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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

             Thursday, May 17, 2007, Vol. 8, Issue 97

                          Headlines

A R G E N T I N A

ALPARGATAS SAIC: Fitch Confirms D(arg) Rating on 5 Bond Issues
BANCO SANTANDER: Earns ARS95.9 Million in First Quarter 2007
CATERING ESPECIALISTAS: Claims Verification Deadline Is July 2
CENTRAL PUERTO: Fitch Confirms Category 3 Status
CMF SA: Fitch Lifts Rating on US$40-Million Bonds to BB(uy)

COMPANIA DE ALIMENTOS: Fitch Confirms D(arg) Rating on Bonds
GA TRADING: Seeks Reorganization Approval in Buenos Aires Court
GALTRUST: Fitch Argentina Confirms II & V Ratings
GAS NATURAL: Fitch Confirms D(arg) Rating on US$130-Mil. Bonds
GLOBAL TRADE: Seeks Reorganization Okay in Buenos Aires Court

GOLAGO SA: Proofs of Claim Verification Deadline Is June 26
HDS SA: Trustee Verifies Proofs of Claim Until Feb. 4, 2008
HIDROELECTRICA PIEDRA: Fitch Confirms BB-(arg) Ratings
IMAGEN SATELITAL: Fitch Confirms D(arg) Rating on US$255K Notes
MAGIA SRL: Trustee To File General Report in Court on Aug. 4

MALBRAN SRL: Proofs of Claim Verification Deadline Is July 6
METALURGICA KYSMAR: Proofs of Claim Verification Ends on June 29
SCHINC SA: Proofs of Claim Verification Deadline Is Aug. 7
TRANSPORTADORA DE GAS: Issues US$500 Million in Class 1 Bonds
XUANON SA: Proofs of Claim Verification Is Until June 8

B E R M U D A

ARGYLL ELITE: Final General Meeting Is Set for June 15
ADVANTAGE COMPANY: Proofs of Claim Must be Filed by May 31
ADVANTAGE COMPANY: Sets Final General Meeting for June 21
FIRST SHIP: Proofs of Claim Must be Filed by May 20
PXRE REINSURANCE: Fitch Removes Ratings from Negative Watch

SCOTTISH RE: Investment View at Neutral, Analyst Sbaschnig Says
WARNER CHILCOTT: Incurs US$4.5 Mil. Net Loss in 2007 First Qtr.

B O L I V I A

COEUR D'ALENE: Forms Joint Mgmt. Team to Run Palmarejo Project

* BOLIVIA: Implements New Price of Gas Export to Brazil

B R A Z I L

BANCO DO BRASIL: Reports First Quarter Financial Results
BANCO DO BRASIL: Units Earn BRL141 Million in First Quarter
BANCO DO BRASIL: Will Issue US$200 Million in 10-Year Bonds
BANCO ITAU: Fitch Ups Foreign Currency IDR to BBB- from BB+
BANCO ITAU: Fitch Lifts Foreign Currency IDR to BBB- from BB+

BANCO ITAU BBA: Fitch Ups Foreign Currency IDR to BBB- from BB+
BANCO NACIONAL: Disbursements Reach BRL56.5 Billion in 12 Months
BANCO PINE: Reports BRL21,389 Net Income in 2007 First Quarter
BANCO SANTANDER: Fitch Ups Foreign Currency IDR to BBB- from BB+
BANCO UBS: Fitch Lifts Foreign Currency IDR to BBB- from BB+

BANCO VOTORANTIM: Fitch Ups Foreign Currency IDR to BBB-
LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary
NOSSA CAIXA: First Quarter 2007 Net Profit Drop to BRL87.7 Mil.
NOSSA CAIXA: Pension Partnership with Mapfre Sells 225,300 Plans
PETROLEO BRASILEIRO: Production Drops 0.8% in April

UNIAO DE BANCOS: Fitch Ups Foreign Currency IDR to BBB- from BB+

* BRAZIL: Bolivia Implements New Price of Gas Export to Nation

C A Y M A N   I S L A N D S

ATLANTIC & WESTERN: Fitch Removes Ratings from Negative Watch
BLUE HERON: Proofs of Claim Must be Filed by June 14
GANNET III: Proofs of Claim Filing Is Until June 14
GIH IJARA: Will Hold Final Shareholders Meeting on June 11
GIH IJARA: Proofs of Claim Must be Filed by June 11

GIH RESIDENTIAL: Sets Final Shareholders Meeting for June 11
GIH RESIDENTIAL: Proofs of Claim Filing Ends on June 11
HDH ADVISORS: Proofs of Claim Filing Deadline Is June 7

C H I L E

CONSTELLATION BRANDS: Closes Private Sale of US$700MM Sr. Notes

C O L O M B I A

BANCOLOMBIA: Fiduciaria Gets OK to Form New Service Unit in Peru
BBVA COLOMBIA: Fitch Affirms & Removes IDR & Individual Ratings

E C U A D O R

GRAHAM PACKAGING: Posts US$15.6 Mil. Net Loss in First Quarter
PETROECUADOR: Expects Plant Upgrade Offer from Royal Dutch
PETROECUADOR: Unit's Daily Output Increases to 87,040 Barrels

* ECUADOR: Drafting Bill To Strengthen Antimonopoly Laws

E L  S A L V A D O R

BANCO CUSCATLAN: S&P Lifts Counterparty Credit Rating to BB+/B

G U A T E M A L A

IMAX CORP: Bondholder Wants Consent Solicitation Stated Invalid

M E X I C O

CABLEMAS SA: First Quarter Net Income Soars to MXN82.3 Million
FORD MOTOR: Founding Family Members Deny Talks to Sell Stakes
FORD MOTOR: High Ct. Wants Lower Courts to Review US$82.6M Award
FORD MOTOR: Finance Arm Sells US$1.5-Billion Debt, Reuters Says
INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating

KANSAS CITY SOUTHERN: Fitch Rates Planned US$165-Mln Notes at B+
KANSAS CITY SOUTHERN: S&P Rates New US$165-Million Notes at B
MEGA BRANDS: Hires Harold Chizick as Public Relations Director
VITRO SAB: Unveils Exchange & Replacement of Share Certificates

P E R U

GRAN TIERRA: Posts US$6.7 Mil. Net Loss in Qtr. Ended March 31

P U E R T O   R I C O

DIRECTV GROUP: Tops Cable Customer Satisfaction Index
SIMMONS CO: Earns US$4.4 Million in Quarter Ended March 31

V E N E Z U E L A

DAIMLERCHRYSLER: No Immediate Job Cuts, Cerberus Assures Workers
DAIMLERCHRYSLER: Going Private Chrysler Ceases Financials Filing
PETROLEOS DE VENEZUELA: Oil Rig Nationalization Causes Fears
PETROLEOS DE VENEZUELA: Will Acquire Power Utility Eleval
TRAVELPORT INC: Launches Exchange Offer on Five Senior Notes

* VENEZUELA: Ending Tobacco Production, Says Health Minister
* VENEZUELA: NYSE Suspends Cantv Trading Due to Nationalization

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


ALPARGATAS SAIC: Fitch Confirms D(arg) Rating on 5 Bond Issues
--------------------------------------------------------------
Fitch confirmed its 2 ratings for Alpargatas SAIC's common
shares and also confirmed the D(arg) ratings for these
negotiable bonds issued:

     -- Convertible negotiable bonds for US$70 million (US$6.2
        million in circulation)

     -- Convertible negotiable bonds for US$5.1 million
        (US$40,898 in circulation)

     -- Sub convertible negotiable bonds for ARS80 million
        (ARS5.9 million in circulation)

     -- Negotiable bonds for US$40 million (US$13.4 million in
        circulation)

     -- Simple Class A negotiable bonds for US$1.1 million and
        Class B US$80 million.

The ratings follow the approval of the agreement reached with
creditors in September 2006.  Fitch believes this gives
Alpargatas a context of higher certainty regarding the future
development of its business.


BANCO SANTANDER: Earns ARS95.9 Million in First Quarter 2007
------------------------------------------------------------
Banco Santander Rio said in its financial statements that its
profit increased 189% to ARS95.9 million in the first quarter
2007, compared to the first quarter of 2006.

Business News Americas relates that Banco Santander's quarterly
figures made return on equity increase to 26.6% in this year's
first quarter, from 12.2% in last year's first quarter, while
return on assets rose to 2.33% from 1.07%.  The efficiency ratio
improved to 45.1% from 52.5%.

According to BNamericas, Banco Santander's operating income grew
63.1% to ARS251.2 million in the first quarter 2007, compared to
the first quarter 2006, due to a 46.8% boost in net interest
income and controlled administrative expenses.

Banco Santander said that its net service income increased 35.4%
to ARS222 million in the first quarter 2007, from the first
quarter 2006, covering 108% of expenses, BNamericas notes.

Fitch analyst Santiago Gallo commented to BNamericas, "Strong
private sector lending kept generating strong interest income.  
The bank also continued lowering its exposure to public sector
assets in the quarter, which is also very positive."

BNamericas states that government-backed securities as a
percentage of total assets declined to 14.1% in March 2007,
compared to 26.0% in March 2006.

The report says that Banco Santander's net loans to the private
sector increased 53.3% to ARS8.79 billion in the 12 months ended
March 2007, from the same period in 2006, on the back of strong
retail lending.  The past-due loan ratio for private sector
lending rose to 0.70%, from 1.13%.

Banco Santander registered ARS16.7 billion in assets and ARS13.0
billion in deposits as of March 2007, BNamericas reports.

Banco Santander Rio S.A. is headquartered in Buenos Aires,
Argentina.  The bank had ARS$16.2 billion (US$5.3 billion) in
total assets and ARS$12.6 billion (US$4.1 billion) in deposits
as of December 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 19, 2007, Moody's Investors Service assigned a Ba2 local
currency debt rating to Banco Santander Rio S.A.'s ARS$450
million notes that are due in 2010 issued under the program of
US$250 million.  Moody's also assigned Aaa.ar national scale
local currency debt rating to the notes.  These ratings were
assigned to Banco Santander's ARS$450 million Senior Unsecured
Notes:

   -- Long-term local currency debt rating: Ba2, stable outlook
   -- National scale local currency debt rating: Aaa.ar


CATERING ESPECIALISTAS: Claims Verification Deadline Is July 2
--------------------------------------------------------------
Alfonso Raul Badaracco, the court-appointed trustee for Catering
Especialistas S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until July 2, 2007.

Mr. Badaracco will present the validated claims in court as
individual reports on Aug. 28, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Catering Especialistas 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 Catering
Especialistas' accounting and banking records will be submitted
in court on Oct. 9, 2007.

Mr. Badaracco is also in charge of administering Catering
Especialistas' assets under court supervision and will take part
in their disposal to the extent established by law.

The debtor can be reached at:

          Catering Especialistas S.R.L.
          Avenida Cabildo 476
          Buenos Aires, Argentina

The trustee can be reached at:

          Alfonso Raul Badaracco
          Esmeralda 980
          Buenos Aires, Argentina


CENTRAL PUERTO: Fitch Confirms Category 3 Status
------------------------------------------------
Fitch Ratings has confirmed Central Puerto's shares in Category
3.  The ratings reflect a high liquidity in the shares and a low
fund generation capacity.  The company is one of the leading
power generators in Argentina.  Its operational risk has grown
due to troubles in the natural gas supply and low-income level
of its units compared with their operational costs.

Central Puerto's payment capacity is tight, as a result of a
high indebtedness level for the market risks it is facing.

Central Puerto has delayed the payment of the last two interest
installments, for around US$5.1 million.  Even though the debt
restructuring (June 2006) improved its financial profile, in a
short term the debt services turn out to be too high for its
fund generation. For the future, principal payments between
years 2009 and 2011 seem to be extremely aggressive, increasing
the refinancing risk.


CMF SA: Fitch Lifts Rating on US$40-Million Bonds to BB(uy)
-----------------------------------------------------------
Fitch Ratings has upgraded to BB(uy) with stable outlook from
BB-(uy) stable outlook the US$40 million negotiable bond issue
of CMF SA Bank.

The upgrade in the bank ratings follows the positive evolution
in its performance and positioning in its core market segment
(medium-sized companies); good liquidity indexes, its favorable
credit quality and low exposition to the public sector.


COMPANIA DE ALIMENTOS: Fitch Confirms D(arg) Rating on Bonds
------------------------------------------------------------
Fitch has confirmed the D(arg) ratings for the US$120 million
bonds issued by Argentina's breadmaker Compania de Alimentos
Fargo SA.

Fargo initiated formal restructuring proceedings on
June 28, 2002.  The process is still unresolved.  The company
stopped paying interest on the qualified negotiable bonds in
February 2002.

Fitch considers that despite the recovery shown by Fargo's fund
generation as a result of the growth in the production level,
there is still a high deal of uncertainty regarding the impact
of the bankruptcy proceedings and the possible foreclosure of
important assets of the company on the continuity of its
operations.  For that reason, the commitment of Bismark to
suspend foreclosures for nine months is very important and would
give Fargo the possibility to reinitiate its formal restructurig
proceedings suspended since 2003.


GA TRADING: Seeks Reorganization Approval in Buenos Aires Court
---------------------------------------------------------------
G.A. Trading SA has requested for reorganization after failing
to pay its liabilities since Oct. 10, 2006.

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

The case is pending before the National Commercial Court of
First Instance No. 23 in Buenos Aires.  Clerk No. 45 assists on
this case.

The debtor can be reached at:

          G.A. Trading SA
          Maipu 311


GALTRUST: Fitch Argentina Confirms II & V Ratings
-------------------------------------------------
Fitch Argentina Calificadora de Riesgo has confirmed the ratings
of the Debt Securities and Participation Certificates of
Galtrust II and Galtrust V Financial Trusts -- Mortgage Letters
in these categories:

  -- Financial Trust Galtrust II - Mortgage Letters

     * Debt Securities for original face value ARS45,000,000:
       CCC(arg)

     * Participation Certificates for original face value
       ARS16,191,493: C(arg)

  -- Financial Trust Galtrust V - Mortgage Letters

     * Debt Securities for original face value ARS42,000,000:
       B+(arg)

     * Participation Certificates for original face value
       ARS15,573,377: CC(arg)


GAS NATURAL: Fitch Confirms D(arg) Rating on US$130-Mil. Bonds
--------------------------------------------------------------
Fitch has confirmed its D(arg) ratings for Gas Natural Argentino
SA's US$130 million negotiable bonds.

GASA is in default since April 2002.  Even though Fitch
considers the debt restructuring agreement subscribed between
GASA and its creditors in December 2005 to be positive, it will
keep the negotiable bonds' ratings in D(arg), until the
cancellation of the debt.  The agreement contemplates the
capitalization of the total amount of debt through the exchange
for shares in GASA and MetroGAS.  The exchange is pending
approval by ENARGAS and the National Commission for Defense of
Competition.


GLOBAL TRADE: Seeks Reorganization Okay in Buenos Aires Court
-------------------------------------------------------------
Global Trade Argentina S.A. has requested for reorganization
after failing to pay its liabilities since Oct. 10, 2006.

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

The case is pending before National Commercial Court of First
Instance No. 23 in Buenos Aires.  Clerk No. 46 assists on this
case.

The debtor can be reached at:

          Global Trade Argentina S.A.
          Maipu 311
          Buenos Aires, Argentina


GOLAGO SA: Proofs of Claim Verification Deadline Is June 26
-----------------------------------------------------------
Sara Maria Rey de Lavolpe, the court-appointed trustee for
Golago SA's bankruptcy proceeding, verifies creditors' proofs of
claim until June 26, 2007.

Ms. de Lavolpe will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk No.
13, 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 Golago 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 Golago's accounting
and banking records will be submitted in court.

La Nacion did not state the reports submission dates.

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

The debtor can be reached at:

          Golago SA
          Avenida Tornsquit 6385
          Buenos Aires, Argentina

The trustee can be reached at:

          Sara Maria Rey de Lavolpe
          Cerrito 1136
          Buenos Aires, Argentina


HDS SA: Trustee Verifies Proofs of Claim Until Feb. 4, 2008
-----------------------------------------------------------
Sadofschi y Uruena Estudio de Ciencias Economicas, the court-
appointed trustee for HDS S.A.'s reorganization proceeding,
verifies creditors' proofs of claim until Feb. 4, 2008.

The National Commercial Court of First Instance in Mendoza
approved a petition for reorganization filed by HDS, according
to a report from Argentine daily Infobae.

Sadofschi y Uruena will present the validated claims in court as
individual reports on March 17, 2008.  The court 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 HDS 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 HDS' accounting and
banking records will be submitted in court on May 5, 2008.

The informative assembly will be held on Oct. 21, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

          HDS S.A.
          Guinazu 435, Lujan de Cuyo
          Mendoza, Argentina

The trustee can be reached at:

          Sadofschi y Uruena Estudio de Ciencias Economicas
          Espejo 65, Ciudad de Mendoza
          Mendoza, Argentina


HIDROELECTRICA PIEDRA: Fitch Confirms BB-(arg) Ratings
------------------------------------------------------
Fitch Argentina Calificadora de Riesgo has confirmed its
BB-(arg) ratings for the debt certificates issued under
Hidroelectrica Piedra del Aguila (HPDA)'s Financial Trusts
Series I, II and III and assigns Positive Watch outlook.  Fitch
will review the ratings of the current HPDA Negotiable Bonds
that are the underlying asset in a short term.

