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        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, May 10, 2007, Vol. 8, Issue 92

                          Headlines

A R G E N T I N A

DANA CORP: Wants Section 1113/1114 Ruling Deferred Until May 31
DANA CORP: Wants Open-Ended Deadline to Remove Court Actions
EL PASO: Assessment for Brazilian Wells Will be Ready in 3Q
EL PASO: Reports US$629 Mil. Net Income in Qtr. Ended March 31
FIRST LINE: Proofs of Claim Verification Deadline Is July 3

TENNECO INC: Eight Directors Re-Elected at 2007 Annual Meeting

B A R B A D O S

ANDREW CORPORATION: Posts US$2 Mil. Net Loss in Second Qtr. 2007

B E R M U D A

ANNUITY & LIFE: Reports US$58,948 Net Income in First Quarter
FOSTER WHEELER: Five-Year Credit Facility Increased to US$100MM
SCOTTISH RE: MassMutual Deal Cues A.M Best to Up Ratings
SCOTTISH RE: Fitch Changes Outlook on Low B Ratings to Positive
SEA CONTAINERS: Seeking Court Okay for Unsec. Creditors' Funding

SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date
TEKSID ALUMINUM: Moody's Confirms Junk Ratings

B O L I V I A

COEUR D'ALENE: Earns US$14 Million Net Income in 2007 First Qtr.

B R A Z I L

AMERICAN TOWER: Earns US$22 Mil. in First Quarter Ended March 31
AMSTED INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba3
ARMOR HOLDINGS: Inks US$4.1 Billion Sale Pact with BAE Systems
ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition
BANCO ITAU: First Qtr. Net Income Profit Increased to BRL1.90B

DELPHI CORP: Court Extends Lease-Decision Period Until Sept. 30
DELPHI CORP: Posts US$63 Million Net Loss in March 2007
DELPHI CORP: Section 1113/1114 Conference Set for May 23
FENDER MUSICAL: Moody's Puts B2 Rating on US$200-Mln Senior Loan
GOL LINHAS: Prudential Financial Pares Shares to Neutral Weight

NRG ENERGY: Pursues Refinancing to Support Capital Share Plan
USINAS SIDERURGICAS: Analyst Sees BRL819MM First Qtr. Net Income

C A Y M A N   I S L A N D S

NAUTILUS EUROPE: Sets Final Shareholders Meeting for May 30
P RETOS: Proofs of Claim Filing Deadline Is Today
P RETOS INVESTMENT: Proofs of Claim Filing Is Until Today
P RETOS INVESTMENT (CAYMAN): Proofs of Claim Filing Ends Today
SPHINX: Liquidators Can't Get Info from Europe Using U.S. Law

C H I L E

BUCYRUS INT'L: Completes DBT GMBH Purchase for US$731 Million
CONSTELLATION BRANDS: Moody's Puts Ba3 Rating on US$700MM Notes
EASTMAN KODAK: Posts US$151 Million Net Loss in First Qtr. 2007
EASTMAN KODAK: Sells China Assets to Xiamen Land for US$40 Mil.
EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment

C O L O M B I A

ARMOR HOLDINGS: BAE Merger Pact Cues Moody's to Review Ratings
ARMOR HOLDINGS: Prudential Downgrades Shares to Neutral Weight
ARMOR HOLDINGS: Stifel Nicolaus Downgrades Firm's Shares to Hold
BANCOLOMBIA: Board Resolves Terms of Proposed Issuance of Bonds
BANCOLOMBIA: Says Loan Growth Will Slow Down to 20% This Year

PARKER DRILLING: First Quarter Net Profit Rises to US$30 Million

G U A T E M A L A

BRITISH AIRWAYS: To Launch Consortium Bid for Iberia This Week
BRITISH AIRWAYS: Inks Strategic Partnership with HEICO Aerospace

J A M A I C A

AIR JAMAICA: Govt's Air Services Pact with UK Won't Hurt Airline
DYOLL INSURANCE: Coffee Farmers Hold Protest on Payment Delay
SUGAR COMPANY: Bruce Golding Says Asset Divestment Not Working
SUGAR COMPANY: Gets Five More Bids for Factories
WEST CORP: Moody's Pares B1 Ratings on US$2.6-Bln Secured Loans

M E X I C O

BELL MICROPRODUCTS: Signs Distribution Pact with Fabrik Inc.
CLEAR CHANNEL: In Talks with Equity Group on Amended Merger Deal
CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
DOMINO'S PIZZA: March 25 Balance Sheet Upside-Down by US$561MM
EMPRESAS ICA: Seeks US$25-Million Financing from Int'l Finance

FORD MOTOR: To Halt Cleveland Casting Plant Operations in 2009
GLOBAL POWER: Selects BDO Seidman as Auditors
GLOBAL POWER: Wants to Issue EUR1.1 Mill. L/C from DIP Facility
GLOBAL POWER: Ct. Extends Lease Decision Period Until June 2007
HIPOTECARIA CREDITO: To Launch Mortgages with AIG & Genworth

PORTRAIT CORP: Plan Confirmation Hearing Scheduled for May 21
VITRO SAB: Finacity Assists Trade Deal Extension for U.S. Unit

P U E R T O   R I C O

ADVANCED CARDIOLOGY: Files Disclosure Statement in Puerto Rico
HC CARIBBEAN: Proofs of Claim Must be Filed by Aug. 22
HC CARIBBEAN: Section 341(a) Meeting Slated for May 24
PILGRIM'S PRIDE: Incurs US$40 Mil. Net Loss in Second Qtr. 2007

T R I N I D A D   &   T O B A G O

BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend

U R U G U A Y

WORLDSPAN LP: Inks Strategic Deals with Sua Viagem & Confianca

V E N E Z U E L A

DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
PEABODY ENERGY: Taps Jeanne Hull as Senior VP-Technical Services
PETROLEOS DE VENEZUELA: Assures Payments to Workers
PETROLEOS DE VENEZUELA: Will Continue Exploring Gas in Gambia

* VENEZUELA: ABN Amro Lowers Exposition to Country's Bonds
* VENEZUELA: Analysts Say Bank Nationalization Won't Materialize
* VENEZUELA: ConocoPhillips Says Agreement with Gov't Possible

* Upcoming Meetings, Conferences and Seminars

                         - - - - -


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A R G E N T I N A
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DANA CORP: Wants Section 1113/1114 Ruling Deferred Until May 31
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates, the International Union,
United Automobile, Aerospace and Agricultural Implement Workers
of America and the United Steelworkers delivered to the United
States Bankruptcy Court a joint letter asking the Hon. Burton
Lifland to defer ruling on their Section 1113/1114 disputes
until May 31, 2007.

Judge Lifland previously said that he would rule on the labor
disputes by the end of April.

The Debtors and the Unions stated in the joint letter that the
extension is needed "in light of ongoing discussions" between
them.

On the other hand, Judge Lifland approved the settlement between
the Debtors and the International Association of Machinists and
Aerospace Workers Union, wherein the Debtors agreed to allocate
US$2,250,000 to resolve all IAMAW claims.

                      About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.


DANA CORP: Wants Open-Ended Deadline to Remove Court Actions
------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to further extend
the time by which they may file notices of removal with respect
to any actions to federal court under Section 1452 of the
Judicial Procedure Code and Rule 9027 of the Federal Rules of
Bankruptcy Procedure until the date a plan of reorganization is
confirmed.

The Debtors seek that the Removal Period Extension be without
prejudice to:

   (a) any position they may take regarding whether Section 362
       of the Bankruptcy Code applies to stay any Actions; and

   (b) their right to seek further extensions of time to remove
       all Actions.

The Debtors continue to require more time to decide whether the
possible removal of any of the Actions would promote their
interests in the context of their overall restructuring process,
Corinne Ball, Esq., at Jones Day, in New York, tells the Court.

Ms. Ball relates that the Debtors are currently focused on a
host of key reorganization and business activities, including
developing a reorganization plan.  Developing a reorganization
plan would entail attending to numerous and significant tasks
like completing the divestitures of certain businesses and
assets, securing the profit improvements from the various
"Restructuring Initiatives," refining the Debtors' business
plan, completing their proceedings under Sections 1113 and 1114
of the Bankruptcy Code, and determining the proper capital
structure of the Reorganized Debtors.

The Debtors are also reviewing and analyzing more than 15,000
claims filed against them, Ms. Ball adds.  The Debtors aim to
efficiently and timely resolve all the disputed claims.  Ms.
Ball contends that the outcome of the claim review and analysis
bears directly on the Debtors' decision whether to remove the
Actions.

Moreover, the Debtors must oversee and implement the day-to-day
operation of their businesses as debtors-in-possession.  Given
the current distress in the U.S. automotive industry, this task
cannot be underestimated, Ms. Ball asserts.

Because of the reasons stated, the Debtors have not yet reached
the point where they can make final decisions relating to the
potential removal of the Actions, Ms. Ball says.

                      About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.


EL PASO: Assessment for Brazilian Wells Will be Ready in 3Q
-----------------------------------------------------------
U.S. company El Paso Corp.'s exploration and production head,
Brent Smolik, said in a Web cast that the firm expects an
assessment of three exploratory wells being drilled in Brazil to
be ready early in the third quarter.

Mr. Smolik told Business News Americas that El Paso "spudded" in
February the wells Acai and Cacau in its Pinauna project, which
has significant reserve potential.  The two wells could bring up
to 130 million barrels to Pinauna's proved reserves, which
reached 12 million barrels last year.  Though El Paso has a 100%
working interest in the wells, it may decrease its interest,
pending assessment results, as a "prudent approach to managing"
its exploration and production portfolio.

Brazilian state-owned oil firm Petroleo Brasileiro runs the
other well Bia prospect, BNamericas notes, citing Mr. Smolik.  
The Brazilian company sees the well as a 280-million-barrle
structure that straddles El Paso's block boundaries.

El Paso holds 35% working interest in Bia prospect, BNamericas
states.

Headquartered in Houston, Texas, El Paso Corp. (NYSE:EP)
-- http://www.elpaso.com/-- provides natural gas and related  
energy products in a safe, efficient, and dependable manner.
The company owns North America's largest natural gas pipeline
system and one of North America's largest independent natural
gas producers.  The company has operations in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on El Paso Corp. and its subsidiaries
to 'BB' from 'B+' and removed the ratings from CreditWatch with
positive implications.  S&P said the outlook is positive.


EL PASO: Reports US$629 Mil. Net Income in Qtr. Ended March 31
--------------------------------------------------------------
El Paso Corporation disclosed that its first quarter 2007
earnings were US$629 million compared with US$356 million for
the same period in 2006.  First quarter 2007 results include a
gain on the sale of ANR Pipeline Company and related assets as
well as a charge for debt repurchase costs.  The Pipeline
Group's throughput was up 9 percent from 2006 levels while
production volumes in the Exploration and Production segment
increased 7 percent including the company's proportionate share
of Four Star volumes.  Results for ANR Pipeline Company and
associated assets, which were sold on Feb. 22, 2007, are
included in discontinued operations for all periods.

"The first quarter of 2007 was one of the most impactful in our
company's history," said Doug Foshee, president and chief
executive officer.  "With the completion of the ANR sale, we
reduced our debt to US$11.7 billion, which is approximately half
of what it was only four years ago.  As a result, our pipelines
regained investment grade credit ratings, which lowered the cost
of capital that we employ towards our US$2.3 billion backlog of
expansion projects.  And our pipeline and E&P businesses
delivered very good results, putting us on a path to achieve the
2007 goals that we announced in February."

                      2007 First Quarter

For the three months ended March 31, 2007, the company's
continuing operations include a US$128 million after-tax charge
related to the purchase and retirement of US$3.5 billion of debt
during the quarter.  Results also include a US$56 million after-
tax loss related to the mark-to-market impact on derivatives
intended to manage price risk on natural gas and oil production
compared to a US$104 million after-tax gain in the first quarter
of 2006.  After-tax amounts were calculated using a 36-percent
tax rate.

                       Pipeline Group

The Pipeline Group's earnings before interest expense and taxes
for the three months ended March 31, 2007, were US$364 million,
compared with US$346 million for the same period in 2006.  The
increase is due to higher reservation revenues from several
projects that went into service during 2006, higher costs
associated with hurricanes Katrina and Rita in the first quarter
of 2006, and other factors.  Throughput was up 9 percent from
2006 levels due to expansion projects, colder weather in January
and February, and new power loads in the Southeast.

                  Exploration and Production

The Exploration and Production segment's EBIT for the three
months ended March 31, 2007, was US$179 million, compared with
US$199 million for the same period in 2006.  First quarter 2007
production volumes averaged 750 million cubic feet equivalent
per day, excluding unconsolidated affiliate volumes of 70
MMcfe/d.  First quarter 2006 production volumes averaged 694
MMcfe/d, excluding 71 MMcfe/d of unconsolidated affiliate
volumes.  The increase was due to the success of the onshore
drilling program, recovery of volumes shut-in by hurricane
damage, and new discoveries in the Gulf of Mexico and South
Louisiana.  Brazilian volumes were 16 MMcfe/d lower in 2007
primarily due to a contractual ownership reduction that took
place in early 2006.  The realized price for natural gas during
the three months ended March 31, 2007, was US$7.19 per thousand
cubic feet (Mcf), compared with US$7.03 per Mcf for the same
period in 2006.  Oil, condensate, and natural gas liquids
realized prices were US$49.32 per barrel in first quarter 2007,
down 4 percent from the same period in 2006.  Total per-unit
cash costs increased to an average of US$1.99 per thousand cubic
feet equivalent (Mcfe) in first quarter 2007, compared with
US$1.71 per Mcfe for the same 2006 period.  The company's higher
operating costs were primarily a result of increased production
expenses resulting from higher workover activity levels,
industry inflation in services, labor and material costs, and
lower severance tax credits.

                 New Hedge Positions for 2008

El Paso has entered into option contracts intended to hedge its
2008 E&P natural gas volumes.  The new positions created an
US$8.00 per million British thermal unit floor price and a
US$10.53 per MMBtu ceiling price on 44 trillion British thermal
units of anticipated 2008 natural gas production.  When combined
with existing 2008 hedges, the positions create an average floor
price of US$7.14 per MMBtu and an average ceiling price of
US$9.89 per MMBtu for 67 TBtu of anticipated 2008 natural gas
production.  These new positions were placed at El Paso
Exploration & Production Company.  They are expected to receive
hedge accounting treatment and do not require margin postings.

                       Other Operations

Marketing

The Marketing segment reported an EBIT loss of US$135 million
for the three months ended March 31, 2007, compared to a gain of
US$208 million for the same period in 2006.  The first quarter
2007 and 2006 results included US$87 million of losses and
US$162 million of gains, respectively, of MTM changes in the
fair value of derivatives intended to manage the price risk of
the company's natural gas and oil production.  First quarter
2007 results also included a US$13-million loss on the
assignment of a natural gas option contract to supply gas in the
northeast U.S., while first quarter 2006 results included a
US$49-million non-cash gain associated with the assignment of
two natural gas derivative contracts to supply natural gas in
the southeastern U.S.

Power

The Power segment reported EBIT of US$18 million for the three
months ended March 31, 2007, compared with US$3 million for the
same period in 2006.  The increase is primarily from the Porto
Velho project in Brazil, which generated EBIT of US$13 million
in the 2007 period compared to US$7 million in the 2006 period.  
A reduction of general and administrative expenses also
contributed to the increase in earnings in 2007.

Corporate And Other

During the first quarter of 2007, corporate and other reported
an EBIT loss of US$210 million compared with break-even results
for the same period in 2006.  First quarter 2007 results were
unfavorably impacted by a US$201-million charge for debt
repurchase costs and US$28 million of unfavorable changes in
litigation, insurance, and other reserves.  The first quarter
2006 EBIT includes US$22 million of unfavorable changes in
litigation, insurance, and other reserves.

                        About El Paso

Headquartered in Houston, Texas, El Paso Corp. (NYSE:EP)
-- http://www.elpaso.com/-- provides natural gas and related  
energy products in a safe, efficient, and dependable manner.
The company owns North America's largest natural gas pipeline
system and one of North America's largest independent natural
gas producers.  The company has operations in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on El Paso Corp. and its subsidiaries
to 'BB' from 'B+' and removed the ratings from CreditWatch with
positive implications.  S&P said the outlook is positive.


FIRST LINE: Proofs of Claim Verification Deadline Is July 3
-----------------------------------------------------------
Eva Gords, the court-appointed trustee for First Line SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
July 3, 2007.

Ms. Gords will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by First Line and its
creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of First Line's
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          First Line SRL
          Dorrego 1639
          Buenos Aires, Argentina

The trustee can be reached at:

          Eva Gords
          Callao 1121
          Buenos Aires, Argentina


TENNECO INC: Eight Directors Re-Elected at 2007 Annual Meeting
--------------------------------------------------------------
Tenneco Inc. disclosed that in its annual meeting, its
shareholders re-elected Charles W. Cramb, Frank E. Macher, Roger
B. Porter, David B. Price, Jr., Gregg Sherrill, Paul T. Stecko,
Mitsunobu Takeuchi and Jane L. Warner to the company's board of
directors.  The directors have been re-elected to serve a term
expiring at the 2008 annual meeting of stockholders.  As the
company had previously announced in its 2007 proxy statement, M.
Kathryn Eickoff-Smith and Dennis Severance retired from the
board, effective as the company's annual meeting.

Stockholders also ratified the appointment of Deloitte & Touche
LLP as independent public accountants for 2007.

Headquartered in Lake Forest, Ill., Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the worldwide
original equipment market and aftermarket.  Leading brands
include Monroe(R), Rancho(R), and Fric Rot ride control
products and Walker(R) and Gillet emission control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 20, 2007, Fitch Ratings has assigned a rating of 'BB+' to
Tenneco Inc.'s new senior secured bank facility.  The new
facility replaces Tenneco's existing bank facility.  As such,
there is no impact to Fitch's current ratings of the existing
debt or rating outlook, which are:

     -- Issuer Default Rating (IDR) 'BB-';
     -- Senior secured bank facility 'BB+';
     -- Senior secured second lien notes 'BB'; and
     -- Senior subordinated notes 'B'.




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ANDREW CORPORATION: Posts US$2 Mil. Net Loss in Second Qtr. 2007
----------------------------------------------------------------
Andrew Corporation reported preliminary results for the second
quarter of fiscal 2007 with total sales of US$502.7 million and
a net loss of US$2 million.  The company had total sales of
US$481.7 million and a net income of US$3.7 million for the
second quarter ended March 31, 2006.  Higher income taxes
contributed to the loss in the quarter, which compared to net
income for the prior year second quarter of US$3.6 million.  

"As we previously guided, the first half of our fiscal year has
been challenging due to consolidation issues with two
significant North American customers, volatile commodity costs
and a number of important facility start-ups and relocations,"
said Ralph Faison, president and chief executive officer, Andrew
Corporation.  "While our revenue growth for the quarter was
modest in our seasonally weakest quarter, we are pleased that we
have been able to replace reduced revenues of over US$130
million to those two customers in the first half of our fiscal
year 2 with significant increases in volume with other customers
and in other geographies.  We also have been able to recover a
significant portion of our higher commodity costs incurred
during the quarter.

"In addition, we have executed well on two significant facility
relocations this year.  Our new world-class cable facility in
Joliet is in production, on budget and ahead of our expectations
and our new factory in India is also in production and ramping
up well, helping to serve the unprecedented demand we are
experiencing in India.  As we look ahead, we believe that Andrew
is well positioned to continue to be the supplier of choice on a
global basis to serve the needs of wireless operators and
infrastructure original equipment manufacturers.  While we
believe that our North American business is starting to improve
and should help drive a stronger second half, we remain cautious
about our prospects in that geography if we do not see
meaningful sequential improvement from the two customers where
we have had significant weakness for the last two quarters.  
Finally, we continue to deliver on our goal of improving gross
margins consistent with our previous guidance.  We expect higher
levels of business in the June and September quarters and
anticipate improved operating leverage on that seasonal uptick."

The company made significant progress in exiting its Orland Park
facility and transitioning to its new Joliet, Illinois cable
facility during the quarter.  About US$8 million of relocation
and start-up costs, including unabsorbed overhead for lost
production and duplicate facilities, were incurred during the
quarter, which reduced gross margin by about 160 basis points.

