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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 16, 2007, Vol. 8, Issue 162

                          Headlines

A R G E N T I N A

BANCO PATAGONIA: Earns ARS43.2 Million in Second Quarter 2007
BERRIES DE LA PENINSULA: Seeks for Reorganization Approval
COMPANIA LATINOAMERICANA: S&P Puts B- Rating on US$100-Mln Bonds
CONCEPTOS BASICOS: Proofs of Claim Verification Ends on Aug. 17
DELTA AIR: Current Deficit Rises 286% to US$1.098 Billion

GP INVESTMENTS: S&P Rates Long Term Counterparty Credit at B+
POLY MODA: Seeks Bankruptcy Approval from Buenos Aires Court
RIOJA PLASTIC: Proofs of Claim Verification Deadline Is Oct. 3


B A H A M A S

CLICO BAHAMAS: A.M. Best Affirms B+ Financial Strength Rating
MIRANT CORP: Mirant Lovett Files Amended Plan of Reorganization
MIRANT CORP: Mirant Lovett's Confirmation Hearing Is on Sept. 19


B E R M U D A

ANNUITY & LIFE: Incurs US$92,056 Net Loss in Qtr. Ended June 30
GENERAL MILLS: Proofs of Claim Filing Is Until Aug. 22
MAN BENTLEY: Proofs of Claim Filing Deadline Is Aug. 22
MAN MAC NORDEND: Proofs of Claim Filing Is Until Aug. 22
MAN MAC: Sets Final General Meeting for Sept. 28

SCOTTISH RE: Earns US$102.7 Million in Second Qtr. Ended June 30
STEINHARDT REALTY: Proofs of Claim Filing Ends on May 18
STEINHARDT REALTY: Will Hold Final General Meeting on Sept. 5


B O L I V I A

INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal


B R A Z I L

ALLIANCE ONE: Reports US$6 Mln. Net Income in 2007 First Quarter
BANCO NACIONAL: Mulling Rede Brasil's Requested Project Reforms
COMMSCOPE INC: Partners with Axis to Provide Security Services
COMPANHIA DE BEBIDAS: Earns BRL449 Million in 2nd Quarter 2007
COMPANHIA PARANAENSE: Earns BRL242 Million in Second Qtr. 2007

ELETROPAULO METROPOLITANA: Earns BRL506MM in First Six Months
NOVELIS: Brazilian Unit Exporting 30% of Production This Year
POLYPORE INT: William Blair Puts Market Perform Rating on Shares
TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President

* BRAZIL: Inks Biofuel Cooperation Accord with Panama
* BRAZIL: State Firm Investing US$112 Billion in 2008 to 20012


C A Y M A N   I S L A N D S

ASIAN ABSOLUTE: Proofs of Claim Must be Filed by Sept. 6
ASIAN ABSOLUTE ALPHA: Proofs of Claim Deadline Is Sept. 6
AVENIR ASIAN: Proofs of Claim Must be Filed by Sept. 6
BNS LONG/SHORT: Proofs of Claim Filing Ends on Sept. 6
BEAR STEARNS: Navigator Files Breach of Fiduciary Duty Suit

BEAR STEARNS: Warren Spector Leaves Post as Co-President
BNS MASTER: Proofs of Claim Must be Filed by Sept. 6
CATLEIA OIL: Will Hold Final Shareholders Meeting on Sept. 7
CLEMATIS FINANCIAL: Final Shareholders Meeting Is on Sept. 6
CV GROWTH: Proofs of Claim Must be Filed by Sept. 6

H1 NEW: Proofs of Claim Must be Filed by Sept. 6
KEEFE-RAINBOW: Proofs of Claim Must be Filed by Sept. 6
PURE IP: Proofs of Claim Filing Is Until Sept. 6
RHICON 4XIM: Proofs of Claim Must be Filed by Sept. 6
SA NOSTRA: Proofs of Claim Filing Ends on Sept. 6

VEGA GLOBAL: Proofs of Claim Must be Filed by Sept. 6
VEGA GLOBAL 3X: Proofs of Claim Filing Deadline Is Sept. 6
VEGA INT'L: Proofs of Claim Must be Filed by Sept. 6
VEGA INVESTMENT: Proofs of Claim Filing Is Until Sept. 6
VEGA LIQUIDITY: Proofs of Claim Must be Filed by Sept. 6

VEGA LIQUIDITY FUND: Proofs of Claim Filing Ends on Sept. 6
VEGA MAG: Proofs of Claim Must be Filed by Sept. 6


C H I L E

ELECTROANDINA: Fitch Affirms BB Foreign & Local Currency Ratings


C O L O M B I A

BRIGHTPOINT INC: Unit Appoints Two Directors in Moscow Office
GRAN TIERRA: Starting Production in Colombia in Fourth Quarter
NOVELL INC: Expands Enterprise Management Thru Senforce Purchase


E C U A D O R

BANCO PINCHICHA: Fitch Affirms B- Issuer Default Rating
PETROECUADOR: Increasing Production by 2,000 Barrels Daily
PRODUBANCO: Fitch Affirms B- Long Term Issuer Default Rating


E L   S A L V A D O R

DIGICEL LTD: Launches Mpathix Voicemail in El Salvador


H A I T I

DYNCORP INTERNATIONAL: Will Provide Support for MRAO Contracts


M E X I C O

ADVANCED MARKETING: Wants More Time to Decide on Two Leases
AXTEL SAB: S&P Affirms BB- Rating on Senior Unsecured Debt
BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor
BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21

DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
DURA AUTOMOTIVE: Wants OK on Mobile Division Sale for US$160.2MM
EMPRESAS ICA: Citigroup Managing US$550-Mln Sale of Add'l Shares
FEDERAL-MOGUL: Wants Until Dec. 1 to Decide on Leases
GRUPO MEXICO: Claims 4,260 Workers Want New Union Memberships

MOVIE GALLERY: July 1 Balance Sheet Upside-Down by US$560.3 Mil.
SOLO CUP: Reports US$3.2 Mil. Net Income in Quarter Ended July 1


P A N A M A

* PANAMA: Inks Biofuel Cooperation Accord with Brazil


P A R A G U A Y

AGILENT TECH: Net Income Falls to US$185 Mil. in Third Quarter


P U E R T O   R I C O

ADELPHIA COMMS: Rigases Prison Term Starts Aug. 13
ADVANCED CARDIOLOGY: Miguel Carbuccia Approved as Expert Witness
ALLIED WASTE: To Buyback Unit's US$250 Mil. of 9.25% Sr. Notes
SIMMONS COMPANY: Earns US$984,000 in Quarter Ended June 30


U R U G U A Y

NAVIOS MARITIME: Secures Eight Long-Term Time Charter Contracts


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Awards Seismic Data Acquisition to SCAN
PETROLEOS DE VENEZUELA: Court Issues Arrest Warrant for Garcia
PETROLEOS DE VENEZUELA: Launching Oil Services Firm

* VENEZUELA: Cantv Employs 120 of Ex-Workers


                         - - - - -


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


BANCO PATAGONIA: Earns ARS43.2 Million in Second Quarter 2007
-------------------------------------------------------------
Banco Patagonia's net profit decreased MXN43.2 million in the
second quarter 2007, compared to the same period 2006, due to
higher taxes, Business News Americas reports.

Banco Patagonia said in a filing with the Buenos Aires stock
exchange that it paid some ARS24.2 million in taxes in the
second quarter 2007.  In last year's second quarter, it didn't
pay any tax as allowed for previous losses in past quarters.

According to BNamericas, Banco Patagonia's pre-tax profit rose
26.5% ARS67.4 million in the second quarter 2007, from the same
period last year.

BNamericas notes that Banco Patagonia's net interest income rose
45.5% to ARS91.5 million in the second quarter 2007, compared to
the same time in 2006.  Its fee income increased 32% to ARS56.9
million.

Local brokerage Allaria Ledesma analyst Guido Bizzozero told
BNamericas that Banco Patagonia's lower revenues from assets
indexed to the Argentine "CER inflation coefficient were
compensated by stronger interests on loans."  

BNamericas says that Banco Patagonia's operating profits
increased 135% to ARS54.4 million in this year's second quarter,
compared to last year's second quarter, due to "lower net
charge-offs and controlled expenses."

Mr. Bizzozero commented to BNamericas, "Unlike other banks,
Patagonia's personnel expenses were slightly down, while
salaries and operating expenses grew in the period."

Banco Patagonia's loans to the private sector grew 48.8% to
ARS2.33 billion in the 12 months ending June 2007, compared to
the same period last year.  Its past-due loan ratio dropped to
2.9% of total private sector loans from 4.7% in June 2006,
BNamericas states.

Banco Patagonia specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded Banco Patagonia
SA's local currency deposit rating is upgraded to Ba1 from Ba3.
Moody's confirmed that it raised its bank financial strength
rating on Banco Patagonia to D from E+, in connection with the
rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Argentina.
Its foreign currency deposit rating was affirmed at Caa1, with
positive outlook.  The company's long-term Argentine national
scale rating for local currency deposits is raised to Aa1.ar
from Aa2.ar. and its long term foreign currency deposit rating
in national scale was affirmed at Ba1.ar.  The foreign currency
subordinated debt rating was upgraded to B2 from Caa1.  The
outlook on the debt rating was positive.  The national scale
rating for foreign currency subordinated debt was raised to
Aa3.ar from Ba1.ar.


BERRIES DE LA PENINSULA: Seeks for Reorganization Approval
----------------------------------------------------------
Berries de la Peninsula SA has requested for reorganization
approval after failing to pay its liabilities on July 31, 2007.

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

The case is pending in the National Commercial Court of First
Instance No. 22 in Buenos Aires.  Clerk No. 43 assists the court
on this case.

The debtor can be reached at:

          Berries de la Peninsula SA
          Tte. Gral. B. Matienzo 1704
          Buenos Aires, Argentina


COMPANIA LATINOAMERICANA: S&P Puts B- Rating on US$100-Mln Bonds
----------------------------------------------------------------
Standard & Poor's ratings services said that it assigned its
'B-' senior unsecured debt rating to Compania Latinoamericana de
Infraestructura & Servicios S.A.'s (CLISA) upcoming issuance of
up to US$100 million five-year bullet bonds.  All other ratings
are affirmed.  The outlook is stable.
      
"The new issue is jointly and severally guaranteed by CLISA's
subsidiaries, Benito Roggio e Hijos S.A. and Cliba Ingenieria
Ambiental S.A., which prevents notching down for structural
subordination," said Standard & Poor's credit analyst Ivana
Recalde. Proceeds will be used mainly to refinance existing debt
and, to a lesser extent, cancel other obligations.

Although this issuance would initially come from an increase in
CLISA's debt levels (of about 14% compared with debt registered
as of December 2006) and in a higher exposure to currency
mismatch risks, it would significantly alleviate the company's
refinancing risk because of the extension in the company's debt
maturities during the long term.
     
The ratings on CLISA reflect the risks associated with heavy
dependence on the Argentine economy and on large government
clients, exposure to foreign currency mismatch risks, and
relatively limited financial flexibility.  The renegotiation of
its subway concession contract poses additional challenges.
     
The stable outlook reflects S&P's expectations that CLISA will
gradually consolidate its business and financial profile, in
light of relatively favorable prospects for the development of
infrastructure projects, and assuming the mass transportation
unit continues receiving subsidies.  The ratings could benefit
from a significant improvement of the company's financial
profile.  In contrast, the ratings could come under pressure if
economic conditions deteriorate significantly, if the
renegotiation of CLISA's subway operations contract is
unsuccessful, or if the company registers a higher-than-expected
increase in leverage.

CLISA is a holding company mainly devoted to construction, mass
transportation and toll roads, and also participates in waste
management.


CONCEPTOS BASICOS: Proofs of Claim Verification Ends on Aug. 17
---------------------------------------------------------------
Ricardo Sukiassian, the court-appointed trustee for Conceptos
Basicos SA's bankruptcy proceeding, verifies creditors' proofs
of claim on Aug. 17, 2007.

Mr. Sukiassian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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 Conceptos Basicos 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 Conceptos Basicos'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Conceptos Basicos SA
          Cordoba 4386
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Sukiassian
          Avenida San Martin 1009
          Buenos Aires, Argentina


DELTA AIR: Current Deficit Rises 286% to US$1.098 Billion
---------------------------------------------------------
Delta Air Lines Inc.'s liquidity position weakened by 286%,
standing for a US$1.098 billion increase in working capital
deficit, from US$384 million at Dec. 31, 2006 to US$1.482
billion at June 30, 2007.

The Company had US$6.249 billion in current assets and US$7.731
billion in current liabilities at June 30, 2007, compared with
US$5.385 billion in current assets and US$5.769 billion in
current liabilities at Dec. 31, 2006.

Net cash used in operating activities was US$210 million for the
six months ended June 30, 2007, compared with US$770 million
provided for the same period in 2006.

Net cash used in investing activities was US$56 million for the
six months ended June 30, 2007, compared with US$125 million for
the same period in 2006.

Net cash used in financing activities was US$74 million for the
six months ended June 30, 2007, compared with US$222 million for
the same period in 2006.

The Company's cash and cash equivalents and short-term
investments were US$3.4 billion at June 30, 2007, compared with
US$2.9 billion at June 30, 2006.

Restricted cash totaled US$348 million at June 30, 2007,
compared with US$1.1 billion at June 30, 2006.

Atlanta-based Delta Air Lines, Inc., together with its
subsidiaries, operates as an air carrier in the United States
and internationally.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 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.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).  
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.


GP INVESTMENTS: S&P Rates Long Term Counterparty Credit at B+
-------------------------------------------------------------
Standard & Poor's ratings services said that it affirmed its
'B+' long-term counterparty credit rating on GP Investments Ltd.  
The outlook is stable.

"The rating reflects the intrinsic risks to the private equity
business, the expected investment concentration, and the need
for conservative liquidity management to deal with the GP's
current start-up stage, following an operations restructuring,"
said Standard & Poor's credit analyst Daniel Araujo.  Positive
rating factors include an experienced team of professionals with
a strong reputation in the private equity industry; the track
record of investments, considering the GP group's activities
since its beginning in 1993; and the success in raising capital
and funds, including the IPO concluded in the first half of 2006
that allowed the company to build a significant cash position
and set a new stage for its operations as a listed company.

The rating on GP also incorporates the closing of its new
private equity fund called GP Capital Partners IV L.P.(GPCPIV),
with total committed capital of US$1.025 billion, with US$400
million from GP and US$625 million from limited partners.  
Raising funds through GPCPIV secures investment funding for the
foreseeable future and increased recurring revenues in the form
of management fees.
     
The stable outlook reflects S&P's expectations that GP will
maintain strong investment concentration during the next several
years, requiring disciplined liquidity management.  The outlook
also incorporates our expectation that recurring revenues will
be sufficient to cover fixed costs after 2007.
     
The rating may be lowered or the outlook revised to negative if
the company increases its leverage or has worse-than-expected
liquidity indicators.  S&P expects the company to maintain cash
reserves that are sufficient to cover both financial and
operational costs.  Failure to comply with liquidity guidelines
could warrant a downgrade.

GP Investments is the leading private equity firm in Latin
America.  GP Investments' activities consist of its core private
equity business and its asset management business.  Its mission
is to generate higher than average long-term returns to its
investors and shareholders.  Since its inception in 1993, GP
Investments and its predecessors have raised more than US$2.5
billion from Brazilian and international investors and have
acquired forty companies in eleven different sectors.  In May
2006, GP Investments concluded its initial public offering,
becoming the first listed private equity company in Latin
America.