     -- Series I Debt Certificates: USD 6,940,721
     -- Series II Debt Certificates: USD 7,120,200
     -- Series III Debt Certificates: USD 600,000

The credit risk involved in the current transaction is focused
on the repayment capacity of the issuer of the Negotiable Bonds
that compose the underlying asset, that is to say, HPDA.  
Therefore, the current ratings are related to the economic-
financial performance of the mentioned company, and so, is
subject to changes that could affect the company and,
subsequently, its debt repayment capacity.

After the debt payments made during 2006, HPDA shows a better
financial position, which Fitch Argentina foresees might result
in a strengthening of its funding structure.

The Series I, II and III Negotiable Bonds, underlying assets of
the current Trusts, as well as the HPDA I, II and III Debt
Certificates, were issued in 1999 with a 10-year term and remain
as remaining amount of the debt exchange carried out by the
company in August 2004.


IMAGEN SATELITAL: Fitch Confirms D(arg) Rating on US$255K Notes
---------------------------------------------------------------
Fitch has confirmed the D(arg) rating of the negotiable bonds
issued by Imagen Satelital S.A.

The ratings follow the noncompliance of the remaining bonds in
circulation; the ones that were not included in the debt
restructuring offer.  From the operational point of view, the
company has a good competitive position in the cable TV
programming market.

On Dec. 14, 2006, Claxson, indirect majority shareholder in
Imagen Satelital, signed an agreement with Turner Broadcasting
System Inc. for the sale of the total capital stock of CTG
Inversora e Imagen (Imagen Satelital's controlling company).  
This means Imagen Satelital will be controlled by TBS Latin
America.  The shareholding change is currently subject to
regulatory approval.  Fitch will analyze the business strategy
and synergies with the new controlling group once the share
transfer has been carried out.  At the same time, it is expected
that the sale will speed up or contribute to the definitive
cancellation of the negotiable bonds in default that have not
been exchanged (US$255,000 plus unpaid interest).


MAGIA SRL: Trustee To File General Report in Court on Aug. 4
------------------------------------------------------------
Susana Beatriz Gobbi, the court-appointed trustee for Magia
S.R.L.'s bankruptcy proceeding, will submit to court a general
report containing an audit of the company's accounting and
banking records on Aug. 4, 2007.

Ms. Gobbi verifies creditors' proofs of claim "por via
indicidental."  She will then present the validated claims in
court as individual reports.  The National Commercial Court of
First Instance in Cordoba will determine the verified claims'
admissibility, taking into account the trustee's opinion and the
objections and challenges that Magia and its creditors will
raise.

Infobae did not state the reports submission date.

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

The debtor can be reached at:

          Magia S.R.L.
          Santa Rosa 3085, Ciudad de Cordoba
          Cordoba, Argentina

The trustee can be reached at:

          Susana Beatriz Gobbi
          Obispo Trejo 351, Ciudad de Cordoba
          Cordoba, Argentina


MALBRAN SRL: Proofs of Claim Verification Deadline Is July 6
------------------------------------------------------------
Alberto Guido Hosselet, the court-appointed trustee for Malbran
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until July 6, 2007.

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

La Nacion did not state the reports submission dates.

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

The debtor can be reached at:

          Malbran SRL
          Florida 833
          Buenos Aires, Argentina

The trustee can be reached at:

          Alberto Guido Hosselet
          Avenida Luis Maria Campos 1160
          Buenos Aires, Argentina


METALURGICA KYSMAR: Proofs of Claim Verification Ends on June 29
----------------------------------------------------------------
Estudio Abigador, Collia y Vighenzoni, the court-appointed
trustee for Metalurgica Kysmar S.A.I.C.'s bankruptcy proceeding,
verifies creditors' proofs of claim until June 29, 2007.

Estudio Abigador will present the validated claims in court as
individual reports on Aug. 28, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Metalurgica Kysmar 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 Metalurgica Kysmar's
accounting and banking records will be submitted in court on
Oct. 9, 2007.

Estudio Abigador is also in charge of administering Metalurgica
Kysmar's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

          Estudio Abigador, Collia y Vighenzoni
          Uruguay 856
          Buenos Aires, Argentina


SCHINC SA: Proofs of Claim Verification Deadline Is Aug. 7
----------------------------------------------------------
Miryam Lewenbaum, the court-appointed trustee for Schinc SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 7, 2007.

Ms. Lewenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 Schinc 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 Schinc's accounting
and banking records will be submitted in court.

La Nacion did not state the reports submission dates.

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

The debtor can be reached at:

          Schinc SA
          Guemes 4144
          Buenos Aires, Argentina

The trustee can be reached at:

          Miryam Lewenbaum
          Montevideo 666
          Buenos Aires, Argentina


TRANSPORTADORA DE GAS: Issues US$500 Million in Class 1 Bonds
-------------------------------------------------------------
Transportadora de Gas del Sur S.A. said in a filing with the
Buenos Aires stock exchange that it has issued US$500 million in
class 1 bonds.

Business News Americas relates that the 10-year bonds carry a
7.87% fixed nominal yearly interest rate.

According to BNamericas, Transportadora de Gas issued the bonds
as part of the bond issue and reissue program to a maximum value
of US$650 million or its equivalent in other currencies as
ratified by the Argentine securities regulator Comision Nacional
de Valores in January.

Transportadora de Gas will use the revenue generated by the bond
issue to pay down debt, BNamericas states.

Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower.  Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts.  Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina.  The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province where natural gas liquids
are separated from gas transported through the Company's
pipeline system and stored for delivery.  Transportadora de Gas
is engaged in midstream activities and the provision of
telecommunication services in Argentina.  The company operates
the largest pipeline transmission system in Argentina, which
accounts for roughly 60% of the country's total natural gas
consumption.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Latin America assigned a B1 global foreign
currency rating to Transportadora de Gas del Sur S.A. US$500
million notes, due 2017, to be issued to redeem outstanding
debt.  An Aa2.ar national scale rating was already assigned.  
Moody's said the rating outlook is stable.


XUANON SA: Proofs of Claim Verification Is Until June 8
-------------------------------------------------------
Alcira Tallone, the court-appointed trustee for Xuanon S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
June 8, 2007.

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

Infobae did not state the reports submission dates.

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

The trustee can be reached at:

          Alcira Tallone
          Uruguay 662
          Buenos Aires, Argentina




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B E R M U D A
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ARGYLL ELITE: Final General Meeting Is Set for June 15
------------------------------------------------------
Argyll Elite fund Ltd.'s final general meeting will be at
10:00 p.m. on June 15, 2007, or as soon as possible, at the
liquidator's place of business.

Argyll Elite's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.  

The liquidator can be reached at:

             Deloitte & Touche
             Corner House
             Church & Parliament Streets, Hamilton
             Bermuda


ADVANTAGE COMPANY: Proofs of Claim Must be Filed by May 31
----------------------------------------------------------
Advantage Company Ltd.'s creditors are given until May 31, 2007,
to prove their claims to Jennifer Y. Fraser, 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.

Advantage Company's China Pacific's shareholders agreed to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:
     
           Jennifer Y. Fraser
           Canon's Court, 22 Victoria Street
           Hamilton, Bermuda


ADVANTAGE COMPANY: Sets Final General Meeting for June 21
---------------------------------------------------------
Advantage Company Ltd.'s final general meeting will be at
9:00 a.m. on June 21, 2007, or as soon as possible, at the
liquidator's place of business.

Advantage Company's shareholders will determine during the
meeting, through a resolution, the manner in which the books,
accounts and documents of the company and of the liquidator will
be disposed.  

The liquidator can be reached at:

           Jennifer Y. Fraser
           Canon's Court, 22 Victoria Street
           Hamilton, Bermuda


FIRST SHIP: Proofs of Claim Must be Filed by May 20
---------------------------------------------------
First Ship Lease Ltd.'s creditors are given until May 20, 2007,
to prove their claims to Cheong Chee Tham & Peter Martin, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

First Ship's shareholders agreed to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidators can be reached at:
   
           Cheong Chee Tham
           Peter Martin
           c/o Mello Jones & Martin
           Thistle House, 4 Burnaby Street
           Hamilton, Bermuda


PXRE REINSURANCE: Fitch Removes Ratings from Negative Watch
-----------------------------------------------------------
Fitch Ratings removed the following ratings for Atlantic &
Western Re Ltd. from Rating Watch Negative.  The notes have been
paid in full.

     -- Class A notes 'BB';
     -- Class B notes 'B'.

The rating actions affect US$300 million of Atlantic & Western
Re notes.

Atlantic & Western Re provided coverage to PXRE Reinsurance
Ltd., a Bermuda-based reinsurer, on a five-year reinsurance
contract. PXRE did not pay the premium due Feb. 8, 2007, under
the reinsurance contract.  The non-payment resulted in a default
under the reinsurance contract, which, in turn, resulted in an
early termination of the reinsurance contract.  As a result, on
Feb. 27, 2007, Fitch placed both series of notes on Rating Watch
Negative.

Fitch has confirmed with the indenture trustee that PXRE
subsequently made a payment on May 8, 2007, consisting of the
premium payment due that date, the premium payment that was due
on Feb. 8 and the early termination premium of $11 million
specified in the reinsurance contract.  The US$300 million of
note principal held in trust was also repaid to noteholders.

Atlantic & Western Re is a Cayman Islands-domiciled insurance
company formed solely to issue the notes, enter into a
reinsurance contract with PXRE, and to conduct activities
related to the notes' issuance.

The affected notes are:

     -- US$100 million class A Notes due Nov. 15, 2010 'BB';
     -- US$200 million class B Notes due Nov. 15, 2010 'B'.

PXRE Group Ltd. is a publicly traded reinsurance holding company
providing reinsurance products and services to a worldwide
marketplace.  For the year ended Dec. 31, 2005, PXT reported net
premiums earned of US$388 million and a net loss of US$705
million.


SCOTTISH RE: Investment View at Neutral, Analyst Sbaschnig Says
---------------------------------------------------------------
Oppenheimer & Co. analyst Richard Sbaschnig maintained his
investment opinion of Scottish Re Group Ltd. at "neutral."
Mr. Sbaschnig lowered his 2007 and 2008 earnings per share
estimates to a loss of US$1.16 from a loss of 6 cents and a loss
of 10 cents from 29 cents, respectively.

The analyst wrote in a research report: "Based on management's
analysis, run-rate profitability in SCT's core business could be
substantially lower over the next 4-6 quarters than we
previously assumed.  In addition, there are a number of non-
recurring items tied to new financing and changes to the Board
of Directors which will likely lower earnings.  We have more
confidence in our current estimates than our previous ones;
however, a number of uncertainties remain.  Additional severance
and compensation expenses could be incurred if there are changes
in management, and other possible balance sheet write-downs
could occur after the new Board fully takes control of the
company."

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, 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.

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Standard & Poor's Ratings Services raised its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'B' and removed it from CreditWatch with developing
implications, where it was placed on Dec. 6, 2006.


WARNER CHILCOTT: Incurs US$4.5 Mil. Net Loss in 2007 First Qtr.
---------------------------------------------------------------
Warner Chilcott Limited announced its results for the quarter
ended March 31, 2007.  Total revenue in the quarter rose to
US$218.4 million, an increase of 31.2%, over the prior year
quarter.  The revenue growth in the quarter ended
March 31, 2007, was driven by LOESTRIN 24 FE and TACLONEX, both
of which were launched in April 2006.  The company reported a
net loss of US$4.5 million in the quarter compared with a net
loss of US$27.3 million in the prior year quarter.

Cash net income in the quarter ended March 31, 2007 was US$51.0
million.  The current quarter included a US$7.5 million expense
relating to the proposed settlements of certain legal actions
related to OVCON 35.  Excluding the after-tax impact of this
expense, adjusted cash net income for the quarter was US$58.4
million.

References in this release to "cash net income" mean the
company's net income adjusted for the after-tax effects of two
non-cash items: amortization of intangible assets and
amortization (or write-off) of deferred loan costs related to
the company's debt.

"We had a strong quarter," said Chief Executive Officer Roger
Boissonneault.  "LOESTRIN 24 FE and TACLONEX were major
contributors to our revenue growth.  During the first quarter we
completed the expansion of our Chilcott sales force which will
enable us to launch promotional efforts behind our FEMCON FE
brand and add another growth driver to our portfolio."

                           Revenue

Revenue in the quarter ended March 31, 2007, was US$218.4
million, an increase of US$51.9 million or 31.2% over the prior
year quarter.  The primary drivers of the increase in revenue
were the net sales of two products introduced in March 2006,
LOESTRIN 24 FE and TACLONEX, which together contributed US$59.0
million of growth for the quarter ended March 31, 2007 compared
to the same quarter last year.

Sales of the company's oral contraceptives increased US$14.8
million in the quarter, or 29.2%, compared with the prior year
quarter.  Beginning in April 2006, LOESTRIN 24 FE became the top
promotional priority of its 175 territory Women's Healthcare
sales force generating revenue of US$34.4 million in the quarter
ended March 31, 2007, compared to US$1.4 million in the prior
year quarter.  Filled prescriptions of LOESTRIN 24 FE increased
36.4% sequentially in the quarter ended March 31, 2007, compared
to the quarter ended Dec. 31, 2006.  ESTROSTEP net sales
decreased US$3.8 million during the first quarter, or 14.7%, due
primarily to a decline in filled prescriptions of 20.1% offset
partially by higher average selling prices.  ESTROSTEP filled
prescriptions declined due to the company's promotional shift to
LOESTRIN 24 FE.  OVCON net sales during the quarter declined
US$19.4 million, or 80.7%, compared with the prior year quarter.  
The decline in OVCON revenue was due to the introduction of a
generic version of OVCON 35 in late October 2006, which led to
an 80.4% decline in filled prescriptions for OVCON 35 compared
to the same quarter last year.  FEMCON FE generated net sales in
the quarter ended March 31, 2007, of US$5.0 million.  The
company introduced and began commercial sales of FEMCON FE in
the second half of 2006, but did not initiate promotional
efforts to launch the product until April 2007.  Beginning in
April 2007, FEMCON FE became the top promotional priority for
its newly expanded Chilcott Labs sales force.

Sales of the company's dermatology products increased US$35.5
million, or 56.7%, compared to the prior year quarter, primarily
due to the increase in TACLONEX sales of US$26.0 million.  
TACLONEX, which was launched in April 2006, achieved sequential
growth in filled prescriptions of 12.7% in the first quarter
compared to the quarter ended Dec. 31, 2006.  Sales of DORYX
increased US$1.4 million, or 5.6%, compared to the prior year
quarter.  DORYX prescriptions, which had been growing during the
period from July 1, 2005, through June 30, 2006, softened in the
second half of 2006 due to decreased promotional emphasis
following the April 2006 launch of TACLONEX.  In January 2007,
the Company took steps to increase its Dermatology sales force's
promotional efforts with DORYX.  While filled prescriptions for
DORYX declined 15.3% compared to the same quarter last year,
DORYX net sales in the quarter increased as price increases more
than offset the decline in filled prescriptions.  Sales of
DOVONEX increased US$8.1 million, or 23.8%, compared with the
prior year quarter as price increases more than offset a 16.6%
decline in filled prescriptions.

Sales of the company's hormone therapy products increased US$2.6
million, or 7.9%, compared with the prior year quarter.  The
launch of the low-dose version of FEMHRT in 2006 helped to slow
the decline of filled prescriptions in its hormone therapy
portfolio.  FEMHRT filled prescriptions were down 5.0% in the
quarter compared with the prior year, the impact of which was
essentially offset by increased selling prices.  Filled
prescriptions for ESTRACE Cream were down 3.5% in the quarter
compared with the prior year, which was more than offset by
increased selling prices.  However, a contraction of pipeline
inventories of ESTRACE CREAM in the quarter relative to the
prior year quarter contributed to a 5.3% decrease in net sales
of the product.  SARAFEM, the company's product used to treat
symptoms of pre-menstrual dysphoric disorder, had sales of
US$9.2 million in the quarter ended March 31, 2007, compared
with US$10.6 million in the prior year quarter.  The decrease is
due to a 25.9% decline in filled prescriptions offset in part by
increased prices.

                        Cost Of Sales

Cost of sales (excluding amortization of intangible assets)
increased US$18.8 million in the quarter ended March 31, 2007,
compared with the prior year quarter primarily due to the 29.9%
increase in product net sales.  Cost of sales in the quarter
ended March 31, 2006, included US$1.5 million representing the
increased values of DOVONEX inventory recorded through the
allocation of acquisition purchase price.  Adjusted for the
DOVONEX inventory step-up in the prior year quarter, the
company's gross profit margin on product net sales decreased
from 81.8% in the prior year to 76.6% in the current quarter.  
The decrease in the company's gross profit margin on product net
sales was due to a number of factors including the mix of
products sold with net sales of DOVONEX and TACLONEX accounting
for 32.9% of its product net sales in the current quarter
compared with 22.2% in the prior year quarter.  The company's
gross profit margin was further reduced by the impact of a
US$3.6 million reserve recorded during the quarter for
inventories of certain DOVONEX products on hand as of
March 31, 2007, which the company does not expect to sell due to
a shift in its marketing strategies relating to the
DOVONEX/TACLONEX product family.  The cost of sales for DOVONEX
and TACLONEX (which includes royalties based on the company's
net sales, as defined in the relevant supply agreements),
expressed as a percentage of product net sales, are
significantly higher than the costs for its other products.

