/raid1/www/Hosts/bankrupt/TCRLA_Public/070613.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, June 13, 2007, Vol. 8, Issue 117

                          Headlines

A R G E N T I N A

BOATING SHOES: Proofs of Claim Verification Is Until Aug. 9
COMPANIA ROBEST: Proofs of Claim Verification Ends on July 12
COMUNICACION INTEGRAL: Claims Verification Deadline Is Aug. 27
DREAM SA: Proofs of Claim Verification Deadline Is Aug. 10
DROGUERIA TASSO: Trustee To File General Report on May 23, 2008

LABORATORIOS VULTER: Claims Verification Deadline Is Aug. 6
LIDER TEXTIL: Proofs of Claim Verification Ends on Aug. 6
PINNACLE ENTERTAINMENT: Closes US$385MM Private Notes Offering
PROALES SA: Proofs of Claim Verification Deadline Is July 6
SUDAMERICA NEGOCIOS: Claims Verification Deadline Is July 20

YPF SA: Invests US$85 Million To Buy Five Drilling Rigs

B A H A M A S

ISLE OF CAPRI: Completes Casino Aztar Buy for US$45 Million

B E R M U D A

ACCOUNTANTS PROFESSIONAL: Final General Meeting Is on July 3
FIRST SHIP: Sets Final General Meeting for July 2
SAFINA NAVIGATION: Will Hold Final General Meeting on June 20
CHERRINGTON INSURANCE: Final General Meeting Is Set for June 14
SEA CONTAINERS: Court Sets July 16 as Deadline for Filing Claims

B O L I V I A

* BOLIVIA: Makes First Payment for 2 Petroleo Brasiliero Plants

B R A Z I L

AMC ENTERTAINMENT: S&P Junks Rating on Planned US$400MM PIK Loan
BANCO NACIONAL: Inks Support Deal with Banco do Brasil
BANCO NACIONAL: Creates BRL200-Mil. Clean Technologies Program
BANCO NACIONAL: Approves BRL74.3-Million Loan to Shopping Cidade
BANCO NACIONAL: Okays BRL360MM Loan for Hydroelectric Projects

ELETRICAS DO PARA: Fitch Affirms B Local & Foreign Currency IDRs
ELETRICAS MATOGROSSENSES: Fitch Affirms B Local & Foreign IDRs
GERDAU AMERISTEEL: Sees Drop in Shipments in Second Quarter
MRS LOGISTICA: Launching Construction Work on Transport Projects
NRG ENERGY: Closes US$4.4-Bil. Refinancing of Credit Facility

OSI RESTAURANT: Higher Leverage Cues S&P to Downgrade Ratings
PETROLEO BRASILEIRO: Makes First Ethanol Shipment to Kobe, Japan
PETROLEO BRASILEIRO: Gets Bolivia's First Payment for 2 Plants
PETROLEO BRASILEIRO: Finds Light Oil at Pirambu Field
REDE EMPRESAS: Fitch Affirms B Local & Foreign Currency IDRs

RHODIA S.A.: Reverse Share Split Takes Effect June 12

C A Y M A N   I S L A N D S

ALTAIR NAVIGATOR: Sets Final Shareholders Meeting for June 29
CEMENT HOLDINGS: Will Hold Final Shareholders Meeting on June 28
CITRINE SPECIAL: Sets Final Shareholders Meeting for June 29
COOPERNEFF (CAYMAN): Sets Final Shareholders Meeting for June 29
CREDIT SUISSE: Will Hold Final Shareholders Meeting on June 28

FERN INVESTMENTS: Sets Final Shareholders Meeting for June 28
FREEBIRD OFFSHORE: Sets Final Shareholders Meeting for July 3
FREEBIRD OFFSHORE: Proofs of Claim Filing Ends on July 3
GREAT PRESTIGE: Will Hold Final Shareholders Meeting on June 28
INNFIELD INVESTMENTS: Final Shareholders Meeting Set for June 28

JOSE CARTELLONE: Sets Final Shareholders Meeting for June 29
KAZIMIR NON-DOLLAR: Proofs of Claim Filing Is Until June 14
KAZIMIR NON-DOLLAR: Sets Last Shareholders Meeting for June 29
MW STRAND: Sets Final Shareholders Meeting for June 29
NEMO INT'L: Will Hold Final Shareholders Meeting on June 28

NEWOAK LIMITED: Sets Final Shareholders Meeting for June 28
OAKHAVEN INT'L: Will Hold Final Shareholders Meeting on June 28
STIR FUND: Sets Final Shareholders Meeting for June 29
THUNDER BAY: Sets Final Shareholders Meeting for June 29
TRW HOLDING: Will Hold Final Shareholders Meeting on June 29

C H I L E

MARQUEE HOLDINGS: Moody's Revises Outlook to Neg. from Stable
MARQUEE HOLDINGS: S&P Holds Ratings on Special Dividend Payment
PANDATEL AG: Substantial Losses Cue Proposed Liquidation

E C U A D O R

PETROECUADOR: Inking Military Cooperation Pact with Ministry

G U A T E M A L A

BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13

J A M A I C A

AIR JAMAICA: Management To Meet Jamaicans in the United Kingdom
DELTA AIR: Launches New York-Montego Bay Non-Stop Service
SEPROD LIMITED: Delays Filing Audited Financial Statements

M E X I C O

AMERICAN TOWER: Completes US$1.6 Bil. Senior Credit Facility
BALLY TOTAL: Liberation Investments Balks at Pre-Packaged Plan
FORD MOTOR: Chinese Joint Venture Recalling 7,924 Cars
GRUPO IUSACELL: Will List Shares on Latibex Beginning June 14
GRUPO IUSACELL: Nortel Boosting Firm's Mobile Broadband Services

GRUPO MEXICO: Workers Union To Hold Strike on June 15
KRONOS INC: Hellman & Friedman Completes Acquisition of Company
PORTRAIT CORP: CPI Completes Acquisition of All Operating Assets
SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891

N I C A R A G U A

* NICARAGUA: Russian Gov't Writes Off Nation's US$5MM Debt

P E R U

COMVERSE TECH: Posts US$60.4 Million Net Loss in First Quarter

P U E R T O   R I C O

BURGER KING: Launches First Restaurant in Japan
PATHEON INC: Posts US$22 Million Net Loss in Second Quarter 2007
WERNER LADDER: Completes Sale of All Assets to Investor Group

V E N E Z U E L A

NORTHWEST AIRLINES: S&P Removes Watch on Certificates' Ratings
PETROLEOS DE VENEZUELA: Private Firms Reluctant to Shift to JV

* VENEZUELA: Cantv Investing US$160MM on Internet Protocol TV
* US May Redirect US$200 Million to Help Small Biz in LatAm
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BOATING SHOES: Proofs of Claim Verification Is Until Aug. 9
-----------------------------------------------------------
Estudio Tisocco & Asociados, the court-appointed trustee for
Boating Shoes S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 9, 2007.

Estudio Tisocco will present the validated claims in court as
individual reports on Sept. 20, 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 Boating Shoes 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 Boating Shoes'
accounting and banking records will be submitted in court on
Nov. 1, 2007.

Estudio Tisocco is also in charge of administering Boating
Shoes' assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Estudio Tisocco & Asociados
         Viamonte 1570
         Buenos Aires, Argentina


COMPANIA ROBEST: Proofs of Claim Verification Ends on July 12
-------------------------------------------------------------
Mirta A. Calfun de Bendersky, the court-appointed trustee for
Compania Robest de Inversiones S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until July 12, 2007.

Ms. Calfun de Bendersky will present the validated claims in
court as individual reports on Sept. 13, 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 Compania Robest 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 Compania Robest's
accounting and banking records will be submitted in court on
Oct. 25, 2007.

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

The trustee can be reached at:

         Mirta A. Calfun de Bendersky
         Avenida Santa Fe 2521
         Buenos Aires, Argentina


COMUNICACION INTEGRAL: Claims Verification Deadline Is Aug. 27
--------------------------------------------------------------
Beatriz R. Mazzaferri, the court-appointed trustee for
Comunicacion Integral's bankruptcy proceeding, verifies
creditors' proofs of claim until Aug. 27, 2007.

Ms. Mazzaferri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Comunicacion Integral 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 Comunicacion
Integral's accounting and banking records will be submitted in
court.

La Nacion did not state the reports submission dates.

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

The debtor can be reached at

         Comunicacion Integral
         R. Mejia 1370, Local 20
         Buenos Aires, Argentina

The trustee can be reached at:

         Beatriz R. Mazzaferri
         Lavalle 1454
         Buenos Aires, Argentina


DREAM SA: Proofs of Claim Verification Deadline Is Aug. 10
----------------------------------------------------------
Gustavo Alejandro Pagliere, the court-appointed trustee for
Dream S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Aug. 10, 2007.

Mr. Pagliere will present the validated claims in court as
individual reports on Sept. 26, 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 Dream 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 Dream's accounting
and banking records will be submitted in court on Nov. 8, 2007.

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

The trustee can be reached at:

         Gustavo Alejandro Pagliere
         Tucuman 1424
         Buenos Aires, Argentina


DROGUERIA TASSO: Trustee To File General Report on May 23, 2008
---------------------------------------------------------------
Jose M. Narvaez, the court-appointed trustee for Drogueria Tasso
S.R.L.'s bankruptcy proceeding, will file a general report
containing an audit of the company's accounting and banking
records before the National Commercial Court of First Instance
in Mendoza on May 23, 2008.

Mr. Narvaez verified creditors' proofs of claim.  He then
presented the validated claims in court as individual reports.

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

The trustee can be reached at:

         Jose M. Narvaez
         Avenida San Martin 1432, Ciudad de Mendoza
         Mendoza, Argentina


LABORATORIOS VULTER: Claims Verification Deadline Is Aug. 6
-----------------------------------------------------------
Marcos Livszyc, the court-appointed trustee for Laboratorios
Vulter Ind. y Com. S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Aug. 6, 2007.

Mr. Livszyc will present the validated claims in court as
individual reports on Sept. 4, 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 Laboratorios Vulter 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 Laboratorios Vulter's
accounting and banking records will be submitted in court on
Oct. 17, 2007.

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

The debtor can be reached at:

         Laboratorios Vulter Ind. y Com. S.R.L.
         Tucuman 978
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcos Livszyc
         Nunez 6387
         Buenos Aires, Argentina


LIDER TEXTIL: Proofs of Claim Verification Ends on Aug. 6
---------------------------------------------------------
Julio Cesar Capovilla, the court-appointed trustee for Lider
Textil S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Aug. 6, 2007.

Mr. Capovilla will present the validated claims in court as
individual reports on Sept. 18, 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 Lider Textil 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 Lider Textil's
accounting and banking records will be submitted in court on
Oct. 31, 2007.

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

The trustee can be reached at:

         Julio Cesar Capovilla
         Avenida Corrientes 3859
         Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Closes US$385MM Private Notes Offering
--------------------------------------------------------------
Pinnacle Entertainment Inc. has closed its private offering of
US$385 million aggregate principal amount of new 7-1/2% senior
subordinated notes due 2015.  The notes were issued at a price
of 98.525% of par.
    
The company will use a portion of the net proceeds of the
offering to repay all of its outstanding term loans under its
credit agreement.

In addition, the company will use a portion of the net proceeds
of this offering to purchase US$25 million aggregate principal
amount of its 8-1/4% senior subordinated notes due 2012.  The
company expects to use the remaining net proceeds from the
offering for general corporate purposes and to provide a portion
of the funds needed for one or more of its capital projects.
    
The new senior subordinated notes have not be registered under
the U.S. Securities Act of 1933 or any state securities laws and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates  
casinos in Nevada, Louisiana, Indiana and Argentina, owns a
hotel in Missouri, receives lease income from two card club
casinos in The Los Angeles metropolitan area, has been licensed
to operate a small casino in the Bahamas, and owns a casino site
and has significant insurance claims related to a hurricane-
damaged casino previously operated in Biloxi, Mississippi.  
Pinnacle opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Pinnacle Entertainment Inc.'s proposed US$350 million senior
subordinated notes due 2015.

On June 1, 2007, the Troubled Company Reporter related that
Fitch Ratings assigned a rating of 'B-/(Recovery Rating) RR5' to
the company's US$350 million senior subordinated notes due 2015.  
The company's credit ratings were: (i) Issuer Default Rating of
'B'; (ii) Bank facility at 'BB/RR1'; (iii) Senior Subordinated
notes at 'B-/RR5'.  Fitch said the rating outlook is stable.


PROALES SA: Proofs of Claim Verification Deadline Is July 6
-----------------------------------------------------------
Maria Luisa Ledesma, the court-appointed trustee for Proales
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until July 6, 2007.

Ms. Ledesma will present the validated claims in court as
individual reports on Sept. 4, 2007.  The National Commercial
Court of First Instance in Mar del Plata, 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 Proales 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 Proales' accounting
and banking records will be submitted in court on Oct. 17, 2007.

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

The debtor can be reached at

         Proales S.A.
         Santa Fe 2544, Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Maria Luisa Ledesma
         Ortiz de Zarate 6450, Mar del Plata
         Buenos Aires, Argentina


SUDAMERICA NEGOCIOS: Claims Verification Deadline Is July 20
------------------------------------------------------------
Adalberto Corbelleri, the court-appointed trustee for Sudamerica
Negocios Inmobiliarios S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until July 20, 2007.

Mr. Corbelleri will present the validated claims in court as
individual reports on Sept. 17, 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 Sudamerica Negocios 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 Sudamerica Negocios'
accounting and banking records will be submitted in court on
Nov. 13, 2007.

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

The debtor can be reached at

         Sudamerica Negocios Inmobiliarios S.A.
         Aranguren 3001
         Buenos Aires, Argentina

The trustee can be reached at:

         Adalberto Corbelleri
         Carabobo 237
         Buenos Aires, Argentina


YPF SA: Invests US$85 Million To Buy Five Drilling Rigs
-------------------------------------------------------
YPF SA said in a statement that it has invested about US$85
million to purchase five new automatic drilling rigs for the
Neuquen and San Jorge basins.

Business News Americas relates that the five rigs have a
drilling range of between 1,800 meters and 2,000 meters.  They
would start operating in the fourth quarter 2007.  The rigs will
be added to the two that YPF acquired at the start of 2007.

Parent company Repsol YPF seeks to boost output in Neuquen and
San Jorge, which are thought to be "in natural decline."  YPF
will drill 231 wells in the Neuquen basin and 286 wells in the
San Jorge basin by the end of 2007, BNamericas states.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a
subsidiary of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook was negative.




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


ISLE OF CAPRI: Completes Casino Aztar Buy for US$45 Million
-----------------------------------------------------------
Isle of Capri Casinos Inc. officials has completed the
acquisition of Casino Aztar in Caruthersville, Missouri from an
affiliate of Columbia Sussex Corporation.  The purchase price is
approximately US$45 million.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and
harness track in Pompano Beach, Florida.  The company also
operates and has a 57 percent ownership interest in two casinos
in Black Hawk, Colorado.  Isle of Capri Casinos' international
gaming interests include a casino that it operates in Freeport,
Grand Bahama and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                         *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.