POLY MODA: Seeks Bankruptcy Approval from Buenos Aires Court
------------------------------------------------------------
The National Commercial Court of First Instance No. 8 in Buenos
Aires is studying the merits of Poly Moda SA's request to enter
bankruptcy protection.

Poly Moda filed a "Quiebra Decretada" petition following
cessation of debt payments on Aug. 1, 2007.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 16 assists the court in this case.

The debtor can be reached at:

         Poly Moda SA
         Tacuari 119
         Buenos Aires, Argentina


RIOJA PLASTIC: Proofs of Claim Verification Deadline Is Oct. 3
--------------------------------------------------------------
Julio C. Capovilla, the court-appointed trustee for Rioja
Plastic SRL's bankruptcy proceeding, verifies creditors' proofs
of claim on Oct. 3, 2007.

Mr. Capovilla will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Rioja Plastic 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 Rioja Plastic's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Rioja Plastic SRL
          Alvarez Jonte 4153
          Buenos Aires, Argentina

The trustee can be reached at:

          Julio C. Capovilla
          Corrientes 3859
          Buenos Aires, Argentina




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


CLICO BAHAMAS: A.M. Best Affirms B+ Financial Strength Rating
-------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B+
and assigned an issuer credit rating of "bbb-" to CLICO
(Bahamas) Limited (Nassau, Bahamas).  The outlook for the FSR is
stable, and the outlook assigned to the ICR is stable.  CLICO
Bahamas is an insurance member of CL Financial Limited (CLF), a
diversified holding company based in Trinidad and Tobago.

The ratings of CLICO Bahamas recognize its ownership by CLF, as
well as its overall insurance premium growth and modest
profitability.  CLICO Bahamas benefits from being part of CLF by
leveraging information technology, administration, actuarial,
investment and other group resources to effect operating
efficiencies in its operations.

Offsetting these rating strengths is CLICO Bahamas' lower stand-
alone net income in 2006 and its high exposure to affiliated
loans, which constitute its largest asset class.  While CLICO
Bahamas benefits from its association with CLF, A.M. Best notes
that it had not received the parent company's audited 2006
financial statements at the time of these rating actions, which
is viewed as a barrier to transparency.

Headquartered in Port-of-Spain, the conglomerate, with premium
assets in excess of three billion dollars, is in the middle of a
self-declared period of transformation. It continues to extend
its reach both across the region and globally, moving in 2004 to
invest in software companies United Systems and Software Inc.
and Systems Applications and Products. The latter's data
processing systems is a favorite with "Fortune 500" companies.


MIRANT CORP: Mirant Lovett Files Amended Plan of Reorganization
---------------------------------------------------------------
Mirant Lovett, LLC delivered an Amended Chapter 11 Plan of
Reorganization to the U.S. Bankruptcy Court for the Northern
District of Texas on Aug. 3, 2007, to reflect non-material
modifications to the Plan.

The non-material modifications include additional definition of
certain terms:

  (a) Priority Claim means any claim against Mirant Lovett to
      the extent the Claim is entitled to priority right of
      payment under Section 507(a) of the Bankruptcy Code, other
      than Secured Claims, Administrative Claims and Tax Claims;

  (b) Protected Persons subject to the releases contained in the  
      Mirant Lovett Plan are to include Mirant Lovett's (i)
      Thomas Legro, senior vice president and controller, and
      (ii) Patricia Bernard, senior vice president for  
      administration.

Under the Plan, "Protected Persons" include (a) all
professionals, officers, directors and managers of the Debtors,
(b) the members of Committees and their professionals, (c)
William Snyder in his capacity as the examiner in the Chapter 11
cases and his professionals and (d) Dean Nancy Rapoport, in her
capacity as fee examiner.

                  Means for Implementation

Aside from the New York Settlement Agreement, the Amended Plan
also incorporates a 2007 tax agreement and a 2007 amended
consent decree into the Mirant Lovett Plan, which will be fully
enforceable against Mirant Lovett, to the extent permitted by
applicable non-bankruptcy law.

In the event of a conflict between the Mirant Lovett Plan on the
one hand and the terms of the New York Settlement Agreement, the
2007 Tax Agreement and the 2007 Amended Consent Decree on the
other hand, the terms of the applicable agreement will govern.

                      Governing Entity

The governing entity of Mirant Lovett will be the same as the
governing entity existing immediately prior to the effective
date of the proposed Mirant Plan.  The current officers or
managers of Mirant Lovett will continue to serve in the
positions after the Mirant Lovett Plan Efective Date in
accordance with their corresponding employment agreements, if
any, and applicable law.

A full-text copy of Mirant Lovett's Amended Plan of
Reorganization is available for free at:

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

                      About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 128;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's plans to pursue alternative strategic
options including a possible purchase of Mirant by a third
party.


MIRANT CORP: Mirant Lovett's Confirmation Hearing Is on Sept. 19
----------------------------------------------------------------
The Hon. D. Michael Lynn of the U.S. Bankruptcy Court for the
Northern District of Texas will convene a hearing to consider
confirmation of Mirant Lovett, LLC's proposed Plan of
Reorganization on Sept. 19, 2007, at 1:30 p.m. (Prevailing
Central Time).

Any objections to the Lovett Plan must be filed by Sept. 12, at
4:00 p.m. (Prevailing Central Time).

The Court also approves Mirant Lovett's Recommencement Notice
and directs the Debtor to serve the Notice on all of its
creditors within five days, in accordance with Rules 2002 and
3017 of the Federal Rules of Bankruptcy Procedure.

Mirant Lovett will publish the Recommencement Notice in each of
(a) the national edition of The Wall Street Journal, and (b) The
Journal News, with the initial publication being at least 25
days prior to the Confirmation Hearing.

According to Judge Lynn, holders of Class 1 -- Tax Jurisdiction
Settlement Claims are deemed to have accepted the Lovett Plan,
and Mirant Lovett is not required to solicit the votes of the
Tax Claim holders.

The Court further rules that the votes by holders of unsecured
claims -- Class 2 Unsecured Claims and Class 4 Convenience
Claims -- with respect to Mirant Corporation's Plan of
Reorganization, are deemed to be votes in favor of the Lovett
Plan, therefore, Mirant Lovett is not required to solicit votes
from these Claim holders.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 128;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's plans to pursue alternative strategic
options including a possible purchase of Mirant by a third
party.




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


ANNUITY & LIFE: Incurs US$92,056 Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
Annuity and Life Re (Holdings), Ltd., posted a net loss of
US$92,056 for the three months ended June 30, 2007, compared to
a net loss of US$649,949 for the same period in 2006.

The company had no investment gains or losses during the three
months ended June 30, 2007, compared to US$697,189 for the three
months ended June 30, 2006.  Gross unrealized losses on the
company's investments were US$256,060 as of June 30, 2007, as
compared to gross unrealized losses of US$188,372 as of
Dec. 31, 2006.  The company's investment portfolio currently
maintains an average credit quality of AA.

The dispute with Transamerica concerning an Agreement to novate
certain reinsurance contracts to Transamerica effective
Dec. 31, 2004, remains unresolved.

On Aug. 8, 2007, the company has reached an agreement to sell
its U.S. domiciled insurance company to an unrelated third
party.

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

                    Going Concern Doubt

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


GENERAL MILLS: Proofs of Claim Filing Is Until Aug. 22
------------------------------------------------------
General Mills Global Holdings Two Ltd.'s creditors are given
until Aug. 22, 2007, to prove their claims to Ernest A.
Morrison, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

General Mills shareholders agreed on Aug. 1, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Ernest A. Morrison
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


MAN BENTLEY: Proofs of Claim Filing Deadline Is Aug. 22
-------------------------------------------------------
Man Bentley's creditors are given until Aug. 22, 2007, to prove
their claims to Beverly Mathias, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Man Bentley's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Roa


MAN MAC NORDEND: Proofs of Claim Filing Is Until Aug. 22
--------------------------------------------------------
Man Mac Nordend 4A Ltd.'s creditors are given until
Aug. 22, 2007, to prove their claims to Beverly Mathias, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN MAC: Sets Final General Meeting for Sept. 28
------------------------------------------------
Man Mac Nordend 4A Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

         Argonaut House, 5 Park Road
         Hamilton HM O9, 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

    -- passing of a resolution dissolving the company.


SCOTTISH RE: Earns US$102.7 Million in Second Qtr. Ended June 30
----------------------------------------------------------------
Scottish Re Group Limited disclosed net income of US$102.7
million for the second quarter of 2007, compared to a net loss
of US$121.6 million in 2006, after a five day extension
resulting from last week's Form 12b-25 filing.

The company reported that net income available to ordinary
shareholders for the three months ended June 30, 2007 was
US$99.5 million as compared to a net loss available to ordinary
shareholders of US$123.9 million for the prior year period.

Net operating earnings available to ordinary shareholders for
the three months ended June 30, 2007 was US$98.2 million as
compared to a net operating loss of US$130.3 million for the
prior year period.

Included in net income available to ordinary shareholders and
net operating earnings for the three months ended June 30, 2007
is a significant one-time tax benefit.  This benefit resulted
from the interaction between the release of a previously
recorded valuation allowance following the redomestication of
Orkney Re, Inc. and Section 382 of the Internal Revenue Code
restrictions on the future deduction of net operating losses
incurred prior to the change-in-control.

Excluding the one-time tax benefit, the company reported a pre-
tax operating loss of US$52.9 million for the three months ended
June 30, 2007 as compared to a pre-tax operating loss of US$28.5
million for the prior year period.  The pre-tax operating loss
increased over the prior year period primarily due to expenses
incurred in the current quarter related to the change-in-
control.  As in the first quarter of 2007, the company continues
to report pre-tax operating losses due to the impact our
underlying GAAP valuation models have on profit emergence in our
North America traditional life reinsurance business, the impact
of our current financial strength ratings on the level of new
business production and collateral financing costs, and the
costs of penetrating certain international markets.

Despite the second quarter pre-tax operating loss, we made
significant progress on several fronts.  New business production
of US$5.8 billion in our North America segment was higher than
planned and, despite our financial strength ratings, the company
won a number of new treaties and incurred no treaty recaptures.  
Mortality experience in our North America segment was favorable
to plan for the second consecutive quarter.  The company also
exited our Middle Eastern business through a retrocession
arrangement with Arab Insurance Group because that business did
not meet our strategic objectives.  Additionally, the company
initiated the first phase of our restructuring program.  The
company incurred US$20.3 million of restructuring expenses
during the current quarter and expect to incur an additional
US$6.0 million of restructuring expenses in the second half of
2007.

Paul Goldean, Chief Executive Officer of Scottish Re Group
Limited, commented, "Following the completion of the equity
investment transaction with affiliates of MassMutual Capital
Partners and Cerberus Capital Management on May 7, 2007, we have
taken the first steps towards re-establishing our position as a
leading global life reinsurance company.  We initiated a series
of process improvement initiatives across the Company focused on
strengthening our financial, risk management and operational
controls."

"Our new Board of Directors was elected and met earlier this
month. During this meeting, I resigned from the Board of
Directors and George Zippel, our incoming Chief Executive
Officer effective tomorrow, was elected to the Board.  As
planned, a number of key executives have left the organization.  
We are actively recruiting their replacements and expect to make
further organizational changes in the coming quarter."

Mr. Goldean concluded, "We have also undertaken a detailed
review of our non-prime investment exposure which includes
US$2.1 billion of subprime residential Asset Backed Securities
and an additional US$1.0 billion of Alt-A Residential Mortgage
Backed Securities.  We are working actively with our third party
investment managers to further evaluate and proactively manage
our subprime and Alt-A exposures.  Additional disclosure of our
subprime and Alt-A exposures have been made available in our
Form 10-Q for the three months ended June 30, 2007."

                 Other Financial Highlights

Total revenues for the three months ended June 30, 2007,
increased 3% to US$612.7 million from US$593.6 million for the
prior year period.  Excluding realized gains and losses and the
change in value of embedded derivatives, total revenues for the
three months ended June 30, 2007, increased 2% to US$611.4
million from US$597.6 million for the prior year period.

Total benefits and expenses increased 6% to US$664.3 million for
the three months ended June 30, 2007 from US$626.0 million for
the prior year period.  Operating expenses increased 52% to
US$59.8 million for the three months ended June 30, 2007, from
US$39.4 million for the prior year period.

Income tax benefit for the three months ended June 30, 2007, was
US$154.3 million compared to income tax expense of US$89.0
million for the prior year period.  In the second quarter of
2007, our valuation allowance decreased by approximately
US$203.6 million to US$74.0 million.  A majority of the
valuation release is attributable to the expected utilization of
net operating loss carryforwards at the U.S. Consolidated Tax
Life Group to offset significant current year taxable income
generated from the redomestication of Orkney Re, Inc. from South
Carolina to Delaware, which occurred in May 2007.  The net
operating loss carryforwards were previously written off via a
valuation allowance, thus the utilization of these results in an
offsetting valuation allowance release.

                      About Scottish Re

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

                        *     *     *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  Fitch has removed
the ratings from watch positive and assigned a stable outlook.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of
      SALIC)

On Sept. 5, 2006, Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


STEINHARDT REALTY: Proofs of Claim Filing Ends on May 18
--------------------------------------------------------
Steinhardt Realty Fund Ltd.'s creditors are given until
May 18, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Steinhardt Realty's shareholders agreed on May 2, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


STEINHARDT REALTY: Will Hold Final General Meeting on Sept. 5
-------------------------------------------------------------
Steinhardt Realty Fund Ltd.'s final general meeting is scheduled
on Sept. 5, 2007, at 9:30 a.m., at:

         Clarendon House, Church 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

    -- passing of a resolution dissolving the company.




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


INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal
----------------------------------------------------------------
International Paper has agreed to acquire Central Lewmar LLC,
from Chrysalis Capital Partners Inc. for approximately US$185
million, subject to customary closing and post-closing
conditions.  The acquisition is expected to be completed within
30 days.
    
International Paper's distribution business, xpedx, will operate
Central Lewmar as a business unit within its multiple brand
strategy.  xpedx is one of North America's business-to-business
distributors.
    
"This combination is an exciting opportunity for International
Paper, xpedx and our customers," Tom Kadien, International Paper
senior vice president and president of xpedx, said.  "The
acquisition of Central Lewmar will provide greater access to
important customers and improved operating synergies, while
meeting our selective reinvestment criteria.  We believe the
acquisition of a well-respected, customer-focused paper and
packaging business like Central Lewmar will enhance the value of
our expanding distribution business, and we are pleased that
Central Lewmar's management team will remain in place."
    
"Central Lewmar has a strong reputation for customer service,"
Les Stern, Central Lewmar president and chief executive officer,
said. "By joining the xpedx network of 105 distribution centers
and more than 140 retail stores in the U.S., Canada and Mexico,
the combined business will be well positioned for future growth.
As a unit of xpedx, Central Lewmar will continue to deliver
outstanding customer service, top quality products, and
distribution solutions to customers," he noted.
    
                     About Central Lewmar
    
Headquartered in Appleton, Wisconsin, Central Lewmar LLC --
http://www.centrallewmar.com/-- is a privately held paper and  
packaging distributors in the United States.  Founded in 1899,
the company has 400,000 square feet of warehouse space.  The
company serves 6,500 customers and employs approximately 550
people at three hub centers, 22 offices, and 14 locations,
including Strategic Paper Group, Whiteman Tower, Andrews Paper
House of York, Buff-Pac, Central Lewmar International, Central
Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South,
Automated Machine and Control, First State Paper, Geo. W.
Millar, Marquardt & Company, McAliece Imaging Products, and
eight PickQuick Papers stores.