            Selling, General & Administrative Expenses

SG&A expenses for the quarter ended March 31, 2007, were US$77.9
million, an increase of US$39.6 million, from US$38.3 million in
the prior year quarter.  Advertising and promotion increased
US$21.7 million over the prior year quarter primarily due to the
timing of two flights of direct to consumer advertising for
LOESTRIN 24 FE totaling US$15.4 million and other promotional
spending in support of the company's new products.  Selling and
distribution expenses increased US$5.2 million over the prior
year quarter primarily due to the expansion of its field sales
forces by approximately 75 territories to support the initiation
of promotional activities for FEMCON FE beginning in the second
quarter of 2007.  In support of this launch, during the quarter
ended June 30, 2007, the company will run a flight of direct to
consumer advertising for FEMCOM FE resulting in an expense of
approximately US$10.0 million.  General, administrative and
other expenses increased US$12.7 million primarily due to an
increase in legal expenses of US$11.4 million which included a
US$7.5 million reserve for the proposed settlements of certain
legal actions related to OVCON 35.

                Research and Development Activities

The company's investment in product R&D totaled US$7.4 million
in the quarter ended March 31, 2007, compared with US$9.6
million in the prior year quarter.  R&D expense for the quarter
ended March 31, 2006, included US$3.0 million representing the
company's cost to acquire an option to purchase certain rights
with respect to a topical dermatology product currently in
development by LEO.  The company expects its investment in R&D
in 2007, exclusive of milestone payments the company may make to
third parties, to increase from the levels seen in 2006 as the
company anticipates having several clinical programs in process
during the year.

                     Net Interest Expense

Net interest expense for the quarter ended March 31, 2007, was
US$30.9 million, a decrease of US$14.2 million from US$45.1
million in the prior year period.  Included in the quarter ended
March 31, 2007, was US$1.3 million relating to the write-off of
deferred loan costs associated with the prepayment of US$60.0
million of its senior secured credit facility debt on
March 30, 2007.  The decrease in interest expense is primarily
the result of reductions in outstanding debt of US$738.2 million
from March 31, 2006 to March 31, 2007, offset partially by
higher interest rates in the current quarter compared with the
same quarter in 2006.

                        Income Taxes

The company's effective tax rate for the quarter ended
March 31, 2007, was 25.0%, which reflects its current estimate
of the corporate effective tax rate for the full year 2007.  The
effective income tax rate for interim periods and the full year
can be volatile due to changes in income mix forecasted among
the various tax jurisdictions in which the company operates.

            Cash Net Income & Adjusted Cash Net Income

Cash net income for the quarter ended March 31, 2007, was
US$51.0 million.  In arriving at cash net income, the company
adds back the after-tax impact of the book amortization of
intangible assets and the amortization or write off of deferred
financing costs.  These items are tax-effected at the estimated
marginal rates attributable to them.  In the first quarter of
2007, the marginal tax rates associated with the amortization of
intangible assets was 8.6% and the rate for amortization and
write off of deferred financing costs was 9.1%.

The current quarter included US$7.5 million of expenses relating
to the proposed settlements of certain legal actions related to
OVCON 35.  Excluding the after-tax impact of this expense,
adjusted cash net income for the quarter was US$58.4 million or
US$0.23 per share based on all 250.6 million Class A shares
outstanding.

            Liquidity, Balance Sheet and Cash Flows

As of March 31, 2007, the company's cash and cash equivalents
totaled US$68.5 million and total debt outstanding was
US$1,487.8 million with no borrowings outstanding under its
revolving credit facility.  The company generated US$58.0
million of cash from operating activities in the quarter ended
March 31, 2007, compared with US$21.8 million in the prior year
quarter.  Net loss during the quarter ended March 31, 2007,
decreased by US$22.8 million to US$4.5 million as compared with
the prior year quarter.  The quarter ended March 31, 2006,
included increases in inventories of US$26.0 million primarily
due to the new DOVONEX and TACLONEX inventories, which lowered
the cash flows from operating activities. This increase in
DOVONEX and TACLONEX inventories in 2006 does not have a
continuing impact on its cash flows from operations.  Capital
expenditures in the current quarter totaled US$3.8 million and
included continued investments in its Fajardo, Puerto Rico
manufacturing facility.

                2007 Financial Guidance Update

Based on the first quarter results and the current outlook for
the remainder of 2007, the company is increasing its full year
2007 financial guidance.  For 2007, the company anticipates
revenue to be in the range of US$850 to US$870 million based on
its increased outlook for sales of LOESTRIN 24 FE, FEMCON FE and
TACLONEX.

Total SG&A expenses are expected to be in the range of US$243 to
US$254 million, an increase of US$21 million from original
guidance given in January 2007.  This reflects an increase in
promotional expenses in the second half of 2007, additional
selling expense primarily related to the addition of ten sales
territories and the US$7.5 million of general and administrative
expense incurred in the first quarter related to the proposed
OVCON 35 litigation settlements.

Based on the revised guidance, GAAP net income is expected to be
in the range of US$12 to US$17 million.  Adjusted cash net
income, which adds back the after tax impact of book
amortization of intangible assets, the amortization and write
off of deferred financing costs and the first quarter expense
associated with the proposed OVCON 35 litigation settlements, is
expected to be in the range of US$235 to US$240 million.  Using
250.6 million Class A common shares, the Company expects
adjusted cash net income per share to be in the range of US$0.94
to US$0.96 for the full year 2007.

                    About Warner Chilcott

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a  
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *     *     *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  S&P said the rating
outlook is stable.

Moody's Investors Service revised on Oct. 9, 2006, the rating
outlook on Warner Chilcott Company, Inc., and related entities
to positive from stable, and affirmed the existing ratings,
including the B2 corporate family rating.  At the same time,
Moody's upgraded the speculative grade liquidity rating to SGL-2
from SGL-3.  In addition, Moody's withdrew the B1 senior secured
term loan rating on Warner Chilcott Holdings Company III,
Limited following the repayment of this tranche of debt.




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


COEUR D'ALENE: Forms Joint Mgmt. Team to Run Palmarejo Project
--------------------------------------------------------------
Coeur d'Alene Mines Corporation, Bolnisi Gold NL and Palmarejo
Silver and Gold Corporation have formed a Joint Management
Committee to oversee the management of the Palmarejo Project
through the close of the transaction in connection with their
previously announced agreements to merge.  The Palmarejo
Project, located in the state of Chihuahua, Mexico, and 100%
owned by Bolnisi and Palmarejo, is one of the highest-quality
primary silver projects in the world.

The Committee, which is authorized to ensure the continued
progress at the Palmarejo Project until the completion of the
transaction, is comprised of three senior management and
operating personnel from each of Coeur, Bolnisi and Palmarejo.  
Coeur's Richard Weston, senior vice president for operations,
will serve as chairman of the Committee.

The Committee has identified the following initial priorities:

   -- Establishing Coeur's on-site presence at the Palmarejo
      Project and facilitating the integration of Coeur
      personnel with the Bolnisi and Palmarejo teams already in
      place;

   -- Completing an assessment of the present status of
      construction activity at the Palmarejo Project;

   -- Investigating the development of a combined open pit and
      underground mine plan and completing an initial estimate
      of proven and probable reserves at the Palmarejo Project;
      and

   -- Continuing exploration initiatives at Palmarejo, which
      totals over 12,100 hectares of prospective terrain, and
      formulating a strategy for future exploration activities.

"The formation of the joint management committee is an important
step towards realizing the potential of this important
transaction," said Dennis E. Wheeler, Coeur's Chairman,
President and Chief Executive Officer.  "We are confident that
we can deliver significant additional value by bringing Coeur's
extensive exploration, development, and underground and open pit
mining expertise to the Palmarejo Project.  We look forward to
continuing our progress in reinforcing Coeur as the clear leader
in the silver mining industry."

As announced on May 3, 2007, Coeur, Bolnisi and Palmarejo
entered into agreements to merge to create the world's leading
primary silver producer.  Pursuant to the agreements, which are
subject to Coeur, Bolnisi and Palmarejo shareholder approvals
and certain other customary conditions, Coeur will acquire all
of the shares of Bolnisi, and all of the shares of Palmarejo not
owned by Bolnisi.

                        About Bolnisi

Bolnisi Gold NL is an Australia-based company engaged in mining
and exploration for gold and minerals. The Company's activities
are all Mexican precious metals operations with an existing
portfolio of projects, which include the Palmarejo Silver-Gold
project (including Trogan), Chihuahua; the Yecora Gold-Silver
project, Sonora, and the El Realito Gold-Silver project,
Chihuahua.

                       About Palmarejo

Palmarejo Silver And Gold Corporation is a silver/gold
exploration company listed on the TSX Venture Exchange under the
symbol "PJO."  Palmarejo's principal activity is to explore and
develop gold and silver properties located in the Temoris
District of Chihuahua, Mexico within the Sierra Madre Occidental
mountain range.

                     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.


* BOLIVIA: Implements New Price of Gas Export to Brazil
-------------------------------------------------------
Bolivia has implemented a new gas exports price of US$4.20 per
million British thermal unit to Cuiaba in Mato Grosso, Brazil,
Bolivian government news service Agencia Boliviana de
Informacion reports.

Business News Americas relates that Brazilian President Luiz
Inacio Lula da Silva agreed with Bolivian counterpart Evo
Morales in February to increase the export price for the 1.2
million cubic meters per day of gas shipped to Cuiaba from
US$1.09 per million British thermal unit.

According to BNamericas, the new price will boost Bolivian
government revenues from Cuiaba exports to US$68 million yearly
from US$24 million per year.

Bolivian state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos is transporting the gas through a 650-kilometer
pipeline stretching to Cuiaba, BNamericas states.  

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer




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


BANCO DO BRASIL: Reports First Quarter Financial Results
--------------------------------------------------------
Banco do Brasil said in its financial statements that its net
profits decreased 39.9% to BRL1.41 billion in the first quarter
2007, from BRL2.34 billion in the same period in 2006.

According Banco do Brasil's statements, its net profits in the
first quarter 2007 were 12.9% higher than the fourth quarter
2006.

Business News Americas relates that excluding BRL1.41 billion in
one-time gains in the first quarter 2006, Banco do Brasil's
first quarter 2007 profits increased 50.2% from BRL938 million
in the first quarter 2006.

BNamericas notes that Banco do Brasil's first quarter 2007
return on equity increased to 29.4% from 22.5% in the first
quarter 2006, and from 26.7% in the fourth quarter 2006.

The report says that Banco do Brasil increased total lending by
33.0% to BRL140 billion in March 2007, from March 2006.  Lending
in March 2007 was 5.40% higher compared to December 2006.  
Commercial lending increased 38.5% year-on-year and 6.30%
quarter-on-quarter to BRL55.2 billion.  Corporate loans rose
47.1% to BRL35.7 billion in the first quarter 2007, from the
first quarter 2006, and 6.30% from the fourth quarter 2006.  
Lending to small and medium-sized enterprises grew 25.1% to
BRL19.4 billion in March 2007, from March 2006, and 6.10% from
December 2006.  Loans to agribusinesses grew 26.2% to BRL46.8
billion in the first quarter 2007, from the same time in 2006
and 3.80% from December 2006, as the bank made funding available
for the 2006-07 harvest.  Meanwhile, retail lending grew 32.1%
to BRL26.1 billion on the year and 8.90% on the quarter.  
Payroll and retirement loans rose 99.0% to BRL9.34 billion in
the first quarter 2007, from the same period in 2006,
representing 50.2% of Banco do Brasil's direct consumer credit.  
Vehicle financing operations increased 387% year-on-year and
34.5% quarter-on-quarter to BRL1.20 billion.

BNamericas notes that Banco do Brasil entered into a 10-year
partnership with car rental firm Localiza in September 2006 to
provide funding for the sale of used cars through Localiza
branches.  Banco do Brasil will provide BRL125 million in
financing in the first year of the partnership.  Meanwhile,
Banco do Brasil launched a partnership with savings and loan
association Poupex in February to distribute home loans, passing
on BRL1.70 million to homebuyers and receiving BRL16.0 million
worth of requests for home loans.  Banco do Brasil eyes BRL650
million in home loans through the partnership in 2007 and is
preparing to launch its own line in the second half of this
year.

Banco do Brasil told BNamericas that its credit card operations
rose 21.8% to BRL3.20 billion in the first quarter 2007, from
the first quarter 2006, as the number of cards in circulation
increased 52.2% to BRL14.4 million.

According to the report, Banco do Brasil increased its market
share to 18.5% in March 2007, from 16.9% in March 2006.

BNamericas states that Banco do Brasil's revenues from loan
operations rose 19.7% to BRL6.10 billion in the first quarter
2007, compared to the first quarter 2006.  The revenues from the
loan operations in the first quarter 2007 were also about 4.90%
higher compared to the fourth quarter 2006.  Service fee income
grew 13.0% on the first quarter 2006 and 3.90% on the fourth
quarter 2006 to BRL2.38 billion.

Banco do Brasil managed to decrease the default rate of loans
overdue for over 60 days to 2.80% in the first quarter 2007,
from the 4.30% in the same quarter in 2006, despite strong loan
growth, according to BNamericas.  Banco do Brasil also decreased
loan-loss provisions by 21.7% to BRL1.62 billion in the first
quarter 2007, from the first quarter 2006.  However, provisions
rose 11.5% on the fourth quarter 2006.

Banco do Brasil's assets totaled BRL322 billion in the first
quarter 2007, BNamericas states.

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

                        *     *     *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counter party credit ratings on
Banco do Brasil SA to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BANCO DO BRASIL: Units Earn BRL141 Million in First Quarter
-----------------------------------------------------------
Banco do Brasil said in its latest financial statements that
consolidated earnings from its insurance, private pension and
savings bond firms increased 1.69% to BRL141 million in the
first quarter 2007, from BRL139 million in the first quarter
2006.

Business News Americas relates that the units' operating income
dropped 4.66% to BRL209 million in the first quarter 2007,
compared to the same period in 2006, while their financial
earnings decreased 26.9% to BRL136 million.

The report says that profits from auto, health, life and general
insurance operations increased 10.6% to BRL65.8 million in the
first quarter 2007, from the same quarter in 2006.  Premiums
grew 2.07% to BRL561 million.  Combined ratio for all units
declined to 89.9% in this year's first quarter, compared to
87.7% in last year's first quarter, and 89.1% in the fourth
quarter 2006.

Life and general insurer Alianca do Brasil's first quarter net
profits fell 15.2% to BRL38.0 million, compared to last year's
first quarter, BNamericas relates.  Its premiums rose 4.50% to
BRL320 million.

BNamericas notes that auto unit Brasilveiculos' net profits
increased 166% to BRL27.7 million in the first quarter 2007,
from the first quarter 2006.  Its premiums rose 10.7% to BRL210
million, "including underwritten but not issued risks called
RVNE premiums."

According to BNamericas, health insurer Brasilsaude's net
profits decreased 97.8% in the first quarter 2007, compared to
the first quarter 2006, partly due to a BRL1.46-million
investment loss.  Its health premiums dropped 10.8% to BRL31.1
million.

BNamericas states that private pension provider Brasilprev's net
profits grew 34.0% to BRL47.7 million in this year's first
quarter, from last year's first quarter.  Its revenues rose
24.0% to BRL692 million.

Savings bond subsidiary Brasilcap's billing increased 8.30% to
BRL407 million in the first quarter 2007, compared to the same
period in 2006, according to BNamericas.

BNamericas says that Banco do Brasil holds:

          -- 70% of Brasilveiculos in conjunction with insurer
             SulAmerica;

          -- 70% of Alianca do Brasil with Alianca da Bahia;

          -- 49.99% of Brasilprev, which includes Principal
             Financial Group among shareholders;

          -- 49.99% of Brasilcap, with Icatu Hartford,
             SulAmerica and Alianca da Bahia as partners; and

          -- 49.92% of Brasilsaude.

Banco do Brasil's assets were BRL322 billion in the first
quarter 2007.  Its net profits decreased 39.9% to BRL1.41
billion in the first quarter 2007, compared to the first quarter
2006, BNamericas states.

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

                        *     *     *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counter party credit ratings on
Banco do Brasil SA to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BANCO DO BRASIL: Will Issue US$200 Million in 10-Year Bonds
-----------------------------------------------------------
Banco do Brasil will issue US$200 million in 10-year bonds on
the international market, according to a report by Brazilian
news agency Agencia Estado.

Banco do Brasil Chief Financial Officer Aldo Mendes told Agencia
Estado that the issue "will roll over bonds from 1997" that will
mature in July.  Banco do Brasil will still decide whether it
will issue the new bonds in dollars or real.

Banco do Brasil must be present on international markets despite
comfortable liquidity levels, Business News Americas states,
citing Mr. Mendes.

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

                        *     *     *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counter party credit ratings on
Banco do Brasil SA to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BANCO ITAU: Fitch Ups Foreign Currency IDR to BBB- from BB+
-----------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco Itau Holding
Financeira S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR upgraded to 'BBB' from 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'B/C'
   -- Support rating affirmed at '4'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The upgrades of the local currency IDRs and National ratings of:

    -- Banco Bradesco,
-- Bradesco Leasing Arrendamento Mercantil,
-- Banco Itau Holding Financeira,
-- Banco Itau,
-- Banco Itau BBA, Banco Itaubank,
-- ItauBank Leasing,
-- and Unibanco

reflect the banks' intrinsic financial strength, which will
benefit from the improved operating environment. The upgrades of
Support ratings of Banco Bradesco, Banco Itau Holding, Banco
Itau BBA and Unibanco are driven by their systemic importance
and the sovereign's increased ability to provide such support.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--  
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.


