TCRLA_Public/080717.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

            Thursday, July 17, 2008, Vol. 9, No. 141

                            Headlines


A R G E N T I N A

ALTO PALERMO: To Pay 12th Installment of July 2002 Notes
BLANQUICELESTE SA: Claims Verification Deadline Is Sept. 26
CLAXSON INTERACTIVE: Closes Going Private Transaction
COOPERATIVA DE TRABAJO: Files for Reorganization in Court
MARTI SACIFEI: Proofs of Claim Verification Is Until Dec. 9

RAYO LASER: Files for Reorganization in Buenos Aires Court


B E R M U D A

CABLE & WIRELESS: Open to Cell Tower Sharing
DIGICEL: Open to Cell Tower Sharing
INTELSAT LTD: Subsidiary to Offer Senior Notes to Repay Loans
INTELSAT: Moody's Puts B3 Rating on Unit's New Debt Instruments


B O L I V I A

* BOLIVIA: Fitch Affirms B- Local and Foreign Currency IDRs


B R A Z I L

BRASIL TELECOM: Earns BRL254.4 million in 2008 Second Quarter
DIRECTV GROUP: Creative Vistas Realizes US$5.6MM on Acquisition
FIDELITY NAT'L: To Sell Certegy Australia Assets to Flexigroup
FIDELITY NAT'L: LPS Unit to Report 2nd Qtr. Earnings on Aug. 5
JAPAN AIRLINES: International Unit Reduces Operating Loss

JAPAN AIR: Mulls Exit From Kansai-Heathrow Flights by March '09
PARANA BANCO: S&P Places B+ Rating to US$50 Million 3-Year Notes
TAM SA: US Export-Import Bank Approves Financing of 4 Aircrafts
UNIAO DE BANCOS: Zacks Investment Keeps Buy Rating on Firm


C A Y M A N  I S L A N D S

ACUSA LIMITED: Will Hold Final Shareholders Meeting on July 23
ANDROMEDA ENTERPRISES: Final Shareholders Meeting Is on July 23
BELMONT PARK: Will Hold Final Shareholders Meeting on July 23
CAM FOUR: Sets Final Shareholders Meeting for July 23
GREAT MEADOWS: To Hold Final Shareholders Meeting on July 23

KODEX LIMITED: Sets Final Shareholders Meeting for July 23
LAGUNA INVESTMENT: To Hold Final Shareholders Meeting on July 23
LAGUNA INVESTMENT 2004: Final Shareholders Meeting Is on July 23
NICHOLAS LIMITED: Sets Final Shareholders Meeting for July 23
NIHON (CAYMAN): Proofs of Claim Filing Deadline Is July 23

PARMALAT SPA: Expects EUR350 Million EBITDA for 2008
PLATT INVESTMENT: Sets Final Shareholders Meeting for July 23
WEST TEXAS TRADING: Final Shareholders Meeting Is on July 23


C O L O M B I A

ECOPETROL SA: To Discuss Projects With Petroleos de Venezuela
ISAGEN SA: Fitch Affirms BB+ Foreign Curr. Issuer Default Rating


C O S T A  R I C A

HILTON HOTELS: Rose Hall Emerges as New Hilton Portfolio Member


D O M I N I C A N  R E P U B L I C

BANCO INTERCONTINENTAL: Judge Denies Pressure in Fraud Case


J A M A I C A

NAT'L WATER: To Ramp Up Potable Water Trucking to Affected Areas


M E X I C O

BHM TECHNOLOGIES: Committee Wants to Retain Jaffe as Counsel
BHM TECHNOLOGIES: Court Approves Pepper Hamilton as Counsel
BHM TECHNOLOGIES: Court Approves White & Case as Counsel
BHM TECHNOLOGIES: Varnum Responds to U.S. Trustee's Objection
BHM TECHNOLOGIES: Wants Rothschild as Advisor Despite Objection

COOPER TIRE: Moody's Affirms B2 Ratings
GRUPO TMM: Grant Thornton Expresses Going Concern Doubt
SANLUIS CORP: Rep Uno Terminates Cash Purchase Offer
URBI DESARROLLOS: Reaffirms Housing Partnership With Cemex


P U E R T O  R I C O

DORAL FINANCIAL: Puerto Rico Unit Inks Service Pact With FHLMC


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Stop Shipping Oil to US if Exxon Wins
PETROLEOS DE VENEZUELA: To Expand Investments in Bolivia
PETROLEOS DE VENEZUELA: To Discuss Projects With Ecopetrol
PETROLEOS DE VENEZUELA: Dominican Petroleum to Invest in Orinoco
PETROLEOS DE VENEZUELA: Inks Pact With Ecuador to Create Plant


                         - - - - -


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

ALTO PALERMO: To Pay 12th Installment of July 2002 Notes
--------------------------------------------------------
Alto Palermo S.A. said that, on July 21, 2008, it will start the
payment of the 12th installment of interests related to the
Fixed Rate Convertible Notes issued on July 19, 2002.

The details of the payment are:

Payment Agent: Caja de Valores S.A. 25 de mayo 362,
               Buenos Aires, Argentina

Date of effective payment: July 21, 2008

Payment Hours: From 10:00 am to 3:00 pm.

Number of service to be paid: Twelfth installment of interests

Period comprised by the payment: January 15, 2008 or
                                 July 21, 2008

Concept of payment: Interests (100%)

Payment Currency: The payment will be made in argentine pesos
                  using the exchange rate for the vendor
                  published by the Banco de la Nación Argentina
                  on July 18, 2008.

Residual Nominal Principal: 47,227,934

Annual Nominal Interest: 10.00%

Interest being paid: 5.15068493%

Amount to be paid: US$2,432,562.08

Amortization coupon: Not applicable

The interests will be paid to the people at whose name the notes
were registered at least three business days prior to the
payment date in the registry held by the Register Agent.

Alto Palermo S.A. (a.k.a. APSA) operates and develops commercial
centers in Argentina.  It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario.  It represents, in
all, 1,118 shops.  The shareholders of Alto Palermo are
Inversiones y Representaciones S.A. (61.5%) and Parque Arauco
(29.6%), with the rest of the shares trading in the stock market
of Buenos Aires and New York.

                         *     *     *

In May 2008, Fitch Ratings affirmed these ratings of Alto
Palermo S.A.:

  -- Foreign currency issuer default rating at 'B+';

  -- Local currency issuer default rating at 'B+';

  -- US$120 million notes due in 2017 at 'B+/RR4'; and

  -- US$50 million argentine peso-linked notes due in 2012 at
     'B+/RR4'.


BLANQUICELESTE SA: Claims Verification Deadline Is Sept. 26
-----------------------------------------------------------
The court-appointed trustee for Blanquiceleste S.A.'s bankruptcy
proceeding will be verifying creditors' proofs of claim until
Sept. 26, 2008.

The trustee will present the validated claims in court as
individual reports on Nov. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Blanquiceleste 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 Blanquiceleste's
accounting and banking records will be submitted in court on
Dec. 19, 2008.

The debtor can be reached at:

                Blanquiceleste S.A.
                San Martin 140
                Buenos Aires, Argentina


CLAXSON INTERACTIVE: Closes Going Private Transaction
-----------------------------------------------------
Claxson Interactive Group Inc.'s merger with wholly owned
subsidiary Remainco Inc., which was approved on July 14, 2008,
by Claxson's shareholders holding a majority of the voting power
of the company acting by written consent, has completed its
going private transaction as of the close of business on
July 14, 2008.

Pursuant to the merger, all shareholders of Claxson's
outstanding Class A common shares, other than the Class A common
shares held by certain controlling stockholders, consisting of
affiliates of the Cisneros Group of Companies, Hicks Muse,
Roberto Vivo, Chief Executive Officer of the Company, Luis H.
Moreno and related entities (the Group), and those held by
shareholders who properly dissent under British Virgin Islands
law, will receive US$13.75 per share in cash.

As a result of the merger, Claxson has become a privately held
company owned by the Group and has filed a Certification and
Notice of Termination of Registration on Form 15 with the U.S.
Securities and Exchange Commission to deregister its Class A
common shares under the Securities Exchange Act of 1934, as
amended, and terminate its reporting obligations.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including Mexico, Chile, Brazil, Spain and Portugal.
Claxson's principal shareholders are the Cisneros Group of
Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.

                         *     *     *

To date, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.
The rating action was based on the company's balance sheet at
Sept. 30, 2006.


COOPERATIVA DE TRABAJO: Files for Reorganization in Court
---------------------------------------------------------
Cooperativa de Trabajo y Consumo Textil del Oeste Ltda. has
requested for reorganization approval after failing to pay its
liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.


MARTI SACIFEI: Proofs of Claim Verification Is Until Dec. 9
-----------------------------------------------------------
The court-appointed trustee for Marti S.A.C.I.F. e I.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim until Dec. 9, 2008.

The trustee will present the validated claims in court as
individual reports on Feb. 23, 2009, 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 Marti 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 Marti's accounting
and banking records will be submitted in court on April 7, 2009.


RAYO LASER: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Rayo Laser S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.



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

CABLE & WIRELESS: Open to Cell Tower Sharing
--------------------------------------------
The British Virgin Islands subsidiaries of Digicel Ltd. and
Cable and Wireless Plc have expressed support of the Jamaican
government's proposal for sharing cell towers in transmitting
and receiving digital signals across the island, SKNVibes
reports.

SKNVibes notes that the government directed cellular phone
providers to share structures after the islands' residents
complained about proliferation of towers as tall as 100 feet
across the islands.  Communications and Works Minister Julian
Frazer met with CCT Global Communications, Cable & Wireless, and
Digicel last week to resolve issues regarding the construction
of service towers in “inappropriate places” and occupying the
same areas.  Officials from Town & Country Planning and the
Telecommunications Regulatory Commission also attended the
meeting.

According to SKNVibes, Minister Frazer said that the multiple
cell tower issue is a “wanton display or disregard of human
health, safety and well being that should not be allowed to
continue”.  The minister added, “The situation had become so
chaotic that one company placed their poles on a basketball
court within 10 feet of a private residence, another company
placed their pole across the street, literally on the fence of
the first company's property while yet a third pole had been
erected less than 200 yards away from the other two.”  The
minister suggested that the telecom providers should work
together and share the service structures.

