TCRLA_Public/080723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, July 23, 2008, Vol. 9, No. 145

                            Headlines


A R G E N T I N A

CHRYSLER LLC: Sees Rise in Financing Affiliate's Borrowing Costs
COOPERATIVA DE CREDITO: Trustee Verifies Claims Until Oct. 2
DELTA AIR: Names Senior Team to Lead Merged Company
DELTA AIR: Slashes Domestic Services, Adds International Flights
INARGIND SA: Files for Reorganization in Buenos Aires Court

LUNITEX SRL: Trustee to File Individual Reports on Nov. 5
OSARA SA: Files for Reorganization in Buenos Aires Court
SIDIPEL SA: Files for Reorganization in Buenos Aires Court
TRADER GROUP: Files for Reorganization in Buenos Aires Court
VINALTERRA SA: Files for Reorganization in Buenos Aires Court


B A H A M A S

PRIDE INT'L: Improving Cash Flow Cues S&P's Positive Outlook


B E R M U D A

SCOTTISH RE: Amended Suit to be Filed in N.Y. Securities Lawsuit
SCOTTISH RE: Closes Int'l Life Reinsurance Sale to Pacific Life


B R A Z I L

AMR CORP: Denies Fuel Surcharge Conspiracy With Other Carriers
BANCO BRADESCO: Unit Okays Buyback Program of Up to 1.5MM Shares
CIA. SIDERURGICA: Three Firms in 2nd Round of Bidding for Namisa
FORD MOTOR: Reduces Cost, Extends Buyout Project to 14 Plants
GENERAL MOTORS: Dealer Council Shows Support, Wins US$1MM Shares

UAL: Stressed by Weak Airline Industry, Moody's Junks Rating


C A Y M A N  I S L A N D S

ACACIA CDO: Sets Final Shareholders Meeting for July 25
ALOPEX GLOBAL: Final Shareholders Meeting Is on July 25
BLUE DRAGON: Will Hold Final Shareholders Meeting on July 25
CORSAIR (CAYMAN): Final Shareholders Meeting Is on July 25
CYPRESS LIMITED: Sets Extraordinary General Meeting for July 25

EXPORTCITRUS LTD: To Hold Final Shareholders Meeting on July 25
GRAND ISLAND: Court to Hear Petition for Supervision
GRAND ISLAND COMMODITY: Court to Hear Petition for Supervision
GRAND ISLAND INCOME: Court to Hear Petition for Supervision
GRAND ISLAND MASTER: Court to Hear Petition for Supervision

INCOGRAIN INTERNATIONAL: Will Hold General Meeting On July 25
INTERJUICE TRADING: Sets Final Shareholders Meeting for July 25
MULTI CAPITAL: To Hold Final Shareholders Meeting on July 25
OLD MUTUAL: Will Hold Final Shareholders Meeting on July 25
OLD MUTUAL SPECTRUM: Final Shareholders Meeting Is on July 25

UBP EMERGING: Sets Final Shareholders Meeting for July 25
WIN GOTANDA: Will Hold Final Shareholders Meeting on July 25


C O L O M B I A

DRUMMOND CO: S&P's BB- Rtng. Unmoved by Colombian Workers Strike


G U A T E M A L A

BRITISH AIRWAYS: Fuel Bill Reaches More Than GBP3 Billion


J A M A I C A

AIR JAMAICA: Gov't Shortlists Two Candidates for Airline's CEO
CASH PLUS: Receivership Hearing Pushed Back to Friday
NAT'L COMMERCIAL: To File Appeal on Injunction Granted to Olint


M E X I C O

AMERICAN AIRLINES: Caribbean, Mexico & Bermuda Flights on Sale
AMERICAN TOWER: Fitch Affirms 'BB+' Issuer Default Rating
BERRY PLASTICS: S&P Junks Rating on US$750MM Sr. Secured Notes
CKE RESTAURANTS: Moody's Affirms Ba3 Corporate Family Rating
DESARROLLADORA HOMEX: 2Q 2008 Net Income Up 67.9% to MXN722 Mil.

GRUPO TMM: Reaffirms Growth Strategy; Expects Sale Improvements
PORTOLA PACKAGING: Defaults on US$60MM Credit Deal w/ GE Capital
POWERMATE HOLDING: Wants Plan Filing Date Extended to Nov. 12
POWERMATE HOLDING: Panel Can Hire Buccino & Associates


P E R U

GOLD HAWK: Disaster Eyed at Coricancha Site, to be Relocated


P U E R T O  R I C O

HORIZON LINES: Taps James Storey as Investor Relations Director
ROYAL CARIBBEAN: Books US$84.7 Million Net Income in 2nd Quarter
ROYAL CARIBBEAN: Eyes Cutting 400 Jobs Due to Higher Fuel Costs


S T  K I T T S  &  N E V I S

AMERICAN AIRLINES: To Add Miami-St. Kitts Flights in November 3


V E N E Z U E L A

NORTHWEST AIRLINES: Delta Names Senior Team to Lead Merged Co
PETROLEOS DE VENEZUELA: To Jointly Explore Oil with Japan Oil


                         - - - - -


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

CHRYSLER LLC: Sees Rise in Financing Affiliate's Borrowing Costs
----------------------------------------------------------------
Chrysler LLC's financing arm, Chrysler Financial, is likely to
see its borrowing costs rise in early August when it rolls over
about US$30 billion of short-term debt backed by the loans and
leases it makes, The Wall Street Journal reports.

The US$30 billion deal, says WSJ, was arranged as a piece of the
roughly US$62 billion package used to finance DaimlerChrysler
AG's sale of Chrysler to Cerberus Capital Management LP, which
was completed last August.

WSJ relates that the borrowing charges will make it difficult
for the company to offer low-interest loans to buyers and for
dealers to hold inventory.

It is unclear, WSJ states, how much Chrysler Financial will have
to pay in interest costs, but people familiar with the situation
said it would be well above the London interbank offered rate,
or Libor, a common benchmark for the loans.  WSJ adds that Libor
is now about 2.8%, and the spread is expected to be well more
than one percentage point above that.

WSJ, citing people familiar with the offering, states that
holders of the debt include J.P. Morgan Goldman Sachs Group
Inc., Citigroup Inc. and Morgan Stanley.

The higher financing costs could also complicate the
restructuring attempt of Cerberus, WSJ says.  The financing tied
to the sale of Chrysler to Cerberus has been riddled with snags
from the get-go, WSJ adds.  Banks that committed financing for
the deal have had particular trouble unloading their
commitments, the Journal states.

According to the Journal, bankers, led by J.P. Morgan Chase &
Co., are pushing hard to persuade more than 20 banks to renew
the US$30 billion credit facility that was issued by the auto-
finance company last year when it was carved out of the former
Daimler AG.  The debt represents a sizable chunk of Chrysler
Financial's US$70 billion portfolio in working capital, WSJ
adds.

The Journal states that pressures on U.S. auto makers are piling
up amid a slumping economy and rising fuel prices.  If Chrysler
Financial's costs go up, WSJ points out, the company will find
it harder to help dealers offer cheaper leases, something needed
to entice consumers who have lost their taste for many U.S. auto
product lines.

According to WSJ, the environment for selling short-term asset-
backed debt like this has been troublesome since the credit
crisis began last summer and most money-market fund managers
began to shy away from most complex, structured debt.

WSJ, citing Autodata Corp., indicates that Chrysler reported a
36% decline in sales in June.  The company has had trouble
selling its large sport-utility vehicles by Jeep and Dodge, as
well as cars like the Sebring, WSJ adds.

                       About Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating and Probability of Default Rating of
Chrysler LLC, but changed the outlook to negative from stable.
The change in outlook reflects the increasingly challenging
environment faced by Chrysler as the outlook for US vehicle
demand falls, and as high fuel costs drive US consumers away
from light trucks and SUVs, and toward more fuel efficient
vehicles.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

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


COOPERATIVA DE CREDITO: Trustee Verifies Claims Until Oct. 2
------------------------------------------------------------
Roberto Di Martino, the court-appointed trustee for Cooperativa
de Credito Pampero Ltda.'s reorganization proceeding, will be
verifying creditors' proofs of claim until Oct. 2, 2008.

Mr. Di Martino will present the validated claims in court as
individual reports on Nov. 13, 2008.  The National Commercial
Court of First Instance No. 5 in Buenos Aires, with the
assistance of Clerk No. 9, 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 Cooperativa
de Credito's 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 Cooperativa de
Credito's accounting and banking records will be submitted in
court on Dec. 30, 2008.

The informative assembly will be held on July 10, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

       Cooperativa de Credito Pampero Ltda.
       25 de Mayo 298
       Buenos Aires, Argentina

The trustee can be reached at:

       Roberto Di Martino
       Avenida Callao 449
       Buenos Aires, Argentina


DELTA AIR: Names Senior Team to Lead Merged Company
---------------------------------------------------
Delta Air Lines Inc. has introduced to its employees the senior
team that will be responsible for leading the company after the
closing of its merger with Northwest Airlines Corp., marking
another important milestone toward the successful integration of
the two airlines.

Delta will combine the strengths of two best-in-class airlines
to create an industry-leading management team and ensure the
seamless transition of Northwest's operations into Delta over
the next 12 to 24 months.

The team of officers will be led by Delta CEO Richard Anderson,
an 18-year industry veteran, and will be comprised of highly
experienced operational, corporate and strategic leaders
selected from both companies to represent the respective
strengths of Delta and Northwest.

In addition, Delta announced the senior officers who will be
members of its Corporate Leadership Team.  The CLT will have
overall responsibility for the strategy of the airline,
including major decision-making and overall supervision of the
merger process.  The CLT, which will be effective upon the
closing of the merger, includes:

    * Richard Anderson, CEO - Delta Air Lines

    * Ed Bastian, President and CFO - Delta Air Lines; CEO and
      President - NWA

    * Mike Becker, EVP, Chief Operating Officer - NWA

    * Mike Campbell, EVP - HR, Labor & Communications

    * Steve Gorman, EVP - Operations

    * Glen Hauenstein, EVP - Revenue & Network

    * Ben Hirst, SVP - General Counsel

    * Laura Liu, SVP - International

    * Theresa Wise, SVP – Chief Information Officer

By naming its entire officer team in advance of the closing of
the merger, Delta has laid a strong foundation for the combined
airline to immediately begin capturing and exceeding the merger
synergies expected following the close of the transaction.

“We have assembled an incredibly talented officer team,” said
Mr. Anderson.  “Their diverse backgrounds and extensive
experience, both in and out of the airline industry, provide a
solid foundation for building a world-class airline focused on
taking care of our people, serving our customers, and giving a
good return to our shareholders.”

Upon closing, NWA, Inc., will be an operating subsidiary of
Delta.  Ed Bastian, who is Delta's current president and CFO,
will also become CEO and president of Northwest.  Mike Becker,
who is currently senior vice president of Human Resources and
Labor Relations at Northwest, will become the new executive vice
president and chief operating officer of Northwest during the
transition period.  As previously announced, Northwest's current
president and CEO, Doug Steenland, will leave to assume his seat
on the new Delta Board of Directors.

Each of the officers of the new NWA structure will be officers
of both NWA and Delta upon closing.  “The officers named for
both Delta and NWA are leaders of the new Delta,” said Mr.
Bastian, who will have leadership roles in both organizations.
“The final organizational structure will evolve over time, as
the transition to a single operating certificate is achieved.
We will not sacrifice revenue or cost-synergies by moving too
quickly to integrate.  Combining these two great airlines will
be a well-planned, deliberate process.”