BANCO ITAU: Fitch Lifts Foreign Currency IDR to BBB- from BB+
-------------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco Itau S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR upgraded to 'BBB' from 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'B/C'
   -- Support rating affirmed at '4'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The upgrades of the local currency IDRs and National ratings of:

    -- Banco Bradesco,
-- Bradesco Leasing Arrendamento Mercantil,
-- Banco Itau Holding Financeira,
-- Banco Itau,
-- Banco Itau BBA, Banco Itaubank,
-- ItauBank Leasing,
-- and Unibanco

reflect the banks' intrinsic financial strength, which will
benefit from the improved operating environment.  The upgrades
of Support ratings of Banco Bradesco, Banco Itau Holding, Banco
Itau BBA and Unibanco are driven by their systemic importance
and the sovereign's increased ability to provide such support.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

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


BANCO ITAU BBA: Fitch Ups Foreign Currency IDR to BBB- from BB+
---------------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco Itau BBA S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR upgraded to 'BBB' from 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'B/C'
   -- Support rating affirmed at '4'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The upgrades of the local currency IDRs and National ratings of:

    -- Banco Bradesco,
-- Bradesco Leasing Arrendamento Mercantil,
-- Banco Itau Holding Financeira,
-- Banco Itau,
-- Banco Itau BBA, Banco Itaubank,
-- ItauBank Leasing,
-- and Unibanco

reflect the banks' intrinsic financial strength, which will
benefit from the improved operating environment. The upgrades of
Support ratings of Banco Bradesco, Banco Itau Holding, Banco
Itau BBA and Unibanco are driven by their systemic importance
and the sovereign's increased ability to provide such support.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.


BANCO NACIONAL: Disbursements Reach BRL56.5 Billion in 12 Months
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
disbursements reached BRL56.5 billion between May 2006 and April
this year, an amount 24% higher than that, recorded in the
previous 12 months.  Approvals, adding up to BRL82.9 billion,
increased 49% on the same comparison basis.

Projects framed and consultations, by the order, reached
BRL100.7 billion and BRL116.9 billion, respectively, in the last
12 months, representing 18% and 32% increase in the period.  
These figures point that the disbursements should continue
increasing, since they enhance the separation between the
amounts released and projects approved, as it has been taking
place for two years.

BNDES performance is in line with credit expansion in the
economy and reflects the behavior of investments, which have
been expanding at a pace higher than the GDP.  The amount of
disbursements and approvals already contemplate projects
included in PAC, Plano de Aceleracao do Crescimento (Growth
Acceleration Plan).

At the end of March, the Bank contracted financing for the first
hydroelectric power plant, Sao Salvador, under the new
conditions for financial support to electric generation
implemented by BNDES since PAC was launched.  The financing
amounted to BRL570.2 million.

In the 12-month period ended in April, the approvals for the
infrastructure sector increased 48%, adding up to BRL27.8
billion. Disbursements reached BRL17.9 billion, a 5% increase as
compared to the 12 previous months.  In the industry, approvals
increased 47% (BRL43.5 billion), while disbursements, amounting
to BRL29.7 billion, accounted for a 34% increase in relation to
the previous period.

In the farming and cattle-raising sector, approvals increased
16% (BRL4.4 billion), while amounts released showed a 1% (BRL3.7
billion) set back, only, thus consolidating the improvement,
which had been taking place, in relation to previous months.  
The company's last result, announced in March, had recorded a
10% reversion in disbursements for the sector, lower than the
average in 2006.

The bank released BRL3.6 billion and approved BRL4.9 billion in
investment projects, during the month. The framings totaled
BRL7.6 billion and consultations, BRL6.5 billion.

                        Social Area

Disbursements for the social area, in the last 12 months closed
in April, amounted to BRL2.3 billion, a 68% increase, as
compared to the previous period.  The performance of health
sector projects have driven the amounts released by the Bank,
showing a 181% increase during the period under analysis,
followed by the environmental sanitation area (45% increase) and
urban development (43% increase).

                     Enterprise Sizes

The micro, small and medium-sized enterprises -- MSMEs --
received BRL8.8 billion from BNDES between May 2006 and April
2007, a 17% increase, as compared to the same period in the
previous year.  The number of operations carried out increased
46%, adding up to 58.9 thousand in the last 12 months.

                          Agents

Bradesco continued leading the repasses of BNDES funds in the
last 12 months, with a total BRL5.9 billion, out of which,
BRL2.2 billion destined to micro, small and medium-sized
companies.  Banco do Brasil ranks as second, with BRL5.4 billion
(BRL1.1 billion for MSMEs), followed by Unibanco (BRL2.9 billion
and BRL766 million for MSMEs).

Banco Votorantim ranked as fourth, with repasses accumulated in
12 months of BRL1.9 billion and BRL86 million for MSMEs,
followed by Safra, with BRL1.4 billion and BRL542 million for
MSMEs.

The total financings repassed by 80 financial agents in the
period under analysis, was BRL32 billion, being BRL11.4 billion
for MSMEs.

                         About BNDES

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BANCO PINE: Reports BRL21,389 Net Income in 2007 First Quarter
--------------------------------------------------------------
Banco Pine S.A. earned BRL21,389 of net income for the first
quarter 2007, excluding the IPO non-recurring expense, an
increase of 95.4% compared to first quarter 2006.  This increase
is chiefly due to higher credit volume, improved efficiency and
higher financial margin.

In first quarter 2007, profit from financial intermediation
before provision for loan losses totaled BRL92,331,000 a 125.5%
growth in the year, mainly driven by increases in the credit
portfolio.

The company's provision for loan losses dropped by 5.9% in the
last 12 months, despite the approximately 90% credit portfolio
increase, demonstrating the credit portfolio improvement.

The total credit portfolio, including assignment of loans and
surety bonds, exceeded BRL2.3 billion, as of March 31, 2007, a
12.7% growth in the quarter, and 92.3% in the last 12 months.

The company disclosed the origination of payroll loans has grown
on a consistent basis, reaching BRL211 million in first quarter
2007, versus BRL86 million in first quarter 2006.  This growth
came to 5.8% in this quarter and 146.0% in the last 12 months.

The main funding source of Banco Pine consists of time deposits
for corporate and individuals.  The 74.5% growth YoY surpassed
the one shown by the Brazilian Financial System.

The company's total personnel and administrative expenses in
first quarter 2007 of BRL23,719 excluding the IPO non-recurring
expense (BRL15 million fully provisioned in first quarter 2007)
and the impact of commissions, presented a 3.9% drop in the
quarter, which is mainly due to Banco Pine's effort to improve
efficiency.

Together with higher revenue generation, cost control
significantly improved the efficiency ratio, which presented a
1,460 b.p. drop in the last 12 months, reaching 43.4% in first
quarter 2007, excluding the capital increase extraordinary
expense.

Headquartered in Sao Paulo, Brazil, Banco Pine S.A. is a mid-
size bank with over US$1 billion in assets.  It has eleven
branches, located primarily in the south and southeast regions
of Brazil.  The bank provides financial services mainly to
middle market companies and individuals.

                        *     *     *

Standard & Poor's Ratings Services assigned on Oct. 3, 2006, its
'B+' foreign-currency long-term senior unsecured debt rating to
Banco Pine S.A.'s issuance of US$150 million notes with maturity
in 2008.


BANCO SANTANDER: Fitch Ups Foreign Currency IDR to BBB- from BB+
----------------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco Santander Banespa
S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR upgraded to 'BBB' from 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'C'
   -- Support rating affirmed at '3'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

The Santander Banespa group is comprised of Santander Brasil,
Santander, Santander Meridional and Banespa, and is a subsidiary
of Spanish financial group Grupo Santander.  Santander Banespa
is the biggest foreign-owned bank in Brazil and the fourth
largest on the overall ranking for private banks.


BANCO UBS: Fitch Lifts Foreign Currency IDR to BBB- from BB+
------------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco UBS Pactual S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR upgraded to 'BBB' from 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'C/D'
   -- Support rating affirmed at '3'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

UBS Pactual is the largest independent manager of third-party
resources in Brazil.  Founded as a stock brokerage firm in 1983,
it operates as an investment bank, ranking among the 10 largest
in operations on the Commodities and Futures Exchange and the
Sao Paulo Stock Exchange.  UBS AG directly and indirectly
controls 100% of UBS Pactual.


BANCO VOTORANTIM: Fitch Ups Foreign Currency IDR to BBB-
--------------------------------------------------------
Fitch Ratings upgraded these ratings of Banco Votorantim S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR affirmed at 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'C/D'
   -- Support rating affirmed at '3'
   -- National Long-term rating upgraded to 'AAA(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

Banco Votorantim, headquartered in Sao Paulo, Brazil, ranked as
the 10th largest bank in the Brazilian banking system by asset
size, with BRL$55 billion in assets as of December 2006
(approximately US$26.5 billion).  BV has a well-established
wholesale franchise and has increasingly expanded its operations
into consumer finance, in a move that enhances earnings
diversification and recurrence.  Moody's upgraded BV's financial
strength rating to D+ in December 2006, and confirmed its Ba1
global local currency rating to reflect the improvement in BV's
earnings quality as the bank diversifies into consumer lending,
while still boasting its very low cost base.


LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary
---------------------------------------------------------
Lear Corporation has elected Wendy L. Foss to the position of
corporate secretary in addition to her responsibilities as vice
president - Finance and Administration, and Liam E. Hart has
been promoted to deputy general counsel, effective immediately.  
Both Ms. Foss and Mr. Hart will report to Daniel A. Ninivaggi,
executive vice president and general counsel.

"Wendy and Liam are experienced professionals who have excellent
track records in areas of increasing responsibility," commented
Dan Ninivaggi.  "Wendy's experience as deputy corporate
secretary, chairperson of our Corporate Compliance Committee,
assistant controller and a variety of other Finance and
Administration positions make her the perfect candidate for this
expanded role."

"As deputy general counsel, Liam will assume greater management
responsibility of legal matters in addition to overseeing our
outside counsel relationships in North America," added Mr.
Ninivaggi.  "In addition, he will continue to be directly
involved in significant commercial, product liability and
warranty matters.  We are fortunate to have individuals of their
caliber on our Lear team."

Ms. Foss earned a Bachelor of Science in Business Administration
from Central Michigan University and a Master of Science degree
in Finance from Walsh College.  A Certified Public Accountant,
Ms. Foss sits on the Finance Committees for the Visiting Nurse
Association, Inc., and Inforum (formerly known as the Women's
Economic Club).

Mr. Hart earned his Bachelor of Arts in Economics and Business
Administration from Kalamazoo College and his Juris Doctorate
summa cum laude from the University of Detroit School of Law,
where he was a senior editor for the Law Review.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products, electrical distribution systems, and other
interior products.  The company has 104,000 employees at 275
locations in 33 countries.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

The company had revenue of US$17.6 billion in 2006 and has more
than 90,000 employees in 33 countries.  Following the
disposition of its interior business, Lear expects its ongoing
revenues in 2007 to approximate US$14.8 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service confirmed Lear's
existing ratings consisting of:

   -- Corporate Family, B2

   -- Senior Secured Term Loan, B2 (LGD-4, 50%)

   -- Senior Unsecured Notes, B3 (LGD-4, 61%)

   -- Shelf ratings for senior unsecured, subordinated and
      preferred, (P)B3, (P)Caa1(LGD-6, 97%), and (P)Caa1
      (LGD-6, 97%) respectively


NOSSA CAIXA: First Quarter 2007 Net Profit Drop to BRL87.7 Mil.
---------------------------------------------------------------
Banco Nossa Caixa Chief Executive Officer Milton Luiz de Melo
Santos told the press that its net profits decreased 49.8% to
BRL87.7 million in the first quarter 2007, from BRL175 million
in the first quarter 2006, on higher legal provisions and
greater investments.

Nossa Caixa said in its financial statements that its first
quarter earnings increased 149% from BRL35.2 million in the
fourth quarter 2006.

Mr. Santos told Business News Americas that Nossa Caixa's return
on equity continued to drop to 14.2% in the first quarter 2007,
from 34.1% in the first quarter 2006 and 19.7% in the fourth
quarter 2006.  The bank expects to register return on equity of
up to 15% this year.  Meanwhile, legal provisions totaled
BRL72.4 million in the first quarter 2007, compared to BRL29.9
million in last year's first quarter.  The BRL42.5-million
difference "is quite significant for a bank the size of Nossa
Caixa."  The bank ended up feeling the effect even more.  The
legal provisions impact dropped from the fourth quarter 2006,
but Nossa Caixa will continue to feel the effects in the second
quarter 2007.

BNamericas notes that Nossa Caixa's lending rose 18.5% year-on-
year, and 6.60% quarter-on-quarter to BRL7.64 billion in the
first quarter 2007.  Mr. Santos said that lending, excluding
home loans and loans to agribusinesses, grew 20.7% from the
first quarter 2006 and 7.00% from the fourth quarter 2006, to
BRL6.70 billion in the first quarter 2007.

According to BNamericas, Nossa Caixa's retail loan book was
BRL5.00 billion in the first quarter 2007, or 74.9% of its
entire loan portfolio.  Retail lending grew 24.3% on the first
quarter 2006 and 8.60% on December 2006.

BNamericas relates that Nossa Caixa's payroll-linked loans
increased 40.9% from March 2006 and 8.00% from December 2006, to
BRL2.70 billion in the first quarter 2007.

Mr. Santos told BNamericas that Nossa Caixa expects a
concentration on payroll-linked loans to Sao Paulo state workers
to help boost lending up to 40% in 2007.

The report says that Nossa Caixa agreed to pay BRL2.08 billion
in March to manage the payroll of nearly 1.14 million public
workers in Sao Paulo through 2012 rather than go through a
public auction.  

Mr. Santos commented to BNamericas, "Our goals are well above
lending growth in the first quarter and they have to be.  We
didn't buy the rights to the state payroll to do nothing with
it.  In the first quarter, we weren't sure if clients would stay
and still had significant lending growth."

Nossa Caixa's planning and strategy manager Mauricio Lopes told
BNamericas that the bank wrote off some BRL4.50 million for the
state payroll acquisition in the first quarter 2007 and will
amortize about BRL34 million per month for the length of the
five-year contract.  About 65% of the workers kept their
accounts at Nossa Caixa.

According to the report, Mr. Santos said that Nossa Caixa aims
to increase home loans to BRL700 million and boost loans to
agribusinesses to BRL500 million in 2007.

Mr. Lopes told BNamericas that the default rate for loans
overdue for more than 60 days was 8.1% in the first quarter
2007, compared to 7.6% in the first quarter 2006.  This year's
first quarter loan default rate was better than 8.5% in the
fourth quarter 2006.  Nossa Caixa aims for a non-performing loan
ratio of around 8% by year-end.  He said, "Given our plans for
lending growth, it's going to be quite challenging."

Nossa Caixa's loan-loss provisions increased to BRL787 million
in the first quarter 2007, from BRL640 million in the first
quarter 2006 and BRL775 million in the fourth quarter 2006,
BNamericas relates.  The provisions accounted for 10.3% of the
entire loan book in this year's first quarter, compared to 9.90%
in the first quarter 2006 and 10.8% in the fourth quarter 2006.

BNamericas reports that Nossa Caixa's service fee income
increased 39.3% year-on-year and 4.90% quarter-on-quarter to
BRL195 million in the first quarter 2007.

Nossa Caixa's assets increased 23.4% to almost BRL42.90 billion
in the first quarter 2007, compared to the same quarter in 2006,
BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards.  Through its subsidiary, it
operates with private pensions.  Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations.  The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies.  As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration.  As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Nossa
Caixa S.A.'s long-term foreign currency deposits to Ba3 from
Ba1.  Moody's said the ratings outlook was stable.


NOSSA CAIXA: Pension Partnership with Mapfre Sells 225,300 Plans
----------------------------------------------------------------
Banco Nossa Caixa Chief Executive Officer Milton Luiz de Melo
Santos told reporters in Brazil that its private pension
partnership with Spanish insurer Mapfre's unit sold some 225,300
plans in the first quarter 2007, about 79.6% higher compared to
the first quarter 2006.

Business News Americas relates that private pension plan sales
at Nossa Caixa units increased 13.0% in the first quarter 2007,
from 199,400 in the fourth quarter 2006.  

Mr. Santos told BNamericas that increased private pension sales
helped improve service fee income by 39.3% to BRL195 million in
the first quarter 2007, from the first quarter 2006.  Service
fee income in the first quarter 2007 was 4.90% higher compared
to the fourth quarter 2006.

Nossa Caixa's partnership with Metlife expects cross sales of
private pension plans to rise after Nossa Caixa acquired rights
to handle the public sector payroll of Sao Paulo, BNamericas
notes, citing Mr. Santos.

Vida Gerador de Beneficios Livres or Redeemable Life pension
plans -- the preferred pension plan for taxpayers who file
simplified returns -- represented 77% of sales in the first
quarter 2007, according to BNamericas.  Meanwhile, Plano Gerador
de Beneficos Livres or Plan Generator of Benefits -- targeted at
taxpayers who file itemized returns -- accounted for 23% in the
quarter.