Cable & Wireless BVI's Customer Service Vice President Elford
Parsons affirmed after a July 8 conference that the company is
committed to sharing its service towers with other mobile
companies in the island.  Digicel BVI is already negotiating the
sharing of the existing cellular structures, SKNVibes says,
citing Chief Executive Officer Alan Bates.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


DIGICEL: Open to Cell Tower Sharing
-----------------------------------
The British Virgin Islands subsidiaries of Digicel Ltd. and
Cable and Wireless Plc have expressed support of the Jamaican
government's proposal for sharing cell towers in transmitting
and receiving digital signals across the island, SKNVibes
reports.

SKNVibes notes that the government directed cellular phone
providers to share structures after the islands' residents
complained about proliferation of towers as tall as 100 feet
across the islands.  Communications and Works Minister Julian
Frazer met with CCT Global Communications, Cable & Wireless, and
Digicel last week to resolve issues regarding the construction
of service towers in “inappropriate places” and occupying the
same areas.  Officials from Town & Country Planning and the
Telecommunications Regulatory Commission also attended the
meeting.

According to SKNVibes, Minister Frazer said that the multiple
cell tower issue is a “wanton display or disregard of human
health, safety and well being that should not be allowed to
continue”.  The minister added, “The situation had become so
chaotic that one company placed their poles on a basketball
court within 10 feet of a private residence, another company
placed their pole across the street, literally on the fence of
the first company's property while yet a third pole had been
erected less than 200 yards away from the other two.”  The
minister suggested that the telecom providers should work
together and share the service structures.

Cable & Wireless BVI's Customer Service Vice President Elford
Parsons affirmed after a July 8 conference that the company is
committed to sharing its service towers with other mobile
companies in the island.  Digicel BVI is already negotiating the
sharing of the existing cellular structures, SKNVibes says,
citing Chief Executive Officer Alan Bates.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                          About Digicel

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

                         *     *     *

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


INTELSAT LTD: Subsidiary to Offer Senior Notes to Repay Loans
-------------------------------------------------------------
Intelsat, Ltd.'s subsidiary, Intelsat Corporation, intends to
offer an aggregate principal amount of approximately
US$658.1 million of 9-1/4% senior notes due 2014 and an
aggregate principal amount of approximately US$580.7 million of
9-1/4% senior notes due 2016, the net proceeds of which,
together with cash on hand, will be used to repay in full
Intelsat Corp.'s outstanding senior unsecured backstop loan
credit agreements (the Backstop Loans).

The Backstop Loans being repaid with the proceeds of the notes
were incurred in connection with the funding of the change of
control offers required by Intelsat Corp. as a result of the
acquisition of Intelsat Holdings, Ltd., the indirect parent of
Intelsat Corp, by an entity formed by funds advised by BC
Partners Holdings Limited, Silver Lake Partners and certain
other equity investors.

The notes referred to above will be offered to qualified
institutional buyers under Rule 144A and to persons outside the
United States under Regulation S.  The notes will not be
registered under the Securities Act of 1933, as amended, and,
unless so registered, may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act and applicable state securities laws.

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s balance sheet showed total assets of US$12.05
billion, total debts of US$12.77 billion and stockholders'
deficit of US$722.3 million as of March 31, 2008.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$2 billion of new debt instruments issued by
Intelsat, Ltd. through its subsidiary, Intelsat Jackson
Holdings, Ltd.  At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating, Caa1 probability of
default rate and SGL-3 speculative grade liquidity rating while
maintaining the stable ratings outlook.


As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.


INTELSAT: Moody's Puts B3 Rating on Unit's New Debt Instruments
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to approximately
US$1.2 billion of new debt instruments issued by Intelsat
Corporation, an indirect wholly-owned subsidiary of Intelsat,
Ltd.  At the same time, Moody's also affirmed Intelsat's Caa1
corporate family rating, Caa1 probability of default rate and
SGL-3 speculative grade liquidity rating while maintaining the
stable ratings outlook.  The rating action was prompted by
refinance activity resulting from required change of control
offers applicable to debt instruments that were outstanding
prior to Intelsat's recent acquisition by private equity
investors.

This third and final step in a multi-stage transaction, with
steps one and two having been the subject of Moody's June 24,
2008, and July 1, 2008, press releases, in the names of Intelsat
(Bermuda), Ltd., and Intelsat Jackson Holdings, Ltd.,
respectively.

As was the case in the initial two steps, since this transaction
substitutes debt being "put" back to Intelsat Corporation with
similarly sized and structured replacements -- albeit with minor
modifications to coupons that increase by 25 basis points in
each instance -- the transaction is assessed as being neutral to
Intelsat's Caa1 CFR, Caa1 PDR and SGL-3 speculative grade
rating, with no consequent modification to existing ratings or
loss given default assessments of individual debt instruments.
Applicable ratings on debt instruments being completely
refinanced will be withdrawn in due course.  With no change to
the credit profile of the company expected to occur over the
near term, the outlook continues to be stable.

Intelsat Corporation

  -- US$658 million 9.25% Senior Notes due Aug. 15, 2014, Rated
     B3 (LGD3, 32%)

  -- US$581 million 9.25% Senior Notes due June 15, 2016, Rated
     B3 (LGD3, 32%)

Headquartered in Pembroke, Bermuda, Intelsat Ltd. (Intelsat) is
the world's leading fixed satellite service operator and is
privately held by BC Partners Holdings Limited, Silver Lake
Partners and certain other equity investors.



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

* BOLIVIA: Fitch Affirms B- Local and Foreign Currency IDRs
-----------------------------------------------------------
Fitch Ratings affirmed Bolivia's local and foreign currency
Issuer Default Ratings at 'B-'.  The rating outlook is stable.
Fitch has also affirmed the short-term IDR at 'B' and the
country ceiling at 'B-'.

Bolivia's manageable external debt burden following sizeable
write-offs under the Multilateral Debt Relief Initiative and the
country's abundant natural resources support the sovereign's
creditworthiness.  At the same time, severe social, regional,
and political fragmentation as well as widespread poverty and
poor social indicators will constrain Bolivia's ratings to the
'B' category for some time.

“As a result of the Multilateral Debt Relief Initiative, debt
sustainability is not a pressing issue at this time,” Associate
Director in Fitch's sovereign group, Casey Reckman said.  Fitch
forecasts general government debt as a percentage of GDP to
decline to 30% by year-end 2008, nearly on par with the 'B'
median of 29%.  As compared to revenue, Fitch expects general
government debt to equal the 2008 category median of 104%.

Reflecting US$1.17 billion of additional debt relief from the
Inter-American Development Bank and a marked accumulation of
international reserves, Bolivia became an overall net creditor
in 2007.  Given Bolivia's still favorable terms of trade, Fitch
expects this position to continue improving in 2008.
Nevertheless, Bolivia's commodity dependence renders it
vulnerable to external shocks.  The country's 2008 international
liquidity ratio of 900%, which compares favorably to the 'B'
median of 305%, mitigates this concern.

Owing to a favorable external environment, Bolivia's overall
macroeconomic performance remained relatively strong through
2007. Hydrocarbons and extractive sector exports will continue
to support current account surpluses and moderate GDP growth of
4%-5% over Fitch's forecast horizon.  Fitch projects
international reserves excluding gold, already at record levels,
to increase by over US$1.8 billion in 2008, reaching US$6.4
billion by year-end.  However, domestic and external price
shocks as well as rising inflationary expectations have
underpinned a significant increase in inflation, which Fitch
projects will end 2008 at 17.5%.  Fitch is also concerned that
sustained fiscal slippage could lead to a deterioration in
Bolivia's macroeconomic performance.

Despite its vast natural resource endowment, Bolivia is among
the poorest countries in Latin America, a factor which
constrains the sovereign's ratings due to policy implications
and contributions to social unrest.  Institutional weakness also
leaves Bolivia vulnerable to instability as issues including the
direction of macroeconomic policy, regional autonomy, and the
constituent assembly process continue to polarize Bolivian
society.  Although the government's interventionist economic
policy has been popular with President Morales's supporters, the
private sector's vehement opposition represents another
dimension of Bolivia's political, social, and regional conflict.

“Stronger institutions and improvements in the rule of law are
needed to attract investment, sustain growth, and increase
living standards over the medium to long term,” said Mr.
Reckman.

A key credit concern is whether Bolivia's government will
maintain adequate relationships with foreign hydrocarbons
companies to ensure further development of Bolivia's vast
natural gas reserves and sustain export growth.  State
intervention in the sector has reduced incentives for
maintaining and attracting new foreign investment in what is a
dynamic driver of growth and government revenue.  In fact, the
productive capacity of Bolivia's hydrocarbons sector is now
close to full utilization, which in the absence of significant
new investment will limit future export volume growth.

An easing of social tensions which results in improved
governability could benefit creditworthiness.  Similarly, an
adequate policy response to inflationary pressures and an
eventual decline in commodity prices could boost Bolivia's
ratings.  While not Fitch's base case scenario, broader civil
unrest resulting from further intensification of regional and
social divisions could put downward pressure on the sovereign's
ratings.  Sustained fiscal slippage could also undermine
creditworthiness if it jeopardizes the maintenance of
macroeconomic stability and a sustainable debt burden.



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

BRASIL TELECOM: Earns BRL254.4 million in 2008 Second Quarter
-------------------------------------------------------------
Brasil Telecom Participacoes S.A. reported consolidated net
revenue of BRL2,823.3 million in the second quarter of 2008,
2.9% up on the second quarter of 2007.  For the 2008 second
quarter, consolidated net income came to BRL254.4 million, 74.9%
higher than in the 2007 second quarter.

EBITDA reached BRL1,131.9 million in the second quarter of 2008,
16.4% up on the second quarter of 2007.  EBITDA margin stood at
40.1%, 4.6 p.p. higher than the previous year.  For the 2008
second quarter, operating costs and expenses amounted to
BRL2,221.7 million, 7.3% lower than the 2007 second quarter.

BrT Movel's net services revenue for the second quarter of 2008,
totaled BRL422.5 million, 11.0% higher than in the second
quarter of 2007.  BrT Movel's EBITDA stood at BRL29.2 million in
the 2008 second quarter, 462.3% up on the same period the year
before.

BrT Movel reached 5 million mobile users at the end of the 2008
second quarter, 33.1% up on the same quarter of 2007.

ADSL users in service totaled 1,709,800 at the end of the
quarter, up by 17.6% year-on-year.

For the second quarter of 2008, the number of lines in service
totaled 8.1 million, a growth of 0.8% in comparison with the
first quarter of 2008, representing the second consecutive
quarter of growth, although 0.3% lower than in the second
quarter of 2007.