The new Delta will be headquartered in Atlanta and will maintain
a significant long-term presence in Minnesota that includes both
operation and staff functions beyond the 12-24 month transition
of Northwest operations into Delta.

Mr. Anderson said, “We are already making great progress on our
integration planning and are well ahead of previously attempted
airline mergers in anticipation of gaining approval by the
Department of Justice later this year.  Today's announcement
is another important milestone in solidifying the leadership of
the new Delta and accelerating the planning efforts that are
essential to achieving a seamless integration after the closing
of the merger.  In light of the industry's current challenges,
including record high oil prices, it is clear we were smart to
proceed when we did because this merger will provide the
necessary revenue and cost synergies to better position the
combined carrier for success over the long-term.”

Northwest's CEO Mr. Steenland concluded, “As the planning
continues and the transformation evolves, we ask that all Delta
and Northwest people remain focused on operating our respective
airlines.  Thanks to the caliber of our people, we are confident
we will complete the most successful merger in airline history.”

Delta in April announced that it is combining with Northwest in
an all-stock transaction to create America's premier global
airline.  The new company will be called Delta and will be
headquartered in Atlanta. Combined, the company and its regional
partners will provide customers access to more than 390
destinations in 67 countries.

Together, Delta and Northwest will have more than
US$35,000,000,000 in aggregate annual revenues, operate a
mainline fleet of nearly 800 aircraft, employ approximately
75,000 people worldwide, and have one of the strongest balance
sheets in the industry.  The merger is subject to the approval
of Delta and Northwest stockholders and regulatory approvals,
which are targeted for completion later this year.

                    About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C. as its bankruptcy
counsel in the Debtors' chapter 11 cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        About Delta Air

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

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

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


DELTA AIR: Slashes Domestic Services, Adds International Flights
----------------------------------------------------------------
Delta Air Lines, Inc., is cutting approximately 6% of its
domestic capacity out of Atlanta, Georgia, in September 2008,
the Atlanta Journal-Constitution reports.

According to Delta, the flight cuts are part of the airline's
plan to reduce domestic flight capacity by 13% across its
system.

The terminated services include international routes to Ottawa,
Canada, and Leon, Mexico, in August and September, where Delta
has decided to pull out its service entirely, says AJC.

The reduction in capacity will also mean fewer flights on routes
from Atlanta to cities including Ontario, California; Norfolk,
Virginia; Myrtle Beach, South Carolina, and Savannah, because
regional nonstop flights that bypass hubs “are not economical”,
Delta spokesman Kent Landers told AJC.

Delta will also cut its fleet by approximately 15 to 20 mainline
aircraft and 60 to 70 regional jets by the end of 2008, and will
reduce the number of regional carriers it uses.

Mr. Landers stated that a higher mix of international passengers
on Delta flights who are connecting to international flights,
means higher average fares that “better cover the cost of fuel”.
As a result, Delta has added other international routes,
including a service from Atlanta to Stockholm, Sweden in June,
the newspaper reports.

In a report by TravelVideo.tv, Delta said it will launch a
direct service to the Kootenay Rockies of British Columbia, from
Salt Lake City in December 2008.  Delta will utilize Canadian RJ
200 regional jets that accommodates 50 passengers for the new
service, according to the Web site.

              Delta Ends Regional Flight Services

Delta is terminating its twice-daily nonstop flights between Los
Angeles and Eugene, Oregon as of Sept. 1, 2008, NRToday.com
reports.

According to the report, Delta is pulling out the Eugene-Los
Angeles flight due to a canceled partnership with ExpressJet,
which operates the flights.  Flights from Eugene to Salt Lake
City in Utah, however, will continue.

Effective immediately, Delta will also drop two daily flights
from Akron to Cincinnati, Ohio but will add a new daily flight
to Atlanta, according to Cleveland.com.

No more passenger flights from Salem Municipal Airport in Salem,
Oregon will be booked beyond October 10, airline officials
informed the city, SalemJournal.com says.

In a company statement, Delta informed officials of the cities
affected by the termination of regional flight, that cutting the
regularly scheduled passenger air services was part of its
strategy to "reduce select flights that cannot be profitable" in
light of skyrocketing fuel prices.

                        About Delta Air

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

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.
(Delta Air Lines Bankruptcy News, Issue No. 104; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


INARGIND SA: Files for Reorganization in Buenos Aires Court
-----------------------------------------------------------
Inargind SA has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29.

The debtor can be reached at:

              Inargind SA
              Peru 590
              Buenos Aires, Argentina


LUNITEX SRL: Trustee to File Individual Reports on Nov. 5
---------------------------------------------------------
Maria del Carmen Alvarez, the court-appointed trustee for
Lunitex S.R.L.'s bankruptcy proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Nov. 5, 2008.

Ms. Alvarez is verifying creditors' proofs of claim until
Sept. 24, 2008.  She will also submit to court a general report
containing an audit of Lunitex's accounting and banking records
on Dec. 18, 2008.

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

The debtor can be reached at:

                Lunitex S.R.L.
                Bartolome Mitre 2272
                Buenos Aires, Argentina

The debtor can be reached at:

                Maria del Carmen Alvarez
                San Jose 135
                Buenos Aires, Argentina


OSARA SA: Files for Reorganization in Buenos Aires Court
--------------------------------------------------------
Osara SA has requested for reorganization approval after failing
to pay its liabilities since March 3, 2008.

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

The case is pending in the National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30.

The debtor can be reached at:

              Osara SA
              Paraguay 4156
              Buenos Aires, Argentina


SIDIPEL SA: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Sidipel SA has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20.

The debtor can be reached at:

              Sidipel SA
              Bulnes 1918
              Buenos Aires, Argentina


TRADER GROUP: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------
Trader Group SA has requested for reorganization approval after
failing to pay its liabilities since July 5, 2005.

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

The case is pending in the National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51.

The debtor can be reached at:

              Trader Group SA
              Avenida Presidente R. S. Pena 119
              Buenos Aires, Argentina


VINALTERRA SA: Files for Reorganization in Buenos Aires Court
-------------------------------------------------------------
Vinalterra SA has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7.

The debtor can be reached at:

              Vinalterra SA
              Avenida Figueroa Alcorta 3355
              Buenos Aires, Argentina



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

PRIDE INT'L: Improving Cash Flow Cues S&P's Positive Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on
offshore contract drilling firm Pride International Inc. to
positive from stable.

“The rating action reflects continued improvement in organic
cash flow, a growing backlog of contract revenues, and
strengthening credit measures that now compare more similarly to
those of higher rated peers,” said S&P's credit analyst Jeffrey
Morrison.

The ratings on Pride reflect its large, asset-diversified fleet
of mobile offshore drilling units, broad geographic scope of
operations, growing backlog of better-priced contracts, and
strengthening financial risk profile.  Partially tempering these
strengths are expanding near- to intermediate-term capital
spending requirements associated with its newbuild drillship
program, the potential for additional growth initiatives, and
participation in the historically cyclical and capital-intensive
marine contract drilling industry.

Pro forma for the redemption of US$300 million in convertible
notes in May 2008, S&P estimates Houston-based company has about
US$780 million in adjusted debt.

Pride International's satisfactory business risk profile
benefits from its position as a sizable competitor in the marine
contract drilling sector.  The company currently has 45 mobile
offshore drilling units -- including three ultra deepwater
drillships currently under construction -- and competes in most
major offshore drilling markets.  It also manages the drilling
services on several deepwater production facilities for which it
receives payment on a dayrate basis.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia, and Singapore.



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


SCOTTISH RE: Amended Suit to be Filed in N.Y. Securities Lawsuit
----------------------------------------------------------------
The plaintiffs in the securities fraud class action lawsuit,
“Zuckerman v. Scottish Re Group Ltd., et al., Case No. 1:06-cv-
05853-SAS,” seek to file an amended complaint in the matter,
which remains pending with the U.S. District Court for the
Southern District of New York.

On Aug. 2, 2006, putative class actions were filed against:

     -- the company;

     -- Glenn Schafer, the chairman of the company's board of
        directors;

     -- Dean E. Miller, chief financial officer;

     -- Scott E. Willkomm, former chief executive officer; and

     -- Seth Vance, former chief executive officer - North
        America.

Between Aug. 7, 2006, and Oct. 2, 2006, seven additional related
class action complaints were filed against the company, certain
of its current and former officers and directors, and certain
third parties.

Each of the complaints allege that the defendants made
materially false and misleading statements and omissions
concerning the company's business and operations, thereby
causing investors to purchase the company's securities at
artificially inflated prices, in violation of Sections 10(b) and
20(a) of the U.S. Securities Exchange Act of 1934, as amended,
and Rule 10b-5 promulgated under the 1934 Act.

Two of the complaints also allege violations of Sections 11 and
15 of the Securities Act of 1933, related to a 2005 preferred
stock offering.  Each of the class action suits filed seek an
unspecified amount of damages, as well as other forms of relief.

On Oct. 12, 2006, all of the cases were consolidated.  A
consolidated complaint was filed on Dec. 4, 2006.

On March 7, 2007, the company filed a motion to dismiss the
consolidated class action.

On Nov. 2, 2007, the court dismissed the Section 10(b) and Rule
10b-5 claims against Ernst & Young LLP, but gave the plaintiffs
leave to amend.  The court denied the dismissal motions brought
by the other named defendants.

In May, 2008, the parties held an initial mediation at which no
settlement was reached.

On June 16, 2008, all claims brought in the action against Glenn
Schafer were dismissed without prejudice.

The plaintiffs then filed a motion for leave to file an amended
complaint in which they seek to expand the class period, renew
Section 10(b) and Rule 10b-5 allegations against Ernst & Young
LLP, and assert additional factual allegations, according to the
company's July 11, 2008 Form 10-K filing with the U.S.
Securities and Exchange Commission for the fiscal year ended
Dec. 31, 2007.

The is suit is “Zuckerman v. Scottish Re Group Ltd. et al., Case
No. 1:06-cv-05853-SAS,” filed in the U.S. District Court for the
Southern District of New York, Judge Shira A. Scheindlin,
presiding.

Representing the plaintiffs are:

         Arthur N. Abbey, Esq. (aabbey@abbeygardy.com)
         Abbey Spanier Rodd Abrams & Paradis
         LLP, 212 East 39th Street
         New York, NY 10016
         Phone: 212-889-3700
         Fax: 212-684-5191

              - and -

         Gerald Harlan Silk, Esq. (jerry@blbglaw.com)
         Bernstein Litowitz Berger & Grossmann LLP
         1285 Avenue of the Americas
         New York, NY 10019
         Phone: 212-554-1282
         Fax: 212-554-1444

Representing the company is:

         Daniel Keywon Chang, Esq. (dchang@dl.com)
         Dewey & LeBoeuf, L.L.P.
         1101 New York Avenue, N.W.
         Washington, DC 20005
         Phone: 202-986-8000 x8221
         Fax: 202-986-8102

              - and -

         James E. Brandt, Esq. (james.brandt@lw.com)
         Latham & Watkins LLP
         885 Third Avenue, Suite 1000
         New York, NY 10022
         Phone: 212-906-1278
         Fax: 212-751-4864

                        About Scottish Re

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

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 22, 2008, Standard & Poor's Ratings Services said that the
ratings of Scottish Re Group Ltd. (CCC-/Watch Neg/--), remained
unchanged.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Moody's Investors Service placed on review with
direction uncertain Scottish Re Group Ltd.'s senior unsecured
shelf of (P)Caa1, subordinate shelf of (P)Caa2, junior
subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.