               About Chrysalis Capital Partners

Headquartered in Philadelphia Chrysalis Capital Partners Inc. -
http://http://www.ccpfund.com/-- is a private equity firm  
focused on investments in a wide range of industries and
circumstances throughout the United States.

                         About xpedx
    
xpedx -- http://www.xpedx.com/-- is North America's marketer  
and distributor of printing papers and graphics supplies and
equipment.  It is also a distributor of packaging supplies and
equipment and janitorial-sanitary supplies and equipment.  xpedx
also provides third-party logistics services for companies
worldwide through xpedx Supply Chain Services, Tampa, Florida.  
Other xpedx owned-and-operated businesses include New York-based
Bulkley Dunton; Lenexa, Kansas-based xpedx Printing
Technologies; Loveland, Ohio-based Saalfeld Redistribution;
Cleveland, Ohio-based xpedx National Technology Center, well as
a network of more than 140 retail paper and graphics stores
across North America.
    
                  About International Paper

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.  
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.




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


ALLIANCE ONE: Reports US$6 Mln. Net Income in 2007 First Quarter
----------------------------------------------------------------
Alliance One International Inc. has earned US$6 million for the
three months ended June 30, 2007, compared to net income of
US$4.6 million in the year-ago-quarter.  The company's
underlying net income, which excludes discontinued operations,
non-recurring items and market valuation adjustments for
derivative financial instruments, was US$7.6 million compared
with underlying net income of US$10.8 million in the year-ago-
quarter.

Robert E. Harrison, Chief Executive Officer, said "Our results
for the quarter demonstrate continued focus and execution of our
strategy.  A confluence of positive and negative variables have
affected performance, such as on the one hand the improved
current crop quality in Brazil and a comfortable uncommitted
inventory position, and on the other hand higher green tobacco
costs at auction in Malawi driven by a smaller crop.  What has
remained very consistent is our commitment to develop innovative
solutions to the challenges faced in the various producing
countries, and our determination to identify further cost saving
opportunities.

"Importantly, world demand for cigarettes and therefore our
products remains solid and we are well positioned globally to
meet these long-term supply needs.  As such, we continue our
drive to bring greater value to our customers and enhance our
strategic proposition through the timely delivery of key service
and product offerings, including, but not limited to: tobacco to
order, rigorous processes designed to ensure product integrity,
and traceability."

"In conjunction with our operational focus, we remain committed
to long-term debt reduction through strong cash flow from
operations and proceeds from non-core asset dispositions.  
Foreign currency volatility mitigation remains a constant goal
as well, through a variety of programs and negotiations with our
customers, in the face of continued US dollar depreciation."

Mr. Harrison concluded, "The recent turbulence in the capital
markets is, in our view, neither representative of our results,
nor of our long term value to investors.  We have shown our
resolve to enhancing long-term shareholder value and are
confident that our strategy and talented people, position us
well in this regard."

               Performance Summary for the Quarter

Sales and other operating revenues decreased 6.4% to US$461.7
million in 2007 compared with US$493.5 million in the year-ago
period, primarily as the result of a 7.4% or 10.8 million kilo
decrease in quantities sold partially offset by a 1.2% or
US$0.04 per kilo increase in average sales prices.  Tobacco
sales from the South America operating segment increased US$27.5
million or 11.5% resulting from an increase of US$0.14 per kilo
in average sales prices combined with an increase in volumes of
4.9 million kilos.  At the same time, tobacco sales from the
Other Regions operating segment decreased US$59.2 million or
23.7%, primarily as a result of the completion of our exit from
certain European markets and an opportunistic sale of U.S.
inventories that was executed in the prior year.

Gross profit decreased US$5.7 million or 7.4% from US$77.5
million in 2006 to US$71.8 million in 2007, while gross profit
as a percentage of sales was essentially unchanged versus the
prior year, which included positive reversal of interstate trade
taxes partially offset by increased farmer bad debts.  
Additionally, the decrease in gross profit is also attributable
to the prior year opportunistic sale of U.S. inventories, as
well as a US$5.5 million current quarter charge related to the
2007 burley crop in Malawi that is being processed at this time.

Other Income of US$1.9 million in 2007 and US$0.6 million in
2006 relates primarily to fixed asset sales.

Restructuring and asset impairment charges were US$0.4 million
in 2007 compared to US$1.7 million in 2006.  The costs in 2007
and 2006 primarily relate to employee severance and other
integration related charges as a result of the merger.

Debt retirement expense of US$1.9 million in 2007 relates to
accelerated amortization of debt issuance costs as a result of
debt prepayment during the quarter.

Net interest expense for the quarter decreased US$2.8 million
from US$25.5 million in 2006 to US$22.7 million in 2007.  Other
drivers included increased interest income of US$2.2 million as
a result of higher average cash balances and lower interest cost
due to lower average borrowings.

Effective tax rate used for the three months ended June 30, 2007
was an expense of 35.9% compared to an expense of 29.5% for the
three months ended June 30, 2006.  The effective tax rates for
these periods are based on the current estimate of full year
results after the affect of taxes related to specific events
which are recorded in the interim period in which they occur.

Losses from discontinued operations decreased US$3.8 million in
2007 compared to 2006, as the company continued to exit from the
discontinued operations in Italy, Mozambique and wool
operations.

               Liquidity and Capital Resources

As of June 30, 2007, available credit lines and cash were
US$634.0 million including US$8.2 million exclusively available
for letters of credit, US$110.6 million of cash, the US$250.0
million unfunded revolver, and US$265.1 million in foreign
lines.  Total debt, net of US$110.6 million of cash, increased
to US$903.1 million from US$830.7 million at March 31, 2007, as
a result of expected seasonal borrowings in the South American
region.  Compared to the quarter ended June 30, 2006, net debt
decreased US$190.7 million as a result of continued debt
repayment due to cash flow from operations, improved working
capital management, account receivable sales and proceeds
generated through non-core asset dispositions.  During the
quarter, the company prepaid US$85 million of its US$145 million
term loan B, leaving US$60 million outstanding.

                     About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.  The company has worldwide operations in
Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service's confirmed its B2 Corporate Family
Rating for Alliance One International, Inc., and upgraded its B2
rating on the company's US$300 million senior secured revolver
to B1.  In addition, Moody's assigned an LGD3 rating to notes,
suggesting noteholders will experience a 37% loss in the event
of a default.


BANCO NACIONAL: Mulling Rede Brasil's Requested Project Reforms
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
consider Rede Brasil's request for changes in the criteria for
supporting energy, infrastructure and industrial projects that
affect "local populations," Business News Americas reports.

Rede Brasil is a group made up of several non-government
organizations, social movements and indigenous and African-
Brazilian population groups.

A Banco Nacional spokesperson commented to BNamericas, "We
received the documents and will now appraise them and decide
what course of action can be taken."

According to BNamericas, the Banco Nacional executive management
board would hold a meeting to analyze a report by Rede Brasil.  
The report was signed by 27 groups and asks the bank to increase
transparency.

BNamericas notes that the report asks Banco Nacional to:

        -- increase transparency,

        -- give residents more influence in the bank's lending
           decisions,

        -- include local and regional development
           considerations in bank policies;

        -- focus more on seeking solutions to social problems
           and poverty;

        -- take into account minority groups; and

        -- focus more on sustainable development and climate
           change issues.

Rede Brasil seeks to influence Banco Nacional's policies,
BNamericas states.

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.


COMMSCOPE INC: Partners with Axis to Provide Security Services
--------------------------------------------------------------
CommScope, Inc., has entered into an alliance with Axis
Communications, the global player in the network video market.

One of the more pervasive trends in the security industry is
convergence, according to Mark Peterson, senior vice president,
Global Marketing, Enterprise, CommScope.  "In order to be more
diligent and efficient with security programs, many companies
are merging physical security departments with IT departments,"
he said.  "In addition, many organizations are planning to add
more intelligence to buildings, where data, building automation
and safety and surveillance systems all converge on a single
infrastructure platform.  With this alliance, CommScope and Axis
help bring the intelligent building to their customers.

"In order to allow our customers to deploy a high quality, top
performing, and seamless network for all IP devices, CommScope
is combining our strengths in the physical infrastructure space
with the strength of companies that have their own unique
expertise," said Mr. Peterson.  "In the security space, Axis has
the clear leadership and expertise in IP-based video
surveillance.  We believe that the alliance represents a great
way to help our customers receive exceptional intelligent
building solutions."

As part of CommScope's Alliance program, the relationship with
Axis Communications should open opportunities for CommScope to
promote the idea of an intelligent building infrastructure to
customers around the world by linking them to an expert in
converged surveillance operations.

Both CommScope and Alliance plan to engage in cross-training
programs with their sales force.  "We believe the training will
assist with the delivery of prompt responses to customers'
needs," said Mr. Peterson.  "In addition, this alliance may
cultivate the need for more education within the consulting
community about convergence -- recognizing the potential
benefits from the collaborative designs of surveillance systems
and IT network infrastructures."

"CommScope is helping us communicate more effectively to our
customers the importance and benefits of an intelligent building
network system where all applications, from servers to video
surveillance system, are converged onto one infrastructure
platform," said Fredrik Nilsson, general manager of Axis
Communications.  "We are thrilled to have an opportunity to
build upon CommScope's expertise while delivering the latest
converged video security solutions to our customers."

                         About Axis

Axis Communications -- http://www.axis.com/-- is a Swedish-
based, IT company offering network video solutions for
professional installations.  The company is the global market
leader in network video, driving the ongoing shift from analog
to digital video surveillance.  Axis products and solutions
focus on security surveillance and remote monitoring, and are
based on innovative, open technology platforms.  The company is
operating worldwide with offices in 18 countries and cooperating
with partners in more than 70 countries.  Founded in 1984, Axis
is listed on the OMX Nordic Exchange, Large Cap and Information
Technology.

                      About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last    
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

  -- Corporate Family Rating, Ba2
  -- US$250 million Convertible Senior Subordinated Debentures
     due 2024, Ba3


COMPANHIA DE BEBIDAS: Earns BRL449 Million in 2nd Quarter 2007
--------------------------------------------------------------
Companhia de Bebidas das Americas aka AmBev recorded net income
of BRL449 million in the three months ended June 30, 2007, which
falls from BRL483 million in the year-ago quarter.  AmBev
reported that its revenues rose 12% to BRL4.53 billion in the
second quarter, from BRL4.04 billion in the same period in 2006.

AmBev's consolidated results are the sum of the three business
units:

   -- Brazil: comprised of (i) Beer Brazil; (ii) CSD & Nanc
      (Carbonated Soft Drinks and Nanc -- Non-Alcoholic,
      Non-Carbonated beverages); and (iii) Malt and By-Products
      Sales;

   -- Hispanic Latin America (HILA): comprising (i) AmBev's
      economic stake in Quinsa; and (ii) HILA-ex (which
      corresponds to AmBev's controlled operations in Northern
      Latin America); and

   -- North America: representing the operations of the Canadian
      Labatt Brewing Company Limited.

Half-year figures will also be presented, although analysis will
only be related to the quarterly performance.

Operating and Financial Highlights:

   -- Consolidated EBITDA summed up to BRL1,848.0 million
      (+16.5%).  EBITDA margin reached 40.8% (+150 bps).

   -- Beer Brazil's EBITDA grew 11.0%, reaching a margin of
      47.5%; AmBev market share reached 67.3% in 2Q07; and sales
      volume increased 4.6%.

   -- CSD & Nanc sales volume rose 10.4% in Brazil; EBITDA
      reached BRL160.9 million, increasing 28.0%, reaching a
      margin of 33.7% (+230 bps).

   -- Quinsa total EBITDA grew 23.5% in American dollars, and
      average AmBev consolidation in Quinsa throughout the 2Q07
      reached 100.0% (2Q06:  59.8%); EBITDA margin reached
      35.7%.

   -- Labatt's EBITDA increased 12.9% in Canadian dollars, with
      EBITDA margin reaching 41.3%.

   -- Earnings per thousand shares dropped 3.2%. Excluding
      goodwill amortization the increase was 13.1%.

                         About AmBev

Based in Sao Paulo, Brazil, AmBev -- http://www.ambev.com.br/
-- is the largest brewer in Latin America and the fifth largest
brewer in the world.

AmBev's beer brands include Skol, Brahma and Antarctica.  AmBev
also produces and distributes soft drink brands such as Guarana
Antarctica, and has franchise agreements for Pepsi soft drinks,
Gatorade and Lipton Ice Tea.

AmBev has been present in Canada since 2004 through Labatt.
Founded in London, Ontario in 1847 and the proud brewer of more
than 60 quality beer brands, Labatt is Canada's largest brewery.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2006,
Moody's Investors Service upgraded to Ba1 from Ba2 the foreign
currency issuer rating of Companhia de Bebidas das Americas aka
AmBev to reflect the upgrade of Brazil's foreign currency
country ceiling to Ba1 from Ba2.  AmBev's global local currency
issuer rating of Baa3 and the foreign currency rating of Baa3
for its debt issues remain on review for possible upgrade.


COMPANHIA PARANAENSE: Earns BRL242 Million in Second Qtr. 2007
--------------------------------------------------------------
COPEL aka Companhia Paranaense de Energia disclosed its
operating results for the first half of 2007.  All figures
included in this report are in thousands of reals (BRL1,000) and
were prepared in accordance with Brazilian GAAP (corporate law
method).

The company reported net income BRL525 million (BRL1.92 per
thousand shares) for the six months period of 2007.  Net income
for the second quarter of 2007 alone was BRL242 million.

COPEL's consolidated financial statements present, in addition
to the figures of the wholly owned subsidiaries (COPEL Geracao,
COPEL Transmissao, COPEL Distribuicao, COPEL Telecomunicacoes
and COPEL Participacoes), those of Compagas, Elejor and UEG
Araucaria (companies in which Copel retains a majority stake).

Net Operating Revenues for the first six months of 2007 was
BRL2,574 million, an increase of 7.9% over the figure reported
in the first six months of 2006.  In the second quarter of 2007,
the net operating revenues were BRL1,328 million.  

Operating Income for the first six months of 2007 was BRL842
million.  In the second quarter of 2007, operating income was
BRL403 million.

Return on Net Equity is 8.2% in the first sixth months period of
2007.

Copel Distribuicao's grid market, comprising the captive market
and all free customers within the company's concession area,
grew by 4.7% in the 1H07, compared to the same period of 2006.

On June 26, 2007, ANEEL (the National Electric Energy Agency)
approved the final rates under the first rate review applicable
to transmission utilities. These rates are applicable
retroactively to July 1, 2005.  COPEL Transmission's review rate
was -15.08%, applicable to the RBNI (New Facilities within the
Basic Network) and RCDM (Remaining Transmission Facilities)
components.  The resulting reduction in revenues is BRL15.6
million per year, partially offset by the other Transmission
parcels readjustment.

                     Reverse Stock Split

On July 2, 2007, COPEL's Shareholders' Meeting approved the
reverse stock split of all the shares representing the Company's
share capital, in a 1.000 (one thousand) to 1 ratio.  COPEL's
share capital is now represented by 273,655,375 shares, with no
par value, out of which 145,031,080 are common shares, 398,342
are class A preferred shares, and 128,225,953 are class B
preferred shares.  The Company's total share capital value
remains unchanged.  COPEL also changed the ratio of shares
traded on the NYSE (each ADR/ADS now corresponds to 1
share) and on LATIBEX (each XCOP now corresponds to 1 share).  
COPEL's reverse stock split, with prices quoted in reals per
share, is effective as of Aug. 6, 2007.