In the 2008 second quarter, Brasil Telecom's investments totaled
BRL812.4 million.  In comparison with the 2007 second quarter,
the investments grew 168.5% mainly due to the 3G license
acquisition and implementation of the new network.  Its 2008
second quarter consolidated net debt stood at BRL1.156.7
million, 8.2% less than in the same quarter of 2007.

On April 30, 2008, Brasil Telecom started offering third
generation mobile telephony services: “3GMais no Celular”, for
cell phones, and “Banda Larga 3GMais no Computador”, for
computers, becoming the first telco to offer fixed and mobile
broadband in a single bundle.

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

                        *     *     *

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


DIRECTV GROUP: Creative Vistas Realizes US$5.6MM on Acquisition
---------------------------------------------------------------
Creative Vistas Inc. has realized approximately US$5.6 million
in cash from the recently-completed sale of its nearly 12% stake
in the cable-servicing firm 180 Connect Inc. to The DirecTV
Group, Inc.

DirecTV acquired all of 180 Connect's common shares for
approximately US$46.7 million.  The acquisition, which was
completed on July 9, 2008, included 3.1 million shares that
Creative Vistas had acquired in an all-stock transaction in
January 2008 at approximately US$2.25 per share. Creative Vistas
noted that the proceeds from this sale will help accelerate its
continued expansion into the U.S. cable industry.  The company
noted that its revenues from the U.S. are expected to grow at a
rapid pace in 2008.  Revenues in the first quarter of 2008 from
US sales were less than US$300,000 and Creative Vistas is
expected to grow this to US$1 million in the second quarter of
2008.  Creative Vistas is continuing to experience high demand
in the US for its residential services.

“DirectTV's acquisition of 180 Connect provides Creative Vistas
with a substantial cash infusion to fund its U.S.-focused growth
strategy,” said Creative Vistas CEO Dominic Burns.  “We expect
this new source of capital will help us accelerate the
development of new business at our Dependable HomeTech Division
in the U.S., which this year has begun providing broadband-
related services such as installation and repair for major cable
system providers serving the largest metropolitan markets in
Louisiana and North Carolina."

                      About Creative Vistas

Based in Ontario, Canada, Creative Vistas Inc. --
http://www.creativevistasinc.com/-- is a leading provider of
broadband-related services as well as security technologies and
systems.  Through its subsidiary Dependable HomeTech, formerly
known as Cancable Inc., Creative Vistas provisions the
deployment and servicing of broadband technologies to the
commercial and residential market in Canada and the U.S. Through
its subsidiaries AC Technical Systems Ltd. and Iview Digital
Video Solutions Inc., it offers proprietary and non-proprietary
technologies to the integrated electronic security and
surveillance market. Its growing list of customers for
broadband-related services include major cable-system operators
in Ontario, Canada and U.S. metropolitan markets including New
Orleans and Baton Rouge, La., and Charlotte, N.C. Its security
and surveillance systems are used by numerous high-profile
clients including government, school boards, retail outlets,
banks and hospitals.

                       About DirecTV Group

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

                          *     *     *

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

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


FIDELITY NAT'L: To Sell Certegy Australia Assets to Flexigroup
--------------------------------------------------------------
Fidelity National Information Services, Inc., has entered into a
definitive agreement with Flexigroup Limited (ASX: FXL) under
which Flexigroup will acquire the operating assets of Certegy
Australia, Ltd., for approximately US$30 million in cash and
other consideration.  Certegy Australia provides retail
lending services to consumers.  As part of the agreement,
Flexigroup will manage on behalf of Certegy Australia the
collection of customer accounts receivable outstanding on the
sale closing date.

The transaction is expected to close in the fourth quarter of
2008.  Based on the anticipated sales proceeds and collection of
receivables, Fidelity expects to realize net cash of
approximately US$160 million, with the majority of the
receivables expected to be collected within 18 months.

“Our decision to exit this business is consistent with our
strategic review of non-core assets in order to better focus our
resources and capital toward providing industry leading
technology solutions to financial institutions,” Fidelity
president and chief executive officer, Lee A. Kennedy stated.
“Similar to the previously announced sale of our gaming
operation, this transaction should drive higher revenue growth,
profitability and free cash flow over time.”

Based in Jacksonville, Florida, Fidelity National Financial,
Inc. (NYSE:FNF) -- http://www.fnf.com/-- provides title
insurance, specialty insurance, claims management services and
information services.  FNF is one of the nation's largest title
insurance companies through its title insurance underwriters --
Fidelity National Title, Chicago Title, Ticor Title, Security
Union Title and Alamo Title -- that issue approximately 28% of
all title insurance policies in the United States.  FNF also
provides flood insurance, personal lines insurance and home
warranty insurance through its specialty insurance business.
FNF also provides outsourced claims management services to large
corporate and public sector entities through its minority-owned
subsidiary, Sedgwick CMS.  FNF is also an information services
company in the human resource, retail and transportation markets
through another minority-owned subsidiary, Ceridian Corporation.

FIS maintains a strong global presence, serving over 7,800
financial institutions in more than 60 countries worldwide,
including Brazil, Chile and Japan.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Moody's Investors Service has confirmed Fidelity
National Information Services' Ba1 corporate family rating and
assigned a stable rating outlook.  This rating confirmation
concludes the review for further possible downgrade initiated on
Oct. 25, 2007, which was prompted by the company's announcement
that the company planned to spin-off its Lender Processing
Services (LPS) division into a separate publicly traded company.
The LPS spin-off was completed on July 2, 2008.

Fitch expects to upgrade these Fidelity ratings:

  -- Issuer Default Rating to 'BB+' from 'BB';

  -- US$900 million secured revolving credit facility to 'BBB-'
     from 'BB+';

  -- Secured term loan to 'BBB-' from 'BB+';

  -- 4.75% senior notes (equally and ratably secured with the
     bank facility) to 'BBB-' from 'BB+'.

Fitch's rating outlook is expected to be stable.


FIDELITY NAT'L: LPS Unit to Report 2nd Qtr. Earnings on Aug. 5
--------------------------------------------------------------
Fidelity National Information Services, Inc., and Lender
Processing Services, Inc., will announce second quarter 2008
financial results after the close of regular market trading on
Aug. 5, 2008.

Management of both companies will host a joint earnings
conference call beginning at 5:00 p.m., Eastern time, on the
same day.  To access the live webcast, go to the Investor
Relations section on the company' homepage at:

    http://www.fidelityinfoservices.com

or at Lender Processing Services Inc.' homepage at:

    http://www.lpsvcs.com.

Research analysts and institutional investors wishing to
participate via the conference call:

   Tel. Numbers: 800-762-4832 (USA)
                 480-248-5088 (International).

A replay of the conference call will be available via webcast
through the companies' respective websites shortly following the
event, and via telephone beginning at approximately 7:00 pm
Eastern time Aug. 5, 2008, through Aug. 12, 2008, by dialing:

   Tel. Numbers: 800-475-6701 (USA)
                 320-365-3844 (International)
   Access code: 953904.

Based in Jacksonville, Florida, Fidelity National Financial,
Inc. (NYSE:FNF) -- http://www.fnf.com/-- provides title
insurance, specialty insurance, claims management services and
information services.  FNF is one of the nation's largest title
insurance companies through its title insurance underwriters --
Fidelity National Title, Chicago Title, Ticor Title, Security
Union Title and Alamo Title -- that issue approximately 28% of
all title insurance policies in the United States.  FNF also
provides flood insurance, personal lines insurance and home
warranty insurance through its specialty insurance business.
FNF also provides outsourced claims management services to large
corporate and public sector entities through its minority-owned
subsidiary, Sedgwick CMS.  FNF is also an information services
company in the human resource, retail and transportation markets
through another minority-owned subsidiary, Ceridian Corporation.

FIS maintains a strong global presence, serving over 7,800
financial institutions in more than 60 countries worldwide,
including Brazil, Chile and Japan.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Moody's Investors Service has confirmed Fidelity
National Information Services' Ba1 corporate family rating and
assigned a stable rating outlook.  This rating confirmation
concludes the review for further possible downgrade initiated on
Oct. 25, 2007, which was prompted by the company's announcement
that the company planned to spin-off its Lender Processing
Services (LPS) division into a separate publicly traded company.
The LPS spin-off was completed on July 2, 2008.

Fitch expects to upgrade these Fidelity ratings:

  -- Issuer Default Rating to 'BB+' from 'BB';

  -- US$900 million secured revolving credit facility to 'BBB-'
     from 'BB+';

  -- Secured term loan to 'BBB-' from 'BB+';

  -- 4.75% senior notes (equally and ratably secured with the
     bank facility) to 'BBB-' from 'BB+'.

Fitch's rating outlook is expected to be stable.


JAPAN AIRLINES: International Unit Reduces Operating Loss
---------------------------------------------------------
Japan Airlines' international unit, Japan Airlines
International, is believed to have reduced its operating loss
sharply in the two months through May, Jiji Press reports.

For the first two months of fiscal 2008, the report relates, the
unit recorded an operating loss of JPY4.9 billion, against
JPY15.4 billion for the same period last year.

Following the unit's result, Japan Airlines's operating balance
for April-June is believed to have improved sharply from the
year-before loss of JPY8.5 billion.

Moreover, JAL International managed to cover higher fuel costs
through futures-based hedge transactions, resulting to a 1%
decrease in operating costs to JPY273.1 billion, the report
says.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


JAPAN AIR: Mulls Exit From Kansai-Heathrow Flights by March '09
---------------------------------------------------------------
Japan Airlines International Company Limited is considering to
abolish flights between Kansai International Airport and
Heathrow Airport by March 2009, as part of the company's plan to
streamline its flight operations in response to surging fuel
costs Jiji Press reports.

The report relates, that the airline, which operates a daily
round-trip flight between Kansai and Heathrow, has suffered low
profitability due to weak demand from business users.

If push through, according to the Press, there will be no more
Japanese international flights to Kansai International Airport,
as Nippon Airways already terminated its flights between Kansai
and European destinations in November 2000.

As for domestic services, JAL plans to scrap flights between
Central Japan International Airport in Aichi Prefecture and
Fukuoka Airport in southern Japan by March 2009, the report
says.

As reported by the Troubled Company Reporter - Asia pacific on
July 14, 2008, Japan Airlines will end its flights to the
Fukushima Airport in late January next year, tolower domestic
passenger flight operations in response to higher fuel prices,
citing JAL officials.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


PARANA BANCO: S&P Places B+ Rating to US$50 Million 3-Year Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+'
foreign-currency debt rating to US$50 million in unsecured,
unsubordinated, three-year notes of Parana Banco S.A. (global
scale: B+/Stable/B, Brazil national scale: brBBB+/Stable/--), to
be issued through its principal office in Brazil.