SCOTTISH RE: Closes Int'l Life Reinsurance Sale to Pacific Life
---------------------------------------------------------------
Pacific LifeCorp has concluded the purchase of Scottish Re
Holdings Limited and the United Kingdom portion of the
International Life Reinsurance segment of Scottish Re Group
Limited.

It is anticipated that completion of the purchase of the Asia
portion of the segment will be completed during August 2008.
The U.K. portion of the transaction, which was announced last
month, received all of the necessary regulatory approvals.  The
segment's ongoing operations, to be rebranded Pacific Life Re,
provide reinsurance solutions to insurance and annuity providers
in the United Kingdom and Ireland and to insurers in selected
markets in Asia.  The headquarters will remain located in London
with its Asia business being managed through Singapore.

“Both the Pacific Life and Scottish Re teams worked diligently
to complete this transaction in just over one month,” said Jim
Morris, chairman, president and CEO of Pacific Life.  “We are
excited to have David Howell and his team of professionals as
part of the Pacific Life family of companies and we are looking
forward to working with them to provide the U.K. and Asian
markets with competitive and effective reinsurance solutions.”

“The conclusion of this transaction is an important milestone
for our business and for our clients,” said David Howell, CEO of
Pacific Life Re.  “We are delighted to be joining Pacific Life
and we greatly appreciate the efforts of everyone involved in
bringing the transaction to fruition so quickly.  We are
particularly grateful to our clients for their continued support
as we have worked through this process.  We look forward to
working with them and our new colleagues at Pacific Life to
build on the strong platform we now have in place and to
establish Pacific Life Re as a clear market leader in life
reinsurance.”

             About Pacific LifeCorp and Pacific Life

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

                        About Scottish Re

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

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 22, 2008, Standard & Poor's Ratings Services said that the
ratings of Scottish Re Group Ltd. (CCC-/Watch Neg/--), remained
unchanged.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Moody's Investors Service placed on review with
direction uncertain Scottish Re Group Ltd.'s senior unsecured
shelf of (P)Caa1, subordinate shelf of (P)Caa2, junior
subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.



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

AMR CORP: Denies Fuel Surcharge Conspiracy With Other Carriers
--------------------------------------------------------------
AMR Corp. has denied allegations by Brazilian authorities that
the carrier has illegally conspired with other airlines to set
fuel surcharges on cargo shipments, Miami Herald reports.

According to Miami Herald, Brazilian authorities conducted an
unannounced probe on its Sao Paulo cargo facilities in January
2007.  AMR said Brazilian officials made their preliminary
charges on April 28, 2008.  AMR has "vigorously" contested the
allegations in a filing with the U.S. Securities and Exchange
Commission last Thursday.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

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

On July 15, 2008, the TCR said that Moody's Investors Service
placed the debt ratings of AMR Corp. and its subsidiaries under
review for possible downgrade.  The company has an outstanding
B2 corporate family rating.  The review includes the ratings for
certain equipment trust certificates and enhanced equipment
Trust Certificates of American Airlines, Inc.

                 Likely Bankruptcy Filing This Year

As reported in the Troubled Company Reporter on June 5, 2008,
AMR Corp., parent of American Airlines, is considered a possible
chapter 11 candidate and could tumble over into chapter 11
bankruptcy this year, Stockhouse.com said, citing record prices
in oil.

AMR has said report of possible bankruptcy filing is unfounded.

Stockhouse.com noted that although AMR is the world's largest
airline, it is now a small cap stock, with a market value of
only US$1.8 billion.  The report also notes that AMR has US$9.3
billion in debt and may not have the money to cover its debt
service as the year passes.

The TCR said on May 26, 2008, Jamie Baker, an analyst at J.P.
Morgan, said U.S. airline industry stands to post a collective
US$7,200,000,000 in operating losses in 2008.  The results would
be wider than an initial forecast of US$4,600,000,000 loss, the
analyst said.

Mr. Baker, in his research note, said though investors,
management and analysts may talk about airlines acting
collectively to reduce capacity to firm up revenue, the reality
is that they are more likely to dig in and try to outlast each
other.

U.S. Airways has the highest risk of bankruptcy, followed by
Northwest Airlines, United Air Lines' parent UAL Corp., AMR
Corp., JetBlue, Continental Airlines, AirTran, Delta Air Lines,
Alaska Air Lines and Southwest Airlines.


BANCO BRADESCO: Unit Okays Buyback Program of Up to 1.5MM Shares
----------------------------------------------------------------
The board of Banco Bradesco SA's equity arm, Bradespar S.A., has
authorized a repurchase program of up to 1.5 million shares.

The buyback program will be for up to 500,000 common shares and
1,000,000 preferred shares, Dow Jones Newswires relates, citing
Bradespar.  The program will be implemented until Jan. 22, 2009,
the company said.

Bradespar trades on the Sao Paulo Stock Exchange, or Bovespa,
and has about 33.35 million common shares and 222.6 million
preferred shares outstanding.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                         *     *     *

In February 2008,  Moody's Investors Service assigned a Ba2
foreign currency deposit rating to Banco Bradesco S.A.


CIA. SIDERURGICA: Three Firms in 2nd Round of Bidding for Namisa
----------------------------------------------------------------
Russia's Severstal and India's Essar, and China's Shagang Group
are among the groups are in the second round of bidding for
Companhia Siderurgica Nacional S.A.'s iron ore unit Namisa,
Reuters reports, citing sources close to the matter.

Reuters relates that Companhia Siderurgica hired Goldman Sachs
to sell some or all of its stake in Namisa.  According to a
source, Goldman Sachs had put a US$10 billion price tag on the
unit, the top end of analysts' range of values.  Many investment
bankers said the asset could be sold for up to US$8 billion, the
source added.

According to Reuters, sources said a Japanese consortium has
also reached the second round.  A trading house reportedly leads
the consortium, which includes domestic steelmakers.

The report says that second round of bids is expected in the
next few weeks.  A source said some potential bidders like
Anglo-American had yet to commit but could make a late entry to
the bidding.

Reuters states that Companhia Siderurgica said it wants to
finalize the sale of Namisa by the end of September.  The sale
of an up to 40% stake in Companhia Siderurgica would allow the
firm to pay off its US$2.8 billion debt and finance potential
acquisitions.

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

                        *     *     *

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


FORD MOTOR: Reduces Cost, Extends Buyout Project to 14 Plants
-------------------------------------------------------------
Ford Motor Co. intends to further reduce its payrolls by
expanding its plant-by-plant buyout program to 14 more
facilities in Michigan and Ohio, The Wall Street Journal
reports.

WSJ relates that Ford's buyout program which started in June at
two Kentucky and two Ohio manufacturing sites, will be expanded
to the additional facilities by mid-August.

WSJ says that on July 28, the buyouts will affect the Wayne
Assembly Plant, Michigan Truck, Dearborn Truck, AutoAlliance
International Inc. Plant, Rawsonville Powertrain, and the
Woodhaven and Livonia stamping plants in Michigan.  The
remaining Michigan sites as the Sterling Axle, Van Dyke
Transmission and Romeo Engine plants will get the offer in mid-
August, WSJ adds.

Packages, WSJ indicates, include a US$15,000 tuition
reimbursement for four years; a US$100,000 scholarship for
family members and a flat payment of US$100,000 with six months
of basic health care.

According to the Journal, widening the buyout program is among
the steps Ford is taking to address a steep decline in U.S.
sales that has forced the company to scrap its expectations of
returning to profitability in 2009.  WSJ points out that Ford
and its domestic counterparts have been particularly affected by
the rapid shift among consumers away from pickup trucks and
sport-utility vehicles as gasoline prices have risen to more
than US$4 per gallon in the U.S.

In the first wave of the expanded buyouts program, the
incentives will be offered to workers at the Ohio Assembly,
Sandusky Parts, Cleveland Casting, and Walton Hills, Ohio,
stamping plants starting Monday, WSJ states.

The plant-by-plant buyout program, WSJ relates, was launched
after Ford failed to reach its target of trimming about 8,000
workers during a company-wide incentive offered earlier this
year.  About 4,200 chose the option, WSJ states.

Ford will disclose further details of its strategy when it
releases its second-quarter financial results on Thursday, WSJ
adds.

                       About Ford Motor

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

The company has operations in Japan in the Asia Pacific region,
through Ford Japan Limited and in Brazil in the Latin America
region through Ford Motor Company Brasil Ltda.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2008, Standard & Poor's Ratings Services on Friday said
it is placing its corporate credit ratings on the three U.S.
automakers, General Motors Corp., Ford Motor Co., and Chrysler
LLC, on CreditWatch with negative implications, citing the need
to evaluate the  financial damage being inflicted by
deteriorating U.S. industry conditions -- largely as a result of
high gasoline prices.

At the same time, TCR-LA reported that Moody's Investors Service
affirmed the B3 Corporate Family Rating and Probability of
Default Rating of Ford Motor Company, but changed the rating
outlook to negative from stable.  The company's Speculative
Grade Liquidity rating remains SGL-1.  The rating outlook for
Ford Credit has also been changed to negative from stable,
reflecting parent level concerns and deteriorating asset
quality.  The negative outlook for Ford reflects the
increasingly challenging environment faced by its and the other
domestic auto manufacturers as the outlook for US vehicle demand
falls, and as high fuel costs drive US consumers away from light
trucks and SUVs and toward more fuel efficient vehicles.


GENERAL MOTORS: Dealer Council Shows Support, Wins US$1MM Shares
----------------------------------------------------------------
General Motors Corp.'s 20-member dealer council snapped up
US$1.1 million of the auto maker's stock, or 107,000 shares, to
show support for the GM's management team, and to take advantage
of what they see as a good value, The Wall Street Journal
reports.

WSJ, citing Duane Paddock, one of the heads of the organization
and the owner of Paddock Chevrolet in Kenmore, New York, says
the shares were purchased at an average price of US$9.88,
reflecting a strong return for the group.

GM shares, WSJ indicates, recently traded at US$13.51, up 2.5%
over July 18's closing price.  The stock has rallied from five-
decade lows in recent sessions as investors digest the auto
maker's new plan to raise US$15 billion in liquidity through
2009 by cutting costs, raising fresh financing and selling
assets, WSJ states.

WSJ, quoting Mr. Paddock, relates that the dealer council
decided to buy the stock because GM has a solid leadership team
in North America, competitive products and an attractive
position in the heated fuel-economy race among leading auto
makers.  Mr. Paddock also said GM stock was undervalued, WSJ
adds.

Mr. Paddock stated that other dealers expressed support for the
dealer council by disclosing plans to purchase the stock,
according to WSJ.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
-- largely as a result of high gasoline prices.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

As related in the Troubled Company Reporter-Latin America on
June 6, 2008, Standard & Poor's Ratings Services said that its
ratings on General Motors Corp. (B/Negative/B-3) are not
immediately affected by the company's announcement that it will
cease production at four North American truck plants over the
next two years.  These closures are in response to the re-
energized shift in consumer demand away from light trucks.  GM
previously said only one shift was being eliminated at each of
the four truck plants.  Production is being increased at plants
producing small and midsize cars, but the cash contribution
margin from these smaller vehicles is far less than that of
light trucks.



