TCRLA_Public/080806.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, August 6, 2008, Vol. 9, No. 155

                            Headlines


A R G E N T I N A

AES CORP: Will Focus on Getting Negev Solar Power Plant Licenses
EMPRESA DISTRIBUIDORA: To Issue 2nd Qtr. 2008 Earnings on Aug. 8
FORD MOTOR: Reports Strong Sales for Focus Model
FORD MOTOR: Fitch Chips Issuer Default Rating to 'B-' from 'B'


B E R M U D A

CHANNEL RE: Moody's Cuts Two Rock Trust Rating to Ba1 from A3
DICKSON GROUP: Proofs of Claim Filing Deadline Is Aug. 29
REFCO INC: Ex-CEO Phillip Bennett to Appeal 16-Year Prison Term
SEA CONTAINERS: Accused by Asociacion Peruana of Misstatements


B R A Z I L

AMR CORP: Moody's Cuts Corporate Family Rating to Caa1 from B2
BANCO BRADESCO: Net Income Grows to BRL4.105BB in 1st Half 2008
BUCYRUS INT'L: Moody's Upgrades CF and Debt Ratings to Ba2
COMPANHIA ENERGITICA: Aneel Rejects Consorcio Jirau's Appeal
TAM SA: To Initiate Lufthansa Codeshare Agreement on Aug. 18

TELE NORTE: To Raise BRL3 Billion to Close Brasil Telecom Buyout
TELE NORTE: Net Income Drops to BRL249 Million in Second Quarter
SHARPER IMAGE: Court OKs Termination of Rockefeller Center Lease
SHARPER IMAGE: EVP/CFO May Get US$250,000 Under Incentive Plan
SHARPER IMAGE: Trade Creditors Sell Two Claims for US$397,594

USINAS SIDERURGICAS: Will Release 2Q 2008 Earnings on Aug. 14


C A Y M A N  I S L A N D S

ASTPHOENIX FUND: Deadline for Proofs of Claim Filing Is Aug. 8
BARATARIO LTD: Proofs of Claim Filing Deadline Is Until Aug. 8
COPPER ARCH: Deadline for Proofs of Claim Filing Is Aug. 8
COPPER ARCH FUND: Proofs of Claim Filing Is Until Aug. 8
FORT WASHINGTON: Proofs of Claim Filing Deadline Is Aug. 8

FRANJEAN AT SEA: Will Hold Final Shareholders Meeting on Aug. 8
GRANTCHESTER INVESTMENT: Final Shareholders Meeting Is on Aug. 8
HACHI HOLDINGS: Deadline for Proofs of Claim Filing Is Aug. 8
HEPTAGON LIMITED: Proofs of Claim Filing Deadline Is Aug. 8
J-BLUE SKY: Will Hold Final Shareholders Meeting on Aug. 8

KI SPECIALITY: Deadline for Proofs of Claim Filing Is Aug. 8
LOWE ENTERPRISES: Holds Final Shareholders Meeting on Aug. 8
OPUS SPECIAL OPPORTUNITIES: Claims Filing Deadline Is Aug. 8
OSAKI RESIDENTIAL: Proofs of Claim Filing Deadline Is Aug. 8
PARMALAT SPA: NY Court Confirms Settlement Class in Hermes Suit

SILVER CREEK: Will Hold Final Shareholders Meeting on Aug. 8
SILVER CREEK LOW: Final Shareholders Meeting Is on Aug. 8
TSF NO. 7: Deadline for Proofs of Claim Filing Is Aug. 8
TREMONT DOUBLE: Sets Final Shareholders Meeting for Aug. 8
WATERFALL VANILLA: To Hold Final Shareholders Meeting on Aug. 8


C H I L E

CLOROX COMPANY: Earns US$461 Million for Fiscal Year 2008


C O L O M B I A

ECOPETROL: Net Income Up 176% to COP5.6-Bil. in First Half 2008


D O M I N I C A N   R E P U B L I C

TRICOM SA: Waived Attorney-Client Privilege, Bancredito Says
TRICOM SA: Wants Exclusive Solicitation Extended to Dec. 31

* Fitch Says Dominican Electric Biz on a Brink of Financial Woe


G U A T E M A L A

BRITISH AIRWAYS: Fiscal 2008 First Quarter Profit Down 90.1%


H O N D U R A S

DIGICEL LTD: Wins WiMAX License in Honduras


J A M A I C A

CASH PLUS: Court Names Monty Kandekore as Provisional Liquidator


M E X I C O

ANIXTER INT'L: Acquires QSN Industries and Quality Screw Assets
FRONTIER AIR: Gets Alternative Commitment for US$75MM DIP Loan
MOVIE GALLERY: India-Based Valuable Group Purchases MovieBeam
QUAKER FABRIC: Court Approves 2nd Amended Disclosure Statement
REVLON INC: June 30 Balance Sheet Upside-Down by US$1.06 Billion

SANLUIS CORP: Unit Launches New Quadratech Suspension System
SEMGROUP LP: 18 Parties Balk at US$250,000,000 BofA DIP Loan


P A N A M A

HUNTSMAN CORP Lead Plaintiff Application Deadline is Sept. 15


P U E R T O  R I C O

CARIBBEAN RESTAURANTS: S&P Rates US$149 Mil. Senior Notes at B
CENTENNIAL COMMUNICATIONS: Zacks Upgrading Shares to Hold


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Liquidator Denies Asking Chief to Resume Control
HINDU CREDIT: Assets May Be Liquidated Below Market Value
HINDU CREDIT: Police Gets Information on Harry Harnarine


V E N E Z U E L A

HARVEST NATURAL: Moves 2Q 2008 Earnings Release Date Over Storm
PETROLEOS DE VENEZUELA: Shuts Down Cardon Unit for Maintenance


                         - - - - -


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

AES CORP: Will Focus on Getting Negev Solar Power Plant Licenses
----------------------------------------------------------------
AES Corporation has opted to focus on obtaining licenses for
solar power plants rather than engage in the tender to build a
solar energy power plant at Ashelim in the Negev, southern
Israel, McClatchy-Tribune News Service reports.

According to the report, the company had considered joining
forces with a number of companies, including Arava Power
Company, which plans to invest hundreds of millions of dollars
in developing photovoltaic power plants.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for more than ten years since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve
1.2 million customers and generation plants in the Czech
Republic and Hungary.  AES is also the leading company in
biomass conversion in Hungary, generating 37% of the nation's
total renewable generation in 2004. The company has Latin
America operations in Argentina, Brazil, Chile, Dominican
Republic, El Salvador and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka. Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's Investors Service assigned a B1 rating to
The AES Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020.  In addition, Moody's has affirmed the
ratings of AES, including the company's Corporate Family Rating
at B1, its Probability of Default Rating at B1, its senior
secured credit facilities at Ba1, its second priority senior
secured notes at Ba3, its senior unsecured notes at B1 and its
trust preferred securities at B3.  Moody's said the rating
outlook for AES is stable.

The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation was in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as stated in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.


EMPRESA DISTRIBUIDORA: To Issue 2nd Qtr. 2008 Earnings on Aug. 8
----------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte, a.k.a. Edenor,
disclosed this webcast alert:

  What:  Edenor S.A.'s second quarter 2008 Earnings Conference
         Call

  When:  Aug. 8, 2008, at 10:00 am Eastern 11:00 AM (Argentina)

  Where: http://www.videonewswire.com/event.asp?id=50649

  How: Log on to the web at the address above.

  Contact:  

          Ivana Del Rossi
          Tel. Number: (54-11) 4346-5127

                       or

           Veronica Gysin
           Tel. Number: (54-11) 4346-5231
    
The conference call will be archived at:

    http://www.videonewswire.com/event.asp?id=50649

Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. aka Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  The company commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Standard and Poor's Argentina assigned its 'B'
Rating on US$220 Million Bond issued by Empresa Distribuidora y
Comercializadora Norte S.A with annual fixed interest rate of
10.5% Notes due 2017.  S&P said the outlook is positive.


FORD MOTOR: Reports Strong Sales for Focus Model
------------------------------------------------
Ford Motor Co.'s redesigned Focus continues to surprise auto
industry watchers and customers alike with strong sales, revenue
growth, fuel economy and industry-first technology, Ford said.

While Ford and industry sales experienced a double-digit sales
decline in July, Ford Focus sales climbed 16 percent versus a
year ago.  Year-to-date, Focus sales were up 26 percent,
compared with industry-wide small car growth of approximately 9
percent.

         Focus has surprised in areas other than sales

Transaction prices

Year-to-date, Focus transaction prices have increased US$750 per
unit compared with a segment-average increase of US$100.  
Customers are purchasing more equipment, including Ford SYNC,
and higher series levels.

Fuel Economy

In an independent test conducted by Edmunds.com called the Gas-
Sipper Smackdown, Focus achieved 37.5 mpg on the highway.  Focus
has EPA highway fuel economy of 35 mpg – better than the smaller
2008 Honda Fit and 2009 Nissan Versa SL.

Cool Technology

Focus was named one of Kelley Blue Book's 10 Coolest New Cars
Under US$18,000 based on its safety, fuel economy, interior
size, comfort, technology, fun-to-drive and the “decidedly
subjective coolness factor”.

“Focus continues to surprise and delight customers throughout
the country, but the bombshell is in Texas, where Focus retail
sales have almost doubled,” said Jim Farley, Ford, group vice
president, Marketing and Communications.  “If we can increase
small car sales in Texas, we can increase them anywhere.”  Year-
to-date, Focus retail sales were up 91 percent in Texas and 46
percent nationwide.

Total Ford, Lincoln and Mercury car sales were up 8 percent
compared with a year ago.  Consistent with industry trends,
crossover vehicles -– which include Ford Escape, Edge and Flex
–- were down 8 percent.  Sport utility vehicles -– such as Ford
Explorer and Expedition -– were down 54 percent, and trucks and
vans -– including Ford F-Series and Econoline –- were down 18
percent.

Overall, Ford, Lincoln and Mercury vehicle sales totaled 156,406
in July, down 13 percent versus a year ago; year-to-date sales
totaled 1.265 million, also down 14 percent.  Ford estimates
industry-wide sales were down 11 percent year-to-date.

“We expect the second half of 2008 will be more challenging than
the first half as economic and credit conditions weaken,” said
Mr. Farley.

Ford's full-year industry sales forecast is a range from 14.0 –
14.5 million vehicles (including medium and heavy trucks).  The
first half sales rate was approximately 15 million.

                      About Ford Motor Co

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

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.


FORD MOTOR: Fitch Chips Issuer Default Rating to 'B-' from 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from
'B'.  The rating outlook remains negative.  The downgrade
reflects these:

  -- The further deterioration in Ford's U.S. sales as a result
     of economic conditions, an adverse product mix and the most
     recent jump in gas prices;

  -- Portfolio deterioration at Ford Credit and heightened
     concern regarding economic access to capital to support
     financing requirements; and

  --Escalating commodity costs that will remain a significant
     offset to cost reduction efforts.

Negative cash flows and declining liquidity at Ford's automotive
operations will accelerate in the second half of 2008, but
liquidity is expected to be sufficient through 2009 to finance
operating losses, working capital drains and restructuring
efforts even in the event that 2009 industry sales remain flat
with deeply depressed 2008 levels.

Liquidity has declined sharply from US$36 billion at year-end
2007 to US$26 billion at the end of the second quarter, in part
due to the US$4.5 billion funding of the UAW healthcare VEBA.   
Maturities are moderate over the next three years, and Ford
maintains access to an US$11.5 billion revolving credit facility
(maturing in 2011).  Although the size of the facility could
shrink modestly over the next several years commensurate with a
declining borrowing base, unused capacity provides a liquidity
cushion in the event the North American market downturn is
longer or deeper than projected.  Ford has moderated its growth
in debt through a cash contribution to fund its initial VEBA
agreement, and several cooperative equity-for debt swaps.   
Recent actions regarding equity dilution improve the likelihood
and amount of potential equity-linked, capital-raising efforts.

Fitch's IDR for Ford Credit is the same as that of Ford, given
the close business relationship between the two companies.  
Fitch notes that while Ford and Ford Credit have a profit
maintenance agreement in place, Ford Credit did not enforce the
agreement in the second quarter and Fitch does not attach any
importance to this agreement since it lacks third party creditor
rights.  Fitch is maintaining its two notch differential between
the Ford Credit's IDR and senior debt due to Fitch's continued
view of ultimate recovery between 71%-90%, although Fitch
believes potential recoveries are at the lower end of this
range.  Fitch remains concerned with increasing default rates
and higher severity of losses on retail and lease contracts.  
The company's second-quarter loss was primarily the result of a
US$2.1 billion residual value impairment.

While this reflects the rapid deterioration in residual values
to date, particularly for truck and SUVs, FMCC may incur
incremental impairments if residual values continue to decline.  
As a result of these factors, Fitch does not anticipate that
Ford Credit will pay dividends to Ford.  Further deterioration
in loan and lease portfolios, or in performance of auto loan
securitizations, could further limit Ford's ability to provide
competitive financing.  Lack of economic access to the
securitization market, resulting from weaker loan performance
and nervous capital markets, could result in a review of the
rating.

The most recent spike in gas prices has resulted in plummeting
U.S. industry sales and sharply declining residual values of
SUV's and pickups.  Ford has been actively cutting production in
an attempt to manage inventories and incentive levels, but cost
reductions have not been able to keep pace.  A pull back from
leasing, although potentially prudent in the long-term, will
result in a further step-down in sales volumes and production as
higher incentives or third-party financing are unlikely to fill
the gap in the short term.

Second-quarter deliveries fell 17% in North America, leading to
a 25% sales decline.  At the smaller end of its product lineup,
sales volumes of the Focus, Fusion and Escape have held up
relatively well.  Ford's European operations continue to perform
well, with healthy growth in profitability driven by well-
received product introductions and cost improvements, although
weakening economic conditions are expected to moderate near term
results.  Ford has also benefited from strong growth in its
Latin American markets.  Improving quality has also been a
positive.

The rise in commodity costs has been a well-known contributor to
margin deterioration for the past several years, limiting the
impact of Ford's extensive cost-cutting efforts.  Fitch had
expected commodity cost increases to moderate in 2008, allowing
more of the restructuring benefits to be realized, but this has
not been the case.  Due to surcharges being implemented across a
number of products, the flow-through of price increases in oil-
based products and the timing of contract renewals, the impact
of commodity price increase is expected to sharply accelerate
over the next 18 months.

Factors that could result in a downgrade include:

  -- an expectation by Fitch that Ford's cash level would fall
     below US$12 billion;

  -- lack of economic access to the securitization market; and
  -- lack of execution on near-term cost, margin and product
     plans.

In 2010, Ford is expected to realize the benefits from the UAW
healthcare agreement, as well as an eventual upturn in U.S.
industry sales.  Ford remains highly exposed to the pickup truck
market, and is unlikely to reverse negative cash flows until the
U.S. pickup truck market reverses -- at which point Ford will
have its updated F-Series product on the market.  Ford also
provided details on its longer-term product plans for the U.S.,
with an aggressive push into smaller vehicles through plant
retoolings and the introduction of six European products into
the United States.  Risks remain that these products will not be
well received, but early reviews of the Fiesta (coming to the
U.S. market in 2010) and product commonality/manufacturing
experience should reduce production risks.

These rating actions have been taken:

Ford Motor Co.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior secured credit facility to 'BB-/RR1' from 'BB/RR1';
  -- Senior secured term loan to 'BB-/RR1' from 'BB/RR1';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Co. Capital Trust II
  -- Trust preferred stock to 'CCC/RR5' from 'CCC+/RR6'.

Ford Holdings, Inc.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Co. of Australia
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Credit Company LLC
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2';
  -- Commercial paper at 'B'.