              Satellite Communications Business

The company has retained an investment bank, CIBC World Markets
Corp., to help explore strategic alternatives for its Satellite
Communications business and intends to sell the business.

Mr. Faison said, "In exploring strategic alternatives, we have
received several indications of interest for Satellite
Communications.  As a result, we have decided to pursue a sale
of the business.  Similar to the recent sale of our broadband
cable assets, which we completed subsequent to the end of the
second quarter, this decision allows management to focus all of
its time, attention and resources on our core wireless
infrastructure products and solutions."

The final terms of any divestiture transaction are subject to
board approval, and there can be no assurance as to the terms,
timing or consummation of any such transaction.  

            Balance Sheet and Cash Flow Highlights

Cash flow from operations was US$21.8 million in the second
quarter, compared to US$13.4 million in the prior year second
quarter.  Cash and cash equivalents were US$127 million at
March 31, 2007, compared to US$100 million at Dec. 31, 2006.  
Total debt outstanding was US$366 million at March 31, 2007, as
compared with US$386 million at Dec. 31, 2006.  During the
quarter, the company amended the operating lease agreement for
its new Joliet, Illinois facility, which served to reduce the
amount of debt previously recorded on the balance sheet by about
US$30 million.

As of March 31, 2007, the company posted US$2.3 billion in total
assets and total liabilities of US$842.5 million, resulting in a
total stockholders' equity of US$1.5 billion.

                     Fiscal 2007 Outlook

Sales are anticipated to range from US$2.2 billion to US$2.3
billion, excluding any significant rationalization of product
lines or significant acquisitions.  The company currently
anticipates the effective tax rate for the year will be in the
range of 44% to 46%, based on the anticipated full year results.

                   About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corp.
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures  
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including, among others, these Latin American
countries: Argentina, Bahamas, Belize, Barbados, Bermuda and
Brazil.  Andrew is an S&P 500 company Founded in 1937.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit and other ratings on Andrew Corp. and
removed the ratings from CreditWatch, where they were placed
with positive implications on May 31, 2006.  S&P said the
outlook is stable.




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B E R M U D A
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ANNUITY & LIFE: Reports US$58,948 Net Income in First Quarter
-------------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. has reported financial
results for the three months ended March 31, 2007.  The company
reported a net gain of US$58,948 or US$.00 per fully diluted
share for the three months ended March 31, 2007, as compared to
a net loss of US$355,552 or US$0.01 per fully diluted share for
the three months ended March 31, 2006.  Net realized investment
gain for the three months ended March 31, 2007 were US$170,101,
as compared with net realized investment losses of US$360,863
for the three months ended March 31, 2006.

Gross unrealized losses on the company's investments were
US$101,465 as of March 31, 2007, as compared to gross unrealized
losses of US$368,372 as of Dec. 31, 2006.  The company's
investment portfolio currently maintains an average credit
quality of AA.  Cash used by operations for the three months
ended March 31, 2007, was US$177,062, compared to cash used by
operations of US$3,917,214 for the three months ended
March 31, 2006.

The dispute with Transamerica concerning an Agreement to novate
certain reinsurance contracts to Transamerica effective
Dec. 31, 2004 remains unresolved, pending review by an
independent actuary and settlement negotiations.

The Company is continuing exclusive discussions with an
unrelated third party regarding the possible sale of its U.S.
domiciled insurance company.

Annuity and Life Re (Holdings), Ltd. -- http://www.alre.bm/or  
http://www.annuityandlifere.com/-- provides annuity and life  
reinsurance to insurers through its wholly owned subsidiaries,
Annuity and Life Reassurance, Ltd., and Annuity and Life
Reassurance America, Inc.

                    Going Concern Doubt

Chartered Accountants of Hamilton, Bermuda, raised substantial
doubt about Annuity and Life Re (Holdings), Ltd.'s ability to
continue as a going concern after it audited the company's
annual report for 2004.  The auditor pointed to the company's
significant losses from operations and experience of liquidity
demands.


FOSTER WHEELER: Five-Year Credit Facility Increased to US$100MM
---------------------------------------------------------------
Foster Wheeler Ltd. has signed an amendment, effective
May 4, 2007, to its five-year senior secured domestic credit
facility to:

   a) increase the facility by US$100 million;

   b) reduce the pricing applicable to the US$150 million
      synthetic portion of the facility by 50 basis points per
      annum; and

   c) provide a new option to increase the facility by an
      additional US$100 million at a later date.

"This amendment to the facility provides the increased bonding
capacity that we require to support the continued growth of our
operations and volume of business," said John T. La Duc,
executive vice president and chief financial officer.  "The
facility's improved pricing reflects the recent upgrades to our
credit ratings by Moody's Investors Service and Standard &
Poor's."

The company does not intend to borrow under the facility during
2007.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


SCOTTISH RE: MassMutual Deal Cues A.M Best to Up Ratings
--------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and the issuer credit ratings to "bbb-"
from "bb+" for the primary operating insurance subsidiaries of
Scottish Re Group Limited (Cayman Islands) [NYSE: SCT].

A.M. Best has also upgraded the ICR to "bb-" from "b" and the
various debt ratings of Scottish Re.

All ratings have been removed from under review with positive
implications and assigned a stable outlook.

These rating actions follow the completion of the previously
announced agreement in which MassMutual Capital Partners, LLC
and Cerberus Capital Management, LP each would invest $300
million into Scottish Re.  Under the agreement, Scottish Re will
issue convertible preferred shares, which is the equivalent of a
68.7% ownership interest in the company.  The capital investment
is permanent and enables Scottish Re to meet both its short-term
and longer-term capital and cash flow needs.

A.M. Best notes the support demonstrated by its new ownership
and expects financial and risk management controls will improve
as a result of this change.  Capital levels at the insurance
entities currently support a "Secure" rating.

However, Scottish Re recorded a substantial loss in 2006 on both
a statutory and GAAP basis.  Moreover, A.M. Best expects that
improvement in earnings may be slow to emerge in the near term,
as costs related to operational and corporate governance
measures are incurred.  In addition, rebuilding its brand in the
reinsurance market will likely take time.  The generation of new
business has been negatively impacted by rating downgrades and
Scottish Re's financial difficulties, and retention of current
treaties will need to be monitored.  Operating leverage also
remains at a high level.

The stable outlook reflects A.M. Best's opinion that Scottish Re
will benefit from the discipline from its new Board of Directors
and the stability provided by its investors.  A.M. Best will
closely monitor the profit emergence of its inforce business as
well as the ability to generate new business profitably.

The FSR has been upgraded to B+ (Good) from B (Fair) and the
ICRs to "bbb-" from "bb+" for the following subsidiaries of
Scottish Re Group Limited:

    * Scottish Annuity & Life Insurance Company (Cayman) Ltd.
    * Scottish Re (U.S.), Inc.
    * Scottish Re Life Corporation
    * Scottish Re Limited
    * Orkney Re, Inc.

The ICR has been upgraded to "bb-" from "b" for Scottish Re
Group Limited.

These debt ratings have been upgraded:

Scottish Re Group Limited-

    * to "b" from "ccc+" on $125 million non-cumulative
      preferred shares

Stingray Pass-thru Trust-

    * to "bbb-" from "bb" on $325 million 5.902% senior secured
      pass-thru certificates, due 2012

These indicative ratings for debt securities have been upgraded:

Scottish Re Group Limited-

    * to "bb-" from "b" on senior unsecured debt
    * to "b+" from "b-" on subordinated debt
    * to "b" from "ccc+" on preferred stock

    * Scottish Holdings Statutory Trust II and III-to "b+" from
      "b-" on preferred securities

Founded in 1899, A.M. Best Company is a full-service credit
rating organization dedicated to serving the financial services
industries, including the banking and insurance sectors.

                     About Scottish Re

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


SCOTTISH RE: Fitch Changes Outlook on Low B Ratings to Positive
---------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on these ratings of
Scottish Re Group Ltd. (NYSE:SCT) to Positive from Evolving:

     -- Issuer Default Rating 'B+';
     -- 7.25% Non-cumulative perpetual preferred stock 'B-/RR6'.

The Rating Watch on SCT was revised following the completion of
the US$600 million investment transaction with MassMutual
Capital Partners LLC, and affiliates of Cerberus Capital
Management, L.P.

After the upcoming meetings with management, including
representatives from MassMutual Capital and Cerberus, Fitch
expects to review SCT's financial, business and operating
profile and plans, following the investment cited above.  
Following this review, which is expected to be completed within
the month of May, Fitch may resolve the Rating Watch by
upgrading SCT's ratings or affirming them with a Stable Outlook.

Fitch also placed these ratings on Rating Watch Positive from
Rating Watch Evolving:

  Scottish Annuity & Life Insurance Company (Cayman) Limited

     -- Insurer financial strength rating 'BB+'.

  Scottish Re (U.S.) Inc.

     -- IFS 'BB+'.

  Scottish Re Limited

     -- IFS 'BB+'.

  Stingray Pass Through Trust

     -- US$325 million 5.902% collateral facility securities due
        Jan. 12, 2015 'BB+'.


SEA CONTAINERS: Seeking Court Okay for Unsec. Creditors' Funding
----------------------------------------------------------------
Sea Containers Ltd. asks the U.S. Bankruptcy Court for the
District of Delaware, to authorize US$176.5 million in secured
financing from Caspian Capital Partners LP, Dune Capital LP and
Trilogy Capital LLC, which are three of the five members of the
company's unsecured creditors' committee, the Royal Gazette
reports.

The Royal Gazette relates that Sea Containers would use the
amount to pay off its debt to its secured lenders Wachovia
Capital Markets LLC and Ableco Finance LLC.

The assets of Sea Containers SPC Ltd., Sea Containers' non-
bankrupt subsidiary, "are threatened with foreclosure" by
Wachovia Capital and Ableco Finance, the Royal Gazette notes.

According to the Royal Gazette, Wachovia Capital and Ableco
Finance demanded payment on a US$141-million in debt, claiming
that Sea Containers breached loan covenants.  

The report says that Sea Containers "didn't agree about the
default," but decided that paying the loan "was the best
business decision to preserve the value" of Sea Containers SPC's
assets.

The Royal Gazette states the new financing would consist:

          -- a US$151.5-million term loan, which will pay
             interest of at least 3.5% above London interbank
             offered rate;

          -- a US$25-million revolving credit, with a spread of
             4%.

Headquartered 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 Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date
-------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to establish July 16, 2007, 5:30 p.m., as the deadline
for all persons and entities holding or wishing to assert a
claim against any of the Debtors to file a proof of claim in
these Chapter 11 cases.

In the event a Debtor rejects an executory contract or unexpired
lease pursuant to Section 365 of the Bankruptcy Code, the
Debtors anticipate that a claim may be asserted in connection
with that rejection.   Accordingly, the Debtors propose that the
bar date for filing any proof of claim relating to their
rejection of an executory contract or unexpired lease pursuant
to a Court order entered prior to the applicable Debtor's plan
of reorganization will be the later of:

   (i) the general bar date; or

  (ii) 30 calendar days after the effective date of that Court
       order, unless otherwise provided.

Persons or entities who need not file proofs of claim include:

   * any person or entity that already has filed a signed proof
     of claim against the applicable Debtor with either BASIC or
     the Clerk of the Bankruptcy Court for the District of
     Delaware in a form substantially similar to Official
     Bankruptcy Form No. 10;

   * any person or entity who does not dispute its Claim as
     listed on the Debtors' Schedules of Assets and Liabilities;

   * any holder of a claim that previously has been allowed by a
     Court order;

   * any holder of a claim that has been paid in full by any of
     the Debtors in accordance with the Bankruptcy Code or a
     Court order;

   * any holder of a claim for which a specific deadline
     previously has been by the Court;

   * any Debtor asserting a claim against another Debtor;

   * any direct or indirect non-debtor wholly-owned subsidiary
     of a Debtor asserting a claim against a Debtor;

   * any holder of a claim allowable under Section 503(b) and
     507(a)(2) as an expense of administration;

   * any professional retained by the Debtors or Court-approved
     Committees who asserts administrative claims for fees and
     expenses;

   * any current officer or director of any Debtor asserting
     indemnification, contribution or reimbursement claims;

   * any holder of a claim arising with respect to any of
     these issuances of Sea Containers Ltd. public notes:

        -- 10 3/4% notes due October 15, 2006,
        -- 7 7/8% notes due February 15, 2008,
        -- 12 1/2% notes due December 1, 2009,
        -- 10 1/2% notes due May 15, 2012;

   * any individual participant in the Sea Containers 1983 and
     1990 Pension Schemes asserting a claim arising under or in
     respect of those pension plans; and

   * any holder of equity securities of, or other interests in,
     the Debtors solely with respect to that holder's ownership
     interest in or possession of those equity securities or
     other interests.

                     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 Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


TEKSID ALUMINUM: Moody's Confirms Junk Ratings
----------------------------------------------
Moody's Investors Service confirmed the Caa3 Corporate Family
Rating of Teksid Aluminum Ltd as well as the Ca rating of the
company's senior notes at Teksid Aluminum Luxembourg Sarl SCA
with a stable outlook.

This rating action concludes the review with direction uncertain
initiated on Nov. 3, 2006 following the company's announcement
that it has entered into a definitive agreement to sell certain
core assets to Tenedora Nemak, S.A. de C.V and the intention of
a redemption of outstanding debt with the proceeds of the asset
disposal; the review was maintained following the last rating
action on Jan. 16, 2007, when the ratings were downgraded by two
notches to Caa3/Ca.

At that time, the downgrade by two notches reflected the
company's inability to make the interest payment due on the
11-3/8% Senior Notes and its breach of certain financial
covenants of its bank facility in the fourth quarter of 2006 as
a result of a further deterioration of Teksid's operating
performance.

While the downgrade also reflected the likelihood that recovery
rates of the senior notes could be substantially lower than
initially anticipated, the review with an uncertain direction
also indicated the possibility of a significant variance in
recovery values that could either improve the bond rating to
Caa3 or weaken it to C.

The rating confirmation with a stable outlook reflects the
progress achieved in the asset disposal process over the last
months, including:

   (1) an agreement on revised terms for the Nemak sale,

   (2) the consent of the bondholders achieved to permit the
       sale of certain assets and operations to Nemak,

   (3) continuation of the asset disposal process including
       disposal of plants in North and South America, and
       Poland, following respective regulatory approvals,

   (4) the partial redemption of the company's other financial
       and operating liabilities,

   (5) a successful tender offer for up to EUR35 million
       aggregate principal amount and accrued interest of its
       outstanding EUR240 million senior notes.

The Ca rating for the senior notes reflects an expected recovery
value range between 10-50%, which now can be determined with a
higher level of certainty.  The recent tender offer for around
15% of the outstanding notes reflects the minimum recovery value
achieved for the notes.  The upper recovery boundary is likely
to be at around 50%, considering the company's estimate for a
maximum final recovery of around 50% for the notes, which could
further increase due to a 5.5% synthetic equity interest in the
Nemak business but could be negatively affected by the
continuous needs to fund ongoing losses of the underlying
operations, working capital needs, capital expenditures,
restructuring costs until disposal of the remaining businesses.

Outlook Actions:

   * Issuer: TK Aluminum Ltd

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

   * Issuer: TK Aluminum Ltd

     -- Corporate Family Rating, Confirmed at Caa3

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ca

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

TK Aluminum Ltd, a Bermuda-based company with corporate offices
in Carmagnola, Italy, is a leading global supplier of aluminium
casting components for the automotive industry worldwide.  For
the twelve months ended Dec. 31, 2005 the company generated net
revenues of EUR1 billion.




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B O L I V I A
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COEUR D'ALENE: Earns US$14 Million Net Income in 2007 First Qtr.
----------------------------------------------------------------
Coeur d'Alene Mines Corporation reported net income of
US$14.0 million for the first quarter of 2007, compared to net
income of US$14.3 million for the year-ago period.

First quarter 2006 income from continuing operations before
taxes increased 32 percent, to US$17.7 million, as compared to
US$13.4 million in the year-ago period.  Cash flow from
operations increased 32 percent, to US$22.7 million in the first
quarter of 2007, as compared to US$17.2 million in the year-ago
period.

Metal sales for the first quarter of 2007 increased nearly 13
percent, to US$50.9 million, as compared to US$44.9 million in
the year-ago quarter.

In commenting on the company's performance relative to the year-
ago quarter, Dennis E. Wheeler, Chairman, President and Chief
Executive Officer, said, "The company's improved pretax income
was driven by higher realized prices and particularly strong
operating results at the Rochester, Endeavor, and Martha mines.  
The change in net income was due largely to an income tax
provision of US$3.7 million in the first quarter of 2007 as
compared to an income tax benefit of US$0.3 million in the year-
ago quarter.  Separately, we are pleased with the construction
progress at San Bartolome and look forward to placing the mine
into production by the first quarter of 2008.  San Bartolome is
projected to add 9 million ounces of silver production in 2008."

Mr. Wheeler added, "As the year progresses, we expect to see
quarterly production levels that are consistently above the
levels of the first quarter of 2007."

Mr. Wheeler also commented on the company's recent agreement to
merge with Bolnisi Gold and Palmarejo Silver and Gold.  "The
transaction represents a transformation of Coeur into the
world's leading primary silver-producing company.  By virtue of
the transaction, Coeur will be positioned to produce an expected
32 million ounces of silver and 290,000 ounces of gold in 2009.  
We look forward to delivering the significant benefits of the
combination to all shareholders."

             Update on San Bartolome Silver Project

Construction proceeds on schedule and on budget at San
Bartolome.  Capital expenditures totaled US$11.3 million for the
first quarter of 2007.  Commercial production is expected to
commence in January 2008, with approximately 9 million ounces
forecast to be produced that year.  Construction highlights are
summarized, as of April 2007:

   -- 23 contractors on site and total employment of
      approximately 615 workers, most of whom are Bolivian

   -- More than 340,000 man-hours without a lost-time accident

   -- Concrete batch plant is operating

   -- Have begun pouring concrete foundations for the leach tank
      area and the crusher

   -- 93% complete with engineering procurement

   -- Nearing completion of site preparation for processing
      plant

              Update on Kensington Gold Project

At Kensington, capital expenditures totaled US$24.9 million for
the first quarter of 2007.  Recent work has focused on
completion of the surface processing facilities and underground
tunnels.  The company expects to complete the construction of
all surface facilities -- with the exception of the tailings
facility, which is the subject of legal action -- by September
of 2007.  The company expects to complete the main underground
tunnel in July of this year.  In addition, the company continues
to progress with the required mine development work that is
expected to enable the mine to begin ore extraction.  This work
includes ramps and horizontal tunnels that provide lateral
access to the ore bodies.

              Highlights by Individual Property

Rochester (Nevada)

Silver production for the first quarter of 2007 increased from
the level of the year-ago quarter due to increases in recovery
of silver from the leach pad.  Gold production declined due to
lower grade.  Rochester remains on track to achieve full-year
silver cash costs of well below a dollar per ounce.  First-
quarter silver cash cost increased relative to the year-ago
period due to decreased gold by-product credits.

Cerro Bayo (Chile)

Gold production increased 7 percent relative to the year-ago
quarter due to sharply improved grade.  The increase in gold
production, and the resulting by-product credits, caused silver
cash cost per ounce in the first quarter of 2007 to decline 65
percent to US$1.21 per ounce.  Silver production in the first
quarter of 2007 was below the level of a year ago, despite an
increase in grade, because the mill processed fewer tons as
Cerro Bayo continued its transition to higher-grade areas of the
mine, specifically the Cascada vein system.  The company began
obtaining ore from Cascada in the fourth quarter of 2006 in
connection with development work.  The company now has all
necessary permits to commence full-scale mining operations in
Cascada.

Martha (Argentina)

Silver production in the first quarter of 2007 increased nearly
15 percent and gold production was up nearly 25 percent on a
sharp improvement in grades as compared to the first quarter of
2006.  Silver cash cost per ounce increased relative to that of
the year-ago period due largely to increased royalties
associated with higher realized market prices and increased
labor costs.  Construction has commenced on a new US$13.9
million mill facility, which is expected to be operational near
the end of the year.  The mill is intended to support the
company's continued success in expanding the high-grade reserves
and resources at Martha, as well as the mine's significant
exploration upside potential.