“The ratings on Parana reflect the bank's challenge to further
diversify its funding base and become less dependent on the
group's resources, and the potential margin pressures in the
medium to long term that could affect profitability,” said S&P's
credit analyst Ricardo Brito.

The bank is still challenged to increase scale while maintaining
adequate asset quality.  The long track record in its niche
market, good profitability, adequate operating efficiency,
ability to increase its credit portfolio despite competition,
and good asset quality ratios partially offset these risks.

Parana Banco is a niche bank, with adjusted assets of BRL1.9
billion (US$1.1 billion) as of March 2008.  The bank's main
niche is payroll discount lending, which represents 92% of the
bank's loan portfolio, serving primarily public-sector
employees.  The bank is challenged to increase its position in
its niche market, facing strong competition in a scenario of
pressured margins.  This makes scale key to sustaining a good
business and financial profile.

The bank's June 2007 IPO brought additional resources that aided
Parana Banco's growth strategy and allowed the bank to access
other institutional investors, improving its deposit growth.
From March 2007 to March 2008, total deposits grew 41% and
represented 76% of total funding.  Also, the bank was able to
access alternative funding sources.  Securitization funds have
become an important source of funding for the bank and
represented 23% of total funding in March 2008.  Even with these
improvements, its main challenge is to keep increasing and
diversifying its funding base to support its loan portfolio
growth.

The bank's profitability is good, with an adjusted return on
assets of 5.1% in March 2008.  Its ability to generate low-risk,
high-margin payroll discount lending and its lean and efficient
structure support this.  Although pressure on its net interest
margin should continue, the bank's ability to expand its credit
operations with adequate risk management while keeping its costs
under control will be important to sustaining its core
profitability.

Asset quality ratios are adequate, with nonperforming loans kept
at manageable levels.  Nonperforming loans to total loans stood
at 2.9% as of March 2008, which S&P considers adequate given the
bank's risk profile.  Net charge-offs have remained low as well,
reaching 1.8% in the same period.  These asset quality
indicators reflect the nature of payroll discount loans to
public employees.

Ratings List:

  -- Counterparty Credit Rating
  -- Global Scale                               B+/Stable/B
  -- Brazil National Scale                      brBBB+/Stable/--

New Rating:

  -- US$50 mil unsecd unsubord notes due 2011      B+

Headquartered in Curitiba, Brazil, Parana Banco --
http://www.paranabanco.com.br/-- is a niche bank in the segment
of payroll discount lending, primarily to public-sector
employees with adjusted assets of BRL1.9 billion (US$1.1
billion) as of March 2008.  The bank is a relevant part of a
broader conglomerate (J. Malucelli), with operations in
different sectors and concentrated in the South of Brazil.
Standard & Poor's does not assign ratings to any company in the
J. Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.


TAM SA: US Export-Import Bank Approves Financing of 4 Aircrafts
---------------------------------------------------------------
TAM S.A. has received the approval from the Export-Import Bank
of the United States of a financial guarantee to support the
financing of four Boeing 777-300ER aircraft contracted with the
company, with deliveries scheduled for this year.

Currently, the B777-300ER is the most efficient twin-engine
commercial aircraft in the market in its category, carrying
approximately 370 passengers in TAM's three class configuration.

TAM's fleet plan forecasts that it will end 2008 with 123
aircraft in operation -- four Boeing B777-300ER, two B767-300ER
and 117 Airbus aircraft.  The company estimates that it will end
2012 with 147 aircraft, maintaining the policy of
standardization and having a young fleet with a low average age.

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

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

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services has lowered
its long-term corporate credit rating on Brazil-based airline
TAM S.A. to 'BB-' from 'BB'.  S&P's outlook is revised to stable
from negative.

On June 23, 2008, TCR-Latin America reported that Fitch Ratings
has affirmed the 'BB' Foreign and Local Currency Issuer Default
Ratings of TAM S.A.  Fitch has also affirmed the 'BB' rating of
its US$300 million senior unsecured notes due in 2017 as well as
the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch has revised its
rating outlook to negative from stable.


UNIAO DE BANCOS: Zacks Investment Keeps Buy Rating on Firm
----------------------------------------------------------
Zacks Investment Research is retaining its “buy” rating on Uniao
de Bancos Brasileiros S.A., a.k.a. Unibanco.

Unibanco represents a good value relative to its strong growth
prospects and also vis-a-vis-Brazilian peers.  The firm will
report second quarter results on Aug. 8.  Zacks Investment is
raising its “EPGDS estimates” to US$13.00 from US$12.75 for 2008
and to US$15.00 from US$14.75 for 2009, due to a change in its
foreign currency assumptions related to depreciation of the U.S.
dollar against the Brazilian real.

Unibanco reported first quarter earnings before nonrecurring
items of BRL741 million, up 28% year over year.  Unibanco should
benefit from a good increase in net interest income on strong
growth in the earning asset portfolio, although the shift to
lower margin, higher quality assets should reduce the margin,
but also help loan loss provisions.  Zacks Investment believes
the dividend is safe.  Unibanco's estimated future growth rate
is above average.

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

                          *     *     *

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



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

ACUSA LIMITED: Will Hold Final Shareholders Meeting on July 23
--------------------------------------------------------------
Acusa Limited will hold its final shareholders meeting on
July 23, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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

The liquidator can be reached at:

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


ANDROMEDA ENTERPRISES: Final Shareholders Meeting Is on July 23
---------------------------------------------------------------
Andromeda Enterprises Inc. will hold its final shareholders
meeting on July 23, 2008, at 10:00 a.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators 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.

Andromeda Enterprises' shareholder agreed on June 23, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


BELMONT PARK: Will Hold Final Shareholders Meeting on July 23
-------------------------------------------------------------
Belmont Park Ltd. will hold its final shareholders meeting on
July 23, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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

The liquidator can be reached at:

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


CAM FOUR: Sets Final Shareholders Meeting for July 23
-----------------------------------------------------
Cam Four will hold its final shareholders meeting on
July 23, 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.

Cam Four's shareholder(s) agreed on June 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Mark Hill and Giles Le Sueur
                 c/o Maples Finance Limited
                 P.O. Box 1093GT
                 Grand Cayman, Cayman Islands


GREAT MEADOWS: To Hold Final Shareholders Meeting on July 23
------------------------------------------------------------
Great Meadows Ltd. will hold its final shareholders meeting on
July 23, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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

The liquidator can be reached at:

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


KODEX LIMITED: Sets Final Shareholders Meeting for July 23
----------------------------------------------------------
Kodex Limited will hold its final shareholders meeting on
July 23, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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

The liquidator can be reached at:

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


LAGUNA INVESTMENT: To Hold Final Shareholders Meeting on July 23
----------------------------------------------------------------
Laguna Investment 2003 Ltd. will hold its final shareholders
meeting on July 23, 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.

Laguna Investment's shareholder(s) agreed on June 11, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Mark Hill and Giles Le Sueur
                 c/o Maples Finance Limited
                 P.O. Box 1093GT
                 Grand Cayman, Cayman Islands


LAGUNA INVESTMENT 2004: Final Shareholders Meeting Is on July 23
----------------------------------------------------------------
Laguna Investment 2004 Ltd. will hold its final shareholders
meeting on July 23, 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.

Laguna Investment's shareholder(s) agreed on June 11, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Mark Hill and Giles Le Sueur
                 c/o Maples Finance Limited
                 P.O. Box 1093GT
                 Grand Cayman, Cayman Islands


NICHOLAS LIMITED: Sets Final Shareholders Meeting for July 23
-------------------------------------------------------------
Nicholas Limited will hold its final shareholders meeting on
July 23, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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

The liquidator can be reached at:

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


NIHON (CAYMAN): Proofs of Claim Filing Deadline Is July 23
----------------------------------------------------------
Nihon (Cayman Islands) Company Ltd.'s creditors have until
July 23, 2008, to prove their claims to Mark Hill and Giles Le
Sueur, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Nihon's shareholders decided on June 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Mark Hill and Giles Le Sueur
                 c/o Maples Finance Limited
                 P.O. Box 1093GT
                 Grand Cayman, Cayman Islands


PARMALAT SPA: Expects EUR350 Million EBITDA for 2008
----------------------------------------------------
Parmalat S.p.A. has released its new guidance for financial year
2008

According to the company, the worsening of the economic and
financial crisis has affected the economic trend of Parmalat
Australia and Parmalat South Africa.  To this situation a major
decline of the Italian market must be added.

Damages suffered by these markets have been only partially
compensated by the positive trend of other subsidiaries and by
the operational actions already implemented and in course
of implementation.

In consideration of the context described above and in absence
of extraordinary events, the new "guidance" for the Group
presents an increase in revenues of 3% respect to 2007, while it
is reasonable to expect that EBITDA of the Group, for this
period, could be approximately EUR350 million, (with a
contraction of 5% approximately respect to 2007).

Parmalat reminds that the Board of Directors will examine the
preliminary data as at June 30, 2008, on July 30, 2008.

                      About Parmalat

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

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

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

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

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

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


PLATT INVESTMENT: Sets Final Shareholders Meeting for July 23
-------------------------------------------------------------
Platt Investment Company Ltd. will hold its final shareholders
meeting on July 23, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, George Town, Grand Cayman,
Cayman Islands.

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

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

The liquidator can be reached at:

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


WEST TEXAS TRADING: Final Shareholders Meeting Is on July 23
------------------------------------------------------------
West Texas Trading Company Ltd. will hold its final shareholders
meeting on July 23, 2008, at 425 Aviation Boulevard, Santa Rosa,
California 95403, USA.

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

West Texas Trading's shareholders agreed on June 4, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Tyler J. Comstock
                Attention: Alan G. de Saram
                Charles Adams, Ritchie & Duckworth
                P.O. Box 709
                Zephyr House, Mary Street
                George Town, Grand Cayman
                Tel: 949-4544
                Fax: 949-8460



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

ECOPETROL SA: To Discuss Projects With Petroleos de Venezuela
-------------------------------------------------------------
Red Mist Media relates that Ecopetrol S.A.'s President Javier
Gutierrez would reportedly be meeting with Petroleos de
Venezuela S.A. representatives to discuss possible projects.

According to Red Mist, Fernando Marin, Colombian ambassador to
Venezuela, reportedly said that his country is set to discuss
with Venezuela to discuss the projects in the Orinoco belt.