Nossa Caixa is considering entering a partnership with a large
player to handle the savings bond business, or selling the unit
through an auction.  Nossa Caixa could also sell the use of it
branches for 10 years to another savings bond firm, although
there's no final decision yet, Mr. Santos told BNamericas.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards.  Through its subsidiary, it
operates with private pensions.  Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations.  The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies.  As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration.  As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Nossa
Caixa S.A.'s long-term foreign currency deposits to Ba3 from
Ba1.  Moody's said the ratings outlook was stable.


PETROLEO BRASILEIRO: Production Drops 0.8% in April
---------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it's output decreased 0.8% to 2.29 million
barrels of oil equivalent per day in April, compared to 2.31
million barrels of oil equivalent per day in March.

Business News Americas relates that the April production
includes a 133,000-barrel of oil equivalent per day
international output.  The production in April was also lower
than the 2.30-million barrel of oil equivalent per day average
for the year to date.

Petroleo Brasileiro Chief Financial Officer Almir Barbassa said
in a conference call, "We are trying to recover some of the lost
output by speeding up some projects and rescheduling some
planned maintenance stoppages."

BNamericas notes that domestic oil and natural gas liquid output
in April dropped 1.8% to 1.77 million barrels per day, from 1.81
million barrels per day in March, with the Campos offshore basin
providing 1.47 million barrels per day and offshore in total
producing 1.55 million barrels a day.

According to BNamericas, Petroleo Brasileiro blamed the decrease
of production on the scheduled stoppages at three of its
platforms in these fields:

          -- Marlim,
          -- Bicudo, and
          -- Corvina.

Petroleo Brasileiro also suffered an unexpected stoppage in the
Golfinho field in the second half of April, BNamericas says.

Petroleo Brasileiro's exploration and production manager Hugo
Repsol Junior said in a conference call, "We had a decline in
the production from Marlim field, where we had an operational
problem.  Our P-37 oil platform had a reduction in output, but
the problem has been fixed."

Petroleo Brasileiro's April gas production decreased to 62.1
million cubic meters per day -- including international output
of 18.7 million cubic meters a day, which is 0.5% higher
compared to March -- compared to 62.2 million cubic meters per
day in March, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp   
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


UNIAO DE BANCOS: Fitch Ups Foreign Currency IDR to BBB- from BB+
----------------------------------------------------------------
Fitch Ratings upgraded these ratings of Unibanco-Uniao de Bancos
Brasileiros S.A.:

   -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
   -- Short-term foreign currency upgraded to 'F3' from 'B'
   -- Local currency IDR affirmed at 'BBB-'
   -- Short-term local currency affirmed at 'F3'
   -- Individual rating affirmed at 'C'
   -- Support rating affirmed at '4'
   -- National Long-term rating upgraded to 'AA+(bra)'
   -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the Outlook is stable.

Fitch Ratings has upgraded several Brazilian banks, insurance
and leasing companies following the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and the Country Ceiling Rating to 'BBB-' from 'BB+'.  The
Outlook is Stable for the IDRs and National ratings.

The ratings actions of:

    -- Banco ABC Brasil,
    -- Banco ABN AMRO Real,
    -- ABN Amro Arrendamento Mercantil,
    -- Sudameris Arrendamento Mercantil,
    -- Banco de Investimento Credit Suisse (Brasil),
    -- Banco Pecunia,
    -- Banco Rabobank International Brasil,
    -- Banco Santander Banespa,
    -- Banco Standard de Investimentos,
    -- Banco Votorantim and BV Leasing - Arrendamento Mercantil
    -- and Banco UBS Pactual

are support-driven and reflect the financial strength of their
respective ultimate parents, all of which carry an investment-
grade ratings.  The Support ratings of '3' on these banks
reflect Fitch's belief that their parents have both the capacity
and willingness to support these entities.

The upgrades of the local currency IDRs and National ratings of:

    -- Banco Bradesco,
-- Bradesco Leasing Arrendamento Mercantil,
-- Banco Itau Holding Financeira,
-- Banco Itau,
-- Banco Itau BBA, Banco Itaubank,
-- ItauBank Leasing,
-- and Unibanco

reflect the banks' intrinsic financial strength, which will
benefit from the improved operating environment. The upgrades of
Support ratings of Banco Bradesco, Banco Itau Holding, Banco
Itau BBA and Unibanco are driven by their systemic importance
and the sovereign's increased ability to provide such support.

The sovereign upgrade reflects the significant improvement in
Brazil's external balance sheet underpinned by prudent
macroeconomic policies and a rise in domestic savings despite
the still high public debt burden.  This, together with the
benefits of economic stabilization and decreasing inflation on
the operating environment for the Brazilian banking system, will
enable the strongest institutions to further expand operations
and diversify earnings stream.

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


* BRAZIL: Bolivia Implements New Price of Gas Export to Nation
--------------------------------------------------------------
Bolivia has implemented a new gas exports price of US$4.20 per
million British thermal unit to Cuiaba in Mato Grosso, Brazil,
Bolivian government news service Agencia Boliviana de
Informacion reports.

Business News Americas relates that Brazilian President Luiz
Inacio Lula da Silva agreed with Bolivian counterpart Evo
Morales in February to increase the export price for the 1.2
million cubic meters per day of gas shipped to Cuiaba from
US$1.09 per million British thermal unit.

According to BNamericas, the new price will boost Bolivian
government revenues from Cuiaba exports to US$68 million yearly
from US$24 million per year.

Bolivian state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos is transporting the gas through a 650-kilometer
pipeline stretching to Cuiaba, BNamericas states.  

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.




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


ATLANTIC & WESTERN: Fitch Removes Ratings from Negative Watch
-------------------------------------------------------------
Fitch Ratings removed the following ratings for Atlantic &
Western Re Ltd. from Rating Watch Negative.  The notes have been
paid in full.

     -- Class A notes 'BB';
     -- Class B notes 'B'.

The rating actions affect US$300 million of Atlantic & Western
Re notes.

Atlantic & Western Re provided coverage to PXRE Reinsurance
Ltd., a Bermuda-based reinsurer, on a five-year reinsurance
contract. PXRE did not pay the premium due Feb. 8, 2007, under
the reinsurance contract.  The non-payment resulted in a default
under the reinsurance contract, which, in turn, resulted in an
early termination of the reinsurance contract.  As a result, on
Feb. 27, 2007, Fitch placed both series of notes on Rating Watch
Negative.

Fitch has confirmed with the indenture trustee that PXRE
subsequently made a payment on May 8, 2007, consisting of the
premium payment due that date, the premium payment that was due
on Feb. 8 and the early termination premium of $11 million
specified in the reinsurance contract.  The US$300 million of
note principal held in trust was also repaid to noteholders.

Atlantic & Western Re is a Cayman Islands-domiciled insurance
company formed solely to issue the notes, enter into a
reinsurance contract with PXRE, and to conduct activities
related to the notes' issuance.

The affected notes are:

     -- US$100 million class A Notes due Nov. 15, 2010 'BB';
     -- US$200 million class B Notes due Nov. 15, 2010 'B'.


BLUE HERON: Proofs of Claim Must be Filed by June 14
----------------------------------------------------
Blue Heron Funding III Ltd.'s creditors are given until
June 14, 2007, to prove their claims to Chris Watler and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Blue Heron's shareholders agreed on April 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       Chris Watler
       Emile Small
       Maples Finance Limited
       P.O. Box 1093
       Grand Cayman KY1-1102
       Cayman Islands


GANNET III: Proofs of Claim Filing Is Until June 14
---------------------------------------------------
Gannet III Funding Corp's creditors are given until
June 14, 2007, to prove their claims to Steven O'Connor and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Gannet III's shareholders agreed on April 30, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       Steven O'Connor
       Emile Small
       Maples Finance Limited
       P.O. Box 1093
       Grand Cayman KY1-1102
       Cayman Islands


GIH IJARA: Will Hold Final Shareholders Meeting on June 11
----------------------------------------------------------
GIH Ijara Funding Ltd. will hold its final shareholders meeting
on June 11, 2007, at 10:00 a.m., at Gulf Investment House.

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 six 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:

         Ahamed Nawal Saheed
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Telephone: +965 2322082
         Fax: +965 2406906


GIH IJARA: Proofs of Claim Must be Filed by June 11
---------------------------------------------------
GIH Ijara Funding Ltd.'s creditors are given until
June 11, 2007, to prove their claims to Ahamed Nawal Saheed, 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.

GIH Ijara's shareholders agreed on April 18, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ahamed Nawal Saheed
       P.O. Box 1111
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone: +965 2322082
       Fax: +965 2406906


GIH RESIDENTIAL: Sets Final Shareholders Meeting for June 11
------------------------------------------------------------
GIH Residential Investments Ltd. will hold its final
shareholders meeting on June 11, 2007, at 10:00 a.m., at Gulf
Investment House.

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 six 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:

         Ahamed Nawal Saheed
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Telephone: +965 2322082
         Fax: +965 2406906


GIH RESIDENTIAL: Proofs of Claim Filing Ends on June 11
-------------------------------------------------------
GIH Residential Investments Ltd.'s creditors are given until
June 11, 2007, to prove their claims to Ahamed Nawal Saheed, 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.

GIH Residential's shareholders agreed on April 18, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ahamed Nawal Saheed
       P.O. Box 1111
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone: +965 2322082
       Fax: +965 2406906


HDH ADVISORS: Proofs of Claim Filing Deadline Is June 7
-------------------------------------------------------
HDH Advisors (Japan) Ltd.'s creditors are given until
June 7, 2007, to prove their claims to Huy Hoang, 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.

HDH Advisors' 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:

       Huy Hoang
       Attention: Alan G. de Saram
       Charles Adams, Ritchie & Duckworth
       P.O. Box 709
       Zephyr House
       Mary Street, George Town
       Grand Cayman KY1-1107
       Cayman Islands
       Tel: 949-4544
       Fax: 949-8460




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


CONSTELLATION BRANDS: Closes Private Sale of US$700MM Sr. Notes
---------------------------------------------------------------
Constellation Brands Inc. has completed the sale of US$700
million aggregate principal amount of 7.25% Senior Notes due
2017 at par in a private placement transaction.  

The notes are senior obligations that rank equally with all of
the company's other senior unsecured indebtedness.  The notes
are and will be fully and unconditionally guaranteed by the
subsidiaries that are guarantors under Constellation Brands'
senior credit facility.  

Constellation Brands is using the approximately US$694 million
in net proceeds from the sale of the notes to reduce a
corresponding amount of borrowings under the revolving portion
of its senior credit facility.
    
The notes have been offered and sold within the United States to
qualified institutional buyers in accordance with Rule 144A
under the Securities Act of 1933, as amended, and outside the
United States in compliance with Regulation S under the
Securities Act.

The notes have not been registered under the Securities Act and
may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and
applicable state securities laws.

                  About Constellation Brands

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured debt rating to Constellation Brands
Inc.'s proposed US$700 million note offering due 2017, issued
under Rule 144A with registration rights.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, 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.




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


BANCOLOMBIA: Fiduciaria Gets OK to Form New Service Unit in Peru
----------------------------------------------------------------
Fiduciaria Bancolombia S.A.'s Board of Directors authorized its
management to commence all required procedures to form a new
fiduciary services entity in the Republic of Peru.  The
formation of the new entity will be made pursuant to local
regulations that allow a Colombian entity to invest in financial
entities outside Colombia.  Consequently, the Board authorized
the submission of the respective authorization requests to the
Colombian Superintendency of Finance and to the Superintendency
of Banking, Insurance and Pension Fund Management Companies
(Superintendencia de Banca, Seguros y AFP) of the Republic of
Peru.  The initial investment would be equivalent to the minimum
capital required for this type of company in Peru.

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 has affirmed 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.


BBVA COLOMBIA: Fitch Affirms & Removes IDR & Individual Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch
Negative BBVA Colombia's 'C/D' Individual rating.  Fitch has
also affirmed the bank's support and Issuer Default Ratings.  At
the same time, Fitch has withdrawn all the ratings and will no
longer provide ratings or analytical coverage of this issuer.

Fitch has affirmed and withdrawn these ratings:

     -- Long-term Foreign Currency Issuer Default Rating 'BB+';
     -- Short-term Foreign Currency Issuer Default Rating 'B';
     -- Long-term Local Currency Issuer Default Rating 'BBB-';
     -- Short-term Local Currency Issuer Default Rating 'F3';
     -- Support '3';
     -- Individual 'C/D' (removed from Rating Watch Negative).

The bank's Individual rating was placed on Rating Watch Negative
after BBVA Colombia announced in late 2005 the acquisition and
subsequent merger of Granahorrar, a medium-sized mortgage bank
intervened and managed by the government since the 1999-2000
banking crisis.  In mid-2006, Fitch decided to maintain the
Negative Rating Watch while the bank was completing the
operative integration of Granahorrar and obtaining longer-term
financing to substitute the one-year bridge loan that financed
the vast majority of the acquisition.

Capital ratios under Fitch's approach remain relatively tighter
than pre-acquisition levels but remain consistent with the C/D
Individual rating category (local regulatory capital definitions
allow the plain subordinated debt to count as Tier II capital
and do not require the deduction of the substantial goodwill
from regulatory capital, as is common under most regulatory
regimes).  BBVA Colombia has successfully integrated Granahorrar
without affecting its overall performance.  In fact,
profitability has improved underpinned by larger business
volumes, revenue diversification and cost efficiency gains, a
trend that we expect to continue over the medium term.  
Moreover, sustained improvements in asset quality and reserve
coverage ratios provide additional comfort in terms of the
bank's overall ability to absorb losses.  Given the confluence
of these factors, Fitch expects that capital ratios will likely
converge to pre-acquisition levels within the next 12-18 months.

In turn, the affirmation of BBVA Colombia's IDRs and its support
rating reflects Fitch's belief that there is a moderate
probability of support for this bank, if required, by its
principal shareholder, Spain's Banco Bilbao Vizcaya Argentaria
(BBVA; rated 'AA-' by Fitch), given BBVA's strong ability to
support, which could be somewhat constrained by the operating
environment in Colombia.




=============
E C U A D O R
=============


GRAHAM PACKAGING: Posts US$15.6 Mil. Net Loss in First Quarter
--------------------------------------------------------------
Graham Packaging Holdings Company, parent company of Graham
Packaging Company, L.P., incurred a US$15.6 million net loss for
the three months ended March 31, 2007, compared to a US$9.9
million net loss for the same period in 2006.

At March 31, 2007, the company's balance sheet showed US$2.4
billion in total assets, US$3 billion, resulting in a
stockholders' equity deficit of US$624.7 million.

The company recorded first-quarter operating income of US$43.4
million, an increase of US$6.0 million, or 16.1 percent, over
the same quarter last year.

2007 operating income benefited from the non-recurrence of
approximately US$5.5 million in costs incurred in 2006 in
connection with the procurement of raw materials following
hurricanes Rita and Katrina the previous year.

The number of container units the company sold in the first
quarter of 2007 increased by 2 percent, but net sales decreased
by 3.6 percent, primarily due to lower resin pricing, changes in
product mix, and price erosion.

Net sales for the three months ended March 31, 2007, totaled
US$621.8 million, a decrease of US$23.2 million, as compared to
US$645.0 million in net sales for the three months ended
March 31, 2006.

Net sales in North America showed a decrease of 5.8 percent.  
Net sales increased in the food and beverage category but were
down in the household, automotive lubricants, and personal
care/specialty categories.  Net sales were up 14.3 percent in
Europe and 9.3 percent in South America.  The latter showings
were influenced by higher volume and favorable exchange rates.

The company's net interest expense increased by US$5.3 million,
or 10.5 percent, to US$55.7 million, compared to the first
quarter of last year.  The increase was primarily related to the
write-off of US$4.6 million of deferred financing fees in
connection with the March 30, 2007, amendment to the company's
Credit Agreement.

Income tax provision in the first quarter totaled US$3.2
million, a net change of US$6.2 million from the Company's
income tax benefit of US$3 million in the first quarter of 2006.

The net loss for the first quarter amounted to US$15.6 million,
compared to a net loss of US$10 million for the first quarter of
last year.  Excluding the increase in interest expense due to
the write-off of deferred financing fees previously noted and
the increase in income tax expense attributable to the
establishment of valuation allowances (US$5.0 million), the net
loss for the first quarter amounted to US$6.0 million.

Covenant compliance EBITDA (earnings before interest, taxes,
depreciation and amortization) totaled US$418.6 million for the
four quarters ended March 31, 2007, compared to US$428.2 million
for the four quarters ended March 31, 2006.

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., --
http://www.grahampackaging.com/-- the company's wholly owned  
subsidiary is a worldwide designer, manufacturer and seller of
customized blow molded plastic containers for the branded food
and beverage, household, personal care/specialty and automotive
lubricants product categories and, as of the end of September
2006, operated 85 manufacturing facilities throughout North
America, Europe and South America.

In South America, the company has operations in Argentina,
Brazil, Ecuador, Mexico and Venezuela.

The Blackstone Group, an investment firm, holds 78.6% equity in
Graham Packaging Holdings Company.  MidOcean Capital Investors,
L.P., holds 4.1%.  A group of management executives holds 2.3%.
The family of Graham Packaging founder Donald Graham holds 15%.

                        *     *     *

Graham Packaging Holdings Company carries Standard & Poor's B
rating for both its LT Foreign Issuer Credit and LT Local Issuer
Credit.


PETROECUADOR: Expects Plant Upgrade Offer from Royal Dutch
----------------------------------------------------------
Carlos Pareja, the president of Ecuadorian state-owned oil
company Petroecuador, told Reuters that the firm expects an
offer from the Royal Dutch Shell to modernize Esmeraldas, the
country's largest refinery.