Endeavor (Australia)

Silver production in the first quarter of 2007 increased 90
percent from the level of a year ago as the mine more than
doubled its tons milled.  Silver cash cost per ounce in the
first quarter of 2007 was higher than it was in the year-ago
period due to higher smelting and refining charges associated
with the increased market value of silver deductions charged
pursuant to the smelting and refining contracts.  The Endeavor
mine reported an increase in its proven and probable silver
mineral reserves to approximately 32 million ounces in 2006.

Broken Hill (Australia)

Silver production in the first quarter was below the level of a
year ago due to a temporary curtailment of operations early in
the period following an accident at the mine.  Silver cash cost
per ounce was higher than that of the year-ago period due to
lower production volumes and higher smelting and refining
charges associated with the increased market value of silver
deductions charged pursuant to the smelting and refining
contracts.  Broken Hill reported an increase in its proven and
probable silver mineral reserves to approximately 18 million
ounces in 2006.

                     Balance Sheet and Capital
                       Investment Highlights

The company had US$321.4 million in cash and short-term
investments as of March 31, 2007.  Capital spending during the
first quarter of 2007 totaled US$42 million, most of which was
spent on the Kensington and San Bartolome projects as summarized
above.

                  Exploration Activity Highlights

As previously announced, the company expects to spend a record
amount of its 2007 exploration budget on greenfields activity
and began drilling activity on such properties in Argentina
during the first quarter.  In total, the company incurred total
expenditures of US$3.8 million on exploration activity in the
first quarter of 2007.

                        San Bartolome

Both silver mineral reserves and resources, compared to year-end
2006, increased significantly as of April 2007.  Silver mineral
reserves increased by 3.5 million ounces to a total of 155.4
million ounces, with an improvement in grade to 3.37 ounces per
ton as compared to 3.29 ounces per ton.  Indicated silver
mineral resources, exclusive of mineral reserves, increased to
32.3 million ounces from 160,000 ounces at year-end 2006.  The
increases resulted from recently completed exploration work --
consisting of new sampling, analytical work, and deposit
modeling, as well as updated cost parameters - that has been
used to complete a new mineral resource and reserve estimate for
this important development project.

                          Cerro Bayo

Exploration focused on reserve development/delineation drilling
and discovery of new mineralization.  Approximately 12,400
meters (40,800 feet) were drilled in the two programs.  The
majority of the drilling (71%) was devoted to definition of new
reserves around the current mine operations areas.  Results from
both programs are expected to produce additional reserves and
mineralized material though the impact of the new drilling will
not be fully evaluated until the program is completed.

                           Martha

A total of 8,985 meters (29,500 feet) of drilling was completed
during the first quarter to expand reserves and discover new
mineralization.  Results obtained from drilling R4 Deep,
Francisca and Catalina continue to expand the strike and depth
of the mineralization in those veins, which were discovered in
2004.  Drilling will continue throughout the year on these and
other targets in the Martha mine district.

                          Tanzania

The company continued exploration on its properties in the Lake
Victoria Goldfields District of northern Tanzania. Core and
reverse circulation drilling was conducted on the Saragurwa and
Kiziba Hill properties in the quarter and totaled 2,799 meters
(9,180 feet). Drilling continues at Kiziba Hill for which
analytical results are expected in the second quarter.

                    About Coeur d'Alene

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

                        *     *     *

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




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


AMERICAN TOWER: Earns US$22 Mil. in First Quarter Ended March 31
----------------------------------------------------------------
American Tower Corporation recorded US$22.2 million in net
income for the first quarter ended March 31, 2007, as compared
with a US$1.9 million net loss for the quarter ended
March 31, 2006.  Total revenues for the quarter ended
March 31, 2007, increased to US$352.5 million from US$320.4
million for the same quarter a year earlier.  Its rental and
management segment revenues increased to US$346 million from
US$316.3 million for the same quarter a year earlier.

Jim Taiclet, American Tower's chief executive officer, stated,
"Wireless communications continue to increase in importance for
consumers and business users alike.  As a result, our major
customers in both the U.S. and Latin America are enjoying
sustained growth in revenue and profitability.  Moreover,
wireless service providers are focusing on improving the quality
of their services and launching new services.

"These two factors, the profitable growth of the wireless
industry and its focus on high quality existing and new
services, drive strong demand for tower space that we believe is
sustainable over time.  Our first quarter financial results
reflect both this overarching industry growth trend and American
Tower's ability to consistently deliver the highest operating
margins in the tower sector.

"We are also taking advantage of the size and quality of our
tower portfolio to advance our financial strategy.  Our recently
completed US$1.75 billion securitization of a portion of our
tower assets increased our financial flexibility while reducing
our cost of financing.  With the securitized financing in place,
we are in a solid position to move forward on additional
improvements to our balance sheet while supporting our ongoing
share repurchase program and maintaining our readiness to pursue
strategic opportunities."

Free Cash Flow increased to US$139.9 million, consisting of
US$171.4 million of cash provided by operating activities, less
US$31.4 million of payments for purchases of property and
equipment and construction activities, including US$16.6 million
of discretionary capital spending.  The company completed the
construction of 22 towers and the installation of 4 in-building
systems during the quarter and spent about US$9.9 million on
ground lease purchases.

The company's balance sheet as of March 31, 2007, reflected
total assets of US$8.3 billion, total liabilities of US$4.3
billion, and minority interest of US$3.5 million, resulting in a
total stockholders' equity of US$4 billion.  

The company's March 31 balance sheet also reflected strained
liquidity with total current assets of US$259.6 million
available to pay total current liabilities of US$306.3 million.  
It recorded an accumulated deficit of US$2.7 billion as of
March 31, 2007.

                   Stock Repurchase Program

During the quarter ended March 31, 2007, the company completed
its US$750 million stock repurchase program and commenced
repurchases pursuant to its US$1.5 billion stock repurchase
program.  As of May 2, 2007, the company had repurchased
pursuant to its publicly announced stock repurchase programs an
aggregate of 29.3 million shares of its Class A common stock for
about US$1 billion since November 2005.  The company expects to
complete the remaining US$1,211 million of stock repurchases
pursuant to its current US$1.5 billion stock repurchase program
by February 2008.

                    Financing Highlights

On May 4, 2007, the company completed the issuance, in a private
transaction, of US$1.75 billion of Commercial Mortgage Pass-
Through Certificates due April 2037 with an interest rate of
5.61%.  The Certificates are backed by debt of two special-
purpose subsidiaries of the company, which are secured primarily
by mortgages on its interests in 5,295 wireless and broadcast
communication towers and the related tower sites.

Net proceeds from the offering of the Certificates were used to
repay about US$765 million outstanding under the company's
SpectraSite credit facility, as well as US$250 million under its
American Tower revolving credit facility.  The company expects
to use the remaining net proceeds to fund the repurchase of
about US$325 million of its 7.25% senior subordinated notes due
2011 of American Towers Inc., to pay other consideration
payable, and for general corporate purposes.  The company had
about US$1 billion of available liquidity as of May 7, 2007.

                    About American Tower

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an  
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Moody's Investors Service upgraded the corporate
family rating of American Tower Corp. to Ba1 from Ba2, affirmed
the company's SGL-1 liquidity rating and changed the ratings of
its various debt instruments pursuant to the loss given default
methodology.  This concludes the ratings review commenced
Dec. 11, 2006.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Fitch Ratings has upgraded the ratings on
American Tower Corp. and its subsidiaries as:

American Tower Corp.

   -- Issuer Default rating to 'BB+' from 'BB-';
   -- Senior Unsecured notes to 'BB+' from 'BB-'.

American Towers Inc.

   -- IDR to 'BB' from 'BB-'.

SpectraSite Communications Inc.

   -- IDR to 'BB' from 'BB-'.


AMSTED INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service raised its Corporate Family and
Probability of Default ratings of Amsted Industries
Incorporated; CFR to Ba3 from B2, PDR to Ba3 from B2.  Moody's
also affirmed its Ba3 senior secured rating but changed the Loss
Given Default assessment to LGD3, 46% from LGD3, 30%; and raised
its senior unsecured rating to B2 (LGD6, 90%) from Caa1, (LGD5,
80%).  The outlook was changed to stable from positive.

The upgrades reflect the combination of continuing strong
performance of Amsted's operations which contributed to improved
financial metrics and the elimination of the potential for a
technical default that existed under the Indenture of the US$250
Million Senior Unsecured Notes due 2011.  The technical default
was possible because Amsted's strong financial performance had
raised the specter that its required purchases of ESOP shares
could exceed the amount of restricted payments allowed pursuant
to the Notes' indenture.  On March 29, 2007, Amsted completed
its tender offer for the Notes and the related consent
solicitation to eliminate substantially all of the restrictive
covenants and certain events of default.  Approximately US$5
million of Notes remain outstanding.

Moody's ratings of Amsted recognize the respective lead
positions of most of Amsted's products and the favorable effect
on operating margins from the higher variable cost structure
attained since the most recent earnings trough of fiscal 2003.  
Demand across the company's product lines remains above mid-
cycle levels and is perpetuating cyclically-strong financial
results, strong credit metrics and good liquidity.  While
aggregate demand across the company's product lines is likely to
soften in step with economic fundamentals in North America, the
critical nature of Amsted's products as core components of its
customers' products should support demand during troughs.  As
well, the higher variable cost component should support higher
earnings generation relative to the levels achieved during prior
troughs and credit metrics that remain indicative of the Ba3 or
higher rating.  The high level of cyclicality of the company's
markets, the reduced benefit of portfolio diversification as
demand in each segment correlates positively to economic
activity in North America and the still high debt level counter
the current strong credit profile.  Significant payments in the
near term for stock appreciation rights and ongoing repurchases
of ESOP shares could strain free cash flow.  This call on cash
from Amsted's obligations to purchase ESOP shares constrains the
ratings.  These returns to shareholders limit the potential for
debt reduction and will reduce cash, although overall liquidity
should remain supportive of the current ratings.

The stable outlook reflects Moody's belief that demand for
Amsted's products should remain favorable over the intermediate
term.  Metrics remain strong relative to the median values of
other Ba3-rated corporate families and provide a cushion for
Amsted to absorb lower business volumes that would accompany a
cyclical downturn or higher debt that could result, possibly
from excessive redemptions of ESOP shares.  Debt to EBITDA being
sustained below 3.0 times and EBIT to Interest being sustained
above 4.0 times during the next cyclical trough could lead to an
upgrade.  The ratings may be downgraded if Amsted's product
markets suffer a prolonged decline resulting in sustained
negative free cash flow or if Amsted was to significantly rely
on the revolver to meet working capital needs.  Downwards rating
pressure could also result if Debt to EBITDA is sustained above
4.0 times or EBIT to interest is sustained below 2.5 times.

Downgrades:

      * Senior Secured Bank Credit Facility, Downgraded to 46 -
        LGD3 from 30 - LGD3

      * Senior Unsecured Regular Bond/Debenture, Downgraded to
        90 - LGD6 from 80 - LGD5

Upgrades:

      * Probability of Default Rating, Upgraded to Ba3 from B2

      * Corporate Family Rating, Upgraded to Ba3 from B2

      * Senior Unsecured Regular Bond/Debenture, Upgraded to B2
        from Caa1

Outlook is changed to stable from positive.

Based in Chicago, Illinois, Amsted Industries, Inc. --
http://www.amsted.com/-- is a diversified manufacturer of   
industrial components serving primarily the railroad, vehicular,
and construction and building markets.  Amsted currently
designs, manufactures and markets products primarily for the
North American marketplace where 85% of their revenues are
derived.  The company has 47 manufacturing facilities located in
11 countries with approximately 9,200 employees worldwide.  The
company has locations in Canada, Brazil, Africa, Europe and
India.


ARMOR HOLDINGS: Inks US$4.1 Billion Sale Pact with BAE Systems
--------------------------------------------------------------
Armor Holdings, Inc. entered into a definitive merger agreement
to be acquired by BAE Systems, Inc., a wholly owned subsidiary
of BAE Systems plc, for US$4.1 billion, or a price per common
share of US$88 through a one-step merger.

The transaction is subject to approval of Armor Holdings, Inc.
shareholders and to customary closing conditions, including
compliance with The Hart-Scott-Rodino Antitrust Improvements Act
of 1976 and approval under the Exon-Florio National Security
Test for Foreign Investment.  The transaction is expected to
close in the third quarter.

"We are exceptionally pleased to join forces with BAE Systems
plc, a global leader in the defense industry," Warren B.
Kanders, Chairman and Chief Executive Officer of Armor Holdings,
Inc. said.  "We would like to thank our shareholders for the
constant support they have shown our company through numerous
transactions and business initiatives that have enabled us to
deliver superior investment returns.  Importantly, we would also
like to thank our management team and our Board of Directors for
their dedication and stewardship over the years."

"We are excited to move this business to the next phase of its
development," Robert R. Schiller, President of Armor Holdings,
Inc., commented.  "We have no doubt that BAE Systems will place
the needs of our customer and those of the men and women in
uniform who depend on our products at the center of their
ongoing effort.  We owe a special thanks and a deep debt of
gratitude to each of our over 8,000 employees around the world.  
Their tireless commitment to excellence and innovation has and
will continue to make this organization strong for many years
into the future."

Armor Holdings was advised by Goldman, Sachs & Co., Inc. and
Merrill Lynch & Co., Inc., as financial advisors and Kane
Kessler, P.C., as legal counsel.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' corporate credit rating, on Jacksonville, Fla.-based
Armor Holdings Inc. on CreditWatch with positive implications.

"The CreditWatch follows the announcement that Armor has agreed
to be acquired by Farnborough, U.K.-based BAE Systems PLC for a
total consideration of US$4.5 billion, including assumed debt,"
said Standard & Poor's credit analyst Christopher DeNicolo.  The
acquisition is subject to customary regulatory approvals, as
well as approval by Armor's shareholders, and is expected to
close in the third quarter of 2007.  Ratings are likely to be
withdrawn if outstanding rated debt is repaid or converted to
common stock in the case of Armor's US$345 million convertible
notes.

The company's aerospace and defense group (about 80% of revenues
in 2006) produces armored military vehicles, military body
armor, soldier equipment, and crew seats for military
helicopters and transports.  Armor is a leading provider of law
enforcement equipment, including body armor, holsters, riot
gear, and batons, through its Products group.  Armor also
provides commercial vehicle armoring through its Mobile Security
division (5%).


BANCO ITAU: First Qtr. Net Income Profit Increased to BRL1.90B
--------------------------------------------------------------
Banco Itau Holding Financeira's net profits increased 30.3% to
BRL1.90 billion in the first quarter 2007, compared to the first
quarter 2006.

Banco Itau said in its financial statements that its insurance,
private pension and savings bond businesses increased net
profits by 17.1% in the first quarter 2007 to BRL185 million,
from BRL158 million in the same period in 2006.

However, net income decreased by 25.1% from BRL247 million in
the fourth quarter 2006, Business News Americas relates, citing
Banco Itau.

BNamericas notes that the combined ratio for Banco Itau's three
units improved to 84.4% in the first quarter 2007, from 91.2% in
the first quarter 2006.  However, it was declined compared to
82.8% in the fourth quarter 2006.

The report says that Banco Itau's overall operating income grew
39.6% to BRL282 million in the first quarter 2007, compared to
the first quarter 2006, because higher operating income helped
offset lower financial income, which decreased 19.6% overall to
BRL127 million.

According to BNamericas, claims dropped 8.06% across the board
to BRL331 million in this year's first quarter, from last year's
first quarter.

Technical provisions for Banco Itau's three units increased
22.5% to BRL19.0 billion in the first quarter 2007, compared to
the same period in 2006.  Banco Itau's insurance, private
pension and savings bond operations grew 21.7% to BRL22.1
billion, BNamericas relates.

Meanwhile, Banco Itau's head of accounting, Silvio de Carvalho,
said in a conference call that the bank expects its focus on
retail and small and medium-sized enterprise financing to help
boost overall lending by up to 25% in 2007, compared to 2006.

Mr. Carvalho told BNamericas that Banco Itau expects to increase
retail lending by 40% and loans to small enterprises by 30% this
year, from last year.

According to Banco Itau's financial statements, it increased
total lending by 40.3% to BRL101 billion in the first quarter
2007, compared to the first quarter 2006.  This year's first
quarter lending, including sureties and guarantees, was 7.90%
higher compared to December 2006.

BNamericas notes that Banco Itau's retail lending increased
50.6% to BRL46.4 billion in the first quarter 2007, from the
first quarter 2006.  This year's first quarter retail lending
was 14.6% higher, compared to the fourth quarter 2006.  Vehicle
funding increased 59.3% year-on-year, personal loans grew 39.9%
and credit card operations rose 26.1%.

According to the report, Banco Itau's commercial lending
increased 33.5% to BRL49.0 billion in the first quarter 2007,
compared to the same time in 2006, and 3.70% compared to the
fourth quarter 2006.  Its loans to small enterprises rose 77.6%
to BRL24.4 billion year-on-year and 19.3% quarter-on-quarter.  
Loans to corporations increased 7.20% to BRL24.6 billion
compared to the first quarter 2006, but declined 8.20% from the
fourth quarter 2006.

Mr. Carvalho told BNamericas that Banco Itau's non-performing
loan (NPL) ratio improved to 5.0% in the first quarter 2007,
from 5.2% in the first quarter 2006, and 5.3% in the fourth
quarter 2006.  The NPL ratio -- excluding BankBoston operations
in Brazil, Chile and Uruguay -- was 5.2%.  Banco Itau's NPL
ratio is a little bit below 5% this year.

Telma Marotto of Bloomberg News relates that Andre Caminada, who
helps manage about 115 million reais at Victoire Finance Capital
in Sao Paulo, said, "Itau has been very aggressive in providing
credit to consumers.  With good numbers on the macroeconomic
level, banks are more comfortable in giving out credit and so
are the consumers in taking the loans."

Banco Itau's return on equity dropped to 31.3% in the first
quarter 2007, from 36.3% in the first quarter 2006, but
increased from 22.6% in the fourth quarter 2006.  Return on
equity declined from the first quarter 2006 due to the
incorporation of BankBoston operations, BNamericas says, citing
Mr. Carvalho.

Mr. Carvalho told BNamericas that Brazil was still Itau's
primary focus.  He didn't dismiss Banco Itau's possible interest
in ABN Amro Real, whose Dutch parent ABN Amro recently disclosed
a merger with UK bank Barclays.

"ABN Amro in Brazil holds an important position for any local
bank, including Itau," Mr. Carvalho commented to BNamericas.

Banco Itau's assets increased 56.8% to BRL258 billion in the
first quarter 2007, compared to the first quarter 2006,
BNamericas states.

Banco Itau currently has 51 thousand employees serving more than
16 million clients, through its network of 2,391 branches and 22
thousand ATMs.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of these ratings of
Banco Itau Holding Financiera S.A.:

   -- Foreign currency IDR at 'BB+'; Outlook to Positive from
      Stable;

   -- Local currency IDR at 'BBB-'; Outlook to Positive
      from Stable; and

   -- National Long-term rating at 'AA+(bra)'; Outlook to
      Positive from Stable.


DELPHI CORP: Court Extends Lease-Decision Period Until Sept. 30
---------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York further extended the date by
which Delphi Corp. and its debtor-affiliates must assume or
reject unexpired non-residential real property leases through
and including the earlier of:

   (a) Sept. 30, 2007; or

   (b) the date on which a plan of reorganization in the
       Debtors' Chapter 11 cases is confirmed.

The Debtors are lessors or lessees with respect to approximately
80 Real Property Leases, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, notes.

The Debtors, according to Mr. Butler, are in the process of
implementing their transformation plan.  To facilitate their
transformation plan, the Debtors recently entered into the
Equity Purchase Commitment Agreement and the Plan Framework
Support Agreement with, among others, Appaloosa Management L.P.,
Harbinger Capital Partners Master Fund I, Ltd., and Cerberus
Capital Management, L.P., which provide a platform for the
resolution of transformation issues and the formulation of a
consensual plan of reorganization.

Until the outcome of the Framework Agreements is known, the
Debtors cannot determine which Real Property Leases should be
assumed and which should be rejected, Mr. Butler asserts.