Red Mist relates that Colombia is said to have decreasing oil
reserves.  Ecopetrol has been considering plans for global
expansion.

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+'.


ISAGEN SA: Fitch Affirms BB+ Foreign Curr. Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirmed Isagen S.A. E.S.P.'s foreign and local
currency Issuer Default Rating at 'BB+' and 'BBB-',
respectively.  The rating outlook is stable.

Isagen's ratings reflect the company's strong market share
position, its solid commercial strategy, and its partially
diversified portfolio of electricity generation assets located
throughout Colombia.  The ratings also reflect the company's
exposure to regulatory risk and the competitiveness of the
Colombian electricity industry as well as the explicit and
implicit government support.

Isagen's credit metrics are currently strong for the rating
category.  Going forward, the company is expected to increase
leverage to finance its expansion program.  Fitch expects the
company to maintain its leverage ratio in line with the assigned
rating category.  Should the company significantly increase
leverage by issuing unsecured debt without further support from
the Colombian government, it would pressure credit quality,
which in turn could result in a downward rating action.

The company has recently implemented an aggressive growth
strategy that will require significant funding to be financed.
Isagen's largest project is an 800 megawatt dam-based
hydroelectric generation plant in Colombia, which will require
an investment of approximately US$1.1 billion to US$1.4 billion.
Isagen also intends to expand internationally and is actively
studying growth opportunities in Central American and the Andean
region.  As part of this growth plan, the company has signed a
memorandum of understanding to build a coal-fired generation
plant in Panama.  The balance of the company's growth strategy
thus far focuses on increasing generation output from the
company's existing assets.

Isagen's competitive position within the country is bolstered by
its significant market share position and its diversified
portfolio of generation assets.  The company is the third
largest electricity generation company based on installed
capacity, with approximately 16% of the market.  This enables
Isagen to growth both inside Colombia and abroad.  Colombia's
electricity sector, including Isagen, is exposed to droughts.
This risk affects margins and is factored in to the company's
ratings.

The company's commercial strategy is solid and supportive of its
credit profile.  Although the bulk of the company's revenue
comes from selling electric energy, Isagen's commercial strategy
is to diversify its revenue by selling gas and providing energy
solutions to large customers.  Its revenues are considered to be
predictable to some extent as the company strategy is to
contract a significant portion of its electricity production in
the short- to medium-term.  Currently, the company has
contracted with market participants and large customers
approximately 80% of its electricity generation for the next
three years.

Although the regulatory framework is believed to be supportive
of sector participants, recently implemented changes are yet to
be proven.  Capacity reliability charges replaced capacity
payments at the end of 2006.  Reliability charges and capacity
payments are in essence similar.  They differ in that the former
is driven by the new power plants to be constructed and the
latter was based on comparable efficient thermoelectric
generation plants outside the country.  Isagen received
approximately US$86 million on reliability charges revenue
during 2007.

Headquartered in Medellin, Colombia, Isagen S.A. ESP --
http://www.isagen.com.co/-- is a state-controlled electricity
generation company and an energy solution provider and the third
largest electricity generator in Colombia.  The company owns and
operates operates five power plants, four hydroelectric and one
thermal, located in the Departments of Antioquia, Santander and
Caldas.  Isagen has an installed capacity of 2,132 megawatts,
distributed in 1,832 megawatts of hydropower and 300 megawatts
of thermal power that is an equivalent of 16% of the national
interconnected system's total capacity.  In addition, Isagen's
installed capacity is complemented by 150 megawatts acquired
from a Venezuelan interconnection.



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

HILTON HOTELS: Rose Hall Emerges as New Hilton Portfolio Member
---------------------------------------------------------------
The Rose Hall Resort & Spa, A Hilton Resort, following an
extensive US$40 million renovation, has emerged as the newest
member of the Hilton Hotels & Resorts portfolio.  The evolution
of the deluxe beachfront resort, once a legendary 18th century
sugar plantation, includes a new spa and pool environment, and
renovated guest rooms, lobby and restaurant.  Guests of Rose
Hall Resort & Spa will now have access to exclusive Hilton
services and benefits, including the ability to participate in
the award-winning Hilton HHonors(R) guest loyalty program.

“Rose Hall Resort & Spa has long embodied the historic charm and
hospitality made famous by Jamaica,” said Jeff Diskin, senior
vice president of Brand Management at Hilton Hotels & Resorts.
“By pairing Hilton's tradition of hospitality and global travel
experience with the resort's recently-completed contemporary
redesign, full-service amenities and authentic Caribbean
environment, we are delivering the highest quality of service to
each and every one of our guests.”

Rose Hall Resort & Spa remains owned by affiliates of Blackstone
Real Estate Advisors, which also owns Hilton Hotels Corporation.
The resort continues to be managed by LXR Luxury Resorts &
Hotels under a franchise license agreement with Hilton Hotels &
Resorts, a wholly-owned subsidiary of Hilton Hotels Corporation.

As a new member of The Hilton Family of Hotels, Rose Hall Resort
& Spa, is now accessible through Hilton's worldwide reservation
and global distribution systems.  Guests now have the ability to
earn points and miles through Hilton HHonors, the only guest
loyalty program to offer Points & Miles(R) and No Blackout
Dates.  Meeting and event planners can earn Hilton Event Planner
Points by booking a meeting at the resort and Hilton's e-
Advantage and e-Events programs are also now accessible to the
corporate travelers and guests booking meetings there.  Rose
Hall Resort & Spa boasts a total of 14,000 square feet of
meeting space, including the renovated Grand Ballroom and a
variety of panoramic outdoor venues ideal for weddings and
special events.

“We are proud to be part of The Hilton Family and to bring the
unique attributes of our newly redesigned resort alongside the
far-reaching benefits of one of the world's most prestigious
hotel brands,” said Dermot Connolly, general manager at Rose
Hall Resort & Spa.  “Since becoming a resort Rose Hall has
prided itself on providing a truly personalized and inspired
guest experience, a concept that mirrors Hilton's idea that
travel is more than going from point A to point B – it's about
the journey.”

Rose Hall's dramatic transformation has touched every aspect of
the hallmark oceanfront retreat, making it Jamaica's most
sought-after beachfront experience.  Comprehensive renovations
include the top-to-bottom refurbishment of all 488 guest rooms,
remodeled meeting space and restaurants, an innovative Poolscape
experience and the new Soothe Spa.

                         About Rose Hall

Nestled between Jamaica's Blue Mountains and the Caribbean Sea,
the all-inclusive Rose Hall Resort & Spa features 54 holes of
championship golf including a Robert VonHagge 18-hole course,
and Sugar Mill Falls – a spectacular water park with thrill
slide, natural lagoons, terraced pools, “lazy river” and
cascading waterfalls.  The resort also offers a 1,800-foot
stretch of private secluded beach, an exceptional array of
restaurants and bars, lighted tennis courts, Kids Klub and
watersports center.  Rose Hall is located in scenic Montego Bay
just 15 minutes from the airport.

                  About Hilton Hotels & Resorts

With more than 500 hotels and resorts on six continents, Hilton
continues to be an innovative leader in the full-service
hospitality segment and the most recognized global name in the
industry. Hilton's belief that Travel Should Take You Places(R)
celebrates a commitment to the guest experience and to the idea
that travel can and should be transformative.  Hilton's variety
of services, amenities and programs are designed to give guests
more choice and control over their stays so they can be at their
best, 24/7 whether they travel for business or leisure.  Each
unique Hilton hotel and resort was designed to reflect the sense
of place of its location; each team member chosen to reflect the
local culture and community.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


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

BANCO INTERCONTINENTAL: Judge Denies Pressure in Fraud Case
-----------------------------------------------------------
The Dominican Republic's Chief Justice Jorge Subero has denied
that the Penal Chamber has been pressured when it upheld the
prison sentence against former Banco Intercontinental officials
in the bank's fraud case, Dominican Today reports.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2008, the Supreme Court agreed with the National
District Court of Appeals' decision of upholding the 10-year
prison sentence it imposed against Marcos Baez Cocco and Luis
Alvarez Renta.  The prosecution had appealed the sentences
against the Banco Intercontinental officials and also appealed
Vivian Lubrano del Castillo's acquittal, seeking six years in
prison.

The attorneys for Messrs. Figuero and Renta will appear before
Justice Saulo Alexis Ysabel Diaz in the Courthouse of Ciudad
Nueva.  As previously reported, defense lawyer Vinicio Castillo
said Mr. Figueroa will go to jail as soon as Justice Diaz
notifies him of the sentence.  The defense lawyers also asked
for the Justice Ministry's protection and physical guarantee for
Mr. Figueroa during his imprisonment.

Located in the Dominican Republic, Banco Intercontinental,
a.k.a. Baninter, collapsed in 2003 as a result of a massive
fraud and a resulting deficit of US$2.2 billion.  As a
consequence, all of its branches were closed.  The bank's
current and savings accounts holders were transferred to the
bank's new owner -- Scotiabank.  The bankruptcy of Baninter was
considered the largest in world history, in relation to the
Dominican Republic's Gross Domestic Product.  The resulting
deficit was equal to 12% to 15% of the country's national GDP.
It costs Dominican taxpayers DOP55 billion and resulted to the
country's worst economic crisis.



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

NAT'L WATER: To Ramp Up Potable Water Trucking to Affected Areas
----------------------------------------------------------------
The National Water Commission of Jamaica will ramp up the
trucking of potable water to areas affected by drought.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2008, recent drought conditions have affected 10% of
The Commission's 460 water systems all across Jamaica.  The
Commission said these areas are badly affected:

          -- St. Catherine,
          -- Clarendon,
          -- Portland,
          -- St. Thomas, and
          -- St. Elizabeth.

The Jamaica Gleaner relates that rainfall across sections of
Jamaica was lower than average in May and June, supposedly among
the wettest periods of the year.  This has increased the need
for The Commission's services.

According to The Gleaner, The Commission said it has launched
initiatives to meet the increased demand on its water-supply
systems in the areas.  Among strategies The Commission used to
lessen overuse, wastage, and leakage are valve regulation and
scheduled rationing.  The Commission will also implement
measures to extract maximum yields from all available sources.

The National Water Commission is a statutory organization
charged with the responsibility of providing potable water and
wastewater services for the people of Jamaica.

                        *     *     *

The National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.

Jamaican citizens have been complaining to the commission about
water disruptions in their communities, resulting to
restrictions of water use.


