TCRLA_Public/080709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, July 9, 2008, Vol. 9, No. 135

                            Headlines


A R G E N T I N A

ASESORES INFORMATICOS: Claims Verification Deadline Is Aug. 27
CEREALES MARCOS: Trustee Verifies Proofs of Claim Until Sept. 10
DIGITAL FM: Proofs of Claim Verification Deadline Is Sept. 16
TAVACUE SA: Trustee to File Individual Reports on Sept. 23
TELECOM ARGENTINA: Buys Cubecorp Argentina for US$35 Million

TYSON FOODS: Canadian Farmers Union Opposes Acquisition Deal
VICTOR CARBALLUDE: Claims Verification Deadline Is Sept. 15
W.R. GRACE: Wants to Borrow US$59 Mil. From Insurance Policies
WESTERN WHEEL: Trustee Verifies Proofs of Claim Until Sept. 4


B A R B A D O S

AMERICAN AIRLINES: Workforce Cuts May Affect Caribbean


B E R M U D A

REFCO LLC: Ex-CEO Bennett Sentenced to 16 Years for Fraud
REFCO LLC: Administrators to Make Distributions to Creditors
REFCO LLC: RCM Administrator Gets US$1,000,000 Bonus Payment
UNOCAL CHINA: Sets Final Shareholders Meeting on Aug. 6


B O L I V I A

* BOLIVIA: Credit-Trend Outlook on Banks Is Stable, Moody's Says


B R A Z I L

BANCO DO BRASIL: To Okay BRL30.8BB in Loans for 2008/2009 Crop
BRASKEM SA: Discloses Dissents to Grust Holdings Share Merger
COMPANHIA ENERGETICA: Joins Hands With Light S.A.
COMPANHIA ENERGETICA: Okays Contracts for Three Hydro Projects
COREL CORP: May 31 Balance Sheet Upside-Down by US$11.7 Million

DELPHI CORP: Inks Pact Resolving JPMorgan's US$1.8 Million Claim
DELPHI CORP: Court Approves Stattec's Assumption of 54 Contracts
EMI GROUP: Music Unit Names Billy Mann as A&R Labels President
GLOBAL CROSSING: Expands Network Management Services in Brazil
SADIA SA: To Build BRL630 Million Production Unit in Mato Grosso

SANMINA-SCI CORP: Closes Australia-Mexico-Hungary Biz Transition
TELE NORTE: Will Issue BRL3.60 Billion in Promissory Notes


C A Y M A N  I S L A N D S

ACTIVE HEDGE: Will Hold Final Shareholders Meeting on July 11
CABLE INVESTMENT: Holds Final Shareholders Meeting on July 11
CITIGROUP ALTERNATIVE: Final Shareholders Meeting Is on July 10
CITIGROUP ALTERNATIVE INVESTMENTS: Shareholders Meeting on Thurs
IMAC CDO 2007-2: To Hold Final Shareholders Meeting on July 11

PARMALAT SPA: Class Suit Settlement Receives Initial Approval
SANWA CAPITAL: Will Hold Final Shareholders Meeting on July 11
STARRUCCA CLO: Holding Final Shareholders Meeting on July 11
US GLOBAL INVESTORS: Final Shareholders Meeting Is on July 11


C H I L E

CAP SA: Stable Outlook Reflects Adequate Cash Flow, S&P Says


C O L O M B I A

ECOPETROL SA: Gov't Wants Firm to Exploit Carimagua Farm


D O M I N I C A N   R E P U B L I C

TRICOM S.A.: Court Adjourns Confirmation Hearing Sine Die
TRICOM SA: Bancredito Wants Copy of Special Committee Report


E L  S A L V A D O R

MILLICOM INT'L: Holds Shareholders General Meeting in Luxembourg


J A M A I C A

AIR JAMAICA: D. Banmiller Says Appointment Report "Premature"
DIGICEL GROUP: Moody's Ups Corporate Family Rating 1 Notch to B2


M E X I C O

BALLY TOTAL: Wants Court to Issue Final Decree Closing 40 Cases
BALLY TOTAL: Appoints Michael Sheehan as New CEO
BENQ CORP: Mulls Siemens Suit Over Insolvent German Unit
FIAT SPA: CEO Confirms Profit Target for 2008 & 2009
MAXCOM TELECOM: Replaces PwC With KPMG as Independent Auditor

QUIKSILVER INC: S&P Holds BB- Credit Ratings on Weak Results
VITRO SAB: Reports CNBV's Condition on Shares Ownership Dispute


P U E R T O  R I C O

EXIDE TECH: Moody's Lifts Corporate Family Rating to B3


V E N E Z U E L A

PETROLEOS DE VENEZUELA: In Joint Venture Talks With Guyana
PETROLEOS DE VENEZUELA: Unit Buys LPG Cylinders from Hexagon


                         - - - - -


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

ASESORES INFORMATICOS: Claims Verification Deadline Is Aug. 27
--------------------------------------------------------------
Maria Rodriguez, the court-appointed trustee for Asesores
Informaticos SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Aug. 27, 2008.

Ms. Rodriguez will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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 Asesores Informaticos 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 Asesores
Informaticos' accounting and banking records will be submitted
in court.

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

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

The debtor can be reached at:

           Asesores Informaticos SA
           Billinghurst 2349
           Buenos Aires, Argentina

The trustee can be reached at:

           Maria Rodriguez
           Avenida Corrientes 3169
           Buenos Aires, Argentina


CEREALES MARCOS: Trustee Verifies Proofs of Claim Until Sept. 10
----------------------------------------------------------------
The court-appointed trustee for Cereales Marcos Juarez S.R.L.'s
reorganization proceeding will be verifying creditors' proofs of
claim until Sept. 10, 2008.

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

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


DIGITAL FM: Proofs of Claim Verification Deadline Is Sept. 16
-------------------------------------------------------------
The court-appointed trustee for Digital FM S.A.'s bankruptcy
proceeding will be verifying creditors' proofs of claim until
Sept. 16, 2008.

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

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


TAVACUE SA: Trustee to File Individual Reports on Sept. 23
----------------------------------------------------------
Griselda Eidelstein, the court-appointed trustee for Tavacue
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Sept. 23, 2008.

Ms. Eidelstein is verifying creditors' proofs of claim until
Aug. 11, 2008.  She will submit to court a general report
containing an audit of Tavacue's accounting and banking records
on Nov. 4, 2008.

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 S.A.
           Rincon 1091
           Buenos Aires, Argentina

The trustee can be reached at:

           Griselda Eidelstein
           Lambare 1140
           Buenos Aires, Argentina


TELECOM ARGENTINA: Buys Cubecorp Argentina for US$35 Million
------------------------------------------------------------
Telecom Argentina S.A. is acquiring all of Cubecorp Argentina
S.A. shares for a maximum amount of US$35 million.

Pedro Gaston, Market Relations Officer of Telecom Argentina,
said in a filing with the U.S. Securities and Exchange
Commission that the company approved the purchase on July 1.  
The transaction is expected to close on July 15.

Previously known as Optiglobe Argentina S.A., Cubecorp provides
information technology outsourcing and data center services.

Mr. Gaston further disclosed that Telecom Argentina acquires
with Cubecorp a data center located in Pacheco, Municipality of
Tigre, Department of Buenos Aires.  The data center provides IT
outsourcing services which includes: computerized equipment,
connectivity, information security, monitoring, storage,
backboard and data recovery, support, operation and
administration.

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

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

                         *     *     *

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


TYSON FOODS: Canadian Farmers Union Opposes Acquisition Deal
------------------------------------------------------------
The Canadian National Farmers Union has expressed its opposition
of XL Foods Inc. acquiring Tyson Foods Inc.'s assets saying that
if the deal continues, two packers would hold 80% of the
Canadian beef cattle slaughter, with XL controlling nearly half
of the run at 46.4%, Rod Smith of Feedstuffs.com reports.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2008, Tyson Foods, Inc., signed a letter of intent to
sell the packing, feedyard and fertilizer assets of Lakeside
Farm Industries Ltd. and its subsidiary Lakeside Packers, to XL
Foods Inc., a Canadian-owned beef processing business.  The
C$107 million transaction includes C$57 million, which will be
paid at closing.  The remaining C$50 million, plus interest,
will be paid over a five-year period following closing.  Tyson
would retain the finished product inventory, accounts
receivables and accounts payables of the Lakeside operations as
of the closing date.  The transaction remains subject to
government approvals, the receipt of commercially reasonable
financing by XL and the execution of a definitive agreement by
the parties.  Both companies anticipate completing the sale by
the end of September.

Cattle producer and NFU board member Fred Tait disclosed that
NFU "will be strenuously opposing the Tyson-XL (deal) at the
(Canadian) Competition Bureau and at every level of the
political system," adding that "There is no way we can believe
that allowing two firms to own virtually all of the Canadian
packing sector will lead to vigorous competition or fair prices
for farmers."

                         About XL Foods

XL Foods Inc. is part of the Nilsson Bros. Group, a Canadian
cattle feeding and marketing company.  Nilsson Bros. entered in
the meatpacking business in the late 1990's with the purchase of
Edmonton Meat Packing and XL Foods.  The business currently
includes packing plants in Edmonton and Calgary, Alberta; Moose
Jaw, Saskatchewan; Omaha, Nebraska and Nampa, Idaho.

                        About Tyson Foods

Headquartered in Springdale, Arkansas, Tyson Foods Inc.
(NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and
marketer of chicken, beef, and pork. The company makes a wide
variety of protein-based and prepared food products at its 123
processing plants.  Tyson has approximately 114,000 Team Members
employed at more than 300 facilities and offices in 26 states
and 80 countries.

Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota
City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin,
Illinois, Lexington, Nebraska and Pasco, Washington. The
company also has a beef complex in Canada, and is involved in a
vertically integrated beef operation in Argentina.

                         * * *

As reported in the Troubled Company Reporter on April 7, 2008,
Moody's Investors Service confirmed Tyson Foods, Inc.'s
corporate family rating and probability of default rating at
Ba1.  Moody's said the rating outlook remains negative.


VICTOR CARBALLUDE: Claims Verification Deadline Is Sept. 15
-----------------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for Victor
Carballude SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Sept. 15, 2008.

Mr. Lamarchina will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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 Victor Carballude 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 Victor Carballude's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

           Victor Carballude SRL
           Ruiz Diaz de Guzman 87
           Buenos Aires, Argentina

The trustee can be reached at:

           Salvador Lamarchina
           Esmeralda 847
           Buenos Aires, Argentina


W.R. GRACE: Wants to Borrow US$59 Mil. From Insurance Policies
--------------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to
borrow a maximum of US$59,000,000 against the value of certain
company owned life insurance polices to provide an additional
source of liquidity for the operation of their businesses and
their emergence from Chapter 11.

For a number of years, the Debtors have held, as a financial
product, COLI policies insuring the lives of a number of their
past and present employees.  In October 2007, the Court
authorized the Debtors to surrender the COLI policies for their
cash surrender value to support liquidity requirements for
operations and for emergence from Chapter 11.  David M. Bernick,
P.C., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
however, relates that the Debtors subsequently determined that
it was more tax efficient to dispose of the policies in 2008.