FCE Bank Plc
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+'/RR2' from 'BB-/RR2';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B';
  -- Short-term deposits at 'B'.

Ford Capital B.V.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Credit Canada Ltd.
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Credit Australia Ltd.
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B'.

Ford Credit de Mexico, S.A. de C.V.
  -- Long-term IDR to 'B-' from 'B'.

Ford Credit Co S.A. de CV
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Motor Credit Co. of New Zealand
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.
  -- Short-term IDR at 'B'.

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

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.



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

CHANNEL RE: Moody's Cuts Two Rock Trust Rating to Ba1 from A3
-------------------------------------------------------------
Moody's Investors Service has downgraded to Baa1, from Aa3, the
insurance financial strength rating of Channel Reinsurance Ltd.
In the same rating action, Moody's also downgraded the rating of
Two Rock Pass Through Trust, a related contingent capital
facility to Ba1 from A3.  The rating action reflects Moody's
views on Channel Re's overall credit profile in the current
environment, including increased expected and stress loss
projections among its mortgage-related risk exposures relative
to previous estimates, and significantly constrained new
business prospects.  The outlook for the ratings is negative,
reflecting uncertainty regarding ultimate performance of
mortgage-related CDO exposures, and Channel Re's strategic
options that could be pursued by the company if the weak new
business environment persists.

Moody's said that its assessment of Channel Re's franchise value
and financial flexibility have weakened significantly in the
current environment.  Channel Re has written little new business
in the last few months as market perceptions about its only
primary client, MBIA, have been adversely affected due to
concerns about the ultimate performance of MBIA's mortgage
related exposures.  If business volumes continue to remain weak,
Channel Re's investors could decide to reconsider their long
term commitment to the financial guaranty reinsurance business,
potentially resulting in a change in strategy or a downsizing of
the firm's capital base going forward.  In this context,
however, Moody's notes that Channel Re provides collateral
protection to MBIA through its New York regulatory 114 trust and
supplemental trust accounts.  Together, these two trust accounts
hold a large portion of the company's assets, and any alternate
capital plan pursued by the company would be, to a great extent,
affected by the structural features provided through these
agreements.

Moody's has re-estimated expected and stress loss projections on
Channel Re's insured portfolio, focusing on the company's
mortgage-related ABS CDO exposures as well as other sectors of
the portfolio potentially vulnerable to deterioration in the
current environment.  Based on Moody's revised assessment of the
risks in Channel Re's portfolio, estimated stress-case losses
would approximate US$780 million at the Aa3 threshold and
US$630 million at the Baa1 threshold.  This compares to Moody's
estimate of Channel Re's claims paying resources of
approximately US$959 million.  Moody's noted that its stress
case estimates for Channel Re's ABS CDO exposures increased by
roughly US$150 million to US$377 million.  Relative to Moody's
1.3 “target” level for capital adequacy, Channel Re is currently
US$55 million below the Aa3 target level and is US$140 million
above the Baa1 target level.

Moody's notes that, beyond Channel Re's affected mortgage
related exposures, portfolio risks appear to be well contained
as reflected in its low risk municipal portfolio and structured
risks with high underlying ratings.  Most structured finance
sectors outside of residential mortgage products are performing
well, although certain exposures, such as some commercial real
estate CDOs, because of their leveraged structure and sector
concentration, may be more sensitive to severe economic or
sector deterioration.  Moody's also commented that risk
concentrations due to large transaction sizes is a meaningful
issue for Channel Re in some segments such as commercial real
estate CDOs.

Moody's will continue to evaluate Channel Re's ratings in the
context of the future performance of the company's mortgage
related exposures relative to expectations and resulting capital
adequacy levels.  Moody's will also monitor other developments
at the company including any strategic options pursued by
management in response to the weak demand conditions.
              
These ratings have been downgraded:

Channel Reinsurance Ltd.

  -- insurance financial strength to Baa1, from Aa3; and

Two Rock Pass Through Trust

  -- contingent capital securities to Ba1, from A3.

Channel Reinsurance Ltd. is a Bermuda-based financial guaranty
reinsurance company that was established in 2004 to provide
reinsurance capacity to MBIA Insurance Corporation (MBIA).  The
company's investors include MBIA, Koch Financial, Partner
Reinsurance Company Ltd. and Renaissance Re Holding Ltd.  


DICKSON GROUP: Proofs of Claim Filing Deadline Is Aug. 29
---------------------------------------------------------
Creditors of Dickson Group Holdings Limited, which is now under
a Scheme of Arrangement pursuant to Section 99 of the Companies
Act 1981, must send their names, addresses, and proofs of debts
or claims as of Dec. 18, 2006, and the names and addresses of
their solicitors, if any, to the Joint and Several Scheme
Administrators of the Scheme of Arrangement by 5:00 p.m. on
Aug. 29, 2008.  Creditors who fail to do so will be excluded
from the benefit of any distribution.

The Joint and Several Scheme Administrators can be reached at:

    Stephen Liu Yiu Keung
    Chan Wai Hing
    18/F, Two International Finance Centre
    8 Finance Street
    Central
    Hong Kong


REFCO INC: Ex-CEO Phillip Bennett to Appeal 16-Year Prison Term
---------------------------------------------------------------
Phillip R. Bennett, former CEO, chairman, and controlling
shareholder of Refco Inc., will appeal his 16-year prison term
at the U.S. District Court for the Southern District of New York
in Manhattan.

As reported in the TCR-Europe on July 9, 2008, Judge Naomi R.
Buchwald sentenced Mr. Bennett after he pleaded guilty of
defrauding Refco investors out of US$2.4 billion.

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

Mr. Bennett remains at his home in Somerset County, New Jersey
under electronic monitoring.  Mr. Bennett has been out on a
US$50,000,000 bail after his arrest in 2005, and is expected to
report to prison on Sept. 4, 2008.

                          About Refco

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

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

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


SEA CONTAINERS: Accused by Asociacion Peruana of Misstatements
--------------------------------------------------------------
An interested non-profit party in Sea Containers Ltd. and its
debtor-affiliates' Chapter 11 cases accused the Debtors of
misstatements regarding to certain prepetition transfers.

Ferrocarril Transandino S.A. was incorporated in 1999 by Sea
Containers Ltd. and Peruval Corp. S.A., with both companies
owning 50% of Transandino.  In March 2006, SCL transferred a 20%
interest in Transandino to its former subsidiary, Orient-Express
Hotels Ltd.  Subsequently, before its bankruptcy filing on
Oct. 15, 2006, SCL transferred its remaining 30% in Transandino
to Orient-Express.

In a notice filed with the U.S. Bankruptcy Court for the
District of Delaware, the Asociacion Peruana de Operadores
Ferrocarriles de Peru, also known as Asociacion Peruana de
Operadores Ferroviarios, notified creditors in the bankruptcy
cases that it has become aware of a potential avoidance action
relating to certain prepetition transfers by SCL of its interest
in Transandino to Orient-Express.

The Asociacion Peruana is a non-profit association formed by
Peruvian railroad companies to promote fair competition in
Peru's railroad business.

“Because the Asociacion has reason to believe that (i) [SCL] did
not receive reasonably equivalent value in connection with the
Transfers and (ii) [SCL] has misstated certain facts relating to
the Transfers, it feels duty-bound to notify the Debtor's
creditors of the facts upon which its belief is based,” James M.
Sullivan, Esq., at McDermott Will & Emery LLP, in New York, told
Judge Carey.

In its statement of financial affairs filed with the Court, SCL
asserted that its ownership interest in Transandino ended in
November 2005, which appears to be incorrect, Mr. Sullivan said.  
He noted that the SOFA did not disclose what, if any,
consideration SCL received in connection with the Transfers.

Mr. Sullivan related that the Asociacion was unable to find any
disclosure of the consideration paid in Orient-Express' public
filings with the Securities Exchange Commission.  However, based
on a report issued by Supervisory Board for Investment in Public
Transport Infrastructure in June 2007, the Asociacion believes
that the first 20% interest in Transandino transferred to
Orient-Express could have been sold for more than the face value
of the shares.  The face value of those shares equaled
approximately US$532,859.

The OSITRAN Report disclosed that Transandino's total net worth
was 10,322,000 Nuevos Soles, or US$3,664,832 in 2005, and
16,049,000 Nuevos Soles, or US$5,698,206 in 2006.

According to the SOFA, the Debtor sold its remaining interest in
Orient-Express to a group of financial institutions in two
separate transactions on March 15 and Nov. 17, 2005, Mr.
Sullivan noted.  Although it appears that the Debtor sold its
shares in Orient-Express before the Transfers occurred, he
argued that evidence exists that SCL and Orient-Express were
insiders at the time of the Transfers.

In a letter sent by Transandino to OSITRAN on May 3, 2006,
seeking OSITRAN's approval of the first Transfer, Transandino
stated that the transfer of SCL's interest gradually began in
2002, at a time when Orient-Express was SCL's subsidiary, Mr.
Sullivan said.  He pointed out that the May 3 Letter cited an
example of the gradual assignment of personnel that SCL had
originally assigned to Transandino to Orient-Express.  He added
that letter also disclosed that SCL and Orient-Express shared
common managers and personnel, including:

   (a) John D. Campbell, a director of Orient-Express since
       1994, and has served as SCL's director;

   (b) James Sherwood, president of Orient-Express and a
       director since 1994, served as SCL's director from 1974
       through March 20, 2006, when the first Transfer occurred,
       and served as SCL's president until Jan. 5, 2006; and

   (c) Edwin S. Hetherington, secretary of Orient-Express since
       1994, and has served as SCL's vice president, general
       counsel, and secretary.

Because the Asociacion felt duty-bound to report the facts
surrounding the Transfers to SCL's creditors and the Bankruptcy
Court, it sent a letter to Judge Carey and the Office of the
U.S. Trustee on Feb. 7, 2008, Mr. Sullivan disclosed.  The
letter, however, was not filed on the Court's docket or
distributed to creditors.  Hence, the Asociacion filed the
notice.

“Given the significant value of the Transandino shares, the
failure by [SCL] and Orient-Express to disclose the
consideration paid for such shares, and the close relationship
between [SCL] and Orient-Express, creditors may wish to
investigate the matter to obtain detailed information about the
Transfers and determine whether reasonably equivalent value was
paid for the shares,” Mr. Sullivan stated.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  The Debtors filed their joint Chapter 11 plan
of reorganization and disclosure statement on July 31, 2008.  
(Sea Containers Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)



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

AMR CORP: Moody's Cuts Corporate Family Rating to Caa1 from B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
and Probability of Default Ratings of AMR Corp. and its
subsidiaries to Caa1 from B2, and lowered the ratings of its
outstanding corporate debt instruments and certain equipment
trust certificates and Enhanced Equipment Trust Certificates of
American Airlines Inc.  The company's Speculative Grade
Liquidity Rating of SGL-3 was affirmed.  The rating outlook is
negative.

The rating actions reflect Moody's view of increased credit risk
as large operating losses combined with particularly sizeable
calls on cash for debt maturities and other requirements could
erode the company's financial strength over the coming year.
Despite some recent moderation in fuel costs and the benefit of
capacity reductions and other management initiatives, Moody's
believes that AMR could experience further losses during the
near term.  With US$5.1 billion of unrestricted cash and
marketable securities, an undrawn US$255 million revolving
credit facility, and considerable amounts of unencumbered assets
AMR has flexibility to address the current challenging business
environment.  Yet, continued losses combined with material debt
maturities between now and 12/31/09, large scheduled aircraft
deliveries (some portion of which could be financed externally)
and the potential for a significant increase in cash holdbacks
by credit card processors, AMR's liquidity could be considerably
reduced over the coming year.  The rating action reflects
Moody's view that the likelihood of continuing losses and
eroding balance sheet strength at AMR are suggestive of an
elevated risk profile that is consistent with a Caa1 rating at
this time.

As the largest U.S. airline, AMR possesses important competitive
advantages including its strong brand recognition, a large
domestic and international route network, well established hub
markets, and good alliance partners, including its participation
in the one world alliance.  AMR was one of only two major U.S.
carriers that did not resort to a bankruptcy restructuring
during the 2000 -- 2004 industry downturn.  While it did achieve
significant cost reductions during that time period, it
continues to have a higher level of indebtedness than many of
its peers and its non-fuel costs are above those of many
domestic airlines partly due to fleet age and the full
consolidation of its regional airline subsidiary, American
Eagle.  With a large portion of its narrow body fleet composed
of less fuel efficient MD80 aircraft, AMR's earnings are
particularly susceptible to the current environment of elevated
fuel costs.

Like many airlines, AMR has announced aggressive actions to
reduce mainline domestic capacity by approximately 5.7% in 2008
compared to 2007.  This capacity reduction will involve the
idling of over 30 MD80 aircraft which should help to reduce
operating costs. The capacity reductions, in conjunction with
similar cuts by other airlines should contribute to improved
ticket pricing.  AMR is also taking other actions to reduce
costs, enhance productivity and improve passenger yields, and
the company maintains a fuel hedging program that provides some
short term benefit from fuel costs.  Yet with a weakening
economic outlook, Moody's is not certain that these actions will
be sufficient to stem cash losses.

With the potential for further losses, and meaningful calls on
cash for debt maturities and other needs, AMR's sizeable cash
balance could begin to erode over the coming year.  The company
faces meaningful debt maturities for the balance of 2008 and an
additional US$1.2 billion during 2009.  Capital spending
requirements for new aircraft deliveries alone will likely
exceed US$1 billion over this time period, and because of the
significant improved fuel efficiency offered by modern aircraft
Moody's anticipates that AMR will continue to purchase new
aircraft.  Aircraft financing markets remain reasonably strong
and should allow AMR to finance at least some portion of these
deliveries.  Nonetheless, capital spending could pose a call on
cash over the coming year.  The company could also face cash
calls associated with planned workforce reductions and seasonal
working capital requirements as the air traffic liability
reverses, and becomes a cash use during the seasonally weaker
winter months.  AMR's credit card processing banks require the
company to comply with a matrix of financial metrics that
includes minimum unrestricted cash and a fixed charge coverage
ratio.  Although there is no holdback currently imposed by AMR's
credit card processing banks, the credit card processors could
impose holdbacks soon as late this year.  The holdback could
increase further during 2009, which would pose a significant
additional call on cash.

The SGL-3 Speculative Grade Liquidity Rating considers that with
US$5.1 billion of unrestricted cash and an undrawn US$255
million revolving credit facility, AMR has meaningful financial
flexibility to address the current challenging industry
conditions.  However, the prospects for this liquidity to erode
over the course of the coming year, limit the rating at the SGL-
3 level.  AMR also has a sizeable amount of unencumbered assets
and continues to pursue initiatives to enhance its liquidity
through additional financings, sale leaseback transactions and
asset sales.  Yet, Moody's notes that AMR, which in the first
quarter of 2008 announced plans to divest its American Eagle
regional airline subsidiary, has placed this effort on hold
until market conditions stabilize.

The rating actions on AMR's EETCs consider the underlying Caa1
Corporate Family rating, the continuing availability of
liquidity facilities to meet interest payments for 18 months in
the event of a default by AMR, and the asset values of specific
aircraft which comprise the collateral pool for the EETCs.  The
ratings on the senior certificates of the 2001-2 and 2003-1
EETCs reflect that they are supported by policies issued by
monoline insurance companies.  With respect to ETC transactions,
Moody's notes that in many cases these instruments are secured
by MD80 aircraft whose values have deteriorated considerably as
this aircraft type is likely to become a smaller part of airline
fleets due to its relative cost inefficiencies.

The negative outlook considers the potential for continued
deterioration in AMR's key credit metrics, such as interest
coverage and leverage, due primarily to high fuel costs and a
weak domestic demand environment.  Although load factors remain
strong and Moody's believes AMR may have the ability to obtain
premium revenues due to its strong brand, fare increases are
unlikely to fully offset the impact of elevated fuel costs.  
AMR's plan to reduce capacity in the fall should allow the
company to raise fares in the near term but unless fuel costs
decline the company is likely to continue to sustain further
losses.