          ANEEL Customer Satisfaction Index (IASC) 2006

COPEL was once again recognized as the best distribution utility
in Southern Brazil in the category of utilities with more than
400 thousand customers.  This survey, which has been conducted
annually since 2000 by ANEEL, aims to encourage the improvement
of the quality of the services provided by Brazilian utilities,
by collecting customers' feedback on the performance of 64
distribution utilities within the respective concession areas.
The 2006 survey was conducted from Jan. 29 to March 19, 2007,
with a sample of 19,220 residential customers from 473 Brazilian
municipalities.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and  
distributes electricity to more than 3 million customers in the
state of Parana and has a generating capacity of nearly 4,600
MW, primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


ELETROPAULO METROPOLITANA: Earns BRL506MM in First Six Months
-------------------------------------------------------------
Eletropaulo Metropolitana said in a filing with the Sao Paulo
stock exchange Bovespa that it net profits increased to  BRL506
million in the first half of 2007, compared to the same period
in 2006.

Eletropaulo Metropolitana told Business News Americas that its
gross operating revenue grew 6.1% to BRL5.72 billion in the
first six months of 2007, compared to the same period in 2006.  
The cost of goods sold increased 3.5% to BRL2.65 billion.  Its
operating increased 60% to BRL845 million.

According to BNamericas, Eletropaulo Metropolitana's financial
revenues were BRL73 million in the first half of 2007, compared
to financial expenses of BRL218 million year-over-year, mainly
due to the Brazilian Real's appreciation and a decline in
financing costs because of debt renegotiation accords.

Eletropaulo Metropolitana told BNamericas that its debt dropped
9% to BRL4.45 billion in June 2007, compared to June 2006, due
to scheduled amortization payments.

Eletropaulo Metropolitana's revenue increased due to power rate
adjustments granted in July 2007, BNamericas states.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more  
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2006, Standard & Poor's Ratings Services raised the
ratings on Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA and its BRL474 million senior
unsecured and unsubordinated euro bonds to 'BB-' from 'B+'.  On
the Brazil national scale, the 'brBBB+' corporate credit rating
was raised to 'brA-'.  S&P said the outlook was stable.


NOVELIS: Brazilian Unit Exporting 30% of Production This Year
-------------------------------------------------------------
Novelis Inc. Brazilian unit's planning and metal trading manager
Antonio Marcelo de Almeida told the press that the firm will
export 30% of output in 2007.

Business News Americas relates that capacity averages 300,000
trillion per year depending on the product mix.  Exports were
30% of total production in 2006.

Mr. de Almeida told BNamericas that exports from the Brazilian
facilities are sent to other South American markets other than
Central America and the Middle East.

According to BNamericas, Indian non-ferrous metals producer
Hindalco Industries acquired Novelis earlier this year in a
US$6-billion deal, including debt.

"There are potential synergies between the companies... Hindalco
has low-cost aluminum production," Mr. de Almeida told
BNamericas.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum    
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.


POLYPORE INT: William Blair Puts Market Perform Rating on Shares
----------------------------------------------------------------
William Blair & Co analyst William Benton has assigned a "market
perform" rating on Polypore International Inc.'s shares,
Newratings.com reports.

Mr. Benton said in a research note that Polypore International
has a leading position in several membrane/separator markets.  

Mr. Benton told Newratings.com that Polypore International is
"well-positioned to benefit" from strong growth in the lithium
battery and hemodialysis sectors.

Polypore International would benefit from the increasing use of
lithium batteries in the "high-growth hybrid electric vehicle
market, further penetration in specialty filtration applications
and the increasing dominance of lithium batteries in power
tools," Newratings.com states, citing William Blair.

Headquartered in Charlotte, North Carolina, Polypore
International Inc., is develops, manufactures and markets
specialized polymer-based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's Investors Service assigned Ba3 ratings to Polypore
Inc.'s new senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family
and Probability of Default Ratings of Polypore's ultimate
parent, Polypore International, Inc., and affirmed the ratings
of Polypore Inc.'s senior subordinated notes at Caa1.  Moody's
said the outlook was positive.


TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President
----------------------------------------------------------
Tower Automotive has named Mark Malcolm President and Chief
Executive Officer, effective immediately.  Mr. Malcolm succeeds
Kathleen Ligocki who is leaving the company.

Tower recently announced that on July 31, it closed the sale of
substantially all of its assets to an affiliate of
Cerberus Capital Management.  The sale was approved by the U.S.
Bankruptcy Court for the Southern District of New York on July
11 as part of the company's Reorganization Plan.

Mr. Malcolm joins Tower from Cerberus, where he has been serving
as a lead automotive consultant for the past 18 months,
including considerable involvement with Tower for the past year.  
He also served on the Board of the Traxis Group, which includes
the Blue Bird school bus company.  Prior to joining Cerberus,
Mr. Malcolm spent 28 years with Ford Motor Co. in a variety of
senior financial positions.

"The efforts and accomplishments of the Tower team around the
globe to emerge from bankruptcy provide justifiable optimism for
our future," said Mr. Malcolm.  "The auto business is and will
remain very competitive.  There is always more to do, but Tower
is prepared and determined to compete for customer business and
profitable growth around the world.

"I have tremendous respect for Kathleen Ligocki," added
Mr. Malcolm.  "Her leadership was instrumental in steering the
company through bankruptcy and positioning it for the future."

Said Mr. Ligocki, "I am proud of Tower's accomplishments and
grateful for the support of our colleagues, customers, and
suppliers these past four years.  Mark is an excellent choice to
lead the company.  I wish Mark and all the Tower colleagues well
as they now face the global marketplace as part of a much
stronger company."

In his most recent assignment with Ford, Mr. Malcolm was
Executive Vice President and Controller of Ford Motor Credit.  
>From 2002 to 2004, he was Director of Finance & Strategy for
Ford Global Purchasing.  Prior to that, he was Director of
Worldwide Accounting for Ford, CFO of Visteon and head of
Finance for Ford's Vehicle Operations, including its stamping
business.

Mr. Malcolm resides in Plymouth, Mich., with his wife Patty and
two daughters.  He is active in the community and serves on the
Plymouth Downtown Development Authority.

                    About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:   
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2007, The company and its debtor subsidiaries' First
Amended Joint Plan of Reorganization became effective on
July 31, 2007, Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, informs the U.S. Bankruptcy Court for the
Southern District of New York.


* BRAZIL: Inks Biofuel Cooperation Accord with Panama
-----------------------------------------------------
Panama's President Martin Torrijos and his Brazilian
counterpart, Luiz Inacio Lula da Silva, have agreed to boost
biofuel cooperation, Inside Costa Rica reports.

Brazil is one the world's biggest promoter of biofuel
production.  The country is also the second biggest ethanol
producer in the world.

Panama's Foreign Ministry said in a communique that under an
accord both nations agreed to "designate a work team to explore
cooperation and technological possibilities in that sector
(biofuel), according to national priorities."

Inside Costa Rica relates that the two countries also agreed to
promote the "bovine genetic technical assistance" project to
fight hunger and poverty and promote social protection.

                        *     *     *

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  

In addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  

Fitch said the rating outlook was stable.


* BRAZIL: State Firm Investing US$112 Billion in 2008 to 20012
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in
its new investment plan that it will invest some US$112 billion
in 2008 to 2012, about 29% higher compared to the US$87-billion
investment plan forecast for the 2007 to 2011 period, Business
News Americas reports.

According to BNamericas, the increase in the investment plan is
due to:

          -- an additional US$13-billion allotted to green field
             activities,

          -- US$11 billion for price increases in oil and gas
             projects, and

          -- US$4 billion for the exchange rate.

Petroleo Brasileiro Chief Executive Officer Jose Sergio
Gabrielli commented to reporters, "Our plan is challenging but
consistent with our capabilities and it is feasible."

Petroleo Brasileiro told BNamericas that US$104 billion of the
US$112-billion investment will come from the firm, while the
rest will be taken from new debt.  The company will invest 89%
of the investment, or US$97 billion, in Brazil.  In the upstream
business, investments will increase 32% to US$65 billion in 2008
to 2012, compared to US$49 billion in the 2007 to 2011 guidance.

Mr. Gabrielli commented to BNamericas, "In E&P [exploration and
production], we want to increase our oil and gas inventories in
a sustainable way."

BNamericas notes that biofuels production investments will
increase to US$1.5 billion in the 2008 to 2012 investment plan,
from US$1.2 billion in the 2007 to 2011 investment plan.

Mr. Gabrielli told BNamericas, "We want to lead the biofuels
expansion in Brazil by 2020.  We want to act globally in
biofuels logistics and marketing, leading the country's
biodiesel production and boosting our stake in the ethanol
business."

According to the report, Petroleo Brasileiro said it will
produce some 3.45 million barrels of oil equivalent per day by
2012 and about 4.15 million barrels of oil equivalent per day by
2015.

Petroleo Brasileiro will boost its oil and gas output in Brazil
to an average of 3.058 million barrels of oil equivalent per day
in 2012 and 3.455 million barrels of oil equivalent per day in
2015, compared to the 2006 average of 2.015 million barrels of
oil equivalent per day.

"With those targets, Petrobras [Petroleo Brasileiro] will be
ensuring the country's self-sufficiency," Mr. Gabrielli told
BNamericas.

                       About Petrobras

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.

                        *     *     *

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

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

                        *     *     *

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

Petrobras aims to invest US$112bn in 2008-12 - Brazil
Published: Tuesday, August 14, 2007 15:44 (GMT -0400)

Brazil's federal energy company Petrobras (NYSE: PBR) plans to
invest US$112bn in 2008-12, the company said in its new
investment plan.




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


ASIAN ABSOLUTE: Proofs of Claim Must be Filed by Sept. 6
--------------------------------------------------------
Asian Absolute Alpha Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Asian Absolute's shareholders agreed on July 24, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ASIAN ABSOLUTE ALPHA: Proofs of Claim Deadline Is Sept. 6
---------------------------------------------------------
Asian Absolute Alpha Master Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Asian Absolute's shareholders agreed on July 24, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


AVENIR ASIAN: Proofs of Claim Must be Filed by Sept. 6
------------------------------------------------------
Avenir Asian Multi-Strategy Fund Ltd.'s creditors are given
until Sept. 6, 2007, to prove their claims to Linburgh Martin
and John Sutlic, 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.

Avenir Asian's shareholders agreed on July 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

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
       Tel: (345) 949 8455
       Fax: (345) 949 8499


BNS LONG/SHORT: Proofs of Claim Filing Ends on Sept. 6
------------------------------------------------------
BNS Long/Short Offshore Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

BNS Long/Short Offshore's shareholders agreed on May 18, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Dms Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman, KY1-1208
       Cayman Islands
       Tel: (345) 946 7665
       Fax: (345) 946 7666


BEAR STEARNS: Navigator Files Breach of Fiduciary Duty Suit
-----------------------------------------------------------
Bear Stearns High-Grade Structured Credit Strategies, L.P., was
organized under the laws of the state of Delaware on
Aug. 26, 2003.  It commenced operations on Oct. 1, 2003, and
offered to sell Interests by way of offering document entitled
"Confidential Private Placement Memorandum," dated
Aug. 31, 2004.  Additional Interests were offered by way of a
Confidential Private Placement Memorandum issued in August 2006.

The primary objective of the Partnership was "to seek high
current income and capital appreciation relative to LIBOR
primarily through leveraged investments in investment-grade
structured finance securities with an emphasis on triple-A and
double-A rated structured finance securities," Vincent R.
Cappucci, Esq., at Entistle & Cappucci, LLP, in New York,
relates.

Bear Stearns Asset Management, Inc., the general partner,
invested the Partnership's funds into collateralized debt
obligations backed by sub-prime mortgages.  During the United
States' recent housing boom, which occured from late 2001 until
mid-2006, CDOs backed by sub-prime loans became very common
investments and generated high rates of return.  However,
beginning at least as early as Aug. 1, 2006, as home prices
leveled off and decline in parts of the country, more borrowers
have fallen behind on their mortgage payments.  This event has
led to a decrease in the value of CDOs backed by those mortgage
loans.

Despite the deteriorating market conditions, Ralph Cioffi,
Raymond McGarrigal and Matthew Tanin, managing directors of
BSAM, continued to invest the Partnership's money in risky sub-
prime mortgage-backed securities, while at the same time failing
to implement hedging and other strategies to minimize risk
effectively, Mr. Cappucci alleges.

The Partnership invested substantially all of its assets through
the Bear Stearns High-Grade Structured Credit Strategies Master
Fund, Ltd., through a "master-feeder" arrangement.  The Master
Fund was formed under Cayman Islands law and commenced
operations on Sept. 12, 2003.  As of Dec. 31, 2006, the
Partnership's beneficial ownership of the Master Fund's assets
was 28.58%.

In a report to investors for the month ended Feb. 28, 2007,
BSAM stated that the Partnership had returned an estimated
0.08%.  For March 2007, the Fund returned an estimated 3.71%.  
As of April 30, 2007, the Fund returned an estimated 6.24%.

However, on July 18, 2007, Bear Stearns Companies, Inc., parent
of BSAM, informed investors that there was very little value
left for the investors in the High-Grade Fund as of
June 30, 2007, and that the High-Grade Fund will seek an orderly
wind-down of the Funds over time.

In this regard, Navigator Capital Partners, L.P., on behalf of
itself and a class consisting of all investors who held
Interests in the Partnership at any time during the period
Aug. 1, 2006, through July 18, 2007, filed a class and
derivative action against the Partnership, the Management, Bear
Stearns Companies, Bear, Stearns Securities Corporation and
Bear, Stearns & Co., Inc., in the U.S. Supreme Court in the
state of New York, county of New York.

Mr. Cappucci says Navigator invested more than US$700,000 in the
Partnership from Aug. 25, 2004, through April 13, 2005.  From
Jan. 1, 2007, through April 1, 2007, Navigator contributed
US$14,250,000 to the Partnership and withdrew US$9,200,289.

Navigato asserts a class and derivative claim for breach of
fiduciary duty against the Management under Delaware law.  Mr.
Cappucci notes that under Delaware law, the Management owed to
Navigator and the Class the highest obligation to due care, good
faith, candor, loyalty and fair dealing.  But notwithstanding
the Management's obligation to adequately assess, monitor and
hedge the credit risks of investment held by the Partnership,
and their admitted ability to do so, they Management failed to
do so, in breach of their fiduciary duties under Delaware law.

In addition, the Management systematically and continuously
failed to disclose to investors that they:

  (a) were not suffuciently monitoring and adequately assessing
      the credit risk inherent in the Partnership's investments;

  (b) were not determining the frequency and severity of
      defaults of the assets of each of the structured finance
      securities invested in by the Partnership;

  (c) were not developing and implementing credit enhancement
      mechanisms, which could cause cash flow to be diverted
      away from the Partnership's riskier investments under
      certain market conditions; and

  (d) were not otherwise adequately engaging in hedging
      techniques to maximize risk.

Had the Management disclosed these facts, Mr. Cappucci says the
investors would have taken steps to avoid the massive losses
they suffered, like withdraw their funds from the Partnership,
remove BSAM as General Partner, institute their own hedges and
bring a lawsuit before the value of their investments plummeted.