UAL: Stressed by Weak Airline Industry, Moody's Junks Rating
------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
Probability of Default ratings of UAL Corp. (United) to Caa1
from B2, the secured bank debt rating to B3 from B1 and certain
tranches of the Enhanced Equipment Trust Certificates (EETC) of
United Airlines, Inc. (United Airlines).  Moody's affirmed the
SGL-3 Speculative Grade Liquidity Assessment.  The rating
outlook is negative.

These rating actions reflect the prospects of a weakening
financial profile for United and the rest of the airline
industry in the face of persistently elevated fuel prices, as
well as potential revenue pressure as the domestic economy
weakens.  As non-fuel operating costs for United are somewhat
higher than peers, partly due to the fleet age and the overhead
from an extensive route network, when combined with the
unprecedented fuel costs negative free cash flow at the airline
is likely over the near term.  The cumulative effect of this
negative cash flow and net losses over time is expected to
produce credit metrics more characteristic of the Caa rating
level.

Management has begun some aggressive actions to adapt to the
rapidly changing passenger airline environment including plans
to decrease capacity by removing 100 of its oldest aircraft
(about 22% of the mainline fleet), workforce reductions and
various operating changes.  Nonetheless, the company's ability
to sustain profitability and free cash flow will be difficult
even at current fuel prices, and particularly challenging at
only modestly higher fuel prices levels, which is a possible
scenario.  This is an issue facing the entire industry.  As
well, it will be several quarters before the full impact of
United's actions and the capacity reductions of other carriers
can be fully determined.

The SGL-3 Speculative Grade Liquidity Rating reflects an
adequate liquidity profile.  The amount of cash last disclosed
by the company of about US$2.7 to 2.8 billion (before actions to
increase liquidity) and comparatively moderate scheduled debt
maturities and capital spending commitments provide near-term
flexibility.  United also has a meaningful level of unencumbered
assets (aircraft being a large portion), which Moody's expects
the company to use to raise additional cash.  United's liquidity
is expected to be sufficient in the near term.

Nonetheless, the company's ability to sustain its liquidity
could be pressured over the coming year.  This is because the
planned workforce reductions will likely involve some cash costs
and the air traffic liability will reverse, and become as cash
use, when United enters the seasonally weaker winter months.
Absent full effectiveness of cost reduction actions, cash
utilization rates could be exacerbated should fuel prices rise
only moderately higher.  This is the case with the other
carriers as well.  United has obtained a waiver on compliance
with the fixed charge covenant associated with its US$1.5
billion of bank loan facilities until March 2009, with a ramp-up
of the covenant during the following four quarters.  As well,
under a material and adverse change, United could face an
increasing amount of cash holdback under the terms of its credit
card processing agreements, which would further reduce the cash
balance.

Historically, United Airlines has generated higher yields than
most competitors because of its extensive route network.  The
company has increased its fuel hedging book which is now more
extensive than some other airlines, yet these hedges mostly
expire over the next several months.  There are several planned
initiatives to increase ancillary revenues to improve
performance, including increasing ticket change fees, up-selling
seats for coach passengers and unbundling product offerings.
These factors are helpful, but not likely to be sufficient to
offset the pressures from fuel costs and potential revenue
pressures from economic weakening.

The EETC ratings reflect the lowered corporate family rating and
also the asset values of specific aircraft which secure the
various EETCs.  The aircraft that secure the EETCs are generally
older aircraft, which may make their values more susceptible to
volatility if current market conditions persist.  Aircraft
demand remains solid outside of North America with little recent
change in valuation as a result.  Consequently, the principal
driver of EETC rating changes is the revised Corporate Family
rating.  The 2007-1 EETCs do benefit from cross
collateralization, which Moody's believes potentially enhances
recovery.

The negative outlook reflects the continued business pressures
facing United, primarily due to the impact of higher fuel costs
and a weaker demand environment.  Despite continued strong load
factors and the company's broad route network, competitive
pressures are likely to challenge United's efforts to implement
fare increases and fuel surcharges that will adequately offset
the increase in fuel costs.  Consequently, unless fuel costs
decline, earnings are likely to deteriorate meaningfully and the
company would likely sustain meaningfully reduced cash flow from
operations.

The ratings could be lowered further if United is unable to stem
operating losses, if cash approaches the US$2 billion level, or
if the credit card processors impose a meaningful increase in
the holdback.  United's rating outlook could be stabilized with
sustained net profits and free cash flow.

Ratings affected are:

Issuer: Denver (City & County of) CO

  -- Senior Unsecured Revenue Bonds, Downgraded to Caa2 from
     Caa1

Issuer: UAL Corporation

  -- Probability of Default Rating, Downgraded to Caa1 from B2
  -- Corporate Family Rating, Downgraded to Caa1 from B2

Issuer: United Air Lines, Inc.

  -- Senior Secured Bank Credit Facility, Downgraded to B3 from
     B1

  -- 2007-1 Senior Secured Pass-Through Certificates, Downgraded
     as:

         Class A Certificates, Downgraded to Ba1 from Baa2
         Class B Certificates, Downgraded to B1 from Ba2
         Class C Certificates, Downgraded to B2 from B1

Issuer: Denver (City & County of) CO

  -- Senior Unsecured Revenue Bonds, to LGD5, 79% from LGD5, 86%

Issuer: United Air Lines, Inc.

  -- Senior Secured Bank Credit Facility, to LGD3, 36% from
     LGD3,
     42%

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.



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

ACACIA CDO: Sets Final Shareholders Meeting for July 25
-------------------------------------------------------
Acacia CDO 4 Ltd. will hold its final shareholders meeting on
July 25, 2008, at 1:30 p.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the 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.

Acacia CDO's shareholder agreed on June 13, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ALOPEX GLOBAL: Final Shareholders Meeting Is on July 25
-------------------------------------------------------
Alopex Global Vega Fund Ltd. will hold its final shareholders
meeting on July 25, 2008, at 10:00 p.m., at the offices of
Ogier, Attorneys, Queensgate House, South Church Street, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, 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.

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

The liquidator can be reached at:

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

Contact for inquiries:

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


BLUE DRAGON: Will Hold Final Shareholders Meeting on July 25
------------------------------------------------------------
Blue Dragon Aircraft Ltd. will hold its final shareholders
meeting on July 25, 2008, at 12:30 p.m., at the registered
office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the 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.

Blue Dragon's shareholder 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:

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


CORSAIR (CAYMAN): Final Shareholders Meeting Is on July 25
----------------------------------------------------------
Corsair (Cayman Islands) No. 2 Ltd. will hold its final
shareholders meeting on July 25, 2008, at 1:00 p.m., at the
registered office of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the 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.

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

The liquidator can be reached at:

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


CYPRESS LIMITED: Sets Extraordinary General Meeting for July 25
---------------------------------------------------------------
Cypress Limited will hold its extraordinary general meeting on
July 25, 2008, at 10:00 a.m., at the offices of Deutsche Bank
(Cayman) Limited, Boundary Hall, Cricket Square, 171 Elgin
Avenue, George Town, Grand Cayman, Cayman Islands.

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

Cypress' shareholders decided on June 13, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                David Dyer
                c/o  Deutsche Bank (Cayman) Limited
                P.O. Box 1984
                Boundary Hall, Cricket Square
                171 Elgin Avenue, George Town
                Grand Cayman, Cayman Islands


EXPORTCITRUS LTD: To Hold Final Shareholders Meeting on July 25
---------------------------------------------------------------
ExportCitrus Ltd. will hold its final shareholders meeting on
July 25, 2008, at 9:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

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

ExportCitrus' shareholder agreed on June 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Richard L. Finlay
                c/o  Conyers Dill & Pearman
                P.O. Box 2681GT
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Krysten Lumsden
                Telephone: (345) 945-3901
                Fax: (345) 945-3902


GRAND ISLAND: Court to Hear Petition for Supervision
----------------------------------------------------
Alan Markoff at Cay Compass News Online reports that the Grand
Court of Cayman Islands will hear a petition by Grand Island
Commodity Trading Fund I's joint voluntary liquidators, Nick
Freeland and David Walker, for court supervision.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Grand Island's shareholders decided to place the
firm into voluntary liquidation after the discovery of
irregularities in the fund's trading activities.

Cay Compass relates that Mr. Freeland said, "We intend to form a
liquidation committee for each of the funds in the near future
and it will likely be at this forum we discuss future press
releases."


GRAND ISLAND COMMODITY: Court to Hear Petition for Supervision
--------------------------------------------------------------
Alan Markoff at Cay Compass News Online reports that the Grand
Court of Cayman Islands will hear a petition by Grand Island
Commodity Trading Fund II's joint voluntary liquidators, Nick
Freeland and David Walker, for court supervision.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Grand Island's shareholders decided to place the
firm into voluntary liquidation after the discovery of
irregularities in the fund's trading activities.

Cay Compass relates that Mr. Freeland said, “We intend to form a
liquidation committee for each of the funds in the near future
and it will likely be at this forum we discuss future press
releases.”


GRAND ISLAND INCOME: Court to Hear Petition for Supervision
-----------------------------------------------------------
Alan Markoff at Cay Compass News Online reports that the Grand
Court of Cayman Islands will hear a petition by Grand Island
Income Fund's joint voluntary liquidators, Nick Freeland and
David Walker, for court supervision.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Grand Island's shareholders decided to place the
firm into voluntary liquidation after the discovery of
irregularities in the fund's trading activities.

Cay Compass relates that Mr. Freeland said, “We intend to form a
liquidation committee for each of the funds in the near future
and it will likely be at this forum we discuss future press
releases.”



GRAND ISLAND MASTER: Court to Hear Petition for Supervision
-----------------------------------------------------------
Alan Markoff at Cay Compass News Online reports that the Grand
Court of Cayman Islands will hear a petition by Grand Island
Master Fund's joint voluntary liquidators, Nick Freeland and
David Walker, for court supervision.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Grand Island's shareholders decided to place the
firm into voluntary liquidation after the discovery of
irregularities in the fund's trading activities.

Cay Compass relates that Mr. Freeland said, “We intend to form a
liquidation committee for each of the funds in the near future
and it will likely be at this forum we discuss future press
releases.”


INCOGRAIN INTERNATIONAL: Will Hold General Meeting On July 25
-------------------------------------------------------------
Incograin International Trading Ltd. will hold its extraordinary
general meeting on July 25, 2008, at 10:00 a.m., at Itupava, 396
CEP80060-250, Curitiba, Parana, Brazil.

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

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

The liquidator can be reached at:

                Jaime Cesary Nissel Filho
                Itupava, 396, 80060-250,
                Curitiba, Parana
                Brazil


INTERJUICE TRADING: Sets Final Shareholders Meeting for July 25
---------------------------------------------------------------
Interjuice Trading S.A. will hold its final shareholders meeting
on July 25, 2008, at 9:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

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

Interjuice Trading's shareholder agreed on June 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Richard L. Finlay
                c/o  Conyers Dill & Pearman
                P.O. Box 2681GT
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Krysten Lumsden
                Telephone: (345) 945-3901
                Fax: (345) 945-3902


MULTI CAPITAL: To Hold Final Shareholders Meeting on July 25
------------------------------------------------------------
Multi Capital Ltd. will hold its final shareholders meeting on
July 25, 2008, at 9:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

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

Multi Capital's shareholder agreed on June 6, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Richard L. Finlay
                c/o  Conyers Dill & Pearman
                P.O. Box 2681GT
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Krysten Lumsden
                Telephone: (345) 945-3901
                Fax: (345) 945-3902


OLD MUTUAL: Will Hold Final Shareholders Meeting on July 25
-----------------------------------------------------------
Old Mutual Spectrum Fund Ltd. will hold its final shareholders
meeting on July 25, 2008, at 9:30 p.m., at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, 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 six years from the
      dissolution of the company, after which they may be
      destroyed.