AMR's rating could be lowered if the company is unable to
reverse operating losses and restore cash flow and financial
metrics, or if weak operating conditions or increased holdback
requirements from credit card processors further constrain
available liquidity.

AMR's rating outlook could be stabilized with sustained
increases to revenues or reduced non-fuel costs, or a sustained
decline in fuel costs that increases cash flow from operations
and enables the company to satisfy maturing debt and capital
spending requirements from existing cash reserves and cash from
operations.

Downgrades:

Issuer: AMR Corporation

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

  -- Corporate Family Rating, Downgraded to Caa1 from B2

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
     Caa2 from Caa1

  -- Senior Unsecured Medium-Term Note Program, Downgraded to
     Caa2 from Caa1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
     from Caa1

  -- Senior Unsecured Public Income Notes, Downgraded to Caa2
     from Caa1

  -- Senior Unsecured Shelf, Downgraded to (P)Caa2 from (P)Caa1

Issuer: Alliance Airport Authority Inc.

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

Issuer: American Airlines 1988-A Grantor Trust

  -- Senior Secured Equipment Trust, Downgraded to Caa1 from B2

Issuer: American Airlines Inc.

  -- Senior Secured Bank Credit Facility, Downgraded to B2 from
     Ba3

  -- Pass Through Certificates, Series 1999-1

  -- Class A1 Certificates, Downgraded to Ba2 from Baa2

  -- Class A2 Certificates, Downgraded to Ba2 from Baa2

  -- Class B Certificates, Downgraded to B2 from Ba3

  -- Pass Through Certificates, Series 2001-1

  -- Class A1 Certificates, Downgraded to B1 from Ba1

  -- Class A2 Certificates, Downgraded to B1 from Ba1

  -- Class B Certificates, Downgraded to Caa1 from B1

  -- Class C Certificates, Downgraded to Caa2 from B3

  -- Pass Through Certificates, Series 2001-2

  -- Class A1 Certificates, Downgraded to Ba1 from Baa2

  -- Class A2 Certificates, Downgraded to Ba1 from Baa2

  -- Class B Certificates, Downgraded to Ba3 from Baa3

  -- Secured Global Notes, spare parts transaction

  -- Class A Certificates, Downgraded to Ba3 from Ba1

  -- Secured Notes, spare parts transaction

  -- Class B Certificates, Downgraded to B3 from B1

  -- Series 2005-1 Pass Through Certificates

  -- Class G, Downgraded to Baa3 from Baa1

  -- Class B, Downgraded to B1 from Ba2

  -- Senior Secured Equipment Trust, Downgraded to range of Caa2
     to Caa1 from range of Caa1 to B1

  -- Senior Secured Shelf, Downgraded to (P)B2 from (P)Ba3

Issuer: Chicago O'Hare International Airport, IL

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

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

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

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

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

Issuer: Dallas-Fort Worth TX, Regional Airport

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

Issuer: New Jersey Economic Development Authority

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

Issuer: New York City Industrial Development Agcy, NY

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

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

Issuer: Puerto Rico Ind Med&Env Poll Ctl Fac Fin Auth

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

Issuer: Puerto Rico Ports Authority

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

Issuer: Raleigh-Durham Airport Authority, NC

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

Issuer: Regional Airports Improvement Corporation, CA

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

Issuer: Tulsa OK, Municipal Airport Trust

  -- Revenue Bonds, Downgraded to Caa2 from Caa1

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

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

Other Changes:

Issuer: AMR Corporation

  -- Senior Unsecured Conv./Exch. Bond/Debenture, to LGD5, 81%
     from LGD5, 83%

  -- Senior Unsecured Medium-Term Note Program, to LGD5, 81%
     from LGD5, 83%

  -- Senior Unsecured Regular Bond/Debenture, to LGD5, 81% from
     LGD5, 83%

  -- Senior Unsecured Public Income Notes, to LGD5, 81% from
     LGD5, 83%

  -- Senior Unsecured Shelf, to LGD5, 81% from LGD5, 83%

Issuer: Alliance Airport Authority, Inc.

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: American Airlines Inc.

  -- Senior Secured Bank Credit Facility, to LGD2, 27% from
     LGD3, 30%

Issuer: Chicago O'Hare International Airport, IL

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from a range
     of 83 - LGD5 to 82 - LGD5

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Secured Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Dallas-Fort Worth TX, Regional Airport

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: New Jersey Economic Development Authority

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: New York City Industrial Development Agcy, NY

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Puerto Rico Ind Med&Env Poll Ctl Fac Fin Auth

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Puerto Rico Ports Authority

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Raleigh-Durham Airport Authority, NC

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Regional Airports Improvement Corporation, CA

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from LGD5, 83%

Issuer: Tulsa OK, Municipal Airport Trust

  -- Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Secured Revenue Bonds, to LGD5, 81% from LGD5, 83%

  -- Senior Unsecured Revenue Bonds, to LGD5, 81% from LGD5, 83%

Outlook Actions:

Issuer: AMR Corporation

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: American Airlines 1988-A Grantor Trust

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: American Airlines Inc.

  -- Outlook, Changed To Negative From Rating Under Review

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.


BANCO BRADESCO: Net Income Grows to BRL4.105BB in 1st Half 2008
---------------------------------------------------------------
Banco Bradesco has released its main figures for the first half
of 2008.  

The Report on Economic and Financial Analysis containing the
complete Financial Statements is available on the investor
relations web site at: http://www.bradesco.com.br/ir.

  -- Net Income in the first half of 2008 stood at
     BRL4.105 billion (up 2.4% in relation to the net income of
     BRL4.007 billion in the same quarter of 2007),
     corresponding to earnings per share of BRL1.34 and return
     of 28.6% on Average Shareholders' Equity.

  -- Net Income comprised BRL2.636 billion from financial
     activities, which accounted for 64% of the total, and
     BRL1.469 billion from Insurance and Private Pension Plan
     Group activities, which accounted for 36% of Net Income.

  -- Market Capitalization remained stable compared to first
     half 2007, reaching BRL95.608 billion in June 2008
     (BRL94.120 billion on Aug. 1, 2008).

  -- Total Assets stood in June 2008 at BRL403.271 billion, an
     increase of 38.8% in relation to June 2007.  Annualized
     return on average Assets reached 2.3%, versus 2.9% in the
     same period of 2007.

  -- The Loan Portfolio, on an Expanded concept, stood at
     BRL181.602 billion, 38.8% higher than a year ago.  Loans to
     individuals totaled BRL65.872 billion (up 32.2%), while
     loans to corporate clients totaled BRL115.730 billion (up
     42.9%).

  -- Total Funds Raised and Managed reached BRL552.082 billion,
     an increase of 30.9% versus BRL421.602 billion in June
     2007.

  -- Shareholders' Equity stood at BRL33.711 billion in the
     first half of 2008, a 22.5% growth versus first half 2007.  
     The Capital Adequacy Ratio stood at 12.9%.  According to
     BIS 2 simulations, this ratio would be increased to 13.9%
     and, adopting the prerogative of article 9 of Circular
     Letter 3,367, this ratio would be increased to 16.7%.

  -- Remuneration to shareholders in the form of Interest on
     Shareholders' Capital and Dividends paid and provisioned in
     the period totaled BRL1.459 billion, equivalent to 35.5% of
     Net Income.

  -- The Efficiency Ratio calculated over the 12-month period
     stood at 41.3%, an improvement compared to the 42% in
     June 2007.

  -- In first half 2008, investments in infrastructure,
     information technology and telecommunications amounted to
     BRL1.127 billion, up 13% compared to first half of 2007.

  -- Taxes and contributions, including social security, paid
     or provisioned in the period, stemming from the main
     activities developed by the Bradesco Organization, totaled
     BRL3.653 billion, equivalent to 89% of Net Income.

  -- Bradesco's distribution is Brazil's largest private
     customer service network, with 3,193 branches, 27,362 ATMs
     in the Bradesco Dia&Noite (Day&Night) Network, 4,631 ATMs
     in the Banco24Horas (24HourBank) Network, 13,413 Bradesco
     Expresso outlets, 5,882 Banco Postal branches, 3,310
     mini-branches and 268 branches of Finasa Promotora de
     Vendas.

  -- Awards and Acknowledgments:

       * Best Bank in Brazil: Euromoney;

       * Bank Leader among the Melhores e Maiores (the Best and
         Largest Companies): Exame ranking;

       * Most valuable brand in Brazil: BrandAnalytics/Millward
         Brown/Isto E Dinheiro magazine;

       * Best ranked Brazilian Bank by Fortune 500 magazine
         list;

       * Highest market capitalization among Banks in Latin
         America: Economatica;

       * Best Bank in the market and leader in Bovespa ISE:
         Economatica/Agencia Estado;

       * Most valuable brand in Latin America's banking sector:
         Brand Finance/The Banker;

       * Bank with the highest level I capital adequacy level
         and Total Assets in Latin America: The Banker;

       * Best Bank in retail, life insurance, private pension
         plan and leasing segments: Austin Rating/Gazeta
         Mercantil; and
   
      * Shareholders' Value creation: Banking Sector - Abrasca.

  -- As of June 4, 2008, Bradesco was granted the ISO14064
     certification by Fundacao Carlos Alberto Vanzolini, which
     establishes rules for quantifying, monitoring, verifying
     and validating Greenhouse Gas emissions.

  -- Regarding Social Responsibility, for more than 51 years,
     Fundacao Bradesco has been dedicated to educating
     low-income children, adolescents and adults.  Since its
     creation, the foundation has provided free and high-quality
     education to approximately 2,000,000 students; with this
     figure rising to 2.5 million once the distance-learning
     programs are included.  With an estimated budget of
     BRL220.069 million, this year Fundacao Bradesco will be
     able to provide assistance on more than 411,000 occasions
     in many segments in which it operates.  Among the people   
     assisted, 110,415 students will receive education in
     Fundacao Bradesco's schools, in Basic Education level.

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.


BUCYRUS INT'L: Moody's Upgrades CF and Debt Ratings to Ba2
----------------------------------------------------------
Moody's Investors Service has raised the corporate family rating
and the secured debt ratings of Bucyrus International Inc. to
Ba2 from Ba3.  The rating outlook is positive.  The upgrades
reflect Bucyrus' smooth integration of DBT GmbH, which it
acquired in May 2007, reduced leverage since the acquisition,
progress in improving operating margins, and the near-completion
of its expansion projects at its South Milwaukee manufacturing
operations.

The positive outlook acknowledges the strong fundamentals within
the global mining industry as evidenced by an approximate 95%
increase in Bucyrus' new orders in the first half of 2008 versus
2007 and a growing backlog of business that ensures the
company's sales and cash flow will be sustained at high levels
for the foreseeable future.  In the absence of a meaningful
leveraging event, Bucyrus' debt protection metrics should
continue to improve and a further upgrade is possible.

Bucyrus' ratings are supported by its commanding market share
for surface and underground mining equipment, its large
installed equipment base, a high proportion of aftermarket parts
and services sales, which are more stable than original
equipment sales, and strong demand for Bucyrus' equipment due to
high commodity prices and growing metals consumption in the
world's developing economies.

The ratings also reflect Bucyrus' potential operating volatility
due to its dependence on the highly cyclical mining industry and
commodity markets, the capital expenditures associated with its
growth projects, its US$131 million underfunded pension plans,
and the potential for the company to make acquisitions or large
shareholder distributions.

These ratings were raised:

  -- Corporate family rating -- to Ba2 from Ba3

  -- Probability of default rating -- to Ba2 from Ba3

  -- US$375 million secured revolving credit facility maturing
     May 4, 2012 -- to Ba2 (LGD3, 48%) from Ba3 (LGD3, 43%)

  -- Euro65 million five-year unsecured revolving credit
     facility maturing May 4, 2012 -- to Ba2 (LGD3, 48%) from
     Ba3 (LGD3, 43%)

  -- US$515 million secured term loan due 2014 -- to Ba2 (LGD3,
     48%) from Ba3 (LGD3, 43%)

Moody's last rating action for Bucyrus was on April 23, 2007,
around the time the US$731 million DBT acquisition closed, when
the company's Ba3 corporate family rating was confirmed and Ba3
ratings were assigned to the company's new senior secured debt
facilities.

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--      
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of US$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.


COMPANHIA ENERGITICA: Aneel Rejects Consorcio Jirau's Appeal
------------------------------------------------------------
Aneel, the Electricity Regulatory Agency of Brazil, has rejected
the appeal brought by Consorcio Jirau Energia (CJE), which
includes Companhia Energetica de Minas Gerais, against the award
of the 3,300 megawatts Jirau project by auction to Consorcio
Energi Sustentavel do Brasil (Cesb), Water Power Magazine
reports.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2008, the Cesb consortium, which includes Camargo Correa
SA, won the auction for the construction and operation of the
3.3-gigawatt Jirau hydro plant on the Madeira river.

According to Water Power Magazine, CJE questioned the validity
of the documentation presented in the qualification phase of the
procurement process following the naming of the auction winner.  

The report relates that Aneel rejected the appeal and approved
the decision after a review of the complaint and defence; Aneel
also ratified the auction result.

                    About Companhia Energetica

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

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

                          *     *     *

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


TAM SA: To Initiate Lufthansa Codeshare Agreement on Aug. 18
------------------------------------------------------------
TAM S.A. and Lufthansa will initiate their codeshare agreement
on domestic and international routes on Aug. 18.  This
partnership will allow the two companies to offer more choices
of flights to passengers flying between Brazil and Germany, as
well as for connections in the two countries.  Flights to
destinations included in this agreement are already available on
the ticket sales systems of both companies.

With this codeshare agreement, TAM clients can purchase their
tickets for flights operated by Lufthansa departing from Sao
Paulo to Frankfurt and Munich (Germany).  Connections are
available leaving from Frankfurt to other destinations in
Germany such as Berlin, Dusseldorf, Hamburg and Munich.

Lufthansa passengers, for their part, can take the daily TAM
flight between Frankfurt and Sao Paulo and, in Brazil, make
connections to Rio de Janeiro, Brasilia, Curitiba and Porto
Alegre.

“The synergy of services between TAM and Lufthansa will make it
possible for the two companies to expand the advantages offered
to customers, stimulating the traffic of passengers between
Brazil and Germany,” states TAM's Vice President for Planning
and Alliances, Paulo Castello Branco.

“The codeshare agreement with TAM as our strong partner allows
our passengers to avail themselves of immediate connections in
Brazil.  The passenger can make the reservation to the final
destination, and there are more flights to choose from,” says
Vice President for Alliances, Strategies and Participations at
Lufthansa Passage, Gotz Ahmelmann.

Since February, TAM and Lufthansa passengers have been able to
accumulate and redeem points in TAM's Programa Fidelidade
frequent flyer program, as well as miles from Miles & More on
flights offered by both companies.  The integration of the
frequent flyer programs and the codeshare agreement comprise
part of the partnership agreement signed between TAM and
Lufthansa last year, with the aim of expanding services offered
to customers.

                           About TAM

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

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

                         *     *     *

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

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


TELE NORTE: To Raise BRL3 Billion to Close Brasil Telecom Buyout
----------------------------------------------------------------
Oi Participacoes aka Tele Norte Leste Participacoes S.A. will
raise at least BRL3 billion (US$1.92 billion) by the end of
October to complete its financing plan of acquiring Brasil
Telecom, Reuters reports.