According to Reuters, Esmeraldas is currently working below 50%
of its normal levels.  It can refine up to 95,000 barrels of oil
daily.  However, a series of scheduled repairs and brief fires
reduced its refining capacity to around 34,000 barrels per day.

"The refinery is our priority now.  By Thursday or Friday
morning we will have an offer from Shell to improve it," Mr.
Pareja told Reuters.

Reuters notes that Ecuador has repeatedly postponed the bidding
for upgrade works in Esmeraldas.

Petroecuador hasn't ruled out receiving an offer from its
Venezuelan counterpart Petroleos de Venezuela SA to carry out
the modernization project in Esmeraldas, Reuters notes, citing
Mr. Pareja.

Because of the repair works at Esmeraldas, Ecuador has asked
Venezuela for an urgent delivery of some 200,000 barrels of
diesel in May to meet the domestic demand, Reuters states.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.


PETROECUADOR: Unit's Daily Output Increases to 87,040 Barrels
-------------------------------------------------------------
UB-15, Ecuadorian state-run oil firm Petroecuador's temporary
administration unit operating block 15, said in a statement that
it's output increased to 87,040 barrels per day on May 14,
compared to an average of 80,000 barrels per day in April.

Business News Americas relates that improved output was partly
due to the startup of the J-62 and F-61 wells, which are
producing about 1,225 barrels per day of 19.8 API crude and some
1,400 barrels a day of 19 API crude respectively.

According to BNamericas, production at the Limoncocha 2A well,
which is the first that UB-15 drilled on the block since the May
2006 confiscation of block 15 from US oil firm Occidental
Petroleum, decreased to an average of 2,200 barrels per day of
29 API grade crude, from 2,500 barrels per day in early May,
just after coming online.

BNamericas notes that UB-15 is using three rigs.  One of them
started drilling the Limoncocha 18 well, while the others will
start drilling the D-63 and J-68 wells on the Eden Yuturi field.

UB-15 is awarding a fourth drilling rig, which will be launched
in June.  The firm wants to attain production level of 100,000
barrels per day by year-end, BNamericas states.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.


* ECUADOR: Drafting Bill To Strengthen Antimonopoly Laws
--------------------------------------------------------
Ecuadorian President Rafael Correa told regional news site Terra
that the government is preparing to draw up a bill to strengthen
the country's antimonopoly laws.

The move was prompted by Mexican firm Telmex's proposal to
purchase wireless local loop fixed telephony and broadband
provider Ecutel, which has about 5,000 clients, Terra notes,
citing President Correa.

Business News Americas explains that the Ecuadorian government
is afraid that Ecutel will be able to compete unfairly by
entering into marketing accords with mobile operator Porta,
which is already controlled by Telmex's sister firm America
Movil.

President Correa commented to a radio station, "Carlos Slim's
[Telmex's owner] monopolizing of the telecoms industry is a
danger to Latin America and to Ecuador."

According to BNamericas, President Correa implied that Telmex
also expressed interest in acquiring Ecuadorian state-owned
companies and the authorities have promised to launch an
investigation on whether Telmex could transform Ecutel into a
rival firm capable of taking market share from state-run
Andinatel and Pacifictel.

Telmex allegedly considering WiMax as the key to competing with
incumbent operators, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

   -- Uncollateralized foreign currency bonds to
      'CCC/RR4' from 'B-/RR4';

   -- Collateralized foreign currency Par and Discount
      Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

   -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch also affirmed the Country ceiling rating at 'B-'.




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


BANCO CUSCATLAN: S&P Lifts Counterparty Credit Rating to BB+/B
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty
credit and CD ratings on Banco Cuscatlan S.A. to 'BB+/B' from
'BB/B' and removed them from CreditWatch Positive where they
were placed on Dec. 13, 2006.  The outlook is stable.
     
On May 14, 2007, Citigroup announced that the proposed
acquisition of Corporacion UBC Internacional S.A. y Subsidiarias
concluded successfully.  The upgrade reflects S&P's group
methodology, under which Cuscatlan is now considered a core
subsidiary for Citigroup Inc. (AA/Stable/A-1+).
      
"The core consideration is based on several factors, including
majority ownership of the Citigroup subsidiary in El Salvador,
which will allow it to control the operations and to implement
the group's global procedures," said Standard & Poor's credit
analyst Leonardo Bravo.  S&P expect tangible effects of the
transaction to include improved financial flexibility, resulting
from available bank lines from other Citigroup network
subsidiaries and access to Citigroup's credit risk management
policies, operational processes, international distribution
network, and management experience in emerging markets.  S&P
think Citigroup's strategies will allow its subsidiaries to
improve their financial profile, obtain good results, and build
medium-term prospects.
     
The stable outlook incorporates our expectation that Cuscatlan
will progressively gain market share and consolidate its
presence in El Salvador.  S&P expect Cuscatlan to improve its
financial profile, including increasing profitability,
maintaining adequate origination policies, and strengthening
capitalization.  The temporary effects of integration costs on
efficiency are built into the current rating levels and are not
expected to be material.  The stable outlook also reflects the
outlook on the sovereign credit ratings on El Salvador.




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


IMAX CORP: Bondholder Wants Consent Solicitation Stated Invalid
---------------------------------------------------------------
IMAX Corporation, on May 10, 2007, was served with a lawsuit
filed in New York Supreme Court, New York County, by a
bondholder seeking, among other things, judgment declaring that
the Consent Solicitation entered by the company was invalid and
ineffective and that the company remains in default under the
Indenture.

On April 26, 2007 and May 3, 2007, the company received a
purported notice of default under the indenture governing its
US$160 million of 9-5/8% Senior Notes due Dec. 1, 2010, from a
single activist bondholder and the bondholder's custodian.

The Notice relates to alleged defaults for the company's failure
to comply with the reporting covenant and the obligation to
provide compliance certificates arising out of such default.

In April 2007, the company sought waivers of any past default or
event of default arising from its failure to comply with the
financial reporting covenant in the Indenture and consents with
respect to an amendment to the Indenture to provide that any
failure of the company to comply with such reporting covenant
during the period beginning on March 30, 2007, and ending on
May 31, 2007, or, at the option of the Company, which would
require payment of additional consent fees to certain holders of
Senior Notes, June 30, 2007, will not constitute a default or be
the basis of an event of default under the Indenture.

On April 16, 2007, the company received consents from holders of
approximately 60% aggregate principal amount of the Senior Notes
and a supplemental indenture for the Senior Notes effecting the
amendment and waiver was executed.

The bondholder had previously and unsuccessfully attempted to
convince the trustee under the Indenture to place the company in
default under the Indenture in March 2007, and unsuccessfully
attempted to organize opposition to the Consent Solicitation.

The Company believes that it is in compliance with the Indenture
and that the claims are without merit.

                      About IMAX Corp.

IMAX Corporation - http://www.imax.com-- is an entertainment  
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in
Guatemala, India, Italy, among others.

                        *     *     *

As reported in the Troubled Company Reporter on March 22, 2007,
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10, 2006, with developing implications.




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


CABLEMAS SA: First Quarter Net Income Soars to MXN82.3 Million
--------------------------------------------------------------
Cablemas, S.A. de C.V., released financial results for the
three-month period ended March 31, 2007.

For first quarter 2007, Cablemas posted a net gain MXN133.8
million, a 159,6%, or MXN82.3 million, improvement compared to a
gain MXN51.6 million in first quarter 2006.  Net income margin
improved to 20.9% from 9.4% for first quarter 2006.

Cablemas CEO Carlos M. Alvarez Figueroa commented, "The year
started off with yet another strong quarter, recording increases
of 17.0% and 4.6% in net revenue and adjusted EBITDA and 159.6%
in net income."

"We continue to expand the market penetration of our service
offering.  This quarter our subscriber base rose year-over-year
by 20.2% in cable television, 48.2% in high-speed Internet and
167.4% in IP telephony."

"We also remain focused on rolling out our triple play strategy
through our interconnection agreement with Telmex.  On that
front, we are making the investments necessary to begin the
launch of our direct IP telephony service in the third quarter
of the year.  The agreement with Telmex will allow us to further
improve profitability in this business and build on our current
IP telephony base."

                First Quarter Consolidated Results

Net Revenues

Net revenues increased 17.0%, or MXN93.2 million, during first
quarter 2007 to MXN639.9 million.

Cable Television

The 13.2%, or MXN57.5 million, growth in cable
television revenues was principally due to a 20.2% year-over-
year increase in the number of subscribers to 736,205, with a
penetration rate of 33%.  This was achieved despite a 3.6%
decline in average monthly cable television revenues per
subscriber (ARPU) to MXN233.2.  This decline in ARPU was
primarily the result of a 40.3% increase in Minibasic
subscribers, who pay lower monthly fees, while Basic subscribers
increased 13.4%.  The average monthly net churn rates for cable
television declined to 2.3% for first quarter 2007 from 2.8% in
first quarter 2006.

High Speed Internet

The 34.4%, or MXN27.8 million, rise in high-speed Internet
revenues resulted mainly from a 48.2% increase in the number of
subscribers to 198,471, with a penetration rate of 11%.  This
was partially offset by an 8.2% decline in high-speed Internet
ARPU to MXN204.9, as lower price/ lower-speed Internet (128
Kbps) subscriptions increased at a faster rate than those of
higher-speed Internet (512 Kbps).  Average monthly net churn
rates for high-speed Internet rose to 3.3% for first quarter
2007 from 2.6% in first quarter 2006 due to service quality
limitations in the Mayan Riviera during the reconstruction of
the network damaged by Hurricane Wilma and an aggressive
competing service offer from Telmex.

IP Telephony

IP telephony revenues for the quarter rose 40.4%, or MXN7.0
million, to MXN24.3 million.  During first quarter 2006, IP
telephony revenues included costs and expenses charged to Axtel.  
The expenses charged to Axtel as part of the Joint Venture were
reclassified and netted in IP telephony cost and expenses as of
first quarter 2006.  The adjustment has no impact on EBITDA.  As
of March 31, 2007, there were 26,567 IP telephony lines in
service, up from 9,936 as of March 31, 2006.  IP telephony ARPU
for first quarter 2007 was MXN273.1.  This does not include
migration fees paid to Cablemas by Axtel for new subscribers
which, if included, would increase IP telephony ARPU to MXN386.6
for first quarter 2007.

Operating Profit

Operating profit for first quarter 2007 increased by 0.9%, or
MXN1.2 million, to MXN128.2 million, driven mainly by a 12.8%
increase in gross profit.  Operating margin declined to 20.0%
from 23.2% in first quarter 2006, principally due to the
increase in cost of services as a percentage of revenues.

Cost of Services for first quarter 2007 increased by 21.6%, or
MXN56.7 million.  The increase in cost of services was primarily
due to:

   * A MXN16.5 million increase in programming costs,
     principally related to increases in cable television
     subscribers and one-time MXN5.0 million charge in first
     quarter 2007 related to an adjustment for prior periods.

   * A MXN12.1 million increase in Internet costs of which
     MXN10 million are related to incremental cost for bandwidth
     a 48.2% increase in the number of internet subscribers and
     the rollout of internet service in additional cities.

   * A MXN24.2 million increase in depreciation & amortization
     related to an increase in fixed assets investments and to
     the change in the estimate of the useful life of
     distribution lines.  During first quarter 2006, the useful
     life of these assets was estimated at 25 years compared
     with 15 years in first quarter 2007.

SG&A Expenses

Selling, General and Administrative Expenses (including
depreciation and amortization) or SG&A, increased MXN35.2
million, or 22.4% year-over-year to MXN192.6 million.  As a
percentage of sales, SG&A rose 132 basis points to 30.1%, from
28.8% in first quarter 2006. The absolute increase in SG&A
principally reflected:

   * A 26.3%, or MXN13.6 million, increase in selling expenses
     to MXN65.5 million, principally related to the increase in
     the size of the company's sales force and an increase in
     commissions paid (1.286 salespersons as of March 31, 2007,
     as compared to 1.073 as of March 31, 2006), as well as a
     MXN3.6 million increase in advertising;

   * A 27.7%, or MXN25.0 million, increase in administrative
     expenses to MXN115.6 million. As a percentage of revenues,
     administrative expenses increased to 18.1% in first quarter
     2007 from 16.6% in first quarter 2006.  Administrative
     expenses in absolute values increased principally due to:

   * A MXN11.4 million increase in salaries and fees principally
     due to the additional number of administrative employees
     (451 as of March 2007 and 441 as of March 2006), an
     increase in salaries, as well as director's and management
     performance bonuses corresponding to the fiscal year 2006
     period;

   * An increase of MXN2.0 million in telecommunications and
     travel expenses, due to higher communication activities and
     travel expenses.

   * Amortization and depreciation declined 23.1%, or
     MXN3.5 million, to MXN11.5 million for first quarter 2007,
     principally due to a reclassification of assets in first
     quarter 2007 and the amortization of SAP related
     investments in first quarter 2006.

Adjusted EBITDA

Adjusted EBITDA for first quarter 2007 increased 4.6%, or
MXN10.7 million, to MXN243.5 million.  The adjusted EBITDA
margin declined 453 bps to 38.0%.

               Comprehensive Financial Results

Comprehensive financial results, net was a gain of MXN10.0
million for the three months ended March 31, 2007, a MXN52.3
million improvement from the net expense of MXN42.3 million for
the corresponding period in 2006.  The improvement primarily
reflected a MXN61.1 million gain in financial instruments
including gains from swap instruments and a MXN7.1 million gain
in monetary position.

                            CAPEX

Capital expenditures for first quarter 2007 fell 30.7% or
MXN97.7 million, to MXN220.8 million from MXN318.5 million in
first quarter 2006.  Capital expenditures principally related to
investments incurred to expand and upgrade Cablemas' network.

As of March 31, 2007, Cablemas had a network of 13,613 km, of
which 82% was bidirectional and 86% was operating at or greater
than 550 MHz.  As of March 31, 2006, Cablemas had a network of
11,816 km, of which 76% was bidirectional and 86% was operating
at or greater than 550 MHz.

                Debt Structure and Cash Flow

Consolidated gross debt as of March 31, 2007, totaled MXN1,971.9
million, of which MXN1,906.9 million was long-term and MXN65.0
million was short term.  Consolidated gross debt declined YoY by
1.0%, from MXN1,992.7 million as of March 31, 2006.

Net debt, which is calculated as total debt minus cash and cash
equivalents, increased year-over-year by 58.5% to MXN1,922.4
million, from 1,213.2 million as of March 31, 2006.  As of
March 31, 2007, Cablemas had a cash balance of MXN49.5 million.

                       About Cablemas

Cablemas SA de CV -- http://www.cablemas.com-- is the   
second-largest cable television operator in Mexico based on the
number of subscribers and homes passed.  As of June 30, 2005,
the company's network served over 546,000 cable subscribers and
in excess of 87,000 high-speed Internet subscribers, with more
than 1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings has affirmed these ratings for
Cablemas with a Stable Rating Outlook:

   -- Foreign Currency Issuer Default Rating 'BB-';
   -- Local Currency Issuer Default Rating 'BB-';
   -- US$175 million senior notes due 2015 'BB-'; and
   -- National scale 'A(mex)'.


FORD MOTOR: Founding Family Members Deny Talks to Sell Stakes
-------------------------------------------------------------  
Ford Motor Co.'s founding family members denied the report that
it was discussing the sale of its controlling stake in the
automaker, Poornima Gupta of Reuters says.

"The Ford family is not discussing the sale of its holdings in
Ford Motor Company.  Statements attributable to unnamed sources
are untrue," Reuters cited David Hempstead, the family's
attorney, as saying.

An unnamed source told Reuters Monday that the Ford family met
with representatives of an investment bank last month, but had
not retained any firm to advise it on its controlling stake in
the automaker.

The family owns 71 million Class B shares and controls almost 40
percent of the voting power in the company.

                 Moving on With "Way Forward" Plan

Early this month, Ford disclosed that it intends to idle its
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 said it 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, the company
explained.

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.

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 said,
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.

                    April 2007 U.S. Sales

Ford's April U.S. sales totaled 228,623, down 13% compared with
a year ago, the company said in a regulatory filing with the
Securities and Exchange Commission.

"With April behind us, we remain focused on getting the word out
about the strength of our new products, and our marketing
offensive is moving into high gear," said Mark Fields, Ford's
President of The Americas.  "Customers are responding very
positively to our new 'Ford Challenge' ads that pit Ford
vehicles against the best of the competition, so we're
accelerating our plans."

Currently, Ford said it began airing two new F-Series truck ads
starring Mike Rowe, creator and star of the Discovery Channel's
hit show "Dirty Jobs."  The ads demonstrate the clear advantages
of Ford Tough trucks in safety, strength and capability.

Ford's internal data show that the Ford Challenge campaign has
generated a strong response in product favorability, purchase
consideration and sales.  Following the start of the successful
"Fusion Challenge" ads in January, the Ford Fusion posted
double-digit sales increases throughout the first quarter.

                      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.


FORD MOTOR: High Ct. Wants Lower Courts to Review US$82.6M Award
----------------------------------------------------------------  
The Supreme Court directed lower courts to review an US$82.6
million California court judgment against Ford Motor Co.
relating to a sport utility vehicle rollover accident, Mark H.
Anderson of The Wall Street Journal reports.

