third-party fuel
price index, increases in base contract prices, and a price
surcharge implemented in response to significantly higher
sourcing costs during a period of reduced industry supply.
Banana volume sold in the region was flat due to a series of
adverse weather conditions throughout Central America and
Ecuador, which have substantially constrained industry-wide
volume availability and have significantly increased the cost of
sourcing high quality fruit.

Banana prices in the company's core European markets were up 8
percent year-on-year on a local currency basis, or 26 percent on
a U.S. dollar basis.  Volume sold in the core European markets
was down 11 percent year-over-year for the period, due to the
constrained industry-wide volume availability, the cancellation
of some lower-price contracts that were no longer sufficiently
profitable in a rising cost environment, and the company's
continuing strategy to focus on its premium quality product and
price differentiation rather than on market share.

In Asia Pacific and the Middle East, pricing rose 17 percent
year-over-year on a U.S. dollar basis, primarily due to supply
constraints and favorable currency exchange rates.  Volume sold
in these regions increased by 25 percent year-over-year due to
weather-related and other improvements in farm productivity in
the Philippines.

In the company's trading markets, which consist primarily of
European and Mediterranean countries that do not belong to the
European Union, pricing rose 31 percent year-over-year.  The
company's volume in this region declined 48 percent, reflecting
shifts in volumes to the company's North American and core
European markets due to industry-wide shortages.

In the Salads and Healthy Snacks segment, net revenue per case
increased 1% year-over-year.  Volume of retail value-added
salads, including both Fresh Express and Verdelli Farms branded
products, increased 1% year-over-year in the two-month period.  
Volume growth slowed during the period due to a decrease in
promotional activity, as well as temporary capacity constraints
involved in the ongoing integration of Verdelli into one
cohesive processing and distribution network for Fresh Express
value-added salads across North America.  The company expects
these volume constraints to be resolved in the next several
months.

                     About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer   
and distributor of high-quality fresh and value-added food
products.  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.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$1.429 billion in total assets, US$533.3 million in
total liabilities, and US$895.5 million in total stockholders'
equity.

                          *     *    *

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.



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

PETROLEOS DE VENEZUELA: To Spend US$15BB for Production Increase
----------------------------------------------------------------
Petroleos de Venezuela S.A. is planning to invest some
US$15 billion to reach its goal this year of increasing
production to 3.45 million barrels per day, various reports say
citing Luis Vierma, the company's vice president for exploration
and production.

According to James Suggett of Venezuelaanalysis.com, the
production goal this year is 8% more than the current rate of
production.  The proposed investment, however, is a 50% increase
from that of last year.

Mr. Vierma also disclosed production goals in the next few years  
-- 4 million BPD by 2010, and 5.8 million BDO by 2021.

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: In Talks for New Drilling Platform
----------------------------------------------------------
Petroleos de Venezuela S.A. is currently negotiating for a semi-
submersible drilling platform for its Mariscal Sucre natural gas
project, Dow Jones Newswires report citing PdVSA Vice President
for Exploration and Production Luis Vierma.

As reported in the the Troubled Company Reporter-Latin America
on June 19, 2008, the company has just drilled its first
offshore natural gas well.  According to the report, Norway's
Neptune Discoverer drillship is drilling the Mariscal Sucre
project under a US$785 million four-year contract the company
signed with Neptune Marine Oil & Gas Ltd.  Pursuant to the deal,
the ship will drill 21 offshore natural gas wells.  

The Mariscal Sucre project is expected to produce some
600 million cubic feet per day in its early stage, initially
supplying the domestic market.  Petroleos de Venezuela's
President Rafael Ramirez said the project will then help
Venezuela export liquefied natural gas beginning in 2011 or
2012.   The project reportedly will cost between US$2.5 billion
and US$3 billion.

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: Urges Private Investment in Oil Sector
--------------------------------------------------------------
Petroleos de Venezuela S.A.'s Exploration and Production Vice
President Luis Vierma said during the Latin American Petroleum
Show in Maracaibo that private investors are welcomed in
Venezuela's oil industry, Business News Americas reports.

Mr. Vierma told reporters, "From now until 2021, planned
investment will exceed US$243 billion and there certainly is an
important space left for private investors.  We need the private
sector to participate in everything we are doing in our Siembra
Petrolera plan."

Siembra Petrolera involves the increase of output to 5.8 million
barrels per day by 2012 from the current 3.2 million barrels per
day, BNamericas says, citing the Venezuelan government.