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

The liquidators can be reached at:

                John Sutlic and Warren Keens
                c/o Close Brothers (Cayman) Limited
                P.O. Box 1034
                Fourth Floor, Harbour Place
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Kim Charaman
                Telephone: (345) 949-8455
                Fax: (345) 949-8499


OLD MUTUAL SPECTRUM: Final Shareholders Meeting Is on July 25
------------------------------------------------------------
Old Mutual Spectrum Plus Fund Ltd. will hold its final
shareholders meeting on July 25, 2008, at 10:30 p.m., at the
offices of Close Brothers (Cayman) Limited, 4th Floor Harbour
Place, 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 six years from the
      dissolution of the company, after which they may be
      destroyed.

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

The liquidators can be reached at:

                John Sutlic and Warren Keens
                c/o Close Brothers (Cayman) Limited
                P.O. Box 1034
                Fourth Floor, Harbour Place
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Kim Charaman
                Telephone: (345) 949-8455
                Fax: (345) 949-8499


UBP EMERGING: Sets Final Shareholders Meeting for July 25
---------------------------------------------------------
UBP Emerging Opportunities Ltd.'s will hold its final
shareholders meeting on July 25, 2008, at 9:00 a.m., at the
registered office of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

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

UBP Emerging's shareholder agreed on June 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Richard L. Finlay
                c/o  Conyers Dill & Pearman
                P.O. Box 2681GT
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Krysten Lumsden
                Telephone: (345) 945-3901
                Fax: (345) 945-3902


WIN GOTANDA: Will Hold Final Shareholders Meeting on July 25
------------------------------------------------------------
Win Gotanda Holdings will hold its final shareholders meeting on
July 25, 2008, at 3:30 p.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the 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.

Win Gotanda's shareholder agreed on June 13, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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



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

DRUMMOND CO: S&P's BB- Rtng. Unmoved by Colombian Workers Strike
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Drummond Co. Inc. (BB-/Stable/--) are not immediately
affected by the company's announcement that members of the union
representing a majority of its Colombian employees declared a
strike at all operating locations.  The strike effectively
suspends all Colombian operations, which are expected to account
for around 80% of Drummond's earnings this year.

S&P believe that despite the work stoppage, the two sides will
continue to negotiate in order to reach an agreement in a
relatively short time.  Still, if the work stoppage were to
persist beyond a brief period, S&P could place the ratings on
Drummond on CreditWatch with negative implications.

Drummond's operating results have been strong so far this year,
benefiting from higher realized coal prices.  As a result, S&P
expect substantial EBITDA growth during 2008 compared to 2007
and a further strengthening of credit metrics.  In addition,
even if the strike were to persist, the company has substantial
cushion in its existing financial covenants

Drummond Co. Inc. -- http://www.drummondco.com/-- runs coal
mines in Alabama and Colombia, predominantly engaged in the
mining, purchasing, processing, and marketing of coal and coal
products and had revenues in 2006 of US$1.8 billion.



=================
G U A T E M A L A
=================

BRITISH AIRWAYS: Fuel Bill Reaches More Than GBP3 Billion
---------------------------------------------------------
British Airways plc is outlining cost-cutting measures after its
fuel bill soared to more than GBP3 billion in the current
financial year from GBP2 billion last year, Amanda Vermeulen
writes for the Financial Times.

BA, whose fuel expenses account for 35% of its operating costs
in the current financial year, may opt not to pay dividends for
the year to March 2009, the FT says.

The FT reveals the airline, which has been carrying out a
standard review of its operations under the banner “Project
Columbus”, is eyeing to reduce capacity this year through
cutting the frequency of some short-haul routes.

BA chief executive Willie Walsh, however, stressed the airline
will not ground any aircraft, the FT discloses.

Meanwhile, Mr. Walsh downplayed job cut speculation, although he
admitted there would be more attrition.

BA, the FT adds, is also planning to increase fares by a minimum
of 4%.  However, according to Mr. Broughton, a fare increase
would be restricted by a drop in demand.

BA is set to unveil capacity cuts and any effect on staff at the
beginning of August, the paper states.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.
Ratings apply to date.


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

AIR JAMAICA: Gov't Shortlists Two Candidates for Airline's CEO
--------------------------------------------------------------
The Jamaica Observer reports that the Jamaican government will
decide between Edward Wegel and David Banmiller to be Air
Jamaica's new chief executive officer.

According to The Observer, Mr. Wegel has over 25 years of
experience in the airline/aerospace industry, investment
banking, and restructuring.  He served as director of finance
for Eastern Airlines in New York from 1985-1987, after five
years of active military service as an armor company commander.
He was a vice president in Lehman Brothers' investment
banking/restructuring division in New York from 1987 to 1991,
where he worked on several major airline restructurings and ran
Lehman's portfolio of 45 commercial jet aircraft on lease to
major U.S. carriers.  Mr. Wegel also served on the board of
Polaris Industries and managed major publicly traded master
limited partnerships.  He co-founded and directed Atlantic Coast
Airlines (United Express) where he helped arrange the original
acquisition financing and coordinated its successful initial
public offering in 1993.  In the same year he led the
acquisition of MartinAire, a cargo feeder airline for FedEx and
UPS.  Mr. Wegel was also president, CEO and director of BWIA
International Airways between 1994 and 1996.  He led the
privatization negotiations with the Trinidad and Tobago
government and the major trade unions for BWIA.

The Observer relates that Mr. Banmiller was Air Jamaica's
Executive Vice President and Chief Operating Officer from 2003
to 2004.  He led the Sun Country Airlines through bankruptcy and
reorganization.  Before Sun Country, Mr. Banmiller was president
and CEO at Pan American World Airways (1997-1998) and Sun Jet
(1996-97).  He was named Aloha Airlines' President and CEO in
2004 and was given a mandate to lead the then struggling carrier
through Chapter 11 bankruptcy.  He has worked with numerous
other airlines.

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Jamaican officials dismissed most of the 14-
member board at Air Jamaica, except for the airline's Executive
Director Shirley Williams.  She would have limited powers in Air
Jamaica.  Richard Byles, Wilfred Bagaloo, Dennis Lalor, and Omar
Parkins were retained as board members at Air Jamaica.  The new
board members include:

          -- Carolyn Hayle,
          -- Colin Steele,
          -- Christopher Berry, and
          -- Derrick Lattibeaudierre.

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

                          *    *     *

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

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


CASH PLUS: Receivership Hearing Pushed Back to Friday
-----------------------------------------------------
Radio Jamaica reports that the hearing of Cash Plus Ltd.'s
receivership case has been further moved to Friday.

As reported in Troubled Company Reporter-Latin America on
June 16, 2008, Cash Plus' legal representative Paul Beswick, in
May 2008, challenged before the High Court the co-
receiver/manager Kevin Bandoian's takeover of the firm.  Mr.
Beswick claimed that the takeover was illegal and should be
returned to the firm's president Carlos Hill.  This made some
Cash Plus investors seek advice from their attorneys.  The High
Court of Jamaica postponed a hearing of the case to July 21 from
June 12.

According to Radio Jamaica, Mr. Hill's attorneys have filed a
complaint challenging the legality of the takeover of Cash Plus
and the appointment of a co-Interim receiver/manager, Kevin
Bandoian.  The High Court of Jamaica had set a hearing for
July 21, 2008.  However, the Trustee in Bankruptcy, L. Monty
Kanderkore, intervened in the hearing.  The court postponed the
hearing to give Mr. Kanderkore time to file affidavits.

Radio Jamaica relates that Mr. Kanderkore was appointed to
liquidate Cash Plus following a petition by the Premier League
Club Association.  The PLCA claimed that Cash Plus failed to
honor its commitment to sponsor the Premier League Football
Competition.  Cash Plus was supposed to provide the competition
about US$150 million.  The PLCA wants to recover sponsorship
funds owed by Cash Plus.

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous
acquisitions.

In April this year, the Supreme Court of Jamaica placed Cash
Plus into receivership.  Cash Plus admitted that it wouldn't be
able to pay its lenders until April 14. The firm has 40,000
lenders with loans totaling J$4 billion.  Cash Plus was unable
to repay its investors.  The Financial Services Commission said
it was informed by the attorney acting on behalf of Cash Plus
that the investment club lacked the funds to start the repayment
of the principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed
as joint receiver-manager for Cash Plus.


NAT'L COMMERCIAL: To File Appeal on Injunction Granted to Olint
---------------------------------------------------------------
Radio Jamaica reports that the National Commercial Bank Jamaica
Limited will file an appeal on a court ruling that kept the bank
from closing Olint Corp. Limited's accounts.

According to Radio Jamaica, the Court of Appeal granted Olint an
injunction that stops the closing of its accounts.

The National Commercial reportedly will begin efforts for its
appeal this week.  The bank will file an application for leave
to appeal the ruling, Dave Garcia, general legal counsel for the
National Commercial, said.

Radio Jamaica states that Mr. Garcia said the National
Commercial decided to appeal the ruling for reasons that include
Olint's continued failure to provide audited financial
statement.  "We had sent them a written request on Aug. 7, 2007,
so we're now approaching one year since the request had been
made," Mr. Garcia added.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Fitch Ratings affirmed National Commercial
Bank Jamaica Limited's ratings on long-term foreign and local
currency Issuer Default Ratings at 'B+'; short-term foreign and
local currency IDRs at 'B'; Individual at 'D'; Support at 4; and
Support Floor at 'B'.

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


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

AMERICAN AIRLINES: Caribbean, Mexico & Bermuda Flights on Sale
--------------------------------------------------------------
American Airlines and its regional affiliate, American Eagle,
have put many of their destinations in the Caribbean, the
Bahamas, Mexico and Bermuda on sale for travel Sept. 2 through
Dec. 10, 2008.

    Highlights of American's sale:

  -- Sale fares available between the United States and select
     destinations in the Caribbean, the Bahamas, Mexico and
     Bermuda.

  -- Begin travel Sept. 2 through Dec. 8, 2008; return no later
     than Dec. 10, 2008.

  -- Purchase tickets no later than July 31, 2008.

  -- Other restrictions, including embargo dates, apply.  For
     rules and restrictions, see the terms and conditions below,
     or visit American's Web site at: AA.com.

Here are samples of American Airlines and American Eagle's great
low fares to the Caribbean, the Bahamas, Mexico and Bermuda.

                      Sample Sale Fare
--------------------------------------------------------------
City Pair                               Fare Each Way Based on
                                          Round-Trip Purchase*
--------------------------------------------------------------
Miami - Port of Spain, Trinidad & Tobago         US$76
Miami - Freeport, Bahamas+                       US$78
Fort Lauderdale - Kingston, Jamaica              US$89
New York Kennedy - Bermuda                      US$123
Miami - Grand Cayman, Cayman Islands            US$127
Los Angeles - San Jose del Cabo, Mexico         US$131
Miami - Bridgetown, Barbados                    US$186
Dallas/Fort Worth - Tampico, Mexico+            US$190
New York City - St. Lucia, B.W.I.               US$239


* Fares shown are each way based on off-peak round-trip Economy
   Class travel purchased on AA.com, and are in U.S. dollars.
   Fares are valid for travel beginning Sept. 2-Dec. 8, 2008;
   complete travel by Dec. 10, 2008.  Fares do not include all
   government-imposed taxes and fees.

+ Service operated by American Eagle.