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

BHM TECHNOLOGIES: Committee Wants to Retain Jaffe as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of BHM
Technologies Holdings, Inc., and its debtor-subsidiaries seeks
the approval of the United States Bankruptcy Court for the
Western District of Michigan on its selection of Jaffe, Raitt,
Heuer & Weiss, P.C., as counsel.

Martin Seward, chairman of the Creditors Committee, says the
panel has selected Jaffe as counsel because of the firm's
extensive general experience and knowledge, and its recognized
expertise in the field of debtor's and creditors' rights,
business reorganizations under Chapter 11 of the Bankruptcy
Code, and unsecured creditors committees' rights and duties.

Jaffe will assist the Committee in fulfilling the functions
described in Section 1103(c) of the Bankruptcy Code and other
functions as may be required or permitted of the Committee
pursuant to the Bankruptcy Code.

Judith Greenstone Miller, Esq., a member of the firm, says his
firm does not hold or represent an interest adverse to the
Debtors' estate in the matters upon which Jaffe is to be
employed.

Jaffe will charge the Debtors' estates at its standard hourly
rates and will seek reimbursement of necessary out-of-pocket
expenses.  The firm's standard rates are:

      Professional               Position        Hourly Rate
      ------------               --------        -----------
      Jay L. Welford             Partner          US$385
      Thomas E. Coughlin         Partner             335
      Judith Greenstone Miller   Partner             360
      Louis P. Rochkind          Partner             455
      Richard Kruger             Partner             285
      Alicia Schehr              Partner             250
      Paige Barr                 Associate           200
      Paul Hage                  Associate           185
      Maureen E. Chapman         Paralegal           160

Jaffe will apply to the Court for allowance of compensation and
reimbursement of expenses in accordance with applicable
provisions of the Bankruptcy Code, Federal Rules of Bankruptcy
Procedure, local rules and orders of this Court.

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

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

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Court Approves Pepper Hamilton as Counsel
-----------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan approved the request of BHM Technologies Holdings, Inc.
and its debtor-subsidiaries to hire Pepper Hamilton LLP.

Robert S. Hertzberg, Esq., partner at Pepper Hamilton, and co-
chair of the firm's Corporate Reorganization and Bankruptcy
Practice Group, says the firm engaged in discussions with the
Office of the U.S. Trustee.  They have agreed that:

   a. Pepper will review its client database with respect to all
      of the Debtors' scheduled creditors, except that Pepper
      will not review its client database with respect to the
      Debtors' employees, who may be scheduled creditors.

   b. Pepper has agreed to charge one half of its normal billing
      rates for non-working travel.

   c. Pepper will not represent any party other than the Debtors
      in the Debtors' bankruptcy cases.

The conflicts check identified about 20 parties-in-interest that
Pepper Hamilton previously or presently has provided services.
The firm, however, assures the Court that Pepper Hamilton's
representation of those parties were in matters unrelated to the
Debtors' cases.

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

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

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Court Approves White & Case as Counsel
--------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan approved the request of BHM Technologies Holdings, Inc.
and its debtor-subsidiaries to hire White & Case LLP as their
special litigation counsel.

Dwight Healy, Esq., member at White & Case states that his firm
and the United States Trustee have negotiated a resolution of
the Trustee's objection to the firm's retention.

Mr. Healy says that the U.S. Trustee has agreed to withdraw its
objection to the Application provided that White & Case agrees
that it will:

   a) run a conflict search on all parties listed in the
      Debtors' or Debtors' related schedule or are entitled to
      notice in any of the Debtors' cases;

   b) disclose any connections with such parties in a further
      supplemental declaration;

   c) not repeat any such connected parties in matters relating
      to these cases; and

   d) charge one-half its standard hourly rates for non-working
      travel time.

Mr. Healy adds that White & Case has agreed to the U.S.
Trustee's terms.

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

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

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Varnum Responds to U.S. Trustee's Objection
-------------------------------------------------------------
Mary Kay Shaver, Esq., at Varnum, Riddering, Schmidt & Howlett
LLP, says that on June 17, 2008, representatives for Varnum,
Pepper Hamilton LLP, and Habbo Fokkena, United States Trustee
for Region 9, held a meeting and discussed the issues raised by
the Trustee.

BHM Technologies Holdings, Inc., and its debtor-subsidiaries
are seeking permission from the United States Bankruptcy Court
for the Western District of Michigan to hire Varnum, Riddering
as their corporate counsel and conflicts counsel.

The Trustee objects to Varnum, Riddering for these reasons:

   (1) Varnum has been retained as conflicts counsel, but
       neither the Pepper Hamilton LLP application nor the
       Varnum application contain an explanation of what would
       constitute a conflict that would be referred to Varnum.

   (2) Varnum did not run conflicts checks against all parties-
       in-interest in the Chapter 11 cases.

   (3) According to the affidavit, Varnum has 40 current and 41
       former clients who are connected with BHM's case.  These
       are more connections than Pepper Hamilton has.  The U.S.
       Trustee requests more time to explore with the Debtors
       and its attorneys, how Varnum could be conflicts counsel
       given its number of potential conflicts.

   (4) On May 7, 2008, BHM sued the former shareholders and
       directors of BHM, alleging that the current BHM was
       misled about the value of BHM so that BHM paid “millions”
       of dollars too much for BHM.  According to the Varnum
       affidavit, it is possible that Varnum represented these
       defendants; but Varnum no longer represents these
       persons.  The U.S. Trustee believes the defendants are
       currently represented by Law Weathers but does not know
       whether these defendants are in fact the same clients
       that Varnum formerly represented, and if so, when this
       representation ceased and what Varnum's role was in this
       litigation.

   (5) Varnum owns Varnum Consulting, which is not currently
       employed by the Debtors nor is a creditor.  Varnum's
       affidavit leaves open the possibility that Varnum
       Consulting has done work for the Debtors in the past and
       has been paid in full.

   (6) Once the U.S. Trustee understands the scope of Varnum's
       anticipated duties, it would request additional time to
       review the proposed fees with the Official Committee of
       Unsecured Creditors and its counsel.

Ms. Shaver relates that it has settled concerns by the U.S.
Trustee on:

    (i) Varnum's role as conflicts counsel;

   (ii) the firm's proposed fees, by, among other things,
        charging one-half of its normal hourly fee for non-
        working travel time;

  (iii) whether the firm's unit Varnum Consulting performed work
        for the Debtors prepetition; and

   (iv) Conflicts check against all parties-in-interest in the
        Chapter 11 cases.

Michael Wooldridge, Esq., a member of Varnum, relates that the
firm has performed conflicts check with potential parties-in-
interest, the firm has determined that no engagement with
interest parties has involved either the billing of fees in
excess of 0.5% of Varnum's annual fees billed, or that, in the
aggregate for any affiliated group of entities, exceeds 1% of
Varnum's annual fees billed.

With respect to concerns of potential conflict of interest due
to Varnum's prior representation of the former shareholders of
BHM Technologies, LLC, in the sale of BHM Technologies' company
interests to BHM Technologies Holdings, Inc., Ms. Shaver
recounts that Varnum began representing The Brown Corporation of
America, a predecessor to BHM Technologies Holdings, Inc., in
1992.

The firm continued to represent The Brown Corporation of America
after its merger with Midwest Stamping & Manufacturing Co., in
2005.  In 2006, Morton Welding Holdings, Inc., Heckethorn
Holdings, Inc. and The Brown Corporation of America became
wholly-owned subsidiaries of BHM Technologies, LLC.  BHM
Technologies' company interests were sold to BHM Holdings
pursuant to the Purchase Agreement.

On Aug. 22, 2007, BHM Holdings gave notice to the Former
Shareholders of an indemnification claim under the Purchase
Agreement, and the Former Shareholders asked Varnum to represent
them.  Varnum had not performed legal services for BHM Holdings,
and was given consent to represent the Former Shareholders in
negotiations with BHM Holdings.

Ms. Shaver says that in its representation, Varnum drafted the
Former Shareholders' initial response to the Indemnification
Claim, briefly reviewed information voluntarily provided by BHM
Holdings to the Former Shareholders, assisted the Former
Shareholders with the negotiation of a tolling agreement,
drafted a supplemental response to the Indemnification Claim and
prepared a memorandum for the Former Shareholders.

Ms. Shaver adds that once it became apparent that BHM Holdings
was going to be a Debtor in these cases, and prior to the filing
of the petitions, Varnum and the Former Shareholders concluded
the engagement and the Former Shareholders engaged the firm,
Law, Weathers & Richardson.

After the representation was concluded and Law, Weathers &
Richardson was engaged, BHM Holdings filed a complaint against
the Former Shareholders.  Varnum has no role in this litigation
and will not represent the Former Shareholders against BHM
Holdings or BHM Holdings against the Former Shareholders.
Varnum submits that there is no actual or potential conflict
arising from its representation of the Former Shareholders.

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

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

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Wants Rothschild as Advisor Despite Objection
-------------------------------------------------------------
BHM Technologies Holdings, Inc., its debtor-subsidiaries and
Rothschild Inc., in a joint response, ask the United States
Bankruptcy Court for the Western District of Michigan to approve
the application of the firm as their investment banker and
financial advisor, despite objections by the U.S. Trustee,
Lehman Commercial Paper, Inc., and the Official Committee of
Unsecured Creditors.

Proposed counsel for the Debtors, Leon R. Barson, Esq., at
Pepper Hamilton LLP, in Philadelphia Pennsylvania, relates
Rothschild was instrumental in negotiating the plan of
reorganization agreed upon by the Debtors, the Debtors' equity
sponsor and the Debtors' first- and second-lien lenders
contemplated by the term sheet and support agreement, the “Term
Sheet” that resulted in the Debtors' smooth landing into Chapter
11.  Rothschild was the primary point person for negotiations
with the Debtors' various constituents.

Although the Debtors and their largest constituents have entered
into the Term Sheet, Rothschild's assistance is still necessary
for the successful confirmation and consummation of the proposed
plan of reorganization, Mr. Barson relates.  Most importantly,
Rothschild is assisting the Debtors with finding exit financing,
an important task that requires the expertise of investment
bankers familiar with restructurings of this type.

Mr. Barson adds Rothschild also continues to act as the primary
negotiator for the Debtors with respect to the Debtors' first-
and second-lien lenders and the Committee with respect to plan-
related issues.  Rothschild has unique knowledge concerning the
Debtors, their businesses and their ongoing effort to
restructure that is central to those continuing projects and
would be difficult, if  not impossible, to duplicate in a timely
manner.