Tele Norte Chief Financial Officer Jose Luis Salazar disclosed
that the company has already secured about 65% of the BRL11-12
billion it needs for the takeover, Reuters adds.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2008, Telemar Norte Leste S.A, a company controlled by
Oi, entered into a credit facility with Banco do Brasil for
BRL4.3 billion in connection with its future acquisition of
indirect control of Brasil Telecom Participacoes S.A and Brasil
Telecom S.A.

Citing Mr. Salazar, Reuters relates that the company's financial
situation is very comfortable and the (debt) amortization
program is spread out well.

Tele Norte agreed to acquire Brasil Telecom in April to form a
multinational telecommunications company to compete with rivals
-- Telefonica of Spain and Mexico's America Movil, Reuters
relates.

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

                        *     *     *

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


TELE NORTE: Net Income Drops to BRL249 Million in Second Quarter
----------------------------------------------------------------
Tele Norte Leste Participacoes SA reported net income of
BRL249 million (US$159 million) for the second quarter of 2008,
compared with net income of BRL468 million for the same quarter
of 2007, various reports say.

The company's profit is less than the BRL480 million average of
five estimates compiled by Bloomberg.  Reuters relates that the
recent quarter's results are well below expectations for a net
income of BRL446.5 million.  

Finance and Investor Relations Director Jose Luis Salazar
disclosed that the company had raised its 2008 investment
projections to BRL4.5 billion from BRL4 billion, Reuters adds.

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

                        *     *     *

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


SHARPER IMAGE: Court OKs Termination of Rockefeller Center Lease
----------------------------------------------------------------
At the behest of The Sharper Image Corp., now known as TSCI,
Inc., the U.S. Bankruptcy Court for the District of Delaware
approved the termination of a lease for premises located in
Rockefeller Center, New York City.

Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, told the Court that the Debtor
engaged in good-faith, arm's-length negotiations with RCPI
Landmark Properties, L.L.C., the landlord of the Rockefeller
Center Lease, in an effort to assist the estate in realizing
maximum value on its interest in the Lease.

The Debtor and RCPI reached an agreement as to the disposition
of the Rockefeller Center Lease.  The Debtor determined, in its
sound business judgment, that the terms of the agreement will
provide a substantial benefit to its estate.

According to Mr. Kortanek, the Debtor is in critical need of
funding from the sale of its remaining leases in order to wind-
down operations, and the agreement provides that funding on an
expedited basis.

The salient terms of the Termination Stipulation are:

   (a) The Rockefeller Center Lease is deemed terminated
       effective as of July 16, 2008;

   (b) In exchange for the termination of the Rockefeller Center
       Lease and vacatur of the premises, RCPI will:

       * pay the Debtor US$1,203,000, and

       * refund the Debtor the pro-rata share of the July 2008
         rent, attributable to the period from the Termination
         Date through and including July 31, 2008;

   (c) The Debtor will release RCPI from all claims with respect
       to the Rockefeller Center Lease;

   (d) RCPI will release the Debtor from all obligations under
       the Rockefeller Center Lease;

   (e) Following the Termination Date, the Rockefeller Center
       Lease, and all rights and obligations of the parties in
       connection with the Lease, will be deemed expired and
       terminated; and

   (f) RCPI consents to the expungement of any claim relating to
       the Rockefeller Center Lease.

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to “TSIC, Inc.” in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or        
215/945-7000)


SHARPER IMAGE: EVP/CFO May Get US$250,000 Under Incentive Plan
--------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission on June 30, 2008, Sharper Image Corp., now known as
TSIC Inc., disclosed that the U.S. Bankruptcy Court for the
District of Delaware has approved the implementation of the
Incentive Plan, which will provide an effective means of
motivating certain key employees, by providing them with
incentive pay in addition to their base salaries, to assist with
the administration of the Chapter 11 case.

Rebecca Roedell, Sharper's executive vice-president and chief
financial officer, informs SEC that the maximum aggregate amount
payable under the Incentive Plan is US$1,052,000.  Ms. Roedell
is the only named executive officer participating in the
Incentive Plan, and is eligible to receive incentive pay of up
to US$250,000.  Payments under the Incentive Plan are
conditioned upon, among other things, the attainment of
specified goals, which vary in accordance with the functions
performed by the participants in the Incentive Plan.

Ms. Roedell will receive incentive pay of US$150,000 for
managing Sharper's transition process, and is eligible to
receive an additional US$100,000 for performing specified
functions during the Wind-Down.  The Additional Incentive to Ms.
Roedell is conditioned upon the Court's confirmation of a plan
of liquidation, and subject to reduction on a pro rata basis, if
certain actual operating expenses exceed the projected expenses
in the Wind-Down budget.

In addition, Ms. Roedell discloses, in order to receive any
payments under the Incentive Plan, all participants are required
to execute a full release and waiver of claims in favor of
Sharper, including a waiver for any severance pay to which they
may otherwise be entitled.

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to “TSIC, Inc.” in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or        
215/945-7000)


SHARPER IMAGE: Trade Creditors Sell Two Claims for US$397,594
------------------------------------------------------------
On June 30, 2008, the Clerk of the Bankruptcy Court recorded the
transfer of Claim No. 68 for US$129,680, filed by Logistics
Group Inc., to Debt Acquisition Company of America V, LLC.

Hain Capital Holdings, Ltd., also transferred its claim for
US$267,914 to Aroa Marketing Inc.

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to “TSIC, Inc.” in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or        
215/945-7000)


USINAS SIDERURGICAS: Will Release 2Q 2008 Earnings on Aug. 14
-------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A., a.k.a. Usiminas, has
reported this webcast alert:

  What:  Second Quarter 2008 Results Conference Call, which will
         be released on Aug. 14, 2008, before the opening of
         Bovespa's trading session.

  When:  Aug. 14, 2008 at 10:00 AM EDT in Portuguese and 11:30
         AM EDT in English

  Where: http://prnewswire.isat.com.br/?palestra_id=366

  How: Log on to the web at the address above.

  Contact:  
  
          Usiminas Investor Relations
          Tel. Number: +55 31-3499-8710
          Email: investidores@usiminas.com.br
    
The conference call will be archived at:
http://www.usiminas.com.br

To take part in the Conference Call, dial:

Tel. Numbers: (1-800) 860-2442 (USA Toll-free)
               (11) 4688-6301 (Brazil)
               (1-412) 858-4600 (Others)

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais S.A. -- http://www.usiminas.com.br-- is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries.  Brazil consumes 80%
of its products and the company's largest export markets are the
US and Latin America.  The company also sells in China and
Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local
currency rating and an Aa1.br rating on its Brazilian national
scale to the BRL500 million non-guaranteed subordinated
debentures due 2013 to be issued by Usinas Siderurgicas de Minas
Gerais S.A. (aka Usiminas).  Net proceeds from the debentures
issuance will be used to partially fund the company's capex
program.  Moody's said the rating outlook is stable.


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

ASTPHOENIX FUND: Deadline for Proofs of Claim Filing Is Aug. 8
--------------------------------------------------------------
Astphoenix Fund Ltd.'s creditors have until Aug. 8, 2008, to
prove their claims to Jagjit (Bobby) Toor and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                Jagjit (Bobby) Toor and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BARATARIO LTD: Proofs of Claim Filing Deadline Is Until Aug. 8
--------------------------------------------------------------
Baratario Ltd.'s creditors have until Aug. 8, 2008, to prove
their claims to Mark Hill and Giles Le Sueur, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


COPPER ARCH: Deadline for Proofs of Claim Filing Is Aug. 8
----------------------------------------------------------
Copper Arch Fund Offshore Ltd.'s creditors have until
Aug. 8, 2008, to prove their claims to John Sutlic and Warren
Keens, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Copper Arch's shareholder decided on June 27, 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
                Fourth Floor, Harbour Place
                P.O. Box 1034
                Grand Cayman, Cayman Islands

Contact for inquiries:

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


COPPER ARCH FUND: Proofs of Claim Filing Is Until Aug. 8
--------------------------------------------------------
Copper Arch Fund Offshore Portfolio Ltd.'s creditors have until
Aug. 8, 2008, to prove their claims to John Sutlic and Warren
Keens, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Copper Arch's shareholder decided on June 27, 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
                Fourth Floor, Harbour Place
                P.O. Box 1034
                Grand Cayman, Cayman Islands

Contact for inquiries:

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


FORT WASHINGTON: Proofs of Claim Filing Deadline Is Aug. 8
----------------------------------------------------------
Fort Washington CBO I's creditors have until Aug. 8, 2008, to
prove their claims to Bobby Toor and Andrew Millar, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Fort Washington's shareholders decided on June 20, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


FRANJEAN AT SEA: Will Hold Final Shareholders Meeting on Aug. 8
---------------------------------------------------------------
Franjean At Sea Ltd. will hold its final shareholders meeting on
Aug. 8, 2008, at 11:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the 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.

Franjean At Sea's shareholder agreed on June 20, 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


GRANTCHESTER INVESTMENT: Final Shareholders Meeting Is on Aug. 8
----------------------------------------------------------------
Grantchester Investment Fund I Ltd. will hold its final
shareholders meeting on Aug. 8, 2008, at 10:00 a.m., at the
offices of dms Corporate Services Ltd., dms House, 20 Genesis
Close, 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.

Grantchester Investment's shareholders agreed on July 8, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 dms Corporate Services Ltd.
                 2nd Floor, dms House
                 P.O. Box 1344
                 Grand Cayman, Cayman Islands

Contact for inquiries:

                 Neil Ross
                 Telephone: (345) 946-7665
                 Fax: (345) 946 7666


HACHI HOLDINGS: Deadline for Proofs of Claim Filing Is Aug. 8
-------------------------------------------------------------
Hachi Holdings Ltd.'s creditors have until Aug. 8, 2008, to
prove their claims to Mark Hill and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Hachi Holdings' shareholders decided on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


HEPTAGON LIMITED: Proofs of Claim Filing Deadline Is Aug. 8
-----------------------------------------------------------
Heptagon Ltd.'s creditors have until Aug. 8, 2008, to prove
their claims to George Bashforth and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

                George Bashforth and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


J-BLUE SKY: Will Hold Final Shareholders Meeting on Aug. 8
----------------------------------------------------------
J-Blue Sky One Ltd. will hold its final shareholders meeting on
Aug. 8, 2008, at 10:30 a.m., at the offices of HSBC Bank
(Cayman) Limited, Strathvale House, North Church Street, P.O.
Box 1109, 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.

J-Blue Sky's shareholder agreed on Aug. 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Cereita Lawrence and Bronwynne R. Arch
                P.O. Box 1109
                Grand Cayman, Cayman Islands
                Telephone: (345) 914-7570
                Fax: (345) 949-7634


KI SPECIALITY: Deadline for Proofs of Claim Filing Is Aug. 8
------------------------------------------------------------
KI Specialty Financial Master Fund Ltd.'s creditors have until
Aug. 8, 2008, to prove their claims to Giles Kerley and Sarah
Kennedy, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

                Giles Kerley and Sarah Kennedy
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


LOWE ENTERPRISES: Holds Final Shareholders Meeting on Aug. 8
------------------------------------------------------------
Lowe Enterprises(Cayman) Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 10:30 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the 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.

Lowe Enterprises' shareholder agreed on June 20, 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


OPUS SPECIAL OPPORTUNITIES: Claims Filing Deadline Is Aug. 8
------------------------------------------------------------
Opus Special Opportunities Fund Ltd.'s creditors have until Aug.
8, 2008, to prove their claims to Jagjit (Bobby) Toor and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Opus Special Opportunities' shareholders decided on June 26,
2008, to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jagjit (Bobby) Toor and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


OSAKI RESIDENTIAL: Proofs of Claim Filing Deadline Is Aug. 8
------------------------------------------------------------
Osaki Residential Development Ltd.'s creditors have until Aug.
8, 2008, to prove their claims to Mark Hill and Giles Le Sueur,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

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


PARMALAT SPA: NY Court Confirms Settlement Class in Hermes Suit
---------------------------------------------------------------
The U.S. District Court for the Southern District of New York
granted the request of Lead Plaintiffs Hermes Focus Asset
Management Europe Limited, Cattolica Partecipazioni, S.p.A.,
Capital & Finance Asset Management, Societe Moderne des
Terrassements Parisiens and Solotrat for preliminary
certification to the Settlement Class, for the purpose of
partially settling the securities class action litigation,
according to a report by the PARMALAT Bankruptcy News, Issue No.
104.

The Settlement Class will include all persons and entities that
purchased or acquired securities of Parmalat Finanziaria S.p.A.
and its subsidiaries and affiliates between Jan. 5, 1999 and
Dec. 18, 2003.

The Settlement Class excludes Parmalat, the Defendants, officers
and directors of Parmalat or the Defendants, entities in which
the Defendants have a controlling interest, Parmalat's insurers,
banks and other financial institutions that transacted with
Parmalat, the relatives and legal representatives of the
foregoing.

The Court also approved, as to form and content, the Notice and
Publication Notice to putative class members.  Further, Judge
Kaplan has appointed Epiq Systems Class Actions and Claims
Solutions as the notice and claims administrator supervising and
administering the notice procedure as well as the processing of
claims.

Judge Kaplan will convene a hearing on Sept. 24, 2008, at 9:30
a.m., to determine whether the Settlement is fair, reasonable
and accurate.  The Court will also consider the approval of the
related plan of allocation, as well as the reimbursement of
attorneys' fees and other costs.

                        About Parmalat

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

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

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

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

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

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


SILVER CREEK: Will Hold Final Shareholders Meeting on Aug. 8
------------------------------------------------------------
Silver Creek Low Vol Institutional Ltd. will hold its final
shareholders meeting on Aug. 8, 2008, at 10:00 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the 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.

Silver Creek's shareholder agreed on June 18, 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


SILVER CREEK LOW: Final Shareholders Meeting Is on Aug. 8
---------------------------------------------------------
Silver Creek Low Vol Strategies Erisa Ltd. will hold its final
shareholders meeting on Aug. 8, 2008, at 9:30 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the 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.

Silver Creek's shareholder agreed on June 18, 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


TSF NO. 7: Deadline for Proofs of Claim Filing Is Aug. 8
--------------------------------------------------------
TSF No. 7's creditors have until Aug. 8, 2008, to prove their
claims to Mark Hill and Giles Le Sueur, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

TSF No. 7's shareholders decided on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


TREMONT DOUBLE: Sets Final Shareholders Meeting for Aug. 8
----------------------------------------------------------
Tremont Double Alpha Market Neutral Portfolio Ltd. will hold its
final shareholders meeting on Aug. 8, 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 five years from the
      dissolution of the company, after which they may be  
      destroyed.

Tremont Double's shareholder agreed on June 18, 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


WATERFALL VANILLA: To Hold Final Shareholders Meeting on Aug. 8
---------------------------------------------------------------
Waterfall Vanilla Strategies Ltd. will hold its final
shareholders meeting on Aug. 8, 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.

Waterfall Vanilla's shareholder agreed on June 25, 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 H I L E
=========

CLOROX COMPANY: Earns US$461 Million for Fiscal Year 2008
---------------------------------------------------------
The Clorox Company reported results for its fourth quarter and
fiscal year 2008, which ended June 30.  For these periods,
Clorox reported solid earnings results driven by strong top-line
growth and cost savings.

“I'm pleased with our performance for the quarter,” said
Chairperson and CEO Don Knauss.  “We delivered strong total
company and base business top-line growth.  Our market shares
held steady overall, despite continued economic pressure on
consumers.  Cost savings and the benefit of recent price
increases helped lessen the impact of intense pressure from
commodity and energy cost increases.”

Commenting on the company's fiscal year 2008 results, Mr. Knauss
said, “I feel very good about our overall performance for the
year, particularly given unprecedented cost pressures.
Importantly, we made very good progress against our Centennial
Strategy.  We drove growth on core businesses, including the new
Green Works(TM) line of natural cleaners and the Brita(R)brand.
We also continued to position our portfolio for faster growth
through the Burt's Bees(R) acquisition, which has done extremely
well to date.  I'm very proud of the hard work and dedication of
Clorox employees around the world.”