The Sept. 30, 2007 deadline coincides with the Debtors'
current deadline to solicit acceptances of a plan of
reorganization.  Mr. Butler notes that the Debtors sought the
September 30, 2007 solicitation extension because of the
possibility that:

   -- emergence from reorganization might be delayed because of
      the size and complexity of their cases;

   -- the actions required to be taken under the Framework
      Agreements might not be completed by the end of the second
      quarter of 2007; and

   -- the transactions contemplated by the Framework Agreements
      might not be consummated.

"These same factors can delay the Debtors' ability to acquire
all information necessary to decide whether to assume or reject
a lease," Mr. Butler avers.  Thus, the Debtors require more time
to complete their evaluation of the Real Property Leases.

If the current Lease Decision Deadline is not extended, the
Debtors may be compelled, prematurely, to assume substantial,
long-term liabilities under the Real Property Leases or forfeit
benefits associated with some Leases to the detriment of the
Debtors' ability to operate and preserve the going-concern value
of their business, Mr. Butler points out.

The non-debtor parties under the Real Property Leases will not
be prejudiced by an extension because the Debtors are making
payments under the Leases as they come due, Mr. Butler assures
the Court.

                        ORIX Responds

ORIX Warren, LLC, and Delphi Automotive Systems, LLC, are
parties to a certain lease for non-residential real property
located at 4551 Research Parkway, Warren, Ohio.

ORIX relates that it does not object to the extension requested
by the Debtors.

ORIX, however, reserves its right to (i) object to any future
request for an extension of time to assume or reject the Lease,
and (ii) file a motion to shorten the Extension Period.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


DELPHI CORP: Posts US$63 Million Net Loss in March 2007
-------------------------------------------------------

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                       As of March 31, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                             US$113
   Restricted cash                                          108
   Accounts receivable, net
      General Motors and affiliates                       1,649
      Other third parties                                   977
      Non-Debtor subsidiaries                               389
   Notes receivable from non-Debtor subsidiaries            352
   Inventories, net
      Productive material, work-in-process and supplies     826
      Finished goods                                        302
   Prepaid expenses and other                               297
                                                       --------
      TOTAL CURRENT ASSETS                                5,013

Long-term assets:
   Property, net                                          2,134
   Investment in affiliates                                 376
   Investments in non-Debtor subsidiaries                 3,402
   Goodwill                                                 152
   Other intangible assets                                   33
   Other                                                    336
                                                       --------
TOTAL ASSETS                                          US$11,446

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                      US$3,072
   Accounts payable                                       1,272
   Accounts payable to non-Debtor subsidiaries              446
   Accrued liabilities                                      815
                                                       --------
   TOTAL CURRENT LIABILITIES                              5,605

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other              639
                                                       --------
   TOTAL LONG-TERM LIABILITIES                              639

Liabilities subject to compromise                        17,607
                                                       --------
   TOTAL LIABILITIES                                     23,851

Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,772
   Accumulated deficit                                  (12,274)
   Accumulated other comprehensive loss                  (2,857)
   Treasury stock, at cost (3.2 million shares)             (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                          (12,405)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,446

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                    Month Ended March 31, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                         US$849
   Other customers                                          567
   Intercompany non-Debtor subsidiaries                      95
                                                       --------
Total net sales                                           1,511
                                                       --------
Operating expenses:
   Cost of sales                                          1,387
   Selling, general and administrative                       82
   Depreciation and amortization                             53
                                                       --------
Total operating expenses                                  1,522
                                                       --------
Operating loss                                              (11)

Interest expense                                            (31)
Loss on extinguishment of debt                              (23)
Other income, net                                             7

Reorganization items                                         (6)
Income tax benefit (expense)                                 (3)
Equity income from non-consolidated subsidiaries              5
Equity income from non-Debtor subsidiaries, net of tax       (1)
                                                       --------
NET LOSS                                                 (US$63)

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                    Month Ended March 31, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                              (US$63)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            53
    Pension and other postretirement benefit expenses        42
    Equity loss from unconsolidated subsidiaries, net        (5)
    Equity loss from non-Debtor subsidiaries, net of tax      1
    Reorganization items                                      6
    Loss on debt extinguishment                              23
   Changes in operating assets and liabilities:
    Accounts receivable, net                               (149)
    Inventories, net                                         41
    Prepaid expenses and other                               (4)
    Accounts payable, accrued and other long-term debts     (65)
    U.S. employee special attrition program                 (29)
    Pension contributions                                    (1)
    Other postretirement benefit payments                   (17)
    Receipts (payments) for reorganization items, net       (15)
    Other                                                    (8)
                                                       --------
Net cash used in operating activities                      (190)

Cash flows from investing activities:
   Capital expenditures                                     (11)
   Proceeds from sale of property                             2
   Other                                                     (2)
                                                       --------
Net cash used in investing activities                       (11)

Cash flows from financing activities:
   Net proceeds from DIP facility                           177
   Net repayment of borrowings under other debt agreements   (2)
                                                       --------
Net cash used in financing activities                       175
                                                       --------
Decrease in cash and cash equivalents                       (26)
Cash and cash equivalents at beginning of period            139
                                                       --------
Cash and cash equivalents at end of period               US$113

                   About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


DELPHI CORP: Section 1113/1114 Conference Set for May 23
--------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York directed Delphi Corp. and its
debtor-affiliates, certain parties, and the Official Committee
of Equity Security Holders to hold a conference concerning the
1113/1114 Motion and related matters at 2:00 p.m., Prevailing
Eastern Time, on May 23, 2007.

The parties include:

    * UAW
    * IUE-CWA
    * USW
    * IBEW Local 663
    * IAMAW District 10
    * IUOE
    * Appaloosa Management L.P.
    * Wexford Capital LLC
    * Wilmington Trust Company
    * General Motors Corporation
    * Official Committee Of Unsecured Creditors

The Court will conduct an in-person, in-camera chambers
conference pursuant to Section 105(d)(1) of the Bankruptcy Code
with the Parties at 3:00 p.m., Prevailing Eastern Time, on
May 31, 2007, so that it may be apprised of the status of the
Debtors' framework agreements with, among others, Appaloosa
Management L.P., and the parties' negotiations regarding the
consensual resolution of the 1113/1114 Motions.

Judge Drain extended the date by which he will rule on the
1113/1114 Motions to May 31, 2007, with the consent of the
Debtors and the Respondents and to the extent required by
statute.

If the Debtors file a disclosure statement on or prior to
May 31, 2007, the ruling dates on the 1113/1114 Motions will be
further extended to July 31, 2007, Judge Drain ruled.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


FENDER MUSICAL: Moody's Puts B2 Rating on US$200-Mln Senior Loan
----------------------------------------------------------------
Moody's Investors Service upgraded Fender Musical Instrument's
corporate family rating and probability of default rating to B1
from B2 following its improved operating performance and
improved credit metrics.  At the same time Moody's assigned a B2
rating to the US$200 million senior secured term loan.  Proceeds
from the transaction will be used to refinance the company's
existing debt (US$95.9 million first lien and US$100 million
second lien).  The ratings on the existing first lien and second
lien bank debt will be withdrawn following the close of the
transaction.  The ratings outlook is stable.

"The upgrade reflects Fender's improved operating performance as
evidenced by a recent doubling of operating cash flow and a
history of continued debt reduction" said Kevin Cassidy, Vice
President/Senior Analyst at Moody's Investors Service.  "The
combination of both resulted in an improvement of retained cash
flow (operating cash flow less working capital changes and
dividends) as a percentage of adjusted debt to double digit
levels" Mr. Cassidy added.

The rating for the term loan reflects both the overall
probability of default of the company, to which Moody's has
assigned a PDR of B1, and a loss given default assessment of LGD
4 (61%).  Both the unrated revolving credit facility and the
term loan benefit from the full guarantees of the existing and
future subsidiaries.  The revolver has a 1st lien priority
interest on inventory and accounts receivable and a 2nd priority
lien on the remaining assets, and the term has the inverse
security interest.  Moody's believes that the term loan's
collateral coverage approximates 40%, based on a combination of
valuation techniques.

The ratings upgraded:

   * Corporate family rating, to B1 from B2;
   * Probability of default rating, to B1 from B2;

The rating assigned:

   * US$200 million senior secured term loan B2 (LGD4, 61%);

Fender Musical Instruments Corp. -- http://www.fender.com/-- is  
the world's foremost manufacturer of guitars, basses, amplifiers
and related equipment.  The FMIC family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  FMIC also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.
The company's revenue for the LTM period ended March 31, 2007,
approximated US$445 million.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
Brazil, Chile, England, France, Germany, Japan, Spain and
Sweden.


GOL LINHAS: Prudential Financial Pares Shares to Neutral Weight
---------------------------------------------------------------
Newratings.com reports that Prudential Financial analyst Bob
McAdoo has downgraded GOL Linhas Aereas Inteligentes' shares to
"neutral weight" from "overweight."  

According to Newratings.com, the target price for GOL Linhas'
shares was decreased to US$29 from US$41.

Mr. McAdoo said in a research note published on May 8 that the
issues that GOL Linhas faced during the integration of New VARIG
are likely to be more than expected.

Mr. McAdoo told Newratings.com that it would take about two-to-
three months for GOL Linhas to effectively "re-chart its short-
haul flights and re-arrange its crews."

GOL Linhas seems to have considerably undervalued the losses it
will incur in the second half of this year to restart VARIG
flights to the US and Europe, Newratings.com says, citing
Prudential Financial.

The earnings per share estimate for this year decreased to
US$1.31 from US$1.66.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL   
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

On March 7, 2007, Fitch Ratings assigned its BB+ rating to GOL
Intelligent Airlines' senior unsecured debt.


NRG ENERGY: Pursues Refinancing to Support Capital Share Plan
-------------------------------------------------------------
NRG Energy Inc. is pursuing a refinancing plan along with
amendments to its senior credit facility to support and
facilitate its capital allocation strategy.  The company says
this comes as a result of the successful implementation of its
hedging strategy, and the creation of a strong and stable
earnings and cash flow profile.

Under the planned refinancing, NRG will become a wholly owned
operating company subsidiary of a newly created holding company.
The holding company will borrow up to US$1 billion from the Term
B market and pay the net proceeds to the operating company as an
equity contribution.  The operating company will use the net
proceeds for the prepayment of a portion of its existing Term B
loan resulting in no change to the company's consolidated debt
levels.  Upon completion, the restricted payments capacity under
the company's high yield bond indentures will increase by an
amount equal to the equity contribution from the holding company
to the operating company.

Planned amendments to the senior credit facility include a
reduction in pricing, a US$150 million per year carve out
enabling a recurring common share cash dividend, additional
flexibility to invest in Repowering NRG projects, and a
commitment from the lenders to fund the holding company loan.  
The company has obtained commitments for the holding company
financing from a number of financial institutions.

Further, in order to provide additional liquidity to the
company's common stock, the company's Board of Directors has
approved a 2-for-1 stock split effected in the form of a stock
dividend payable on May 31, 2007.  The stock split will entitle
each stockholder of record at the close of business on
May 22, 2007, to receive one additional share for every common
share held.  The number of common shares outstanding upon
completion of the stock split will be approximately 242 million
shares, excluding the impact of any additional share repurchases
which the company may complete.

Contingent upon the successful implementation of the holding
company financing, which requires certain regulatory approvals,
and sufficient cash resources the company plans to commence an
annual common share cash dividend of US$0.50 per share, paid
quarterly beginning in the first quarter 2008.  In addition to
the cash dividend, the company plans to continue with common
share repurchase programs from time to time even after the
completion of the current share buyback.

In light of the company's projected earnings and cash flow
profile, the company plans to target an annual return of capital
to shareholders, consisting of both fixed (dividend) and
variable (share repurchase) components, of approximately 3% per
annum.  In connection with the company's previously announced
share repurchase program, US$103 million of common share
repurchases were completed during the first quarter 2007 at an
average price of US$68.74 per share, leaving US$165 million of
authorized repurchases to be completed.  The company expects to
complete the remaining share repurchases in 2007.

"The Capital Allocation Plan announced today reflects steadfast
confidence in our business model and our unwavering commitment
to capital discipline," commented Robert C. Flexon, NRG's
Executive Vice President and Chief Financial Officer.  "All
elements of our capital allocation philosophy-reinvestment, debt
management, returning capital to shareholders, and
RepoweringNRG-are covered by this plan."

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG)
-- http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the
United States.  Its operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


USINAS SIDERURGICAS: Analyst Sees BRL819MM First Qtr. Net Income
----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais' net income would increase
to BRL819 million in the first quarter 2007, from BRL345 million
in the first quarter 2006, Business News Americas reports,
citing the brokerage Geracao Futuro's investment analyst, Luiz
Alberto Binz.

Mr. Binz said that Usinas Siderurgicas' net revenue would be
BRL3.3 billion in the first quarter 2007, BNamericas notes.

Mr. Binz explained to BNamericas that the improved first quarter
2007 results of Usinas Siderurgicas would be due to an increase
in domestic sales and higher US dollar export prices.

Usinas Siderurgicas' sales volume would increase 2.5% year-on-
year from 1.95 million tons in the first quarter 2006.  Sales to
the domestic market in the first quarter 2007 could grow 16.4%
from the first quarter 2006, bringing higher profitability
compared to exports, BNamericas says, citing Mr. Binz.

Usinas Siderurgicas would feel the positive effect from a drop
in coal prices since July 2006, Mr. Binz told BNamericas.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA 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.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 3, 2007, that Standard & Poor's Ratings Services revised
its outlook on Brazil-based steelmaker Usinas Siderurgicas de
Minas Gerais S.A., aka Usiminas, to positive from stable.  
Standard & Poor's also said that it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.




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


NAUTILUS EUROPE: Sets Final Shareholders Meeting for May 30
-----------------------------------------------------------
Nautilus Europe Fund Ltd. will hold its final shareholders
meeting on May 30, 2007, at 10:30 a.m., at:

         Fourth Floor, Citrus Grove
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
      and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas,
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


P RETOS: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------
P Retos Investment (Cayman) II Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos shareholders agreed on April 17, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


P RETOS INVESTMENT: Proofs of Claim Filing Is Until Today
---------------------------------------------------------
P Retos Investment III (Cayman) Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos shareholders agreed on April 17, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


P RETOS INVESTMENT (CAYMAN): Proofs of Claim Filing Ends Today
--------------------------------------------------------------
P Retos Investment (Cayman) Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos shareholders agreed on April 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


SPHINX: Liquidators Can't Get Info from Europe Using U.S. Law
-------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York said in a ruling Tuesday that the
liquidators for hedge fund Sphinx Ltd. cannot use U.S. law to
compel the production of information in Austria and
Liechtenstein, Bill Rochelle of Bloomberg News reports.

According to the report, Judge Drain said the liquidators should
ask for assistance from the Cayman court to gather information
abroad "rather than with orders from this ancillary court."

Sphinx, the source says, sought bankruptcy protection in the
Cayman Islands as a result of losses from dealings with Refco
Inc. and its affiliates.  

Refco and 23 of its affiliates filed for chapter 11 protection
on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  Their
Modified Chapter 11 Plan was confirmed on Dec. 15, 2006.

On June 30, 2006, the founder shareholder of Sphinx placed the
company into voluntary liquidation under Section 150 of the
Companies Law (2004 revision) of the Cayman Islands.  Kenneth M.
Krys and Christopher Stride of RSM Cayman Islands were appointed
as joint voluntary liquidators.  

In July 2006, the liquidators filed a Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 06-11760) for the liquidation of the
company's assets in the U.S.




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


BUCYRUS INT'L: Completes DBT GMBH Purchase for US$731 Million
-------------------------------------------------------------
Bucyrus International Inc. has completed its acquisition
of DBT GmbH, through its acquisition subsidiary, DBT Holdings
GmbH, for US$710 million in cash, subject to certain closing
adjustments, and 471,476 shares of Bucyrus' common stock with a
market value of US$21 million.
    
"The DBT acquisition represents an important event in the
development of the company," Timothy W. Sullivan, president and
chief executive officer of Bucyrus, said.  "The company believes
its entry into the underground mining equipment industry will
enhance the company's ability to sell original equipment and
aftermarket support to a larger segment of the global mining
equipment market, and the company is pleased to add DBT's
internationally recognized brand and leading market position to
the company's product portfolio."

On Dec. 18, 2006, Bucyrus has signed a definitive agreement to
acquire DBT GmbH for US$710 million in cash and issue to RAG
471,476 shares with a market value of US$21 million.

The company believed that the Bucyrus/DBT combination would
provide significant geographic, product and end market
diversification for Bucyrus.  The company also added that, DBT
would enhance Bucyrus' market in China well as in the markets of
other developing countries such as Russia and India.  

Bucyrus acquired DBT in a two-stage transaction.  Bucyrus and
the Hamburg Trust, a private German investor, have formed a
holding company, in the acquisition of DBT.  Bucyrus funded the
purchase price and is entitled to 100% of the dividends and cash
flow of DBT.  

The parties have also entered into an irrevocable purchase
agreement pursuant to which Bucyrus would acquire all of the
holding company shares held by the Hamburg Trust by no later
than 2009 for EUR8MM.  Bucyrus and the Hamburg Trust honored the
prior commitments made by DBT with its German workers regarding
facility and employee matters.  In addition, Bucy shareholder
consent is not required for the acquisition.

Bucyrus has received a financing commitment from Lehman Brothers
to support the transaction's cash purchase price, well as a
permanent financing structure that included a combination of
debt and equity securities consistent with achieving a
conservative capital structure.  Lehman Brothers acted as the
sole financial advisor to Bucyrus in the transaction.

                       About DBT GmbH

Headquartered in Lunen, Germany, DBT GmbH -- http://www.dbt.de/
-- is a designer, manufacturer and marketer of high technology
system solutions for underground coal mining.  DBT manufactures
equipment including roof support systems, armored face
conveyers, plows, shearers and continuous miners used primarily
by customers who mine coal.  DBT has eight facilities around the
world with approximately 3,200 employees.  DBT generates
approximately US$1 billion in annual revenue.

                About Bucyrus International

Bucyrus International -- http://www.bucyrus.com/-- is a leading  
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.
The company has operations in Brazil, Chile, China and Europe.

                        *     *     *

As reported in the Troubled Company Reporter on April 25, 2007,
Moody's Investors Service confirmed the corporate family rating
of Bucyrus International, Inc. at Ba3.  Moody's also assigned
Ba3 ratings to Bucyrus: (i) US$400 million revolving credit
facility; (ii) EUR50 million revolving credit facility; and
(iii) US$825 million secured term loan.  Bucyrus' rating outlook
is stable.  The action concludes the ratings review initiated on
Dec. 18, 2006.


CONSTELLATION BRANDS: Moody's Puts Ba3 Rating on US$700MM Notes
---------------------------------------------------------------
Moody's assigned a Ba3 rating to Constellation Brands Inc.'s
US$700 million senior unsecured note issuance which will be used
to reduce outstanding borrowings under the US$900 million
revolving portion of the company's senior credit facility.  All
other ratings of the company are affirmed and the rating outlook
remains stable.

The following rating was assigned:

   -- US$700 million senior unsecured notes due 2017: Ba3;
      LGD 4; 50%

Moody's last took rating action on Constellation Brands on
March 1, 2007, when the company announced its plans to do a
debt-funded share buyback on the heels of a string of
acquisitions including the acquisition of SVEDKA Vodka,
announced in February 2007.  Moody's at that time downgraded the
corporate family rating to Ba3 from Ba2 and said that the string
of acquisitions followed by the shift to a more aggressive
financial policy as demonstrated by the share buyback (which
will be accelerated) led to the downgrade.

The SGL-2 Speculative Grade Liquidity rating for Constellation
Brands, which was affirmed in March, reflects overall good
liquidity, given the company's ongoing strong financial
performance, ample availability under the revolver, modest
covenant cushion and its unencumbered asset base.  In Moody's
view, the company may rely on its revolving credit facility over
the next twelve months, largely due to notable seasonality in
working capital funding needs and a sizeable debt maturity of
US$200 million due in February 2008.

The outlook is stable reflecting the company's solid business
franchise, good product and geographic diversity, strong margins
and the expectation that cash flow generation will continue to
be solid as well as the view that the company's current leverage
can be tolerated at this rating level.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and  
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.   One of Constellation Brands wine and grape
processing facilities is located in Casablanca, Chile.