The justices, WSJ says, want the judgment reconsidered in light
of Supreme Court precedent from its recent Philip Morris
punitive damages ruling, which said punitive damages cannot be
used to punish companies for harm to parties not involved in the
lawsuit.

The judgment dates back to January 2002 when Benetta Buell-
Wilson, while driving a Ford Explorer, got seriously injured
after the vehicle flipped over 4-1/2 times, Greg Stohr of
Bloomberg News relates.

Subsequently, Ms. Buell-Wilson sued the company contending that
the vehicle's design was prone to rollover accidents.

Ms. Buell-Wilson got an initial US$357 million judgment but was
eventually reduced to US$27.6 million in actual damages and
US$55 million in punitive damages.

Ford appealed the judgment to the Supreme Court arguing that the
arbitrary imposition of punitive damages based on "vague and
subjective standards is the root cause of the flood of huge
verdicts."

                      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.


FORD MOTOR: Finance Arm Sells US$1.5-Billion Debt, Reuters Says
---------------------------------------------------------------
Ford Motor Co.'s finance arm, Ford Motor Credit, sold Tuesday
US$1.5 billion in a two-part debt sale, Reuters reports, citing
market sources.

According to Reuters, the offering was expected to include
US$1 billion five-year notes yielding about 7.8 percent to
7.875 percent and US$500 million in a reopening of an existing
five-year floating rate note with a coupon rate of about 275 to
280 basis points over the London interbank offered rate.

Citigroup Global Markets Inc., J.P. Morgan and Lehman Brothers
Inc. are the joint lead managers for the sale, the sources said.

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.


INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating and its stable outlook on Alpharetta, Georgia-
based Infor Global Solutions Holdings Ltd.

At the same time, Standard & Poor's affirmed its 'B-' bank loan
and '2' recovery ratings on Infor's approximately US$2.85
billion first-lien senior secured bank facility (including the
proposed US$55 million term loan add-on).

Standard & Poor's also affirmed its 'CCC' bank loan and '5'
recovery ratings on Infor's nearly US$1.6 billion second-lien
senior secured term loan (including the proposed US$170 million
add-on).
     
The ratings affirmations follow recent announcements that Infor
will acquire Workbrain Corporation, a leading global provider of
workforce management software, and Hansen Information
Technologies, a leading supplier of software applications to
manage government operations.  The proposed add-on term loans
will partially fund the acquisitions.
      
"While these acquisitions introduce additional integration risk
following recent very aggressive acquisition activity (and a
US$500 million, debt-financed dividend to shareholders), Infor's
financial profile, including operating lease-adjusted total debt
to EBITDA estimated to be in the mid-8x area, on a GAAP basis,
is only modestly affected by this transaction," said Standard &
Poor's credit analyst Ben Bubeck.  "Furthermore, our expectation
for positive free operating cash flow generation in future
periods, along with potential strategic benefits from a
strengthened human capital management product extension and an
expanded vertical end market, support our 'B-' corporate credit
rating," he continued.
     
The ratings reflect Infor's limited track record following a
very aggressive acquisition strategy, its high debt leverage,
and an aggressive financial policy.  These factors are only
partially offset by the company's leading presence in its
selected mid-market niche, a largely recurring revenue base, and
a broad and diverse customer base.

                    About Infor Global

Headquartered in Alpharetta, Georgia and a Cayman Islands
exempted company, Infor Global Solutions Holdings Ltd., --
http://www.infor.com/-- is a global provider of financial and   
enterprise applications software.  The company has locations in
Japan, Australia, Austria, China, France, India, Mexico,
Singapore, and Spain, among others.


KANSAS CITY SOUTHERN: Fitch Rates Planned US$165-Mln Notes at B+
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' foreign currency rating and a
Recovery Rating of 'RR4' to the US$165 million senior notes due
2014 to be issued by Kansas City Southern de Mexico, S.A. de
C.V.  The new notes rank pari passu with KCSM's existing senior
unsecured obligations.

Fitch also maintains 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's other outstanding notes:

     -- US$178 million 12.50% senior notes due 2012;
     -- US$460 million 9.375% senior notes due 2012;
     -- US$175 million 7.625% senior notes due 2013.

The proceeds of the proposed new issuance will be used primarily
to pay off the company's outstanding US$178 million 12.50% notes
due 2012.

Fitch also maintains a 'B+' foreign and local currency Issuer
Default Rating for KCSM.  The Rating Outlook for these ratings
is Stable.

The ratings for KCSM are supported by the company's solid
business position as a leading provider of railway
transportation services in Mexico with a diversified revenue
base consisting of five main industrial sectors.  Although
KCSM's operating earnings have improved in 2006, the ratings
continue to reflect the company's weak financial profile due to
its high leverage and tight liquidity.  Over the past several
years, KCSM has operated in a challenging environment
characterized by fierce competition, higher fuel costs, a
depreciating Mexican peso versus the U.S. dollar and a general
shift in manufacturing to China from several countries,
including Mexico.

KCSM's capital structure remains leveraged.  As of
Dec. 31, 2006, the company had approximately US$1.4 billion in
total debt consisting primarily of US$813 million in unsecured
senior notes due in 2012 (US$638 million) and 2013 (US$175
million) and an estimated US$495 million of off-balance-sheet
debt associated with lease obligations.  KCSM's EBITDAR, defined
as operating EBITDA plus the company's locomotive and railcar
lease payments, was approximately US$330 million in 2006, and
the ratio of total debt to EBITDAR was 4.2 times, an improvement
compared with 6.1x in 2005 and 5.3x in 2004.  EBITDAR covered
fixed expenses, defined as interest expense plus lease payments,
by about 2.1x in 2006, compared with 1.4x in 2005 and 1.5x in
2004.  KCSM's cash balance as of March 31, 2007, was US$37.3
million compared with US$14.4 million at Dec. 31, 2006.  
Refinancing risk has been reduced as KCSM paid off in November
2006 most of its US$150 million 10.25% senior notes due
June 15, 2007, with the proceeds from the 7.625% US$175 million
senior notes due 2013.

KCSM (formerly TFM) operates one of three main railroad networks
in Mexico, transporting more than 40% of the country's railway
freight volumes.  The company's main tracks cover 2,645 miles
throughout commercial and industrial areas in the northeastern
and central regions of the country and serve three of Mexico's
main seaports.  KCSM operates a strategically significant route
connecting Mexico City with Laredo, Texas, the largest freight
exchange point between the United States and Mexico.  In 2006,
revenues of US$774 million were generated from diverse sectors
such as agro-industrial, cement, metals and minerals, chemical
and petrochemical, automotive, manufacturing and industrial, and
intermodal.  Kansas City Southern owns 100% of KCSM via its
wholly owned subsidiary, Grupo KCSM (formerly Grupo TFM).


KANSAS CITY SOUTHERN: S&P Rates New US$165-Million Notes at B
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Kansas City Southern Railway Co.'s proposed new US$75 million
term loan C due 2013; the recovery rating is '1', indicating
expectations of full recovery of principal in the event of
payment default.

In addition, a 'B' rating was assigned to the proposed new
US$165 million notes offering by Kansas City Southern de Mexico
S. de R.L. de C.V. (KCSM; previously TFM S.A. de C.V.) and other
senior unsecured ratings on KCSM were raised to 'B' from 'B-'.  
Kansas City Southern Railway Co. and KCSM are wholly owned
subsidiaries of Kansas City Southern.
     
All other ratings, including the 'B' corporate credit rating on
Kansas City Southern, were affirmed.  However, S&P revised the
outlook to positive from stable, reflecting the potential for a
rating upgrade if liquidity, which will be bolstered by
refinancing activities under way, continues to improve.  The new
term loan represents an add-on to the company's existing
US$371 million bank financing, consisting of a US$246 million
term loan B facility and US$125 million revolving credit
facility.  The credit facility is rated 'BB-' with a recovery
rating of '1', indicating a high expectation for full recovery
of principal in the event of a payment default.  The revised
notching on the KCSM senior unsecured debt reflects Standard &
Poor's belief that the company will continue to maintain a
relatively small amount of secured debt in the KCSM capital
structure.  Kansas City Southern, a Kansas City, Missouri-based
freight railroad company, has about
US$2.4 billion of lease-adjusted debt outstanding.
      
"The ratings reflect Kansas City Southern's highly leveraged
capital structure, challenges associated with its integration of
KCSM, the Mexican railroad it acquired in April 2005, and
limited [albeit improving] liquidity," said Standard & Poor's
credit analyst Lisa Jenkins.  "Offsetting these risks to some
extent are the favorable characteristics of the U.S. freight
railroad industry and the company's strategically located rail
network."
     
Kansas City Southern's liquidity and financial position have
improved over the past year and further strengthening is likely,
given generally favorable industry conditions and operating
efficiency gains.  If the expected improvement occurs and is
sustained, ratings are likely to be raised.  Conversely, if
financial performance or liquidity weaken from current levels,
the outlook is likely to be revised back to stable.


MEGA BRANDS: Hires Harold Chizick as Public Relations Director
--------------------------------------------------------------
MEGA Brands Inc. has appointed Harold Chizick as Director of
Promotional Marketing and Public Relations, effective
immediately.  Mr. Chizick will be responsible for overseeing the
Corporation's consumer and trade communications strategies, and
promotional initiatives for all brands within MEGA(TM)
worldwide, including Mega Bloks(R), Rose Art(R), Magnetix(R) and
Board Dudes(R).

"Harold has a proven track record in successful promotional
marketing and communications, and we are pleased to have him on
board," stated Vic Bertrand, COO of MEGA Brands.  "He will play
an instrumental role in building brand awareness and developing
relationships with key promotional partners."

Before joining MEGA Brands, Mr. Chizick oversaw all execution of
promotional plans including public relations, product launches,
premiums and, retail and consumer promotions at Spin Master Ltd.  
He will be based in Montreal and will report to Kathleen
Campisano, Executive Vice-President and Chief Marketing Officer.

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc.
-- http://www.megabloks.com/-- distributes a range of toys,  
puzzles, and craft-based products worldwide.  The company has
offices in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 24, 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit and bank loan ratings on MEGA
Brands Inc. on CreditWatch with negative implications.  The bank
loan's '2' recovery rating was also placed on CreditWatch.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2007, Moody's placed the Ba3 corporate family rating
and other long-term ratings of MEGA Brands, Inc. on review for
possible downgrade after the company announced weaker than
expected results for the fourth quarter of 2006 and for the full
year.  The speculative grade liquidity rating was affirmed at
SGL-3.

Ratings under review for possible downgrade:

  MEGA Brands Inc.

     -- Ba3 Corporate Family Rating

  MEGA Brands Inc.

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Blocks US

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Brands Inc.

     -- Ba2 rating on the US$40 million, 5-year term loan A
     facility; LGD 2; 24%

  MEGA Brands Finco

     -- Ba2 rating on the US$260 million 7-year term loan B
        facility; LGD 2; 24%

  MEGA Brands Inc.

     -- Probability of Default rating at B1


VITRO SAB: Unveils Exchange & Replacement of Share Certificates
---------------------------------------------------------------
Vitro, S.A.B. de C.V. disclosed in a regulatory filing with the
U.S. Securities Exchange and Commission that, pursuant to
resolution duly adopted on Nov. 29, 2006, it will replace
outstanding share certificates and provisional certificates
representing capital stock of Vitro for new certificates due to
the change of corporate name and other amendments to the by-
laws.  All shareholders and depositories of securities
custodians have been notified.

Starting on May 24, 2007, the exchange of share certificates and
provisional certificates as follows:

   -- Outstanding certificates representing Series "A" of the
      fixed capital stock of Vitro, identified as March 1999
      issue, bearing coupons from 67 to 85, shall be replaced by
      new share certificates dated February 2007, bearing
      coupons from 67 to 96, representing Series "A" shares,
      Class "I", of the fixed capital of the Corporation.

   -- Outstanding provisional certificates representing Series
      "A" shares of the variable capital stock of Vitro,
      identified as Sept. 27, 2006 issue, bearing coupons 67 and
      68, shall be exchanged and replaced by new share
      certificates dated February 2007, bearing coupons 67 to
      96, representing Series "A" shares, Class "II", of the
      variable stock capital of the Corporation.

The exchange and replacement of share certificates and
provisional share certificates of shareholders having shares
deposited at S.D. Indeval Institucion para el Deposito de
Valores, S.A. de C.V., will be carried out through such
institution pursuant to Ley del Mercado de Valores ("Mexican
Stock Market Law").  Shareholders in possession of original
certificates, the exchange shall be carried out upon delivery of
outstanding share certificates and provisional certificates at
Vitro headquarters located at Avenida Roble No. 660, Colonia
Valle del Campestre, San Pedro Garza Garcia, Nuevo Leon on
business days from 9:00 A.M. to 12:30 P.M.

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+'.




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P E R U
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GRAN TIERRA: Posts US$6.7 Mil. Net Loss in Qtr. Ended March 31
--------------------------------------------------------------
Gran Tierra Energy Inc. reported the financial results of
operations for the quarter ended March 31, 2007.

Total revenue for the quarter was US$4.5 million as compared to
US$1.0 million for same quarter of 2006.  Net loss for the
quarter amounted to US$6.7 million as compared to a net loss of
US$1.2 million for the comparable quarter of 2006.  Included in
the first quarter losses are expenses in the amount of US$4.1
million in liquidated damages relating to the potential amount
payable to stockholders who participated in a 2006 financing
whereby the registration statement for the 50 million units sold
during the raise had yet to become effective.  The registration
of these shares became effective May 14, 2007.  There was no
comparable expense in the first quarter of 2006.

The company reported cash and cash equivalents of US$13.3
million at the end of the first quarter of 2007 as compared to
US$24 million at Dec. 31, 2006.  Total working capital reported
at the end of the quarter was US$7.0 million as compared to
US$14.3 million at Dec. 31, 2006.  Shareholders' equity
decreased from approximately US$76.2 million at Dec. 31, 2006,
to US$69.7 million at March 31, 2007.  The company reported no
outstanding long-term debt.

Oil and condensate production for the quarter ended March 31,
2007 averaged at 1,260 barrels per day, net after royalty.  This
is up from approximately 1,050 barrels per day for the fourth
quarter of 2006 as a result of drilling activity.

The company reports that it has drilled and completed seven
wells to date in 2007.  The first well, Puesto Climaco-2D in
Argentina, was successful and is currently producing oil.  The
company drilled and completed six exploration wells in Colombia.  
Four were dry holes, which included the Laura-1 in the Talora
Block, the Caneyes-1 in the Rio Magdalena Block, and the Soyona-
1 and Cachapa-1 wells in the Primavera Block.  The company's
share of capital in three of the dry holes was funded by joint
venture partners resulting in no expended capital on those wells
by Gran Tierra.  The two remaining wells, Juanambu-1 and
Costayaco-1 have both encountered oil.  Juanambu-1 is currently
testing the productivity of the reservoirs and Costayaco-1 will
begin testing upon completion of the Juanambu-1 tests.

The company has working interests in 18 exploration and
production contracts, in three countries, Argentina, Colombia,
and Peru, which encompass approximately 6.2 million acres of
land.  The vast majority of this land is operated by Gran
Tierra, bringing its net acreage position to 5.3 million acres.  
At the end of 2006, the company reported that it had 3.0 million
barrels of externally audited proved oil reserves.

Dana Coffield, President and Chief Executive Officer of Gran
Tierra Energy, Inc., commented, "As the first quarter numbers
reflect, we have continued making the appropriate investments of
capital relating to drilling opportunities resulting from the
land acquisitions completed throughout 2006.  Our drilling
programs in both Colombia and Argentina have begun in earnest
and we are very pleased with our progress and results to date."

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas  
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of US$4.1
million.




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


DIRECTV GROUP: Tops Cable Customer Satisfaction Index
-----------------------------------------------------
The DIRECTV Group received a higher score for customer
satisfaction than all cable TV companies in the American
Customer Satisfaction Index -- ACSI -- for the seventh year in a
row.

In this year's ACSI survey, DIRECTV posted an index score of 67,
reflecting customers' overall satisfaction with the service,
compared to the cable and satellite TV category, which scored a
62 overall.  Customers surveyed by the ACSI in the first quarter
of 2007 were asked about such issues as perceived quality,
perceived value and their expectations prior to subscribing to
the service.  The ACSI also measures customer loyalty and
retention.

"Once again, no other cable or satellite provider has a higher
customer satisfaction rating than DIRECTV," said John Suranyi,
president, DIRECTV Sales and Service.  "We take great pride in
that knowledge and our employees are to be congratulated. While
we improved in some areas, we still have work to do in others to
bring our performance levels up to where we believe they need to
be to consistently exceed the expectations of our customers.  We
have initiatives in place to achieve that goal and further
distance ourselves from the competition."

ACSI was developed by the National Quality Research Center at
the Stephen M. Ross Business School at the University of
Michigan.

Last year, DIRECTV was ranked "Highest in Customer Satisfaction
Among Satellite/Cable TV Subscribers" in the 13-state Eastern
region of the United States, according to the J.D. Power and
Associates 2006 Residential Cable/Satellite TV Customer
Satisfaction Study(SM).

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


SIMMONS CO: Earns US$4.4 Million in Quarter Ended March 31
----------------------------------------------------------
Simmons Company, the indirect parent of Simmons Bedding Company,
has reported US$4.4 million of net income for the three months
ended March 31, 2007, compared to US$6.4 million of net income
for the same period in 2006.