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

                          *    *    *

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

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


AMERICAN TOWER: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed American Tower Corporation's long-
term Issuer Default Rating and senior unsecured ratings at
'BB+'.  The rating outlook is stable.

AMT's ratings are underpinned by company's high margin, which
was 67% for the last twelve months and reflective of the
significant scale, the favorable operating environment and the
lower business risk that results in a higher degree of expected
financial stability and cash flow sustainability.  The stability
and long-term nature of the business makes any material changes
in the operating risk profile unlikely during the next several
years.  Over the longer-term, Fitch expects American Tower as
well as the rest of the tower industry will benefit from the
recent Advanced Wireless Services and 700 MHz spectrum auctions.
Fitch believes the above characteristics more than offset AMT's
sizable share repurchase program and the higher financial
leverage for its rating category.

Fitch views AMT's liquidity position as strong relative to other
telecom companies due to the meaningful free cash flow
generation, its balance sheet cash and favorable maturity
schedule relative to their available liquidity.  Free cash flow
for the last twelve months was in excess of US$500 million.  For
2008, with higher capital spending expected for land purchases,
new tower construction and augmentation of existing sites, FCF
levels should be comparable to 2007.  Cash and cash equivalents,
including restricted cash, was US$172 million as of March 31,
2008.

AMT's internally generated liquidity position is strong as
evidenced by its cash position and FCF generation versus its
maturity schedule over the next several years.  These debt
maturities include only US$78 million of convertible debt from
two issuances due in 2010.

AMT's revolver capacity is considered below average as the
company has currently less than 50% capacity on its US$1.25
billion credit facility.  As of March 31, 2008, AMT had drawn
US$650 million on its revolver that matures in 2012.  This is
due in part to AMT's use of its revolver to fund a portion of
its share repurchases.  In March 2008, AMT entered into a new
US$325 million senior unsecured term loan to repay existing
revolver indebtedness.  Share repurchases since the initial
inception back in 2005 have totaled in excess of US$2.2 billion.
During 2008, AMT's Board of Directors approved a new stock
repurchase program to purchase up to an additional US$1.5
billion of its Class A common stock.

As a result, expectations are for debt to increase by at least
US$400 million in 2008 with leverage likely staying in the mid 4
times range.  Fitch would become more concerned if leverage
increased materially as a result of debt financed share
repurchases.

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  The company had an annual revenues of
US$1.5 billion.


BERRY PLASTICS: S&P Junks Rating on US$750MM Sr. Secured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Berry Plastics Group Inc. and its subsidiary Berry Plastics
Corp.  The corporate credit rating on both companies was lowered
to 'B-' from 'B'.  The outlook is stable.

S&P also lowered the issue rating on the company's
US$750 million second-priority senior secured notes due 2014 to
'CCC+' from 'B' and revised the recovery rating to '5' from '4',
indicating S&P's expectation for a modest (10% to 30%) recovery
in the event of a payment default.

As of March 31, 2008, the Evansville, Indiana-based company had
about US$4 billion of total adjusted debt outstanding.

“The rating action incorporates Berry's weaker-than-expected
trend of operating performance and cash flows and a highly
leveraged financial profile, which has deteriorated beyond our
expectations for the previous ratings,” said Standard & Poor's
credit analyst Liley Mehta.

Berry's operating results in 2008 are hampered by unprecedented
increases in already elevated raw material costs and weak
economic conditions.  These challenges would make it difficult
for the company to generate positive free cash from operations
and establish a trend of improvement in its credit measures in
the near term.

The rating on Berry Plastics Group and its subsidiary Berry
Plastics Corp. reflects the company's highly leveraged financial
profile and acquisition driven growth strategy, which offsets
its fair business profile with large market shares in niche
segments, a well-diversified customer base, and strong customer
relationships.

Berry ranks among the largest packaging companies in North
America, with leading positions in both the rigid and flexible
plastic packaging segments.

Headquartered in Evansville, Ind., Berry Plastics Corporation
-- http://www.berryplastics.com/-- is a manufacturer and
marketer of plastic packaging products.  Berry Plastics products
include open-top and closed top packaging, polyethylene-based
plastic films, industrial tapes, medical specialties, packaging,
heat-shrinkable coatings and specialty laminates.   Aside from
the U.S., the company also has locations in Mexico, Canada,
Italy, Belgium, and China.


CKE RESTAURANTS: Moody's Affirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned an SGL-3 speculative
grade liquidity rating to CKE Restaurants Inc. (CKE) indicating
adequate liquidity.  In addition, Moody's affirmed all ratings
of CKE, corporate family rating rated Ba3.  The outlook remains
negative.

Over the following 12 months Moody's expects CKE will generate
negative free cash flow as sizeable capital expenditures and
dividend payments are likely to exceed internal operating cash
generation.  However, Moody's also believe internal cash flow
should comfortably cover working capital and maintenance capital
expenditures.

As of May 19, 2008, CKE had approximately US$19 million of
unrestricted and US$17 million of restricted cash on its balance
sheet.  The company also had availability under its
US$200 million revolver credit facility of about US$103 million,
after incorporating US$61 million of outstandings and US$36
million of letters of credit.

However, Moody's believes the cushion under the company's bank
covenant will be modest as operating performance is not likely
to materially improve and covenants step-down in the first
quarter of fiscal year 2010.  As a result, the company may be
required to seek an amendment to maintain full access to its
revolver absent improved operating performance or lower debt
levels.  CKE's only financial maintenance covenant under its
revolving credit facility is adjusted leverage which steps-down
in May 2009 to 2.75 times from a current level of 3.0 times.

The company's bank credit facility is secured by the capital
stock and certain assets of the borrower and its subsidiaries.
The bank agreement also allows for restricted payments that
could include share repurchases and dividends in aggregate, up
to a certain amount, provided that one of the conditions being
the company maintains a minimum of US$25 million of availability
under the revolver.

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries -- including Mexico and Singapore.
For the last 12-month period ending May 19, 2008, the company
generated revenues of about US$1.57 billion.


DESARROLLADORA HOMEX: 2Q 2008 Net Income Up 67.9% to MXN722 Mil.
----------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. has released financial
results for the second quarter ended June 30, 2008.

      New Mexican Accounting Reporting Standard for 2008

As companies in Mexico no longer follow inflation accounting
(Bulletin B- 10), second quarter 2008 figures are presented
without inflation adjustment; while second quarter 2007 figures
are presented with inflation adjustment through Dec. 31, 2007.
Therefore, the results of the two quarterly periods are not
directly comparable.

                           Highlights

  -- Total revenues in the 2008 second quarter increased 19.5%
     to MXN4.4 billion (US$425 million) from MXN3.7 billion
     (US$356 million) in the year-ago period.

  -- Earnings before interest, taxes, depreciation and
     amortization (EBITDA), during the quarter were MXN1,052
     million (US$102 million), a 20.3% increase from the MXN875
     million (US$85 million) reported in the second quarter of
     2007.

  -- EBITDA margin increased 15 basis points to 24% in the
     second quarter of 2008 from 23.9% EBITDA margin reported in
     the second quarter of 2007.

  -- Net income increased 67.9% in the second quarter of 2008 to
     MXN722 million (US$70 million) from MXN430 million (US$42
     million) in the second quarter of 2007.

  -- Earnings per share for the second quarter of 2008 increased
     68.4% to MXN2.16 compared to MXN1.28 in the comparable
     quarter of 2007.

"Once again, Homex has demonstrated its strength and leadership
in the Mexican homebuilding industry by delivering solid revenue
growth and continued margin improvement," Homex Chief Executive
Officer, Gerardo de Nicolas said.  "During the quarter, we took
another important step in our expansion strategy with the start
of operations in the city of Saltillo and we continued with our
implementation program of our new aluminium mould construction
technology in nine additional affordable entry and middle income
level cities.  The fundamentals of the homebuilding industry in
Mexico remain strong and we remain confident that through our
expansion strategy Homex will keep gaining market share and
improving operational efficiencies during this year and over the
longer term."

Mr. de Nicolas reiterated previously announced guidance for
2008, expecting revenue growth of 16-18 percent in real terms
and an EBITDA margin in the range of 24 percent to 25 percent.

                   Detailed Financial Reports

The company produces a detailed earnings report that provides
information regarding Operating and Financial results.  This
detailed information is considered part of this earnings
announcement and is available in full with this earnings
release, through email distribution or the company's filings
with the SEC and the CNBV, via the company's web site at:

            http://www.homex.com.mx/ri/index.htm.

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

                        *      *      *

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

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


GRUPO TMM: Reaffirms Growth Strategy; Expects Sale Improvements
---------------------------------------------------------------
Grupo TMM S.A.B.'s management has reaffirmed its commitment to
the company's growth strategy and anticipates significant
improvements in its results in the short term, as the new
vessels that were recently acquired with the funds from its
Trust Certificate Program are incorporated into the operations
of the company.

In anticipation of next week's quarterly earnings release and
conference call, the Company announced that second quarter of
2008 is expected to show a revenue increase of more than 25
percent compared to the second quarter of 2007, but will reflect
a reduction in transportation income compared to the first
quarter of this year, mainly due to the slowdown of the economy
in the U.S., Mexico's most important commercial client, as well
as to the appreciation of the Mexican peso versus the U.S.
dollar and to increased dry dock days for mandatory maintenance
of the maritime fleet.  The second quarter of 2008 is a
transitional one, as the majority of the vessels acquired with
the recently completed Trust Certificates Program for up to
9.0 billion pesos are not yet in operation.  This 20-year
program was rated AA.

As the new vessels start operations, the company expects to show
a significant increase in revenue and operating profit in the
upcoming quarters.  At the end of the third quarter of 2008,
seven vessels will have started operations, an additional six
vessels will start operations during the fourth quarter of 2008
and the first quarter of 2009, and two vessels will start
operations during 2009.  These 15 new vessels, once in full
operation, are projected to produce annual EBITDA of
approximately US$77 million.

Due to the strong demand for vessels in the marketplace, the
Company foresees having all 15 new vessels in operation, as it
already has long- and medium-term contracts with Pemex and with
other clients for six of those vessels, and therefore,
anticipates that such vessels will generate the previously
projected cash flows.  The company's business relationships with
its customers, particularly with Pemex, continue to be strong,
and the company has sought to build its relationships with a
long-term outlook, always seeking to meet customers' needs and
requirements and offering optimal equipment and services.

TMM continues its efforts to improve its corporate debt service,
thus improving its cash flow during this transition period and
expects to announce the restructuring of its corporate debt
before year end.

The company and its management remain confident that the
company's strategy will improve the company's value for its
shareholders, and management has decided to immediately
reactivate the company's share repurchase program, reaffirming
the company's commitment to its business plan and the prospects
for profit improvement in the short and medium terms.

                       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.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., 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.


PORTOLA PACKAGING: Defaults on US$60MM Credit Deal w/ GE Capital
----------------------------------------------------------------
Portola Packaging Inc. received a notice of default under its
US$60.0 million revolving credit agreement dated Jan. 16, 2004,
with General Electric Capital Corporation.

The notice was prompted by the company's filing stating that the
company was investigating accounting irregularities at certain
subsidiaries in China that may require restatement of these
financial statements for approximately US$2.5 million net over
these periods, in total.

While reserving its rights and remedies under the credit
agreement, GECC has been continuing to fund under the credit
agreement.  The company has retained Peter J. Solomon company
and Gibson & Rechan LLC to assist the company in evaluating its
alternatives, including potentially a restructuring of its
funded debt obligations.