As of March 31, 2008, the Debtors had COLI policies, excluding
split-dollar policies, with an aggregate cash surrender value of
approximately US$73,700,000.  According to Mr. Bernick, the
Debtors are in the process of surrendering policies with a cash
surrender value of approximately US$8,100,000.  As regards the
remaining US$65,600,000 of COLI policies, he says the Debtors
are reviewing a potential opportunity to sell the policies on
terms more favorable than surrender.  The review will likely
take several months, he contends.

To be able to meet possible liquidity needs, while retaining the
option of a possible favorable sale transaction, the Debtors
determined it would be in their best interest to seek permission
to borrow against the COLI policies, with an eye to eventual
sale or surrender of policies, depending on which alternative is
more financially favorable, Mr. Bernick tells the Court.

The COLI policies permit the owner to borrow against their cash
surrender value.  The COLI borrowing terms, which include credit
of part of the interest to the value of the policies, are
generally more favorable than those available under the Debtors'
DIP Facility, Mr. Bernick contends, thus could be used either in
lieu of DIP Facility debt, or to replace DIP Facility debt if
liquidity requirements necessitate borrowing under the DIP
Facility before the Court's approval of borrowing under the COLI
policies.

"The Debtors propose to make COLI loans in amounts not greater
than 90% of the policies' values, because loans for higher
percentages of the cash surrender value tend to erode the value
of the policies," Mr. Bernick tells the Court.  "This would give
the Debtors additional liquidity available of approximately
$59,000,000."

The documentation for loans under COLI policies generally
require that the borrowers grant security interests in the
policies to secure the loans.  The COLI policies are not pledged
as security for any other obligations of the Debtors and a
recent amendment of the DIP Facility documents permits the
borrowings under the COLI policies, Mr. Bernick says.

In addition, Mr. Bernick contends that the availability of COLI
loans enables the Debtors to retain the option of a possible
sale of the COLI policies for a higher return than their cash
surrender value.  "If the sale option proves not to be
favorable, the Debtors can terminate the policies for their net
cash surrender value," he says.  "Thus, the potential borrowing
requested herein is fair and reasonable."

                       About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).  
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.  
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on January 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.  

(W.R. Grace Bankruptcy News, Issue No. 161; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


WESTERN WHEEL: Trustee Verifies Proofs of Claim Until Sept. 4
-------------------------------------------------------------
The court-appointed trustee for Western Wheel Works S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until Sept. 4, 2008.

The trustee will present the validated claims in court as
individual reports on Oct. 16, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Western Wheel 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 Western Wheel's
accounting and banking records will be submitted in court on
Nov. 27, 2008.

The informative assembly will be held on June 8, 2009.  
Creditors will vote to ratify the completed settlement plan
during the assembly.



===============
B A R B A D O S
===============

AMERICAN AIRLINES: Workforce Cuts May Affect Caribbean
------------------------------------------------------
American Airlines Inc.'s staff cuts could affect the Caribbean,
Antigua Sun reports, citing airline and tourism industry
officials.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2008, American Airlines would be dismissing up to 7,000
of its workers, or 8% of its staff by year-end.  The exact
number would depend on how many older employees accept the
voluntary retirement packages, according to the Worker
Adjustment and Retraining Notification American Airlines sent to
the Association of Professional Flight Attendants.  The group
said that American Airlines said in the notice it has a plan to
dismiss union members.  

Antigua Sun relates that American Airlines' unit, American Eagle
Airlines Inc., said it would reduce its Caribbean flights to 33
daily departures out of San Juan from 55.  The reduction will
start on Sept. 3, 2008.  According to American Eagle, daily
flights from San Juan to Aruba would be eliminated, as well as
to Samana in the Dominican Republic.  These destinations will
continue to be served daily from Miami.

Antigua Sun notes that American Eagle said its 33 daily flights
to Caribbean would now include:

          -- Anguilla,
          -- Antigua,
          -- Barbados,
          -- Bonaire,
          -- Canouan,
          -- Dominica,
          -- Martinique,
          -- Dominican Republic,
          -- Guadeloupe,
          -- Nevis,
          -- St. Croix,
          -- St. Kitts,
          -- St. Lucia,
          -- St. Maarten,
          -- St. Thomas,
          -- Tortola, and
          -- Trinidad.

As previously reported, tourism officials in Barbados believe
that American Airlines' staff cuts wouldn't significantly affect
flights to Barbados.

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

                          *    *    *

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

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



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

REFCO LLC: Ex-CEO Bennett Sentenced to 16 Years for Fraud
---------------------------------------------------------
Judge Naomi R. Buchwald of U.S. District Court for the Southern
District of New York in Manhattan sentenced Phillip R. Bennett,
former chief executive officer, chairman, and controlling
shareholder of Refco Inc., to a 16-year prison term after
pleading guilty of defrauding Refco investors out of
US$2,400,000,000, published reports say.

"To sentence you, I don't have to paint you as a monster and I
have no intention of doing so," Judge Buchwald was quoted by the
Associated Press as saying.

"I made an unacceptable and appalling error in judgment,"
Mr. Bennett told the Court, according to Bloomberg News.  "I
took the wrong path and crossed a line I never should have
crossed."

Mr. Bennett was accused of hiding Refco's true financial
position from investors by moving more than US$1,000,000,000 in
debt off the company's books to Refco Group Holdings Inc., a
privately-held entity owned by Mr. Bennett.  Mr. Bennett
admitted that he conspired with other unnamed Refco executives
to conceal the size of Refco's liabilities, and said he deceived
his auditors, investors and lenders.

Mr. Bennett told the Court that the scheme was an effort to save
Refco from bankruptcy.  He has paid US$1,200,000,000 to
eliminate Refco's debt and repay investors, said Gary Naftalis,
Esq., counsel for Mr. Bennett.

"Did he do wrong things?  Absolutely," Mr. Naftalis told Judge
Buchwald.  "Has he stood tall and admitted it?  Yes."

"You are the architect of the Refco fraud," Judge Buchwald told
Mr. Bennett at his sentencing on July 3, 2008.  "Individuals who
commit crimes like yours are often staggeringly arrogant."

Judge Buchwald rejected a government request for Mr. Bennett to
report to prison immediately, and told him to remain at his home
in Somerset County, New Jersey under electronic monitoring.
Mr. Bennett has been out on a US$50,000,000 bail after his
arrest in 2005, and is expected to report to prison on
September 4, 2008.

                           About Refco

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

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

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


REFCO LLC: Administrators to Make Distributions to Creditors
------------------------------------------------------------
The Plan Administrator for Refco Inc. and its subsidiaries and
affiliates, notified the U.S. Bankruptcy Court for the Southern
District of New York and parties-in-interest on the sixth
distribution, scheduled June 26, 2008, to holders of Allowed
claims against the Contributing Debtors.

The Plan Administrator for Refco Capital Markets, Ltd., also
notified the Court and parties-in-interest on the seventh
interim distribution of Assets in Place, scheduled June 26,
2008, to the creditors of RCM.  The RCM Plan Administrator is
also scheduled to make the fifth interim distribution of
Additional Property on June 26.

Steven Wilamowsky, Esq., at Bingham McCutchen LLP, in New York,
says that the Sixth Distribution with respect to interested
parties in the cases of Refco Inc. and its subsidiaries and
affiliates will result in:

   (i) holders of Allowed Class 5(a) Contributing Debtors
       General Unsecured Claims receiving a distribution of
       approximately 2.99% of their Allowed Claim amounts,
       bringing aggregate distributions to approximately 36.40%;

  (ii) contributions being made to the Disputed Claims Reserve
       at the same percentage for liquidated, but as yet
       unresolved Claims against the Contributing Debtors; and

(iii) additional contributions being made to the Disputed
       Claims Reserve to establish cushion reserves, for
       instance, in respect of unliquidated Claims, at an amount
       determined by the Plan Administrator to be reasonable
       under the circumstances.

A list of claims for the Sixth Distribution of Allowed Claims is
available at no charge at:

     http://bankrupt.com/misc/Refco6thAllowedClaims.pdf

The RCM Plan Administrator has made six interim distributions
from Assets in Place and four interim distributions from
Additional Property.  The six interim distributions from Assets
in Place aggregate to recoveries of about US$2,160,000,000 or
76.61% to holders of Allowed RCM Securities Customer Claims and
US$156,170,000 or 24.49% to holders of Allowed RCM FX/Unsecured
Claims.

The first four interim distributions from Additional Property
resulted in recoveries of US$197,500,000 or 14.06% to holders of
Allowed RCM Securities Customer Claims and US$118,780,000 or
18.84% to holders of Allowed RCM FX/Unsecured Claims.

According to Mr. Wilamowsky, Esq., the RCM Plan Administrator
currently intends to:

   (a) distribute approximately US$19,890,000 from Assets in
       Place;

   (b) distribute approximately US$18,310,000 in the aggregate
       from Additional Property; and

   (c) to reserve in the RCM Disputed Claims Reserve
       approximately US$22,560,000 cash out of the Assets in
       Place, and US$52,450,000 cash out of the Additional
       Property.

The aggregate cash available for the seventh interim
distribution from Assets in Place will be allocated as between
RCM Securities Customer Claims, pursuant to the terms of the RCM
Settlement Agreement.

From the aggregate available cash, the RCM Plan Administrator
will also maintain, replenish or adjust reserves previously
established.  The RCM Plan Administrator determines that all
reserves will have sufficient cash available to pay all allowed
claims.

A schedule of RCM Claims to receive distributions from reserve
deposits is available at no charge at:

     http://bankrupt.com/misc/RefcoRCMClaimsJune08.pdf

Mr. Wilamowsky discloses that from the first through seventh
interim distributions from Assets in Place and the first through
fifth interim distributions from Additional Property, the total
current distributions from Assets in Place and Additional
Property will result in:

   * RCM Securities Customers Claimholders receiving 91.80% of
     allowed claims, and

   * RCM FX/Unsecured Claimholders receiving approximately
     44.57% of allowed claims.

                           About Refco

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

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

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


REFCO LLC: RCM Administrator Gets US$1,000,000 Bonus Payment
----------------------------------------------------------
Marc S. Kirschner, the Plan Administrator for Refco Capital
Markets, Ltd., notified the U.S. Bankruptcy Court for the
Southern District of New York of a US$1,000,000 additional
compensation for his services as RCM Plan Administrator, for the
period from February 10, 2007.  Mr. Kirschner said that the
award is supported by the Plan Committee, which consists of
RCM's largest creditors.

Mr. Kirschner performed his duties under the RCM Administration
Agreement, which include liquidating RCM's assets, paying RCM's
expenses, investing RCM's cash, calculating and paying
distributions to creditors of RCM, and dissolving and winding up
RCM.  In connection with this, Mr. Kirschner points out that
recoveries by RCM creditors have already substantially exceeded
those originally projected in the Disclosure Statement, and have
been distributed without any unnecessary delay.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
tells the Court that the RCM Plan Administrator's efforts were
extraordinary, in that they were over and above normal post-plan
effective date activities involving ongoing sales of RCM
securities and claims resolutions.