EASTMAN KODAK: Posts US$151 Million Net Loss in First Qtr. 2007
---------------------------------------------------------------
Eastman Kodak Company reported financial results for the first
quarter of 2007.

The net loss for the first quarter of 2007 was US$151 million,
compared with a net loss for the first quarter of 2006 of
US$298 million, representing an improvement in earnings of
US$147 million or 49%.

Sales totaled US$2.12 billion, a decrease of 8% from US$2.29
billion in the first quarter of 2006.  Digital revenue totaled
US$1.21 billion, a 3% decrease from US$1.25 billion.

Traditional revenue totaled US$896 million, a 13% decline from
US$1.02 billion in the year ago quarter.  New Technologies
revenue was US$13 million in the first quarter, compared with
US$16 million in the year-ago period.

Kodak held US$1.02 billion in cash and cash equivalents as of
March 31, 2007, consistent with the company's goal of
maintaining at least US$1 billion in cash on its balance sheet.

As of March 31, 2007, the company's debt level was US$2.75
billion.  With the completion of the sale of Kodak's Health
Group to an affiliate of Onex Corporation, the company has now
fully repaid approximately US$1.15 billion of secured term debt.

Gross Profit was 20.2%, down from 20.5%, primarily attributable
to approximately US$30 million of adverse silver and aluminum
costs, partially offset by the favorable impact of foreign
exchange.

"I'm very pleased with our first-quarter performance, in which
we made significant progress on our two key objectives for 2007
-- new product success and cost reduction," Antonio M. Perez,
Chairman and Chief Executive Officer, Eastman Kodak Company,
said.  "Thus far the year is proceeding on plan.  Both our
Consumer Digital and Film Products groups were well ahead of
plan.  On the product side, we successfully launched a
revolutionary line of inkjet products, and at the recent AIIM/On
Demand Conference our Graphic Communications Group introduced
several award-winning products that broadened our portfolio of
solutions.  We also significantly reduced our SG&A expenses,
improved our receivables performance, and ended the quarter with
more than US$1 billion in cash on our balance sheet.  When we
conclude the sale of our manufacturing facility in Xiamen,
China, we will have completed the last, significant step in our
manufacturing restructuring."

At this time, the company says it has not yet completed the full
balance sheet and cash flow analysis adjusted for the impact of
discontinued operations.  The items will be detailed in the
company's first quarter Form 10Q filing on or before
May 10, 2007. However, the company relates that current
estimates suggest that the company achieved a year-over-year
improvement in net cash generation in the range of US$175
million to US$200 million.  This corresponds to an estimated
improvement in net cash used in continuing operations from
operating activities in the range of US$150 million to US$175
million, the company explains.

                    Updated 2007 Outlook

Kodak remains focused on three financial metrics as it continues
to transform its business:

     * net cash generation,
     * digital earnings from operations and
     * digital revenue growth.

The company has decided to increase its inkjet investment by as
much as US$50 million in order to fully capitalize on strong
customer reaction.  As a result, the company expects net cash
generation this year of greater than US$100 million (after
restructuring cash disbursements of approximately US$600
million), compared with the previous net cash generation
estimate of US$100 million to US$200 million.

The company also expects 2007 full-year digital earnings from
operations of US$150 million to US$250 million.

The company further says that it continues to forecast 2007
digital revenue growth of 3% to 5%, with total 2007 revenue
expected to be down between 4% and 7%.

                About Eastman Kodak Company

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems -- providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service has confirmed Eastman
Kodak Company's B1 corporate family rating, concluding a review
for possible downgrade, which had been prompted by Eastman
Kodak's May 2006 announcement of its health business sale.  On
April 30, 2007, Kodak sold its health imaging business to Onex
Healthcare Holdings and received about US$2.35 billion cash
(excluding Eastman Kodak's opportunity to earn an additional
US$200 million if Onex realizes an internal rate of return in
excess of 25% on its investment).  The rating outlook is stable.

Rating upgraded:

   -- US$1 billion 5 Yr Revolving Credit Facility (expires
      2010), Secured, Ba3 --> Ba1, LGD2, 18%

Ratings confirmed:

   -- B1 Corporate Family Rating

   -- US$500 million Senior Notes due 2013, Unsecured,
      B2 LGD4, 68%

   -- US$3 million Senior Term Note Debenture due 2018,
      Unsecured, B2 LGD4, 68%

   -- US$575 million Convertible Senior Notes due 2033,
      Unsecured, B2 LGD4, 68%

   -- US$250 million Senior Medium Term Notes due 2008,
      Unsecured, B2 LGD4, 68%

   -- US$10 million Senior Notes due 2021, Unsecured,
      B2 LGD4, 68%


EASTMAN KODAK: Sells China Assets to Xiamen Land for US$40 Mil.
---------------------------------------------------------------
Eastman Kodak Company has agreed to sell its buildings, land use
rights, and public utility equipment located on its Haicang Site
in Xiamen, China, to Xiamen Land Development for approximately
US$40 million.

Kodak has also entered into several building and utility
equipment leases with Xiamen Land in order to continue certain
operations at the site.

Kodak said that it expects the transaction will close by
June 30, 2007.  As a result of the transaction, Kodak will
record a non-cash charge of approximately US$220 million in the
second quarter of 2007.

Eastman Kodak said that the sale is part of its restructuring
program.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service has confirmed Eastman
Kodak Company's B1 corporate family rating, concluding a review
for possible downgrade, which had been prompted by Eastman
Kodak's May 2006 announcement of its health business sale.  On
April 30, 2007, Kodak sold its health imaging business to Onex
Healthcare Holdings and received about US$2.35 billion cash
(excluding Eastman Kodak's opportunity to earn an additional
US$200 million if Onex realizes an internal rate of return in
excess of 25% on its investment).  Moody's said the rating
outlook is stable.

Rating upgraded:

   -- US$1 billion 5 Yr Revolving Credit Facility (expires
      2010), Secured, Ba3 --> Ba1, LGD2, 18%

Ratings confirmed:

   -- B1 Corporate Family Rating

   -- US$500 million Senior Notes due 2013, Unsecured,
      B2 LGD4, 68%

   -- US$3 million Senior Term Note Debenture due 2018,
      Unsecured, B2 LGD4, 68%

   -- US$575 million Convertible Senior Notes due 2033,
      Unsecured, B2 LGD4, 68%

   -- US$250 million Senior Medium Term Notes due 2008,
      Unsecured, B2 LGD4, 68%

   -- US$10 million Senior Notes due 2021, Unsecured,
      B2 LGD4, 68%


EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment
------------------------------------------------------------
Eastman Kodak Company has named Dale Patterson to the position
of Segment Manager, Packaging and Product Manager, Flexo Plates,
Kodak's Graphic Communications Group.  Mr. Patterson brings more
than 25 years in the package printing industry to his role with
Kodak.

At Kodak, he will oversee all marketing activities for Kodak's
full product portfolio for package printing, with specific
responsibility for marketing Kodak's line of flexographic
printing plates.

"Dale's experience in the packaging industry on the product
marketing side and as an owner in the package printing market is
valuable to Kodak and our customers," Vic Stalam, Director of
Market Segments and Vice President, Packaging Products, Kodak's
Graphic Communications Group, said.  "He understands the issues
facing our customers and will be an advocate for solutions that
help solve these challenges."

Mr. Patterson has served in a variety of roles within the
packaging industry, including experience in marketing and
product management for DuPont Cyrel; Vice President of Marketing
at Artwork Systems; Vice President of Sales and Marketing at
Harper Corporation; and President and owner of Absolutely Micro
Clean LLC.

He currently serves on the 2007 Board of Directors for the
Flexographic Pre-Press Platemakers Association.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and  
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                          *     *     *

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.

In January 2007, Standard & Poor's Ratings Services placed its
ratings on Eastman Kodak Co. (B+/Watch Neg/--) on CreditWatch
with negative implications.  The Rochester, New York-based
imaging company had US$3.5 billion in debt as of June 30, 2006.




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


ARMOR HOLDINGS: BAE Merger Pact Cues Moody's to Review Ratings
--------------------------------------------------------------
Moody's Investors Service placed its Ba3 Corporate Family Rating
of Armor Holdings Inc. on review for possible upgrade.  The
review was prompted by the announcement that it has entered into
a definitive merger agreement to be acquired by BAE Systems,
Inc., a wholly owned subsidiary of BAE Systems plc (long term
rating Baa2, short term rating, Prime-2) for total consideration
of US$4.5 billion.

The review of Armor's ratings will focus on the probability and
nature of support from BAE Systems PLC.  Armor's senior secured
credit facilities (not rated by Moody's) contain change of
control provisions, suggesting a high likelihood that this class
of debt will be repaid on completion of the acquisition.  The
existing subordinated notes also contain change of control
provisions.  As such, it is also likely that a substantial
portion of these notes will be redeemed concurrent with the
acquisition.  If all notes are redeemed through the change of
control offer, the rating will be withdrawn.  If any
subordinated notes remain outstanding after the conclusion of
this offer and BAE provides explicit financial support to those
notes, then their ratings could be revised upward to take into
account BAE's credit strength.  However, if BAE does not provide
such support, or if adequate financial information on Armor is
not provided post-acquisition, then the ratings would be
withdrawn.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and     
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.


ARMOR HOLDINGS: Prudential Downgrades Shares to Neutral Weight
--------------------------------------------------------------
Prudential Financial analyst Byron Callan has downgraded Armor
Holdings' shares to "neutral weight" from "overweight,"
Newratings.com.

Newratings.com relates that the target price for Armor Holdings
was increased to US$88 from US$80.

Mr. Callan said in a research note published on May 7 that Armor
Holdings agreed to be acquired by BAE Systems at US$88 per
share.

Mr. Callan told Newratings.com that "the transaction value seems
fair, considering the long-term prospects of Armor Holdings'
businesses."

BAE Systems is not likely to have any difficulty in getting
authorization for the deal, Newratings.com states, citing
Prudential Financial.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and      
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.

                        *     *     *

Moody's Investors Service's confirmed its Ba3 Corporate Family
Rating for Armor Holdings Inc.  Additionally, Moody's affirmed
its B1 ratings on the company's 2% Convertible Senior
Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes
Due 2013.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 77% loss in the event
of default.


ARMOR HOLDINGS: Stifel Nicolaus Downgrades Firm's Shares to Hold
----------------------------------------------------------------
Newratings.com reports that Stifel Nicolaus & Company analysts
have downgraded Armor Holdings Inc.'s sharesto "hold" from
"buy."

The analysts said in a research note published on May 8 that
Armor Holdings agreed to be acquired by BAE Systems at US$88 per
share in cash.  

According to Newratings.com, the analysts expect the deal to be
approved by the regulator and Armor Holdings' shareholders by
the end of the third quarter 2007.

Armor Holdings is not likely to get competitive bids,
Newratings.com states, citing Stifel Nicolaus.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and      
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.

                        *     *     *

Moody's Investors Service's confirmed its Ba3 Corporate Family
Rating for Armor Holdings Inc.  Additionally, Moody's affirmed
its B1 ratings on the company's 2% Convertible Senior
Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes
Due 2013.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 77% loss in the event
of default.


BANCOLOMBIA: Board Resolves Terms of Proposed Issuance of Bonds
---------------------------------------------------------------
Bancolombia S.A.'s Board of Directors determined the terms and
conditions of the proposed issuance of subordinated bonds that
had been approved on Dec. 18, 2006.

According to the approved terms and conditions, the bonds are
expected to be issued in a single series and sold in an offer
conducted outside of Colombia.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings has downgraded and removed from
Rating Watch Negative Bancolombia's long-term and short-term
local currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirms these ratings:

   -- Foreign currency long-term IDR at 'BB+';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '3'.


BANCOLOMBIA: Says Loan Growth Will Slow Down to 20% This Year
-------------------------------------------------------------
Bancolombia President Jorge Londono said in a conference call
that the bank sees loan growth slowing down to 20% in 2007,
partly because of the effects of new reserve requirements on
client deposits imposed by the Colombian central bank.

Adriana Arai of Bloomberg News relates that the central bank
raised on May 6 the reserve requirements on new deposits to
decrease inflation "from a three-year high."  The bank decided
on April 30 to increase the benchmark-lending rate to 8.5%, the
tenth raise since March 2006.

Business News Americas says that Bancolombia's net loans
increased 35.4% to COP24.9 trillion in March 2007, from March
2006.

Mr. Londono commented to BNamericas, "This could place us in a
scenario of increasing interest rates and we believe the
financial sector and the bank have a good chance of doing well
in this scenario."

Bancolombia already expected a slight slowdown in loan growth in
2007, compared to 2006, when loans in Colombia increased at over
30%, BNamericas notes, citing Mr. Londono.  Central bank
measures may even help Bancolombia's profits going forward.  
Bancolombia will be able to raise interest charged on loans
while keeping a fixed rate on deposits.

The central bank's decision to increase reserve requirements may
help earnings as interest rates climb, Ms. Arai of Bloomberg
News says, citing Bancolombia.

According to BNamericas, Bancolombia's consolidated profit
decreased 6.61% to COP200 billion in the first quarter 2007,
from the first quarter 2006, due to lower revenues.  Its net
interest income rose 17.6% to COP539 billion in the first
quarter 2007, compared to the first quarter 2006, but declined
4% compared to the fourth quarter 2006, due to a drop in the
securities portfolio and as it continued to replace securities
with loans.

The report says that loans as a percentage of total assets
increased to 68% in the first quarter 2007, from 59% a year ago.  
Debt securities declined to 14% in the first quarter 2007, from
26% at in the same quarter in 2006.  

BNamericas states that Bancolombia's net fee income continued to
grow at a much slower pace than costs in the first quarter 2007,
increasing 3.91% to COP214 billion, compared to the first
quarter 2006.

Mr. Londono told BNamericas that he is positive that fee income
will increase 15% in 2007, due to a recovery in Bancolombia's
brokerage firm fees.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings has downgraded and removed from
Rating Watch Negative Bancolombia's long-term and short-term
local currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirms these ratings:

   -- Foreign currency long-term IDR at 'BB+';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '3'.

Fitch says the rating outlook is stable.


PARKER DRILLING: First Quarter Net Profit Rises to US$30 Million
----------------------------------------------------------------
Parker Drilling Company recorded strong financial and operating
results for the first quarter 2007 as net income increased 162
percent and earnings before interest, taxes, depreciation and
amortization -- EBITDA -- increased 23 percent over the first
quarter 2006.

                   First Quarter Earnings

For the three months ended March 31, 2007, Parker earned net
income of US$30.0 million on revenues of US$151.3 million
compared to revenues of US$147.3 million and net income of
US$11.5 million for the first quarter 2006.  Net income in the
first quarter 2007 included net non-routine income of US$0.07
per diluted share, or US$8.2 million, relating to the gain on
the sale of two workover barge rigs in January.  In addition,
Parker recognized a non-cash charge to tax expense of US$1.9
million, or US$0.02 per diluted share, for potential interest
and exchange rate fluctuations relating to a tax liability
recorded on Jan. 1, 2007, associated with the adoption of the
Financial Accounting Standards Board Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes."  The first quarter
2006 included US$0.01 per diluted share benefit of non-routine
items relating to a change in value of derivative instruments.

EBITDA was US$61.7 million for the first quarter 2007, 23
percent higher than the US$50.3 million in the first quarter
2006.  Significantly higher dayrates resulted in a 59 percent
EBITDA improvement for Parker's U.S. operations over the first
quarter 2006.  Quail Tools also showed improvement, with a 12
percent increase from the first quarter 2006.

Capital expenditures for the three months ended March 31, 2007,
totaled US$53.0 million.  Total debt was US$329.2 million, and
the Company's cash, cash equivalents and marketable securities
totaled US$157.6 million at March 31, 2007.

Average utilization for the Gulf of Mexico barge rigs for the
first quarter 2007 was 73 percent, the same as reported for the
first quarter 2006 and higher than the 68 percent reported for
the fourth quarter 2006.  Current barge rig utilization is 65
percent.  The Company's deep drilling barge dayrates in the Gulf
of Mexico continued to experience record levels, averaging
US$51,600 per day during the first quarter 2007, up
approximately 37 percent, or US$13,900 per day, from the first
quarter 2006 and up US$2,100 per day from the fourth quarter
2006.

The average utilization of international land rigs for the first
quarter 2007 was 66 percent, up 20 percent from the 46 percent
reported for the fourth quarter 2006, but lower than the 84
percent in the first quarter 2006.  Current international
utilization, including contracts for three rigs, is 75 percent
and is expected to further increase during 2007 as rigs continue
to reposition between contracts.

Quail Tools, Parker Drilling's drilling and production rental
tools subsidiary, continued its outstanding performance as it
recorded EBITDA of US$18.8 million in the first quarter 2007, up
US$2.0 million from the first quarter 2006.  The expansion of
Quail is well underway as equipment is being delivered to
Quail's new facility in Texarkana, Texas, which opened on
April 2.  The new facility provides increased coverage of the
Barnett, Fayetteville and Woodford shale areas in East Texas,
Arkansas and Oklahoma.

                     Chairman's Message                           

Robert L. Parker Jr., Chairman, President and Chief Executive
Officer of Parker Drilling, said: "We continue to focus on the
execution of our strategic growth plan, as we delivered two new
international land rigs to Algeria and today announced three-
year contracts for two new rigs in Mexico and a two-year
contract for Rig 230 in Turkmenistan.  Once these rigs are
delivered to Mexico, we will have five land rigs and one barge
rig operating in Mexico, all under long-term contracts."

"Looking ahead, we expect increasing contributions from our
international segments as we continue to focus on our
international markets," said Mr. Parker.  "Domestically, we
experienced steady demand for our preferred barge rigs in our
U.S. Gulf of Mexico transition zone market.  We view recent
softening in the U.S. Gulf of Mexico as a reflection of the
uncertainty in the U.S. gas market.  Although this uncertainty
has reduced rates from historic highs, we believe that there is
sufficient demand to generate strong financial results from our
domestic barge fleet through 2007.  Finally, we also expect
continued outstanding performance from our rental tools segment,
as the benefits of our organic expansion and capital investment
in Quail Tools are realized.  Importantly, we experienced no
lost-time accidents during the quarter.  Safety is essential to
recruiting and retaining the best people.  Parker's preferred
drilling solutions deliver a lower total cost of drilling
through efficient, safe operations and drilling quality wells.  
We expect our competitive advantage to drive continued
improvements in utilization and profits into 2007."

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling   
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 6, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors last week, the rating agency confirmed its
B2 Corporate Family Rating for Parker Drilling Company, as well
as it B2 rating on the company's 9.625% Senior Unsecured
Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting noteholders
will experience a 55% loss in the event of default.




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


BRITISH AIRWAYS: To Launch Consortium Bid for Iberia This Week
--------------------------------------------------------------
Willie Walsh, chief executive of British Airways plc, is set to
launch a bid this week for Iberia Lineas Aereas de Espana SA
with a group of private equity investors, Danny Fortson writes
for The Independent.

According to the report, Mr. Walsh will decide over the weekend
whether BA will join with Texas Pacific Group and Spanish
private equity firm partner Ibersuizas and Vista Capital or
rival bidders British private equity group Apax Partners and
specialist aerospace investor Gestairin.

As previously reported in the TCR-Europe on April 24, British
Airways is considering how to use its 10% holding in Iberia.

As part of this process, the airline has approached a number of
private equity companies about making a consortium offer for
Iberia.  Any consortium bid would not involve further capital
investment by British Airways.  As well as a private equity
partner, this consortium is likely to include one or more
Spanish partners.

British Airways has not made a final decision about the future
of its shareholding in Iberia and continues to examine numerous
options including full disposal.  However, it has ruled out an
independent bid for the airline.

British Airways earlier appointed UBS AG to advise on how to use
the holding in the best interests of shareholders.

The move came after Iberia disclosed that it has received a bid
approach from private equity firm Texas Pacific Group.

According to the report, TPG is considering a cash offer of
EUR3.60 a share, which values Iberia at EUR3.4 billion (US$4.5
billion.

                    About British Airways

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Inks Strategic Partnership with HEICO Aerospace
----------------------------------------------------------------
HEICO Corp. and British Airways plc had entered into a long term
Alternative Parts Supply, Development and Management Agreement.