Lehman's objection is an attempt to extract concessions from
Rothschild after accepting the benefit of the firm's services
both before and after the Debtors commenced the Chapter 11
cases.  Lehman is aware of Rothschild's role in the Debtors'
restructuring, having interacted with Rothschild in connection
with the development and negotiation of the Term Sheet and
having approved a budget that included Rothschild's fees in
connection with the Debtors' debtor-in-possession financing.

Rothschild services are necessary and are not duplicative of the
services provided by AlixPartners LLP, and the terms of
Rothschild's retention are reasonable in all respects.  Each of
the objections raised by Lehman, the Committee and the U.S.
Trustee is without merit and should be overruled in its
entirety.

According to Mr. Barson, Lehman has waived its right to object
to Rothschild's retention and fees.  He notes that Lehman has
long been aware of Rothschild's role in this restructuring,
having interacted with Rothschild in connection with the
development and negotiation of the Term Sheet since March 3,
2008.  According to him, not once during the months since Lehman
became aware of the Rothschild's engagement did Lehman express
any objection to, or concern with, the fees of the firm.  It
notes that the DIP Agreement, for which Lehman is a party,
provides for the full payment of Rothschild's fees.

Mark Thompson, Esq., at Simpson Thacher & Bartlett LLP, counsel
to Lehman, refutes the Debtors' claim that Lehman did not
express any objection to Lehman's fees.

Mr. Thompson says that on multiple occasions, both prepetition
and postpetition, he has to personally express to the Debtors'
counsel, Lehman's objection and the lenders for whom it acts as
administrative agent, to the fees being sought by Rothschild.

Mr. Thompson also said Lehman previously conveyed to the
Debtors' representatives that Lehman will object to the
retention and compensation of Rothschild because there was
considerable dissatisfaction among the lenders with the way
Rothschild had performed its services since the inception of its
engagement.

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

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

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COOPER TIRE: Moody's Affirms B2 Ratings
---------------------------------------
Moody's Investors Service affirmed Cooper Tire & Rubber
Company's Corporate Family and Probability of Default Ratings at
B2; lowered the ratings of the unsecured notes to B3 from B2;
and changed the company's outlook to stable from positive.  The
company's Speculative Grade Liquidity Rating remains at SGL-2.

The change in outlook to stable incorporates the company's
recent statement of production cuts at its North American
facilities during the second quarter of 2008 due to decreased
demand and projected shortages of certain raw materials.

Higher gasoline prices dampened consumer driving trends in 2008
resulting in lower miles driven and thus lower demand for
replacement tires.  This trend is expected to continue at least
over the near-term.  As such, Cooper Tire's credit metrics are
expected to continue to soften through 2008.

However, at some point replacement demand is expected to recover
due to pent up demand and consumer safety concerns.  The
likelihood of this eventual rebound is incorporated in the B2
Corporate Family Rating.  Cooper Tire continues to move
production to lower cost regions with a recent investment
statement in Mexico.

Further expectations of continuing market deterioration in North
America beyond the near-term would result in a lowering of the
outlook or ratings.  The downgrade of the ratings for the
unsecured notes to B3 results from lower distressed recovery
expectations given current domestic economic conditions and the
notes' position below the secured asset based revolving credit
facility.

Cooper Tire's Speculative Grade Liquidity rating of SGL-2
continues to represent good liquidity over the next 12 months.
At March 31, 2008 the company had US$315 million of cash, cash
equivalents, and short term investments on its balance sheet.
Current industry pressures will likely result in negative free
cash flow for 2008.

However, the company exercised its put option associated with
its investment in Kumho Tire Co., Inc. in March 2008 and intends
to monetize this investment, which was valued at about US$107
million as of March 31, 2008.  There are no financial covenants
under the company's US$200 million asset based revolver nor the
US$125 million accounts receivable securitization facility.

As of March 31, 2008, Cooper Tire had additional borrowing
capacity of US$297.8 million under the combined asset based
revolver and accounts receivable securitization facility.
Cooper also has some ability to develop incremental alternate
liquidity under the lien baskets of its unsecured notes.

Ratings affirmed:

  -- Corporate Family Rating, B2
  -- Probability of Default, B2
  -- Speculative Grade Liquidity, SGL-2
  -- Shelf filing for preferred stock at (P)Caa1 LGD6 97%

Ratings lowered:

  -- Senior Unsecured Notes to B3, LGD4 66% from B2, LGD4, 56%

  -- Shelf filing for unsecured notes, to (P)B3, LGD4 66% from
     (P)B2 ,LGD4, 56%

The last rating action was on Aug. 17, 2007 at which time the
outlook was changed to positive from stable.  Cooper Tire's
revolving credit facility is not rated.

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

Cooper Tire & Rubber Company disclosed an agreement to invest in
a tire manufacturing facility in Guadalajara, Mexico.  The
facility will be jointly owned by Cooper Tire, a Mexican holding
corporation (IBSA), and Cooperativa TRADOC SRL, employee owners
of the Occidente facility.  Cooper Tire ownership in this
facility is 38 percent at an investment of US$31 million.
Revenues in 2007 were approximately US$2.9 billion.


GRUPO TMM: Grant Thornton Expresses Going Concern Doubt
-------------------------------------------------------
Grant Thornton, S.C., has raised substantial doubt about the
ability of Grupo TMM, S.A.B, to continue as a going concern
after it audited the company's financial statements for the year
ended Dec. 31, 2007.  The auditing firm pointed to the company's
sustained substantial losses from continuing operations during
the past five years.

Although Grupo TMM reduced its debt and financial expense in a
material way in 2005 and 2006, and improved its income on
transportation, it experienced a net loss in both 2006 and 2007.
The company's ability to continue as a going concern is subject
to its ability to generate sufficient profits and/or obtain
necessary funding from outside sources and there can be no
assurance that it will be able to generate such profits or
obtain such funding.

For the year ended Dec. 31, 2007, the company incurred a net
loss of US$66,900,000.  For the years ended Dec. 31, 2006, and
2005, the company's net income was US$70,400,000 and
US$175,500,000, respectively, resulting mostly from its sale of
Grupo TFM to KCS.  If the company had not sold Grupo TFM to KCS,
it may have experienced losses in 2005 and 2006. In addition,
during the years ended Dec. 31, 2004, and 2003, the company
incurred a net loss of US$99,900,000 and US$84,700,000,
respectively. If the comnpany is unable to maintain
profitability and generate positive cash flow, it may not be
able to continue its operations.

The company posted a net loss of US$66,912,000 on total
transportation revenues of US$303,256,000 for the year ended
Dec. 31, 2007, as compared with a net income of US$70,417,000 on
total transportation revenues of US$248,148,000 in the prior
year.

At Dec. 31, 2007, the company's balance sheet showed
US$662,174,000 in total assets and US$543,312,000 in total
liabilities, resulting in US$118,862,000 stockholders' deficit.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2f7a

Under Mexican law, when a company has accumulated losses in
excess of two-thirds of its capital stock, any third party with
legal interest may request the corresponding judicial
authorities to declare the dissolution of the company.  In Grupo
TMM's audited report for the year ended Dec. 31, 2004, our
independent auditors expressed substantial doubt about its
ability to continue as a "going concern."  This situation no
longer existed in 2005 when the company obtained enough net
income to absorb all accumulated losses.  However, in the
company's audited report for the periods ended Dec. 31, 2006,
and Dec. 31, 2007, the company's independent auditors again
indicated that a substantial doubt exists as to its continuation
as a going concern because it had sustained substantial losses
from continuing operations during the past five years.

                        About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.


SANLUIS CORP: Rep Uno Terminates Cash Purchase Offer
----------------------------------------------------
Rep Uno, S.A. de C.V., a subsidiary of Sanluis Corporacion,
S.A.B. de C.V., is terminating its offer to purchase for cash
any and all outstanding 8% Guaranteed Notes due 2010 (SISA
Notes) issued by SANLUIS Co-Inter S.A., a Mexican corporation,
and the related solicitation of consents from holders of SISA
Notes.

The expiration date for the SISA Note Offer and the Consent
Solicitation is July 15, 2008, and certain conditions described
in the Offer to Purchase have not been met.  Rep Uno will not
accept for purchase any tendered SISA Notes and will instruct
the depositary promptly to return SISA Notes deposited by or on
behalf of holders of SISA Notes.

Rep Uno has retained Morgan Stanley & Co. Incorporated to serve
as dealer manager and solicitation agent for the tender offer
and consent solicitation, Global Bondholder Services Corporation
to serve as the information agent and The Bank of New York to
serve as the depositary.  Questions regarding the tender offer
and consent solicitation may be directed to Morgan Stanley & Co.
Incorporated at (+1-212) 761-5384 or (800) 624-1808 (U.S. toll
free).  Requests for documentation may be directed to the
information agent at (+1-212) 430-3774 for banks and brokers and
(866) 873-5600 (U.S. toll free) for all others.  Questions may
also be directed to Sanluis's Investor Relations department, to
the attention of Antonio Olivo, at (+1-52-55) 5229-5844.

Headquartered in Mexico, Sanluis Corporacion, S.A.B De C.V., is
formerly known as Sanluis Corporacion S.A. de C.V.  The Group's
principal activities are manufacturing and selling automobile
suspension parts and brake components.  The Suspensions business
segment includes selling multi-leaf springs and parabolic leaf
springs, coil springs, torsion bars and stabilizing bars.  The
Brakes business segment includes selling rotors, disks, drums
and hubs for brake systems.  Clients include DaimlerChrysler,
Ford, General Motors, Agrale, Honda, Mitsubishi, Nissan, Scania,
Toyota, Volkswagen, Dana, Delphi, PBR, and TRW.  It operates
mainly in the United States, Mexico, Brazil and Canada.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 19, 2008, Fitch Ratings has placed on Rating Watch Negative
SANLUIS Corporacion, S.A. de C.V.'s 'B-' Foreign and Local
Currency Issuer Default Rating, its 'B-' Senior Secured
Restructured Credit Facility rating, its 'RR4' recovering
rating, its 'CCC+' Mandatory Convertible Notes rating, 'CCC+'
Debenture Notes rating and its 'RR5' recovery rating.


URBI DESARROLLOS: Reaffirms Housing Partnership With Cemex
----------------------------------------------------------
For nine consecutive years, Cemex S.A.B. de C.V. and Urbi
Desarrollos Urbanos S.A.B. de C.V have reaffirmed their
productive partnership and agreed to combine their leadership
and experience to promote economic housing in Mexico, generating
programs of joint participation in order to design investment
schemes in infrastructure, as well as to promote initiatives
that contribute to the improvement of Mexico's Sustainable
Development Model recently announced by Urbi.