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


ACCOUNTANTS PROFESSIONAL: Final General Meeting Is on July 3
------------------------------------------------------------
The Accountants Professional Risk Insurance Ltd.'s final general
meeting is scheduled on July 3, 2007, at 9:30 a.m. at:

         Craig Appin House, 8 Wesley Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

     -- receiving an account showing the manner in which the
        winding-up of the company has been conducted and its
        property disposed of and hearing any explanation that
        may be given by the liquidator;

     -- determination by resolution the manner in which the
        books, accounts and documents of the company and of the
        liquidator shall be disposed; and

     -- by resolution dissolving the company.

The liquidators can be reached at:

         Paul Van Elten
         Keith Vance
         Craig Appin House, 8 Wesley Street
         Hamilton, Bermuda


FIRST SHIP: Sets Final General Meeting for July 2
-------------------------------------------------
First Ship Lease Ltd.'s final general meeting is scheduled on
July 2, 2007, at 10:00 a.m., at:

         Thistle House, 4 Burnaby Street
         Hamilton, Bermuda

The purpose of the meeting is for shareholders to:

     -- receive an account showing the manner in which the
        winding up of the company has been conducted and its
        property disposed of and hearing any explanation that
        may be given by the liquidator;

     -- determine by resolution the manner in which the books,
        accounts and documents of the company and of the
        liquidator shall be disposed; and

     -- by resolution dissolving the company.

The liquidators can be reached at:

             Cheong Chee Tham
             Peter Martin
             Thistle House, 4 Burnaby Street
             Hamilton, Bermuda


SAFINA NAVIGATION: Will Hold Final General Meeting on June 20
-------------------------------------------------------------
Safina Navigation Limited's final general meeting will be held
on June 20, 2006, at:

         3rd Floor, Par La Ville Place
         14 Par La Ville Road
         Hamilton, Bermuda

The purpose of the meeting is:

     -- the presentation of an account on the wind up process of
        the company by the liquidator, Jennifer M. Kelly, who
        will show the manner in which the winding-up has been
        conducted, how the property of the company has been
        disposed of and explain the process;

     -- determination by resolution the manner in which the
        books, accounts and documents of the company and of the
        liquidator shall be disposed; and

     -- by resolution dissolving the company.

The liquidator can be reached at:

         Jennifer M. Kelly
         3rd Floor, Par La Ville Place
         14 Par La Ville Road
         Hamilton, Bermuda


CHERRINGTON INSURANCE: Final General Meeting Is Set for June 14
---------------------------------------------------------------
Cherrington Insurance Ltd.'s final general meeting will be held
at 9:30 a.m. on June 14, 2007, or as soon as possible, at the
liquidator's place of business.

Cherrington Insurance'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:

             Robin J. Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


SEA CONTAINERS: Court Sets July 16 as Deadline for Filing Claims
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware established July 16, 2007, 5:30 p.m.
E.S.T., as the deadline for all persons and entities holding or
wishing to assert a claim against Sea Containers, Ltd. and its
debtor-affiliates, to file a proof of claim in their Chapter 11
cases.

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

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

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

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

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

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

   * any Debtor asserting a claim against another Debtor;

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

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

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

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

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

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

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

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

Proofs of claim forms may be obtained at
http://www.bmcgroup.com/scland http://www.uscourts.gov/bkforms

All proofs of claim must be sent to:

If by mail:

   BMC Group
   Attn: Sea Containers Claims Agent
   P.O. Box 949
   El Segundo, CA 90245-0949

If by overnight courier:

   BMC Group
   Attn: Sea Containers Claims Agent
   1330 East Franklin Avenue
   El Segundo, CA 90245

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

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

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




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


* BOLIVIA: Makes First Payment for 2 Petroleo Brasiliero Plants
---------------------------------------------------------------
Bolivian state-owned oil company Yacimientos Petroliferos
Fiscales Bolivianos has made its first US$56-million payment for
Brazilian counterpart Petroleo Brasileiro SA's two refineries in
Cochabamba and Santa Cruz departments, according to a statement
by the Bolivian hydrocarbons ministry.

Business News Americas relates that the payment for the
refineries is 50% of the total US$112 million previously agreed
for the Guillermo Elder Bell and Gualberto Villarroel plants.  

According to BNamericas, Yacimientos Petroliferos will make the
second payment in two months.

BNamericas notes that the official transfers of the plants are
was on June 12, 2007.  It was presided over by Bolivian
President Evo Morales.

Meanwhile, Yacimientos Petroliferos head Guillermo Aruquipa will
name German Monrroy as chief executive officer of YPFB-
Refinacion -- the firm's new refining unit -- along with
regional officials, BNamericas states.

                   About Petroleo Brasileiro

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.

                         *     *     *

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
===========


AMC ENTERTAINMENT: S&P Junks Rating on Planned US$400MM PIK Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate
credit rating and stable outlook to AMC Entertainment Holdings
Inc., the new super-holding company of Marquee Holdings Inc. and
ultimate parent of operating company AMC Entertainment Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day
US$275 senior unsecured PIK term loan due 2008.

At the same time, S&P affirmed its issue ratings on AMC
Entertainment Inc. and its parent company, Marquee Holdings Inc.

S&P also withdrew the corporate credit ratings on the two
companies.

The issue rating affirmation follows Marquee's announcement that
it intends to pay a partially debt-funded US$675 million special
dividend.

Kansas City, Missouri-headquartered movie theater chain AMC will
have either US$2.3 billion or US$2.6 billion in debt following
the proposed transaction, and approximately US$2.8 billion in
present value of operating lease obligations.

"The rating on AMC reflects the company's high tolerance for
financial risk, its high leverage, and its lower EBITDA margins
relative to peers," said Standard & Poor's credit analyst Tulip
Lim.  "It also considers the company's participation in the
mature and highly competitive U.S. movie exhibition industry,
exposure to the fluctuating popularity of Hollywood films, and
risk of increased competition as entertainment alternatives
proliferate and movie release windows shorten."

These risks are partially offset by the company's size, modern
theater circuit relative to other major theater chains, and
large and geographically diverse U.S. operations.

AMC is the second-largest exhibitor in the U.S., with good
positions in large, urban markets.  The company has the No. 1 or
No. 2 market share in 21 of the nation's top 25 markets.

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.


BANCO NACIONAL: Inks Support Deal with Banco do Brasil
------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social president
Luciano Coutinho reported that Banco do Brasil will be the agent
for the Program of Support to Energetic Efficiency Projects --
Proesco.  This is the first mandate contract to be entered into
within the scope of the program.

With the new modality, BB will start to act on behalf of BNDES
in Proesco financings.  The operation risks will be shared by
both financial institutions.  In these operations, the projects
will be submitted to BNDES already analyzed by the mandatary
financial agent.

The objective of Proesco is to take advantage of the Brazilian
potential for energy conservation, supporting companies
specialized in the elaboration and implementation of energetic
efficiency projects -- ESCOs.

BNDES partnership with BB will enable the credit to be granted
directly to the ESCOs, differently from traditional financings
where the specialized company acts as service provider, its
client being responsible for obtaining the funds.

Until now, the operations already carried out by Proesco --
launched by BNDES last year -- were followed the traditional
repass.  With this agreement, the Bank intends to speed up
operations within the scope of Proesco, enlarging program
penetration.

The alliance between these financial institutions was greeted by
the Ministry of Mining and Energy, through its Department of
Energetic Development -- DDE.  In a message to BNDES, the
department affirmed that energetic efficiency is a commitment by
the Federal Government and reminded that initiatives in this
sense have traditionally relied on the Bank's support.  
According to DDE, "this measure comes at the right time, exactly
when the Ministry of Mining and Energy is inserting energy
conservation goals in its long-term planning."

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 NACIONAL: Creates BRL200-Mil. Clean Technologies Program
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
created a new program to encourage ventures to adopt clean
technologies, fomenting the generation of carbon credits in the
market.

The president of the Bank, Luciano Coutinho, launched on last
week, the Program BNDES Desenvolvimento Limpo [BNDES Clean
Development], which foresees the creation of closed mutual
investment funds to support projects which are able to generate
RCEs (documents known as Certified Emission Reduction), within
the scope of the Mecanismo de Desenvolvimento Limpo [Clean
Development Mechanism], of Kyoto Protocol.  RCEs are carbon
credits negotiated in the global market that are linked to
projects which adopt clean technologies in detriment to
polluting technologies.

The new program, to be implemented by BNDESPAR, will have a BRL
200 million budget and validity until Dec. 31, 2009.  BNDESPAR
participation will be limited to a maximum of 40% of selected
fund quotas.  These shareholding participation funds in
companies that hold MDL projects may increase economic
attractiveness of activities such as power generation, swine
production, sanitary landfills and projects focused on energetic
efficiency.

BNDES Clean Development Program was structured by the Bank's
Environmental Department jointly with its Capital Market areas.  
The initiative is part of a series of measures approved to
enlarge support to projects that contributed for the quality of
life in the planet, by adopting measures to combat global
warming and reduce greenhouse gas emissions.

As worldwide carbon markets are still in their initial phase,
BNDES Clean Development Program will select, in a first stage,
managers for two funds.  The nature of MDL projects allows the
structuring of funds addressed both to large and to small
companies.

Under the new program rules, the private managers selected will
need to have experience in risk capital operations, corporate
structuring, mergers and acquisitions and in MDL projects.

Although Brazil does not have goals established to reduce
greenhouse gas emission in the first period of the Kyoto
Protocol commitment (from 2008 to 2012), the generation and
negotiation of Certified Emission Reductions create a window of
opportunities for national companies.

Besides the BNDES Clean Development Program, among other
measures adopted by the Bank the following can be pointed out:

   -- BNDES adhesion to the Statement on Climate Changes,
      proposed by the United Nations Environment Program -
      Initiative for the Financial Sector (PNUMA -IF).  The
      object of this initiative is to integrate environmental
      matters to financial operations and services.

   -- Adoption of new clauses in the Bank's environmental
      policy.

   -- Contract between BNDES and Banco do Brasil assigning BB as
      agent for the financing of projects under the scope of
      Proesco (Program to Support Energetic Efficiency
      Projects).

   -- Identification of greenhouse gas emissions resulting from
      BNDES activities.  With basis on these findings, the Bank
      will develop projects to offset such emissions.

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 NACIONAL: Approves BRL74.3-Million Loan to Shopping Cidade
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a BRL74.3 million financing for the implementation of
Shopping Cidade Jardim, in the district of Morumbi, in Sao
Paulo.  The resources will be transferred by banks Alfa and
Unibanco to the company named Shopping Cidade Jardim S.A.  The
undertaking forecasts will generate approximately one thousand
jobs during the construction phase and two thousand job posts
upon the shopping mall begins operation, considering retailers
and supporting staff (building administration, cleaning crew,
building maintenance and security staff).

Shopping Cidade Jardim aims at supplying a demand of the
Paulistano market for a high standard commercial center in the
South Side of town. The undertaking will have 78 thousand square
meters of built area and 29.6 thousand square meters of Gross
Rentable Area [ABL] in its first phase.  Until March 2007, 80%
of the ABL had already been rented.

The project's implementation date limit is of 30 months,
encompassed between September 2005 and March 2008 - when its
opening is projected.  The undertaking will shelter a mix of
stores with national and international known brands.  The
project also provides for the revitalization of the surrounding
area, which will be embellished by landscaping work.

The undertaking is located within the complex named Cidade
Jardim Park, with total area of 72 thousand square meters
surrounded by 55 thousand square meters of green area, a lake
and a coppice.  In this area, besides the shopping mall, three
commercial towers will be raised, one tower for mixed use, which
includes a Fasano brand hotel and 9 high standard residential
towers.  Those undertakings are not included within the project
financed by BNDES.

From 2000 until today, BNDES has already financed BRL903.5
million to non-specialized commerce, in which shopping malls,
department stores and e-commerce are included.

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 NACIONAL: Okays BRL360MM Loan for Hydroelectric Projects
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has approved a BRL360-million loan for the
construction of five small hydroelectric plants.

Business News Americas relates that the five plants will be
situated in Mato Grosso.  They will have total installed
capacity of 91.4 megawatts.

BNamericas notes that the plants include:

          -- Cidezal,
          -- Parecis,
          -- Rondon,
          -- Sapezal, and
          -- Telegrafica.

According to BNamericas, the loan accounts for 72% of the
BRL502-million investment required for the construction of the
plants.

The plants have energy supply contracts with federal power
holding group Eletrobras, BNamericas states, citing Banco
Nacional.

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.


ELETRICAS DO PARA: Fitch Affirms B Local & Foreign Currency IDRs
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Brazil's Rede Empresas
de Energia Eletrica S.A., and its subsidiaries, Centrais
Eletricas Matogrossenses S.A. and Centrais Eletricas do Para
S.A.  All companies' Issuer Default Ratings and long-term
National Ratings have a Stable Rating Outlook.

Fitch affirms these:

     Rede:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$400 million perpetual notes long-term International
          Rating at 'B/RR4'.

     Cemat and Celpa:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$100 million notes units due in 2012 long-term
          International Rating affirmed at 'B/RR4'.

The ratings are supported by the company's market position as an
important player in the electric distribution segment in Brazil.  
Fitch expects strengthening of credit protection measures of the
group over the next few years to be supported by continued
growth in operational results and cash flow and a reduction of
annual debt service via lower-financing-cost debt.  The ratings
also reflect the relatively high leverage of the group when
compared to other electricity companies in the Brazilian market,
as well as the regulatory risks inherent in the Brazilian power
sector.

Rede's credit profile is underpinned by its portfolio of eight
distribution companies, and, within this, by Cemat and Celpa,
which roughly accounted for 60% of consolidated EBITDA.  Rede's
business fundamentals are supported by the natural monopoly
nature of the distribution and by the market regulation.  The
distributors are required to contract 100% of their expected
energy demand, and the sector's new model allows for the pass-
through of all non-controllable costs for distribution
companies.  Although regulatory risks remain an ongoing credit
concern, the current electric energy industry model is generally
positive and should support growth and stability in the sector.

Rede Group benefits from broad, diversified and stable customer
bases. Many of the company's service areas show an average
consumption growth that has exceeded the national average over
the past five years. Consolidated energy sold grew 12.6% in 2006
and 23.6% during the first quarter of 2007 (11.5% on a pro-forma
basis, including energy sales of the acquired distribution
company in June 2006).  Future improvement in operating cash
flow should also benefit from adequate tariff adjustments,
improving operating efficiencies and a more favorable economic
environment.