The Strategic Partnership is HEICO's seventh such unique
relationship with a major international airline.  HEICO has
partner positions with Lufthansa, American Airlines, United,
Delta Air Lines, Air Canada, JAL and now British Airways.

Under the new Agreement, HEICO will exclusively manage British
Airways' Alternative Parts Program helping the airline maximize
savings through the use of Alternative Parts in the most timely
way.  HEICO Aerospace, renowned for its exceptional safety and
quality record within the aviation industry, was the perfect
choice for British Airways whose dedication to safety and world
class product makes it one of the world's premier airlines.

HEICO Aerospace celebrates its 50th anniversary this year and is
the world's largest independent designer, manufacturer and
distributor of FAA and EASA Approved Replacement Parts for jet
engines and aircraft components.  Its global and growing
customer base includes most of the airlines and overhaul
facilities worldwide that service commercial aircraft and jet
engines.  HEICO Aerospace, well known for having over 5,000 FAA
Approved Alternative Parts and developing a further 400 each
year, is also experiencing significant success in offering
bespoke Alternative Parts Management programs to the airlines
allowing customers to maximize savings in record time frame.

"BA is delighted to be working with HEICO Aerospace on
developing our replacement parts program into the future. This
strategic partnership forms a key element of our business
strategy, while continuing to maintain the highest levels of
safety and reliability," Raj Mehta, British Airways General
Manager Materials Management & Component Overhaul, stated.

"We are incredibly proud that British Airways has chosen HEICO
as their long term strategic partner for this Parts Development
and Management program," Eric A. Mendelson, HEICO Aerospace's
President and Chief Executive Officer, commented.  "This
Strategic Partnership will accelerate HEICO's efforts in
developing a broader range of superior products and services
that help airlines generate huge savings in today's highly
competitive market.  British Airways is the seventh major
airline to enter into a strategic partnership with HEICO making
a clear statement to the industry that a safe, reliable
alternative is what many operators continue to look for."

                    About British Airways

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

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old Debt New Debt LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

* Issuer : British Airways Finance (Jersey) L.P.

  EUR300-million
  Preferred Stock          B1       Ba3      LGD6     97%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.




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


AIR JAMAICA: Govt's Air Services Pact with UK Won't Hurt Airline
----------------------------------------------------------------
Professor Stephen Vasciannie, the Air Policy Committee
chairperson, told the Jamaica Gleaner that the Air Services
Agreement the Jamaican government signed with the United Kingdom
won't jeopardize Air Jamaica's future.  

The Gleaner relates that under the new accord, the UK will be
able to assign European airlines to make scheduled flights to
Jamaica.  

Meanwhile, a similar provision is available for Jamaica to be
able to designate, aside from Air Jamaica, any airline from the
Caricom that wants to fly to UK, Radio Jamaica states.

Professor Vasciannie, who led the negotiating team, told The
Gleaner that the accord increased air connections between
Jamaica and the UK.

"We are satisfied that the new MoU [memorandum of understanding]
preserves a balance between greater liberalization of air
services, on the one hand, and the protection of Air Jamaica, on
the other.  We hope for more flights, cheaper fares, and greater
choice for passengers," Professor Vasciannie commented to The
Gleaner.

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

                        *     *     *

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


DYOLL INSURANCE: Coffee Farmers Hold Protest on Payment Delay
-------------------------------------------------------------
Radio Jamaica reports that St. Thomas and St. Andrew coffee
farmers, who were upset over the delay in the payment of
compensation from Dyoll Insurance Company for crop damage they
suffered during Hurricane Ivan, have protested in front of the
office of the Coffee Industry Board.

According to Radio Jamaica, the farmers were hoping that the out
of court settlement between the Dyoll Insurance's liquidators
and the Trustees of the Coffee Industry Board would have sped up
the payment of the "long overdue funds."

Radio Jamaica relates that under a court ruling, the farmers
should get over US$3 million in insurance money.  However, a
portion of the amount will be returned to the Agriculture
Ministry for giving the farmers an advance payment.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, the Coffee Insurance Scheme Trustees reportedly
repaid the US$60 million that the Jamaican government disbursed
to coffee farmers in 2006, as compensation from Dyoll Insurance.

Coffee Industry Board Director General Graham Dunkley met with
the protesters to explain the delay, Radio Jamaica states.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in Mar. 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


SUGAR COMPANY: Bruce Golding Says Asset Divestment Not Working
--------------------------------------------------------------
Jamaica Labor Party leader Bruce Golding told Mark Cummings at
the Jamaica Observer reports that the divestment of the Sugar
Company's assets is not working, accusing the Jamaican
government of misleading the country.

The Observer's Mr. Cummings reports that the government has been
trying to divest its stake in the Sugar Company, which has
continually drained million of dollars from the government.

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, the Sugar Company extended the bidding process
for its five factories to 60 days.  Interested investors were
given until the end of May to submit bids.  Information Minister
Donald Buchanan said that the government initially short listed
five bidders.  The agriculture and finance ministries decided to
hold discussions to come up with a decision on whether the late
bids for the assets of the Sugar Company should be accepted by
the divestment committee.  Minister Clarke said that the
government was considering how to facilitate the new interests,
as the pre-qualification period already ended.  The late bids
reportedly come from U.S. and Brazilian investors.

Mr. Golding told The Observer's Mr. Cummings that the five short
listed to bid for the assets are:

          -- India's Dhampur Sugar Mills from India;
          -- Trinidad and Tobago's Angostura;
          -- Brazil's Coimex; and
          -- Jamaica's Gibson Energy Ltd, which partnered with a
             Canadian company.

The Observer's Mr. Cummings relates that Mr. Golding claimed
that it wasn't true that there were many interesting entities
wanting to buy the assets.

"This thing about how much people are running down the
government to buy the sugar estates; nothing nuh go so.  People
are simply expressing an interest.  It is like a piece of land
is selling (but) you are not sure if you really want it, so you
put down your name.  If you can get the land cheap you will buy
it, but if them ask a serious price for it maybe you would not
buy it: that is what is happening.  Some of them (interested
persons) who set down their names don't really have much plans
for doing sugar business in Jamaica," Mr. Golding told The
Observer's Mr. Cummings.

According to The Observer's Mr. Cummings, Mr. Golding criticized
the government for failing to adequately prepare for the changes
in the sugar sector.

Though the government was warned by the European Union five
years ago that there would be a drop in the price it pays for
sugar, it didn't make any preparation to protect the farmers
from the expected loss in earnings, The Observer's Mr. Cummings
says, citing Mr. Golding.  

"Right now we don't know what is going to happen to the sugar
workers, we don't know what is going to happen to the cane
farmers and we don't hear anybody asking questions," Mr. Golidng
told The Observer's Mr. Cummings.

Mr. Golding said the Jamaica Labor Party had been proposing that
the government provide a price support mechanism of US$1billion
yearly to lessen the loss in the sugar earnings, The Observer's
Mr. Cummings states.

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.  According to published
reports, the Jamaican government has taken responsibility for
the payment of the firm's debts.


SUGAR COMPANY: Gets Five More Bids for Factories
------------------------------------------------
Five foreign companies have submitted expressions of interest
for the Sugar Company of Jamaica's five factories, since the
extension of the bid submission deadline, RJR News reports,
citing Jamaican Agriculture Minister Roger Clarke.

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, the Sugar Company extended the bidding process
for its factories to 60 days.  Interested investors were given
until the end of May to submit bids.  Information Minister
Donald Buchanan said that the government initially short listed
five bidders.  The agriculture and finance ministries decided to
hold discussions to come up with a decision on whether the late
bids for the assets of the Sugar Company should be accepted by
the divestment committee.  Minister Clarke said that the
government was considering how to facilitate the new interests,
as the pre-qualification period already ended.  The late bids
reportedly come from U.S. and Brazilian investors.

Minister Clarke explained to Radio Jamaica, "We opened the bids
because others had displayed an interest."  

Sugar officials are discussing with two other international
investors, Radio Jamaica relates, citing Minister Clarke.

"Carl James is on his way to New York to meet with two sets of
people who have interest.  We have some others who have come on
board, I was away last week so I would have to check and tell
you who they are," Minister Clarke told Radio Jamaica.

The five factories up for auction are:

          -- Frome,
          -- Monymusk,
          -- Bernard Lodge,
          -- Long Pond, and
          -- Duckenfield.

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.  According to published
reports, the Jamaican government has taken responsibility for
the payment of the firm's debts.


WEST CORP: Moody's Pares B1 Ratings on US$2.6-Bln Secured Loans
---------------------------------------------------------------
Moody's Investors Service lowered the senior secured credit
facility rating of West Corporation to B1 from Ba3 while
affirming all other credit and liquidity ratings.  The lowering
of the senior secured credit facility rating reflects the larger
share of senior secured debt in the capital structure pro forma
for the proposed upsizing of the senior secured term loan
facility to US$2.4 billion.  The rating outlook is stable.

The B2 Corporate Family Rating continues to be constrained by
substantial leverage, low levels of projected free cash flow to
debt and declining pricing trends in the conferencing segment
and certain business units within the communications segment.  
The ratings are supported by a large revenue base, solid
operating margins, a track record of improving financial
performance and long-term relationships with a blue chip client
base.  The SGL-2 rating reflects a good liquidity position
supported by substantial pro forma availability under the US$250
million revolving credit facility.

The ratings (assessments) were affirmed:

   -- Corporate family rating, B2
   -- Probability of default rating, B2
   -- US$650 million 9.5% senior unsecured notes due 2014, Caa1
      (to LGD 5, 82% from LGD 5, 81%)
   -- US$450 million 11% senior subordinated notes due 2016,
      Caa1 (to LGD 6, 94% from LGD 6, 93%)
   -- Speculative grade liquidity rating, SGL-2

The ratings (assessments) lowered:

   -- US$2.4 billion (upsized from US$2.265 billion) senior
      secured term loan due 2013, to B1 (LGD 3, 33%) from Ba3
      (LGD 3, 32%)
   -- US$250 million senior secured revolver due 2012, to B1
      (LGD 3, 33%) from Ba3 (LGD 3, 32%)

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months.  Cash flow from operations is
expected to be used to fund capital expenditures of about US$100
million per year, niche acquisitions that complement existing
business segments and required term loan amortization.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com--  
is a leading provider of business process outsourcing services.
The company reported revenues of US$1.7 billion for the 12-month
period ending June 30, 2006.  West operates through 3 business
segments: communication services (55% of revenues), conferencing
services (32% of revenues) and receivable management (13% of
revenues).

The company has operations in Mexico and Jamaica, among other
countries.




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


BELL MICROPRODUCTS: Signs Distribution Pact with Fabrik Inc.
------------------------------------------------------------
Bell Microproducts Inc. has entered into a distribution deal
with Fabrik, Inc.  Under the terms of the agreement, Bell
Microproducts will distribute the full line of Fabrik's
SimpleTech-branded external and portable backup and storage
solutions, network attached storage devices, memory, compact
flash and flash drives throughout North America.

Fabrik's new partnership with Bell Microproducts is designed to
increase awareness and visibility of the company's full line of
storage and memory products.  The relationship is in line with
Fabrik's strategy to offer easy access to the best products in
the market for small business users, creative professionals and
consumers.  As the premier destination for all storage needs,
Bell Microproducts is a natural fit for the line of SimpleTech-
branded solutions.

"We are excited about this relationship, as it will give the
channel more value-added choices," said John Vossoughi, senior
vice president, North American computer products marketing for
Bell Microproducts.  "Not only does our new partnership expand
our portfolio of value-added offerings, it serves as a great
foundation for future collaboration and distribution of
innovative solutions from Fabrik."

Leveraging the success of its Pininfarina-designed portable
SimpleDrive storage solution, which became the number two brand
in its first three months on the market, Fabrik just announced
their new desktop SimpleDrive storage and backup solution,
designed to make managing and protecting personal or
professional content virtually painless.

"The expansion of the SimpleDrive family is the first of many
steps we are taking to drive the transformation of the external
storage market," added Fabrik's CEO, Mike Cordano.  "We look
forward to a long relationship with Bell Microproducts that will
provide compelling opportunities now and in the future as we
continue to grow our product line to offer more unique and
differentiated solutions to the market."

Fabrik's SimpleTech-branded products are in stock and available
now through Bell Microproducts' distribution network.

                        About Fabrik

Founded in 2005, Fabrik Inc. -- http://www.myfabrik.com/-- is a  
privately owned company with offices in San Mateo and Santa Ana,
California.  Fabrik's mission is to simplify a user's digital
experience whether at home, on the Web or on the road by
delivering a blend of online services, software and devices that
help consumers store, access, manage, protect and share their
growing collections of digital content.  Fabrik's line of
SimpleTech- branded products include external, portable and
network storage solutions as well as flash memory cards, USB
flash drives and memory upgrades.

                  About Bell Microproducts

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an  
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, the company received a Nasdaq Staff
Determination notice because the company did not file its Annual
Report 10-K for the period ended Dec. 31, 2006.  The Nasdaq
Listing and Hearing Review Council expects a response to why the
company failed to file its annual report.

Nasdaq Listing Qualifications Panel extended until May 22, 2007,
the company's request for continued listing.

As reported in the Troubled Company Reporter-Latin America on
March 15, 2007, the company received waivers in relation to the
delivery of certain of its quarterly information and
documentation until May 31, 2007, under credit agreements with
Wachovia Capital Finance Corp., Wachovia Bank, National
Association, and the Teachers' Retirement Systems of Alabama.


CLEAR CHANNEL: In Talks with Equity Group on Amended Merger Deal
----------------------------------------------------------------
The board of directors of Clear Channel Communications Inc. is
in discussions with the private equity group co-led by Bain
Capital Partners, LLC and Thomas H. Lee Partners, L.P. regarding
a possible change in the terms and structure of the proposed
merger between an affiliate of the private equity group and
Clear Channel.

Currently under discussion is a proposal that contemplates:

   (i) an increase in the merger consideration to be paid to all
       shareholders from US$39.00 to US$39.20 per share and

  (ii) the opportunity for each unaffiliated shareholder to
       elect between cash and stock in the surviving corporation
       in the merger (up to an aggregate cap equivalent to 30%
       of the outstanding shares immediately following the
       merger (or approximately 6% before the merger)).

The board of directors rescheduled the Special Meeting of
Shareholders to Tuesday, May 22, 2007, at 1:00 p.m., Central
Daylight Savings Time, to allow the board of directors
sufficient time to complete its discussions with the private
equity group, consult with its significant shareholders and
further develop the buyer's proposal to issue in the merger
equity in the surviving corporation.  

On May 3, 2007, the board of directors of Clear Channel, with L.
Lowry Mays, Mark Mays, Randall Mays and B.J. McCombs recused
from the vote, determined not to accept a similar proposal from
the private equity group, citing concerns that the change in
structure would require a delay in the date of the special
meeting of up to 90 days with no certainty that the merger would
be approved by the company's shareholders.  Since that time, a
number of shareholders of Clear Channel, including some of its
largest shareholders, have contacted members of the board or its
financial advisor and asked the board to delay the date of the
special meeting in order to provide them an opportunity to
consult with the board on the proposed change in structure and
terms.

Shareholders of record as of March 23, 2007 will remain entitled
to vote at the Special Meeting to be held on May 22, 2007.  The
proxy cards previously mailed to shareholders remain valid.

Shareholders with questions about the merger or how to vote
their shares should call the company's proxy solicitor,
Innisfree M&A Incorporated, toll-free at (877) 456-3427.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media  
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
--------------------------------------------------------------
Clear Channel Communications Inc.'s subsidiaries have entered
into an assets purchase agreement with GoodRadio.TV LLC for the
sale of 187 radio stations, along with the stations' FCC
licenses, real property and station contracts.

The subsidiaries are Clear Channel Broadcasting Inc., Clear
Channel Broadcasting Licenses Inc., CC Licenses LLC, Capstar
Radio Operating Company, Capstar TX Limited Partnership, AMFM
Radio Licenses LLC, Citicasters Co., Citicasters Licenses LP and
Jacor Broadcasting Corporation.

GoodRadio.TV will pay approximately $452 million in cash and
will assume certain liabilities, including existing business
contracts and licenses with the U.S. Federal Communications
Commission.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media  
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


DOMINO'S PIZZA: March 25 Balance Sheet Upside-Down by US$561MM
--------------------------------------------------------------
Domino's Pizza Inc. reported that for the first quarter ended
March 25, 2007, it had total assets valued at US$420.7 million
and total liabilities of US$981.9 million, resulting in a total
stockholders' deficit of US$561.2 million.

Net income was US$8.4 million, down 67.9% for the first quarter
of 2007, as compared with a net income of US$26.2 million for
the first quarter of 2006.  The decrease in net income was
driven primarily by expenses incurred in connection with the
company's recapitalization as well as lower domestic franchise
same store sales growth, offset in part by continued strong
performance in our international operations.

Revenues were US$339.3 million, down 2.4% for the first quarter
of 2007, as compared with revenues of US$347.7 million for the
first quarter of 2006.  The decrease in revenues was due
primarily to lower international revenues and lower domestic
distribution revenues.  Although international same store sales
were up 3.8%, revenues from international operations decreased
14% due to the third quarter 2006 sale of company-owned
operations in France and the Netherlands to an existing master
franchisee.  Distribution revenues decreased 1.4% on lower
volumes due to a decrease in domestic franchise same store
sales.

David A. Brandon, Domino's chairman and chief executive officer,
said, "We are very pleased with the outcome of our recent
recapitalization and resulting US$13.50 per share special cash
dividend.  Shareholders have voiced strong support for our new
capital structure and our subsequent plans regarding the special
dividend and an open market share repurchase program.  We
believe that this was the correct corporate finance decision for
our Company, as we leveraged our strong cash flows and created
an exceptional return of capital event for our shareholders."

Mr. Brandon continued, "Turning to the results of our first
quarter, we are still in the process of regaining the positive
domestic sales momentum we lost in 2006.  I am encouraged by the
sales trend throughout the quarter, as the programs we have
implemented in our Team USA Company-owned stores are creating
some needed traffic and sales momentum.  We expect our
franchisees will continue to implement similar programs and
return to positive same store sales very soon.  We are working
harder at the store level to both operate and market more
effectively.  We are competing in an environment where consumers
are more demanding and more value conscious.  Traditional media
channels are not as effective as they have been in the past.  We
are addressing these environmental issues aggressively.  On a
very positive note, our international segment continues to
perform very well.  This quarter marked their 53rd consecutive
quarter of positive same store sales comparisons, again
solidifying their position as a strong and steady growth engine
for our business."

                         Liquidity

As of March 25, 2007, the company had US$785.7 million in total
debt, US$67.1 million of cash and cash equivalents, no
borrowings under its US$100 million revolving credit facility,
and letters of credit issued under its revolving credit facility
of US$33.9 million.  Retained deficit as of March 25, 2007,
stood at US$693.2 million.

In connection with its recapitalization, the company repaid all
borrowings under its 2003 senior credit facility and repurchased
and retired, at a premium, about US$273.6 million of the
Domino's Inc. senior subordinated notes due 2011.  In order to
fund these repayments, the company borrowed US$780 million under
a bridge term loan facility.  The company incurred US$3.6
million in capital expenditures during the first quarter of 2007
versus US$4.2 million in the first quarter of the prior year.

Full-text copies of the company's first quarter report for 2007
are available for free at http://ResearchArchives.com/t/s?1ea1

                    About Domino's Pizza

Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc.
(NYSE: DPZ) -- http://www.dominos.com/-- through its primarily  
franchised system, operates a network of 8,190 franchised and
company-owned stores in the U.S. and more than 50 countries.  
Founded in 1960, the company has more than 500 stores in Mexico.  
The Domino's Pizza(R) brand, named a Megabrand by Advertising
Age magazine, had global retail sales of nearly US$5 billion in
2005, comprised of US$3.3 billion domestically and US$1.7
billion internationally.


EMPRESAS ICA: Seeks US$25-Million Financing from Int'l Finance
--------------------------------------------------------------
Empresas ICA, S.A. de C.V., has asked the International Finance
Corporation for a US$25-million financing for its projects,
Business News Americas reports.

IFC said in its project document that it will analyze the
funding request on June 7.  A US$25-million loan from a local
bank would complement a proposed IFC long-term revolving
facility, which would support Empresas ICA's growth and grant
long-term corporate financing to cover permanent working capital
needs.