For the first quarter of 2007, net sales increased to
US$267.4 million compared to US$235.9 million for the same
period last year, a 13.4% improvement.  Net sales in the 2006
first quarter included US$18.9 million in sales from Simmons'
former retail operation, Sleep Country USA, which was sold in
August 2006.  Excluding the 2006 first quarter sales impact of
the company's former retail business, Simmons' net sales
increased US$50.5 million, or 23.3%, driven by domestic sales
growth of 9.8% and the addition of US$29.4 million of sales from
the Company's Canadian operations, which were acquired in
November 2006.  Simmons' domestic sales growth was primarily
attributable to an increase in conventional bedding units sold
of 11.2%, or US$26.4 million, compared to the same period last
year, partially offset by a decrease in conventional bedding
average unit selling price of 3.1%, or US$8.1 million.  Gross
profit for the first quarter of 2007 increased to US$108.2
million, or 40.5% of net sales, from US$99.4 million, or 42.2%
of net sales, for the same period of 2006.

For the first quarter of 2007, operating income was US$25.2
million, or 9.4% of net sales, compared to US$29.4 million, or
12.5% of net sales, for the same period last year.  The
financial results for the quarter included approximately US$11
million in costs related to the roll out of the company's 2007
Beautyrest(R) product line.  Net income was US$4.4 million for
the first quarter of 2007 compared to US$6.4 million for the
same period of the prior year.  For the first quarter of 2007,
Adjusted EBITDA (see the Supplemental Information to this press
release) was US$36.1 million, or 13.5% of net sales, compared to
US$39.0 million, or 16.5% of net sales, during the same period
last year.  As of March 31, 2007, Simmons' working capital as a
percentage of net sales for the trailing twelve months was 2.3%
compared to 2.0% a year ago.

Simmons' Chairman and Chief Executive Officer, Charlie Eitel,
said, "The strong sales momentum we had in 2006 continued into
the first quarter of 2007, resulting in a new first quarter
sales record for Simmons.  The roll out of our new 2007
Beautyrest(R) product line, which is being well received by
dealers and consumers alike, commenced in our first quarter and
will be completed by early June."

                     About Simmons Co.

Headquartered in Atlanta, Georgia, Simmons Company -
http://www.simmons.com/-- through its indirect subsidiary    
Simmons Bedding Company, is one of the world's largest mattress
manufacturers, manufacturing and marketing a broad range of
products including Beautyrest(R), BackCare(R), BackCare Kids(R)
and Deep Sleep(R).  Simmons Bedding Company operates 21
conventional bedding manufacturing facilities and two juvenile
bedding manufacturing facilities across the United States,
Canada and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Moody's Investors Service assigned a Caa1 rating
to Simmons Co.'s US$275 million super holdco toggle loan and
affirmed the company's B2 corporate family rating.  At the same
time, Moody's upgraded Simmons' senior secured credit facility
to Ba2, its US$200 million subordinated notes to B2 and its
senior discount notes to B3.  The ratings outlook was revised to
stable from positive due to the higher leverage and aggressive
financial posture resulting from this transaction.




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


DAIMLERCHRYSLER: No Immediate Job Cuts, Cerberus Assures Workers
----------------------------------------------------------------
Leaders of the soon-to-be-independent Chrysler Group and its
buyer, Cerberus Capital Management LP, have launched a campaign
to bolster workers' confidence in the DaimlerChrysler AG unit
and win support from rank-and-file workers and union leaders
alike, the Wall Street Journal relates.

According to the report, Cerberus Capital founder Stephen
Feinberg met with leaders of Chrysler's two main unions and
offered assurances it plans no immediate job cuts, beyond the
13,000 previously proposed by the company, in an effort to ease
labor worries about Cerberus' planned acquisition of 80.1% of
Chrysler.

Mr. Feinberg has committed to not cutting additional hourly jobs
in Canada until at least September 2008, when the current CAW
contract with Chrysler expires, WSJ notes.  He also promised not
to eliminate United Auto Worker positions beyond those already
announced in February.

Canadian Auto Workers union leader Buzz Hargrove, who previously
had expressed opposition to a private-equity takeover, welcomed
the news with praises, saying he is confident that "this is not
about slice and dice ... they're in for the long term."

Mr. Feinberg also scored points with Mr. Hargrove by expressing
concern about trade policies and countries that sell vehicles in
North America but close their doors to imports from the U.S. and
Canada, WSJ observes.  Those are concerns that the CAW also
raises often, and Mr. Hargrove said Mr. Feinberg could help out
greatly in lobbying the U.S. and Canadian governments on those
issues.

Meanwhile, UAW chief Ron Gettelfinger, who had previously
expressed concern about a potential private-equity buyer for
Chrysler, has expressed his support for the deal, reports say.

The union leaders' positive response to the deal may have paved
the way for future talks with workers as part of Cerberus' plan
to acquire a majority stake in Chrysler; however, it does not
guarantee that the road will be smooth as the new owners are
expected to hold litigious contract negotiations with the UAW,
while Chrysler's health-care liabilities amounting to US$18
billion loom over their heads, WSJ suggests.

Chrysler CEO Tom LaSorda has advised that the automaker needs to
attack its labor-cost disadvantage in the near term as it looks
to return to profitability, WSJ states.  He reassured the public
Monday night that the company does not plan to kill any of its
three brands -- Dodge, Chrysler and Jeep.  He also disclosed on
Tuesday that Chrysler will consider alliances aimed at small
cars and fast-growth emerging markets as it breaks free from
Germany's Daimler AG, Reuters reports.

Mr. LaSorda has disclosed that the automaker would pursue a
turnaround plan announced in February that includes cutting
13,000 jobs and investing US$3 billion in new plants to make
more fuel-efficient engines as it shifts to private ownership
under Cerberus Capital Management, Reuters relates.  He added
that the new owners have endorsed the company's strategic plans
and will not spin off Chrysler's brands, freeze new investment
or push for higher-than-projected profitability by 2008.

Mr. LaSorda noted that as a private company, Chrysler would be
free of pressure to meet quarterly financial goals and be able
to reach out to partners in target markets such as India, Russia
and Southeast Asia, where it has lagged, Reuters says.

One prospect is expanding an alliance with China's Chery
Automobile Co. agreed in December, pending clearance from the
Chinese government, Reuters reveals.  Under the deal, Chery
would build small cars under Chrysler brands for sale in Europe
and the U.S.  The deal has been delayed by the sale of Chrysler
but a decision is expected soon.

                    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.


DAIMLERCHRYSLER: Going Private Chrysler Ceases Financials Filing
----------------------------------------------------------------
Chrysler Group CEO Tom LaSorda made it clear during a press
conference that Chrysler won't issue quarterly earnings anymore,
and the company will benefit from standing on its own as a
private company, out of the continuous glare and scrutiny of a
publicly traded firm.

                       Brand Retention

In addition, Mr. LaSorda said that Chrysler Group's three brands
-- Jeep, Dodge and Chrysler -- will remain under the group after
its sale to Cerberus Capital Management, Reuters reports.

"These brands will not be broken up under any circumstances,"
Mr. LaSorda told reporters, a day after German parent
DaimlerChrysler AG announced the sale of most of its stake in
Chrysler to Cerberus.

The CEO also said that a product plan, recommended by Cerberus,
is in the works.

              About Cerberus Capital Management

Cerberus Capital Management, L.P., New York, is one of the
largest private investment firms in the world, with
approximately US$23.5 billion under management in funds and
accounts.  Founded in 1992, Cerberus currently has significant
investments in more than 50 companies that, in aggregate,
generate more than US$60 billion in annual revenues worldwide.

                    About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
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 has locations in Canada, Mexico, United States,
Argentina, Brazil, Venezuela, China, India, Indonesia, Japan,
Thailand, Vietnam and Australia.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion ($6.4 billion)
based on an expected full-year operating loss of approximately
EUR1 billion (US$1.2 billion) for its Chrysler Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


PETROLEOS DE VENEZUELA: Oil Rig Nationalization Causes Fears
------------------------------------------------------------
After the nationalization of the Orinoco heavy-crude projects,
the Venezuelan government disclosed plans of taking control of
oil exploration rigs that are in foreign hands.

El Universal says that the news caused concern among oil-rig
providers and industry experts.

Petroleos de Venezuela's Chief Executive Officer Rafael Ramirez
said in an interview with Panorama that the state company owned
18 rigs that were "were handed over to control of
multinationals."  He added that "these companies demand huge
amounts of money for use of this machinery. We have decided to
nationalize this equipment to put them under state control."

The traditional rig-contracting scheme requires each Petroleos
de Venezuela affiliate to enter into agreements individually,
which results to huge costs and complex operational logistics,
El Universal relates.

Petroleos de Venezuela has been stressing in the past few months
how it needs to take an active role in oil-rig activities, El
Universal says.  Most of the oil-rig companies are under service
agreements with the state-oil company.  This latest announcement
could mean a migration to joint ventures where Petroleos de
Venezuela will hold majority stakes.

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 Acquire Power Utility Eleval
---------------------------------------------------------
The Venezuelan government has notified private power utility
Eleval of state-run oil company Petroleos de Venezuela SA's plan
to acquire it, Business News Americas reports, citing an Eleval
official.
  
BNamericas relates that Eleval has informed Ecuadorian
regulators that it will cancel the contract to run Categ, a
utility in Guayaquil, Ecuador.  Eleval was chosen to operate
Categ during Ecuadorian President Alfredo Palacio's
administration, though officials under incumbent President
Rafael Correa have challenged the contract.

Eleval said in a letter sent to the regulators that termination
of the contract can be negotiated between the governments of
Venezuela and Ecuador, BNamericas notes.

Eleval would be the third power company that Petroleos de
Venezuela's would acquire this year, after Electricidad de
Caracas and Seneca, in line with Venezuelan President Hugo
Chavez's nationalization decree, BNamericas states.  

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.


TRAVELPORT INC: Launches Exchange Offer on Five Senior Notes
------------------------------------------------------------
Travelport Limited, the parent company of the Travelport group
of companies, has commenced its exchange offer to all holders of
its Senior Dollar Floating Rate Notes due 2014, Senior Euro
Floating Rate Notes due 2014, 9-7/8% Senior Fixed Rate Notes due
2014, 11-7/8% Senior Dollar Subordinated Notes due 2016 and
10-7/8% Senior Euro Subordinated Notes due 2016 to exchange
their privately held Notes for new notes pursuant to its
Registration Statement on Form S-4 that was declared effective
on May 10, 2007, by the U.S. Securities and Exchange Commission.  
The Exchange Notes will be identical in all material respects to
the outstanding Notes, except that the Exchange Notes will not
contain terms restricting their transfer or any terms related to
registration rights.

The exchange offer and withdrawal rights will expire at 5:00
p.m., New York City time, on Tuesday, June 12, 2007, unless
terminated or extended by Travelport.  Letters of Transmittal
must be delivered on or before the expiration time and date by
facsimile transmission, overnight courier or hand delivery, or
registered or certified mail to The Bank of Nova Scotia Trust
Company of New York, the exchange agent for the dollar
denominated notes, or The Bank of New York, London, the exchange
agent for the euro denominated notes.

Travelport is one of the world's largest travel conglomerates.  
It operates 20 leading brands including Galileo, a global
distribution system (GDS); Orbitz, an online travel agent; and
Gulliver's Travel Associates, a wholesaler of travel content.  
With 2005 revenues of US$2.4 billion, the company has 8,000
employees and operates in 130 countries, including Brazil,
Mexico and Venezuela.  Travelport is a private company owned by
The Blackstone Group of New York and Technology Crossover
Ventures of Palo Alto, California.

                        *     *     *

Standard & Poor's Ratings Services placed on Dec. 7, 2006, its
ratings on Travelport Inc., including the 'B+' corporate credit
rating, on CreditWatch with negative implications.


* VENEZUELA: Ending Tobacco Production, Says Health Minister
------------------------------------------------------------
Venezuelan Health Minister Erick Rodriguez was quoted by
Bloomberg News as saying that the government plans to end
tobacco production, in a bid to curb smoking in the country.  

The health ministry will send a legislation to congress that
would phase out cultivation and production of tobacco.  The
government plans to provide aid to those families that are
dependent on the industry, the health minister said, says
Bloomberg.

Smoking won't be banned in Venezuela but those who want to smoke
would be forced to buy imported cigarettes that are much
costlier.

According to Bloomberg, Venezuela's tobacco industry pays more
taxes per unit of production than any other in South America's
third-largest economy.  Tobacco is the second-leading cause of
death in the world, claiming one in 10 adults, and the fourth-
most common risk factor for disease, according to the World
Health Organization in Geneva.

Minister Rodriguez underscored that last year, the government
spent US$2.8 million to treat smokers.

                        *     *     *

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: NYSE Suspends Cantv Trading Due to Nationalization
---------------------------------------------------------------
CA Nacional Telefonos de Venezuela, or Cantv, said in a
statement that the New York Stock Exchange was suspending
trading with immediate effect of the firm's American Depositary
Shares, each representing seven class D shares, due to the
company's nationalization.

According to Cantv's statement, NYSE said the firm's ADSs are no
longer suitable for continued listing due to the current
circumstances after the completion of the tender offer by the
Venezuelan government.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, the Venezuelan government said it purchased a
controlling stake in Cantv, for US$1.3 billion.  The government
increased its stake in Cantv to 86.2% from 6.6% after purchasing
the shares through tender offer on the stock exchanges in
Caracas and New York.

Cantv told Business News Americas that the NYSE said it may
suspend a security any time, if continued dealings in or listing
of a security are not advisable.

Cantv hasn't arranged for listing its ADSs on another US
securities exchange, BNamericas states.

                        *     *     *

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 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 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying Assets in Bankruptcy - Opportunities and Pitfalls
        McCormick & Schmick's, Las Vegas, Nevada
            Contact: http://www.turnaround.org/  

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Social
         La Brasserie, Toronto, Ontario
            Contact: 416-867-2300 or http://www.turnaround.org/


May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Scotch & Cigar Night
         Buena Vista Cigar Club, Beverly Hills, California
            Contact: 310-458-2081 or http://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 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA - ANZ Great Debate
         ANZ Bank, Sydney, Australia
            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/

May 31 - June 2, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Baltimore, Maryland
               Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

June 4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA NY Golf & Tennis Outing
         Fresh Meadow Country Club, Lake Success, New York
            Contact: 646-932-5532 or 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 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         Northview Golf and Country Club, Vancouver, British
            Columbia
               Contact: 206-223-5495 or
http://www.turnaround.org/

June 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Event - Networking
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

June 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Looking Over the Edge, Successful Resolutions out of
         Bankruptcy
            IDS Center, Minneapolis, Minnesota
               Contact: http://www.turnaround.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
   BEARD AUDIO CONFERENCES
      IP Rights In Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      ACG/TMA Annual Pacific Northwest Golf Tournament
         Washington National Golf Club, Auburn, Washington
            Contact: 206-223-5495 or 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 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Charity Golf Outing
         Harborside International, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

June 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bank Workout Panel
         Oak Hill Country Club, Rochester, New York
            Contact: http://www.turnaround.org/  

June 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual TMA Toronto Golf Social
         Board of Trade Country Club, Woodbridge, Ontario
            Contact: 416-867-2300 or http://www.turnaround.org/


June 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuing Distressed and Troubled Companies
         Denver Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/  

June 21, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      Corporate Reorganization Conference
         (2nd Annual IWIRC Woman of the Year Award)
            Chicago, Illinois
               Contact: http://www.iwirc.org/

June 21, 2007
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Career Chat: Emerging Careers in Distressed Securities
         New York, New York
            Contact: http://www.nyssa.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 25-26, 2007
   STRATEGIC RESEARCH INSTITUTE
      10th Annual Distressed Debt Investing Summit
         Helmsley Hotel, New York, New York
            Contact: http://www.srinstitute.com/

June 26, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy: Unwinding The Deal
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

June 26-27, 2007
   AMERICAN CONFERENCE INSTITUTE
      Distressed Condo Projects: Turnaround and Workout
Strategies
         Trump International Sonesta Beach Resort
            Sunny Isles, Florida
               Contact: http://www.americanconference.com/   

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

July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   SummerFest
      Milwaukee's Lake Front, Milwaukee, Wisconsin
         Contact: 815-469-2935 or http://www.turnaround.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 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mystic Blue Boat Cruise
         Navy Pier, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Networking Event
         Location TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Charity Networking Event
         Loews Hotel, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23-24, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Financial Restructuring 101 & 102
         The Flatotel, New York, New York
            Contact: http://www.frallc.com/

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 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Social Event
         Crystal Lake Golf Club, Lakeville, Minnesota
            Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Golf Tournament
         Kings Deer Golf Club, Monument, Colorado
            Contact: 303-847-5026 or 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. 9, 2007  
   BEARD AUDIO CONFERENCES
      Technology as a Competitive Advantage For Today's Legal
         Processes
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
            Contact: 303-847-5026 or http://www.turnaround.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. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lean Transformation at Current and Other Case Studies
         Denver Athletic Club, Denver, Colorado
            Contact: 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. 5, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC "Views from the Bench"
         Georgetown University Law Center
            Washington, District of Columbia

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. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Educational Program at NCBJ
         Orlando World Marriott, Orlando, Florida
            Contact: 1-703-739-0800; http://www.abiworld.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. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/  

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Mixer
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 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. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.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/

April 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; 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/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

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/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.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/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues  
         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
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims  
      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.


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