The group also participates in the electricity generation
segment, which represented about 14.8% (or BRL133.8 million) of
2006 consolidated EBITDA.  The group owns two hydroelectric
generation companies of an aggregate installed capacity of
529.3MW (megawatts), as well as 51 small thermoelectric
generation units with an additional installed capacity of
127.6MW.  As required by the New Electricity Sector Law of 2004,
the company concluded the de-verticalization of distribution and
generation activities in early 2006.  During 2006, Rede divested
24 small hydroelectric companies with an aggregate installed
capacity of 108,1MW for an after-tax total value of BRL453
million.  Existing remaining generation assets should continue
to provide the company with positive cash flows reflecting
highly contracted positions and a regulated offtake market.  
Rede's strategy does not contemplate further investments in
utility generation assets in the short term.

Despite a leverage increase in 2006 and the last 12 months ended
March 2007, Rede's debt and cash flow levels remain consistent
with the rating category.  Rede's consolidated leverage, as
measured by adjusted total debt-to-EBITDA, rose to 5.3 times at
March 2007 from 3.9x at the end of the fiscal 2005.  
Nonetheless, the long-term nature of new debt obligations in
2006 and 2007 helped improved Rede's maturities profile through
amortization terms more appropriate to operating cash flows, and
in the case of the holding company, with the expected dividends
upstream.

Rede's adjusted consolidated debt reduction effort was mainly
limited by a tax renegotiation, the corporate structure
reorganization, and the company's capital expenditure plans,
basically reflecting a tax renegotiation program -- PAEX (BRL1.1
billion) that took place in September 2006; the restructuring
process had an impact on the consolidated debt of BRL280
million, net of proceeds from the sale of assets; and Inter-
American Development Bank loans to Celpa (US$100 million) and
Cemat (US$79.5 million) to finance expansion and update the
distribution grid.  Other proceeds from refinancing
transactions, namely, a fund for the securitizations of
receivables (FIDC, BRL110.1 million of original amount), Celpa's
and Cemat's US$100 million notes units, as well as Rede's US$400
million perpetual notes issued in April 2007, extended debt
maturities and improved the debt service profile to more
appropriate levels for the group's cash flows.

Going forward, Fitch expects further efforts to improve debt
maturity profile throughout 2007, through new low-cost
financings, the launch of an initial public offering, and sales
of assets.  The group has stated its intention to launch an IPO
next year, which could further improve the credit quality of
Rede and its subsidiaries, as over 50% of these resources may be
used for debt reduction.

Rede is one of the largest distribution groups in Brazil,
serving approximately 3.2 million customers in about 30% of the
national territory, and distributes over 13,081GWh (gigawatt
hours) of electricity.  The group holds eight operational assets
in the distribution segment and a small portfolio in generation
assets of 656,9MW of installed capacity.


ELETRICAS MATOGROSSENSES: Fitch Affirms B Local & Foreign IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Brazil's Rede Empresas
de Energia Eletrica S.A., and its subsidiaries, Centrais
Eletricas Matogrossenses S.A. and Centrais Eletricas do Para
S.A.  All companies' Issuer Default Ratings and long-term
National Ratings have a Stable Rating Outlook.

Fitch affirms these:

     Rede:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$400 million perpetual notes long-term International
          Rating at 'B/RR4'.

     Cemat and Celpa:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$100 million notes units due in 2012 long-term
          International Rating affirmed at 'B/RR4'.

The ratings are supported by the company's market position as an
important player in the electric distribution segment in Brazil.  
Fitch expects strengthening of credit protection measures of the
group over the next few years to be supported by continued
growth in operational results and cash flow and a reduction of
annual debt service via lower-financing-cost debt.  The ratings
also reflect the relatively high leverage of the group when
compared to other electricity companies in the Brazilian market,
as well as the regulatory risks inherent in the Brazilian power
sector.

Rede's credit profile is underpinned by its portfolio of eight
distribution companies, and, within this, by Cemat and Celpa,
which roughly accounted for 60% of consolidated EBITDA.  Rede's
business fundamentals are supported by the natural monopoly
nature of the distribution and by the market regulation.  The
distributors are required to contract 100% of their expected
energy demand, and the sector's new model allows for the pass-
through of all non-controllable costs for distribution
companies.  Although regulatory risks remain an ongoing credit
concern, the current electric energy industry model is generally
positive and should support growth and stability in the sector.

Rede Group benefits from broad, diversified and stable customer
bases.  Many of the company's service areas show an average
consumption growth that has exceeded the national average over
the past five years.  Consolidated energy sold grew 12.6% in
2006 and 23.6% during the first quarter of 2007 (11.5% on a pro-
forma basis, including energy sales of the acquired distribution
company in June 2006).  Future improvement in operating cash
flow should also benefit from adequate tariff adjustments,
improving operating efficiencies and a more favorable economic
environment.

The group also participates in the electricity generation
segment, which represented about 14.8% (or BRL133.8 million) of
2006 consolidated EBITDA.  The group owns two hydroelectric
generation companies of an aggregate installed capacity of
529.3MW (megawatts), as well as 51 small thermoelectric
generation units with an additional installed capacity of
127.6MW.  As required by the New Electricity Sector Law of 2004,
the company concluded the de-verticalization of distribution and
generation activities in early 2006.  During 2006, Rede divested
24 small hydroelectric companies with an aggregate installed
capacity of 108,1MW for an after-tax total value of BRL453
million.  Existing remaining generation assets should continue
to provide the company with positive cash flows reflecting
highly contracted positions and a regulated offtake market.  
Rede's strategy does not contemplate further investments in
utility generation assets in the short term.

Despite a leverage increase in 2006 and the last 12 months ended
March 2007, Rede's debt and cash flow levels remain consistent
with the rating category.  Rede's consolidated leverage, as
measured by adjusted total debt-to-EBITDA, rose to 5.3 times at
March 2007 from 3.9x at the end of the fiscal 2005.  
Nonetheless, the long-term nature of new debt obligations in
2006 and 2007 helped improved Rede's maturities profile through
amortization terms more appropriate to operating cash flows, and
in the case of the holding company, with the expected dividends
upstream.

Rede's adjusted consolidated debt reduction effort was mainly
limited by a tax renegotiation, the corporate structure
reorganization, and the company's capital expenditure plans,
basically reflecting a tax renegotiation program -- PAEX (BRL1.1
billion) that took place in September 2006; the restructuring
process had an impact on the consolidated debt of BRL280
million, net of proceeds from the sale of assets; and Inter-
American Development Bank loans to Celpa (US$100 million) and
Cemat (US$79.5 million) to finance expansion and update the
distribution grid.  Other proceeds from refinancing
transactions, namely, a fund for the securitizations of
receivables (FIDC, BRL110.1 million of original amount), Celpa's
and Cemat's US$100 million notes units, as well as Rede's US$400
million perpetual notes issued in April 2007, extended debt
maturities and improved the debt service profile to more
appropriate levels for the group's cash flows.

Going forward, Fitch expects further efforts to improve debt
maturity profile throughout 2007, through new low-cost
financings, the launch of an initial public offering, and sales
of assets.  The group has stated its intention to launch an IPO
next year, which could further improve the credit quality of
Rede and its subsidiaries, as over 50% of these resources may be
used for debt reduction.

Rede is one of the largest distribution groups in Brazil,
serving approximately 3.2 million customers in about 30% of the
national territory, and distributes over 13,081GWh (gigawatt
hours) of electricity.  The group holds eight operational assets
in the distribution segment and a small portfolio in generation
assets of 656,9MW of installed capacity.


GERDAU AMERISTEEL: Sees Drop in Shipments in Second Quarter
-----------------------------------------------------------
An official of Gerdau Ameristeel, Brazilian long steelmaker
Gerdau SA's U.S. unit, told Business News Americas that the firm
expects shipments to decrease in the second quarter 2007,
compared to the first quarter 2007.

BNamericas relates that Gerdau Ameristeel, excluding 50%-owned
joint ventures, shipped some 1.9 million tons of finished steel
in the first three months of 2007.  Gerdau's overall sales
volume in the period was at 4.1 million tons.

Gerdau Ameristeel treasurer Barbara Smith said in a Web cast,
"We are expecting a solid second quarter."

Ms. Smith will replace Tom Landa as Gerdau Ameristeel's chief
financial officer.  Mr. Landa will retire from the position
effective July 31, BNamericas states.

Gerdau Ameristeel -- http://www.gerdauameristeel.com/-- (NYSE:
GNA; TSX:GNA.TO) is the second largest minimill steel producer
in North America with annual manufacturing capacity of over 9
million tons of mill finished steel products.  Through its
vertically integrated network of 17 minimills (including one
50%-owned joint venture minimill), 17 scrap recycling facilities
and 51 downstream operations (including seven joint venture
fabrication facilities), Gerdau Ameristeel serves customers
throughout North America.  The company's products are generally
sold to steel service centers, to steel fabricators, or directly
to original equipment manufacturers for use in a variety of
industries, including construction, automotive, mining, cellular
and electrical transmission, metal building manufacturing and
equipment manufacturing.  The company is a subsidiary of
Brazil's Gerdau SA.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Tampa, Florida-based Gerdau
Ameristeel Corp. to 'BB+' from 'BB' and removed all ratings from
CreditWatch, where they were placed with positive implications
on Jan. 17, 2007.

S&P also raised its rating on the company's senior unsecured
debt to 'BB+' from 'BB'.  S&P said the outlook was stable.


MRS LOGISTICA: Launching Construction Work on Transport Projects
----------------------------------------------------------------
Published reports in Brazil say that MRS Logistica would launch
construction work on its two transport projects in Sao Paulo in
the next few months.

According to the press, the projects require a total investment
of BRL1.2 billion.

Business News Americas relates that the Serra do Mar conveyor
belt would carry 10 million tons yearly of iron ore from
Paranapiacaba in Sao Paulo to Cubatao.  MRS Logistica is
choosing the equipment providers.  It will carry out the
construction of the BRL250-million project.

BNamericas notes that the state environmental council issued the
project's preliminary license after studying it for three years.

MRS Logistica President Julio Fontana told BNamericas that
construction of the conveyor belt will be under way by year-end.  
It will be concluded 22 months after the start of the
construction work.

Meanwhile, the second project is a rail ring that will loop
north over Sao Paulo, BNamericas relates.  The economic and
social feasibility studies are ready and national development
bank BNDES will be presenting them to the federal government
this Friday.

According to BNamericas, MRS Logistica shares the track it uses
to transfer goods around Sao Paulo with local passenger train
operator CPTM.  It is severely limited in terms of the times in
which it can operate as well as the maximum weights it must
observe for goods transported.

BNamericas states that MRS Logistica, with the new lines at its
disposal, expects to be able to improve the capacity of the
cargo it carries on the route by 30%.  The line will run between
Itaquaquecetuba and Campo Limpo Paulista.  It will be 65
kilometers in length.  It will run through the heartland of
Brazilian industry, where around 60% of the nation's gross
domestic product circulates.

According to BNamericas, the project would follow a public-
private partnership format to cover the expected BRL900-million
investment bill.

BNamericas relates that the government included the ring as one
of two rail projects in Sao Paulo that will be covered by the
growth acceleration plan.  

The two rail projects and the construction of lines and a rail
yard in the region of Araraquara in Sao Paulo will get BRL771
million in the form of federal government and private investment
as part of the program, BNamericas reports.

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based railroad
company MRS Logistica S.A.  S&P revised the outlook to positive
from stable.


NRG ENERGY: Closes US$4.4-Bil. Refinancing of Credit Facility
-------------------------------------------------------------
NRG Energy, Inc. has completed the US$4.4 billion refinancing of
its senior credit facility previously announced on May 2, 2007.  
This transaction resulted in a 25 basis points reduction in the
first lien pricing grid, a US$200 million reduction in the
synthetic letter of credit facility to US$1.3 billion, and
various amendments to provide improved flexibility and
efficiency for returning capital to shareholders and asset
repowering and investment opportunities.  The pricing of the
Term B and LC facilities is now LIBOR + 175 basis points with
further reductions available upon the achievement of certain
financial ratios.

On May 2, 2007, the company also disclosed its intent to form a
holding company - Holdco -- later in 2007.  Under the refinanced
credit facility, the Company, at its option, can move US$1
billion of the Term B debt to a new senior credit facility at
Holdco, which was entered into June 8 as part of the refinancing
transaction.  Use of the net proceeds from the Holdco facility
to pay down the NRG Term B debt will expand the company's
restricted payments capacity under its senior unsecured notes by
the same amount.  When funded, the Holdco facility will price 75
basis points wider than the existing senior secured facility.

Other amendments to NRG's existing senior credit facilities
include amendments that:

   * permit the formation of the Holdco;

   * permit the payment of up to US$150 million in common share
     dividends;

   * exclude principal and interest payments made on the Holdco
     senior credit facility, once funded, from being considered
     restricted payments under the senior credit facilities;

   * modify the existing excess cash flow prepayment mechanism
     so that the prepayments are offered to both NRG and Holdco
     on a pro rata basis; and

   * provide additional flexibility to NRG with respect to
     certain covenants governing or restricting the use of
     excess cash flow, new investments, new indebtedness and
     permitted liens.

"The planned implementation of a new Holding Company structure
took a significant step forward with the closing of the Holdco
credit facility," commented Robert Flexon, NRG Energy's
Executive Vice President and Chief Financial Officer.  "Once the
Holdco regulatory approvals are received the Holdco will be put
in place and funded, providing the Company with significantly
improved capital allocation flexibility for investment and
returning capital to shareholders."

                          About NRG

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

                        *     *     *

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

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


OSI RESTAURANT: Higher Leverage Cues S&P to Downgrade Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Tampa, Florida-based OSI Restaurant Partners Inc. to
'B' from 'B+'.

The company's bank loan ratings, including the ratings on its
US$150 million revolving credit facility due 2013, US$1.31
billion term loan B due 2014, and US$100 million prefunded
revolving credit facility due 2013, have been lowered to 'BB-'
from 'BB'.

At the same time, the rating on OSI's US$550 million 9.625%
notes due 2015 has been lowered to 'CCC+' from 'B-.'

The outlook is stable.

The downgrade follows OSI's announcement that the company will
fund the US$80 million increase in its purchase price with debt
rather than an equity contribution.  The resulting capital
structure is highly leveraged at nearly 8x and results in thin
cash flow protection measures.  S&P expects the transaction
to close by June 19, 2007.

"A positive outlook would be considered," said Standard & Poor's
credit analyst Jackie E. Oberoi, "were OSI to reduce leverage
through measures that include increased profits as a result of
improvement in same-store sales for OSI's core Outback
Steakhouse concept and continued success with recent expense-
reduction measures."

OSI Restaurant Partners, Inc.'s portfolio of brands consists of
OutbackSteakhouse, Carrabba's Italian Grill, Bonefish Grill,
Fleming's PrimeSteakhouse & Wine Bar, Roy's, Lee Roy Selmon's,
Blue Coral Seafood &Spirits and Cheeseburger in Paradise
restaurants.  It has operations in 50 states and 20 countries,
including Thailand, Brazil and the United Kingdom,
internationally.  Revenues for fiscal 2006 totaled US$3.9
billion.