BNamericas relates that Empresas ICA is involved in the bidding
processes for the Mexican state power firm Comision Federal de
Electricidad's projects, which include:

          -- the Manzanillo liquefied natural gas project;

          -- the 535-megawatt Agua Prieta II combined cycle and
             solar hybrid generation project; and

          -- the 750-megawatt La Yesca hydro construction
             project.

Empresas ICA is also helping Mexican state-run oil firm Pemex in
constructing two cryogenic plants at the Burgos gas-processing
complex, BNamericas states.

Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  S&P said the
outlook is stable.


FORD MOTOR: To Halt Cleveland Casting Plant Operations in 2009
--------------------------------------------------------------
Ford Motor Company intends to idle the Cleveland Casting Plant
in 2009, as part of the company's Way Forward plan to transform
its North American automotive business.  In addition, the
company will defer production at Cleveland Engine No. 1,
beginning in two weeks, for approximately 12 months.

The actions are in line with Ford's commitment to match its
manufacturing capacity with actual customer demand.

"These are difficult actions, and we're approaching them with
great sensitivity because they involve our people," Joe
Hinrichs, Ford's vice president of North America Manufacturing,
said.  "However, operating an efficient and competitive
manufacturing business is a key to our Way Forward plan to
transform our business back to sustained profitability."

Cleveland Casting opened in 1952 and employs 1,100 hourly and
118 salaried workers.  It produces cast-iron components for
engines for Ford F-Series Super Duty trucks, Ford E-Series vans
and Ford Expedition and Lincoln Navigator SUVs.

Ford's intention to idle Cleveland Casting is consistent with
the company's move away from in-house casting operations.  The
company will also end casting production at Ford facilities in
Leamington, United Kingdom and Windsor, Ontario.

Production activities at Cleveland Engine No. 1 are being
deferred for approximately one year to capitalize on production
efficiencies at Ford's Lima Engine Plant, in Ohio, where the
company now can produce all its Duratec 3.5-liter engines for
the Ford Taurus passenger car and Taurus X crossover, as well as
other models.  Previously, Cleveland Engine No. 1 produced the
Duratec 3.0-liter engine for prior models of the Ford Five
Hundred passenger car and Freestyle crossover.  If demand
warrants, Ford says, production activities at Cleveland Engine
No. 1 could resume earlier than the planned 12 months.

Opened in 1951, Cleveland Engine Plant No. 1 currently employs
530 hourly and 47 salaried workers.  When it returns to
production, the plant is slated to produce the Duratec 3.5-liter
engine and a variant for the Lincoln MKZ passenger car, Lincoln
MKX crossover, Ford Taurus, Ford Taurus X, Ford Edge crossover
and Mercury Sable passenger car.  In addition, the plant will
produce engines for two all-new vehicles, the Lincoln MKS
passenger car and Ford Flex crossover.

Cleveland Engine Plant No. 2 will continue to operate as
planned.  Opened in 1955, it currently employs 700 hourly and 85
salaried workers.  It produces two versions of 3.0-liter engines
for the Ford Fusion passenger car and Ford Escape crossover,
Mercury Milan passenger car and Mercury Mariner crossover, Mazda
6 passenger car and Mazda Tribute crossover, as well as for the
Ford Mondeo passenger car for Europe and various Jaguar models.

                    25,000 Workers Gone

The company also disclosed that 25,000 factory workers, all of
whom accepted early retirement and buyout offers from Ford, left
the company's payroll, according to various sources.

As reported in the Troubled Company Reporter on Nov. 30, 2006,
Ford confirmed about 38,000 of its United Auto Workers union-
represented hourly workers have accepted package offerings for
voluntary separations from the company.

However, Poornima Gupta of Reuters relates that 2000 of them
withdrew their acceptance of the buyouts, which left 11,000
workers departing under the buyout program.

The buyout program, which was offered to the entire workforce of
Ford and its Automotive Component Holdings subsidiary a year
ago, was in conjunction with the company's four-year turnaround
plan to close 16 plants and cut 45,000 jobs.

                    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.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes
due 2036.


GLOBAL POWER: Selects BDO Seidman as Auditors
---------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to employ BDO Seidman LLP as their auditors, nunc pro
tunc to April 30, 2007.

BDO Seidman will:

   a. perform a consolidated audit of the financial statements
      of Global Power and its subsidiaries for the year ended
      Dec. 31, 2006, including the consolidated balance sheet of
      Global Power and the related consolidated statements of
      income and comprehensive income, stockholders' equity, and
      cash flows;

   b. express an opinion on the financial statements based on
      its audit;

   c. submit to the Debtors a report containing its opinion as
      to whether the consolidated financial statements, taken as
      a whole, are fairly presented based on generally accepted
      accounting principles; and

   d. inform the Debtors of any material errors, fraud, illegal
      acts, misstatements, and any other significant
      deficiencies or material weaknesses that it identifies.

Documents submitted to the Court did not disclose the Firm's
hourly rates.

To the best of the Debtors' knowledge, the Firm does not hold
any interest adverse to the estate and is disinterested pursuant
to Sec. 101(14) of the Bankruptcy Code.

The Debtors inform the Court that the Firm's retention is
subject to certain indemnity and limitation on liability
provisions as contained in an engagement letter dated
April 20, 2007.  

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


GLOBAL POWER: Wants to Issue EUR1.1 Mill. L/C from DIP Facility
---------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to amend the debtor-in-possession financing agreement
they entered into with Morgan Stanley Senior Funding Inc. and
Morgan Stanley & Co. as agents to the DIP Financing lenders.

The DIP Financing Agreement, which was approved by the Court on
a final basis on Jan. 9, 2007, permitted the Debtors to borrow
up to US$85,000,000 from the DIP Financing Lenders.

Additionally, the DIP Financing Agreement provides for certain
restrictions on the use of the funds available to support
operations of the Debtors' foreign affiliates.

One of the exceptions to the restrictions provides that the
Debtors may issue to Braden-Europe BV, a non-Debtor foreign
affiliate of the Debtors, a synthetic letter of credit to
support obligations of certain of the Debtors and Braden-Europe
arising out of a project for a major customer of the Debtors.

                  Braden-Europe Credit Pact

Braden-Europe is the borrower under a credit agreement with ABN
AMRO Bank NV dated Feb. 14, 2005.

The BE Credit Agreement contains a covenant that requires
Braden-Europe to maintain a certain level of tangible net worth.

As of Dec. 31, 2006, ABN AMRO has alleged that Braden-Europe is
not in compliance with the tangible net worth covenant, due in
large part to the Debtors' commencement of the chapter 11 cases.  

To resolve the issue and bring Braden-Europe back into
compliance under the BE Credit Agreement, Braden-Europe has
requested that the Debtors issue in favor of ABN AMRO an
irrevocable standby letter of credit for EUR1,100,000.

To issue the ABN AMRO L/C, however, the Debtors say they need to
amend the DIP Financing Agreement.

The Debtors believe that the amendment to the DIP Financing
Agreement will prevent disruption to the Braden-Europe
operations, which are integral to the value of the Braden
Debtors and to the efficient administration of the cases.

In addition, the Debtors believe that the Final DIP Order
permits them to enter into an amendment without the need for
further Court approval, however, the Debtors say they are asking
the Court's permission out of an abundance of caution and to
provide the greatest amount of transparency to the Court and all
parties-in-interest.

Furthermore, the Debtors explain that they do not seek in the
motion to increase the amounts they can borrow under the DIP
Facility, rather, they seek only to be permitted to use the
already authorized borrowings to protect the estate assets by
providing credit support for Braden-Europe.

The Debtors tell the Court that the DIP Lenders have consented
to the proposed amendment.  

              About Global Power Equipment Group Inc.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


GLOBAL POWER: Ct. Extends Lease Decision Period Until June 2007
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
the time within which Global Power Equipment Group Inc. and its
debtor-affiliates can assume or reject two unexpired leases of
nonresidential property.

Specifically, the Court gave the Debtors until June 15, 2007, to
decide on an April 12, 1994 agreement between Jason
Incorporated, a former affiliate of Global Power, and
Metropolitan Life Insurance Company for the lease of an office
space at Two Warren Place in Tulsa, Oklahoma.  The Warren Place
Lease expires on Nov. 1, 2007.

The Debtors say they are currently in negotiations with
Metropolitan regarding further amendments to the Warren Place
Lease.

In addition, the Court gave the Debtors until June 11, 2007, to
decide on an agreement dated Jan. 29, 2001, between Braden
Manufacturing LLC and Braden Investors LLC for the lease of
certain premises at 5199 N. Mingo Road, in Tulsa, Oklahoma.  The
terms of the Mingo Road Lease expires on Sept. 30, 2011.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


HIPOTECARIA CREDITO: To Launch Mortgages with AIG & Genworth
------------------------------------------------------------
Agustin Gomez del Campo, Hipotecaria Credito y Casa's funding
head, told Business News Americas that the company will
"originate" mortgages with mortgage insurance provided by
American International Group, or AIG, and Genworth Financial.

Hipotecaria Credito is an active player in the securitization
market.  It will also use mortgage insurance from AIG and
Genworth Financial as a "credit enhancement for its residential-
mortgage backed securities," BNamericas says, citing Mr. Gomez
del Campo.

Mr. Gomez del Campo commented to BNamericas, "As of today, all
our securitized loan book has credit guarantees provided by
[state-run mortgage development bank] SHF, but in the next weeks
our loans will include mortgage insurance from AIG and
Genworth."

BNamericas notes that AIG will launch mortgage insurance
operations in Mexico with Genworth in the third quarter through
its subsidiaries AIG United Guaranty Mexico and Genworth
Mortgage Insurance Corporation.  

Mr. Gomez del Campo commented to BNamericas, "The two main
benefits from teaming up with three firms [SHF, Genworth and
AIG] are a reduction of costs and greater flexibility in
designing our products."

Hipotecaria Credito's typical mortgage of MXN300,000 is
denominated in inflation-linked units.  It is lent for 25 years,
requiring a 10% down payment, BNamericas states, citing Mr.
Gomez del Campo.

Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments.  It is based in Culiacan, Sinaloa, Mexico.  It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2006, Moody's de Mexico assigned a (P)B1 senior
unsecured debt, and Baa2.mx ratings on the MXN3 billion MTN
programs of Hipotecaria Credito y Casa, S.A. de C.V.  Moody's
said the rating outlook was stable.


PORTRAIT CORP: Plan Confirmation Hearing Scheduled for May 21
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in White Plains will convene a hearing on May 21, 2007, at 2:30
p.m., in Courtroom 520, to consider confirmation on Portrait
Corporation of America Inc. at its debtor-affiliates' Amended
Chapter 11 Plan of Reorganization.

                       Treatment of Claims

The Plan, as published in the Troubled Company Reporter on
Feb. 8, 2007, provides that holders of Allowed Administrative
Expense Claims will be paid in full and in cash.

On the Plan's effective date, the DIP obligations will be deemed
allowed and paid indefeasibly in full in accordance with the
terms of the DIP Agreement and DIP Order.  Upon full payment of
all DIP Obligations, all liens and security interests granted to
secure those obligations will be terminated.  Provided, however,
that the particular provisions of the DIP Agreement that are
specified to survive will survive.  Existing letters of credit
issued pursuant to the DIP Agreement will be cancelled and
replaced with new letters of credit to be issued pursuant to the
Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will:

   (a) receive payment in full in cash plus post-commencement
       date interest;

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

   (d) receive a treatment that renders the claim unimpaired
       pursuant to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to:

   -- the 13.75% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.  These notes were guaranteed by Portrait
      Corporation of America Inc., American Studios Inc., PCA
      National LLC, PCA National of Texas LP, PCA Photo
      Corporation of Canada Inc., Photo Corporation of America
      Inc., and PCA Finance Corp; and

   -- the 16.5% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.

                       About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--    
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


VITRO SAB: Finacity Assists Trade Deal Extension for U.S. Unit
--------------------------------------------------------------
Finacity Corporation has facilitated the upsize and extension of
a trade receivables securitization transaction for Vitro
America, Vitro, SAB de CV's US-based subsidiary, on
April 16, 2007.  The funding program was rolled over for a
fourth year and increased from US$40 million to US$50 million in
funding availability.  The program is funded by an asset-backed
commercial paper conduit sponsored by a leading European bank.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.

The rating assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes;

  -- US$152M 11.375% senior unsecured notes due 2007, at Caa1,
     and withdrawn upon successful conclusion of the Tender
     Offer.

The ratings outlook changed to stable from negative.

Vitro Envases Norteamerica, SA de CV:

   -- Corporate family, at B2, and withdrawn upon conclusion
      joy of the proposed transactions; and

   -- US$250 million 10.75% senior secured notes due 2011,
      at B2, and withdrawn upon successful conclusion of
      the Tender Offer.

The rating outlook remains stable until such time that the
ratings are withdrawn.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor' Ratings Services raised its long-
term senior  unsecured credit rating on Mexico-based glass
manufacturer Vitro S.A.B. de C.V.'s (Vitro; B/Stable/--) notes
due 2013 to 'B' from 'CCC+'.




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


ADVANCED CARDIOLOGY: Files Disclosure Statement in Puerto Rico
--------------------------------------------------------------
Advanced Cardiology Center Corp. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico on May 5, 2007, a
Disclosure Statement explaining its Chapter 11 Plan of
Reorganization.

                       Plan Funding

The Debtor tells the Court that the Plan will be funded by:

     1) cash on hand on the effective date;

     2) collection of ACCC's accounts receivable;

     3) future earnings of the reorganized ACCC over the next
        five years; and

     4) new value invested by shareholders of US$300,000.

The Debtors said that the Plan also provides the holders with
the best recovery possible.

                    Treatment of Claims

All administrative claims, estimated at US$375,000, will be paid
in full.

Infomedika's secured claim, estimated at US$238,599, will be
paid in 48 equal monthly payments commencing 30 days after the
effective date.

Classified Priority Tax Claimants, totaling US$4,057,330, will
be paid in full in 48 equal monthly payments, commencing on the
effective date, plus 6% interest.

Holders of general unsecured claims of less than US$5,000,
totaling US$125,689, will be paid in lump sum on or before 30
days after the effective date, without interest.

General unsecured claimants of more than US$5,000, totaling
US$7,204,994, will be paid 50% of their claims, half of which
will be paid in sixty equal quarterly payments commencing on the
effective date, and the other half to be paid in one lump sum
sixty months after the effective date.

Holders of a general unsecured claim in an amount greater than
US$5,000, who prefers to be paid in a manner similar to general
unsecured claimants of less than US$5,000, may be included
granting they reduce their claims to US$5,000.

Holders of executory contracts, all of which are to be assumed,
will receive 100% of the allowed cure costs of contracts,
expected to be at US$986,018, in 36 equal monthly payments or
the life of the contract, whichever is longer, commencing on the
effective date.

Equity holders will retain their interests in ACC.  However,
each shareholder will contribute US$2,500 a month during the
five years of the Plan, for a total new value invested in ACCC
of US$300,000, in order to fuel the Plan.

Based in Mayaguez, Puerto Rico, Advanced Cardiology Center Corp.
filed for Chapter 11 protection on Jan. 8, 2007 (Bankr. D. P.R.
Case No. 07-00061).  Alexis Fuentes-Hernandez at Fuentes Law
Offices represent the Debtor.  When the Debtor filed for
protection from its creditors, it estimated assets and debts
between US$10 million and US$50 million.


HC CARIBBEAN: Proofs of Claim Must be Filed by Aug. 22
------------------------------------------------------
The United States Bankruptcy Court for the District of Puerto
Rico set Aug. 22, 2007, at 5 p.m. as the deadline for all
persons and entities, owed money by HC Caribbean Chemicals Inc.
on account of claims arising prior to Oct. 16, 2006, to file
proofs of claim and proofs of interest.

Creditors must file written proofs of claim on or before the
Aug. 22 Claims Bar Date and those forms must be delivered to:

              Celestino Matta-Mendez
              Clerk of Bankruptcy Court
              U.S. Post Office and Courthouse Building
              300 Recinto Sur Street, Room 109
              San Juan, Puerto Rico 00901
              Tel: 787-977-6000

Any proof of claim or interest submitted by facsimile or e-mail
will not be accepted and will not be deemed filed until such
proof of claim is sent through the United States mail or through
a courier.

The Claims Bar Date applies to all claims including governmental
units.  The claims bar date for governmental unit is
Oct. 22, 2007.

Headquartered in Ponce, Puerto Rico, HC Caribbean Chemicals Inc.
sells chemical, industrial, and janitorial cleaning products.  
The company is the exclusive distributor for Zep Products in
Puerto Rico.  HC Caribbean filed a chapter 11 petition on
October 16, 2006 (U.S. Bankr. P.R. Case No. 06-03960).  The
Debtor's case was converted into a Chapter 7 liquidation
proceeding on April 12, 2007.  Nydia Gonzalez Ortiz, Esq. at
Santiago & Gonzalez represents the Debtor in its restructuring
efforts.  When the Debtor filed for protection from its
creditors, it disclosed more than US$100 million in assets and
more than US$100 million in debts.  


HC CARIBBEAN: Section 341(a) Meeting Slated for May 24
------------------------------------------------------
The United States Trustee for Region 21 will convene a meeting
of HC Carribean Chemicals Inc.'s creditors at 1:30 p.m. on
May 24, 2007, at the first floor of Ochoa Building, 500 Tanca
Street, San Juan, Puerto Rico.

This is the meeting of creditors after the Debtor's case was
converted into a Chapter 7 liquidation on April 12, 2007.

All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Ponce, Puerto Rico, HC Caribbean Chemicals Inc.
sells chemical, industrial, and janitorial cleaning products.  
The company is the exclusive distributor for Zep Products in
Puerto Rico.  HC Caribbean filed a chapter 11 petition on
October 16, 2006 (U.S. Bankr. P.R. Case No. 06-03960).  The
Debtor's case was converted into a Chapter 7 liquidation
proceeding on April 12, 2007.  Nydia Gonzalez Ortiz, Esq. at
Santiago & Gonzalez represents the Debtor in its restructuring
efforts.  When the Debtor filed for protection from its
creditors, it disclosed more than US$100 million in assets and
more than US$100 million in debts.  


PILGRIM'S PRIDE: Incurs US$40 Mil. Net Loss in Second Qtr. 2007
---------------------------------------------------------------
Pilgrim's Pride Corporation reported a net loss of US$40.1
million on total sales of US$2 billion for the second quarter
ended March 31, 2007.  For the second quarter of fiscal 2006,
the company reported a net loss of US$32 million on total sales
of US$1.27 billion.

Results for the second quarter of 2007 include, for the first
time, the acquisition of Gold Kist Inc., which was completed
Dec. 27, 2006.  The results also include charges of US$14.5
million, US$9.1 million, net of tax, related to the early
extinguishment of debt incurred by the company in connection
with the financing for the acquisition.  

"Our financial performance in the second quarter of fiscal 2007
reflects some of the significant operating challenges faced by
U.S. chicken processors during that period," said O.B. Goolsby,
Jr., Pilgrim's Pride president and chief executive officer.  
"Feed-ingredient prices remain at very high levels amid rapidly
growing demand for corn-based ethanol. While we have succeeded
in passing along some of these higher costs to our customers
this year, most of the benefit from those price increases was
not fully realized in the second quarter.  Additionally, we are
continuing to address pricing opportunities in a number of
below-market customer contracts we acquired through the Gold
Kist transaction."

Mr. Goolsby noted, however, that the company's U.S. operations
returned to profitability late in the second quarter -- and the
Company is currently profitable in the third quarter -- as
production cutbacks in the United States helped strike a better
balance between production and demand.  In addition, U.S. market
prices for chicken products have strengthened heading into the
summer as well.  Mr. Goolsby also said the company's Mexico
operations have returned to profitability in the third quarter
to date.  He said current U.S. production at Pilgrim's Pride is
"in line" with the company's previously announced 5% reduction
target when compared to year-ago levels.  The cuts will stay in
place throughout the third quarter of fiscal 2007 before
leveling off in the fourth quarter, when the company cycles
through the first anniversary of its production cutback from
last summer.