Pursuant to the Confirmation Order, the RCM Plan Administrator
was awarded compensation for his services at the hourly rate of
US$850, plus reimbursement out of pocket expenses.  For the
period from February 11, 2006, through April 30, 2008, the RCM
Plan Administrator submitted invoices for his fees and expenses,
reflecting services for 1,204.5 hours, and fees totaling
US$1,023,825, which have been paid by the Debtors' estates.  The
RCM Plan Administrator did not seek reimbursement of expenses.

In addition to the fees, the RCM Plan Administrator was also
entitled to apply to the Court for a bonus of up to US$500,000,
if certain conditions were met.

The RCM Plan Administrator believes that the award of a bonus of
US$1,000,000 as additional compensation -- in lieu a bonus
limited to US$500,000 as originally contemplated in the RCM
Administration Agreement -- is permitted by the Confirmation
Order as included as reasonable fees of the RCM Plan
Administrator.

Mr. DeSieno notes that pursuant to the Confirmation Order, the
payment of the reasonable fees and expenses of the RCM Plan
Administrator for post-Effective Date wind-down services will be
made in the ordinary course of business, and will not be subject
to the approval of the Bankruptcy Court.  However, any dispute
related to the RCM Plan Administrator's fees and expenses should
be brought before the Court.

                          About Refco

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

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

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


UNOCAL CHINA: Sets Final Shareholders Meeting on Aug. 6
-------------------------------------------------------
Unocal China Exploration Area 27-05, Ltd., will hold its final
general meeting on Aug. 6, 2008, at 9:30 a.m. at Chevron 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.

Unocal China's shareholders agreed on July 2, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Gary R. Pitman
         Chevron House
         11 Church Street, Hamilton
         HM DX, Bermuda



=============
B O L I V I A
=============

* BOLIVIA: Credit-Trend Outlook on Banks Is Stable, Moody's Says
----------------------------------------------------------------
The Bolivian banking system's credit-trend outlook -- which
expresses the likely fundamental credit conditions over the next
12 to 18 months -- is stable, Moody's Investors Service
concludes in its yearly report.

According to the report's author, Vice President Andrea
Manavella, "the stable outlook incorporates the gradual
improvement in macroeconomic conditions, as indicated by GDP
growth of more than 4% over the past four-years, which has
boosted banking activity, with a positive influence on the
Bolivian banks' financial metrics."  This outlook also reflects
the challenging operating environment in Bolivia, characterized
by recurrent social and political instability, which could hurt
investments, both domestic and foreign.

Moody's ratings for the Bolivian banks, as reflected by the
average bank financial strength rating of D-, compare poorly
with the Latin American weighted-average of C-.  The ratings are
capped by the declining -- but still high -- level of financial
dollarization, which may affect banks' financial condition; they
are also capped by the limitations of the system, both in
regards to credit intermediation and access to longer-term
sources of funding.

Ms. Manavella also notes that the growing nationalistic nature
of the Bolivian government's policies poses a major challenge
for the banking industry, as well.  "To date," the analyst says,
"there are no signs of government interference in the form of
caps and floors to interest rates or mandated loans that could
damage the performance of the system.  We draw comfort from the
adequacy of banking supervision and of the regulatory
framework," Ms. Manavella adds, "both of which are supportive of
the bank ratings."

Overall, however, the Bolivian banking industry continues to
report positive results.  Ms. Manavella points out that the
system as a whole posted a net income of U$104.3 million (83%
higher than year-end 2006), with a ROA and a ROE of 1.9% and
21.2%, respectively (which compares positively with 2006
figures: 1.5% and 13.6%).  Ms. Manavella says, "During 2007,
deposits were up 27% and gross loans increased 15.8%, continuing
to signal a turnaround in the still-low level of financial
intermediation activity, vis-a-vis regional peers."

"In terms of asset quality," Ms. Manavella states "Bolivian
banks continue to bolster their performance, because
improvements in the economic environment have allowed for better
profitability dynamics and thus increasing provisioning
coverage." the analyst notes that nonperforming and restructured
loans have declined substantially for the system, as indicated
by 2007's drop in NPL ratios to 5.6% from 8.6% in 2006.

According to Ms. Manavella, "market liquidity was improved by
the deposit expansion in the system, which has grown ahead of
loans, as well as by the trade flows, which swelled the pool of
money in the economy."  The system's liquidity also reflects the
banks' security holdings, primarily consisting of government
bonds and deposits abroad.

"The banks' funding is mainly based on customer deposits," the
analyst explains, "which still represent a dominant portion of
total funding at around 91% of total liabilities."  In spite of
the authorities' efforts to increase the amount of local
currency deposits, Ms. Manavella says that foreign currency
deposits, while declining, remain predominant (with a 63.2%
share as of December 2007, while they were close to 90% in
2004).

The report is titled "Banking System Outlook: Bolivia."



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

BANCO DO BRASIL: To Okay BRL30.8BB in Loans for 2008/2009 Crop
--------------------------------------------------------------
NoticiasFinancieras reports that Banco do Brasil SA will
authorize BRL30.8 billion in loans for the 2008/2009 crop.

According to NoticiasFinancieras, the BRL30.8 billion in loans
is about 25% higher compared to BRL24.7 billion released in the
previous crop.  Of the BRL30.8 billion loan, some BRL7.8 billion
will be allocated to small farmers.

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


BRASKEM SA: Discloses Dissents to Grust Holdings Share Merger
-------------------------------------------------------------
Braskem S.A. shareholders holding 3,562,590 common shares and
200 class "B" preferred shares of the company has formalized
their dissent in relation to the merger of shares issued by
Grust Holdings S.A. into Braskem, a regulatory filing with the
U.S. Securities and Exchange Commission discloses.

As previously reported by the the Troubled Company Reporter-
Latin America, Braskem together with Petroleo Brasileiro S.A.
and Petrobras Quimica S.A. acquired Ipiranga's petrochemical
assets pursuant to an investment agreement signed last year.
The first phase of the agreement entails the integration of the
stakes held by Petrobras and Petroquisa in the capital stock of
the petrochemical assets into Braskem through the latter's
wholly owned subsidiary, Grust Holdings.

The shareholders that dissented in the ratification exercised
their right of withdrawal through reimbursement of the amount of
the shares held at the start of the trading session of May 15,
2008.  Reimbursement will be made by the share equity value,
according to the balance sheet as of Dec. 31, 2007,
corresponding to BRL13.50 per common and class "B" preferred
share, totaling BRL48,097,665.  The payment will be made to
dissenting shareholders as of July 14, 2008, by credit of the
full amount with the depositary of the shares issued by Braskem,
Banco Itau S.A., which will carry out the proportional
apportionment among the dissenting shareholders, based on the
respective enrollment data and the shareholding position at the
start of the trading session of May 15, 2008.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A. Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.

TCR-LA reported on Dec. 10, 2007, that Standard & Poor's raised
Braskem's long-term corporate credit to 'BB+' from 'BB'.

On Nov. 28, 2007, Moody's Investors Service assigned the company
a corporate family rating of Ba1 on the agency's global scale.


COMPANHIA ENERGETICA: Joins Hands With Light S.A.
-------------------------------------------------
Companhia Energetica de Minas Gerais, a.k.a. Cemig, has signed a
memorandum of agreement with Light S.A. to produce joint
business plans for development and implementation of electricity
generation projects.

Cemig and Light will sign specific accords for each of the
generation projects that they implement.  Cemig will hold 49%,
directly or through its subsidiaries, in each of these
consortia, while Light will hold 51%, directly or through its
subsidiaries.  The memorandum doesn't create any exclusive
obligation between the companies.

Through its wholly-owned subsidiary Cemig Geracao e Transmissao
S.A., Cemig has formalized three consortium contracts with Light
through Light's subsidiaries -- Lightger Ltda., Itaocara
Energia Ltda. and Light Energia S.A. -- to operate hydroelectric
projects in the regions of Paracambi, Itaocara and Lajes,
respectively.

The contracts have suspensive conditions, under which they take
effect only when all the required authorizations and permissions
have been obtained from the Brazilian electricity regulator
Aneel.

Cemig has informed Light of its intention to participate,
jointly, in future generation opportunities with total potential
installed capacity of up to 300 megawatts.

                           About Light SA

Based in Rio de Janeiro, Brazil, Light S.A. is a holding company
involved in the energy sector.  Through its subsidiaries, the
company is engaged in the generation, transmission, distribution
and commercialization of electric energy.  Its subsidiaries
include Light SESA, Light Energia SA, and Light Esco Ltda.  The
company operates in 31 municipalities in Rio de Janeiro.  

                    About Companhia Energetica

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is one of the largest and most
important electric energy utilities in Brazil due to its
strategic location, its technical expertise and its market.
Cemig's concession area extends throughout nearly 96.7% of the
State of Minas Gerais, Brazil.  Cemig owns and operates 52 power
plants, of which six are in partnership with private
enterprises, relying on a predominantly hydroelectric energy
matrix.  Electric energy is produced to supply more than 17
million people living in the state's 774 municipalities.  In
addition to those 52 plants, another three are currently under
construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          *     *     *

In March 2007, Moody's Investors Service assigned corporate
family ratings of Ba2 on its global scale and Aa3.br on its
Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


COMPANHIA ENERGETICA: Okays Contracts for Three Hydro Projects
--------------------------------------------------------------
The board of directors of Companhia Energetica de Minas Gerais,
a.k.a. Cemig, has approved during a meeting held on
July 3, 2008, contracts for three hydro projects.

The board approved contracts for the constitution of "consortia"
for:

          -- the Itaocara Hydroelectric Plant,
          -- the Paracambi Small Hydro Plant, and
          -- the Lajes hydroelectric complex.

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is one of the largest and most
important electric energy utilities in Brazil due to its
strategic location, its technical expertise and its market.
Cemig's concession area extends throughout nearly 96.7% of the
State of Minas Gerais, Brazil.  Cemig owns and operates 52 power
plants, of which six are in partnership with private
enterprises, relying on a predominantly hydroelectric energy
matrix.  Electric energy is produced to supply more than 17
million people living in the state's 774 municipalities.  In
addition to those 52 plants, another three are currently under
construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          *     *     *

In March 2007, Moody's Investors Service assigned corporate
family ratings of Ba2 on its global scale and Aa3.br on its
Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


COREL CORP: May 31 Balance Sheet Upside-Down by US$11.7 Million
---------------------------------------------------------------
Corel Corporation reported Thursday financial results for its
second fiscal quarter ended May 31, 2008.

At May 31, 2008, the company's consolidated balance sheet showed
US$254.7 million in total assets and US$266.4 million in total
liabilities, resulting in an US$11.7 million total stockholders'
deficit.

The company's consolidated balance sheet at May 31, 2008, also
showed strained liquidity with US$71.8 million in total current
assets available to pay US$91.5 million in total current
liabilities.

GAAP net income in the second quarter of fiscal 2008 was
US$930,000, compared to GAAP net income of US$2.3 million in the
second quarter of fiscal 2007.

Revenues in the second quarter of fiscal 2008 were
US$67.0 million, compared to US$65.0 million in the second
quarter fiscal 2007.