Clorox reported fourth-quarter net earnings of US$158 million,
or US$1.13 diluted earnings per share (EPS), based on weighted
average diluted shares outstanding of about 140 million.  
Current quarter earnings were reduced by US$10 million in pretax
charges, or 4 cents diluted EPS, associated with the previously
announced restructuring-related charges, including consolidation
of the company's manufacturing network and other charges, and
US$3 million, or 1 cent diluted EPS, associated with the Burt's
Bees acquisition.  Excluding these factors, the company
delivered fourth-quarter diluted earnings per share of US$1.18.  
In the year-ago quarter, Clorox reported net earnings of
US$164 million, or US$1.07 diluted EPS, based on weighted
average diluted shares outstanding of about 154 million.

For fiscal year 2008, Clorox reported net earnings of
US$461 million, or US$3.24 diluted EPS, based on weighted
average diluted shares outstanding of about 142 million.  
Earnings for the fiscal year were reduced by US$59 million in
pretax charges, or 26 cents diluted EPS, associated with the
previously announced restructuring-related charges, including
consolidation of the company's manufacturing network and other
charges; and US$20 million, or 9 cents diluted EPS, associated
with the Burt's Bees acquisition.  Excluding these factors, the
company delivered fiscal year diluted earnings per share of
US$3.59.  This includes a benefit of 5 cents diluted earnings
per share associated with the repurchase of stock pursuant to
the accelerated stock repurchase (ASR), completed in January
2008.

In fiscal year 2007, the company reported net earnings of
US$501 million, or US$3.26 diluted EPS, based on weighted
average diluted shares outstanding of about 154 million.  These
year-ago results included 10 cents diluted earnings per share of
incremental costs associated with the IT services agreement and
asset impairments, and 3 cents diluted earnings per share
benefit from discontinued operations.  Excluding these factors,
the company delivered US$3.33 diluted earnings per share.

For the fourth quarter, other income results reflected
US$9 million in net foreign exchange transaction gains in the
current quarter versus a US$3 million net loss in the year ago
period. For fiscal year 2008, net foreign exchange transaction
losses reflected in other income were US$2 million versus a net
loss of US$4 million in fiscal 2007.

Following is a summary of key fourth-quarter results.  All
comparisons are with the fourth quarter of fiscal year 2007,
unless otherwise stated.

Fourth-quarter highlights

Fourth-quarter sales grew 11 percent to US$1.50 billion,
compared with US$1.34 billion in the year-ago quarter.  
Excluding the Burt's Bees acquisition, sales in the current
quarter grew 8 percent.

Fourth quarter total volume increased 6 percent.  Excluding
Burt's Bees(R) products, volume was up 4 percent.  Sales growth
outpaced volume growth primarily due to price increases and
favorable foreign exchange rates.

Gross margin in the fourth quarter decreased 210 basis points to
42.1 percent from 44.2 percent.  Excluding the impact of
US$8 million of the restructuring-related charges reflected in
cost of goods sold, gross margin was 42.7 percent.  The year-
over-year decrease was primarily due to the impact of higher
costs for commodities, manufacturing and logistics, including
diesel fuel.  These factors were partially offset by the
benefits of cost savings and price increases.  During the
quarter, Clorox generated cost savings of US$29 million, of
which US$25 million was included in gross profit and the
remaining US$4 million in other lines of the income statement.

Net cash provided by operations was US$254 million, compared to
US$282 million in the year-ago quarter.  The year-over-year
decrease was primarily due to the timing of tax payments,
partially offset by improvements in working capital.

North America

The segment reported 10 percent sales growth, 6 percent volume
growth and 4 percent growth in pretax earnings.  Volume growth
was primarily driven by Burt's Bees(R) products, the launch of
Green Works(TM) natural cleaners, Clorox(R) disinfecting wipes,
Kingsford(R) charcoal products, Hidden Valley(R) bottled salad
dressings, Fresh Step(R) scoopable cat litter, all-time-record
shipments of Pine-Sol(R) dilutable cleaners and Brita(R) water-
filtration products.  Higher shipments of Glad(R) ForceFlex
trash bags also contributed to volume growth in the segment.  
These results were partially offset by lower shipments of
Glad(R) regular trash bags and Clorox(R) liquid bleach.  Sales
growth outpaced volume growth primarily due to the benefit of
price increases and a favorable Canadian exchange rate.  Pretax
earnings reflected the benefit of sales growth and cost savings,
partially offset by the impact of unfavorable commodity costs
and restructuring-related charges.

International

The segment reported 16 percent sales growth, 7 percent volume
growth and 11 percent growth in pretax earnings.  Volume growth
was driven by shipments of laundry and homecare products in
Latin America.  Sales growth outpaced volume growth primarily
due to the benefit of price increases and 5 percentage points of
favorability from foreign exchange rates.  Pretax earnings
primarily reflected the benefit of sales growth, favorable
foreign exchange rates and cost savings.

Fiscal year 2008 results

Fiscal year 2008 sales grew 9 percent to US$5.27 billion.
Excluding the Burt's Bees and bleach business acquisitions,
sales grew 6 percent.

Volume for the fiscal year increased 6 percent compared with the
prior year.  Excluding Burt's Bees(R) products and the bleach
acquisition, shipments were up 3 percent due to growth in core
brands including Fresh Step(R) scoopable cat litter, Green
Works(TM) natural cleaners, Brita(R) products, Hidden Valley(R)
salad dressings and Clorox(R) disinfecting wipes.  Sales growth
outpaced volume growth primarily due to the benefit of favorable
foreign exchange rates and price increases.

Gross margin for the fiscal year decreased 190 basis points to
41.2 percent from 43.1 percent.  Excluding the impact of the
previously announced restructuring-related charges and Burt's
Bees purchase accounting step-up in inventory values, gross
margin was 42.1 percent.  The decrease was primarily due to the
impact of unfavorable commodity and energy-related costs,
partially offset by cost savings and price increases.  For the
fiscal year, Clorox generated cost savings of US$93 million, of
which US$81 million was included in gross profit and the
remaining US$12 million in other lines of the income statement.

Net cash provided by operations in fiscal year 2008 was
US$730 million, compared to US$709 million in the prior fiscal
year. The increase was primarily due to improvements in working
capital, primarily offset by the timing of tax payments.

During the year, Clorox repurchased 2 million shares of the
company's common stock at a cost of US$118 million under its
ongoing program to offset stock option dilution.  In addition,
under the ASR agreement, the company repurchased 12 million of
its shares at a cost of US$750 million.

Updated financial outlook for fiscal year 2009

For fiscal year 2009, Clorox continues to anticipate total sales
growth in the range of 6-8 percent.  Excluding the impact of the
Burt's Bees acquisition, Clorox anticipates sales growth in the
range of 4-6 percent.  This range includes about 2 percentage
points of growth from innovation, including Green Works(TM)
natural cleaners.

The company now anticipates gross margin to be about flat for
the fiscal year.  The benefits of cost savings, price increases
and favorable product mix are expected to be offset by the
impact of commodity cost pressure.

Clorox now expects commodity and energy cost increases for the
fiscal year to be in the range of US$180 million to
US$200 million, which is significantly higher than originally
projected.  The company continues to anticipate cost savings in
the range of US$90 million to US$100 million; restructuring-
related charges in the range of US$20 million to US$25 million,
primarily related to the previously announced consolidation of
the company's manufacturing network; and a tax rate in the range
of 34-35 percent.  The company anticipates weighted average
diluted shares outstanding of about 141 million.  Including
these factors, Clorox's outlook for fiscal year 2009 diluted
earnings per share is now in the range of US$3.60 to US$3.75.

                      The Clorox Company

The Clorox Company -- http://www.TheCloroxCompany.com/--   
(NYSE:CLX) manufactures and markets of consumer products with
fiscal year 2007 revenues of US$4.8 billion.  Clorox brands
include its namesake bleach and cleaning products, Green
Works(TM) natural cleaners, Armor All(R) and STP(R) auto-care
products, Fresh Step(R) and Scoop Away(R) cat litter,
dressings and sauces, Brita(R) water-filtration systems, Glad(R)
bags, wraps and containers, and Burt’s Bees(R) natural personal
care products.  With 8,300 employees worldwide, the company
manufactures products in more than two dozen countries and
markets them in more than 100 countries.  The company has
subsidiaries in Switzerland, Luxembourg, Mexico, Venezuela,
Chile, Hong Kong, Korea and Australia, among others.



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

ECOPETROL: Net Income Up 176% to COP5.6-Bil. in First Half 2008
---------------------------------------------------------------
The Associated Press reports that Ecopetrol S.A. has released
its financial results for the fist half of 2008.  The company
says profits grew almost three times in January to June of this
year, the AP notes.  The company reported net income of COP5.65
billion (US$3.2 million), an increase of 176% in the first six
months of 2008, from COP2.04 billion (US$1.2 million) of last
year, the AP relates.

According to the AP, sales increased 69% to COP16.6 billion
(US$9.4 million) in the first half and exports rose more than
200% to COP5.82 billion(US$3.3 million) as the price of crude
soared in the global market.

                          About Ecopetrol

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

                           *     *     *

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



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

TRICOM SA: Waived Attorney-Client Privilege, Bancredito Says
------------------------------------------------------------
Bancredito (Panama), S.A., says Tricom S.A., waived its
attorney-client privilege when it disclosed the findings of the
special committee report to its independent auditor.

“As Tricom admits that the entire special committee report was
received and read by [Sotomayor & Associates LLP], it therefore
doesn't matter whether an attorney-client privilege once
attached to the report as the disclosure to Sotomayor affected a
waiver,” says Richard Smolev, Esq., at Kaye Scholer LLP, in New
York, on behalf of Bancredito.

Tricom previously urged the U.S. Bankruptcy Court for the
Southern District of New York to deny the bank's proposed
production of the special committee report because it is
protected from disclosure by attorney-client and work product
privileges.  The report contains findings of the Special
Committee appointed by Tricom's Board of Directors to
investigate into a private placement of shares of the company's
common stock in December 2002, wherein Bancredito allegedly
loaned off US$70,000,000 to investors to purchase the stock.

Mr. Smolev further asserts that the report is not protected by
work product privilege since nothing in Tricom's public filings
shows that the Special Committee was tasked to investigate
possible claims against Tricom other than those that could have
some effect on the accounting treatment of the transaction.  

“If the Court has doubts on this point, review of the report in
camera would be appropriate to determine whether any portion of
the report could qualify for protection under the doctrine of
work product,” Mr. Smolev says.  He adds, however, that the
Court does not have to go that far.

According to Mr. Smolev, the fact that Sotomayor was retained to
assure the propriety of the public reporting of the transaction
shows that the sharing of the report with Sotomayor was for a
purpose other than litigation.

“Considering an independent auditor's public watchdog function,
Tricom effectively waived the work product by inviting the
auditor to scrutinize its proposed treatment of the
transaction,” Mr. Smolev asserts.

As reported in the Troubled Company Reporter on July 8, 2008,
Bancredito (Panama) S.A., asked the Court to compel the Tricom
S.A. and its U.S. debtor-affiliates to produce the report
prepared by the special committee appointed by Tricom S.A.'s
Board of Directors.

                        About Tricom S.A.

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

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

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

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

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

(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TRICOM SA: Wants Exclusive Solicitation Extended to Dec. 31
-----------------------------------------------------------
Tricom S.A. and its U.S. affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to give them until
Dec. 31, 2008, to solicit votes for their Joint Prepackaged
Chapter 11 Plan of Reorganization.  The Debtors' exclusive
solicitation period will expire on Aug. 27, 2008.

Section 1121(b) of the Bankruptcy Code provides for an initial
period of 120 days after the Petition Date during which a debtor
has the exclusive right to file a plan of reorganization.
Section 1121(c) provides that if the debtor files a plan within
the 120-day exclusive period, it has the balance of 180 days
after the Petition Date to solicit and obtain acceptances of
that plan.  Section 1121(d) permits the court to extend a
debtor's exclusive periods in which to filed a plan of
reorganization and solicit acceptances of the plan upon a
demonstration of cause.

Larren Nashelsky, Esq., at Morrison & Foerster LLP, in New York,
asserts that the proposed extension is justified by the Debtors'
progress in resolving issues concerning their creditors and
estates.

Mr. Nashelsky relates that concurrent with the Debtors' efforts
in resolving the disputes relating to the claims filed by
Bancredit Cayman Limited and Bancredito (Panama), S.A., the
Debtors have successfully transitioned to a Chapter 11
environment without serious disruption to their businesses or
customer base, although the Debtors unfortunately remain a
target for their competitors seeking to exploit the Debtors'
current situation.  At the same time, he adds that the Debtors
have responded to the concerns of certain of their secured
creditors occasioned by the unanticipated delay in confirming
the Chapter 11 cases, and obtained appropriate relief from the
Court, thereby assuring their continued support of the Plan.

Mr. Nashelsky further relates that the Debtors promptly
completed and filed their Schedules of Assets and Liabilities
and Statements of Financial Affairs within the deadlines
prescribed by the Court.  A Claims Bar Date of July 8, 2008, was
set, and the Debtors are now in the process of reconciling the
proofs of claims filed against their estates.

“In the face of extremely motivated and well financed
opposition, over the course of the past four months, the Debtors
have made good faith progress in advancing these Chapter 11
cases towards a successful reorganization,” Mr. Nashelsky says.  
“The Debtors have done all they can to address Plan feasibility
issues while keeping these cases on track for confirmation.”

According to Mr. Nashelsky, the outcome of the summary judgment
motion to resolve the proposed estimation of claims of Bancredit
Cayman and Bancredito may affect the Plan's feasibility and
influence the course of the Debtors' reorganization.  “If need
be, the Debtors may elect to amend or modify the Plan, which
could possibly entail a re-solicitation of acceptances,” he
says.

Results of the Debtors' solicitation, which concluded on
February 28, 2008, showed that 100% of the holders of Class 3
Credit Suisse Existing Secured Claims and 97% of the holders of
Class 6 Unsecured Financial Claims voted to accept the Plan.

Allowing the Debtors' exclusive solicitation period to expire
would serve only to impede their effort to confirm the Plan or
any of its modification or amendment, Mr. Nashelsky contends.  
Expiration of the exclusive period would invite unwarranted
speculation in the market and press, and embolden the Debtors'
competitors to launch additional efforts to enhance their
customer base at the Debtors' expense.  Given the current
competitive framework in which the Debtors operate, the Debtors
can ill afford those consequences, he tells the Court.

                        About Tricom S.A.

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

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

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

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

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

(Tricom Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


* Fitch Says Dominican Electric Biz on a Brink of Financial Woe
---------------------------------------------------------------
With the sector teetering on the brink of financial distress,
investors are again asking if the recently re-elected Fernandez
administration now has the political will and conviction to fix
the system.  The stand-by agreement with the International
Monetary Fund, which provided a framework for the sector to
reach financial self-sustainability while providing a more
efficient, reliable and cost conscious electric service, expired
January 2008 and has yet to be renewed.  Unfortunately, little
was achieved during the period the agreement was in place.  So
far, the re-elected government seems to be taking an approach
that is likely to perpetuate the sector's instability, rather
than to eliminate market distortions and enforce the new
electricity law.

Rolling blackouts and electricity shortages have become a way of
life for people in the Dominican Republic.  Extremely high
electricity losses, the vast majority from theft, and low
collections from end users have plagued the sector and resulted
in perpetual electricity shortages.  Although the country has
more than sufficient generation capacity to meet total demand,
the government's decision to cap electricity prices, tolerate
theft by end users and give free electricity has resulted in
insufficient funds for state-owned electric distribution
companies to cover their operating costs and pay private sector
generators for contracted capacity.