Wayzata Investment Partners LLC made a US$15 million term loan
to the company in April 2008.  Discussions are underway with
GECC and Wayzata Investment Partners LLC regarding restructuring
alternatives, including without limitation possible forbearance
arrangements that would allow the company to pursue a balance
sheet restructuring in the near term, to help minimize
disruption to business operations.

The company also related that it will not be able to file its
quarterly report on Form 10-Q for the quarter ended May 31,
2008, until it has completed the investigation of the accounting
irregularities at its China subsidiaries and the restatement
process, if necessary, which could impact the financial
statements for the Third Quarter.  The company expects to file
the restatements, if necessary, soon as possible after
completion of the investigation and expects to file its
Quarterly Report on Form 10-Q for the Third Quarter of fiscal
2008 at that time or shortly thereafter.

                  Restatement of Financial Reports

On June 23, 2008, the company reported that the consolidated
financial statements for these periods must no longer be relied
upon:

   * Quarterly financial statements for the periods ended
     Nov. 30, 2006; Feb. 28, 2007, and May 31, 2007, filed with
     the Securities Exchange Commission;

   * Annual financial statements for the fiscal year ended
     Aug. 31, 2007 filed with the SEC;

   * Quarterly financial statements for the periods ended
     Nov. 30, 2007, and Feb. 29, 2008; filed with the SEC; and

   * S-1 Prospectus Amendments filed with the SEC which includes
     information from these financial statements.

During the company's review of its financial statements for its
China subsidiaries, Portola (Asia Pacific) Holding Limited and
Shanghai Portola Packaging company Limited, the company
discovered accounting irregularities totaling up to
approximately US$2.5 million net over these periods.

These irregularities consisted of errors in the accounts
receivable, accounts payable, inventory and cost of sales
accounts.  The investigation is continuing and it is not known
at this time if theft was involved or if there were just
erroneous accounting entries.

These irregularities may result in a decrease of approximately
US$2.5 million, in total, in the net income reported by the
company in the six quarters.  The company's president and its
chief financial officer well as the Audit committee of the board
of directors have discussed this matter and the continuing
investigation with BDO Seidman LLP, the company's independent
auditors.  The company will, if necessary after completion of
the analysis, restate the financial statements soon as
practical.

                     About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures and markets tamper evident plastic closures used in
dairy, fruit juice, bottled water, sports drinks, institutional
food products and other non-carbonated beverage products.  The
company also produces a wide variety of plastic bottles for use
in the dairy, water and juice industries, including various high
density bottles, as well as five-gallon poly carbonate water
bottles.  In addition, the company designs, manufactures and
markets capping equipment for use in high-speed bottling,
filling and packaging production lines.  The company is also
engaged in the manufacture and sale of tooling and molds used in
the blow molding industry.  The company has locations in China,
Mexico and Belgium.


POWERMATE HOLDING: Wants Plan Filing Date Extended to Nov. 12
-------------------------------------------------------------
Powermate Holding Corp. and its debtor-affiliates ask the Hon.
Kevin Gross of the United States Bankruptcy Court for the
District of Delaware to extend their exclusive periods to:

   a) file a Chapter 11 plan until Nov. 12, 2008, and

   b) solicit acceptances of that plan until Jan. 12, 2009.

A hearing is set for Aug. 14, 2008, at 2:00 p.m. to consider the
Debtors' request.  Objections, if any, are due Aug. 7, 2008, by
4:00 p.m.

The Debtors tell the Court that they need additional time to
formulate a Chapter 11 plan.  They devoted most of their time
completing the sale of substantially all of their assets and
prosecuting causes of action, the Debtors explain.

As reported in the Troubled Company Reporter on May 8, 2008, the
Court authorized the Debtors to sell certain assets for
US$10 million to a group of purchasers including Homelite
Technologies Ltd., Tap Enterprises Inc., and MAT Industries,
pursuant to an asset purchase agreement date April 18, 2008.

The Debtors have commenced actions against retailers Home Depot
U.S.A. and Lowes Companies Inc. seeking to recover in the
aggregate amount of US$7.8 million from failure to make required
payments to the Debtors.

The Debtors' initial exclusive periods to file a Chapter 11 plan
expired on July 15, 2008.

                          About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.

On May 23, 2008, the Debtors' summary of schedules posted total
assets of US$60,139,442 and total debts of US$85,700,759.


POWERMATE HOLDING: Panel Can Hire Buccino & Associates
------------------------------------------------------
The Official Committee of Unsecured Creditors in Powermate
Holding Corp. and its debtor-affiliates' Chapter 11 cases
obtained authority from the U.S. Bankruptcy Court for the
District of  Delaware to retain Buccino & Associates Inc. as its
financial advisor.

Buccino & Associates is a strategic and financial consulting
firm that provides clients advisory services designed to enhance
cash flow and position companies for long-term profitability.
The firm also offers other services that include strategic and
financial assessment of business operations; turnaround
consulting; financial advisory services to lenders, creditors
and other economic stakeholders; crisis and interim management;
valuation; insolvency and reorganization services; corporate
restructuring; forensic analysis; litigation support and expert
testimony.

Harry Malinowski, senior vice president and managing director of
Buccino's New York Office is leading the project assisted by
Christopher L. Picone, senior vice president and managing
director in the Chicago office.

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.  When the Debtors filed for protection from their
creditors, they listed estimated assets and debts between
US$50 million and US$100 million.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.



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

GOLD HAWK: Disaster Eyed at Coricancha Site, to be Relocated
------------------------------------------------------------
Gold Hawk Resources Inc. said it received notice that an
emergency decree has been issued by Peru's Presidential Council
of Ministers.

The Emergency Decree declares a state of emergency in the
District of San Mateo, specifically the Tamboraque hillside near
the company’s Coricancha processing plant and tailings area, and
calls for the relocation of these facilities.

The Financial Times reports that the state of emergency was
declared over fears that arsenic, lead and cadmium from the
site's tailings dam could pollute the main water supply for the
country's capital.

According to the FT, the Tamboraque area has been weakened by
seismic activity and subterranean water filtration.

“Although we are still in consultation with government officials
as to the full impact of the Decree, we believe this Decree will
expedite the required authorizations to implement measures that
will minimize the risks to people, the environment and
property,” said Kevin Drover, President and CEO of Gold Hawk
Resources.

Gold Hawk is reviewing the Emergency Decree and said it will
provide more information and clarification as it becomes
available.

                  About Gold Hawk Resources Inc.

Based in Vancouver, British Columbia, Canada, Gold Hawk
Resources Inc. (TSX-V: CGK) -- http://www.goldhawkresources.com/
-- is a precious and base metals producer with reserves and
resources containing gold, silver, lead, zinc and copper.  Since
the acquisition of the wholly owned Coricancha mine in Peru in
March 2006, the mine and concentrator were refurbished and
commercial production status was achieved on October 1, 2007.
The rated capacity of the processing facility is approximately
600 tonnes of ore per day.  The company, through its subsidiary,
Compania Minera San Juan (Peru) S.A., has approximately 450
employees.  The company also has exploration properties in Peru
and Canada (Quebec).



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

HORIZON LINES: Taps James Storey as Investor Relations Director
---------------------------------------------------------------
Horizon Lines, Inc., has named James R. Storey Director of
Investor Relations and Corporate Communications.  The position
reports to Michael T. Avara, Senior Vice President and Chief
Financial Officer of Horizon Lines, Inc.

Mr. Storey brings extensive experience to this new position,
where he will have primary responsibility for managing the
company's communications with the investment community and other
key constituents who influence the investment decision . He
joins Horizon Lines with over 16 years experience in executive
investor relations and communications roles.  Most recently Mr.
Storey served as Vice President, Investor Relations for BlueLinx
Holdings Inc., in Atlanta, GA.  His experience also includes
several years as a reporter and editor covering the stock market
for Dow Jones & Co. in New York.

"James will be a great fit for our team with his background and
experience in the investor and public relations arena.  We are
confident that our investors, associates and other constituents
will be pleased with what he brings to the table," said Horizon
Lines Chairperson, President and Chief Executive Officer,
Charles G. Raymond.

Mr. Storey holds a master's degree in journalism from
Northwestern University and is a magna cum laude graduate of
Boston College.  He is an active member in the National Investor
Relations Institute, where he serves on NIRI's Senior Roundtable
and is a past president of NIRI's Atlanta chapter.

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

                          *     *      *

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

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


ROYAL CARIBBEAN: Books US$84.7 Million Net Income in 2nd Quarter
----------------------------------------------------------------
Royal Caribbean Cruises Ltd. has reported its earnings for the
second quarter of 2008.

    Key Highlights

  -- Second Quarter Net Income of US$84.7 million.

  -- Cost savings program expected to save approximately US$125
     million annually.

  -- Revenue environment remains solid:

     * Net Yields expected to be up 3% to 4 % for the full year.
     * Full year 2008 results in line with original expectations
       except for fuel.
     * 2009 load factors and pricing ahead of same time last
        year.

  -- At current fuel prices, full year 2008 earnings per share
     expected to be US$2.55 to US$2.65, including estimated
     restructuring-related expenses of US$15 million.

Royal Caribbean Cruises Ltd. reported net income for the second
quarter 2008 of US$84.7 million compared to a net income of
US$128.7 million for the second quarter 2007.  Net Income for
the first six months was US$160.4 million compared to net income
of US$137.6 million for the same period last year.

                    Second Quarter Highlights

Key metrics for the second quarter 2008, as compared to the
second quarter 2007, were as follows:

  -- Net Yields improved 1%.

  -- Net Cruise Costs per APCD increased 6.7%.

  -- Net Cruise Costs excluding fuel, per APCD increased 2%.

  -- Fuel prices increased 55%, while fuel costs per APCD
     increased at a lower rate of 31%, due mainly to fuel
     initiatives and hedging.

The improvement in Net Yields was consistent with previous
guidance for the company's Royal Caribbean International,
Celebrity Cruises and Azamara Cruises brands.  Net Yields were
somewhat weaker than expected for the company's Spanish brand,
Pullmantur Cruises, the effect of which was offset by lower than
expected general and administrative expenses.

Net Cruise Costs per APCD increased 6.7% versus guidance of an
increase of 7% to 8%. Excluding fuel, Net Cruise Costs per APCD
increased 2%, versus guidance of an increase of 3% to 4%.  This
was driven primarily by lower general and administrative
expenses.

                       Cost Savings Program

The company also announced a significant cost savings initiative
that is expected to reduce spending by approximately
US$125 million annually.  "Too much of our profitability is
being eroded by the increase in fuel prices.  This is
unacceptable and we are evaluating everything we do to find ways
to do it more efficiently and effectively," said Chairman and
Chief Executive Officer, Richard D. Fain.  "While our brands
continue to attract premium prices even in this difficult
environment, it is imperative that we find ways to reduce our
costs."

As part of the restructuring, the company announced it is
eliminating approximately 400 shore-side positions.  In
addition, the company announced it had discontinued some
non-core operations, including The Scholar Ship, an educational
partnership aimed at college students studying aboard cruise
ships.  The company expects to incur charges related to this
restructuring of approximately US$15 million in the third
quarter 2008.

"This is a difficult period for virtually all businesses, but we
are determined to improve our operating results through tight
cost controls, while preserving our outstanding guest experience
and continuing to strongly support our travel agent partners. We
will also continue to make measured strategic investments,
especially in growing the international operations of our
business," Fain continued.