Non-GAAP adjusted net income for the second quarter fiscal 2008
was US$9.5 million, compared to non-GAAP adjusted net income for
the second quarter of fiscal 2007 of US$9.8 million.  Non-GAAP
adjusted EBITDA in the second quarter of 2008 was US$14.9
million, compared to US$15.2 million in the second quarter of
2007.

"Corel performed well in the second quarter, reflecting the
diversity of the company's products and distribution channels
and the strength of its brand in key geographies," said Kris
Hagerman, interim chief executive officer, Corel Corporation.  
"We continue to successfully execute our core strategy which is
to drive profitable growth by pursuing opportunities in faster
growing markets, while delivering consistent growth and profits
from our more established product lines and channels.  As
Corel's results for the second quarter illustrate, we continue
to benefit from our highly diversified business model."

                        Working Capital

The company's working capital deficiency at May 31, 2008, was
US$19.7 million, an increase of US$4.5 million from the
Nov. 30, 2007, working capital deficiency of US$15.2 million.  

The company expects to continue generating positive cash flows
from operations over the next 12 months.  In February 2009, the
company is required to make a cash sweep payment against its
term loan payable based on excess cash flow, as defined in the
company's credit facility agreement, that is estimated to be
approximately US$17.0 million.

                Liquidity and Capital Resources

As of May 31, 2008, the company's principal sources of liquidity
are cash and cash equivalents of US$33.4 million and trade
accounts receivable of US$28.8 million.  As a part of its senior
credit facility, the company also entered into a five-year
US$75.0 million revolving line of credit facility, of which the
entire balance is unused as at May 31, 2008.

Full-text copies of the company's consolidated financial
statements for the quarter ended May 31, 2008, are available for
free at http://researcharchives.com/t/s?2f2a

                       About Corel Corp.

Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/--  
is one of the world's top software companies with more than 100
million active users in over 75 countries.  The company provides
high quality, affordable and easy-to-use Graphics and
Productivity and Digital Media software.  The company's products
products are sold through a scalable distribution platform
comprised of Original Equipment Manufacturers (OEMs), the
company's global e-Stores, and the company's international
network of resellers and retail vendors.

The company's award-winning product portfolio includes some of
the world's most widely recognized and popular software brands,
including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop
Pro(R) Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R),
Corel(R) WordPerfect(R) Office and WinZip(R).  The company's
global headquarters are in Ottawa, Canada, with major offices in
the United States, United Kingdom, Brazil, Mexico, Germany,
China, Taiwan and Japan.


DELPHI CORP: Inks Pact Resolving JPMorgan's US$1.8 Million Claim
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates, JP Morgan Chase Bank,
N.A. and Brazeway, Inc., have reached a stipulation resolving
their issues with respect to some claims.

On Jan. 6, 2006, JPMorgan, as assignee of Brazeway, filed
Claim No. 14052, asserting an unsecured non-priority claim for
US$1,308,594, and an unsecured priority reclamation claim for
US$572,708.

The Debtors sought, inter alia, to reduce the amount of the
Priority Reclamation Claim from US$572,708 to US$101,906, with
the difference added to the amount of the Unsecured Claim.

On Oct. 26, 2007, the Court ordered the reduction of the
Reclamation Claim.  JPMorgan and Brazeway asked the Court to
reconsider its order reducing the Reclamation Claim.

In connection with their Joint Plan of Reorganization, the
Debtors served notice of their intent (1) to assume Brazeway
Purchase Order No. D0550061360 and pay the cure amount of
US$963,013, (2) to assume Brazeway Purchase Order No.
D0550028808 and pay the cure amount of US$155,373, and (3) to
assume Brazeway Purchase Order No. D0550028990 and pay the cure
amount of US$716,761, for total cure payments of US$1,835,146.

JPMorgan and Brazeway received one cure election notice for
Purchase Orders Nos. D0550028808 and D0550028990 for a total of
US$872,133.82, and responded to the election notice that they
agreed with the cure amount and elected to receive the cure
amount in cash upon the Debtors' emergence from Chapter 11.  
They received a second cure election notice for Purchase Order
D0550061360, with a cure amount of US$963,013 to be paid in cash
upon the Debtors' emergence from Chapter 11, to which they did
not object.

On March 19, 2008, the Court entered an order modifying certain
claims to implement cure payments identified in the Debtors'
Claims Objection, in which, inter alia, the amount of the Agreed
Cure Claim was stated to be US$974,040, and the amount of the
Unsecured Claim was reduced to US$907,263.

The amount of the Agreed Cure Claim exceeds the amount of the
March 19 Cure Claim.

The parties acknowledge and agree that the March 19 Order should
be amended as to Claim # 14052.  They agree that, with respect
to the claims, the final amounts are:

    Claim No./Type        Original Claim        Final Amount
    --------------        --------------        ------------
    14052/Cure Claim          US$974,039        US$1,835,146

    14052/Unsecured Claim        907,262              46,155
    Reclamation Claim

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle     
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 134; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


DELPHI CORP: Court Approves Stattec's Assumption of 54 Contracts
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the assumption and assignment of 54 prepetition
executory contracts to Strattec Security Corporation, Witte-
Velbert GmbH & Co. Kg, Vehicle Access Systems Technology LLC,
and certain of their affiliates, in connection with the Debtors'
sale of certain assets related to their power products business
to Strattec et al. for US$10,000,000.

As disclosed in the Troubled Company Reporter on June 13, 2008,
the Debtors entered into a master sale and purchase agreement
with the Strattec buyers for the sale of certain assets related
to the power products business.  Under the agreement, the
Strattec buyers would purchase the power products business for
US$7,800,000, subject to certain adjustments.

The assumed U.S. contracts are important to the operation of the
power products business, and the Strattec buyers would not
purchase the power products business unless the assumed U.S.
contracts are transferred to them.  Thus, the Debtors'
assumption of the assumed U.S. Contracts and assignment of the
contracts to the Strattec buyers is necessary to enable the
Sellers to consummate the sale of the power products business to
the Strattec buyers.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle     
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 134; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


EMI GROUP: Music Unit Names Billy Mann as A&R Labels President
--------------------------------------------------------------
EMI Group Ltd.'s EMI Music unit has appointed Billy Mann as
president of A&R Labels - International.  The company also
appointed David Kassler as president of its Europe, Middle East
and Africa division.

They succeed Jean-Francois Cecillon who steps down from his
executive roles at the end of this week.

Mr. Mann assumes direct responsibility for artist development in
all countries outside North America and the U.K.  Mr. Mann will
work closely with Nick Gatfield who will join EMI Music as
president, A&R Labels - North America and UK, on July.

At EMI Music France, where Mr. Cecillon was president and CEO,
Nathalie Collin becomes chairman, reporting to David Kassler.

Guy Hands, executive chairman of EMI Group, said: "With Nick
leading our A&R offensive in North America and the U.K.,
complemented by Billy in the rest of the world, we have two
strong, artist-driven talents in place who will help steer EMI
into a new phase of creativity working in true partnership with
artists."

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent     
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China.  In August 2007, EMI
was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


GLOBAL CROSSING: Expands Network Management Services in Brazil
--------------------------------------------------------------
Global Crossing Ltd. has expanded its offer of Network
Management Services in Latin America.  Currently, Global
Crossing offers these services to several large enterprises in
Colombia, supporting more than 2,500 monitored end points
in the country.  Based on this success and more than two years
of its own market research, Global Crossing recently expanded
the services to Brazil and will offer them in Argentina soon.

Through its Network Management Services, Global Crossing can
manage part or all of customers' communications infrastructure,
based on their preference.  Additionally, by utilizing Network
Management Services, enterprises can also benefit from the best
practices of the IT Infrastructure Library (ITIL) and Project
Management Institute (PMI), adopted by Global Crossing for its
customers in Latin America.  ITIL is the world's most widely
accepted approach to IT service management, while PMI is the
leading membership association for project management
professionals.

"As outsourcing demands grow in the enterprises we serve, Global
Crossing continues to focus on the critical needs of IT managers
and CIOs to ensure high-quality, security and reliability," said
Leonardo Barbero, senior vice president of data and Internet
products for Global Crossing Latin America.  "The expansion of
these services to other countries addresses market demand, while
the adoption of best practices underscores our commitment to
provide the corporate market with services supported by the
highest standards in the industry."

"One of the advantages of adopting ITIL and PMI best practices
in our Network Management Services is the ability to establish
rigorous task divisions and documentation criteria focused on
business goals in order to minimize potential failure and to
ensure enough flexibility to the company's operations on a daily
basis," added Mr. Barbero.

Network Management Services are part of Global Crossing's
Professional Services portfolio and are supported by two
operational centers in Brazil and in Colombia that are owned and
staffed by Global Crossing.

In conjunction with other data transport, data center, Internet
and telephony services, these services can be configured as
solutions for more critical business demands, such as
accessibility, security, continuity, productivity and
collaboration, as part of the Dynamic Needs Architecture (DNA).  
DNA is an intelligent interface that allows Global Crossing to
define the solutions enterprises need with precision, based on
these five key components of information and communications
management.  By functioning as a high level conceptual
framework, DNA allows enterprises, with the right consulting
support, to align their business objectives with the appropriate
technological resources.

Global Crossing Network Management Services are operated 24
hours a day, seven days a week by a dedicated team comprised of
monitoring technicians, who keep constant watch over customers'
networks; operation engineers, who are responsible for network
planning and configuration; managing engineers, who are in
charge of processes and tools; and service managers, who
interface with customers.

               About Global Crossing Latin America

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  In addition
to its IP-based fiber-optic network, Global Crossing's regional
infrastructure includes 15 metropolitan networks and 15 world-
class data centers located in the main business centers of Latin
America.

Global Crossing's reach and experience in Latin America allow it
to address the particularities of the region and deliver the
solutions each company needs.  The company provides services to
a variety of customers, including medium and large companies and
corporations, institutions and government entities, and
telecommunications operators.

                      About Global Crossing

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

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

                         *     *     *

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

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


SADIA SA: To Build BRL630 Million Production Unit in Mato Grosso
----------------------------------------------------------------
Sadia S.A. said in a regulatory filing that it will build a new
production unit in Campo Verde City in the State of Mato Grosso.
The company estimates investing around BRL630 million for the
unit, which will include a poultry slaughterhouse, a feed plant,
grain storage silos, and a hatchery.

Of the BRL630 million, BRL400 million will be funded by Sadia
while the BRL230 million by third parties, the company
disclosed.  

The unit will start its operations by the second half of 2010
and is expected to generate additional revenues to Sadia of
about BRL780 million when operating at full capacity in 2011.  
The company plans that 60% of the unit's production will be
destined to the foreign market.

The built-up area of the Campo Verde project will total 52,000
square meters, with a slaughtering capacity of 500,000  poultry
heads per day.   The feed plant is expected will to produce
80,000 tons a month.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food     
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan, and Italy, among
others.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
JunE 23, 2008, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Sadia S.A. to
'BB+' from 'BB'.  The rating on the company's US$250 million
notes was also raised to 'BB+'.  The outlook is stable.