Furthermore, soaring oil prices have translated into extremely
high electricity prices, as the Dominican Republic is heavily
reliant on oil to generate electricity.

While subsidies have allowed state-owned distribution companies
to honor their contracts with private sector generators, the
situation is not sustainable over the longer term, as the
government will continue to face pressure to prioritize
investment in health and education at the expense of the
electric sector.  A reduction or elimination of subsidies would
only lead to increasing electricity shortages, unless the
government also raises prices and enforces the new electricity
law.



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

BRITISH AIRWAYS: Fiscal 2008 First Quarter Profit Down 90.1%
------------------------------------------------------------
British Airways Plc's net profit for the three months ended
June 30, 2008, declined 90.1% to net profit GBP27 million from
GBP274 million in the same quarter last year.

Operating profit for the current period dropped 86.8% to GBP35
million from GBP266 million in the comparable 2007 period.

Meanwhile, revenue for the current quarter increased 2.8 % to
GBP2,259 million from GBP2,197 million in the three months ended
June 30, 2007.

Passenger revenue was up 2.9% on capacity up 0.7%.  Weaker
consumer confidence, particularly in the UK and US, has resulted
in reduced traffic volumes, and seat factor was down 3.4 points
to 73.4%.  Yields were up 6.9% on the back of price increases as
a result of increasing fuel surcharge levels, the stronger Euro
and good long haul premium traffic.

Operating costs were up 15.2% with unit costs up 16.5%.  Most
costs were up but the biggest increase was fuel.  After hedging,
fuel costs were up almost 50% on last year.  Employee costs rose
by 2.4% mainly due to pay awards, partially offset by lower
pension service costs.  Engineering costs were up 7.3% because
of higher freighter costs and changes in inventory provisions.  
Landing fees and en-route charges were up 6.7% mainly because of
the stronger Euro.  Handling charges and other operating costs
were up 8.5% due to costs associated with the delayed moves to
Terminal 5, cargo handling and trucking charges, and the
stronger Euro.  Accommodation, ground equipment and IT costs
were up 5.4%, predominantly due to property costs, including
rent and rate increases.

Cash position at the end of the quarter was under GBP2 billion,
up GBP91 million since March.  Net debt was GBP1.1 billion,
GBP206 million lower than at year end.

The tax rate for the quarter was 27%.

Commenting on the results, British Airways' chief executive
Willie Walsh, said, “We are in the worst trading environment the
industry has ever faced.  The combination of unprecedented oil
prices, economic slowdown and weaker consumer confidence has led
to substantially lower first quarter profits.”

Mr. Walsh noted, “Fuel prices have doubled in the past year.  A
successful hedging program mitigated the impact but nevertheless
fuel costs at GBP706 million were up GBP233 million in the
quarter.  We expect our fuel bill to top GBP3 billion this year
-- the equivalent of more than GBP8 million every day.”

“We are well prepared.  Since year end we have adapted our plans
to reflect the fast moving and challenging conditions.  We have
reduced capacity in the winter schedule without compromising our
network and at the same time we have the flexibility in the
business to capitalize when conditions improve.  We have revised
our capital expenditure plans and are focusing on cost control,”
Mr. Walsh said.

                            Capacity

British Airways ordered six Boeing 777-300ER aircraft, and
placed options for four more.  The B777-300ER is 23% more fuel
efficient than the Boeing 747.  

The aircraft is expected to provide the carrier greater
flexibility in the longhaul fleet following delays to its Boeing
787 deliveries.

The company also ordered 24 B787s and 12 Airbus A380s, for
delivery between 2010 and 2014, to replace some of its oldest
aircraft and expand its fleet.

                        Trading Outlook

Due to very difficult trading conditions on the back of high oil
prices and a weak economic environment, British Airways expects
revenue to grow by around 3%, down from the previous guidance of
4% increase.

Non-fuel costs are targeted to rise 3% and fuel is expected to
rise around GBP1 billion against last year, at current fuel
prices and exchange rates, an increase of some 50%.  As a result
of further hedging, fuel cost guidance of a GBP16 million profit
impact for every US$1 change in the crude oil price has reduced
to GBP8 million.

                        Iberia Merger Talks

British Airways and Iberia commenced talks last month with a
view to an all-share merger between the two companies.  The
negotiations are supported unanimously by the boards of both
companies.

The British Airways and Iberia brands would be retained as part
of a combined group.

British Airways acquired a nine per cent shareholding in Iberia
in 1999 and has recently increased its shareholding to 13.15 per
cent.  

Meanwhile, Iberia recently acquired a 2.99 per cent direct
shareholding in British Airways and financial exposure to a
further 6.99 per cent through contracts for difference linked to
British Airways' share price.

It is expected that it will take several months to reach
agreement on the terms of the merger and to finalize a joint
business and integration plan for the combined group.

Both parties are confident of securing regulatory approval. The
European Union has already granted British Airways and Iberia
approval to co-operate widely.

                         About Iberia SA

Headquartered in Madrid, Iberia Lineas Aereas de Espana SA
-- http://www.iberia.com/-- engages in the transport of
passengers and cargo, aircraft maintenance and handling services
in airports.  The Transport of Passengers and Cargo division
operates 150 aircrafts.  It provides transport services to the
countries in Europe and Latin America.  Iberia Lineas Aereas de
Espana SA is a member of the Oneworld alliance.

                      About British Airways

Headquartered in Harmondsworth, England, 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 continues to carry Moody's “Ba1” senior
unsecured debt rating with a stable outlook.



===============
H O N D U R A S
===============

DIGICEL LTD: Wins WiMAX License in Honduras
-------------------------------------------
Cosan SA Industria & Comercio and Sao Martinho SA, Brazil's
sugar and ethanol industry association, known as Unica, is in
talks to tap a law firm to challenge a U.S. tariff on Brazilian
ethanol imports, Bloomberg News reports, citing Marcos Jank,
president of the association.

According to Bloomberg, Cosan's stocks slided 1.4% to BRL30.79.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.


                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.



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

CASH PLUS: Court Names Monty Kandekore as Provisional Liquidator
----------------------------------------------------------------
The Jamaica Observer reports that the Supreme Court of
Judicature in Jamaica has appointed L. Monty Kandekore, the
Trustee in Bankruptcy, as Cash Plus Limited's Provisional
Liquidator, effective July 18.  

According to The Observer, the court had appointed Mr. Kandekore
as Cash Plus Group Limited's Provisional Liquidator on June 27,
after the Premier League Clubs Association filed an application
for the wind up of Cash Plus Group when the firm failed to honor
commitments made with regard to the sponsorship of the National
Premier League Football Competition.

The Observer relates that Mr. Kandekore will be responsible for
disposing the assets of Cash Plus Group and Cash Plus Limited to
realize financing to pay relevant claims that may be made
against the two firms.

The report says that Court-Appointed Co-Receiver-Manager, Kevin
Bandoian, will determine the existence and value of assets that
Cash Plus Limited and its affiliates own.  He will also
determine what is owed to creditors and lenders.  He has
jurisdiction over the assets of Cash Plus Limited's affiliates,
except Cash Plus Group, until the court decides otherwise.  Mr.
Bandoian will present before the court a final report on Cash
Plus Limited by Aug. 8, 2008.

The Observer relates that Mr. Kandekore has the authority to
dispose of Cash Plus Group's and Cash Plus Limited's assets.  
Mr. Kandekore will announce payments, if any, in due course.

                      About Cash Plus Group

Cash Plus Group Limited holds 50% of the estimated real assets
of Cash Plus Limited, which collected the bulk of lenders funds.  
Cash Plus Limited was the major source of financing for Cash
Plus Group's acquisitions and investments.

                     About Cash Plus Limited

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 2008, the Supreme Court of Jamaica placed Cash Plus in
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.



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

ANIXTER INT'L: Acquires QSN Industries and Quality Screw Assets
---------------------------------------------------------------
Anixter International Inc. has acquired the assets and
operations of QSN Industries, Inc., and all of the outstanding
shares of Quality Screw de Mexico SA.

The QSN Industries and Quality Screw de Mexico operations will
complement Anixter's product offering with a broad array of
value-added services and supply chain management programs to
Original Equipment Manufacturers (OEMs) in a number of vertical
markets.

As a part of this transaction, Anixter will pay approximately
US$80 million in cash and assume trade liabilities, for all of
the assets and operations of the two companies.  Combined
annualized sales for these businesses are expected to be over
US$100 million in 2008.

Commenting on the acquisition, Anixter's President and Chief
Executive Officer, Bob Eck said, “We are pleased to have
acquired the QSN and QSM operations as well as the excellent
team that has successfully led these businesses.  These
acquisitions leverage our existing infrastructure and bring an
important new critical mass to our North American OEM Supply
business by adding locations in Mexico as well as manufacturing
capacity.  The manufacturing capabilities acquired with the QSN
operations will provide Anixter with enhanced flexibility to
meet supply chain commitments where quick turnaround times are
important to rapidly changing customer requirements.  This
strong and robust operational model will better position us to
drive future organic growth.”

“We anticipate that this acquisition will be immediately
accretive to earnings and add 7 to 9 cents to diluted earnings
per share during our first full year of ownership,” Mr. Eck
added.  “When combined with our existing business in North
America, we anticipate annual OEM Supply revenues of over
US$600 million in this region over the next year.”

Based near Chicago, Illinois, QSN Industries Inc. is a
distributor and manufacturer of fasteners for the OEM
marketplace.  The company operates 13 facilities in Alabama,
Arizona, Georgia, Illinois, Michigan, Ohio, South Carolina,
Tennessee and Texas.  Its sole manufacturing facility is located
in Wood Dale, Illinois.

Headquartered in Aguascalientes, Mexico, Quality Screw de Mexico
SA is a distributor of fasteners with a total of five
operational sites in Mexico.  

                         About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured debt 'BB-'.

Anixter Inc.

  -- Issuer Default Rating  'BB+';
  -- Senior unsecured notes 'BB+';
  -- Senior unsecured bank credit facility at 'BB+'.


FRONTIER AIR: Gets Alternative Commitment for US$75MM DIP Loan
--------------------------------------------------------------
Frontier Airlines Holdings, Inc., is moving forward with an
alternate transaction for postpetition debtor-in-possession
financing, the company said in a statement.

Republic Airways Holdings, Inc., Credit Suisse Securities,
through its affiliates, and AQR Capital, each a member of the
Unsecured Creditors Committee in Frontier's Chapter 11
Bankruptcy cases, are offering Frontier up to US$75,000,000 in
DIP financing, with an immediate firm commitment and funding of
US$30,000,000.

According to the statement, the new DIP facility, provides
Frontier with lower financing costs, less restrictive covenants
and greater flexibility to pursue strategic opportunities
without being constrained by more restrictive DIP provisions.  
The alternate DIP facility is subject to bankruptcy court
approval and to various conditions.

The Lenders provided the Company with this improved DIP facility
following Frontier's successful efforts to significantly improve
its liquidity.  

Over the past two weeks, Frontier announced the Perseus
US$75,000,000 DIP financing, up to US$80,000,000 in additional
liquidity through aircraft sales to VTB Leasing for onward lease
to Rossiya Airlines and other aircraft sale leaseback
transactions.

“The agreement by members of our Unsecured Creditors Committee
to extend this financing commitment is a tremendous vote of
confidence in our Company  and its business plan,” said Sean
Menke, Frontier president and chief  executive officer.  “After
a careful examination of this offer against the offer Perseus
provided last week, we believe this new agreement offers
immediate access to greater liquidity under more favorable
terms.”

Upon court approval, the Lenders will provide immediate funding
of US$30,000,000 to support Frontier's working capital needs.  
The Lenders will consider funding an additional US$45,000,000
subject to the terms and conditions of the DIP Credit Agreement.

The proposed DIP funding, coupled with Frontier's recent
announcements of aircraft sales and sale leasebacks, is expected
to substantially increase Frontier's cash position and provide
sufficient working capital for the company's operations, as well
as significant staying power in the market.  These announced
liquidity initiatives allow the company to continue to execute
upon its business improvements, focusing on fleet deployment,
cost savings and revenue enhancements.  Frontier will continue
to evaluate strategic opportunities in light of this new DIP
facility and the anticipated significant improvement
to Frontier's balance sheet.

                 About Frontier Airlines Inc.

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

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


MOVIE GALLERY: India-Based Valuable Group Purchases MovieBeam
-------------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates' MovieBeam
streaming service has been purchased for an undisclosed price by
Valuable Group, a company based in India, through Dar Capital --
a private equity investment advisory firm, Video Business
reports.

Movie Gallery sold in May 2008, tangible assets and all of M.G.
Digital LLC's ownership rights to, and interest in, the
intellectual property used solely in connection with the  
MovieBeam service, to Dar Capital for US$2,250,000, pursuant to
the terms of a purchase agreement.

Valuable Group is affiliated with satellite-based digital cinema
network UFO Moviez.  Valuable Group has recently expanded its
office in Los Angeles, California, and launched a state-of-the-
art development facility in Seattle, Washington, according to
the report.

“Through this acquisition, Valuable will further establish
itself as a leader in the media and entertainment space,
allowing us to deliver ethnic and Hollywood content to homes and
the hospitality industry worldwide,” Valuable Group head Sanjay
Gaikwad told Video Business.

Mr. Gaikwad disclosed that Valuable Group has earmarked an
investment of more than US$100,000,000 over the next two years
to relaunch an “improved version” of MovieBeam in North America,
the United Kingdom and other markets.  Valuable Group plans to
introduce the service in other three unnamed markets by the end
of 2008, the report says.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment     
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
The company has operations in Mexico.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853).  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kurtzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The U.S. Bankruptcy Court for the Eastern District of Virginia
confirmed the Debtors' Second Amended Chapter 11 Plan of
Reorganization on April 9, 2008.  (Movie Gallery Bankruptcy News
Issue No. 32; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


QUAKER FABRIC: Court Approves 2nd Amended Disclosure Statement
--------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved a second amended disclosure
statement explaining a second amended joint Chapter 11 plan of
liquidation filed by Quaker Fabric Corporation and its debtor-
affiliates on July 15, 2008.  He held that the Debtors' amended
plan contains adequate information within the meaning of Section
1125 of the Bankruptcy Code.

A hearing is set for Aug. 27, 2008, at 11:30 a.m. (Eastern Time)
to consider confirmation of the Debtors' amended plan.  
Objections, if any, are due Aug. 22, 2008.

Judge Gross also approved procedures proposed by the Debtors for
the solicitation and tabulation of plan votes.  Deadline for
voting on the amended plan is on Aug. 20, 2008.

As reported in the Troubled Company Reporter July 18, 2008, the
amended Plan contemplates the liquidation of assets of the
Debtors for the benefit of their creditors and the appointment
of a liquidating agent.

The Debtors remind the Court that they have sold some or all
assets to certain purchasers including:

   -- Gordon Brother Group LLC acquired substantially all of the
      Debtors' assets for US$27 million;

   -- Atlantis Charter School bought 66 acres of undeveloped
      land (Bleachery Pond Property) located in Fall River,
      Massachusetts for US$2.6 million; and

   -- E & E Co. Ltd. got the Tupelo Lee Industrial Park in
      Verona, Mississippi for at US$175,000.

The proceeds of the sale will be used to pay indebtedness owed
to lenders headed by Bank of America N.A. under a revolving
credit agreement entered into by the Debtors and bank in 2006.

                       Liquidation of Assets

The Debtors estimate they will have at least US$400,000 in cash
and a book value of US$4.3 million in uncollected accounts
receivable by the plan's effective date.

A liquidating agent will reduce non-cash assets of the Debtors
to cash to make distributions and consummate the plan.  The
liquidating trustee is expected to sell, assign, transfer and,
to the possible extent, dispose of the Debtors' respective
assets at public auction after the plan's effective date.