According to BNamericas, Petroleos de Venezuela is investing
some US$15 billion this year.  About 70% of the investment will
be alloted to exploration and production.

The Latina American Petroleum Show indicates foreign interest in
Venezuela, BNamericas notes, citing Mr. Vierma.  "I've seen a
lot of these kinds of shows and the growth we have seen this
year at LAPS [Latin American Petroleum Show] is tremendous.  
More than 800 companies are here, which is a testament to the
growth our country's oil industry has seen over the last few
years.  Thanks not just to PDVSA [Petroleos de Venezuela], but
also to the private sector," Mr. Vierma added.

Some analysts told BNamericas that Petroleos de Venezuela has
other priorities, as its company president Rafael Ramirez
canceled his appearance at the show.  "You wouldn't believe the
amount of meetings PDVSA has been missing lately.  People fly in
from Madrid, from Tokyo, from London and then PDVSA cancels
their meetings.  PDVSA is more concerned with the upcoming
regional elections [which will be in November 2008] at the
moment," an oil industry analyst commented.

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: Aims Reserve Certification Completion
-------------------------------------------------------------
Petroleos de Venezuela S.A.'s Exploration and Production Vice
President Luis Vierma told reporters that the firm wants to
complete reserve certification works on the Orinoco heavy crude
belt soon.

Mr. Vierma commented to Nathan Crooks at Business News Americas,
"I can tell you everything we are doing with the reserve
certifications in the Orinoco belt is going to be completed
soon.  So next year at this time, you will see even more new oil
activity in the country, both in the Orinoco and our offshore
areas."

BNamericas relates that Petroleos de Venezuela is collaborating
with private sector and national oil companies from around the
world on the certifications.  According to national oil firms
like Chile's Enap and Russia's Lukoil, they have completed
testing works on their blocks.  They said they are now waiting
for Petroleos de Venezuela to advance projects.

The reserve certifications are included in Venezuela's Magna
Reserva program, aimed at certifying some 260 billion barrels in
retrievable oil spread over two dozen blocks in the Orinoco.  
Over a dozen firms, mainly state-run, are participating in the
program.  They are hoping positive finds will result in an
exploration and production partnership with Petroleos de
Venezuela, BNamericas states.

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: Engages in National Fin'l Re-Boosting
-------------------------------------------------------------
Petroleos de Venezuela S.A. is actively contributing to the
current national financial re-boosting process and to the
creation of a production alliance by strengthening its socialist
oil policies designed to turn Venezuela into a medium-sized
world energy power.  

PDVSA has recently jumped from being the eighth to being the
fifth larger oil company in the world, which has entailed a
larger commitment to the Nation to build a society of equals and
a socialist production model.

One of the main contributions made by Venezuela's main industry
to re-boost the country's political economy is the one made to
the National Development Fund (FONDEN by its initials in
Spanish).  From 2006 to 2008 FONDEN has received 31.801 billion
dollars which are currently being used in 196 projects valued at
31.500 billion dollars.  Similarly, PDVSA has generated net
interests of 366.5 million dollars that are then reinvested in
the Fund, and it has non-committed resources valued at 5.655
billion dollars.

PDVSA makes direct weekly contributions to FONDEN of 200 million
dollars.  Previously, PDVSA was compelled to sell all its income
to the Central Bank of Venezuela (BCV by its initials in
Spanish).  Now it only has to sell what is strictly necessary,
and it can give the remaining substantial amount to the
Fund, which makes an important investment to the nation's
development.  

Similarly, FONDEN was expanded to create the Windfall Profit
Fund, which has accumulated one billion dollars thus far and is
forecasted to continue growing.

Hugo Chavez, President of the Bolivarian Republic of Venezuela,
emphasized that if the exchange control measures imposed by his
Government had not been established, all the money in
Venezuela's reserves would have exited the country.  

                   Fund For Production Sectors

The Venezuelan President announced the creation of a Fund for
Strategic Production Sectors with an investment capital of one
billion dollars.  500 million will come from the income derived
from the windfall profit tax in the national oil industry, and
the other 500 million will come from the Chinese-Venezuelan
Investment Fund.

The first part of the investments destined to this Fund is
expected for the last semester of 2008, and the other part for
2009.  The main objective will be to broaden production
capabilities in the areas of food products, agribusiness,
manufacture, raw materials, downstream sectors and basic
resources.

                           About PDVSA

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.



                            ***********


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 * * *