The Class has suffered damages caused by the Management's
breaches of fiduciary duties and thus the Management are liable
to pay the Class damages in an amount to be proven at trial, Mr.
Cappucci asserts.  

Navigator also asserts a class and derivative claim for aiding
and abetting breach of fiduciary duty against Bear Stearns
Companies, Bear Stearns Securities and BS&Co. under Delaware
law.  Mr. Cappucci asserts that these companies knowingly
participated in the Management's breaches of fiduciary duties.  

Mr. Cappucci relates that the Partnership's daily mark-to-market
was done in-house by Bear Stearns Companies' repo desk and the
portfolio management team, which admittedly kept in touch with
any price movements that could foretell problems in any one of
the Fund's investments.   Bear Stearns Companies' risk
management department monitored the Fund's positions and things
like as minimum rating requirements, overall and net leverage
and any portfolion concentrations, and BSC's global credit
department would meet with the portfolio management team to
discuss their positions, risk management and hedging techniques.

Mr. Cappucci further asserts that Bear Stearns Securities
knowingly participated in the Management's breach of fiduciary
duties in its role as custodian and prime broker to the
Partnership and the High-Grade Fund.

Moreover, the Class asserts a derivative claim for breach of
fiduciary duty against the Management under Delaware law

Navigator asks the New York Supreme Court to:

  (a) declare that its action is a proper derivative and class
      action;

  (b) declare that it be the representative of the Class

  (c) declare that Management and each of them have violated
      their fiduciary duties to the Partnership and to the
      Investors;

  (d) declare that Bear Stearns Companies, Bear Stearns
      Securities and BS&Co. aided and abetted the Management's
      breaches of fiduciary duties;

  (e) direct Defendants, joint and severally, to accoun to the
      Investors for all damages suffered or to be suffered by
      them or by the Partnership as a result of the Defendants'
      actions;

  (f) award it, the Class and the Partnership damages in an
      amount to be proven at trial, including judgment interest;
      and

  (g) award it the costs and disbursements of the action, as
      well as reasonable attorneys' fees and experts' fees.

Headquartered in Grand Cayman, Cayman Isands, Bear Stearns High-
Grade Structured Credits and Strategies Enhanced Leverage Master
Fund, Ltd. are open-ended investment compie, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and was designed for long-term investors.  On
July 30, 2007, the Funds filed for wounding up petitions under
the Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton, at KPMG, were
appointed joint provisional liquidators.  On July 31, 2007, the
joint liquidators filed for Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York.  The
case is under Honorable Burton R. Lifland.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP represent
the liquidators in the United States.  The Funds assets and
debts are estimated to be more than US$100,000,000 each.


BEAR STEARNS: Warren Spector Leaves Post as Co-President
--------------------------------------------------------
The Bear Stearns Companies Inc. (NYSE: BSC) announced that,
effective immediately, Alan D. Schwartz has been named the
company's sole president, and Samuel L. Molinaro, Jr. will
become chief operating officer in addition to his current duties
as chief financial officer.  Jeffrey Mayer, co-head of the Fixed
Income Division, has been named to the Bear Stearns Executive
Committee.  Warren J. Spector has resigned his positions of
president and co-chief operating officer, member of the
Executive Committee and member of the Board of Directors of Bear
Stearns.

Commenting on the management changes, James E. Cayne, chairman
and chief executive officer of The Bear Stearns Companies Inc.,
said, "In light of the recent events concerning BSAM's High
Grade and Enhanced Leverage funds, we have determined to make
changes in our leadership structure.  These promotions reflect
and acknowledge the depth of talent in our senior management
team.  Alan and Sam have demonstrated outstanding judgment and
leadership skills during their long tenures at Bear Stearns,
have made tremendous contributions to building the firm, and are
well prepared to assume greater responsibility.  Since assuming
co-leadership of our fixed income business in 2002, Jeff has
helped build a highly successful global fixed income franchise.  
They all, along with many others, play critical roles in leading
Bear Stearns.  I have every confidence in this team to continue
Bear Stearns' 84-year legacy of success and profitable growth.  
Finally, I particularly want to thank Warren Spector for
his significant contributions to Bear Stearns."

Mr. Spector said, "I am leaving with nothing but the highest
respect and regard for Bear Stearns and all the talented
professionals with whom I have been privileged to work.  Bear
Stearns is a special firm that has weathered countless
challenging markets in its history.  For that reason, I intend
to remain a significant shareholder and will follow the firm's
future success with great pride."

Alan D. Schwartz joined Bear Stearns in 1976.  He became
executive vice president and head of the Investment Banking
Division in 1985.  Mr. Schwartz was named president and co-chief
operating officer in June 2001.

Samuel L. Molinaro Jr., executive vice president and chief
financial officer, joined the company in 1986.  In 1996, Mr.
Molinaro was promoted to the position of chief financial officer
and in 2002 was named a member of the company's Executive
Committee.

Jeff Mayer is a senior managing director and co-head of the
firm's Global Fixed Income Division.  Joining Bear Stearns in
1989, he became the head of the Mortgage Department seven years
later and has been co-head of the Global Fixed Income Division
with Craig Overlander since 2002.

Headquartered in Grand Cayman, Cayman Islands, Bear Stearns
High-Grade Structured Credits and Strategies Enhanced Leverage
Master Fund, Ltd. are open-ended investment compie, which sought
high income and capital appreciation relative to the London
Interbank Offered Rate, and was designed for long-term
investors.  On July 30, 2007, the Funds filed for wounding up
petitions under the Companies Law (2007 Revision) of the Cayman
Islands.  Simon Lovell Clayton Whicker and Kristen Beighton, at
KPMG, were appointed joint provisional liquidators.  On
July 31, 2007, the joint liquidators filed for Chapter 15
petition in the U.S. Bankruptcy Court for the Southern District
of New York.  The case is under Honorable Burton R. Lifland.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP represent
the liquidators in the United States.  The Funds assets and
debts are estimated to be more than US$100,000,000 each.


BNS MASTER: Proofs of Claim Must be Filed by Sept. 6
----------------------------------------------------
BNS Master Fund Ltd.'s creditors are given until Sept. 6, 2007,
to prove their claims to dms Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

       Dms Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman, KY1-1208
       Cayman Islands
       Tel: (345) 946 7665
       Fax: (345) 946 7666


CATLEIA OIL: Will Hold Final Shareholders Meeting on Sept. 7
------------------------------------------------------------
Catleia Oil Company will hold its final shareholders meeting on
Sept. 7, 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
         George Town, Grand Cayman KY1 9002
         Cayman Islands


CLEMATIS FINANCIAL: Final Shareholders Meeting Is on Sept. 6
------------------------------------------------------------
Clematis Financial Master Fund Ltd. will hold its final
shareholders meeting on Sept. 6, 2007, at:

          Boundary Hall, 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 liquidators can be reached at:

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


CV GROWTH: Proofs of Claim Must be Filed by Sept. 6
---------------------------------------------------
CV Growth Fund's creditors are given until Sept. 6, 2007, to
prove their claims to S.L.C. Whicker and K.D. Blake, 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.

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

The liquidator can be reached at:

       K.D. Blake
       Attention: Dube, Bekilizwe
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Tel: 345-949-4800
       Fax: 345-949-7164


H1 NEW: Proofs of Claim Must be Filed by Sept. 6
------------------------------------------------
H1 New Media Ltd.'s creditors are given until Sept. 6, 2007, to
prove their claims to Stuart K. Sybersma and Ian A. N. Wight,
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.

H1 New Media's shareholders agreed on July 13, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


KEEFE-RAINBOW: Proofs of Claim Must be Filed by Sept. 6
-------------------------------------------------------
Keefe-Rainbow Offshore Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Keefe-Rainbow's shareholders agreed on June 28, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


PURE IP: Proofs of Claim Filing Is Until Sept. 6
------------------------------------------------
Pure IP Holdings creditors are given until Sept. 6, 2007, to
prove their claims to Brynley Davies, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Pure IP's shareholders agreed on July 13, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Brynley Davies
       P.O. Box 10310
       Alamander Way, Grand Pavilion
       West Bay Road, George Town
       Grand Cayman KY1-1003
       Cayman Islands
       Tel: (345) 945 3737
       Fax: (345) 945 3782


RHICON 4XIM: Proofs of Claim Must be Filed by Sept. 6
-----------------------------------------------------
The Rhicon 4XiM CMP Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Linburgh Martin and John
Sutlic, 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.

Rhicon's shareholders agreed on June 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

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
       Tel: (345) 949 8455
       Fax: (345) 949 8499


SA NOSTRA: Proofs of Claim Filing Ends on Sept. 6
-------------------------------------------------
SA Nostra International Finance Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to K.D. Blake, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

       K.D. BLAKE
       Attention: Camele Burke
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Tel: 345-949-4800
       Fax: 345-949-7164


VEGA GLOBAL: Proofs of Claim Must be Filed by Sept. 6
-----------------------------------------------------
Vega Global 3x Feeder Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Vega Global's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA GLOBAL 3X: Proofs of Claim Filing Deadline Is Sept. 6
----------------------------------------------------------
Vega Global 3x Master Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Vega Global's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA INT'L: Proofs of Claim Must be Filed by Sept. 6
----------------------------------------------------
Vega International Fund SPC Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Vega International's shareholders agreed on July 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA INVESTMENT: Proofs of Claim Filing Is Until Sept. 6
--------------------------------------------------------
Vega Investment Platform Funds Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Vega Investment's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA LIQUIDITY: Proofs of Claim Must be Filed by Sept. 6
--------------------------------------------------------
Vega Liquidity Non-Us Feeder Fund Ltd.'s creditors are given
until Sept. 6, 2007, to prove their claims to Stuart K. Sybersma
and Ian A. N. Wight, 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.

Vega Liquidity's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA LIQUIDITY FUND: Proofs of Claim Filing Ends on Sept. 6
-----------------------------------------------------------
Vega Liquidity Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Stuart K. Sybersma and
Ian A. N. Wight, 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.

Vega Liquidity's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


VEGA MAG: Proofs of Claim Must be Filed by Sept. 6
--------------------------------------------------
Vega Mag Ltd.'s creditors are given until Sept. 6, 2007, to
prove their claims to Stuart K. Sybersma and Ian A. N. Wight,
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.

Vega Mag's shareholders agreed on July 12, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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




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


ELECTROANDINA: Fitch Affirms BB Foreign & Local Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency
Issuer Default Ratings of ElectroAndina S.A.  In addition, Fitch
has revised Electroandina's rating outlook to positive from
stable.

The positive outlook incorporates the expectation of continued
strengthening in credit fundamentals, as the company is expected
to renegotiate existing long-term power purchase agreements,
which should improve operating results; further deleverage of
the company; and the reduction of fuel availability risk and
higher fuel diversification due to the introduction of Liquified
Natural Gas in the system.

The ratings reflect ElectroAndina's business position, which
benefits from its long-term PPAs with financially strong
industrial and mining companies, well diversified fuel
generation mix, and sound operating strategy.  The company's
credit profile is strengthened by the inherent support from its
controlling shareholder, Suez Energy Andino S.A. and additional
shareholder, Corporacion Nacional del Cobre de Chile.  Both of
the shareholders have actively participated in the capital
structure of the company as guarantors and via direct loans.

The assigned ratings continue to be constrained by exposure to
the spot market to serve its contracted position during periods
of high natural gas supply restrictions from Argentina, and the
evolution of energy fuel prices, mainly coal and diesel.  
Liquidity remains tight, but manageable, as the company faces
amortizations of US$23.7 million in 2007 and 2008 and capital
expenditures of approximately US$20 million.

As of March 2007, ElectroAndina's 27% increase in EBITDA,
coupled with debt reduction of US$24 million, has strengthened
ElectroAndina's financial profile in line with Fitch
expectations.  The consolidated leverage ratio as measured by
debt-to-EBITDA decreased to 1.7 times as of March 2007 compared,
with 2.8 in the same period 2006.  The EBITDA growth was mainly
related to the tariff renegotiation on some of the existing
PPAs, the latter was partially offset by higher generation fuel
cost.

ElectroAndina is the largest electricity generator in Chile's
SING, with an installed capacity of 992 MW, representing 28% of
the SING's total installed capacity.  In 2006, the company
generated 3,848 GWh, or 31% of the SING's total production.  The
company is owned by CODELCO (66.75%) and by Suez-Tractebel S.A.
(33.25%), which has management control.  Suez-Tractebel is an
experienced operator and has a proven track record of
successfully operating private electric utilities worldwide.




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


BRIGHTPOINT INC: Unit Appoints Two Directors in Moscow Office
-------------------------------------------------------------
Brightpoint, Inc.'s subsidiary, Brightpoint RUS LLC, appointed
these persons to two top management positions in the Moscow
office:

   a) Endre Kadas has been appointed as the new General Director
      of Brightpoint Russia, starting from Aug. 1, 2007.

   b) Tomi Maarni has been appointed as Director of Finance and
      Operations of Brightpoint Russia and will start in his
      position on Sept. 1, 2007.

At Nokia, Mr. Endre established Nokia's channel management in
Russia and was responsible for go-to-market planning and
management.  "I am delighted to start working with Brightpoint,
Inc., the global leader in the distribution of wireless devices
and customized logistic services.  Our primary goal is to
further strengthen our operations in Russia and position
Brightpoint for further growth in the Russian and surrounding
CIS markets," said Mr. Kadas.  "We look forward to working with
the local customers and many of our worldwide suppliers --
providing them with a wide range of distribution and logistic
services."

Mr. Maarni has been General Manager and Finance Director of
Brightpoint Finland since 2004.  In his new role at Brightpoint
Russia, Mr. Tomi will be supporting the implementation of
Brightpoint's Russian strategy by managing local financial and
operational issues.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of  
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


GRAN TIERRA: Starting Production in Colombia in Fourth Quarter
--------------------------------------------------------------
Gran Tierra Energy Chief Executive Officer Dana Coffield said in
a conference call that the firm would begin production at new
discoveries in Colombia in the fourth quarter 2007.

Ms. Coffield commented to Business News Americas, "The daily
rates are very irregular because of the different testing
programs.  We would expect to have steady production in the
fourth quarter, but at this time we're not prepared to say what
those rates are because we're learning as we speak."

Ms. Coffield expects Gran Tierra's production to increase,
BNamericas states.

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

                        *     *     *

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


NOVELL INC: Expands Enterprise Management Thru Senforce Purchase
----------------------------------------------------------------
Novell Inc. has expanded its enterprise management services
capabilities through the acquisition of Senforce Technologies.  
With Senforce Technologies, Novell is extending its policy-based
management offerings to include a suite of endpoint security
solutions.

As part of the overall Novell(R) enterprise management strategy,
ZENworks(R) Endpoint Security Management will help customers
protect their IT investment from the increasing threats of data
theft, wireless exploits, software attacks, malware and viruses.
    
"Management and security are rapidly converging as customers
require mobile computing tools in an environment where both
internal and external IT threats are on the rise," Chris
Christensen, analyst at IDC, said.  "Novell's acquisition of
Senforce provides a comprehensive security and management
solution that includes endpoint security capabilities, like
personal firewall, encryption and blacklisting, which can help
companies secure their networks and their data without slowing
down their businesses."
    
This acquisition gives Novell both security expertise and
technology that will allow it to tightly integrate endpoint
security with its configuration management solutions.  Novell
partnered with Senforce Technologies earlier this year to launch
ZENworks Endpoint Security Management, a solution designed to
protect the most vulnerable place on the corporate network, the
user endpoint.
    