PETROLEO BRASILEIRO: Makes First Ethanol Shipment to Kobe, Japan
----------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and its associated company
in Japan, Brazil-Japan Ethanol CO., LTD. - BJE, materialized the
first export of ethanol with appropriate physicochemical
characteristics for use by Japanese industries.  The 73,000
liters of industrial- and food-grade ethanol reached Japan
Alcohol Trading Co., LTD.'s tanks, in Kobe, Japan, on
June 7, 2007.

This is the first ethanol import operation carried out since the
Japanese ethanol sector was deregulated, in April 2006.  The
exported product's characteristics are ideal for direct use by
the Japanese industry, with no need for reprocessing.

Although the volume in question was not greatly expressive, the
deal was important for the companies to assess all stages
involved in the logistics process, ranging from shipment from
the plant in Brazil to delivery at the final customer in Japan,
and its impact on the product's final quality.  The operation
shows we are capable of ensuring the Japanese industry's high
quality standards at competitive costs.

The potential industrial ethanol market in Japan is of the order
of 300,000,000 liters per year, with a high degree of quality
and standardization requirements.

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.


PETROLEO BRASILEIRO: Gets Bolivia's First Payment for 2 Plants
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has received
Bolivian counterpart Yacimientos Petroliferos Fiscales
Bolivianos' first US$56-million payment for the two refineries
in Cochabamba and Santa Cruz departments, according to a
statement by the Bolivian hydrocarbons ministry.

Business News Americas relates that the payment for the
refineries is 50% of the total US$112 million previously agreed
for the Guillermo Elder Bell and Gualberto Villarroel plants.  

According to BNamericas, Yacimientos Petroliferos will make the
second payment in two months.

BNamericas notes that the official transfers of the plants are
was on June 12, 2007.  It was presided over by Bolivian
President Evo Morales.

Meanwhile, Yacimientos Petroliferos head Guillermo Aruquipa will
name German Monrroy as chief executive officer of YPFB-
Refinacion -- the firm's new refining unit -- along with
regional officials, 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.


PETROLEO BRASILEIRO: Finds Light Oil at Pirambu Field
-----------------------------------------------------
Alastair Stewart at Dow Jones Newswires reports that Brazilian
state-owned oil company Petroleo Brasileiro SA discovered light
oil find at the Pirambu field in the Campos basin off Espirito
Santo.

Petroleo Brasileiro said in a press release that the deep-sea
find produced some 1,250 barrels daily in tests.

Petroleo Brasileiro will carry out some more studies to better
analyze the size and the quality of the find, Dow Jones' Mr.
Stewart 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.


REDE EMPRESAS: Fitch Affirms B Local & Foreign Currency IDRs
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Brazil's Rede Empresas
de Energia Eletrica S.A., and its subsidiaries, Centrais
Eletricas Matogrossenses S.A. and Centrais Eletricas do Para
S.A.  All companies' Issuer Default Ratings and long-term
National Ratings have a Stable Rating Outlook.

Fitch affirms these:

     Rede:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$400 million perpetual notes long-term International
          Rating at 'B/RR4'.

     Cemat and Celpa:

       -- Local and Foreign Currency IDRs at 'B'; Stable
          Outlook

       -- Long-term National Rating: at 'BBB(bra)'; Stable
          Outlook

       -- US$100 million notes units due in 2012 long-term
          International Rating affirmed at 'B/RR4'.

The ratings are supported by the company's market position as an
important player in the electric distribution segment in Brazil.  
Fitch expects strengthening of credit protection measures of the
group over the next few years to be supported by continued
growth in operational results and cash flow and a reduction of
annual debt service via lower-financing-cost debt.  The ratings
also reflect the relatively high leverage of the group when
compared to other electricity companies in the Brazilian market,
as well as the regulatory risks inherent in the Brazilian power
sector.

Rede's credit profile is underpinned by its portfolio of eight
distribution companies, and, within this, by Cemat and Celpa,
which roughly accounted for 60% of consolidated EBITDA.  Rede's
business fundamentals are supported by the natural monopoly
nature of the distribution and by the market regulation.  The
distributors are required to contract 100% of their expected
energy demand, and the sector's new model allows for the pass-
through of all non-controllable costs for distribution
companies.  Although regulatory risks remain an ongoing credit
concern, the current electric energy industry model is generally
positive and should support growth and stability in the sector.

Rede Group benefits from broad, diversified and stable customer
bases. Many of the company's service areas show an average
consumption growth that has exceeded the national average over
the past five years. Consolidated energy sold grew 12.6% in 2006
and 23.6% during the first quarter of 2007 (11.5% on a pro-forma
basis, including energy sales of the acquired distribution
company in June 2006).  Future improvement in operating cash
flow should also benefit from adequate tariff adjustments,
improving operating efficiencies and a more favorable economic
environment.

The group also participates in the electricity generation
segment, which represented about 14.8% (or BRL133.8 million) of
2006 consolidated EBITDA.  The group owns two hydroelectric
generation companies of an aggregate installed capacity of
529.3MW (megawatts), as well as 51 small thermoelectric
generation units with an additional installed capacity of
127.6MW.  As required by the New Electricity Sector Law of 2004,
the company concluded the de-verticalization of distribution and
generation activities in early 2006.  During 2006, Rede divested
24 small hydroelectric companies with an aggregate installed
capacity of 108,1MW for an after-tax total value of BRL453
million.  Existing remaining generation assets should continue
to provide the company with positive cash flows reflecting
highly contracted positions and a regulated offtake market.  
Rede's strategy does not contemplate further investments in
utility generation assets in the short term.

Despite a leverage increase in 2006 and the last 12 months ended
March 2007, Rede's debt and cash flow levels remain consistent
with the rating category.  Rede's consolidated leverage, as
measured by adjusted total debt-to-EBITDA, rose to 5.3 times at
March 2007 from 3.9x at the end of the fiscal 2005.  
Nonetheless, the long-term nature of new debt obligations in
2006 and 2007 helped improved Rede's maturities profile through
amortization terms more appropriate to operating cash flows, and
in the case of the holding company, with the expected dividends
upstream.

Rede's adjusted consolidated debt reduction effort was mainly
limited by a tax renegotiation, the corporate structure
reorganization, and the company's capital expenditure plans,
basically reflecting a tax renegotiation program -- PAEX (BRL1.1
billion) that took place in September 2006; the restructuring
process had an impact on the consolidated debt of BRL280
million, net of proceeds from the sale of assets; and Inter-
American Development Bank loans to Celpa (US$100 million) and
Cemat (US$79.5 million) to finance expansion and update the
distribution grid.  Other proceeds from refinancing
transactions, namely, a fund for the securitizations of
receivables (FIDC, BRL110.1 million of original amount), Celpa's
and Cemat's US$100 million notes units, as well as Rede's US$400
million perpetual notes issued in April 2007, extended debt
maturities and improved the debt service profile to more
appropriate levels for the group's cash flows.

Going forward, Fitch expects further efforts to improve debt
maturity profile throughout 2007, through new low-cost
financings, the launch of an initial public offering, and sales
of assets.  The group has stated its intention to launch an IPO
next year, which could further improve the credit quality of
Rede and its subsidiaries, as over 50% of these resources may be
used for debt reduction.

Rede is one of the largest distribution groups in Brazil,
serving approximately 3.2 million customers in about 30% of the
national territory, and distributes over 13,081GWh (gigawatt
hours) of electricity.  The group holds eight operational assets
in the distribution segment and a small portfolio in generation
assets of 656,9MW of installed capacity.


RHODIA S.A.: Reverse Share Split Takes Effect June 12
-----------------------------------------------------
Rhodia S.A.'s reverse share split by attributing one new share
for 12 existing shares is effective on June 12, 2007.

As of June 12, 2007, Rhodia's registered capital is
EUR1,204,231,992, composed of 100,352,666 consolidated shares
with a nominal value of EUR12.

Rhodia's consolidated shares will be traded on Eurolist by
Euronext Paris under RHA, with ISIN code FR0010479956, as of
June 12, 2007,

There was also a reverse split of the American Depository
Receipts on June 12, 2007.

             Main Terms of the Reverse Share Split

Shares forming a multiple of 12 will be automatically exchanged
for consolidated shares.

Shareholders who do not possess a number of shares exactly
divisible by 12 are responsible for taking the necessary action
to purchase or sell the balance of shares.  Rhodia will pay
transaction costs incurred up to an amount of EUR7 (taxes
included) per file for shareholders holding shares in bearer or
registered form until July 27, 2007.  Transaction costs incurred
by shareholders holding registered shares as at May 25, 2007,
will be totally covered.

Unconsolidated Rhodia shares will continue to be traded on
Eurolist by Euronext Paris under ® RHANR Ż, with ISIN code
FR0000120131 for a period of six months from the start of the
reverse stock split or until Dec. 12, 2007.

At the expiry of this period, existing shares forming fractional
shares may be traded in private transactions through financial
intermediaries holding shareholders' accounts up to and
including June 11, 2009.

After the expiry of a two-year period following the start of the
reverse share split and the publication of a notice in a
financial newspaper, or by June 12, 2009, consolidated shares
not reclaimed by their holders will be sold in the market and
the net proceeds of the sale will be held on behalf of such
holders for 10 years in a blocked bank account at BNP Paribas
Securities Services.  At the expiry of 10 years, the outstanding
sums due to such holders will be transferred to the Caisse des
Depots et Consignations and will remain at the holders' disposal
subject to the thirty year statute of limitations period, after
which the sums revert to the Republic of France.

                           About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil
and Korea.

                        *     *     *

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable. Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

As reported on April 23, 2007, Moody's InvestorsService upgraded
Rhodia S.A. corporate family rating to Ba3 and assigned
Probability-of-Default rating for the group at Ba3; Moody's also
upgraded senior secured notes at Rhodia S.A. to B1 and assigned
LGD assessment at LGD4 (69%).  The proposed convertible notes
are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.




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


ALTAIR NAVIGATOR: Sets Final Shareholders Meeting for June 29
-------------------------------------------------------------
Altair Navigator International Ltd. will hold its final
shareholders meeting on June 29, 2007, at 9:00 a.m., at the
office of the company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


CEMENT HOLDINGS: Will Hold Final Shareholders Meeting on June 28
----------------------------------------------------------------
Cement Holdings Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


CITRINE SPECIAL: Sets Final Shareholders Meeting for June 29
------------------------------------------------------------
Citrine Special Opportunities Fund will hold its final
shareholders meeting on June 29, 2007, at 10:00 a.m., at the
office of the company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


COOPERNEFF (CAYMAN): Sets Final Shareholders Meeting for June 29
----------------------------------------------------------------
Cooperneff (Cayman) Ltd. will hold its final shareholders
meeting on June 29, 2007, at 10:30 a.m., at the office of the
company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


CREDIT SUISSE: Will Hold Final Shareholders Meeting on June 28
--------------------------------------------------------------
Credit Suisse First Boston Investco UK No 1 Ltd. will hold its
final shareholders meeting on June 28, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.


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:

        Jan Neveril
        Maples Finance Limited
        P.O. Box 1093
        George Town, Grand Cayman
        Cayman Islands


FERN INVESTMENTS: Sets Final Shareholders Meeting for June 28
-------------------------------------------------------------
Fern Investments Ltd. will hold its final shareholders meeting
on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


FREEBIRD OFFSHORE: Sets Final Shareholders Meeting for July 3
-------------------------------------------------------------
Freebird Offshore Fund Ltd. will hold its final shareholders
meeting on July 3, 2007, at 10:00 a.m., at:

         Third Floor, Harbour Centre
         P.O. Box 1348
         Grand Cayman KY1-1108
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

     3) manner in which the books, accounts
        and documentation of the Company and of the
        Liquidator should be maintained and
        subsequently disposed.

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:

        Q & H Nominees Ltd.
        Third Floor, Harbour Centre
        P.O. Box 1348
        Grand Cayman KY1-1108
        Cayman Islands


FREEBIRD OFFSHORE: Proofs of Claim Filing Ends on July 3
--------------------------------------------------------
Freebird Offshore Fund, Ltd. creditors are given until
July 3, 2007, to prove their claims to Q & H Nominees Ltd.,
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.

Freebird Offshore's shareholders agreed on May 7, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Q & H Nominees Ltd.
         Attention: Quin & Hampson
         c/o P.O. Box 1348
         Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (+1) 345 949 4123
         Fax: (+1) 345 949 4647


GREAT PRESTIGE: Will Hold Final Shareholders Meeting on June 28
---------------------------------------------------------------
Great Prestige Holdings Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


INNFIELD INVESTMENTS: Final Shareholders Meeting Set for June 28
----------------------------------------------------------------
Innfield Investments Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


JOSE CARTELLONE: Sets Final Shareholders Meeting for June 29
------------------------------------------------------------
Jose Cartellone Caribbean Co. will hold its final shareholders
meeting on June 29, 2007, at 2:00 p.m., at the office of the
company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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:

        David A.K Walker
        Attention: Miguel Brown
        P.O. Box 258
        Grand Cayman KY1-1104
        Cayman Islands
        Telephone: (345) 914 8665
        Fax: (345) 945 4237


KAZIMIR NON-DOLLAR: Proofs of Claim Filing Is Until June 14
-----------------------------------------------------------
Kazimir Non-Dollar Yield Fund Ltd. creditors are given until
June 14, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Kazimir Non-Dollar's shareholders agreed on Feb. 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


KAZIMIR NON-DOLLAR: Sets Last Shareholders Meeting for June 29
--------------------------------------------------------------
Kazimir Non-Dollar Yield Fund Ltd. will hold its final
shareholders meeting on June 29, 2007, at 12:00 p.m., at the
office of the company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House, 87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


MW STRAND: Sets Final Shareholders Meeting for June 29
------------------------------------------------------
MW Strand Fund will hold its final shareholders meeting
on June 29, 2007, at 11:00 a.m., at the office of the company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


NEMO INT'L: Will Hold Final Shareholders Meeting on June 28
-----------------------------------------------------------
Nemo International will hold its final shareholders meeting
on June 28, 2007, at 10:00 a.m., at:


         City of Sao Paulo, State of Sao Paulo
         Avenue Brigadeiro Faria Lima
         1355, 6th (part)
         7th and 8th Floor

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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:

        OGIER
        Attention: Martina de Lima
        Telephone: (345) 949 9876
        Fax: (345) 949 1986


NEWOAK LIMITED: Sets Final Shareholders Meeting for June 28
-----------------------------------------------------------
Newoak Ltd. will hold its final shareholders meeting on
June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


OAKHAVEN INT'L: Will Hold Final Shareholders Meeting on June 28
---------------------------------------------------------------
Oakhaven International Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas 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) hearing any explanation that may be given by the
        liquidator.

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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


STIR FUND: Sets Final Shareholders Meeting for June 29
------------------------------------------------------
The Stir Fund Ltd. will hold its final shareholders meeting on
June 29, 2007, at 9:30 a.m., at the office of the company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


THUNDER BAY: Sets Final Shareholders Meeting for June 29
--------------------------------------------------------
Thunder Bay Al-Hudda Fund Ltd. will hold its final shareholders
meeting on June 29, 2007, at 11:30 a.m., at the office of the
company.