SANMINA-SCI CORP: Closes Australia-Mexico-Hungary Biz Transition
----------------------------------------------------------------
Sanmina-SCI Corporation has completed and closed the transition
of its personal computing BTO/CTO operations and associated
logistics services in Australia, Hungary, Mexico and the United
States to Foxteq Holdings Inc., a member of Foxconn Technology
Group.  This closing is in accordance with the company's press
release on Feb. 19, 2008, announcing the signing of a definitive
agreement between Sanmina-SCI Corp. and Foxteq for the sale of
certain assets of its personal computing business and associated
logistics services.

Chairperson and Chief Executive Officer, Jure Sola commented,
"The closing of this deal signifies a new direction for the
company and will allow us to more fully concentrate on our core
strengths and targeted end markets.  I want to thank our
personal computing customers for supporting us and our employees
for helping to make the transition as seamless as possible."

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an   
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 21, 2008, Fitch has affirmed these ratings for Sanmina-SCI
Corporation:

  -- Issuer Default Rating at 'B+';
  -- Senior secured credit facility at 'BB+/RR1'.
  -- Senior unsecured notes at 'BB+/RR1';
  -- Senior subordinated debt at 'B/RR5'.

As reported, Moody's Investors Service placed Sanmina-SCI
Corp.'s long term corporate family and probability of default
ratings at 'B1' in December 2007.  Moody's outlook is stable.


TELE NORTE: Will Issue BRL3.60 Billion in Promissory Notes
----------------------------------------------------------
Tele Norte Leste Participacoes S.A. will issue BRL3.60 billion
in promissory notes in the domestic market to fund company
acquisitions, TeleGeography reports.  The company reportedly
will issue 144 notes, about BRL25 million each, that will mature
in 360 days.

TeleGeography notes that Tele Nore reached a BRL5.85 billion
deal to acquire rival operator Brasil Telecom SA.  It needs the
government to change the existing telecoms law to allow the
acquisition.

As reported in the Troubled Company Reporter-Latin America on
July 8, 2008, telecoms operating in different areas of Brazil
are currently not allowed to have the same controlling
shareholder.  Brazilian regulator Anatel authorized the revision
of the telecoms law.  It then extended until Aug. 1, from July
17, the public consultation for changes in the telecom law,
after associations for the defense of consumers sought for more
time to comment.  

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
==========================

ACTIVE HEDGE: Will Hold Final Shareholders Meeting on July 11
-------------------------------------------------------------
Active Hedge will hold its final shareholders meeting on
July 11, 2008, at 11:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.
    
Active Hedge's shareholder agreed on May 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walkers House, 87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


CABLE INVESTMENT: Holds Final Shareholders Meeting on July 11
-------------------------------------------------------------
Cable Investment Ltd. will hold its final shareholders meeting
on July 11, 2008, at 10:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.
    
Cable Investment's shareholders 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:

                Walkers SPV Limited
                Walkers House, 87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


CITIGROUP ALTERNATIVE: Final Shareholders Meeting Is on July 10
---------------------------------------------------------------
Citigroup Alternative Investments Multi Alpha Master Portfolio
Ltd. will hold its final shareholders meeting on July 10, 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.
    
Citigroup Alternative's shareholder(s) agreed on April 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


CITIGROUP ALTERNATIVE INVESTMENTS: Shareholders Meeting on Thurs
----------------------------------------------------------------
Citigroup Alternative Investments Multi Alpha Portfolio II Ltd.
will hold its final shareholders meeting on July 10, 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.
    
Citigroup Alternative's shareholder(s) agreed on April 7, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


IMAC CDO 2007-2: To Hold Final Shareholders Meeting on July 11
--------------------------------------------------------------
Imac CDO 2007-2 Ltd. will hold its final shareholders meeting on
July 11, 2008, at 10:30 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

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

                Walkers SPV Limited
                Walkers House, 87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


PARMALAT SPA: Class Suit Settlement Receives Initial Approval
-------------------------------------------------------------
The Hon. Lewis A. Kaplan of the U.S. Bankruptcy Court for the
Southern District of New York has granted preliminary approval
to a settlement between Parmalat S.p.A. and its former
shareholders, Bloomberg News reports.

Under the terms of the proposed settlement, Parmalat will issue
10.5 million existing shares to the investors participating in
the class action, Bloomberg News relates.  Parmalat also will
shoulder up to EUR1 million of the cost of notifying the class
members of the settlement.

Former Parmalat investors had filed a class suit against the
company and its banks, including Citigroup and Bank of America
Corp.

Judge Kaplan set a Sept. 24, 2008, fairness hearing for the
case, which might lead to the final approval of the settlement

The case is In Re Parmalat, 04-md-1653, U.S. District
Court, Southern District of New York (Manhattan).

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.


SANWA CAPITAL: Will Hold Final Shareholders Meeting on July 11
--------------------------------------------------------------
Sanwa Capital Nexus TMK Holdings Inc. will hold its final
shareholders meeting on July 11, 2008, at 9:00 a.m., at the
registered office of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.
    
Sanwa Capital's shareholder agreed on May 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walkers House, 87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


STARRUCCA CLO: Holding Final Shareholders Meeting on July 11
------------------------------------------------------------
Starrucca CLO Ltd. will hold its final shareholders meeting on
July 11, 2008, at 12:00 p.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.
    
Starrucca's shareholder agreed on May 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walkers House
                87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


US GLOBAL INVESTORS: Final Shareholders Meeting Is on July 11
-------------------------------------------------------------
U.S. Global Investors Balanced Natural Resources Fund Ltd. will
hold its final shareholders meeting on July 11, 2008, at
11:30 a.m., at the registered office of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.
    
U.S. Global Investors' shareholders agreed on May 27, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Walkers SPV Limited
                Walkers House
                87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands



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

CAP SA: Stable Outlook Reflects Adequate Cash Flow, S&P Says
------------------------------------------------------------
The ratings on Chile-based integrated ferrous metal holding
company CAP S.A. reflect its satisfactory business risk profile
and intermediate financial risk profile, Standard & Poor's
Ratings Services reports.  The business risk profile is based on
the company's strong competitive position as the country's sole
integrated steel producer, its dominant market share in the
small, but growing, Chilean steel market, and its relatively
large medium and long-term export contracts for iron ore.  
However, these strengths are partly offset by the company's
small size on a global scale and the relatively low ore grade of
its mining reserves, which result in higher operating costs than
those of its large competitors (high-grade Brazilian and
Australian mines).  Also, CAP is exposed to the cyclicality of
the iron ore and steel industries, resulting in volatile prices
for its iron ore and its flat and long steel products.  The
company's intermediate financial profile reflects its projected
adequate leverage and debt service coverage ratios, partly
offset by its volatile cash flow generation, aggressive capital
expenditure plan from 2008 to 2011, and, to a lesser extent,
dividend payments (a payout ratio of around 50%).

S&P expects CAP's net debt levels to peak at around US$550
million to US$650 million by 2008 to 2009, considering the
recent issue of two series of local bonds -- nominated in
Chilean indexed currency Unidades de Fomento (UF) -- for UF6
million (approximately US$250 million).  S&P expects CAP to
carry out an aggressive capital expenditures program for about
US$1.2 billion in the 2008-2011 period (mainly concentrated in
the 2008-2010 period), which is expected to result in a 90%
capacity expansion in iron ore production, and a 20% capacity
expansion in production of steel products for the local market.  
Total debt is projected to start decreasing by 2010 onwards,
when the new iron ore facilities are expected to be operating at
full capacity.

S&P expects CAP's total debt to EBITDA to range between 2.0 and
3.0 from 2008 to 2010, and its EBITDA interest coverage and
funds from operations to total debt to reach about 6.0 and 30%,
respectively.  However, when dividend income from the company's
50%-owned subsidiary Companiaa Minera Huasco S.A. is added to
cash flow generation, total debt to adjusted EBITDA, adjusted
EBITDA interest coverage, and adjusted funds from operations to
total debt are projected to reach about 2.0, 8.0, and 30%-40%,
respectively, in that period.

CAP produces and sells iron ore products through Compania Minera
del Pacifico S.A. and Companiaa Minera Huasco S.A., and steel
products mainly through Compania Siderurgica Huachipato S.A.  
The company has a diversified ownership structure, with its
major shareholder, Chilean holding company Invercap S.A.,
holding a 31.3% equity stake.  Invercap is 24.2% owned by Cia.  
Explotadora de Minas, a Chilean holding company majority owned
by Juan Rassmuss, vice president of CAP's board of directors.  
The remaining roughly 70% of CAP's equity stake is mainly owned
by Mitsubishi Corp., Chilean pension funds, and other financial
investors.

                           Liquidity

CAP's relatively high cash position and projected relatively
low-short term debt level are expected to enhance its liquidity
and financial flexibility.  As of March 31, 2008, cash balance
reached US$173 million and short-term debt amounted to US$105
million, but both should have increased and decreased,
respectively, after the UF6 million (about US$250 million) bonds
issue in May 2008.  S&P expects the company to consistently
maintain cash holdings higher than US$150 million during the
2008-2011 period.  In addition, CAP has access to uncommitted
bank lines of about US$150 million, and benefits from a smooth
debt maturity profile.  Debt maturities should remain below
US$80 million from 2008 to 2036 with the exception of 2013 and
2018, when the recent local bond issues will become due -- US$80
million and US$170 million, respectively.

                            Outlook

The stable outlook reflects S&P's expectations that CAP will
generate adequate cash flow levels for the next five years,
which, combined with its adequate debt maturity schedule, should
allow it to finance its aggressive capital expenditure plan and
distribute moderate dividends.  A potential upgrade is somewhat
limited by the company's relatively high cost structure,
resulting from its small size and the low ore grade of its
mining reserves compared with those of its peers.  A downgrade
could occur if a significant decrease in sale prices results in
a strong reduction in cash flow generation that affects the
company's ability to internally finance a large portion of its
aggressive capital expenditures plan.

CAP S.A. -- http://www.cap.cl/-- operates in steel and mining  
sectors in Chile.  The company has mining properties in El
Algarrobo and El Romeral.



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

ECOPETROL SA: Gov't Wants Firm to Exploit Carimagua Farm
--------------------------------------------------------
The Colombian government wants Ecopetrol S.A. to carry out the
exploitation of the Carimagua farm in Meta, Colombia Reports
relates citing Agriculture Minister Andres Felipe Arias as
telling Radio Caracol.

According to Colombia Reports, Minister Arias said the
government wants the 400 "displaced families" managed by
Ecopetrol to be stockholder of the project.  The government will
still be the official owner of the land.

Colombia Reports states that farmers involved in the project
will grow sugar cane and sweet sorghum to produce ethanol.  They
will also be able to grow their own food on the Carimagua estate
and get a portion of the profits from the ethanol.

"This must be done with caution so that we get it right and what
we can replicate in the country.  This is a very virtuous
alliance, very productive.  It will generate great benefits to
displaced families and Ecopetrol, which also wins because it
avoids buying land that it needs and can develop new businesses
in the area of biofuels.  It is a win win situation for
everybody, including the government, because it avoids selling
to private investors," Colombia Reports quoted Minister Arias.