ZENworks Endpoint Security Management ensures protection against
potential security breaches, data leaks and threats to the
network by enforcing encryption policies at the desktop,
regardless of whether a user is on or off-line.  As part of the
Novell ZENworks systems management family, ZENworks Endpoint
Security Management provides removable device security, personal
firewalls, wireless security and application control to secure
the network and give organizations mobile computing flexibility
without fear of data loss or attack.
    
"More and more enterprises and government agencies are losing
mission-critical and confidential information through theft and
loss of unsecured corporate and personal devices," Joe Wagner,
Novell senior vice president and general manager of Systems
and Resource Management, said.  "Combining Senforce's technology
with Novell's existing systems and resource management solutions
creates a new level of control and protection for our customers.
This addition supports Novell's enterprise management strategy,
which is focused on helping customers get the most out of their
IT investments from the desktop to the data center, while
reducing the complexity and risk."

                  About Senforce Technologies

Headquartered in Draper, Utah, Senforce Technologies --
http://www.senforce.com/-- is an endpoint security management.

                       About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.  Novell
has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.




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


BANCO PINCHICHA: Fitch Affirms B- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
ratings as:

   -- Foreign currency long-term Issuer Default Rating at 'B-';
   -- Foreign currency short-term rating at 'B';
   -- Support rating at '5';
   -- Support floor at 'NF'.

The rating outlook is negative.

Banco Pichincha y Subsidiarias' ratings reflect its strong
franchise in Ecuador, its broad deposit base, its adequate
liquidity and its improving financial performance.  Pichincha's
ratings are above Fitch's sovereign ratings of Ecuador (long-
term IDR of 'CCC'; on negative rating watch) because it has
little exposure to government debt and sound liquidity backed by
high quality assets.  Concerns over relatively tight -- albeit
improving -- capital, as well as the prevailing uncertainty in
its operating environment restrain Pichincha's ratings.

Despite the favorable global context, the Ecuadorian economy has
not performed at its full potential hindered by political strife
that has discouraged investment.  The new government introduced
changes to bank regulation (capping interest rates and limiting
fees) and, plans to continue implementing reforms that may
affect banks' performance (directed lending, local liquidity
holdings).

Pichincha's loan portfolio grew 31% (year-over-year at March
2007) driven by retail lending -- and boosting interest revenues
26% at December 2006.  Non-interest revenues somewhat lagged
behind growing 11% at the same  date.  Non-recurring revenues,
moderate operating cost growth (+18% at December 2006) and
higher loan provisions resulted in a net income growth of 44% in
2006.  Results into 2007 maintain the positive trend, yet they
are clouded by the political uncertainty.

Asset quality improved and PDLs are now below the industry
average.  Moreover, loan loss reserves cover 166% of the CDE
portfolio at March 2007 (240% of past due loans), up from 111%
at December 2005 (184% of past due loans).

Pichincha's broad deposit base remains a strength but did not
grow at the same pace as loans and assets.  Liquidity is high by
internal policy albeit decreasing slightly to fund loan growth.
Historically strong liquidity is backed by quality assets but
could be affected by the uncertain regulatory environment.

Capital adequacy remained fairly stable during 2006 at about
11.6%, a level below the average of its peers that leaves little
room for growth; however, other capital ratios improved as
reserves create a cushion against unexpected portfolio
deterioration and non-performing assets have decreased.

In spite of Banco Pichincha's dominant market position and
systemic importance, Fitch believes that the bank cannot rely on
government support -- if it were necessary -- given Ecuador's
weak fiscal standing, the lack of a lender of last resort and
apparent political ill will towards banks.

Banco Pichincha is Ecuador's largest bank with about 26% of
deposits and 28% of loans at March 2007.  Incorporated in 1906,
the group offers a wide array of services to corporate, middle
market and consumer customers.  Pichincha is tightly controlled
by Mr. Fidel Egas Grijalva who holds over 65% of the company's
stock.


PETROECUADOR: Increasing Production by 2,000 Barrels Daily
----------------------------------------------------------
Ecuador's state-run oil firm Petroecuador's output in five to
six days will increase 2,000 barrels per day, the presidential
Web site says, citing mines and oil minister Galo Chiriboga.

Minister Chiriboga told Business News Americas that new reserves
were discovered at wells Sacha 165D and Sacha 240D in Orellana.

Petroecuador's currently produces around 175,000 barrels per
day.  The firm wants to boost output to 180,000 barrels per day
by year-end, BNamericas states.

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


PRODUBANCO: Fitch Affirms B- Long Term Issuer Default Rating
------------------------------------------------------------
Fitch ratings has affirmed Banco de la Produccion S.A. y
Subsidiarias' (Produbanco) ratings as:

   -- Foreign currency long-term IDR at 'B-';
   -- Foreign currency short-term rating at 'B';
   -- Support rating at '5';
   -- Support floor at 'NF'.

The rating outlook is negative.

Produbanco's ratings reflect its established franchise, revenue
diversification, strong liquidity, quality and depth of its
management, sound performance and adequate capitalization.  The
bank's small exposure to government debt and strong liquidity
backed by high quality assets warrant higher ratings than
Fitch's sovereign ratings for Ecuador (long-term IDR of 'CCC' on
negative rating watch).  These ratings are constrained by
Ecuador's country ceiling and by the prevailing uncertainty in
its operating environment.

Despite the favorable global context, the Ecuadorian economy has
not performed at its full potential, hindered by political
strife that has discouraged investment.  The new Government
introduced changes to bank regulation (capping interest rates
and limiting fees) and, plans to continue implementing reforms
that may affect banks' performance (directed lending, local
liquidity holdings).

In 2006, Produbanco's loan portfolio grew 9% (+9% year-over-year
at March 2007), while interest revenues grew 20% and non-
interest revenues (stable but shifting towards service fees)
contributed a solid 48% of total revenues, reflecting the bank's
targeted growth and cross-sell strategies.  A tight cost control
and stable provisions complete a sound performance as net income
grew 58% at December 2006 (+9% year-over-year at March 2007.  
The outlook ahead is clouded by the uncertain operating
environment.

Asset quality has improved.  Produbanco's impaired loans amount
to 1.1% of gross loans vs. an average of 3.6% for the industry.
Loan loss reserves cover 3.2 times impaired loans at March 2007,
up from 1.6 times at December 2005.  Loan portfolio
concentration remains a challenge and diversification efforts
are hindered by slow growth in view of the impending harsher
regulation.

Produbanco's deposits grew 16% at December 2006 (+2% year-over-
year at March 2007) and deposit mix improved.  Liquidity is very
high with over 40% liquid assets at March 2007; these are mainly
low risk investment grade securities in the USA.

Capital adequacy ratios decreased slightly reaching 14.07% at
March 2007, well above the industry average (12.19%) and in
clear progression from the 12.33% at December 2004.  Future
growth and the eventual redemption of convertible bonds (about
US$30 million included in the regulatory capital) should be
covered by the bank's strong capital generation.

In spite of Produbanco's important retail deposit market share,
Fitch believes that the bank cannot rely on government support
-- if it were necessary -- given Ecuador's weak fiscal standing,
the lack of a lender of last resort and apparent political ill
will towards banks.

Incorporated in 1978, Produbanco is Ecuador's fourth largest
bank and holds about 10% of deposits and loans at March 2007.  
Historically focused on corporate banking, it expanded into
retail banking in the past few years.  It is controlled by its
main executives and is also active in fund management and
securities brokerage.




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


DIGICEL LTD: Launches Mpathix Voicemail in El Salvador
------------------------------------------------------
Digicel is offering Mpathix Voicemail in El Salvador, Divya
Narain at TMCnet reports, citing Mpathix.

According to TMCnet, the Mpathix Voicemail was designed "to
complement next-generation messaging services with superior
scale, quality of service and availability."  

Digicel El Salvador's Technology Vice President Saul de Leon
said in a statement, "We selected Mpathix as part of our
strategic plan to provide high-quality, high-value mobile
services at affordable prices.  To support our rapid growth we
needed a scalable solution that would allow us to launch new
services both quickly and cost-effectively."

"Digicel is a major player in the Caribbean and Latin America
and we are very pleased that they have chosen us to help support
their objective of improving and expanding the wireless services
in markets such as El Salvador.  Their decision to work with us
reinforces our position as the leading provider of messaging
services for carriers aggressively pursuing growth," Mpathix
Chief Executive Officer Michael Guatto commented to TMCnet.

                       About Mpathix

Mpathix provides open system, carrier-grade messaging softwares
to mid and large-sized wireless telecommunication service
providers around the world.  Founded in 1997 and based in
Toronto, Ontario, Mpathix serves over 5 million subscribers
across networks in North America, the Caribbean and Asia.

                       About Digicel

Digicel Group Limited -- http://www.digicelgroup.com/-- is a  
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- US$1.4 billion senior subordinated notes due 2015
      assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.




=========
H A I T I
=========


DYNCORP INTERNATIONAL: Will Provide Support for MRAO Contracts
--------------------------------------------------------------
DynCorp International LLC has been selected by International
Military and Government LLC to provide field-service support and
training for its recently-awarded Mine Resistant Ambush
Protected vehicle production contracts.

IMG will produce 1,955 Category I and 16 Category II MRAP
vehicles under Limited Rate Initial Production task orders.  The
MRAP program will support the U.S. Marines, Army, Navy, Air
Force, and Special Operations Command.  The MRAP vehicles are
required to increase survivability and mobility of troops
operating in hazardous fire areas against known threats like
small-arms fire, rocket-propelled grenades, and improvised
explosive devices.  DynCorp International is under contract to
IMG to support the continuing technical testing at Aberdeen
Proving Grounds.  It will perform support services at U.S.
government facilities in the United States and overseas.

"It's an honor to play a major role in a program designed to
keep our service members safe," said Herbert J. Lanese,
President and CEO of DynCorp International.  "IMG is an
excellent company that makes a superb vehicle, and we will do
our best to make sure these vehicles are always mission-ready
and performing to their potential."

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:  
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.




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


ADVANCED MARKETING: Wants More Time to Decide on Two Leases
-----------------------------------------------------------
Advanced Marketing Services, Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
further extend the period within which they may assume or reject
(i) the Berkeley Lease and the New York Lease through
Aug. 31, 2007, and (ii) the Indianapolis Lease through
Sept. 30, 2007.

As of July 27, 2007, the Debtors are parties to three
nonresidential real property leases:

Debtor
Party to    Location         Location       Date of
the Lease   Description      Address        Lease     Landlord
---------   -----------      -------        -------   --------
AMS         Indianapolis,    Indianapolis   3/25/04   The            
            IN - Return                               Prudential
            Center                                    Company
                                                      of America

PGI         PGW - New York   New York,     11/17/87   841-853                
                             NY                       Broadway
                                                      Associates

PGI         PGW - Berkeley   Berkeley,      4/24/97   Demo 4th              
                             CA                       Street
                                                      Berkeley
                                                      LLC

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that Perseus Books LLC and the
Debtors are in discussions regarding the assumption by Perseus
of the Berkeley Lease and the New York Lease.  The Debtors
expect to file a motion to assume and assign both Leases
promptly.

Mr. Collins also relates that Baker & Taylor, Inc., has already
entered into a new lease for certain facilities formerly
occupied by the Debtors in Indianapolis.  AMS continues to
occupy the adjacent space, which is the subject of the
Indianapolis Lease, he says.  

Moreover, the Debtors and the landlord for the Indianapolis
space are in the process of finalizing an agreement for the
continued use of that space during the extension period so that
the Debtors can complete the disposition of AMS and PGW
inventory in that location, Mr. Collins explains.

"The Debtors have either obtained the prior written consent of
the lessors of each of the Leases to the extension of time for
the Debtors to assume or reject unexpired leases of
nonresidential real property or expect to do so prior to the
hearing on this Motion," Mr. Collins tells the Court.

Judge Sontchi will convene a hearing on Aug. 24, 2007, at 10:00
a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Lease Decision Period is
automatically extended until the conclusion of that hearing.

                   About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


AXTEL SAB: S&P Affirms BB- Rating on Senior Unsecured Debt
----------------------------------------------------------
Standard & Poor's ratings services said that it revised its
outlook on Axtel S.A.B. de C.V. to stable from negative.  At the
same time, affirmed 'BB-' corporate credit and senior unsecured
debt ratings on Axtel and its notes due 2013 and 2017.

The rating action reflects an improvement in Axtel's key
financial indicators, following the successful integration of
Avantel's operations during the first half of 2007.  For the 12
months ended June 30, 2007, Axtel posted EBITDA interest
coverage, total debt-to-EBITDA, and funds from operations-to-
total debt ratios of 4.7%, 2.4%, and 33.1%, respectively, which
compare favorably with the 4.8%, 3.8%, and 21.2% posted in 2006.  
S&P believes that the positive trend in Axtel's key financial
indicators will allow it to reach a total debt-to-EBITDA ratio
of about two times by year-end 2007.  The aforementioned figures
are adjusted for operating leases.
     
The ratings on Axtel reflect its broad telecommunications
products portfolio, its flexible and advanced network with
several access technologies, and its experienced equity
partners.  Tempering factors include strong competition from
Telefonos de Mexico S.A.B. de C.V. (Telmex; BBB+/stable/--) and
from mobile telephony, in addition to Axtel's potential appetite
to participate in the consolidation of the Mexican
telecommunication industry.
     
The outlook is stable.  "We believe that the positive trend in
Axtel's key financial indicators will allow it to reach a total
debt-to-EBITDA ratio of about 2.0 times by year-end 2007.  A
positive rating action is possible if Axtel continues to grow
its operation and is able to post consistent free operating cash
flow generation.  The outlook considers the possibility of
further acquisitions; however, a major debt-financed transaction
that leads to a total debt-to-EBITDA ratio beyond 3.0x may lead
to a negative rating action," said Standard & Poor's credit
analyst Jose Coballasi.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services.  Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure
in Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.


BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates obtained authority, on an interim basis, from
the U.S. Bankruptcy Court for the Southern District of New
York in Manhattan to employ Deloitte Tax LLP as their tax
services provider, effective as of July 31, 2007.

According to Marc D. Bassewitz, senior vice president, secretary
and general counsel of Bally Total Fitness Holding Corporation,
Deloitte Tax and its professionals have extensive experience and
knowledge in the field of tax services, including providing tax
advisory services in cases before bankruptcy courts.

Moreover, the firm has performed other work for the Debtors in
the past, and is therefore familiar with the Debtors' corporate
structures and businesses, and many of the potential issues that
may arise in the context of the Chapter 11 cases, Mr. Bassewitz
says.  

As Tax advisors, Deloitte Tax will render tax advisory services
to the Debtors, including:

   (a) assisting the Debtors with the federal tax effects of the
       commencement of the Chapter 11 cases;

   (b) providing the Debtors with various tax compliance
       services, including assisting the Debtors with certain
       FAS 109 calculations and preparing various federal, state
       and local tax returns;

   (c) providing general corporate tax advisory services;

   (d) assisting the Debtors with their efforts to implement
       FASB Interpretation No. 48; and

   (e) providing tax examination services.

Mr. Bassewitz tells the Court that Deloitte Tax will charge the
Debtors a fixed weekly fee of $10,000 for approximately 40 to 60
hours of tax compliance services pursuant to an engagement
letter dated May 29, 2007.