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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 liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


TRW HOLDING: Will Hold Final Shareholders Meeting on June 29
------------------------------------------------------------
TRW Holding Ltd. will hold its final shareholders meeting
on June 29, 2007, at 9:00 a.m., at:

        Fourth Floor Harbour Place
        George Town, Grand Cayman
        Cayman Islands

These agendas 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 records
        of the company for a period of three years from
        the dissolution of the company, 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:

        Linburgh Martin
        Attention: Kim Charaman
        Close Brothers (Cayman) Limited
        Fourth Floor, Harbour Place
        P.O. Box 1034
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 949 8455
        Fax: (345) 949 8499




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


MARQUEE HOLDINGS: Moody's Revises Outlook to Neg. from Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlook for Marquee
Holdings Inc. (parent of AMC Entertainment Inc.) to negative
from stable.

Moody's also assigned a B3 rating to its proposed debt at AMC
Entertainment Holdings, Inc., a newly created entity that will
become the parent of Marquee.  The company intends to use
proceeds to fund a dividend to Marquee's current stockholders.

The negative outlook reflects concerns over the increase in
leverage to 7.2 times debt-to-EBITDA from 6.7 times (based on
estimated results for the year ended March 31, 2007, and as per
Moody's standard adjustments, which include operating leases).
Furthermore, the transaction creates no value for creditors and
represents a reversal from the commitment to improving Marquee's
credit profile that management demonstrated by repaying debt
with proceeds from the National CineMedia transactions.  If
Marquee's debt-to-EBITDA remains in excess of 7 times over the
next year, or if the company does not generate positive free
cash flow, Moody's would likely downgrade the corporate family
rating to B2.  Conversely, Moody's would consider stabilizing
the outlook with:

   (1) leverage below 7 times and on track to fall to the low to
       mid 6 times; and

   (2) positive free cash flow.

The B3 rating on the proposed debt incorporates its junior-most
position in the capital structure, and the LGD6 93% reflects its
low recovery prospects as a result of the material amount of
claims ranking senior to it that would have to be repaid first
in a default scenario.  This new debt does not benefit from any
subsidiary guarantees, nor does it have a security interest in
any assets of the company.  It is structurally subordinated to
all other debt in the capital structure, which, inclusive
of capitalized operating leases, comprises approximately US$5.5
billion.  The introduction of this junior-ranking claim of size
to the company's consolidated capitalization, however, results
in an upgrade of the rating for the higher-ranking (via
structural seniority) senior subordinated notes to B2, from B3,
as the LGD estimate is reduced.  All other ratings were
affirmed.  A summary of rating actions follows, including
updated LGD assessments and point estimates to reflect the new
capital structure.

   * Marquee Holdings Inc.

     -- Outlook changed to negative from stable;
     -- Affirmed B1 corporate family rating;
     -- Affirmed B1 probability of default rating.

   * AMC Entertainment Holdings, Inc. (newly created entity)

     -- Assigned B3, LGD6, 93% to proposed Senior Unsecured Bank
        Credit Facility.

   * AMC Entertainment, Inc.

     -- Senior Subordinated Bonds, Upgraded to B2 from B3, LGD5,
        73%;

     -- Affirmed Ba1 on Senior Secured Bank Credit Facility,
        LGD2, 12%;

     -- Affirmed Ba3 on Senior Unsecured Bonds, LGD3, 34%.

   * Marquee Holdings, Inc.

     -- Affirmed B3 on Senior Unsecured Bonds, LGD5, 87%.

The B1 corporate family rating for Marquee continues to reflect
high leverage, sensitivity to product from movie studios, and a
weak industry growth profile, offset by good liquidity and the
advantages of scale and geographic diversity.

                   About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.  Marquee through its
subsidiaries also operate in Mexico, Argentina, Brazil, Chile
and Uruguay in Latin America, Hong Kong in the Asia-Pacific, and
in Europe particularly in France and the United Kingdom.

                   About AMC Entertainment

Headquartered in Kansas City, Mo., AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a theatrical exhibition  
company with interests in about 382 theatres with 5,340 screens
as of Dec. 28, 2006.  About 87 percent of the company's theatres
are located in the U.S. and Canada, and 13 percent in Mexico,
Argentina, Brazil, Chile, Uruguay, Hong Kong, France, and the
U.K.


MARQUEE HOLDINGS: S&P Holds Ratings on Special Dividend Payment
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate
credit rating and stable outlook to AMC Entertainment Holdings
Inc., the new super-holding company of Marquee Holdings Inc. and
ultimate parent of operating company AMC Entertainment Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day
US$275 senior unsecured PIK term loan due 2008.

At the same time, S&P affirmed its issue ratings on AMC
Entertainment Inc. and its parent company, Marquee Holdings Inc.

S&P also withdrew the corporate credit ratings on the two
companies.

The issue rating affirmation follows Marquee's announcement that
it intends to pay a partially debt-funded US$675 million special
dividend.

Kansas City, Missouri-headquartered movie theater chain AMC will
have either US$2.3 billion or US$2.6 billion in debt following
the proposed transaction, and approximately US$2.8 billion in
present value of operating lease obligations.

"The rating on AMC reflects the company's high tolerance for
financial risk, its high leverage, and its lower EBITDA margins
relative to peers," said Standard & Poor's credit analyst Tulip
Lim.  "It also considers the company's participation in the
mature and highly competitive U.S. movie exhibition industry,
exposure to the fluctuating popularity of Hollywood films, and
risk of increased competition as entertainment alternatives
proliferate and movie release windows shorten."

These risks are partially offset by the company's size, modern
theater circuit relative to other major theater chains, and
large and geographically diverse U.S. operations.

AMC is the second-largest exhibitor in the U.S., with good
positions in large, urban markets.  The company has the No. 1 or
No. 2 market share in 21 of the nation's top 25 markets.

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.  Marquee through its
subsidiaries also operate in Mexico, Argentina, Brazil, Chile
and Uruguay in Latin America, Hong Kong in the Asia-Pacific, and
in Europe particularly in France and the United Kingdom.


PANDATEL AG: Substantial Losses Cue Proposed Liquidation
--------------------------------------------------------
Dowslake Venture Ltd., the majority shareholder of Pandatel AG,
requests to include these items into the agenda of its annual
general meeting:

   -- the company will be dissolved.  Liquidation year is the
      calendar year; the first liquidation year is a shortened
      fiscal year and ends Dec. 31, 2007.

   -- Dr. Ebner, Dr. Stolz & Partner
      Wirtschaftspruefungsgesellschaft, Stuttgart, Hanover
      subsidiary, are appointed auditors and group auditors for
      the shortened fiscal year until liquidation, for the
      liquidation opening balance and for the shortened
      liquidation year ending at Dec. 31, 2007.

The company has booked substantial losses during the past years.  
Despite the restructuring implemented, it can no longer expect
that the company will operate profitably given its obsolescent
product portfolio.

Therefore, the liquidation is necessary in order to pay out to
the shareholders at least the remaining authorized capital or
the available liquidity respectively.

The company will consider the application without delay and
decide on its further actions.

Dowslake Venture has bought majority shareholding of Pandatel  
at the end of 2005 for the strategic reason that, if the merger
of the two companies could occur, the merged entity could become
a strong market leader in providing compact networking gears
from the core to the access networks.

However, the unfriendly business environment and Pandatel being
a publicly traded company made the merger fall apart.  Dowslake
Venture does not see opportunities for substantial return on the
investment while millions are spent for legal and professional
cost.  The management has also been constantly distracted from
leading the business and serving customers.  As consequence,
while Pandatel still has good liquidity thanks to the drastic
cut in the past year, Dowslake Venture called for the
liquidation in order to avoid further losses.

Dowslake Microsystems and Pandatel have a joint sales and
marketing agreement in place providing Dowslake Microsystems
full right to continue to serve its full customer base.

Headquartered in Hanover, Germany, Pandatel AG -
http://www.pandatel.com/-- specializes in Ethernet  
technologies.   The company has customers worldwide, including
in Malaysia and Chile.




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


PETROECUADOR: Inking Military Cooperation Pact with Ministry
------------------------------------------------------------
Ecuadorean state-owned oil firm Petroecuador will sign a five-
year cooperation accord already reached between the nation's
energy and defense ministries, Business News Americas reports.

Under the agreement, the military will help protect state and
private oil infrastructure from attacks and theft, the defense
ministry told BNamericas.

According to BNamericas, operational details of the agreement
will be disclosed in the coming days after Petroecuador signs
the deal.  The cooperation will cost up to US$12 million yearly.

Petroecuador lost some US$40 million from January-May 2007 from  
attacks on its installations, 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.




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


BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13
--------------------------------------------------------------
British Airways plc is to increase its longhaul fuel surcharge
with effect from Wednesday, June 13, 2007, as a result of
further rises in the price of oil.

The fuel surcharge on longhaul flights of less than nine hours
will rise from GBP33 per sector (GBP66 return) to GBP38 (GBP76
return) and from GBP38 per sector to GBP43 (GBP86 return) on
flights longer than nine hours.

The shorthaul fuel surcharge remains unchanged at GBP8 per
sector (GBP16 return).

"The cost of fuel has again risen significantly in recent weeks.  
Unfortunately, we have little choice but to pass on some of this
extra cost to our customers," Robert Boyle, British Airways'
commercial director, said.  "Fuel continues to be our second
largest cost and we expect our fuel bill this year to be more
than GBP2 billion."

"The price of oil continues to be extremely volatile.  
Therefore, we believe the fuel surcharge continues to be the
most transparent way for our customers to understand what they
are paying and allows us to adjust the direct cost to our
customers appropriately, whether that is increasing or reducing
the fuel surcharge as we did on some of our longhaul flights in
January," Mr. Boyle added.

British Airways will also increase its fuel surcharges by
similar levels in markets outside the U.K.

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

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways Plc

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

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

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.




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


AIR JAMAICA: Management To Meet Jamaicans in the United Kingdom
---------------------------------------------------------------
Jamaica's Prime Minister Portia Simpson Miller told Radio
Jamaica that she will be ordering Finance Minister Dr. Omar
Davies and Transport Minister Robert Pickersgill to arrange for
the management of Air Jamaica and Virgin Atlantic to meet with
Jamaicans in the United Kingdom.

According to Radio Jamaica, Ministers Davies and Pickersgill
would discuss the new arrangements that would be implemented in
October 2007.

Prime Minister Miller sought to explain to Jamaicans in the UK
the reason for disposing of Air Jamaica's London route to Virgin
Atlantic, Radio Jamaica notes.

The Prime Minister commented to Radio Jamaica that much money
was being wasted by cash-strapped Air Jamaica at the expense of
other critical matters.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.  The
rating was based on the unconditional and irrevocable guarantee
of the Jamaican government which has a foreign-currency bond
rating of B1.

                        *     *     *

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


DELTA AIR: Launches New York-Montego Bay Non-Stop Service
---------------------------------------------------------
Delta Airlines has restarted its non-stop service from New
York's JFK International Airport to Montego Bay, operating on
that route six days a week, Mark Cummings at the Jamaica
Observer reports.

According to the report, the first flight in over 20 years
arrived at the Sangster International Airport on June 9, 2007,
with about 128 passengers.  

Delta Airlines Regional Sales Manager Richard Pile told The
Observer's Mr. Cummings, "We have reintroduced the New York to
Montego Bay service because as we look to expand, we believe
that Jamaica has so much to offer right now."

Jamaica is a destination that Delta Airlines thinks will be
profitable, The Observer's Mr. Cummings notes, citing Mr. Pile.

Jamaica Tourist Board's regional manager Clive Taffe also
believed that Delta Airlines would perform very well on its new
route.

The US North-East area is the "bread basket" for the tourism
interests in Jamaica.  It is where many Jamaicans live, The
Observer's Mr. Cummings says, citing Mr. Taffe.

The Observer's Mr. Cummings relates that the service was first
launched in 1955 but was then discontinued.  

Mr. Taffe told The Observer's Mr. Cummings that the restarting
of the service comes at a time when the island is having record
levels of arrivals.  He commented, "The arrival of Delta
Airlines today (June 10) from New York has come at a time when
in 2006 Jamaica had its best year ever in tourist arrivals."

Preston Jennings, the commercial vice-president at MBJ Airports
Ltd, commented to The Observer's Mr. Cummings that trade and
cultural connections between nations are improved significantly
through direct air links.  Air services also generate economic
growth and employment.

Headquartered in Atlanta, Georgia, Delta Air Lines (NYSE:DAL)
-- http://www.delta.com/-- is the world's second-largest  
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  Delta
flies to Argentina, Australia and the United Kingdom, among
others.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


SEPROD LIMITED: Delays Filing Audited Financial Statements
----------------------------------------------------------
Seprod Limited said in a filing with the Jamaica Stock Exchange
that it is undergoing a delay in the completion of its audited
financial statements.

Radio Jamaica relates that Seprod Limited's shares were
suspended from the stock exchange on May 14, 2007, after it
failed to file its fourth quarter financials, due on
Feb. 14, 2007.

According to Seprod Limited's stock exchange filing, the audited
financial statements for 2006 were completed in March.

Radio Jamaica explains that due to problems in getting the
results from some of its overseas associated firms, the process
of completing its consolidated financial statements was
postponed.

Seprod Limited told Radio Jamaica that the company is making
every effort to finalize the results and file them to the Stock
Exchange.

Seprod Limited was incorporated in Jamaica in July 1940 and
became a public company listed on the Jamaica Stock Exchange in
1985. The Group employs a direct labour force of about 350
persons, with a multiplicity of support labour.

Seprod's Corporate office is located at Felix Fox Boulevard. The
Board of Directors is twelve in number and is headed by Mr.
Desmond Blades. Mr. Byron Thompson is the Chief Executive
Officer and Group Managing Director.




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


AMERICAN TOWER: Completes US$1.6 Bil. Senior Credit Facility
------------------------------------------------------------
American Tower Corporation has successfully refinanced its
existing US$1.6 billion senior secured credit facilities at the
American Tower operating company -- AMT OpCo -- level with a new
US$1.25 billion senior unsecured revolving credit facility of
American Tower Corporation.

At closing, the company drew down approximately US$1.0 billion
under the new credit facility and used the net proceeds and cash
on hand to repay all amounts outstanding under the existing AMT
OpCo credit facilities.  The new credit facility has a term of
five years, maturing in full on June 8, 2012.  The credit
facility does not require amortization of payments and may be
paid prior to maturity in whole or in part at the company's
option without penalty or premium.  The credit facility allows
the company to use borrowings for working capital needs and
other general corporate purposes of the Company and its
subsidiaries (including, without limitation, to refinance or
repurchase other indebtedness and, provided certain conditions
are met, to repurchase the company's equity securities, in each
case without additional lender approval).