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

                           *     *     *

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



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

TRICOM S.A.: Court Adjourns Confirmation Hearing Sine Die
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New
York adjourned to an indefinite date the hearing to consider
confirmation of Tricom S.A. and its U.S. affiliates' Prepackaged
Chapter 11 Plan of Reorganization and approval of the Disclosure
Statement explaining the Plan.

The Court also adjourned to an indefinite date the deadline to
file (i) Plan and Disclosure Statement objections; (ii) Plan
supplements; and (iii) the Debtors' brief in support of the
confirmation of the Plan.

The August 6, 2008, hearing will continue as a status
conference on issues related to the Plan confirmation.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.  

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

(Tricom Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TRICOM SA: Bancredito Wants Copy of Special Committee Report
------------------------------------------------------------
Bancredito (Panama) S.A., asks the U.S. Bankruptcy Court for the
Southern District of New York to compel the Tricom S.A. and its
U.S. debtor-affiliates to produce the report prepared by the
special committee appointed by Tricom S.A.'s board of directors.

According to Richard Smolev, Esq., at Kaye Scholer LLP, in New
York, the Special Committee was charged with an independent
investigation of a US$70,000,000 transaction in December 2002,
which evidence shows, was not an actual private "placement" nor
bona fide purchase or sale of securities.  Rather, he alleges,
the "placement" was a scheme of fraudulent book entries among
closely related parties, all controlled by the former chief
executive officer of Tricom, Manuel Arturo Pellerano.

The Debtors have disclosed in the Disclosure Statement
explaining their Prepackaged Plan of Reorganization that the
Special Committee Report initially found that:

   (a) it is possible that Tricom may have certain undisclosed
       actual or contingent liabilities arising out of the
       2002 Placement;

   (b) the disclosure as to the Placement and related
       transactions contained in Tricom's Annual Report for the
       fiscal year ended December 31, 2002, may have been
       deficient or inconsistent with information presented to
       the Special Committee; and

   (c) varying conclusions can be reached as to whether Tricom
       properly accounted for the Placement, based on different
       hypothetical fact scenarios.

Mr. Smolev tells the Court that the questions of whether the
US$70,000,000 transaction was a transaction that could be booked
as "equity," and whether the Bancredito assumed the economic
risk associated with an equity investment or was defrauded by
Mr. Pellerano and Tricom go to the heart of the current disputes
regarding both the value and ranking of Bancredito's claim and
the viability of the Debtors' Plan.

A resolution of the issues is essential to the Court's treatment
of Bancredito's claim against the Debtors, Mr. Smolev asserts.  
Whether or not the Court agrees with the ultimate
recommendations of the Special Committee, the facts discovered
in the Special Committee's investigation, which were
sufficiently compelling to cause Tricom's substitution of KPMG
with another auditor and to amend Tricom's financial statements,
clearly are relevant to matters now before the Court.

"To the extent that the Special Committee Report demonstrates
that Tricom has actual knowledge that sheds doubt on that
characterization, continuing that description as part of the
plan process raises the question of whether Tricom's [Chapter 11
plan] meets the requirements of Section 1129(a)(3) of the
Bankruptcy Code," Mr Smolev further asserts.

Bancredit Cayman Limited, in a separate filing, supports
production of the Special Committee's report saying that the
document is not entitled to attorney-client privilege or to work
product protection.  Bancredit Cayman adds that its claim under
Cayman law does not depend on whether the stock issuance of
December 2002 was fraudulent or it was accurately recorded as an
equity transaction.  The bank points out that it has never
received the Tricom stock as collateral or otherwise.

The Debtors, Bancredit Cayman and Bancredito agreed to these
schedules to govern the production of the Special Committee
report:

    July 2, 2008  Submission of moving papers by Bancredit
                  Cayman and Bancredito Panama

   July 21, 2008  Submission of opposition papers by Tricom

    Aug. 4, 2008  Submission of reply papers by Bancredit
                  Cayman and Bancredito Panama

    Aug. 6, 2008  Hearing

                        About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.  

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

(Tricom Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)



====================
E L  S A L V A D O R
====================

MILLICOM INT'L: Holds Shareholders General Meeting in Luxembourg
----------------------------------------------------------------
Millicom International Cellular S.A. held an Extraordinary
General Meeting of shareholders in Luxembourg.

Of a total of 108,050,731 shares, 77,664,279 shares were
represented at the EGM, either by shareholders being present or
by shareholders having completed a power of attorney form.  The
required quorum of 2/3 of the issued and outstanding share
capital was therefore met.

The EGM resolved to amend Article 21 of the articles of
association of Millicom.  cFor details of the proposed amendment
to Article 21, please refer to item I.  Of the agenda in the EGM
convening notice published by Millicom on June 4, 2008 available
at the company's web site.

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
=============

AIR JAMAICA: D. Banmiller Says Appointment Report "Premature"
-------------------------------------------------------------
Canadian Airline Executive David Banmiller has denied a report
of his selection as Air Jamaica's new chief executive officer,
Honolulu Star-Bulletin reports, citing Hawaiian carrier Aloha
Airlines' former marketing and sales senior vice president Thom
Nulty.

According to an earlier report by RJR News, Mr. Banmiller had
already been named as Air Jamaica's new president and CEO.  
Mr. Nulty said that Mr. Banmiller told him that the report was
"premature", Honolulu Star-Bulletin relates.

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Don Wehby, Minister Without Portfolio in the
Finance Ministry, mentioned Mr. Banmiller as one of the
candidates up for the post of president and CEO of Air Jamaica.  
Mr. Banmiller was named Air Jamaica's executive vice president
and chief operating officer five years ago; he left to lead the
struggling Hawaiian carrier Aloha Airlines through Chapter 11
bankruptcy.  

Honolulu Star-Bulletin notes that Mr. Banmiller left Aloha
Airlines in April 2008 when the airline converted its bankruptcy
into a Chapter 7 liquidation from a Chapter 11 reorganization.

Former Hawaiian Airlines Chief Executive Bruce Nobles said that
Minister Wehby also approached him in January 2008 to become Air
Jamaica's interim CEO, Honolulu Star-Bulletin relates.  He was
the airline's president and chief operating officer from 2002-
2003, before Mr. Banmiller's appointment.  "He was trying to
sell the company and I had been there before and he asked if I
would do that.  I'm not sure what happened because I never heard
back from him," Mr. Nobles added.

Air Jamaica has been losing J$100 million per year "and I'm
proud to say it lost only J$50 million the year I was running
it.  It's a poor country and the government wants Air Jamaica to
survive, but it can't afford the losses," Honolulu Star-Bulletin
states, citing Mr. Nobles.

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

                          *    *     *

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

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


DIGICEL GROUP: Moody's Ups Corporate Family Rating 1 Notch to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Digicel Group Limited to B2 from B3, reflecting the
faster than expected deleveraging by the company, driven largely
by the success of the new market launches and reduced start up
expenses in the company's Haiti and Trinidad & Tobago markets.

In addition, the rating agency changed the outlook on Digicel
Group's debt ratings to positive from stable, as Moody's expects
further cash flow growth from the existing subscriber base and
diminishing capital requirements as the new markets mature.

In conjunction with the ratings action, Moody's upgraded the
ratings on Digicel Group's US$1.4 billion senior unsecured
notes, due 2015, to Caa1 from Caa2, and the rating on the
US$450 million senior unsecured notes, due 2012, at Digicel
Limited to B2 from B3.  The company also has a US$1.2 billion
senior secured credit facility at its subsidiary, which Moody's
does not rate.

Ratings Upgraded:

Digicel Group Limited

  -- Corporate Family Rating to B2 from B3
  -- Probability of Default Rating to B2 from B3

  -- US$1.4 billion Senior Unsecured Notes to Caa1 (LGD 5, 82%)
     from Caa2 (LGD5 81%)

Digicel Limited

  -- US$450 million Senior Unsecured Notes to B2 (LGD 3, 47%)
     from B3 (LGD 3, 45%)

  -- Outlook revised to Positive from Stable

The company's growing penetration in markets outside its long-
standing Jamaica operations and the EBITDA-positive contribution
from the Haiti and Trinidad & Tobago markets have pushed
adjusted leverage down to about 6.0x at fiscal year end
March 31, 2008, using Moody's standard analytic adjustments.  
This is a significant improvement from the roughly 10.0x
adjusted leverage Digicel Group carried following the
recapitalization of the company's balance sheet in early 2007.

The rating and the positive outlook are further supported by
Digicel Group's leading position as the largest wireless
telecommunications carrier in the Caribbean as well as its
successful track record at gaining significant market share and
producing solid operating results relatively quickly after new
markets are launched.

"As the company reaches a critical mass of subscribers in the
Pan-Caribbean region, coupled with the slowdown of the company's
expansion into new markets, the strong trajectory of operating
cash flow growth is expected to carry on, which may enable
Digicel Group to reduce its leverage to about 4.0x towards the
end of fiscal 2010," Gerald Granovsky, Moody's vice president
and senior analyst, said.

Nevertheless, Moody's still expects the company to consume cash
to support service expansion in its territories as competition
increases in Jamaica and Haiti over the next couple of years.  

In addition, the company's term loan facility faces scheduled
amortization payments of US$320 million per year, starting in
the second half of calendar year 2009.  The rating is also
tempered by the slowing global economy and Digicel Group's
increasing exposure to higher risk markets, such as Haiti for
its cash flow growth.

Headquartered in Jamaica and incorporated in Hamilton, Bermuda,
Digicel Group Ltd. -- http://www.digicelgroup.com-- says it has  
become the largest mobile telecommunications operator in the
Caribbean and a recent new entrant to the Central American
mobile market.  Operations in 23 markets include Anguilla,
Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, The Cayman
Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada,
Guadeloupe, Guyana, Haiti, Jamaica, Martinique, St. Kitts &
Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname,
Turks and Caicos and Trinidad & Tobago.  Digicel directly
employs more than 4,000 people.