In an event held at Valle Las Palmas, the first sustainable
community that responds to the long-term growth forecasts of the
city of Tijuana by the year 2030, members of executive
management of both companies met; including Cemex Chairperson of
the North American Region and International Commerce, Francisco
Garza and Urbi's Chairperson and Chief Executive Officer,
Cuauhtemoc Perez, who shared the same views on the strategic
vision of renewing their productive partnership.

In that regard, Mr. Garza said, “We are proud to be Urbi's
partners, of being able to talk about it in other parts of the
world and especially in Mexico since Urbi has become an icon of
doing things differently, of seeking, and working under
innovative processes promoting cost efficiency; today we can see
it clearly reflected in a concise and detailed work agenda.”

Mr. Garza added, “We share the search for innovation with Urbi,
in order to find successful formulas where the participation and
experience of both companies generate benefits, especially for
the final client.  By renewing our commitment of promoting the
development of economic housing and its mass production, in
addition to being a wise business choice, it represents a strong
support to Mexico's economy and the low-income population.”

Mr. Perez mentioned, “We are excited that, as always, Cemex
joins in with its strength and leadership with initiatives that
provide complete solutions to our clients, such as the economic
housing projects in Valle Las Palmas, where we aim at channeling
the subsidies and attracting public and private investment,
fostering social and economic development as a means to drive
environmental balance through efficiency, which is an inherent
benefit of long-term planning.”

Through almost one decade, both companies have developed
products in conjunction that promote research, development of
new products and solutions that benefit Mexico's housing
industrialization.

    Innovation and promoting the environment improvement

The innovation and efficiency in the processes of use of
materials have allowed Urbi to improve its products and give a
wider access of its homes to segments with an income level under
4 minimum wages, epitomized by Valle Las Palmas, where both
companies utilized an innovative process for the construction of
its main road, which will become a high-traffic highway with a
design that integrates a public transportation route.

Under the reaffirmation of this alliance, managers from Cemex
and Urbi supervised the progress of one of Valle Las Palmas'
most important equipment jobs: the main boulevard that will be
built with pavement made of hydraulic concrete, which, due to
its technical features and design, diminishes the heat
accumulation in the area; additionally, its light color allows
the optimization of the energy for street lighting by better
reflecting light.  On the other hand, it requires minimal
maintenance, which avoids traffic jams, diminishes the
consumption of combustible and the emission of polluting gases.

In addition, it is worth highlighting that this construction
will reuse materials extracted from the site to manufacture
concrete for other constructions.  This initiative becomes part
of the actions fostering the sustainable development model,
which also allows the environmental benefit through efficiency
in the construction processes.

Besides the managers already mentioned, the following people
were also present at this event: from Cemex, Jaime Elizondo,
Chairman of Cemex Mexico; Hector Velazquez, Vice-president of
Cemex Concrete; Juan Castro, Vice President of Commercial Cemex.
From Urbi, signing this partnership were Netzahualcoyotl Perez,
Executive Director of Urbi; Javier Moreno, Director of Strategic
Promotion of Urbi, and Luis Rotter, Managing Director of
Corporate Construction of Urbi, as well as other executives from
both companies.

                           About Cemex

Headquartered in Mexico, CEMEX S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries
throughout the world, including Argentina, Colombia and
Venezuela.  Commemorating its 100th anniversary in 2006, CEMEX
has a rich history of improving the well-being of those it
serves through its efforts to pursue innovative industry
solutions and efficiency advancements and to promote a
sustainable future.

                            About Urbi

Founded in 1981 in Mexicali, Baja California, Urbi Desarrollos
Urbanos, S.A.B. de C.V -- http://www.urbi.com/-- is the third-
largest homebuilder in Mexico.  The company builds and sells
houses mainly in the states of Baja California, Sonora, Sinaloa,
Chihuahua, Nuevo Leon, Aguascalientes, Jalisco, and Mexico
City's metropolitan area.  The company specializes in affordable
entry-level and low middle-income housing, although it also
participates in high middle-income and upper-income housing
segments.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2008, Fitch Ratings has affirmed the 'BB' foreign and
local currency issuer default ratings of Urbi Desarrollos
Urbanos, S.A.B. de C.V., as well as the 'BB' rating of the
company's US$150 million senior notes due 2016.  In conjunction
with this rating action, Fitch has downgraded the short- and
long-term national scale ratings to 'F2(mex)' from 'F1(mex)' and
'A(mex)' from 'A+(mex)'.  Fitch's outlook on all ratings is
stable.



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

DORAL FINANCIAL: Puerto Rico Unit Inks Service Pact With FHLMC
--------------------------------------------------------------
Doral Bank Puerto Rico, Doral Financial Corporation's wholly
owned banking subsidiary, on July 11, 2008, executed an Interim
Servicing Agreement with the Federal Home Loan Mortgage
Corporation for the servicing of a portfolio of approximately
46,132 single-family mortgage loans amounting to approximately
US$3.85 Billion Freddie Mac loans (the Interim Portfolio).

The Bank will provide servicing for the Interim Portfolio until
such time as Freddie Mac determines to transfer servicing of the
Interim Portfolio, which is expected to be no less than 24
months.  The Bank will receive for each accounting cycle a fee
for servicing the mortgages in existence on the first day of
each month during the term of the Agreement.  The Bank will also
receive other ancillary fees related to the transfer of the
Interim Portfolio from a previous servicer and the reimbursement
of certain advances for the servicing of the Interim Portfolio

The bank will announce a conversion date within the next 30
days.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007.  S&P said the outlook is stable.



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

PETROLEOS DE VENEZUELA: To Stop Shipping Oil to US if Exxon Wins
----------------------------------------------------------------
Dow Jones Newswires reports that Venezuelan President Hugo
Chavez has threatened to stop Petroleos de Venezuela S.A.'s oil
shipments to the U.S. if Exxon Mobil Corp. succeeds again in
freezing the firm's accounts outside the country.

As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2008, Petroleos de Venezuela was barred from taking or
disposing of up to US$12 billion in petroleum assets worldwide
after courts in Britain and the U.S. ordered freezing of those
assets.  Exxon Mobil sought the ruling amid reports that
Petroleos de Venezuela could be looking to sell assets to
counter financial crisis.  Petroleos de Venezuela was able to
win that case last March.

According to Dow Jones, Venezuelan Oil Minister Rafael Ramirez
said in June that Petroleos de Venezuela is still disputing an
Exxon Mobil-led US$12 billion asset freeze in Dutch courts.

Dow Jones relates that President Chavez said during the V
PetroCaribe summit, "If they freeze us, there's no more oil for
the United States, and the price of crude will go to US$300 a
barrel."

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: To Expand Investments in Bolivia
--------------------------------------------------------
Petroleos de Venezuela S.A. will expand its investments in
Bolivia by injecting US$883 million in exploration and
development of new oil and gas deposits over the next five
years, El Universal reports, citing Bolivian Minister of
Hydrocarbons Carlos Villegas.

The report says that US$242 million would be used in north La
Paz while the remaining US$641 million in south Bolivia by means
of Petroandina, a joint venture organized by Pdvsa and state-own
Yacimientos Petroliferos Fiscales Bolivianos.  Earlier this
year, El Universal adds, Pdvsa made an initial investment of
US$600 million under the partnership.

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: To Discuss Projects With Ecopetrol
----------------------------------------------------------
Red Mist Media relates that Petroleos de Venezuela S.A.
representatives would reportedly be meeting with Ecopetrol
S.A.'s President Javier Gutierrez to discuss possible projects.

According to Red Mist, Fernando Marin, Colombian ambassador to
Venezuela, reportedly said that his country is set to discuss
with Venezuela to discuss the projects in the Orinoco belt.

Red Mist relates that Colombia is said to have decreasing oil
reserves.  Ecopetrol has been considering plans for global
expansion.

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: Dominican Petroleum to Invest in Orinoco
----------------------------------------------------------------
DR1 Newsletter reports that Dominican Petroleum Refinery will
invest in a joint venture with Petroleos de Venezuela S.A. to
explore and exploit an area of the Orinoco River in Venezuela.

According to DR1, Dominican Republic's President Leonel
Fernandez said he had reached an accord with Venezuela's
President Hugo Chavez for Venezuela to participate in the
exploration and exploitation of bauxite in Pedernales, Dominican
Republic.  The bauxite will be shipped to Venezuela for
processing.

Dr1 relates that President Fernandez said Venezuela will form a
strategic alliance with the Dominican Republic to boost farm
production in the Dominican nation and strengthen local food
security plans.  Venezuela would assist the Dominican Republic
technically and financially in the purchasing of fertilizer for
farming to be able to generate "a major surplus" to be used to
pay the oil debt with Venezuela, under the PetroCaribe Energy
Agreement.

Dominican Today notes that Presidents Chavez and Fernandez have
advanced talks for an agreement that will allow Petroleos de
Venezuela to purchase shares in Dominican plant Refidomsa.  The
two presidents met last Monday to work on details of the planned
transaction, as part of the activities during the Petrocaribe
Summit in Caracas.

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: Inks Pact With Ecuador to Create Plant
--------------------------------------------------------------
The Associated Press reports that Venezuelan President Hugo
Chavez has signed a contract with Rafael Correa for Petroleos de
Venezuela S.A. to construct an oil refinery in Ecuador.

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Petroleos de Venezuela will create a company with
Petroecuador within the month to construct Refineria del
Pacifico in El Aromo in Manabi, Ecuador.  Petroleos de Venezuela
and Petroecuador would finance the joint venture, Ecuador's
Mines and Oil Minister Galo Chiriboga said.

Xinhua News relates that Refineria del Pacifico will be the
biggest refinery in South America's Pacific Coast.  Works for
the plant would cost up to US$10 billion, the AP relates.

According to the AP, Minister Chiriboga said construction of the
plan will start in 2010.  Xinhua News relates that the refinery
will start running in 2013.  The refinery will be able to
process some 300,000 barrels per day of crude.  It will allow
Ecuador to meet domestic demand for gasoline and export the
fuel.  Agence France-Presse relates that President Correa said
the plant would allow Ecuador to save US$3.0 billion in oil
imports per year.

Xinhua News states that Ecuador will have a 51% stake in the
refinery.  Petroleos de Venezuela will hold a 49% stake.

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 * * *