The new senior unsecured revolving credit facility is rated BB+
by Standard & Poor's, Ba1 by Moody's, and BB+ by Fitch.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Moody's Investors Service assigned a Ba1 rating to
American Tower Corporation's proposed US$1.25 billion senior
unsecured bank facility, which will be used to refinance the
senior secured bank facility at AMT's subsidiary, American Tower
Inc.

Moody's also affirmed AMT's Ba1 corporate family rating,
affirmed the company's SGL-1 liquidity rating and upgraded its
senior unsecured rating to Ba1 from Ba2, reflecting the expected
reduction of prior ranking senior secured debt in the company's
capital structure.


BALLY TOTAL: Liberation Investments Balks at Pre-Packaged Plan
--------------------------------------------------------------
Liberation Investments, L.P., and Liberation Investments, Ltd.,
said that the pre-packaged bankruptcy plan approved by Bally
Total Fitness Holding Corp.'s Board of Directors that aims to
cancel all existing equity interests and transfer all
reorganized equity to bondholders was "draconian."  Liberation
Investments holds 11% of the company's common stock.

Andrew K. Glenn, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, who represents Liberation Investments, stated in a
facsimile dated June 6, 2007, that by approving the plan, the
company has, in effect, abandoned its fiduciary duties to
shareholders.

                          Contentions

Mr. Glenn states that it more than a coincidence that Tennenbaum
Capital Partners, who proposed the plan and is the largest
holder of the company's subordinated debt, sold its Ball stock
while still in negotiations with the company in February 2007.  
Mr. Glenn contends that the Board seems to have ignored viable
alternatives, including a likely sale of the company's assets.  
Further, the board had announced the pre-packaged plan while at
least one party had signed a confidentiality agreement with the
company to propose an alternative transaction.

Mr. Glenn also discloses that Jefferies & Company, the company's
financial advisor, failed to return numerous calls from
Liberation Investments to discuss options to maximize value for
the benefit of all shareholders.

                             Demands

Mr. Glenn relates that due to the lack of interest in protection
shareholders and several vacancies in the Board, Liberation
Investments wants Manny Pearlman and Gregg Frankel to be
appointed as directors.

Liberation Investments also wants access to all of the company's
books and records relating to the pre-packaged plan.

Mr. Glenn says that Liberation Investments reserves the right to
seek relief pursuant to Section 220 of the Delaware General
Corporation Law  and Bankruptcy Rule 2004.

Mr. Glenn concludes that although Liberation Investments is
prepared to vindicate its rights both in and out of bankruptcy
court, it is also ready, able and willing to negotiate a
consensual resolution of the matter.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial  
operator of fitness centers in the U.S., with over 375
facilities located in 26 states, Mexico, Canada, Korea, China
and the Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


FORD MOTOR: Chinese Joint Venture Recalling 7,924 Cars
------------------------------------------------------
Changan Ford Mazda -- a joint venture of Ford Motor, Chongqing
Changan and Mazda Motor Corp. -- is recalling 7,924 cars due to
potential problems that may cause engine failure, Newratings.com
reports.

Newratings.com relates that Changan Ford made the Mondeo sedans
being recalled.  

The General Administration of Quality Supervision told
Newratings.com that the vehicles were produced in China between
Jan. 7, 2005 and Dec. 15, 2006.

No accidents related to the vehicles were reported to Changan
Ford, Newratings.com states.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *     *     *

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. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

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' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

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.


GRUPO IUSACELL: Will List Shares on Latibex Beginning June 14
-------------------------------------------------------------
Grupo Iusacell, S.A. de C.V., will list shares on the Latibex
stock exchange starting on June 14, according to a statement on
Latibex's Web site.

Business News Americas relates that Latibex was launched in
1999.  It is a listing of Latin American firms aimed at European
investors.

According to BNamericas, Grupo Iusacell will use the ticker
symbol XCEL.  It is the third owned by Grupo Salinas to list on
Latibex, after TV Azteca and Grupo Elektra.

Grupo Iusacell secured all of the regulatory authorization
required to proceed with the public listing, BNamericas states.

Headquartered in Mexico City, Mexico, Grupo Iusacell, SA de CV
(BMV: CEL) -- http://www.iusacell.com-- is a wireless cellular      
and PCS service provider in Mexico with a national footprint.
Independent of the negotiations towards the restructuring of its
debt, Grupo Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, including its new 3G network, throughout all of the
regions in which it operate.

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, SA de CV (Bankr. S.D.N.Y. Case No. 06-11599).  Alan M.
Field, Esq., at Manatt, Phelps & Phillips, LLP, represents the
petitioners.  Iusacell Celular then filed for bankruptcy
protection under Mexican Law on July 18.

The involuntary petition in the United States was dismissed in
December 2006.


GRUPO IUSACELL: Nortel Boosting Firm's Mobile Broadband Services
----------------------------------------------------------------
Grupo Iusacell, S.A. de C.V., has contracted Canadian equipment
supplier Nortel to expand the company's 3G mobile broadband
services to 10 new cities in Mexico, according to a statement by
Nortel.

Business News Americas relates that Grupo Iusacell offers a
variety of advanced services over its "CDMA2000 1x EV-DO rev A"
network.

Grupo Salinas started merging Grupo Iusacell's operations with
those of its other mobile operator Unefon in 2006.  The two
companies continue to offer services under different brands,
BNamericas states.

Headquartered in Mexico City, Mexico, Grupo Iusacell, SA de CV
(BMV: CEL) -- http://www.iusacell.com-- is a wireless cellular      
and PCS service provider in Mexico with a national footprint.
Independent of the negotiations towards the restructuring of its
debt, Grupo Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, including its new 3G network, throughout all of the
regions in which it operate.

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, SA de CV (Bankr. S.D.N.Y. Case No. 06-11599).  Alan M.
Field, Esq., at Manatt, Phelps & Phillips, LLP, represents the
petitioners.  Iusacell Celular then filed for bankruptcy
protection under Mexican Law on July 18.

The involuntary petition in the United States was dismissed in
December 2006.


GRUPO MEXICO: Workers Union To Hold Strike on June 15
-----------------------------------------------------
The mining-metalworkers union STMMRM in Mexico will start
protesting at nine operation run by Grupo Mexico SA, de CV, on
June 15, 2007, Business News Americas reports, citing union
spokesperson Carlos Pavon Campos.

Mr. Campos told BNamericas that the union is positive that over
7,000 employees will join the strike.

According to BNamericas, the strike was initially set for
June 10.

Mr. Pavon explained to BNamericas that Grupo Mexico refused to
negotiate new collective contracts at its nine operations, where
previous contracts already expired.  Some 2,000 employees at
Cananea may join the strike.

BNamericas notes that mine and plant security is also an issue
that the union wants to talk about with Grupo Mexico.

Mr. Pavon told BNamericas, "Grupo Mexico says it has already
negotiated the collective contracts, but it did so with Elias
Morales, the leader supported by the labor ministry.  When all
is said and done the collective contracts need to be
renegotiated because what was agreed on with Elias Morales is
not valid."

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook was stable.


KRONOS INC: Hellman & Friedman Completes Acquisition of Company
---------------------------------------------------------------
Kronos(R) Incorporated has completed the acquisition of Kronos
by entities affiliated with Hellman & Friedman Capital Partners
VI, L.P., a private equity investment firm.

On March 23, 2007, Kronos disclosed a definitive agreement to be
acquired by Hellman & Friedman in a transaction valued at
approximately US$1.8 billion.  Under terms of the agreement,
Kronos shareholders will receive US$55.00 per share in cash for
each share of Kronos common stock held.

"We are pleased with the successful outcome of this transaction,
which has provided great value to our shareholders," said Mark
S. Ain, executive chairman of the Kronos Board of Directors.  
"This transaction affirms Kronos' value, market leadership, and
the exciting growth opportunities in front of us."

"Today we begin our next chapter as a private company. We are
thrilled with the opportunity to work together with Hellman &
Friedman in pursuing our goal of becoming the first billion
dollar software company exclusively focused on human capital
management," said Aron Ain, Kronos' chief executive officer.  
"We look forward to working with Hellman & Friedman as our
owner, partner, and guide for this exciting journey."

"As the new owners of Kronos, we will work with management to
achieve the company's long-term business goals," said David
Tunnell, managing director of Hellman & Friedman.  "Kronos is
the clear market leader in using deep domain knowledge to
provide specialized software to solve a deceptively complex
customer problem.  We believe the company has tremendous
potential for growth."

Hellman & Friedman is a leading private equity investment firm
with offices in San Francisco, New York, and London and is
currently investing its sixth fund, which has more than US$8
billion of committed capital.  Investing alongside lead investor
Hellman & Friedman is JMI Equity, a private equity firm focused
exclusively on the software and business services industries.

Kronos stock will cease to trade on the Nasdaq Global Select
Market at market close today, and will no longer be listed.
Kronos has appointed JP Morgan as its paying agent, and, as soon
as practicable, will mail a letter of transmittal and
instructions to all Kronos shareholders of record.  The letter
of transmittal and instructions will contain information
regarding how to surrender Kronos common stock in exchange for
the merger consideration.  Shareholders of record should be in
receipt of the letter of transmittal before surrendering their
shares.  Shareholders who hold shares through a bank or broker
will not have to take any action to have their shares converted
into cash as such conversions will be handled by the bank or
broker.

                     About Hellman & Friedman

Hellman & Friedman LLC is a leading private equity investment
firm with offices in San Francisco, New York and London.  The
Firm focuses on investing in superior business franchises and
serving as a value-added partner to management in select
industries including financial services, professional services,
asset management, software and information services, media and
energy.  Since its founding in 1984, the Firm has raised and,
through its affiliated funds, managed over US$16 billion of
committed capital and is currently investing its sixth
partnership, Hellman & Friedman Capital Partners VI L.P., with
over US$8 billion of committed capital.  Other software and
information services investments include: Activant Solutions
Inc., Blackbaud, Inc., DoubleClick, Inc., Intergraph
Corporation, Mitchell International, Inc., and Vertafore, Inc.
Other recent investments include: Artisan Partners Limited
Partnership, The Nasdaq Stock Market, Texas Genco LLC, and The
Nielsen Company.

                         About JMI Equity

Based in Baltimore and San Diego, JMI Equity --
http://www.jmiequity.com/-- is a private equity firm  
exclusively focused on providing growth capital to software and
service companies.  Founded in 1992, JMI has invested in more
than 80 companies throughout North America and has approximately
US$700 million of capital under management.  In addition to
providing the first institutional capital to self-funded
companies, JMI also invests in selected recapitalization and
management buyout financings.  Representative investments
include Blackbaud, Inc., Jackson Hewitt, Inc., Mission Critical
Software, Inc. (acquired by NetIQ, Inc), NEON Systems, Inc.
(acquired by Progress Software Corporation), Transaction Systems
Architects, Inc., and Unica Corporation.

                     About Kronos Incorporated

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posts about US$617 million of revenues for the
twelve months ended March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook.  Moody's also assigned a first time Ba3 rating to the
company's:

  -- first lien credit facilities (US$665 million term loan,
     due 2014, and US$60 million revolving credit facility,
     expires 2013); and

  -- a Caa1 rating to its US$390 million second lien term loan,
     due 2015.


PORTRAIT CORP: CPI Completes Acquisition of All Operating Assets
----------------------------------------------------------------
CPI Corp. disclosed the completion of its planned acquisition of
substantially all of the operating assets of Portrait
Corporation of America, Inc. and its foreign and domestic
affiliates.

With expiration of the requisite pre-merger notice period under
the Hart-Scott-Rodino Antitrust Improvement Act on May 23, 2007,
and final approval of the transaction by the United States
Bankruptcy Court for the Southern District of New York on
June 4, 2007, the parties were able to consummate the
transaction well ahead of the June 30 deadline established under
their definitive agreement announced on May 2, 2007.

CPI paid a final purchase price of US$82.5 million in cash and
assumed certain liabilities by refinancing its credit facilities
with LaSalle Bank, N.A.  The refinancing also closed on
June 8, 2007.

As a result of the acquisition, CPI now operates 2,055 portrait
studios in Wal-Mart stores and supercenters in the U.S., Puerto
Rico, Canada, Mexico and the United Kingdom, bringing the
Company's total studio count to 3,095.  CPI is the long-standing
exclusive operator of portrait studios in Sears stores in the
U.S. and Canada.  In their most recently completed fiscal years,
the CPI and PCA studios generated combined sales of US$586
million and served approximately 8.5 million customers.

David Meyer, Chairman of the Board of Directors of CPI,
commented, "We are pleased to welcome PCA's many outstanding
associates to the CPI family.  The combination of the operations
of PCA with CPI creates the clear leader in the portrait studio
market, and we look forward to capitalizing quickly on the
complementary strengths of our two organizations.  We have
already begun making preparations to convert the PCA studios to
digital technology and expect to commence conversions this
summer."

Continuing, Mr. Meyer said, "We are excited about the enormous
potential of this combination and are confident that it will
benefit our customers, employees and retail partners as well as
our shareholders."

                             About CPI

CPI Corp. (NYSE: CPY) is the leading portrait studio operator in
North America offering photography services in 3,095 locations
in the United States, Puerto Rico, Canada and Mexico as well as
the United Kingdom, principally in Sears and Wal-Mart stores.

                        About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--   
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.  Portrait
Corporation and its debtor-affiliates filed for Chapter 11
protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No. 06-22541).  
John H. Bae, Esq., at Cadwalader Wickersham & Taft LLP,
represents the Debtors in their restructuring efforts.  Berenson
& Company LLC serves as the Debtors' Financial Advisor and
Investment Banker. Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.  The Court has set July 11, 2007, to consider
confirmation of the Debtor's Amended Chapter 11 Plan of
Reorganization.


SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891
--------------------------------------------------------------
SurgiLight Inc. reported a net loss of US$137,258 on revenue of
US$119,000 for the first quarter ended March 31, 2007, compared
with a net loss of US$294,845 on zero revenue for the same
period in 2006.

Equipment sales for the quarter ended March 31, 2007, increased
to US$119,000 from US$0 during the quarter ended March 31, 2006.  
The 2007 quarter revenue increase was due to the company
continuing to develop its international sales and marketing
activities, especially in the European Community where it
received CE approval during February 2005.  

At March 31, 2007, the company's balance sheet showed
US$4,895,810 in total assets, US$5,521,701 in total liabilities,
resulting in a US$625,891 total stockholders' deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$694,509 in total current assets
available to pay US$5,521,701 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?20ca

                      Going Concern Doubt

Richard L. Brown & Company P.A., in Tampa, Florida, expressed
substantial doubt about SurgiLight Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm pointed to the company's losses from
operations and net capital deficiency.

                     About SurgiLight Inc.

Headquartered in Orlando, Florida. SurgiLight Inc. (Other OTC:
SRGL.PK) -- http://www.surgilight.com/index.html-- distributes  
ophthalmic lasers and related products and services based on its
own and licensed intellectual property, primarily for use in
refractive and presbyopia procedures.