In 2009, based on the targeted reductions, selling, general and
administrative expenses per APCD are expected to be around the
levels that the company incurred in 2004, and Net Cruise Costs
excluding fuel, per APCD to be similar to 2007 levels.

"Over the last few years, we have made significant investments
to seed our growth in many strategic markets," Executive Vice
President and Chief Financial Officer, Brian J. Rice said.
"These costs are now being absorbed by capacity and revenue
growth in the emerging markets around the world.  In addition,
our scale and exceptional brand positioning in North America are
enabling us to drive further efficiencies."

                      Revenue Environment

Despite the worsening economic environment, the company
continues to enjoy healthy demand for its products and its
revenue expectations have not changed materially.  The company's
Net Yields improved by 1% in the second quarter 2008. This was
lower than the 2% forecast, mainly due to lower yield
performance by Pullmantur Cruises, as a result of weaker demand
in Spain and a grounding incident involving the Sky Wonder.

The company's other brands saw Net Yield improvement of
approximately 2%, consistent with previous guidance. Close-in
demand, booked within 90 days of sailing, continued to show
strength and provided year-over-year pricing premiums.  Forward
bookings for 2009 are strong, with higher load factors and
higher prices in the first quarter and for the full year
compared to the same time a year ago.

The company expects Net Yields to increase in a range around 2%
for the third quarter 2008; to increase 4% to 5% for the fourth
quarter 2008; and to increase 3% to 4% for the full year 2008.

"Although pressure on the consumer persists and there is much
uncertainty in the market, demand for our cruises and onboard
spending continues to be resilient," said Mr. Rice.  "Our yields
should improve in all four quarters this year."

                            Outlook

The company expects third quarter 2008 earnings per share,
including the restructuring charges, to be US$1.65 to US$1.70,
and to be US$2.55 to US$2.65 for the full year 2008.  This
forecast is virtually unchanged from that provided at the
beginning of the year and at the end of the first quarter,
except for the direct increase in fuel costs.

Mr. Fain commented that, "We continue to watch with concern both
the high oil price and the weakening economy.  While we can't
solve high oil prices, we are gratified that, except for the oil
price, our business continues to do as well or better than
expected despite the economy.  One might have assumed that we
would have been impacted by both, but the fact that our business
continues to overcome these economic pressures says volumes
about its resilience.  We believe this is due to several
factors, including the strength of our brands, the success of
our newest ships, the value of cruising to the consumer and our
growing penetration of new global markets."

Included in projected third quarter 2008 Net Cruise Costs are
the estimated restructuring charges of US$15 million, or US$0.07
per share.  For the full year 2008, the company expects other
income (expense) to be comparable to last year including US$18
million gained from the settlement of a pending lawsuit in the
third quarter 2008.

The company does not forecast fuel prices and its cost guidance
is based on current at-the-pump prices net of any hedge impacts.
Based on current fuel prices, the company has included US$772
million in fuel expenses in its full year 2008 guidance.  This
figure is US$86 million, higher than at the time of its previous
earnings guidance.  Assuming the company's fuel costs correlate
with movement in the price of WTI, a US$10 change in WTI per
barrel, would equate to an US$11 million change in the company's
fuel expense for the third quarter and a US$20 million change
for the full year.

The company also estimated that at current oil prices, its fuel
expense for 2009 would be approximately US$890 million net of
existing hedges and that a US$10 change in the WTI price would
change the expense by US$59 million.

Based on current ship orders, projected capital expenditures for
2008, 2009, 2010, 2011, and 2012, are estimated to be US$1.9
billion, US$2 billion, US$2.2 billion, US$1 billion, and US$1
billion, respectively.  Projected capacity increases for the
same five years are estimated at 5%, 6.8%, 12.1%, 7.2%, and 3%,
respectively.

"Obviously, justifying new ship orders is becoming more and more
difficult with a soft economy, weak dollar, and continuing
escalation of steel and oil prices," Mr. Fain commented.  "We
are fortunate to already have an enviable portfolio of new ships
on order which enables us to continue growing our business
outside of North America.  We are very confident the vessels we
will take delivery of in the next few years will provide price
premiums, operating efficiencies and rewarding returns, even at
today's high fuel prices."

As of June 30, 2008, liquidity was US$1.3 billion, including
US$0.4 billion in cash and cash equivalents, and US$0.9 billion
in available credit on the company's unsecured revolving credit
facility.

                       About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to
'BB+' from 'BBB-'.  S&P said the rating outlook is stable.


ROYAL CARIBBEAN: Eyes Cutting 400 Jobs Due to Higher Fuel Costs
---------------------------------------------------------------
Royal Caribbean Cruises Ltd. would likely cut 400 jobs after it
disclosed a lower second-quarter earnings Monday, due to higher
fuel prices, various reports say.

According to a press release, the company earned
US$84.7 million in the second quarter 2008 compared to a net
income of US$128.7 million for the second quarter 2007.

The Associated Press says the company would cut cost by about
US$125 million.  Although demand for cruises remained high in
the quarter, fuel prices gained 55%.

Citing CEO Richard Fain in a statement, Reuters relates that the
company is planning to find ways to make the operation efficient
and effective.  According to Reuters, the company would avoid
some non-core operations, including an educational program for
college students to study abroad at sea.

The company expects to incur about US$15 million, or 7 cents a
share, in charges in the third quarter related to restructuring,
Business Journal relates.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to
'BB+' from 'BBB-'.  S&P said the rating outlook is stable.



===========================
S T  K I T T S  & N E V I S
===========================

AMERICAN AIRLINES: To Add Miami-St. Kitts Flights in November 3
---------------------------------------------------------------
American Airlines will be adding three flights between its Miami
and St. Kitts route on Nov. 3, increasing its schedule to five
times a week, Carribean 360 reports.

Caribbean 360 relates that the increase in flights came in four
years after the airline launched its Miami-St. Kitts flight
service on December 2004.

American Airlines said it will offer nonstop service starting on
Nov. 13 from New York to St. Kitts and Nevis, a twin-island east
of Puerto Rico and the U.S. Virgin Islands.

“This sustained growth in airlift to St.Kitts is directly
related to the economic development taking place in our country
and the increasing demand for our tourism product. These daily
Miami flights are ideally timed, for both connecting and local
travellers to spend more time on island without having to get to
the airport too early or arrive home too late,” Caribbean 360
states, citing Ricky Skerritt, Minister of State in the Ministry
of Tourism, Sports, and Culture.

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

                          *    *    *

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

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



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

NORTHWEST AIRLINES: Delta Names Senior Team to Lead Merged Co
-------------------------------------------------------------
Delta Air Lines Inc. has introduced to its employees the senior
team that will be responsible for leading the company after the
closing of its merger with Northwest Airlines Corp., marking
another important milestone toward the successful integration of
the two airlines.

Delta will combine the strengths of two best-in-class airlines
to create an industry-leading management team and ensure the
seamless transition of Northwest's operations into Delta over
the next 12 to 24 months.

The team of officers will be led by Delta CEO Richard Anderson,
an 18-year industry veteran, and will be comprised of highly
experienced operational, corporate and strategic leaders
selected from both companies to represent the respective
strengths of Delta and Northwest.

In addition, Delta announced the senior officers who will be
members of its Corporate Leadership Team.  The CLT will have
overall responsibility for the strategy of the airline,
including major decision-making and overall supervision of the
merger process.  The CLT, which will be effective upon the
closing of the merger, includes:

     * Richard Anderson, CEO - Delta Air Lines

     * Ed Bastian, President and CFO - Delta Air Lines; CEO and
       President - NWA

     * Mike Becker, EVP, Chief Operating Officer - NWA

     * Mike Campbell, EVP - HR, Labor & Communications

     * Steve Gorman, EVP - Operations

     * Glen Hauenstein, EVP - Revenue & Network

     * Ben Hirst, SVP - General Counsel

     * Laura Liu, SVP - International

     * Theresa Wise, SVP – Chief Information Officer

By naming its entire officer team in advance of the closing of
the merger, Delta has laid a strong foundation for the combined
airline to immediately begin capturing and exceeding the merger
synergies expected following the close of the transaction.

“We have assembled an incredibly talented officer team,” said
Mr. Anderson.  “Their diverse backgrounds and extensive
experience, both in and out of the airline industry, provide a
solid foundation for building a world-class airline focused on
taking care of our people, serving our customers, and giving a
good return to our shareholders.”

Upon closing, NWA, Inc. will be an operating subsidiary of
Delta.  Ed Bastian, who is Delta's current president and CFO,
will also become CEO and president of Northwest.  Mike Becker,
who is currently senior vice president of Human Resources and
Labor Relations at Northwest, will become the new executive vice
president and chief operating officer of Northwest during the
transition period.  As previously announced, Northwest's current
president and CEO, Doug Steenland, will leave to assume his seat
on the new Delta Board of Directors.

Each of the officers of the new NWA structure will be officers
of both NWA and Delta upon closing.  “The officers named for
both Delta and NWA are leaders of the new Delta,” said Mr.
Bastian, who will have leadership roles in both organizations.
“The final organizational structure will evolve over time, as
the transition to a single operating certificate is achieved.
We will not sacrifice revenue or cost-synergies by moving too
quickly to integrate.  Combining these two great airlines will
be a well-planned, deliberate process.”

The new Delta will be headquartered in Atlanta and will maintain
a significant long-term presence in Minnesota that includes both
operation and staff functions beyond the 12-24 month transition
of Northwest operations into Delta.

Mr. Anderson said, “We are already making great progress on our
integration planning and are well ahead of previously attempted
airline mergers in anticipation of gaining approval by the
Department of Justice later this year.  Today's announcement
is another important milestone in solidifying the leadership of
the new Delta and accelerating the planning efforts that are
essential to achieving a seamless integration after the closing
of the merger.  In light of the industry's current challenges,
including record high oil prices, it is clear we were smart to
proceed when we did because this merger will provide the
necessary revenue and cost synergies to better position the
combined carrier for success over the long-term.”

Northwest's CEO Mr. Steenland concluded, “As the planning
continues and the transformation evolves, we ask that all Delta
and Northwest people remain focused on operating our respective
airlines.  Thanks to the caliber of our people, we are confident
we will complete the most successful merger in airline history.”

Delta in April announced that it is combining with Northwest in
an all-stock transaction to create America's premier global
airline.  The new company will be called Delta and will be
headquartered in Atlanta. Combined, the company and its regional
partners will provide customers access to more than 390
destinations in 67 countries.

Together, Delta and Northwest will have more than
US$35,000,000,000 in aggregate annual revenues, operate a
mainline fleet of nearly 800 aircraft, employ approximately
75,000 people worldwide, and have one of the strongest balance
sheets in the industry.  The merger is subject to the approval
of Delta and Northwest stockholders and regulatory approvals,
which are targeted for completion later this year.

                         About Delta Air

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

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

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

                     About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C. as its bankruptcy
counsel in the Debtors' chapter 11 cases.

When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.  (Northwest Airlines Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PETROLEOS DE VENEZUELA: To Jointly Explore Oil with Japan Oil
-------------------------------------------------------------
Petroleos de Venezuela S.A. would sign a memorandum of
understanding with Japan Oil, Gas and Metals National Corp. for
the joint exploration of oil deposits near the Orinoco River, a
report posted on Japan Economic Newswire states, citing sources
familiar with the matter.

According to the Japan Economic report's sources, senior
officials from the Japanese Ministry of Economy, Trade, and
Industry will visit Venezuela in August to negotiate with
Petroleos de Venezuela.

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  S&P said the outlook is stable.

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 * * *