"We are cautiously optimistic about the second half of the
fiscal year.  We believe that the combination of lower industry
production levels year-over-year, should they remain in place,
and stronger pricing heading into the summer months will lead to
continuing improvement in our financial results for the
remainder of the year," Mr. Goolsby said.  "On the Gold Kist
integration front, our employees are investing a lot of time and
effort in the integration, and I'm excited by the tremendous
opportunities they have uncovered for improving our combined
businesses.  They are clearly focused on our common goal of
delivering the best possible service and value to our customers
every day and are making good progress toward achieving our
previously announced estimate of US$100 million in synergy
savings."

For the six months ended March 31, 2007, the company reported a
net loss of US$48.8 million on total sales of US$3.3 billion.  
For the first six months of fiscal 2006, Pilgrim's Pride
reported a net loss of US$6.3 million on sales of US$2.61
billion.  Included in the 2007 six-month period results were
charges of US$14.5 million, US$9.1 million, net of tax, related
to the early extinguishment of debt incurred by the company in
connection with the financing for the Gold Kist acquisition.

As of March 31, 2007, the company's balance sheet showed total
assets of US$4.1 billion, total liabilities of US$3 billion, and
minority interest of US$2 million, resulting in a total
stockholders' equity of US$1.1 billion.

Full-text copies of the company's 2007 second quarter report are
available for free at http://ResearchArchives.com/t/s?1ea2

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,  
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and
Utah.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
Moody's Investors Service downgraded the senior unsecured credit
rating for Pilgrim's Pride Corp. to B1 from Ba3, its senior
subordinated notes to B2 from B1, and its corporate family
ratings to Ba3 from Ba2.  Moody's also assigned a B1 rating to
PPC's planned new US$250 million senior unsecured notes and a B2
to its new US$200 million senior subordinated notes.  Moody's
said the outlook on all ratings is stable.

Standard & Poor's Ratings Services reported that the corporate
credit rating on the largest U.S. poultry processor, Pilgrim's
Pride Corp., was lowered to 'BB-' from 'BB'.




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


BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
-----------------------------------------------------------
Bristow Group Inc.'s Board of Directors has declared a dividend
of US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on June 1, 2007.

The dividend will be payable on June 15, 2007 to stockholders of
record at the close of business on the Record Date.

There are 4,600,000 shares of Bristow's Mandatory Convertible
Preferred Stock issued and outstanding.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- provides helicopter    
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, Mexico, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the helicopter service company Bristow Group Inc.'s US$230
million 5.5% mandatory preferred convertible stock.  At
the same time, Standard & Poor's affirmed the 'BB' corporate
credit rating on the company.  S&P said the outlook is negative.




=============
U R U G U A Y
=============


WORLDSPAN LP: Inks Strategic Deals with Sua Viagem & Confianca
--------------------------------------------------------------
Worldspan, L.P. has expanded its Brazilian consolidator network
through new partnerships with two of Brazil's leading air travel
consolidators.  Sua Viagem and Confianca, both leading
consolidators in their regions, recently signed five-year
strategic agreements with Worldspan to make their airline
partners' products and services available to Worldspan travel
agencies throughout Brazil.

The alliances enable Sua Viagem and Confianca to efficiently
conduct business with Worldspan and its agency customers via the
Web.  Sua Viagem and Confianca use Worldspan's industry-leading
XML Pro data exchange technology to establish state-of-the-art
interfaces between their Web sites and the Worldspan global
distribution system.  Through these secure, real-time
connections, Worldspan agencies and their branch offices can
access, shop, book and ticket the consolidators' offerings using
the most advanced travel technologies.

"Confianca chose Worldspan due to its state-of-the-art
technology and the ability to provide system access to its
customer agencies," said Helvecio Cunha Costa Garofalo,
president and owner of Confianca.  "Their technologies give us
easy access to their host system, and Worldspan is also a great
technology partner with an expert local service and support
team."

"Both Worldspan and Sua Viagem have a lengthy history in
conducting business via the Internet.  We chose Worldspan for
the efficiency, reliability and cost-savings their advanced Web
solutions would bring to our operations," said Orlando Lima
Viana, Sua Viagem's president and owner.

"Worldspan is pleased to create new business opportunities
between these influential consolidators and our agency
customers," said Douglas Simoes, Worldspan country manager -
Brazil.  "Sua Viagem and Confianca have relationships with many
airlines, representing an increased level of service for our
agencies."

                      About Sua Viagem

Since December 2006, Sua Viagem -- http://www.suaviagem.com.br/
-- has been the new name for Selltour, a leading consolidator
that has been in operation for more than 20 years in
Rio Grande do Sul state, with offices in Santa Maria, Novo
Hamburgo, Caxias do Sul and Porto Alegre.  Sua Viagem represents
more than 40 airlines, as well as the main car rental and tour
operator companies operating in Brazil.

                      About Confianca

Confianca -- http://www.confiancaturismo.com.br/-- is a  
consolidator for more than 400 travel agencies in Mato Grosso,
Mato Grosso do Sul, Minas Gerais, Goias, Ceara, Rondonia and
Amapa states.  In 1992, Confianca founded West Central Tour
Operator to manage consolidator business for American Airlines
and Aerolineas Argentinas GSA.  The company was founded in
Cuiaba, Mato Grosso estate in 1971.

                      About Worldspan

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology  
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's Latin
American operations are in Argentina, The Bahamas, Brazil,
Jamaica, Mexico, Peru, Puerto Rico, Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'B' corporate credit rating, on Worldspan
L.P., following the downgrade of its intended merger partner,
Travelport LLC, to 'B' from 'B+'.  S&P said the outlook is
stable.




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


DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has unveiled a marketing
campaign that includes TV and print ads featuring the new theme
line "Engineered Beautifully," which emphasizes technology, fuel
economy and value.

"More than 80 percent of the Chrysler brand product portfolio is
all-new or refreshed in the last 12 months with the recent
introduction of the all-new 2008 Chrysler Sebring Convertible
and the debut of the all-new 2008 Chrysler Town and Country
later this year," said Chrysler Marketing and Global
Communications Director David Rooney.  "This is the perfect
opportunity for us to showcase that there is more behind the
sheet metal and distinctive style, and that every Chrysler
possesses world-class quality and engineering at an
extraordinary value."

Additionally, the all-new 2008 Chrysler Sebring Convertible
marketing campaign was launched on May 8.  The Sebring
Convertible ads mirror the tone and style of the new Chrysler
brand creative.

"Chrysler is, and always has been, a brand made by and built for
people with a passion for great cars," said Mr. Rooney.  
"Products like the 300 and Town & Country put us at the
forefront of the industry in terms of style and design.  At the
same time, we have made great strides to become competitive and
even surpass our competition in terms of quality and
engineering.  While we have made great strides, the perception
has not caught up with reality in the marketplace.  Our new
communications direction will help get that engineering message
across."

The television schedule features prime time network and cable
shows such as Grey's Anatomy, Boston Legal, Ugly Betty, Dancing
with the Stars, Conan O'Brien, The Tonight Show, NBA Playoffs,
Big Break 7, Larry King, Anderson Cooper, Nancy Grace, Headline
News, Law and Order CI, Law and Order SVU and Dog Whisperer.  
The ads will also appear on other channels including TNT, TBS,
Food Network, Style Network, ESPN, CNBC, Fine Living Network,
Bravo and The Golf Channel.

The print ads follow the same creative direction for a
consistent tone and message.  Product is the star with bold
photography on colorful backgrounds along with highlighted
technology features.  The Chrysler print ads will run in
Automobile Magazine, Aspen Peak Magazine, Car and Driver, Food
Wine, Forbes, Golf Digest, Golf For Women, Jet, Martha Stewart
Everyday, Motor Trend, National Geographic, The New Yorker, Road
and Track, Southern Accents, Sunset, Tennis Magazine,
Traditional Home and Travel Leisure.

In addition to the new advertising, the Chrysler brand will
showcase the all-new Sebring Convertible through two programs
done with Hearst and Forbes magazines.  The Hearst Awaken Your
Senses program includes advertising, web activity
(http://www.awakenyoursenses.com),product displays and test  
drive components with the grand prize of an all-new 2008
Chrysler Sebring Convertible.  The Chrysler brand is also the
exclusive sponsor of one chapter of the Forbes 90th Anniversary
Issue and Networking Special Report covering lifestyle elements
surrounding careers, entertainment, leisure and design.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


PEABODY ENERGY: Taps Jeanne Hull as Senior VP-Technical Services
----------------------------------------------------------------
Peabody Energy Corp. has appointed Jeane L. Hull in the new
position of Senior Vice President of Engineering and Technical
Services.  Ms. Hull will report to Executive Vice President and
Chief Operating Officer Eric Ford and will be responsible for
the global delivery of engineering, environmental, geology and
design and construction services at Peabody.

Ms. Hull was most recently Chief Operating Officer for Kennecott
Utah Copper, with responsibility for its mine, concentrator,
smelter and refinery, as well as supporting its 165 megawatt
power plant.  In this role, she also managed technical services
and project engineering, as well as the health, safety and
environmental functions.

She has held numerous management positions with Rio Tinto and
affiliates, including 13 years with Kennecott Energy, where she
served as Vice President of Operations for Kennecott Utah
Copper, Vice President of Technical Services and Business
Improvement and General Manager of Spring Creek Coal, as well as
other engineering and operations positions.  Prior to joining
Rio Tinto, Ms. Hull spent 12 years with Mobil Mining and
Minerals and Mobil Chemical Company, including 10 years with a
Powder River Basin coal mine.  Ms. Hull has additional
engineering, environmental and regulatory affairs experience in
the public and private sector.  She has a Bachelor of Science
degree in Civil Engineering from South Dakota School of Mines
and Technology and an MBA from Nova University in Florida.  She
is a registered professional engineer.

Reporting to Ms. Hull are Vice President of Engineering Jay W.
Honse, Vice President of Geology John A. Rusnack, Vice President
of Environmental Mark R. Yingling, Director of Design and
Construction Engineering Carl Consalus and Senior Manager of
Engineering Financial Support Mark A. Blom.

Jay W. Honse has been promoted to Vice President of Engineering.
Mr. Honse joined Peabody in 1980 and has held various
engineering positions at the operating and corporate level, and
most recently held the position of Director of Engineering.  He
has a Bachelor of Sciencedegree in Mining Engineering from West
Virginia University in Morgantown and is a registered
professional engineer.  He will be responsible for mine planning
and general engineering services.  Reporting to Honse are
Director of Engineering Lloyd A. Short, Senior Manager of
Engineering Neil Yake and Manager of Engineering Services
Darrell J. Trent.

John A. Rusnak has been named Vice President of Geology.  He
joined Peabody in 1987 as a geologist and most recently held the
position of Vice President of Engineering.  He will oversee the
geology function for Peabody's worldwide operations.  Mr. Rusnak
holds a Bachelor of Science degree in Earth Sciences from
Pennsylvania State University and an MBA from Washington
University in St. Louis.  He is a registered professional
engineer in West Virginia.  Reporting to Rusnak are Chief
Geologist -- Reserve Reporting Marc S. Silverman; Senior
Geologists Robert Y. Willson and Colin A. Henkes; Director of
Coal Preparation Support and Quality Control Phillip G. Davis;
Manager of Exploration and Geology Philip R. Ames and Senior
Engineer -- Ground Control Murali M. Gadde.

Mark R. Yingling has been named Vice President of Environmental.  
He has over 20 years of mining engineering experience, primarily
with Peabody subsidiary Black Beauty Coal Company.  He has
served as Vice President of Environmental and Engineering for
Peabody since April of 2004.  Mr. Yingling will be responsible
for environmental services including environmental regulatory
issues, reclamation and bonding activities and permitting at
Peabody locations in the United States.  Mr. Yingling has a
Bachelor of Science degree in Agricultural Engineering from the
University of Illinois and is a Registered Professional Engineer
in several states.  Reporting to Mr. Yingling are Director of
Regulatory Affairs Eric P. Fry; Directors of Environmental
Services Brian P. Dunfee, Bryce G. West, and James W. Crawford;
Director of Conservancy Fred W. Conner and Senior Environmental
Engineer Jerry Ripp.

Carl Consalus has been named Director of Design and Construction
Engineering.  Mr. Consalus has more than 20 years of mining
engineering experience, including 11 years with Peabody
subsidiary Black Beauty Coal Company.  He also held various
mining engineering positions with Cyprus Minerals starting in
1986.  He holds a Bachelor of Science degree in Mining
Engineering from the University of Idaho and an MBA from the
University of Phoenix.

                    About Peabody Energy

adquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's     
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of  
final guidelines for preferred stock and hybrid securities  
notching, it downgraded Peabody Energy Corporation's hybrid  
instrument to Ba3.  This instrument had been placed on review
for downgrade.  


PETROLEOS DE VENEZUELA: Assures Payments to Workers
---------------------------------------------------
Energy Minister and Petroleos de Venezuela SA Chief Executive
Officer Rafael Ramirez denied to El Universal the trade union's
claims that the firm failed to pay its workers and the 4,000
employees at its strategic partnerships with foreign firms.

El Universal relates that workers, who were denied access to the
cafeteria after their "daily alimentation bonus" was suspended,
held demonstrations last week in Sincor and Petrozuata.  

However, Minister Ramirez told El Universal, "There is no
conflict whatsoever.  We have a special committee hiring people
and working.  We have found very hideous things, such as the
fact that oil majors denied hired workers access to the
cafeteria.  In Pdvsa there is room for everybody."

A few days ago, Petroleos de Venezuela representatives agreed to
give employees at the firm's strategic partnerships access to
the cafeterias, though some managers of the foreign companies
don't like eating with workers, El Universal notes, citing
Minister Ramirez.

The payment of compensation for delayed collective bargaining
pacts and the unification of wages at the Orinoco belt would be
"retroactive," Minister Ramirez told El Universal.

Petroleos de Venezuela SA -- http://www.pdv.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.

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Will Continue Exploring Gas in Gambia
--------------------------------------------------------------
An official of Venezuelan state-owned oil company Petroleos de
Venezuela SA told Business News Americas that the firm agreed
with its Gambia counterpart PetroGambia to continue offshore
exploration and production activities for oil and gas in Gambia.

Petroleos de Venezuela said in a statement that it launched the
Gambian offshore exploration and production with PetroGambia in
July 2006.

BNamericas relates that Gambian President Yahya Jammed and
Venezuelan Energy Minister and Petroleos de Venezuela President
Rafael Ramirez reviewed existing supply accords, aiming to get
rid of intermediaries so the Venezuelan firm can directly supply
Gambia with fuels.

The CIA World Factbook says that Gambia doesn't produce oil, but
consumes some 2,000 barrels per day.

A Venezuelan delegation will travel to Gambia to work on a
schedule to implement the agreements, BNamericas states, citing
Minister Ramirez.

Petroleos de Venezuela SA -- http://www.pdv.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.

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* VENEZUELA: ABN Amro Lowers Exposition to Country's Bonds
----------------------------------------------------------
ABN AMRO Asset Management has told Reuters that it has reduced
the exposition to Argentinean and Venezuelan notes after senior
fund manager Raphael Kassin left his post.

El Universal says Paul Abberley, ABN AMRO Asset Management's CIO
Fixed Income, took over in April the US$8 billion fund.  

"We had a very significant exposition to those countries last
year (.) Taking profits has been my desire.  It is one of the
initial steps, in Argentina and Venezuela, and now it has been
completed. We have reduced (the exposition) substantially," Mr.
Abberley was quoted by El Universal as saying.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the outlook on the
ratings remains stable.


* VENEZUELA: Analysts Say Bank Nationalization Won't Materialize
----------------------------------------------------------------
The banking sector in Venezuela has been threatened by President
Hugo Chavez of nationalization, but analysts believe that such a
move won't come into fruition, Benedict Mander at The Financial
Times reports.

According to Mr. Mander, nationalizing the financial sector
could seriously destabilize the nation's economy.

In previous reports, President Chavez said that banks should
lower lending rates or else the government would be forced to
takeover their operations.

The latest nationalization that the Venezuelan government has
recently enforced is on the Orinoco Belt, where four heavy-crude
projects were expropriated.

"There is a symbiosis between Chavez's 21st century socialist
revolution and hard-nosed capitalism via the banks that would be
difficult for him to break in the short or even medium term,"
Mark Turner, an analyst at Hallgarten, an independent research
house based in New York, told the FT in an interview.

Francisco Rodriguez, chief economist for Venezuela's National
Assembly from 2000-2004, told FT that the president's warning
was made to make sure banks "keep on rolling over the internal
debt."

"Chavez needs the banking sector in order to finance the growing
internal debt and to allow him to keep spending up," Mr.
Rodriguez added.  "This is the only way in which Chavez can keep
spending while still limiting the growth of money supply and
inflation."

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the outlook on the
ratings remains stable.


* VENEZUELA: ConocoPhillips Says Agreement with Gov't Possible
--------------------------------------------------------------
ConocoPhillips Chief Executive Officer Jim Mulva believes that
firm can reach an accord with the Venezuelan government on
compensations payable to the company, after the confiscation of
its assets in the country, El Universal reports.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2007, major international oil companies agreed to cede
to the Venezuelan government control over four heavy-crude
projects in Orinoco.  Venezuelan President Hugo Chavez issued a
decree in March that the government will hold majority stakes in
the Orinoco River basin projects beginning May 1.  Venezuelan
Oil Minister and Petroleos de Venezuela Chief Executive Officer
Rafael Ramirez said that ConocoPhillips Co. had yet to sign a
memorandum of understanding while Exxon Mobile Corp. previously
signed one of the agreements.  Mr. Ramirez stated that if
ConocoPhillips wouldn't sign by May 1, the state would take
charge of its oil fields as Venezuela moves to impose majority
state control.

According to Carl Mortished at Times Online, ConocoPhillips
didn't sign the accord that will grant Venezuelan state-owned
oil company Petroleos de Venezuela SA control over its share of
the production and refining of Orinoco crude.

The Times' Mr. Mortished notes that ConocoPhillips is the
biggest firm among the foreign investors that include:

          -- ExxonMobil,
          -- Chevron,
          -- ENI,
          -- Total, and
          -- Statoil.

The oilfields of ENI and Total were confiscated in 2006 when
they rejected a new contract with the Venezuelan government, The
Times' Mr. Mortished says.

The Times' Mr. Mortished relates that Minister Ramirez implied
that ConocoPhillips would face the same fate as ENI and Total.  
The minister said, "There is a conflict with a company that
opposes us.  If this company, ConocoPhillips or any other
company, does not accept the terms... they will have to leave
the country."

According to the Times Online's Mr. Mortished, Mr. Mulva
described the nationalization as a difficult situation for
ConocoPhillips, as it is the most exposed to heavy oil projects,
with 50.1% of Petrozuata and 40% of Hamaca.  

The Financial Times relates that Mr. Mulva expressed concern
about the likely compensation the government would pay for
ConocoPhillips' assets and about the decisions around the
investment made in the Orinoco projects.

Mr. Mulva told the Financial Times that ConocoPhillips accepted
the presidential decree on the transfer of all Venezuelan oil
projects to Petroleos de Venezuela as of May 1.  However,
ConocoPhillips still has yet to agree to the terms on the
transfer.

"The issues really relate to compensation for the expropriation
and what are the commercial terms that are offered with respect
to continuing our participation in these efforts going forward,"
Mr. Mulva admitted to El Universal.

Meanwhile, ConocoPhillips spokesperson Charlie Rowton told
Carmen J. Gentile at the United Press International that
negotiations between the firm and Venezuelan officials are
ongoing.  

The United Press' Ms. Gentile relates that a petroleum analyst
said the talks might not succeed due to a conflict between
Minister Ramirez and Mr. Mulva.

Minister Ramirez said that Venezuela will proceed with the
nationalization of the oil and gas sector, according to the
United Press' Ms. Gentile.  The minister publicly asserted that
the government will confiscate assets, by force if needed, to
complete the task.  Meanwhile, Mr. Mulva is allegedly interested
on securing royalties for ConocoPhillips on the technology it
developed in Orinoco.

PFC Energy analyst Roger Tissot told the United Press that Mr.
Mulva is trying to get the best price for ConocoPhillips'
assets.

ConocoPhillips could consider arbitration if talks with the
government fail, El Universal states, citing Mr. Mulva.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the outlook on the
ratings remains stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
  
May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/
  
May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/
  
Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/
  
BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.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.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
delos Santos, Christian Toledo, and Junald Ango, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


           * * * End of Transmission * * *