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

BALLY TOTAL: Wants Court to Issue Final Decree Closing 40 Cases
---------------------------------------------------------------
Bally Total Fitness Holding Corp. and its reorganized debtor-
affiliates ask the U.S. Bankruptcy Court for the Southern
District of New York to issue a final decree closing the Chapter
11 cases of 40 reorganized debtor-affiliates:

   Debtor                                      Case No.
   ------                                      --------
   Bally ARA Corporation                       07-12416
   Bally Fitness Franchising, Inc.             07-12418
   Bally Franchise RSC, Inc.                   07-12419
   Bally Franchising Holdings, Inc.            07-12421
   Bally Real Estate I LLC                     07-12424
   Bally REFS West Hartford, LLC               07-12426
   Bally Sports Clubs, Inc.                    07-12414
   Bally Total Fitness Franchising, Inc.       07-12410
   Bally Total Fitness International, Inc.     07-12408
   Bally Total Fitness of California, Inc.     07-12405
   Bally Total Fitness of Colorado, Inc.       07-12403
   Bally Total Fitness of Connecticut
    Coast, Inc.                                07-12397
   Bally Total Fitness of Connecticut
   Valley, Inc.                                07-12400
   Bally Total Fitness of Minnesota, Inc.      07-12432
   Bally Total Fitness of Missouri, Inc.       07-12437
   Bally Total Fitness of Philadelphia, Inc.   07-12435
   Bally Total Fitness of Rhode Island, Inc.   07-12433
   Bally Total Fitness of the
   Mid-Atlantic, Inc.                          07-12436
   Bally Total Fitness of the Midwest, Inc.    07-12430
   Bally Total Fitness of the
    Southeast, Inc.                            07-12429
   Bally Total Fitness of Toledo, Inc.         07-12431
   Bally Total Fitness of Upstate
   New York, Inc.                              07-12434
   BTF Cincinnati Corporation                  07-12398
   BTF Europe Corporation                      07-12399
   BTF Indianapolis Corporation                07-12401
   BTF Minneapolis Corporation                 07-12402
   BTF/CFI, Inc.                               07-12404
   BTFCC, Inc.                                 07-12406
   BTFF Corporation                            07-12407
   Greater Philly No. 1 Holding Company        07-12409
   Greater Philly No. 2 Holding Company        07-12411
   Health & Tennis Corporation of New York     07-12412
   Holiday Health Clubs of the East
    Coast, Inc.                                07-12415
   Holiday/Southeast Holding Corp.             07-12417
   Jack LaLanne Holding Corp.                  07-12420
   New Fitness Holding Co., Inc.               07-12422
   Nycon Holding Co., Inc.                     07-12423
   Rhode Island Holding Company                07-12425
   Tidelands Holiday Health Clubs, Inc.        07-12427
   U.S. Health, Inc.                           07-12428          

Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, tells the Court that the Chapter 11 cases of
these Debtors will remain open:

   Debtor                                      Case No.
   ------                                      --------
   Bally Total Fitness of Greater
    New York, Inc.                             07-12395
   Bally Total Fitness Holding Corporation     07-12396
   Bally Total Fitness Corporation             07-12413  

Mr. Gleit relates that since the effective date of the Debtors'
First Amended Joint Prepackaged Plan of Reorganization, the
transactions with Harbinger Capital Partners Master Fund I,
Ltd., and Harbinger Capital Partners Special Situations Fund
L.P. contemplated under the Plan, have been consummated.  The
Debtors have also resolved all disputed claims in their
Chapter 11 cases.

In addition, Mr. Gleit says, the Debtors have satisfied the six
factors under Rule 3022 that the Court should consider in
issuing a final decree closing a bankruptcy case:

   (1) the Plan Confirmation Order has become final order;

   (2) the deposits under the Plan, if any, have been returned;

   (3) all of the Reorganized Debtors' properties have been
       transferred as required under the Plan;

   (4) the Reorganized Debtors have assumed management of their
       businesses;

   (5) payment owed by the Reorganized Debtors under the Plan
       have been substantially made; and

   (6) all motions, contested matters, and adversary proceedings
       involving the Reorganized Debtors have finally resolved.

Section 1930(a)(6) of the Bankruptcy Code requires that
quarterly fees be paid to the United States Trustee after
confirmation and consummation of a Chapter 11 plan under a
debtor's case is closed.

Mr. Gleit notes that until the Court approves a final decree
closing the Chapter 11 cases of the 40 debtor-affiliates, the  
Debtors may be required to continue payment of quarterly fees to
the U.S. Trustee, which is a financial burden to the Debtors.  

According to Mr. Gleit, the Debtors have provided the Office of
the U.S. Trustee for Region 2 with a copy of the Debtors'
request to close the 40 debtor-affiliates' cases, and the U.S.
Trustee has advised the Debtors that he does not object to the
their request.

                  Final Report on the 40 Cases

In his final report filed with the Court related to the 40
debtor-
affiliates' cases, Andrew K. Glenn, Esq., at Kasowitz, Benson,
Torres & Friedman LLP, in New York, disclosed the aggregate
final
fees paid by the Debtors to their professionals:

  Professional              Position               Amount Paid
  ------------              --------               -----------
  Latham & Watkins          general counsel       US$1,883,869
  
  Kirkland & Ellis LLP      special corporate
                            counsel                    598,659

  Deloitte Financial
  Advisory Services LLP     financial advisor           93,139

  Deloitte Tax LLP          tax consultant             434,525
              
  Hilco Real Estate,
  LLC                       real estate consultant     255,121

  Jefferies & Company,
  Inc.                      financial advisor          340,010
               
  KPMG LLP                  auditors                 1,432,269

In addition, the Debtors have fully paid all dividends on
allowed claims, and distributions under the confirmed Plan of
Reorganization have been completed, said Mr. Glenn.  All claims
against the Debtors have been either been paid in full, settled
for a reduced amount, or expunged by order of the Court, he
added.
               
Mr. Glenn clarified that the bankruptcy cases of Bally Total
Fitness of: Greater New York, Inc.; Bally Total Fitness Holding
Corporation; and Bally Total Fitness Corporation will remain
open and are not included in the Closing Report.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.

(Bally Total Fitness Bankruptcy News Issue No. 15; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or   
215/945-7000)


BALLY TOTAL: Appoints Michael Sheehan as New CEO
------------------------------------------------
Bally Total Fitness Holding Corp. and its debtor-affiliates have
appointed Michael Sheehan to serve as its Chief Executive
Officer, effective July 1, 2008, the company said in statement
dated June 24.

Mr. Sheehan will also serve as a member of Bally's Board of
Directors.

Mr. Sheehan, 46, served as the Chief Operating Officer of 24
Hour Fitness since 2005.  Before serving as Chief Operating
Officer, Mr. Sheehan served as Executive Vice President,
Operations of 24 Hour Fitness.  In addition to his comprehensive
experience in the fitness industry, Mr. Sheehan has played key
operational, finance and sales roles with multi-unit consumer
retailers, including management roles with Pepsico, Nestle and
Yum Brands, a food service holding company with well-known
brands including Taco Bell, Kentucky Fried Chicken and Pizza
Hut.  Mr. Sheehan is a graduate of Oregon State University -
Bachelor of Science, Finance.

Michael Feder, an interim manager from AlixPartners, LLP,
serving as Chief Operating Officer of Bally Total Fitness, said,
"We are delighted to welcome Mike to Bally.  Our Board of
Directors was committed to hiring a CEO who was the best
possible fit for the role and they have certainly achieved that
goal.  We believe that Mike has the ideal blend of experience,
leadership skills, creativity and commitment to health and
fitness.  I am confident that under Mike's leadership, Bally
will thrive."

Mr. Sheehan said, "I am looking forward to joining the Bally
team and I am eager to add value to this established brand. For
many years, Bally has been a leader in the fitness industry --
Bally's facilities, fitness programming and personnel are among
the best in the business.  Under my leadership, Bally will
continue to focus on providing high-quality comprehensive
fitness experiences to our members."

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.

(Bally Total Fitness Bankruptcy News Issue No. 15; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or   
215/945-7000)


BENQ CORP: Mulls Siemens Suit Over Insolvent German Unit
--------------------------------------------------------
Martin Prager, BenQ Mobile GmbH & Co.'s insolvency administrator  
is preparing a "three digit million" euro damages suit against
Siemens AG, Karin Matussek of Bloomberg News reports, citing
Sueddeutsche Zeitung.

BenQ spokeswoman Regina Petzch said Mr. Prager wrote to a Munich
court with regards to filing a suit against Siemens after
settlement talks failed, Bloomberg News relates.

Bloomberg discloses BenQ acquired its German mobile unit from
Siemens before it became insolvent.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  The firm has
operations in Mexico.  In June 2007 the company announced that
it will change its name to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                     *     *     *

BenQ Corp. carries Taiwan Ratings Corp.'s long-term twBB+
and short-term twB corporate credit ratings.  The outlook on the
long-term rating is negative.


FIAT SPA: CEO Confirms Profit Target for 2008 & 2009
----------------------------------------------------
Fiat S.p.A. chief executive Sergio Marchionne confirmed the
company's profit and cash flow objective for years 2008 and
2009, Giselda Vagnoni writes for Reuters.

According to Mr. Marchionne, Reuters relates, the company will
meet its forecasts for this and next year despite rising oil
prices, weakening economy and increasing raw material prices.

As previously reported in the TCR-Europe, Mr. Marchionne said
Fiat still holds over 30% of the Italian car market, despite a
17% drop in sales in June 2008.  Fiat also held an 8% share in
the European car market.

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

                         *     *     *

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


MAXCOM TELECOM: Replaces PwC With KPMG as Independent Auditor
-------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V.'s Board of Directors,
as per recommendation of its Audit Committee,  has approved the
selection of KPMG Cardenas Dosal, S.C. as the company's
independent auditor, replacing PricewaterhouseCoopers, S.C.

PwC was engaged in the audit through June 30, 2008.  The
engagement with KPMG is effective as of July 1, 2008.

Maxcom thanked PwC for the service it provided the company in
recent years and look forward to continued work with them in
other capacities.

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Moody's Investors Service confirmed Maxcom
Telecomunicaciones, S.A. de C.V.'s corporate family rating at
B3.  At the same time, Moody's confirmed its B3 rating on the
company's US$200 million in Senior Unsecured notes due in 2014.  
Moody's said the outlook for all ratings is now positive.  
Moody's rating action concludes the review for upgrade initiated
in November 2007.


QUIKSILVER INC: S&P Holds BB- Credit Ratings on Weak Results
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Quiksilver Inc., including its 'BB-' corporate credit rating,
will remain on CreditWatch with negative implications where
they were placed on April 1, 2008, due to weak first-quarter
results.  The Huntington Beach, Calif.-based apparel company had
about US$938 million in debt outstanding at April 30, 2008.

According to the company's recent 10Q filing, Quiksilver expects
to sell its Rossignol business, which together with its golf
business (sold in December 2007), accounted for about
US$157 million of sales for the six months ended April 2008.
These businesses are classified as discontinued operations.  In
connection with the reclassification of the Rossignol business,
the company also recorded an impairment charge of about US$240
million.  In recent periods, the Rossignol business has been
problematic, with a very weak snow season in Europe last winter
that depressed sales and EBITDA significantly.  As a result,
Quiksilver's operating performance and credit measures suffered.

"We will meet with management to further discuss Quiksilver's
operating trends and forecasts to resolve the CreditWatch," said
Standard & Poor's credit analyst Susan H. Ding.

Quiksilver, Inc. (NYSE:ZQK) is an outdoor sports lifestyle
company, which designs, produces and distributes a diversified
mix of branded apparel, wintersports equipment, footwear,
accessories and related products.  The company's apparel and
footwear brands represent a casual lifestyle for young-minded
people that connect with its boardriding culture and heritage.
The reputation of Quiksilver's brands is based on different
outdoor sports.  The Company's Quiksilver, Roxy, DC and Hawk
brands are synonymous with the heritage and culture of surfing,
skateboarding and snowboarding, and its beach and water oriented
swimwear brands include Raisins, Radio Fiji and Leilani.  The
Company continues to make snowboarding equipment under its DC,
Roxy, Lib Technologies, Gnu and Bent Metal labels.  The
company's products are sold in over 90 countries in a wide range
of distribution, including surf shops, skate shops, snow shops,
its proprietary Boardriders Club shops and other company-owned
retail stores, other specialty stores and select department
stores.