RAS Management Advisors LLC will serve as liquidating agent for
the Debtors.

                 Equity of Non-Debtor Subsidiaries

The Debtors conducted certain foreign operations through their
non-debtor subsidiaries comprised of (i) Quaker Fabric Mexico
S.A. de C.V., (ii) Quaker Textil do Brasil Ltda., and Quaker
Textile Corporation.  As of the Debtors' bankruptcy filing, the
operations and affairs of each of the non-debtor subsidiaries
have been liquidated.  The Debtors have received at least
US$1.1 million as dividend from one of their non-debtor
subsidiaries.

                       Initial Distribution

On the plan's effective date, the liquidating agent, on behalf
of the Debtors, will pay in cash in full all (i) administrative
expense claims, (ii) priority tax claims, and (iii) secured
claims.  Holders of unsecured claims will receive their pro rata
share of available cash, if any.

The amended plan classifies interests against and liens in the
Debtors in five classes.  The classification of interests and
claims are:

                 Treatment of Claims and Interests

              Types of                    Estimated    Estimated
Class         Claims          Treatment   Amount       Recovery
-----         --------        ---------   ----------   ---------
unclassified  administrative            US$1,600,000      100%
               claims

unclassified  priority tax                US$200,000      100%   
               claims
               
   1          priority        unimpaired  US$155,386      100%
               claims

   2          secured         unimpaired        US$0      N/A
               claims

   3          WARN Act        impaired  US$6,000,000      5%-15%
               claims

   4          unsecured       impaired  US$25,000,000     16%
               claims
               
   5          equity          impaired    Not Estimated   0%
               interest

Holders of Class 1 allowed priority claims will receive in full
satisfaction of and exchange for their claim (i) the amount of
the allowed priority claim, without interest, in cash after the
Plan's effective date, or (ii) other treatment as may be agreed
upon in writing by the holder, the Debtors and the Committee.

After the Plan's effective date, each holder of Class 2 allowed
secured claims will also receive in full satisfaction of and in
exchange for the claims, either (i) cash equal to the amount of
the allowed secured claims, or (ii) a return of the collateral
that secures the allowed secured claims.

Holders of Class 3 WARN Act claims will receive (i) an allowed
administrative expense claim  of US$100,000, (ii) an additional
distribution of US$200,000 to be paid from  available cash, and
(iii) 33% share of all distributions to Class 3.

Holders of Class 4 allowed unsecured claims will get their pro
rata share of nay cash distribution from the estate assets to
Class 4.  Class 4 was expected to recover 10% under the earlier
version of the proponent's plans.

All equity interest of the Debtors will be canceled, and holder
will not receive any distribution under the Plan.

A full-text copy of the amended disclosure statement is
available for free at:

               http://ResearchArchives.com/t/s?2f93

A full-text copy of the second amended joint Chapter 11 plan of
liquidation is available for free at:

               http://ResearchArchives.com/t/s?2f94

                    About Quaker Fabric

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

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

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

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


REVLON INC: June 30 Balance Sheet Upside-Down by US$1.06 Billion
----------------------------------------------------------------
Revlon Inc. reported Thursday final results for the second
quarter ending June 30, 2008.

At June 30, 2008, the company's consolidated balance sheet
showed US$883.7 million in total assets and US$1.94 billion in
total liabilities, resulting in a US$1.06 billion stockholders'
deficit.

The company reported net income of US$19.9 million for the
second quarter ended June 30, 2008, compared with a net loss of
US$11.3 million in the same period last year.

Net sales in the second quarter of 2008 increased by 7.8% to
US$376.4 million, compared to net sales of US$349.2 million in
the second quarter of 2007.  Excluding the favorable impact of
foreign currency fluctuations, net sales in the second quarter
increased 5.5%.

Revlon president and chief executive officer, David Kennedy,
said, “Our strong results in the second quarter continue to
validate our strategy.  We continue to focus on the key drivers,
including: innovative, high-quality, consumer-preferred new
products; effective, integrated brand communication; competitive
levels of advertising and promotion; and superb execution with
our retail partners, which build our brands, particularly the
Revlon brand, and generate sustainable, profitable sales growth.  
We also remain focused on controlling our costs and driving
efficiencies throughout our organization, which continue to
positively impact our margins and cash flows.”

Operating income was US$59.4 million in the second quarter of
2008, versus US$16.9 million in the second quarter of 2007.  
Adjusted EBITDA was US$81.7 million in the second quarter of
2008, compared to US$42.0 million in the same period last year.

Operating income, Adjusted EBITDA and net income in the second
quarter of 2008 include a net gain of US$5.9 million,
US$6.0 million and US$4.9 million, respectively, related to the
sale of a facility in Mexico.  The expected full year impact of
the sale of the facility in Mexico on operating income, Adjusted
EBITDA and net income will be a net gain of US$4.3 million,
US$4.9 million and US$3.5 million, respectively, after recording
restructuring and other related charges in the second half of
the year.

                        Six Months Results

Net sales in the first six months of 2008 increased 2.8% to
US$696.8 million, compared to net sales of US$677.8 million in
the first six months of 2007.  Excluding the favorable impact of
foreign currency fluctuations, net sales in the first six months
were essentially unchanged versus year-ago.

Operating income was US$91.9 million in the first six months of
2008, versus US$19.9 million in the first six months of 2007.  
Net income in the first six months of 2008 was US$17.4 million,
compared with a net loss of US$46.5 million  in the first six
months of 2007.

Adjusted EBITDA was US$139.8 million in the first six months of
2008, compared to US$74.3 million in the same period last year.
Operating income, Adjusted EBITDA and net income in the first
six months of 2008 include a net gain of US$5.7 million, US$5.9
million and US$4.9 million, respectively, related to the sale of
a facility in Mexico.  Operating income, Adjusted EBITDA and net
income in the first six months of 2008 also include a net gain
of US$5.9 million related to the sale of a non-core trademark.

                Sale of Non-Core Brazilian Brands

On July 28, 2008, Revlon completed the sale of its non-core
Bozzano brand, a leading men's hair care and shaving line of
products, and certain other non-core brands, which are sold only
in the Brazilian market.  The transaction was effected through
the sale of the company's Brazilian subsidiary, Ceil Comercio E
Distribuidora Ltda. to Hypermarcas S.A., a Brazilian diversified
consumer products corporation.

The purchase price was approximately US$104.0 million in cash,
plus approximately US$3.0 million in cash on Ceil's balance
sheet.  The company expects net proceeds, after payment of taxes
and transaction costs, to be approximately US$94.0 million.  The
company is currently evaluating the most appropriate use of net
proceeds from this transaction.

In the results for the third quarter of 2008, the company
expects to record a one-time gain from this transaction of
approximately US$50.0 million.  The company expects that Ceil's
net sales, operating income and Adjusted EBITDA would not be
material to the ongoing financial results of Revlon, Inc.

Revlon brand color cosmetics will continue to be marketed in
Brazil through its current third party distributor.

At June 30, 2008, the company had a liquidity position of
US$161.3 million, consisting of cash and cash equivalents (net
of any outstanding checks) of US$22.5 million, as well as
US$138.8 million in available borrowings under the 2006
Revolving Credit Facility.

At June 30, 2008, the company had long-term debt outstanding of
US$1.40, compared with US$1.44 billion at Dec. 31, 2007.

                       Reverse Stock Split

As previously disclosed, Revlon intends to effect the 1-for-10
reverse stock split of its Class A and Class B common stock
sometime in the third quarter of 2008.  In accordance with NYSE
standards, Revlon has six months from April 11, 2008, to bring
the share price of its Class A common stock and its 30-trading
day average closing price to at least US$1.00.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2008, are available
for free at http://researcharchives.com/t/s?305d

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV) --
http://www.revlon.com/-- is a worldwide cosmetics, hair color,
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and personal care products company.  The company's brands, which
are sold worldwide, include Revlon(R), Almay(R), Mitchum(R),
Charlie(R), Bozzano(R), Gatineau(R) and Ultima II(R).  The
company's Latin American operations are located in Argentina,
Brazil, Chile, Mexico, and Venezuela.


SANLUIS CORP: Unit Launches New Quadratech Suspension System
------------------------------------------------------------
Sanluis Corporacion S.A.B. de C.V. subsidiary, Sanluis Rassini,
has launched its suspension system for light vehicles based on
its new Quadratech techonology.

The Quadratech system is an important technological innovation
developed by the company's engineering team and its main
objective is to reduce the total weight of the vehicle by means
of a suspension system 20% lighter than the existing systems,
thus achieving a greater efficiency in fuel consumption.  
Additionally, it provides greater comfort and safety for the
driver.

Rassini Suspensions Chief Executive Officer, Enrique Villasenor
said, “Once again, SANLUIS Rassini proves its permanent value
creation focus towards its customers and final users by
developing an innovative technology for the automotive industry
capable of enhancing fuel consumption in light vehicles.”

The Quadratech technology has been patented worldwide by Sanluis
Rassini, and for its first commercial application, an alliance
was made with Firestone Industrial Products, LLC, a worldwide
leader in the design and manufacturing of pneumatic components.  
This company will share its experience in air suspension
components.

Sanluis Rassini is a producer of high-tech brake components for
OEMs, designer and manufacturer of leaf springs for light
vehicles.  It has seven production sites strategically
distributed in the U.S.A., Mexico, and Brazil; a technical
center in Michigan, U.S.A.; headquarters in Mexico City, and
liaison offices in Stuttgart, Germany and Shanghai, China.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 19, 2008, Fitch Ratings placed on rating watch negative on
SANLUIS Corporacion, S.A. de C.V.'s 'B-' foreign and local
currency issuer default rating, 'B-' senior secured restructured
credit facility rating, its 'RR4' recovering rating, 'CCC+'
mandatory convertible notes rating, 'CCC+' debenture notes
rating, and its 'RR5' recovery rating.


SEMGROUP LP: 18 Parties Balk at US$250,000,000 BofA DIP Loan
------------------------------------------------------------
A total of 18 parties-in-interest object to the request of
SemGroup L.P. and its debtor-affiliates to obtain US$250,000,000
of senior secured superpriority postpetition financing from Bank
of America.  The parties-in-interest are:

   * Ad Hoc Committee of Unsecured Creditors w/ Senior Notes;
   * Alon USA, LP;
   * Cardinal Engineering, Inc.;
   * Central Crude Corporation and Redwing Gas Systems Inc.;
   * CHS, Inc.;
   * General Electric Capital Corporation;
   * JMA Energy Company, L.L.C.;
   * LCS Production Company, and the Texas operators;
   * Merrill Lynch Capital Corporation and ML Commodities, Inc.;
   * Murfin Drilling Company, Inc.;
   * New Dominion, L.L.C.;
   * Prima Exploration, Inc.;
   * RZB Finance LLC;
   * Samson Resources Company, and affiliates;
   * Sunoco, Inc.;
   * The SemCrude US Term Lender Group;
   * Veenker Resources, Inc.; and
   * Williams NGL Marketing, LLC, and affiliates.

According to Kimberly E. C. Lawson, Esq., at Reed Smith LLP, in
Wilmington, Delaware, GECC, the administrative agent for the
Debtors' prepetition lenders, does not question the necessity
for the Debtors to obtain DIP Facility, the financing terms set
forth in the DIP Term Sheet.  However, GECC identifies two
problems that precludes the Court's approval of the DIP
Facility:

   (1) the proposed final DIP Agreement contains negative
       covenants that the Debtors are in position to honor; and

   (2) the proposed Interim Order makes no provision for the
       adequate protection of the interest that GECC may have in
       a portion of the Cash Collateral, based on the Debtors'
       11th hour upstreaming of funds borrowed by SemCrude
       Pipeline, LLC, under the prepetition GECC Credit
       Agreement.

Ms. Lawson contended that the ultimate decision-making authority
over White Cliffs Pipeline, LLC, a non-debtor subsidiary
exercised by PE Pipeline LLC, is unclear why the Debtors sought
to prevent White Cliffs from selling its assets, enter into
particular contracts, or incur more than a designated amount of
indebtedness.

Accordingly, GECC asked the Court to deny the DIP Financing
Motion to the extent that the Interim Order and the Final DIP
Agreement are not modified to resolve its objections.

RZB Finance stated that the DIP Financing Motion will improperly
force it and other working capital lenders to subsidize dubious
operations without adequate protection for the benefit of third
parties.  RZB Finance asserts that the Debtors must demonstrate
adequate protection of  RZB Finance's interest.

Alon, Central Crude, CHS, JMA, LCS Production, Murfin, New
Dominion, Prima, Samson, Sunoco, Veenker, and Williams related
that the Debtors possess certain reclaimed goods valued at more
than US$80,000,000 in the aggregate.  The Vendors complained
that it is not clear whether the proposed liens in the
reclamation goods are subject to any of the vendors' rights to
reclaim the Reclaimed Goods.  

The Term Lenders do not consent to the priming of their liens.  
They argued that there is no authority that allows other parties
to consent to release US$250,000,000 on the Term Lenders'
behalf.

Merrill Lynch objected to the DIP Financing Motion to the extent
the Motion contains inadequate disclosure of the relevant
information.  Merrill Lynch insisted that the Debtors have
failed to satisfy their burden of establishing that the terms of
the proposed emergency financing are necessary and reasonable,
under Section 364 of the Bankruptcy Code.  In addition, Merrill
Lynch complained that the Motion fails to provide key
information, such as budgets setting forth the proposed uses for
the funding, the events of default, as well as the value of
collateral securing the proposed adequate protection replacement
liens.

Cardinal, which provides environmental engineering, civil
engineering and surveying services to the Debtors, objected to
the DIP Financing motion, asserting that the Motion prejudices
its ability to file and perfect any materialman's and mechanic's
lien.  Further, Cardinal said granting the Motion will abrogate
its rights under applicable state law, by not allowing it to
perfect the liens.

The Ad Hoc Committee of Unsecured Creditors Holding Senior Notes
sought to preserve the status quo pending the formation of a
statutory fiduciary for all unsecured creditors, including
vendors and bondholders alike.  The Ad Hoc Committee stated that
the Debtors' have not carried their burden of demonstrating
“emergency” for incurring US$150,000,000 of additional loans on
short notice.  The Ad Hoc Committee requested a brief
continuance of the Emergency DIP Motion until Aug. 8, 2008, for
a statutory creditors' committee for unsecured creditors to be
heard.

                           *     *     *

Judge Shannon postponed his ruling on the Debtors' DIP Financing
request until Aug. 5, 2008, to give additional time for parties-
in-interest to present further legal documentation in support of
their objection to the request.

Briefs in connection with the DIP Financing motion was due
Aug. 4, 2008.

The Debtors filed with the Court a draft of the DIP Credit
Agreement, a copy of which is available for free at:

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

         Motion to Access BofA's US$250,000,000 DIP Fund

The Troubled Company Reporter said on Aug. 1, 2008, that pending
final approval of the request, the Debtors sought authority, on
an interim basis, to borrow up to US$150,000,000 under the DIP
facility to allow them to (i) meet all of their administrative
obligations during the early stages of their chapter 11 cases,
and (ii) purchase inventory critical to the operation of their
businesses.

                        About SemGroup L.P.

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream        
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.  
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt.  Services include purchasing,
selling, processing, transporting, terminaling and storing
energy.  SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland and Vietnam.  SemMaterials Mexico, S.
de R.L. de C.V., is a major subsidiary of the company.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11  
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as
of June 30, 2007, showed US$5,429,038,000 in total assets and  
US$5,033,214,000 in total debts.  In their petition, they showed  
more than US$1,000,000,000 in estimated total assets and more
than US$1,000,000,000 in total debts.