Deloitte Tax will be paid on its hourly rates for all other
services:

           Partner or Director     US$475 - US$645
           Senior Manager          US$400 - US$535
           Manager                 US$325 - US$450
           Senior Associate        US$275 - US$365
           Associate               US$175 - US$270

David Hoffman and Rochelle Kleczynski are the professionals
expected to have primary responsibility for providing services
to the Debtors.

As a result of Deloitte FAS' and its affiliate, Deloitte Tax
LLP's prepetition services to the Debtors, both parties received
retainers from the Debtors in the 90 days prior to the Petition
Date:
                                  Amount
                                  ------
           Deloitte FAS     US$1,681,004
           Deloitte Tax          645,863

About US$50,562 in Deloitte FAS' retainers remained as of the
Petition Date, while US$91,370 remained in Deloitte Tax's
retainers.  No amounts were due and owing from the Debtors to
both advisors prior to that Date.

The Debtors will indemnify and hold harmless Deloitte Tax, its
subcontractors and their personnel from all claims, liabilities
and expenses relating to the engagement, except to the extent
finally judicially determined to have resulted primarily from
Deloitte Tax's bad faith, intentional misconduct or
recklessness.  The Debtors agree these indemnification
provisions:

Richard Bodnum, Esq., a partner at Deloitte Tax, assures the
Court that Deloitte Tax is a "disinterested person" as that
phrase is defined in Section 101(14) of the Bankruptcy Code, as
modified by section 1107(b).

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates 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 Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan gave Bally Total Fitness Holding Corporation and
its debtor-affiliates authority, on an interim basis, to employ
Jefferies & Company Inc. as their financial advisor, effective
as of July 31, 2007.

Jefferies & Company Inc. is an investment banking firm, which
has provided prepetition services to the Debtors, working
closely with them to pursue available alternatives, thereby
playing a pivotal role in the Debtors' proposed Plan of
Reorganization, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, tells the Court.

Jefferies is, thus, familiar with the Debtors' business
operations, capital structure, financing documents and other
material information, and is able to assist the Debtors in their
restructuring efforts, Mr. Bassewitz says.

As financial advisor, the firm is expected to:

   -- advice and assist the Debtors in connection with
      analyzing, structuring, and effecting -- including
      providing valuation analyses as appropriate -- and acting
      as financial advisor in connection with, any potential
      restructuring;

   -- perform financial advisory services, including (i)
      analyzing the business, operations, properties, financial
      condition, and prospects of the Debtors, (ii) advising the
      Debtors on the current state of the restructuring market,
      (iii) assisting and advising the Debtors in developing a
      general strategy for accomplishing a restructuring,
      including the value of the securities, if any, that may be
      issued, (iv) providing valuation and related services in
      connection with any proposed restructuring, and (v)
      rendering other financial advisory services as may from
      time to time; and

   -- provide advice and assistance in connection with the
      solicitation of votes.

According to Mr. Bassewitz, investment bankers like Jefferies do
not charge for their services on an hourly basis.  Instead, they
customarily charge a monthly advisory fee plus an additional fee
that is contingent upon the occurrence of a specified type of
transaction.

For its services rendered to the Debtors, Jefferies will be
paid:

   -- an initial monthly fee equal to US$125,000 per month from
      Feb. 24, 2007, through June 30, 2007;

   -- a second monthly fee equal to US$150,000 per month from
      July 1, 2007, through Sept. 30, 2007; and

   -- a final monthly fee equal to 50% of second monthly fee
      from and after Oct. 1, 2007, until the expiration of the
      agreement.

A transaction fee of US$3,350,000 was earned unconditionally on
the execution of the restructuring engagement letter with the
Debtors, and payable prior to June 30, 2007.

Mr. Bassewitz clarifies that 50% of the aggregate initial
monthly fees actually paid to Jefferies in excess of US$375,000
will be credited against the Transaction Fee.

The Debtors will also reimburse Jefferies for all fees,
reasonable disbursements and reasonable out-of-pocket expenses,
including Jefferies' counsel fees, not to exceed US$50,000 in
the aggreagate absent the consent of the Debtors; and,
Jefferies' counsel disbursements, not to exceed US$100,000 in
the aggregate.

Mr. Bassewitz adds that for its advisory services, Jefferies
will be paid:

   (a) an advisory transaction fee of US$1,650,000, upon
       consummation of a Merger & Acquisition transaction;

   (b) a non-core transaction fee of 2% of the transaction value
       in the event of a non-core transaction, plus, in the
       discretion of the Debtors' chief restructuring officer,
       additional compensation up to an aggregate of US$500,000
       for all non-core transactions.  Non-core transaction fees
       will not exceed US$1,000,000 in the aggregate.

In the event the Debtors request that Jefferies render an
"Alternate Opinion", the Debtors and Jefferies will mutually
agree on a reasonable fee for the services which will be based
on the prevailing market rate.

Pursuant to an M&A advisory engagement letter between the
Debtors and Jefferies, an M&A opinion fee of US$500,000 will be
charged for each M&A opinion delivered, of which 100% of the
amount will be credited against the advisory transaction fees.

Jefferies will apply to the Court for payment of compensation
and reimbursement expenses in accordance with applicable
provisions on the Bankruptcy Code.

Mr. Bassewitz notes that prior to the Petition Date, Jefferies
received approximately US$4,099,761 in fees and US$45,677 in
expenses from the Debtors, for prepetition services rendered and
expenses incurred in advising the Debtors.

No indemnification will be available to the Debtors for losses
that are determined, by a final, nonappealable judgement by a
court to have resulted primarily from an indemnified person's
own gross negligence or willful misconduct, reveals Mr.
Bassewitz.

William Q. Derrough, managing director of Jefferies & Company,
Inc., assures the Debtors that Jefferies is a "disinterested
person" as the phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates 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 Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
--------------------------------------------------------------
Bausch & Lomb Inc. has filed with the U.S. Securities and
Exchange Commission definitive proxy materials in connection
with the company's pending merger agreement with Warburg Pincus.  
The mailing of such proxy materials to shareholders is expected
to begin this week.  As previously announced on May 16, 2007,
the company entered into a definitive merger agreement with
Warburg Pincus, pursuant to which affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65.00 per share in cash.

A special meeting of the shareholders of Bausch & Lomb, to
consider and vote upon the proposed merger, has been scheduled
for Sept. 21, 2007, at 10:00 a.m., local time, at Clarion
Riverside Hotel, 120 East Main Street, Rochester, New York
14604.  Bausch & Lomb shareholders of record as of the close of
business on Aug. 10, 2007, will be entitled to vote at the
special meeting.

The company's Board of Directors, acting upon the recommendation
of the Special Committee composed entirely of independent
directors, has unanimously approved the Warburg Pincus
transaction and recommends that all Bausch & Lomb shareholders
vote "FOR" the approval of the merger agreement and the merger.  
Bausch & Lomb is seeking, and the merger agreement requires,
approval of the merger agreement and the merger by the
affirmative vote of the holders of two-thirds of the outstanding
shares of the company's common stock and Class B stock, voting
together as a single class, entitled to vote at the special
meeting.

Shareholders are encouraged to read the company's definitive
proxy materials in their entirety as they provide, among other
things, a detailed discussion of the process that led to the
proposed merger and the reasons behind the Board's unanimous
recommendation that shareholders vote FOR the approval and
adoption of the merger agreement and the merger.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates disclosed
that they canceled the scheduled auction for Atwood Mobile
Products, Inc.'s assets, in light of the absence of competing
bids for the Elkhart, Indiana-based business.

In a notice filed before the U.S. Bankruptcy Court for the
District of Delaware, Dura Automotive said that they have not
received additional "qualified bids" for Atwood by the August 8
deadline to submit bids.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007. (Dura Automotive Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Wants OK on Mobile Division Sale for US$160.2MM
----------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates asks the
U.S. Bankruptcy Court for the District of Delaware to approve
the sale of their Atwood Mobile Products division to Insight
Equity I LP-affiliate Atwood Acquisition Co. LLC for
US$160,200,000.

The Debtors have notified Judge Carey that their Court-
sanctioned marketing efforts did not gather additional qualified
bids for their Elkhart, Indiana-based business.

Atwood Mobile, which was acquired by the Debtors in 1999,
produces parts and specialty products for recreational and
specialty vehicles, manufactured housing, and associated niche
markets.  Atwood, which has approximately 1,900 employees, is a
separate unit from the Debtors, contributing about
US$330,000,000 of the Debtors' US$2,100,000,000 of sales
revenues in 2006.

The Asset Purchase Agreement dated as of July 3, 2007, between
Debtor Atwood Mobile Products, as seller and Atwood Acquisition,
as buyer, provides for an August 29, 2007 deadline to close the
sale.

                           Objections

(a) Oracle USA

Oracle USA, Inc., licensor to certain software to the Debtors,
says that the Atwood Acquisition APA contains provisions that,
if approved, would violate certain license agreements between it
and the Debtors.

Oracle is successor-in-interest to Hyperion Software Operations,
Inc., doing business as Hyperion Software Corporation, and
Hyperion Solutions Corporation.

In September 1998, Hyperion, Trident Automotive, Inc., and Dura
Automotive Systems, Inc., entered into an agreement pursuant to
which Hyperion permitted Trident to assign, to Dura, Trident's
right, title and interest in software licensed by Hyperion to
Trident under a Hyperion Software License Agreement dated
March 9, 1998.

In May 2006, Hyperion and Dura entered into a Software License
and Services Agreement pursuant to which Hyperion provided Dura
certain proprietary software and related services.

James E. Huggett, Esq., at Margolis Edelstein, in Wilmington,
Delaware, asserts that the Debtors' request must be denied
because it seeks improper and unauthorized use and treatment of
the Hyperion Software Licenses.

The Stalking Horse APA includes a Transition Services Agreement
between Dura and Atwood Acquisition that calls for Dura
Operating Corp. to provide, to the purchaser, "transition
services relating to Hyperion applications, for which Atwood
Acquisition would pay Dura.

Both the Hyperion License Agreement and the SLSA grant non-
transferable software licenses to Dura; no third party is
authorized to use any software license granted to Dura under the
agreements, Mr. Huggett points out.

The Debtors, according to Mr. Huggett, must explain by their
plan to provide "transition services" to a third party does not
violate the terms of the Hyperion License Agreement and of the
SLSA.

Oracle notes that the Debtors do not appear to be attempting an
assignment of the Agreements absent any notice served by the
Debtors and the inclusion of "the software licenses with
Hyperion Solutions Corporation..." among the "Excluded Assets"
in the proposed sale.  However, it points out that the Stalking
Horse APA suggests that Atwood Acquisition and one or more of
the Debtors would be "splitting" Hyperion software licenses --
which according to Oracle, is not contractually permitted and
may give rise to copyright infringement claims against Atwood
Acquisition.

(b) Thomas E. Fagan

Personal injury claimant Thomas E. Fagan wants to make sure that
the proposed transaction would not result to any "spoliation of
crucial evidence" related to his lawsuit against the Debtors.

On Jan. 3, 2007, Mr. Fagan, as special administrator of the
estate of Thomas E. Fagan, Jr., a deceased minor, asked the
Court to lift the automatic stay to permit him to liquidate his
personal injury and wrongful death claims against, among others,
Debtors Atwood Mobile Products and Dura Operating Corp. before
an Illinois state court and to proceed to collect any insurance
under any applicable policy.

William D. Sullivan, Esq., at William D. Sullivan, LLC, in
Wilmington, Delaware, relates that Mr. Fagan is concerned that
any potential sale of the Debtors' assets may result in
spoliation of documents and artifacts, such as testing
equipment, computers, hard drives, machinery that relate to the
design, testing, manufacture, distribution, or sale of the fold-
down bench/sofa seat that is alleged to have malfunction, giving
rise to the Fagan Estate's claim.

At an August 1 hearing on the Lift Stay Motion, counsel for the
Debtors stated that the Stalking Horse APA had been amended to
address the spoliation issue, however, no specific details
relating to how this was purportedly accomplished were provided,
Mr. Sullivan points out.

Accordingly, Mr. Fagan objects to the Debtors' request on
grounds that it is unclear (i) what actions the Debtors have
already taken, if any, to prevent spoliation and (ii) what
further actions the Debtors will take part to prevent spoliation
of crucial evidence.

Mr. Fagan asks the Court to require the Debtors:

  (i) to exclude from the sale all documents and artifacts that
      relate to the subject fold-down bench/sofa seat as well as
      all equipment that is used for mold injection;
      calibration; measurement; assembly; quality assurance
      testing of any kind; design drawings and specifications;
      models, half models, exemplars or prototypes of any kind
      that relate in any way to the subject parts; and

(ii) copy and preserve all computer hard drives and archived
      computer files that relate in anyway to the subject parts.

                   About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007. (Dura Automotive Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EMPRESAS ICA: Citigroup Managing US$550-Mln Sale of Add'l Shares
----------------------------------------------------------------
Published reports say that Empresas ICA, S.A. de C.V. has
contracted Citigroup to manage the sale of up to US$550 million
of additional shares.

According to the reports, proceeds from the sale of shares would
be used to fund future infrastructure projects.

Empresas ICA told Business News Americas that it would seek
authorization for the share offer during a shareholders meeting
set for Aug. 30, 2007.

BNamericas relates that Empresas ICA will use US$289 million
from the offering to finance a toll road project it won in
consortium with US banking firm Goldman Sachs.  "This was the
Mexican transport and communications ministry's first package of
30-year federal highway re-concessions."

Empresas ICA Chief Financial Officer Alonso Quintana said in a
conference call that the company will compete for US$20-billion
projects over the next 18 months.

Mr. Quintana told BNamericas that the projects will include bids
for:

          -- La Yesca dam in Nayarit,

          -- La Parota dam in Guerrero,

          -- Agua Prieta and El Ahogado wastewater treatment
             plants in Jalisco,

          -- interurban train in Guanajuato,

          -- Arriaga-Ocozocoautla highway in Chiapas,

          -- Perote-Xalapa in Veracruz, and

          -- the second and third suburban train lines running
             from Mexico City to surrounding municipalities in
             Mexico state.

Empresas ICA would benefit from an increased pace in the
awarding of contracts, BNamericas states, citing Mr. Quintana.

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

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

                        *     *     *

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


FEDERAL-MOGUL: Wants Until Dec. 1 to Decide on Leases
-----------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District if Delaware to extend the
period within which they may assume or reject nonresidential
real property leases through and including the earlier of:

  (a) Dec. 1, 2007; or

  (b) the effective date of a plan of reorganization.

The Real Property Leases relate to numerous facilities integral
to the Debtors' ongoing business operations, notes James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones  &
Weintraub LLP, in Wilmington, Delaware.  While the Debtors'
management has largely completed the process of evaluating each
of the Real Property Leases for their economic desirability and
compatibility with the Debtors' long-term strategic business
plan, and a number of economically improvident Real Property
Leases have been rejected by the Debtors with the Court's
approval, several Real Property Leases are continuing to be
evaluated, Mr. O'Neill tells Judge Fitzgerald.  He notes that
the process of evaluating Real Property Leases has taken place
as the Debtors seek to (i) consolidate their facilities to
eliminate redundancies and inefficiencies; and (ii) shift
certain manufacturing efforts to portions of the country and the
world more suitable to their businesses, consistent with their
overall business plan.

An extension, Mr. O'Neill asserts, should be granted to:

  (1) allow time for the Debtors' evaluation process to
      continue; and

  (2) afford the Debtors maximum flexibility in restructuring
      their business.