The company has operations in China, Mexico and Spain.




=================
N I C A R A G U A
=================


* NICARAGUA: Russian Gov't Writes Off Nation's US$5MM Debt
----------------------------------------------------------
The Russian government told RIA Novosti that it agreed to write
off US$5 million of Nicaragua's debt.

RIA Novosti relates that the Nicaraguan Finance Ministry
presented the proposal for the nation's debt to Russia.  The
proposal was coordinated with the Nicaraguan Foreign Ministry.

Nicaraguan Foreign Minister Sergei Lavrov told RIA Novosti  taht
Russia has so far written off US$11.3 billion of the debt of the
countries in Africa, including US$2.2 billion through the
Initiative for Heavily Indebted Poor Countries, which is a debt
relief initiative initiated by the International Monetary Fund
and the World Bank in 1996.

Russia disclosed in May 2007 plans on increasing its financial
support to poor nations to US$500 million in the next few years,
RIA Novosti states.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


COMVERSE TECH: Posts US$60.4 Million Net Loss in First Quarter
--------------------------------------------------------------
Comverse Technology Inc. disclosed preliminary unaudited
selected financial information for the first quarter of fiscal
2007 ended April 30, 2007.  For the first quarter, the company
posted revenue of US$405.7 million, an increase of 10% over
first quarter fiscal 2006 revenue of US$369.2 million.  First
quarter 2007 loss from operations on a GAAP basis was US$60.4
million, compared with GAAP income from operations of US$8.6
million for the first quarter of fiscal 2006.  Operating income,
on an adjusted (non-GAAP) basis, was US$7.9 million for the
first quarter of fiscal 2007, compared with adjusted (non-GAAP)
operating income of US$37.1 million for the first quarter of
fiscal 2006.  This preliminary unaudited selected financial
information is subject to change, and is based on information
currently available to the company.  In addition, the company's
independent registered public accounting firm has not reviewed
or audited the financial information presented herein and,
therefore, such financial information may be subject to
additional adjustments, which could be material.

                     Comverse Technology, Inc.

Andre Dahan, President and Chief Executive Officer of Comverse
Technology, Inc. said, "Our 10% revenue growth this quarter was
achieved despite two factors: (1) a slowdown in spending across
the telecom industry and (2) slower bookings momentum in
products and services over the past few quarters at both
Comverse, Inc. and Ulticom, Inc.  This was partially offset by
continued strength at our Verint Systems Inc. subsidiary.
Comverse Technology's subsidiaries maintain strong positions in
their respective markets, offering high-value products to their
customers, and each has opportunities for profitable growth in
the future."

                          Comverse, Inc.

Mr. Dahan said, "We have just begun building the new Comverse
framework for profitable growth, focusing on financial
discipline while developing the flexibility to identify and
realize the new revenue drivers that will address the most
important needs of our customers.  Comverse's cost structure has
not been properly aligned to the deceleration in bookings
experienced over the past several quarters and, as a result, our
operating margins began to decline late last year.  Since
joining the company on April 30 of this year, it has been my
highest priority to conduct a comprehensive operational review
focused on our Comverse subsidiary, with the objective of
achieving double-digit adjusted (non-GAAP) operating margins
within a few quarters, while reinvigorating business momentum.  
We are now implementing our first set of actions to improve
profitability over the near-term.  Accordingly, Comverse expects
to implement an immediate action to reduce its workforce by
approximately 6%.  This reduction in force, along with process
improvements and reductions in other expenses and infrastructure
items, is designed to contribute to the desired operating margin
goal.  The new Comverse framework will create a more agile
company capable of delivering sustained operational improvement
and excellence, investing and de-investing with flexibility and
leading us into a new era of profitable growth."

                        Verint Systems Inc.

"During the quarter, Verint Systems achieved record revenue,
with higher expense levels due, in part, to increased spending
in preparation for its strategic acquisition of Witness Systems.  
This acquisition closed in May, following quarter end, and
creates a new leader in workforce and enterprise optimization,
and opens new opportunities for profitable growth," said Mr.
Dahan.

                           Ulticom, Inc.

"Ulticom experienced a revenue decline as post-merger
integration at large telecom OEM customers continued to result
in a slowdown in project spending," said Mr. Dahan.

                         Strategic Review

Mr. Dahan concluded, "As previously announced, we continue to
advance our comprehensive strategic review of the Comverse
Technology portfolio, and its corporate and capital structure.  
We are conducting this review with the overriding goal of
maximizing shareholder value."

                         Special Committee

Comverse Technology also announced that the Special Committee of
the company's Board of Directors has substantially completed the
investigation portion of certain financial and accounting
matters originally announced in mid-November 2006.  This
forensic investigation produced the data necessary for the
company to begin the internal process of restating past
financial statements, after which the external audit by the
company's independent registered public accounting firm can
begin.

The company expects to become current in its filings with the
Securities and Exchange Commission by the end of fiscal 2007.  
Any additional information that may be discovered in the
subsequent reviews or audits by the company's finance and
accounting staff or independent registered public accounting
firm could result in delays to the restatement and filing
process, and in adjustments to the financial information
presented herein, and such adjustments could be material.  The
timing of the company's restatements and filings may be
dependent on the timing of the completion of similar activities
at its Verint Systems Inc. and Ulticom, Inc. subsidiaries.  The
company continues to believe that the aggregate historical sales
and total cash flows as previously reported are not likely to
materially change.

            Presentation of Non-GAAP Financial Measure

Comverse Technology provides adjusted (non-GAAP) income from
operations as additional information for its operating results.  
This measure is not in accordance with, or an alternative for,
GAAP financial measures and may be different from, or not
comparable to similarly titled or other non-GAAP financial
measures used by other companies.  The company believes that
this presentation of adjusted (non-GAAP) income from operations
provides useful information to investors regarding certain
additional financial and business trends relating to its
financial condition and results of operations as viewed by
management in monitoring the company's businesses.  In addition,
management uses this non-GAAP financial measure for reviewing
the financial results of the company and for budget-planning
purposes.

                   First Quarter 2007 Financial
                      and Operational Review

Revenue and Operations

Comverse Technology, Inc. reported consolidated revenue of
US$405.7 million for the 2007 first quarter, a US$36.6 million,
or 10%, increase over revenue of US$369.2 million for the prior-
year period, and a US$9.3 million, or 2%, decrease from revenue
of US$415.1 million for the fourth quarter.

Revenue at the company's Comverse, Inc. subsidiary was US$284.5
million for the first quarter of 2007, or 70.1% of consolidated
revenue, a US$26.5 million, or 10%, increase over revenue of
US$258.0 million for the prior-year period, and a US$8.8
million, or 3%, decrease from revenue of US$293.3 million for
the fourth quarter.  US$16.2 million of the year-over-year
growth was attributable to contributions from Comverse, Inc.'s
May 2006 acquisition of Netcentrex.  Despite the slowdown in
subsidiary bookings and industry-wide spending experienced over
the past several quarters, end-user adoption of wireless value-
added services and VoIP-based services, we believe that two
major demand drivers for Comverse, Inc.'s products and services,
remains healthy, as does demand for next-generation billing and
customer care solutions for service, content, and e-commerce
providers.  These solutions are designed to reduce customers'
operating costs, while enabling services that foster customer
loyalty and satisfaction.

During the first quarter, Comverse, Inc. announced the
appointment of Yaron Tchwella to lead the unit as President,
with a focus on improving profitability and positioning
Comverse, Inc. to serve the expanding range of service provider
needs in messaging, content delivery, converged IP
communications, and converged real-time billing and customer
care.  During the first quarter, Comverse, Inc. announced new
product launches and enhancements with Real-Time Billing 5.0,
featuring a new advanced marketing engine and service
customization and self-care capabilities, and Instant SMS, which
converges the highly popular text messaging application with
attractive elements of the instant messaging user experience.  
Comverse also announced new customer selections or deployments
across a range of products, including converged billing and
customer care, SMS, converged IP telephony and IP Centrex,
wireless multimedia content delivery, including ringback tones,
and the Insight IP Open Services Environment for messaging and
other Value-Added Services.  InSight has now been selected by
more than 100 customers worldwide, and serves more than 250
million end-users.  Overall, Comverse, Inc. products and
applications are used by hundreds of millions of people, through
more than 500 service providers in more than 130 countries.

Revenue at the company's Verint Systems Inc. subsidiary was
US$101.3 million for the first quarter of 2007, or 25% of
consolidated revenue, a US$13.5 million, or 15%, increase over
revenue of US$87.7 million for the prior-year period, and a
US$2.9 million, or 3%, increase over revenue of US$98.4 million
for the fourth quarter.  Verint experienced continued demand for
its solutions for security and business interaction
intelligence.  The growth in unstructured data, in the form of
captured voice, video, and text, has created opportunities for
Verint's analytic software to deliver timely actionable
intelligence to enhance security and improve business
performance.  During the first quarter, Verint announced the
strategic acquisition of Witness Systems, which closed in late
May, after first quarter-end. The combination of Verint and
Witness creates a leader in workforce and enterprise
optimization solutions, with the broadest portfolio of solutions
in the market for contact centers, back-offices, and branch
operations.  Verint also launched new products and capabilities,
such as Verint Performance Management, STAR-GATE Lite, a new
broadband and VoIP solution that supports CALEA lawful
interception regulations, and an expansion of the Nextiva video
security portfolio to enhance municipal security.

Revenue at the company's Ulticom, Inc. subsidiary was US$11.4
million for the first quarter of 2007, or 2.8% of consolidated
revenue.  This represents a US$4.3 million, or 27%, decline from
revenue of US$15.7 million for the prior-year period, and a
US$2.7 million, or 19%, decrease from revenue of US$14.1 million
for the fourth quarter.  SS7 and SIP-based signaling
opportunities at large telecommunications OEM customers were
deferred following post-merger integration activities.

Revenue at the company's Starhome B.V. subsidiary was US$9.7
million for the first quarter of 2007, a US$0.6 million, or 6%,
decrease from revenue of US$10.3 million for the prior-year
period, and a US$0.6 million, or 6%, decrease from revenue of
US$10.2 million for the fourth quarter.

Backlog

Backlog represents signed purchase orders or customer
commitments deemed to be firm that have not yet been recognized
as revenues as of the balance sheet date but are expected to be
recognized in the next 12 months.

Consolidated 12-month orders backlog of US$758.7 million at
April 30, 2007 was 2.3% above the US$741.9 million backlog at
the prior-year period, and 4.2% below the US$791.8 million
backlog at January 31, 2007.

Operating Income/Margins

GAAP Basis - Loss from operations on a GAAP basis was US$60.4
million for the first fiscal quarter of 2007, compared to income
from operations of US$8.6 million for the first quarter of
fiscal 2006.  This US$69.0 million decline reflects an increase
in Special Committee investigation and related expenses of
US$25.1 million; and US$14 million in cash compensation in-lieu
of equity-based compensation as a key employee retention tool.  
Operating margin on a GAAP basis for the first fiscal quarter of
2007 was negative 14.9%, compared with 2.3% for the prior-year
period.

First quarter 2007 loss from operations on a GAAP basis
increased by US$42.9 million compared to the US$17.5 million
loss from operations for the fourth quarter of 2006. Operating
margin on a GAAP basis was negative 4.2% for the fourth quarter.

Adjusted (Non-GAAP) Basis - Adjusted (non-GAAP) income from
operations was US$7.9 million for the first quarter of fiscal
2007, a 79% decrease from the US$37.1 million for the prior-year
period. Adjusted (non-GAAP) operating margin declined to 2.0%
for the first quarter of fiscal 2007 from 10.1% for the prior-
year period.

First quarter 2007 adjusted (non-GAAP) income from operations
declined by US$19.7 million from US$27.6 million for the fourth
quarter of fiscal 2006.  Operating margin on an adjusted (non-
GAAP) basis was 6.6% for the fourth quarter.

Reconciliations of adjusted (non-GAAP) income from operations to
the most comparable financial measure calculated and presented
in accordance with GAAP are set forth herein in the section
entitled "Reconciliations."

The company ended the first quarter of fiscal 2007 with cash and
cash equivalents, bank time deposits and short-term investments
of US$1,827.1 million, compared to US$1,883.0 million at
Jan. 31, 2007, for a decrease of approximately US$55.9 million.  
Following the close of the first quarter, the company purchased
US$293 million in preferred stock from its Verint Systems
subsidiary, which used the proceeds to fund in part its US$950
million acquisition of Witness Systems.

Debt

The company ended the quarter with convertible debt of US$419.6
million. Following the close of the first quarter, the company's
Verint Systems subsidiary entered into a US$650 million 7-year
term loan facility to fund in part its acquisition of Witness
Systems.

Special Items

Operating expenses presented on a GAAP basis primarily reflect
the incurrence of the following special items:

   * Special Committee investigation and related expenses
     totaled approximately US$32.1 million for the three months
     ended April 30, 2007.  The company expects the rate of
     expenses related to the Special Committee to decrease
     significantly beginning in the second quarter ending
     July 31, 2007.

   * Because of limitations on the company's ability to issue
     equity-based compensation prior to regaining compliance
     with its reporting obligations under the federal securities
     laws, the Boards of Directors of the company and certain of
     its subsidiaries previously authorized and disclosed
     additional cash compensation in lieu of equity-based
     compensation as a key employee retention tool in the
     aggregate amount of approximately US$61.9 million.  In the
     first quarter of fiscal 2007, US$14.0 million of this
     retention compensation was charged as an expense, for a
     total of US$20.9 million charged through April 30, 2007,
     and the company expects the balance to be recorded in the
     current fiscal year ending Jan. 31, 2008.

   * Amortization of acquisition-related intangibles of US$9.2
     million.

The company is in the process of finalizing its arrangements for
audits and related fees for fiscal 2006.  In that regard, the
company estimates that it will increase its selling, general and
administrative charges for audit fees related to fiscal 2006 by
approximately US$1.7 million.

Reconciliations of adjusted (non-GAAP) income from operations to
the most comparable financial measure calculated and presented
in accordance with GAAP are set forth herein in the section
entitled "Reconciliations."

                 About Comverse Technology

Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink   
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.  Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.




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


BURGER KING: Launches First Restaurant in Japan
-----------------------------------------------
Burger King Holdings Inc has launched its first restaurant in
Japan, Newratings.com reports.

Newratings.com relates that Burger King opened the restaurant in
Tokyo's shopping and entertainment district Shinjuku.

According to Newratings.com, Burger King left Japan six years
ago.  The firm is reentering the nation due to the strengthening
economy and the rising demand for Western food.

Burger King will launch 50 more restaurants in Tokyo in three
years, Newratings.com states.  

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


PATHEON INC: Posts US$22 Million Net Loss in Second Quarter 2007
--------------------------------------------------------------
Patheon Inc. reported that its second-quarter revenues were
US$181 million, which decreased by US$8.9 million, or 5%, over
the same period a year ago.  The net loss for the quarter was
US$22 million, as compared with net earnings of US$3 million a
year ago.