(SemGoup Bankruptcy News, Issue No. 5; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)



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

HUNTSMAN CORP Lead Plaintiff Application Deadline is Sept. 15
--------------------------------------------------------------
On July 17, 2008, the Law Offices Bernard M. Gross, P.C.,
commenced a class action lawsuit in the United States District
Court for the Southern District of New York on behalf of
purchasers of Huntsman Corporation common stock between May 14,
2008, and June 18, 2008, inclusive, seeking to pursue remedies
under the Securities Exchange Act of 1934 against defendants
Hexion Specialty Chemicals, Inc., Craig Morrison and Joshua
Harris (Class Action Reporter, July 21, 2008).

Interested parties may move the court no later than
Sept. 15, 2008, for lead plaintiff appointment and not
Sept. 17, 2008, as previously stated by the law firm.

The complaint alleges that on July 12, 2007, Hexion announced an
agreement to acquire all Huntsman common stock in a merger
transaction for US$28/share.  The transaction was to close
during the second quarter 2008 pending receipt of regulatory
approvals and satisfaction of other closing conditions.

Huntsman shareholders approved the transaction on October 16,
2007.  On May 14, 2008, Hexion disclosed that it agreed to allow
additional time to obtain the regulatory approvals.  Unknown
to the public, defendants had determined to abort the merger and
took steps to abrogate the Merger Agreement.  The defendants
retained the services of Duff & Phelps to render an opinion that
the combined entity lacked financial viability.

On June 18, 2008, Duff sent a letter to the Board of Directors
of Hexion opining that the combined company's assets would not
exceed its liabilities, that it would not have the ability to
pay its total debts and liabilities as they become due and that
it would have an unreasonably small amount of capital.

On that same date, defendants filed a complaint in the Delaware
Court of Chancery, seeking abrogation of the Merger Agreement.
The reaction in the marketplace was devastating to the price of
Huntsman's common stock.  On June 19, 2008, the first day of
trading after the June 18, 2008 actions by Hexion, the market
price of Huntsman common stock fell approximately US$8, or 40%,
from US$20.86 to close at US$12.84, on enormous volume of
approximately 43 million shares.

The plaintiff seeks to recover damages on behalf of all those
who purchased the common stock of Huntsman between May 14, 2008,
and June 18, 2008.

For more information, contact:

          Susan R. Gross, Esq. (susang@bernardmgross.com)
          Deborah R. Gross, Esq. (debbie@bernardmgross.com)
          Law Offices Bernard M. Gross, P.C.
          John Wanamaker Building, Suite 450
          Philadelphia, PA 19107
          Phone: 866-561-3600
                 215-561-3600
          Web site: http://www.bernardmgross.com/  

                      About Huntsman Corp.

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

At March 31, 2008, the company's consolidated balance sheet
showed US$8.68 billion in total assets, US$6.71 billion in total
liabilities, US$32.1 million in minority interests, and US$1.94
billion in total stockholders' equity.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2008, Standard & Poor's Ratings Services said that its
ratings on Salt Lake City, Utah-based Huntsman Corp. (BB-/Watch
Neg/--) remain on CreditWatch with negative implications, where
they were placed on July 5, 2007.

Moody's Investor Service placed Huntsman Corporation's corporate
family rating at Ba3 in June 2007.  The rating still holds to
date.



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

CARIBBEAN RESTAURANTS: S&P Rates US$149 Mil. Senior Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Caribbean Restaurants LLC to stable from negative.  At the same
time, S&P affirmed the 'B-' corporate credit rating on the
company and assigned a 'B' rating to the company's
US$149 million senior secured notes due 2012 (US$146 million
gross proceeds).  

S&P expects the issue to be sold as 144A private placement
without registration rights.  S&P assigned a recovery rating of
'2' to the debt, indicating the expectation for substantial
(70%-90%) recovery in the event of payment default.
     
“The outlook revision reflects CRI's increased financial
flexibility,” said S&P's credit analyst Jackie E. Oberoi, “as
the company is refinancing its existing US$30 million revolver
and is likely to have far less restrictive financial covenants
as a result.”

Based in San Juan, Puerto Rico, Caribbean Restaurants, LLC,
through an exclusive territorial development agreement with
Burger King Corporation, is the sole franchisee of Burger King
restaurants in Puerto Rico with approximately 172 units as of
fiscal year-end April 30, 2008.


CENTENNIAL COMMUNICATIONS: Zacks Upgrading Shares to Hold
---------------------------------------------------------
Zacks Investment Research is upgrading its recommendation on
Centennial Communications Corp.'s shares to 'Hold' from 'Sell',
based on the company's recent operational performance, along
with sustainable subscriber growth across all of its operational
areas.

Centennial Communications delivered better-than-expected
operating results in the most recent quarter, beating Zacks
Investment's expectations with revenues and customer growth
across all its business areas.  Importantly, the annual
consolidated revenues of approximately US$1 billion and
US$400 million in adjusted operating income for fiscal year 2008
represents a first time operational achievement for the company.
Centennial Communications continues to grow its U.S. wireless
business with total revenues of US$550.7 million for fiscal year
2008.

The management's outlook for fiscal 2009 supports Zacks
Investment's recommendation change.  New initiatives in fiscal
2009, including network infrastructure upgrades in the U.S. and
new unlimited tariff plans in Puerto Rico, are expected to boost
the overall business performance.

However, Zacks Investment remains concerned with competitive
factors in Centennial Communications' coverage markets that may
challenge customer retention and pricing structure.  Moreover,
the company's high net debt level of approximately US$2 billion
and limited cash on its balance sheet remain issues to consider.
Zacks Investment sets a six-month price target of US$8.50, based
on approximately 6.8x EV/EBITDA for fiscal 2009.

Centennial Communications is trading at an EV/Sales multiple of
2.9x, which represents a premium to the telecom-wireless
industry group.  On the basis of enterprise value (defined as
market cap plus debt minus cash) to EBITDA, the stock is also
trading at a premium to the peer group average.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

In July 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Nov. 30, 2007, the company's balance sheet showed
US$1.3 billion in total assets, US$2.4 billion in total
liabilities, and US$4.6 million in minority interest
in subsidiaries, resulting in a US$1.0 million total
stockholders' deficit.


===============================
T R I N I D A D  &  T O B A G O
===============================

HINDU CREDIT: Liquidator Denies Asking Chief to Resume Control
--------------------------------------------------------------
Adrian Boodan at The Trinidad Guardian reports that Hindu Credit
Union Co-Operative Society Ltd.'s Provisional Liquidator Ramdath
Dave Rampersad has denied news that he asked the firm's chief,
Harry Harnarine, to resume control of the Hindu Credit Group of
Companies, a separate entity from Hindu Credit.

According to The Guardian, Mr. Harnarine said during the Hindu
Credit Depositors and Shareholders Group's meeting on Friday
that Mr. Rampersad's representatives asked him to resume
management of the Hindu Credit Group.

Mr. Rampersad advised Hindu Credit depositors and the public
that they shouldn't believe right away any statement or press
release on Hindu Credit, unless it comes from or made with the
authority of the provisional liquidator.  Publication of the
news that Mr. Harnarine had been asked to resume control of the
Hindu Credit Group “may result in the undesirable and inaccurate
public perception that certain persons have or continue to have
a role in the management of the HCU [Hindu Credit] together with
the provisional liquidator,” The Guardian relates, citing Mr.
Rampersad.  The liquidator said that he is managing Hindu Credit
with the assistance of those “expressly authorized by him,” The
Guardian states.

According to Mr. Rampersad, he is required to take over and
manage Hindu Credit's affairs to the extent necessary to keep
the value of its assets, as stated under the terms of the High
Court order dated July 23, 2008, the report adds.

Hindu Credits assets haven't been liquidated, contrary to
concerns being expressed by some depositors, The Guardian notes,
citing Mr. Rampersad.  The Guardian relates that the liquidator
said the court order doesn't allow him to liquidate any of Hindu
Credit's assets.

Headquartered in Borough, Chaguanas, Hindu Credit Union Co-
Operative Society Limited -- www.ourhcu.com -- has an asset base
of more than US$1.7 billion and a membership totaling more than
200,000.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


HINDU CREDIT: Assets May Be Liquidated Below Market Value
---------------------------------------------------------
The Trinidad and Tobago Express reports that Hindu Credit Union
Co-Operative Society Limited's assets could be liquidated below
market value.

According to The Express, the HCU Depositors and Shareholders
Group wrote to provisional liquidator Ramdath Dave Rampersad
expressing concern about the firm's possible liquidation below
market value.  The group also submitted copies of this letter to
Prime Minister Patrick Manning, Finance Minister Karen Nunez-
Tesheira, Small and Micro Enterprise Development Minister Rennie
Dumas, and Commissioner of Cooperatives Charles Mitchell.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2008, Hindu Credit's depositors, shareholders, and
workers formed the HCUDSG to protect assets in Hindu Credit.

The Express relates that Mr. Rampersad was named Hindu Credit's
provisional liquidator on July 23, pending the completion of
Ernst and Young's inquiry.  

According to the report, HCUDSG's Public Relations Officer
Deosaran Bisnath addressed these issues in the letter to Mr.
Rampersad:

          -- liquidation of members' assets, possibly below
             market value and in a hasty manner, based on
             information from the Ernst and Young preliminary
             valuation and without input from members;

          -- closure of Hindu Credit and its subsidiaries that
             will lead to further deterioration of the asset
             value; and

          -- lack of information, rumors, and misinformation
             that caused further additional anxiety and stress
             on members.

Ernst and Young's preliminary report on Hindu Credit that was
completed in June indicates that the firm's assets were
estimated at US$545 million, instead of US$817 million, The
Express notes, citing HCUDSG.  Ernst and Young put Hindu
Credit's liabilities at US$716 million.  According Ernst and
Young, a depositor can expect recovery of 72 cents on the
dollar, including interest.

The Express notes that Mr. Bisnath said on behalf of HCUDSG, “We
believe that the assets are worth more than US$545 million, we
could be wrong but we are entitled to our estimate based on the
information we have.”  

The group wanted a second opinion from a valuator it would hire,
The Express says, citing Mr. Bisnath.  “Now, we accept that
there are differences in valuation but some of the asset value
reductions are just too much, in our opinion.  The value of
properties in Freeport has been reduced from US$53.3 million to
US$25 million, by over US$35 million!  All we are saying is let
us have a second opinion by someone in whom we have full trust
and confidence, and who is selected by us, the HCUDSG,” Mr.
Bisnath added, the report relates.

The Express relates that HCUDSG wants the customer section at
Hindu Credit's main building and a few selected branches
reopened so that loans can be serviced and other business can be
carried out.

The report says that Mr. Rampersad made arrangements with
Republic Bank Limited to facilitate the receipt of installments,
payable to Hindu Credit in respect of loans it granted, at any
Republic Bank branch.  The arrangements were implemented last
week and will continue until further notice.  HCUDSG wants to
have Hindu Credit staff hired to collect the payments and
dispense funds at its main office building and a few selected
offices all over Trinidad and Tobago.  According to The Express,
Mr. Bisnath has assured that “none of these requests challenges
the action by the Commissioner of Cooperatives or the
Provisional Liquidator.  We are simply trying to have normal
business resumed at HCU [Hindu Credit], especially to collect
payments on the loan portfolio, and generate income from the
subsidiary companies.  HCUDSG warns all those who have loans to
the HCU that you should not be lured into thinking that these
loans will be written-off because of the current situation;
every effort will be made to recover every dollar of our
members' assets, thus ensuring maximum return of our members'
investments.  That's one of the reasons why we expect more than
72 cents on the dollar.”

Headquartered in Borough, Chaguanas, Hindu Credit Union Co-
Operative Society Limited -- www.ourhcu.com -- has an asset base
of over US$1.7 billion and a membership totaling over 200,000.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


HINDU CREDIT: Police Gets Information on Harry Harnarine
--------------------------------------------------------
Shaliza Hassanali at The Trinidad Guardian reports that Public
Prosecutions Director Geoffrey Henderson has sent a file
containing information on Hindu Credit Union Co-Operative
Society Limited's President Harry Harnarine to the police
investigating the firm's alleged fraud.

The Guardian relates that the documents that belong to Hindu
Credit indicates Mr. Harnarine's alleged misconduct.  Mr.
Henderson received the documents at his Port-of-Spain office
last week from Attorney Robin Montano on July 25.  

According to The Guardian, the documents Mr. Montano sent
included:

          -- a list of properties totaling US$10 million;

          -- a letter showing exorbitant legal fees charged for
             work done for Hindu Credit, which surpassed the
             amount owed to members by 50% or more in some
             instances; and

          -- a letter from an attorney to Hindu Credit's Chief
             Executive Officer Ravindra Bachan, asking him to
             put US$1.2 million for legal fees on a fixed
             deposit under someone else's name.  Mr. Montano
             sent copies of this letter to Finance Minister
             Karen Nunez-Tesheria, Attorney General Bridgid
             Annisette-George, and acting Commissioner of Police
             James Philbert.

Headquartered in Borough, Chaguanas, Hindu Credit Union Co-
Operative Society Limited -- www.ourhcu.com -- has an asset base
of over US$1.7 billion and a membership totaling over 200,000.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

HARVEST NATURAL: Moves 2Q 2008 Earnings Release Date Over Storm
---------------------------------------------------------------
Harvest Natural Resources, Inc., has rescheduled its 2008 second
quarter earnings and operations update to Aug. 7, 2008.

Due to the uncertainty of Tropical Storm Edouard that is
expected to come ashore on the Texas-Louisiana coast, Harvest
has rescheduled the earnings release and conference call.

The company will now hold the conference call at 10:00 a.m. CDT
on Aug. 7, 2008, during which management will discuss Harvest's
2008 second quarter results.  The conference leader will be
President and Chief Executive Officer, James A. Edmiston.

To access the conference call:

     Tel. Number: 785-424-1052,
     Conference ID: Harvest

Please dial five to ten minutes prior to the start time.  A
recording of the conference call will also be available for
replay at 402-220-2661 until Aug. 15, 2008.

The conference call will also be transmitted over the internet
through the company's website at: http://www.harvestnr.com.

To listen to the live webcast, enter the web site fifteen
minutes before the call to register, download and install any
necessary audio software.  For those who cannot listen to the
live broadcast, a replay of the webcast will be available
beginning shortly after the call, and will remain on the web
site for approximately 90 days.

Harvest Natural Resources, Inc. (NYSE: HNR) --
http://www.harvestnr.com/-- is an independent energy company    
engaged in the acquisition, exploration, development, production
and disposition of oil and natural gas properties.  The company
has acquired and developed significant interests in the
Venezuela, Russia and has also undeveloped acreage offshore of
China.  The company's only producing assets are in Venezuela.   
Its subsidiary, Harvest Vinccler S.C.A. has been providing
operating services to Petroleos de Venezuela SA (PDVSA).

                        *     *     *

As reported in December 2007, Harvest Natural Resources said in
a statement that it incurred a US$6.5 million loss in the first
quarter 2007, and a net loss of US$62.5 million as of Dec. 31,
2006.

Moody's Investors Service Upgraded the company's senior implied
rating to Caa1 from Caa2 in September 2004.  The rating still
hold to date.


PETROLEOS DE VENEZUELA: Shuts Down Cardon Unit for Maintenance
--------------------------------------------------------------
Reuters reports that Petroleos de Venezuela SA has closed down
Distillation Unit No. 2 at its Cardon oil plant for planned
maintenance, Reuters reports, citing a source.

According to Reuters, its source said the unit will be offline
until the middle of this month.  “It's part of the planned
maintenance that they do every four or five years,” Reuters
quoted the source as saying.

An electrician of Petroleos de Venezuela was hospitalized for
electric shock due to an accident while carrying out maintenance
at the unit, Reuters says, citing sources.  

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.

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.  Marie Therese Profetana, 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.


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