Quiksilver's corporate and Americas' headquarters are in
Huntington Beach, California, while its European headquarters
are in St. Jean de Luz, France, and its Asia/Pacific
headquarters are in Torquay, Australia.  The company has two
subsidiaries located in Mexico.


VITRO SAB: Reports CNBV's Condition on Shares Ownership Dispute
---------------------------------------------------------------
Vitro, S.A.B. de C.V., as ordered by the Comision Nacional
Bancaria y de Valores (CNBV) on July 3, 2008, has disclosed that
on April 24, 2008, Vitro, through a written notification
informed the CNBV about the events that occurred on its
April 17, 2008 annual shareholders meeting, regarding the
certificate of shareholders ownership of shares held in deposit
at Acciones y Valores Banamex, S.A. de C.V. (Accival).

In such certification issued by Accival, Banco Nacional de
Mexico, S.A. (Banamex) appears as the owner of approximately
14.94% of the outstanding shares of Vitro.  In its written
notification, Vitro in general terms, specified to the CNBV that
it estimated that such ownership of shares resulted in a
violation of at least two of the articles of its bylaws, without
considering any other violation to the Ley del Mercado de
Valores, refer to as "Mexican Law of the Securities Market".

Basically, Vitro indicated that:

   (i) the bylaws prohibit the acquisition by any person or
       group of persons acting in concert, in one or more
       transactions more than 9.9% of Vitro's outstanding shares
       without the prior written approval of its Board of
       Directors.  To this date, Banamex has not request any
       approval to acquire more than 9.9% of Vitro's outstanding
       shares,

  (ii) the bylaws expressly provide that the shares may not be
       acquired, either directly or indirectly by foreign
       persons or foreign companies or entities or by Mexican
       companies that do not prohibit in its bylaws the
       ownership of any part of its capital by a foreign person.

As provided for in the bylaws of Banamex, such bylaws do not
contain a prohibition of ownership of its capital by a foreign
person as requested by the bylaws of Vitro.  Such events were
informed to the CNBV as provided in article 355 and other
articles of the Mexican Law of the Securities Markets in order
to initiate the applicable investigations, without excluding any
other action Vitro could initiate in this respect.

The above was also informed through a written notification dated
April 30, 2008.  Additionally, on June 26, 2008 Vitro also
informed that it initiated litigation against Banamex in the
Mexican courts, requesting the court to declare null and void
the acquisition and ownership of any of Vitro's common shares by
Banamex, due to the violation of the its bylaws and that the
Mexican courts had granted a petition to inmobilize such shares.

Through a written notification dated July 2, 2008, delivered to
Vitro on July 3, 2008, the CNBV responded the following:

"With regards to this particular issue, we inform you, that this
Commission, in exercise of its authority to supervise and in
order to know with certainty the ownership of the outstanding
shares of the issuer (Vitro's shares), which on April 17, 2008,
were held at an  open account in "Acciones y Valores Banamex,
S.A. de C.V., Casa de Bolsa, integrante del Grupo Financiero
Banamex" (Accival), and at  "Banco Nacional de Mexico, S.A.,
integrante del Grupo Financiero Banamex" (Banamex), requested to
both financial intermediaries the lists of such accounts on that
particular date, indicating the account number, complete name of
the holder and co-holder, and the amount and series of the
shares."

"From the analysis of the information presented by Accival and
Banamex, it is inferred that the 53,567,082 Vitro shares,
referenced to in your notification, such shares are held by
multiple trusts formed at Banamex, which settlors-beneficiares
are different persons."

"Based in the forgoing and considering that the information
contained in this notification results relevant for public
investors to make decisions, it is order to the company to, as
specified on articles 106, second to last paragraph and 360 of
the Mexican Law of the Securities Market, that no later than the
next business day of the receipt of this notification, they
shall reveal the information contained in the two paragraphs
above, as well as the references made in this notice to your
April 24, 2008 notification, as a relevant event, through the
electronic system to publish information of the Bolsa Mexicana
de Valores, S.A. de C.V., called 'Emisnet'."

The above is made available to the general public as expressly
required by the CNBV.  Vitro estimated that the information
included in the notification by the CNBV regarding the conflict
of ownership of the shares of Vitro through certain trusts in
Banamex, as referred to above, do not resolve the violation of
Vitro's bylaws, due to, among other things, the fact that the
identity of the settlors- beneficiaries is not revealed.  Also,
Vitro has not received evidence that confirms the conclusion
inferred by the CNBV.  Therefore, Vitro is evaluating the
information provided by the CNBV, in order to determine the
appropriate actions and remedies, as well as to assure the
compliance to its bylaws and to the Mexican Law of the
Securities Market.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.


As reported in the Troubled Company Reporter-Latin America on
April 30, 2008, Fitch affirmed Vitro, S.A.B. de C.V.'s Foreign
currency issuer default rating at 'B'; Local currency issuer
default rating at 'B'; and Senior unsecured notes due in 2012,
2013 and 2017 at 'B+/RR3'.



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

EXIDE TECH: Moody's Lifts Corporate Family Rating to B3
-------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family and
Probability of Default Ratings of Exide Technologies, Inc. to B3
from Caa1.

In a related action, Moody's raised the ratings on the company's
asset based revolving credit facility to Ba2 from Ba3, the
senior secured term loans to Ba3 from B1, and the senior secured
junior-lien notes to B3 from Caa1.  The outlook is stable.

The upgrade reflects Exide's improved credit metrics that have
been achieved as a result of cost reduction initiatives and
successful pricing actions which have offset the impact of
increasing lead costs on the company's operations.  These
actions have reduced financial risk and positioned the company
to generate credit metrics consistent with the B3 rating over
the intermediate term.  While Exide benefits from its geographic
and customer diversification, it remains exposed to cyclical
industry conditions, and commodity pricing pressures.

The stable outlook reflects Moody's expectation that Exide will
generate free cash flow in the near term as a result of its
restructuring and pricing initiatives and that financial
metrics, which have improved meaningfully over the past year,
will remain supportive of the B3 rating.  While demand for
automotive batteries will remain cyclical, particularly for OEM
applications, Exide's performance should benefit from its
diversification; 80% of revenue is derived from industrial and
aftermarket transportation battery sales and about 60% of
revenue is derived from non-US sources.  The cost of lead, which
is a principal material used in battery fabrication, has been
volatile, and during periods of peak commodity prices has been a
significant drain on Exide's liquidity.  Yet with improved pass
through of raw material costs in customer pricing arrangements,
Exide should be better able to sustain profits. For the fiscal
year ended March 31, 2008, Debt/EBITDA (using Moody's standard
adjustments) was approximately 4.4x and interest coverage
(EBIT/Interest) approximated 1.1x. Exide's liquidity is adequate
and should also provide stability for the rating; cash on hand
at 3/31/08 was US$90 million and the company had US$136 million
of availability under its revolving credit facility.

Ratings upgraded:

Exide Technologies, Inc.

   -- Corporate Family Rating to B3 from Caa1;

   -- Probability of Default Rating to B3 from Caa1;

   -- US$200 million asset based revolving credit facility, to
      Ba2 from Ba3

   -- US$290 million of senior secured junior-lien notes due
      March 2013 to B3 (LGD3, 44%) from Caa1;

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

   -- US$130 million senior secured term loan at Exide
      Technologies, Inc. to Ba3 (LGD2, 15%) from B1;

   -- US$165 million senior secured term loan at Exide Global
      Holdings Netherlands CV to Ba3 (LGD2, 15%) from B1.

The last rating action was on March 4, 2008.

Exide Technologies, Inc.'s existing US$60 million floating rate
convertible subordinated note due September 2013 are not rated
by Moody's.

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to recognize the favorable
recovery experience of asset-based loans relative to other types
of senior secured first-lien loans.  The terms of Exide's ABL
meet the eligibility requirements outlined in the Special
Comment and, therefore, its rating is Ba2, which is one notch
higher than would otherwise have been indicated by the LGD
waterfall.

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.  The company filed for chapter 11
protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland
& Ellis, represented the Debtors in their successful
restructuring.  The Court confirmed Exide's Amended Joint
Chapter 11 Plan on April 20, 2004.  The plan took effect on
May 5, 2004.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa
Rica, Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru,
Uruguay, Venezuela, Trinidad and Puerto Rico.



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

PETROLEOS DE VENEZUELA: In Joint Venture Talks With Guyana
----------------------------------------------------------
The Venezuelan government has launched negotiations with Guyana
to set up a joint venture company with Petroleos de Venezuela
S.A., EFE News reports, citing Dario Morandy, the Venezuelan
Ambassador to Guyana.

EFE News relates that Ambassador Morandy said the joint venture
firm would be called PDVSA (Guyana).  According to the
ambassador, the joint venture would ensure:

          -- permanent oil supply,
          -- greater efficiency in transport,
          -- timely payment, and
          -- relations with Venezuela and Guyana.

Venezuela is proposing to construct a gas pipeline to Guyana and
Suriname as part of efforts to boost South America's energy
security, EFE News states, citing Ambassador Morandy.

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: Unit Buys LPG Cylinders from Hexagon
------------------------------------------------------------
Petroleos de Venezuela S.A.'s international procurement unit
PDVSA Services Inc. has placed an order for 300,000 LPG
composite cylinders from Hexagon Composites ASA's subsidiary,
Ragasco AS.

PDVSA Gas Comunal, Petroleos de Venezuela's vehicle for
downstream distribution of LPG, will use the cylinders.

Ragasco sees this order as the first stage of a modernization
program of the Venezuelan LPG industry to replace outdated,
rusting, and dangerous steel cylinders with a modern, corrosion
resistant, safe alternative.  "This order represents a major
breakthrough in the Latin American market, a region that
includes a couple of the top five nations in the world for
domestic LPG consumption in Brazil and Mexico.  We estimate that
around four million steel cylinders need to be scrapped or
refurnished in Venezuela alone so we are very exited about the
possibilities this new agreement has opened up for Ragasco and
Hexagon," says Erik Espeset, Hexagon Group's President.

Hexagon Composite's corrosion resistance offers great advantages
over traditional steel cylinders in an environment with high
humidity and salinity and, in the Caribbean area, where much of
the LPG transportation is undertaken by boat, lightness is a
major benefit.

                     About Hexagon Composite

Headquartered in Alesund, Norway, Hexagon Composites ASA is
engaged in the production of composites from plastic, glass,
carbon and silk, for applications in various products.  It is
operational through four wholly owned subsidiaries: Devold AMT
AS, providing stitched fiberglass reinforcements and stitched
carbon fiber reinforcements; Ragasco AS, offering low-pressure
composite containers for propane and butane gas, and pressurized
fuel and natural gas containers for the transportation industry;
Raufoss Fuel Systems, which develops and supplies complete
systems for storage and transportation of compressed gas to the
automotive industry, and Lincoln Composites Inc., which
manufactures high-pressure composite containers.

                  About Petroleos de Venezuela

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.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


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 * * *