The company's net income in the second quarter was impacted by
one-time expenses of US$13.5 million in connection with its
refinancing activities.  Net income was also impacted by
repositioning expenses of US$4 million, comprising US$600,000 in
severance costs for further reductions in the size of the
workforce, US$900,000 in professional fees relating to a
manufacturing efficiency review process currently underway at
several sites, and US$2.4 million in costs relating to work on
the company's strategic review process.

                   Six Months Operating Results

For the six months ended April 30, 2007, the company's revenues
increased 1% to US$352.7 million.  The company had a net loss of
US$24 million, compared with a net loss of US$8.5 million a year
ago.

As at April 30, 2007, the company listed total asset of
US$833.8 million, total liabilities of US$582.1 million, and
total shareholders' equity of US$251.7 million.

The company held US$46.5 million in cash and cash equivalents at
April 30, 2007, as compared with US$50.7 million at
Oct. 31, 2006.

"Our European, Canadian and Cincinnati operations continued to
Perform well in the second quarter, achieving on a consolidated
basis an EBITDA margin before repositioning costs of 17%," said
Riccardo Trecroce, chief executive officer, Patheon Inc.

"This performance was moderated by the impact of significant
year-over-year volume declines for two major products
manufactured at our Caguas, Puerto Rico facility," said
Mr. Trecroce.  "Returning our Puerto Rico operations to
profitability is a top priority for the company.  As a first
step, we are implementing a plan to reduce costs in line with
reduced revenues."

                       Capital Restructuring

During the second quarter, as previously announced, Patheon
completed its financial restructuring process, with the purchase
of US$150 million of convertible preferred shares of the company
0by JLL Partners, and the refinancing of its existing North
American and U.K. debt through new credit facilities with J.P.
Morgan Securities and GE Commercial Finance.

"The successful completion of our capital restructuring process
was a major achievement, providing a stable, long-term financial
foundation to grow and operate our business effectively," said
Mr. Trecroce.

                  Update on Strategic Initiatives

"We are making good progress on our Canadian site restructuring
initiative," Mr. Trecroce reported.  "For the Niagara-Burlington
divestiture, we have prepared and issued a confidential
information memorandum to interested parties and expect to
complete the process of identifying potential buyers by the end
of June.  On the York Mills-Whitby consolidation, we are working
closely with our clients and our employees to develop detailed
transfer plans, and have entered into a listing agreement with a
realtor for the sale of the land and facility after the
transfers have been completed."

                             Outlook

Revenues for the third quarter of 2007 are expected to be about
the same as the second quarter of 2007.  The company continues
to expect that revenues from current operations for 2007 will be
comparable to 2006.

                          About Patheon

Patheon Inc. (TSX: PTI) -- http://www.patheon.com/-- provides  
drug development and manufacturing services to the international
Europe and Japan. It produces both prescription and over-the-
pharmaceutical companies located primarily in North America,  
Canada, Puerto Rico and Europe, counter drugs for its clients.  
Patheon provides manufacturing services for a range of products
in many dosage forms and packaging, such as compressed tablets,
hard-shell capsules, liquids and powders filled in ampoules,
vials, bottles or pre-filled syringes. The pharmaceutical
development services provided by Patheon include dosage form
development services, scale-up and technology transfer services,
and manufacturing of pilot batches of drugs.

                        *     *     *

As reported in the Troubled Company Reporter on April 16, 2007,
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Canadian contract drug manufacturer
Patheon Inc.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating, with a recovery rating of '1', to Patheon's US$75
million ABL revolver and its 'B+' bank loan rating, with a
recovery rating of '3', to the company's US$150 million term B
facility.  The '1' recovery rating indicates a full recovery of
principal (100%), and the '3' recovery rating indicates a
meaningful recovery of principal (50%-80%), in a default
scenario.  Standard & Poor's also assigned its 'B-' rating to
Patheon's proposed S$150 million 8.5% convertible preferred
shares.  S&P said the outlook is negative.


WERNER LADDER: Completes Sale of All Assets to Investor Group
-------------------------------------------------------------
Werner Holding Co. (DE) Inc. aka Werner Ladder Company and its
debtor-affiliates yesterday said that the sale of substantially
all of its assets to a group of the company's investors was
completed.

This sale transaction, approved by the United States Bankruptcy
Court for the District of Delaware on April 25, 2007, allows
Werner's ladder business to successfully emerge from bankruptcy
and continue its operational turnaround.

The new Werner company is now owned by a group of investors
including Black Diamond Capital Management LLC, Brencourt
Advisors LLC, Levine Leichtman Capital Partners III, L.P., Milk
Street Investors LLC, Schultze Asset Management LLC, and TCW
Shared Opportunity Funds.

James J. Loughlin, Jr., Werner's interim Chief Executive
Officer, said, "We are very pleased that this transaction has
closed and Werner will successfully emerge from bankruptcy.  The
new Werner will continue to operate its business of making and
selling the country's best ladders.  We have substantially
reduced our debt as over US$300 million of liabilities have been
extinguished.  Werner will benefit from improved liquidity that
will allow the company to serve its customers, complete its
operational restructuring and continue to improve sales and
profitability."

Mr. Loughlin added, "Werner is well positioned for future
success.  We have reduced our operating costs while continuing
to improve and expand our product offerings and we are well on
our way to becoming the most profitable ladder manufacturer.  
The company's new products continue to win awards for innovation
while serving unfilled needs in the climbing product
marketplace.  The management and employees of Werner are
committed to serving our customers and teaming with our
suppliers and other business partners to remain the leader in
each of our product segments."

                    About Black Diamond

Founded in 1995, Black Diamond Capital Management, L.L.C. is an
alternative asset management firm with approximately US$10
billion under management in a combination of distressed-
debt/private equity funds, hedge funds and structured vehicles.  
Black Diamond has offices in Greenwich, Connecticut, Lake
Forest, Illinois and London, U.K.

                     About Brencourt Advisors

Brencourt Advisors, LLC was formed in 2001 as a registered
investment advisor to various alternative investment funds.  
Brencourt currently manages approximately US$2 billion in assets
and has offices in both New York and London, U.K.

                  About Levine Leichtman Capital

Levine Leichtman Capital Partners -- http://www.llcp.com/-- is  
a Los Angeles, California private equity firm that was founded
in 1984 by Arthur E. Levine and Lauren B. Leichtman.  The firm
manages in excess of US$2.0 billion of institutional investment
capital through private equity partnerships.  LLCP has a highly
differentiated, multi-fund investment strategy focused on
companies with revenues less than US$500 million.

                      About Schultze Asset

Founded in 1998, Schultze Asset Management, LLC --
http://www.samco.net/-- is a leading alternative investments  
firm specializing in distressed and special situations
investing.  The firm manages approximately US$750 million in
assets on behalf of institutional and high net worth clients
located throughout the world.  Schultze's offices are in
Purchase, New York.

                        About TCW Shared

The TCW Shared Opportunity Funds have invested over US$1 billion
in distressed middle market companies during the past 15 years
and are affiliated with Trust Company of the West.  Founded in
1971, TCW develops and manages a broad range of innovative,
value-added investment products that strive to enhance and
protect clients' wealth.  The firm has approximately US$160
billion in assets under management.  TCW is a subsidiary of
Societe Generale Asset Management, which has approximately
US$500 billion under management and is a division of Societe
Generale Group.

                    About Werner Holding Co.

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--   
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).  

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.

The company has operations in Puerto Rico.




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


NORTHWEST AIRLINES: S&P Removes Watch on Certificates' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on certain
enhanced equipment trust certificates of Northwest Airlines Inc.
(B+/Stable/--) and removed the ratings from CreditWatch.

Certain other ratings were withdrawn or remain on CreditWatch,
and ratings of 'AAA' rated, insured EETCs, which were not on
CreditWatch, were affirmed.

"The upgrades reflect improved credit quality following
Northwest's May 31, 2007, emergence from bankruptcy and our
review of factors that affect expected payment prospects,
including those in any future insolvency proceedings," said
Standard & Poor's credit analyst Philip Baggaley.  S&P's
criteria for rating EETCs incorporate credit for the likelihood
of continued payment per the terms of the certificates (which
require timely interest payments, backed by liquidity facilities
sufficient to pay up to 18 months of interest obligations, and
"soft amortization" of principal, which is due at the legal
final maturity of the certificates) and credit for collateral
coverage which could permit repayment using proceeds from
repossessing and selling aircraft.

Upgrades in each case factored in Northwest's revised corporate
credit rating, which was raised to 'B+' from 'D' on May 31. In
addition, the factors specific to individual EETCs were
considered, including collateral coverage, the effect of the
revised priority of payments triggered by Northwest's bankruptcy
filing, and the effect of some liquidity providers terminating
their facilities supporting EETCs.

The 'B+' corporate credit rating reflects Northwest's
participation in the competitive, cyclical, and capital-
intensive U.S. airline industry, on a still highly leveraged
financial profile, and with substantial upcoming capital
expenditures to modernize its aircraft fleet.  The rating also
incorporates the airline's improved operating cost structure
(mostly due to labor concessions) and reductions in debt and
leases achieved in Chapter 11.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.


PETROLEOS DE VENEZUELA: Private Firms Reluctant to Shift to JV
--------------------------------------------------------------
Venezuelan state-run oil Petroleos de Venezuela SA Chief
Executive Officer and the nation's Energy and Petroleum Minster
Rafael Ramirez told El Universal that the private companies due
to migrate to joint ventures by June 26 have been reluctant.

El Universal notes that the companies participating in the
"migration process" include:

          -- Conoco Phillips,
          -- Exxon Mobil,
          -- Chevron,
          -- Total,
          -- Statoil,
          -- Eni,
          -- Petrocanada, and
          -- Inelectra.

According to El Universal, the Venezuelan state holds a majority
stake in the joint ventures.

Minister Ramirez commented to El Universal, "I think the state
has restated its authority and capacities, and that is clear for
companies."

Minister Ramirez reminded in an interview aired by television
channel Televen that during migration from operational
agreements to joint ventures last year, companies Eni and Total
refused to accept the terms set by the Energy and Petroleum
Ministry.

Minister Ramirez commented to Agence France-Presse, "The day
following the deadline, we took over their fields and now they
are 100 percent owned by the State.  I it is clear for all
players that the State has absolute control over national
natural resources, particularly oil."

According to El Universal Petroleos de Venezuela took over
startegic partnerships in Orinoco on May 1, 2007, and shared
risk and profits exploration accords.  Through its affiliate
CVP, the company would hold a minimum stake of 60% in the
projects.

Minister Ramirez told El Universal, "All of the operations of
the strategic partnerships and shared risk and profits
exploration agreements are fully controlled by Pdvsa [Petroleos
de Venezuela], under our laws.  The next landmark is June 26,
when the stakes of the companies that are to adopt the form of
joint ventures will be defined, for subsequent consideration by
the National Assembly."

The "new shareholding structure could be defined up to Aug. 26,
when the Venezuelan parliament" would conclude the assessment of  
"relevant documentation," El Universal states.

The energy and oil ministry will disclose on June 26 the joint
ventures it has ratified.  It will then pass the proposals to
the national assembly for approval.

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

                        *     *     *

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


* VENEZUELA: Cantv Investing US$160MM on Internet Protocol TV
-------------------------------------------------------------
Cantv will invest US$160 million in launching Internet Protocol
Television, Venezuelan news daily El Universal reports.

El Universal relates that the project wouldn't be set up for at
least two years.  With IPTV, Cantv expects to provide television
services to remote areas across Venezuela.

According to El Universal, Cantv has some 580,000 broadband
users.  It would have some 900,000 subscribers by year-end.

The Venezuelan government will interconnect Cantv's fiber optic
network with all existing fiber optic networks in the nation to
boost the firm's capacity in the medium term, Business News
Americas states, citing Cantv head Socorro Hernandez.

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, the Venezuelan government has 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 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.  
NYSE said the firm's ADSs were no longer suitable for continued
listing due to the current circumstances after the completion of
the tender offer by the Venezuelan government.  Cantv also chose
on May 21 a new board during an extraordinary shareholders
meeting, effectively returning control of the company to the
state.  Socorro Hernandez heads the board for the 2007-08
period.

                        *     *     *

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 ratings'
outlook remained stable.


* US May Redirect US$200 Million to Help Small Biz in LatAm
-----------------------------------------------------------
The United States is to apportion about US$200 million
in international aid to spur small business
development in Latin America, a move that is seen to counter the
rise of anti-capitalist populism in the region, the
Wall Street Journal reports.

Michael M. Phillips, at the Journal, says the plan
includes as much as US$50 million over five years to
help banks lend to small companies by better assessing
their creditworthiness.  As much as US$150 million
will be provided to back banks that make such
small-business loans.

The move is in accordance with American President
George Bush's previous statement that his country
would take steps to improve capital access for small
businesses in Latin America.

Lending in the region is currently concentrated on big
companies that can provide the requisite collateral
and financial statements.  With the new plan, risks facing
commercial banks in lending to small businesses will
be reduced.  

"Spreading economic opportunity within and between the
nations of the Americas is urgent and possible," U.S.
Treasury Secretary Henry Paulson was quoted by the
Journal as saying at the Americas Competitiveness
Forum, a Commerce Department event in Atlanta,
according to a copy of his speech.

"Lack of financing may mean the difference between
success and failure, growth or stagnation," Mr.
Paulson added.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

May 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Enterprise Valuation / Sale of the Distressed Business
        Athletic Club, Seattle, Washington
           Contact: http://www.turnaround.org/

May 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Women's Networking Lunch
        TBD, Arizona
           Contact: 623-581-3597 or http://www.turnaround.org/

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

May 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Scotch & Cigar Night
        Buena Vista Cigar Club, Beverly Hills, California
           Contact: 310-458-2081 or www.turnaround.org

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

June 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Golf Tournament
        Northview Golf and Country Club, Vancouver, British
Columbia
           Contact: 206-223-5495 or www.turnaround.org

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

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

June 7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Event - Networking
        University Club, Portland, Oregon
           Contact: 206-223-5495 or 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
     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 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     ACG/TMA Annual Pacific Northwest Golf Tournament
        Washington National Golf Club, Auburn, Washington
           Contact: 206-223-5495 or www.turnaround.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 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 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 26-27, 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 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 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 www.turnaround.org

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

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Billiards Night
        TBD, New Jersey
           Contact: 908-575-7333 or 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 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 www.turnaround.org

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

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Charity Networking Event
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or 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
        TBA, Arizona
           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 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 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 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. 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
        TBA, Arizona
           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
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              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
        Seattle, Washington
           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; 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; 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 www.turnaround.org

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, 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; http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://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; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; 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 www.turnaround.org

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; 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 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.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/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.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/

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/

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
  Handling Complex Chapter 11
     Restructuring Issues  
        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
  IP Rights In Bankruptcy
     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
  Partnerships in Bankruptcy: Unwinding The Deal
     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
  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/

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/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                         ***********


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, and Christian Toledo, 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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