"Given the inherent fluidity in the operation of a large,
complex business enterprise such as the Debtors', circumstances
may arise during the pendency of there Chapter 11 cases that
will cause the Debtors to rethink the need to continue leasing a
particular facility or their decision to reject a given Real
Property Lease," Mr. O'Neill points out.  "In the absence of an
extension . . . the Debtors could be forced prematurely to
assume Real Property Leases that may later be burdensome, giving
rise to large potential administrative claims against the
Debtors' estates and hampering the Debtors' ability to
reorganize successfully.  Alternatively, the Debtors could be
forced prematurely to reject Real Property Leases that would
have been of benefit to the Debtors' estates, to the collective
detriment of all stakeholders."

The Debtors request does not prejudice the lessors under the
Real Property Leases because the Debtors will continue to
perform all of their obligations under the Leases in a timely
fashion, including payment of all postpetition rent due,  Mr.
O'Neill assures the Court.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007. (Federal-Mogul Bankruptcy News, Issue
No. 145; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GRUPO MEXICO: Claims 4,260 Workers Want New Union Memberships
-------------------------------------------------------------
Grupo Mexico SAB fka Grupo Mexico SA de CV's counsel Salvador
Rocha told Bloomberg News that 4,260 workers in the mining
industry have asked the Mexican government for permission to
join a new labor union, leaving a union that led walkouts in
three mines since July 30.

These workers who want an out from the National Miners and Metal
Workers union are not part of the ongoing strike at Cananea,
Taxco, and San Martin mines, the same report adds.  Those on
strike have not said that they seek a different affiliation.

The National Miners spokesperson, Carmen Romero, told Bloomberg
that Grupo Mexico has threatened the non-striking workers with
violence and dismissals to force them to sign a union transfer
request.

Bloomberg says a hearing on the transfer request would be held
by an arbitration court at the end of the month.  A date will
then be set for a vote by workers on the new union.

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.


MOVIE GALLERY: July 1 Balance Sheet Upside-Down by US$560.3 Mil.
----------------------------------------------------------------
Move Gallery Inc.'s consolidated balance sheet at July 1, 2007,
showed US$892.0 million in total assets, US$1.45 billion in
total liabilities, resulting in a US$560.3 million total
stockholders' deficit.

The company's consolidated balance sheet at July 1, 2007, also
showed strained liquidity with US$291.1 million in total current
assets available to pay US$1.42 billion in total current
liabilities.

Movie Gallery Inc. reported a net loss of US$309.9 million and
an operating loss of US$282,245 for the second quarter ended
July 1, 2007, compared with a net loss of US$14.9 million and an
operating income of US$14.2 million for the second quarter ended
July 2, 2006.

For the second quarter of 2007, Movie Gallery's total revenues
were US$561.2 million, a decrease of 6.7% from US$601.3 million
in the second quarter of 2006, primarily due to a decline in
consolidated same-store sales and a decrease in the number of
weighted average stores operated.  For the thirteen weeks ended
July 1, 2007, consolidated same-store sales declined 4.7% and
the number of weighted average stores operated declined 4.1%
compared to the prior year periods.  Consolidated same-store
sales for the thirteen-week period consisted of a 10.4% decline
in same-store rental revenue, partially offset by a 21.0%
increase in same-store product revenue.

The increase in operating loss and net loss primarily reflects a
decrease in gross margins on rental revenue, and impairment
charges on goodwill, other intangibles, and property,
furnishings, and equipment.

The decrease in rental gross margins is primarily due to a
decline in the average sales price of previously viewed movies
and an increase in the cost of product acquired under revenue
sharing arrangements.

               Impairment of Long-Lived Assets

During the month of March 2007 and most notably during the
second quarter of fiscal 2007, the industry in general, and the
company's business in particular, experienced events and
circumstances that required the company to assess the
recoverability of the carrying value of certain of of its long-
lived assets.  Among those events and circumstances that the
company believes to be impairment indicators are:

  -- substantially larger than anticipated drop in year-over-
     year same store sales and gross margins;

  -- a continuing trend of operating losses;

  -- projected cash flow losses for a substantial number of the  
     company's stores;

  -- a significant drop in the company's stock price and
     resulting market capitalization;

  -- a significant drop in trading prices for the company's
     first and second lien debt and 11% senior notes; and

  -- recent significant adverse changes in the industry.

Due to the bove impairment indicators, the company performed
impairment testing on its long-lived assets as of July 1, 2007.  

As a result, the company recorded a charge of US$26.2 million
and US$16.8 million related to the impairment of property,
furnishings, and equipment under the Hollywood and Movie Gallery
operating segments, respectively.

The company also determined that its definite-lived intangible
asset for the customer list in the Hollywood segment was
impaired as a result of attrition in active customers.  The
company therefore recorded an impairment charge of US$2.5
million, which was recognized in Impairment of other
intangibles.  The company also conducted an impairment test on
the company's indefinite-lived intangible asset, the Hollywood
trademark, as of July 1, 2007, and recorded an impairment charge
of US$94.4 million.

The company also performed impairment testing on the valuation
of goodwill as of July 1, 2007.  As a result, the company
recorded a goodwill impairment charge on the Hollywood Video
reporting unit of US$115.6 million, after it was determined that
the implied fair value ofgoodwill for the Hollywood reporting
unit was zero.

                      Interest Expense

Interest expense, net decreased US$2.0 million from US$30.7
million for the thirteen weeks ended July 2, 2006 to US$28.7
million for the thirteen weeks ended July 1, 2007.  The decrease
is primarily attributed to lower interest rates on the company's
March 2007 Credit Facility.  

Full-text copies of the company's consolidated financial
statements for the quarter ended July 1, 2007, are available for
free at http://researcharchives.com/t/s?226a

                    About Movie Gallery

Headquartered in Dothan, Alabama, Movie Gallery, (Nasdaq: MOVI)  
-- http://www.moviegallery.com/-- is a provider of in-home    
movie and game entertainment in the United States.  It operates  
over 4,600 stores in the United States, Canada, and Mexico under  
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ  
banners.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2007, Standard & Poor's Ratings Services lowered its  
corporate credit rating on Movie Gallery Inc. to 'CCC+' from 'B-
' based on the announcement that the company was not able to  
meet its financial covenants for the fiscal quarter ended  
July 1, 2007, and that the company is exploring available  
restructuring and strategic alternatives.  S&P said the outlook  
is developing.


SOLO CUP: Reports US$3.2 Mil. Net Income in Quarter Ended July 1
----------------------------------------------------------------
Solo Cup Company reported net sales of US$650.2 million, for the
thirteen weeks ended July 1, 2007, versus US$670.3 million for
the thirteen weeks ended July 2, 2006.  Although net sales
decreased, gross profit for the quarter increased from the year
ago period by US$4.7 million to US$96.7 million, reflecting a
gross margin of 14.9%.  Selling, general and administrative
expenses decreased approximately US$8.0 million, or 10.8%, to
US$65.9 million for the thirteen weeks ended July 1, 2007, from
US$73.8 million for the thirteen weeks ended July 2, 2006.  
Operating income for the second quarter 2007 was US$32.3
million; excluding a US$228.5 million goodwill impairment charge
taken in the second quarter of 2006, this represents a US$15.1
million improvement in operating income over the prior year.  
The company recorded net income of US$3.2 million for the
thirteen-week period ended July 1, 2007, compared to a net loss
of US$299.4 million for the comparable period in 2006.

"During the second quarter, we saw our employees' efforts in
implementing our performance improvement program begin to
positively impact the bottom line," said Robert M. Korzenski,
chief executive officer.  "We are achieving improvements in our
manufacturing and supply chain operations ahead of schedule, we
are continuing to reduce our SG&A costs and we are doing a
better job managing our working capital.  We also completed a
sale-leaseback transaction during the quarter that reduced our
debt and increased our financial flexibility."

The decrease in net sales reflects a 5.2% decrease in sales
volume partially offset by a 2.2% increase in average realized
sale price as compared to the thirteen weeks ended July 2, 2006.  
The lower volume is a result of the divestiture of the company's
dairy business in Japan in December 2006, which contributed
approximately US$11 million to net sales in the second quarter
of 2006, as well as a modest volume decrease due to continuing
competitive conditions and the Company's ongoing SKU
rationalization efforts.

Gross margin for the thirteen weeks ended July 1, 2007, was
14.9% versus 13.7% for the comparable period in 2006.  The
increase in both gross profit and gross margin reflects the
impact of efficiency improvements implemented as part of the
company's performance improvement program and the company's
investments in information systems.  These improvements helped
to offset continued increases in raw material costs.  Gross
profit for the thirteen weeks ended July 2, 2006, included a
US$22.1 million pension curtailment gain and a US$9.8 million
charge for excess and obsolete spare parts and finished goods
inventory.  Excluding these unusual adjustments, gross margin
for the second quarter of 2006 was 11.9%.

Improvements in selling, general and administrative expenses
were due to cost savings initiatives also implemented as part of
the company's performance improvement program.  The cost savings
were partially offset by performance-based compensation reserves
during the period as well as professional fees related to the
performance improvement program and transaction costs.

                 Year-To-Date 2007 Results

The company has reduced its net debt by US$140.5 million since
the beginning of the year including the retirement of its US$130
million second lien term loan.  As of July 1, 2007, the Company
had in excess of US$100 million of liquidity under its revolving
credit facilities and cash on hand.  Net cash provided by
operating activities during the twenty-six weeks ended
July 1, 2007, was US$29.1 million compared to net cash used in
operating activities of US$79.9 million during the first twenty-
six weeks of 2006, a US$109 million improvement.  Capital
expenditures totaled US$14.9 million for the twenty-six weeks
ended July 1, 2007, versus US$29.6 million during the first
twenty-six weeks of 2006.

Mr. Korzenski concluded, "We continue to face rising raw
material prices and incur high interest expense while operating
in a competitive environment.  However, our second quarter
results show that our business is growing stronger.  Our
liquidity position continues to improve as we better manage our
cash and working capital, and reduce our net borrowings.  Going
forward, we are focused on receiving fair value for our products
and services while striving for best-in-class service levels,
and continuing to pursue efficiency improvements across the
board.  We intend to maintain our focus on these efforts as the
year progresses."

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable  
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
USUS$638 million senior secured term loan B and USUS$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.




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


* PANAMA: Inks Biofuel Cooperation Accord with Brazil
-----------------------------------------------------
Panama's President Martin Torrijos and his Brazilian
counterpart, Luiz Inacio Lula da Silva, have agreed to boost
biofuel cooperation, Inside Costa Rica reports.

Brazil is one the world's biggest promoter of biofuel
production.  The country is the second biggest ethanol producer
in the world.

Panama's Foreign Ministry said in a communique that under an
accord both nations agreed to ""designate a work team to explore
cooperation and technological possibilities in that sector
(biofuel), according to national priorities."

Inside Costa Rica relates that the two countries also agreed to
promote the "bovine genetic technical assistance" project to
fight hunger and poverty and promote social protection.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.  
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


AGILENT TECH: Net Income Falls to US$185 Mil. in Third Quarter
--------------------------------------------------------------
Agilent Technologies Inc. today reported orders of US$1.31
billion for the third fiscal quarter ended July 31, 2007, 7
percent above one year ago.  Revenues during the quarter were
US$1.37 billion, 11 percent above last year.  Third quarter GAAP
net income was US$185 million.  Last year's third quarter GAAP
net income from continuing operations, which included a US$65
million, gain from the sale of assets, was US$216 million.

Included in this quarter's GAAP income is US$27 million of
share-based compensation expense.  Excluding this item and US$18
million of tax and other net benefits, Agilent reported third
quarter adjusted net income of US$194 million.  On a comparable
basis, the company earned US$166 million.

"Agilent met its aggressive performance targets despite very
divergent market trends during the third quarter," said Bill
Sullivan, Agilent president and chief executive officer.  "Bio-
analytical markets were strong across the board, and the
performance of our Segment was even more robust.  Electronic
measurement markets were solid in the Americas and Europe but
surprisingly weak in Asia, particularly Japan.

"As a result, third quarter revenues were up 11 percent from
last year to US$1.37 billion, just shy of our revised
expectations.  Adjusted net income per share, at US$0.48, was 23
percent above last year's results and in the middle of our
guidance range."

Mr. Sullivan noted that, including the impact of the third
quarter acquisition of Stratagene, Bio-Analytical segment orders
were up 21 percent from last year, while revenues hit a record
US$500 million, up 19 percent from one year ago.  "Initial
integration activities are going well, and we are enthusiastic
about the synergy between Stratagene's bio-reagents and
Agilent's analytical instruments to better serve customers in
both commercial and not-for-profit life sciences applications."

Third quarter Return on Invested Capital reached 28 percent, 3
points better than last year's strong performance.  Both
Receivables Days-Sales-Outstanding and Inventory Days-On-Hand
improved 3 days from one year ago.  Cash generated from
operating activities was US$176 million in the third quarter.  
During the period, the company repurchased US$677 million of its
common stock.  The company ended the quarter with net cash of
US$1.5 billion.

For the fiscal fourth quarter of 2007, Agilent expects a softer
than normal seasonal increase in revenues because of weak Asian
electronic measurement markets.  Revenues are expected to be in
the range of US$1.39 billion to US$1.43 billion, up 5 percent to
8 percent from last year.  Adjusted net income is expected to be
in the range of US$0.50 to US$0.54 per share, 9 percent to 17
percent above last year's comparable earnings.  

Mr. Sullivan said, "Near-term weakness in Asian electronic
measurement markets does not dampen our expectations for
Agilent's performance in fiscal 2008.  We anticipate continued
momentum in our Bio-Analytical markets and a return to more
normal secular growth in Electronic Measurement markets next
year.  We continue to leverage our robust operating model, and
will benefit from our investments in core products, growth
initiatives and acquisitions."

                 About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/  
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.




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


ADELPHIA COMMS: Rigases Prison Term Starts Aug. 13
--------------------------------------------------
Adelphia Communications Corp. founder John Rigas and his son
Timothy, both of whom faced multiple charges on bank and
securities fraud in 2004, will spend their prison terms starting
Aug. 13, 2007, Investrend reports.

For the last three years the pair has remained free on bail.  
John Rigas will spend 15 years in jail pursuant to 2004
sentences on bank fraud.  Timothy Rigas, meanwhile, will spend
20 years for hiding US$2.3 billion in debt from shareholders,
relates Investrend.

                    About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a  
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Court confirmed the Debtors' First Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Feb. 13, 2007.


ADVANCED CARDIOLOGY: Miguel Carbuccia Approved as Expert Witness
----------------------------------------------------------------
Advanced Cardiology Center Corp. has obtained permission from
the U.S. Bankruptcy Court for the District of Puerto Rico to  
engage the services of Eng. Miguel Carbuccia Rivera as its
expert witness.

The Debtor related to the Court that Mr. Carbuccia has agreed to
prepare an expert report to testify as an witness in the
proceedings of the Debtor's civil case, ISCI 2005-01176 (206).

The Debtors will pay Mr. Carbuccia an hourly rate of US$85.

Mr. Carbuccia claims to be a disinterested person since:

    a. he is not a creditor, an equity security holders or
       insiders;

    b. he is not and was not, within two years before the date
       of filing of the bankruptcy petition, a director,
       officer, or employee of the Debtor; and

    c. he does not have an interest materially adverse to the
       interest of the estate or of any class of creditors or
       equity security holders, by reason of any direct or
       indirect relationship to, connection with, or interest
       in the Debtor.

Mr. Carbuccia can be reached at:

                 P.O. Box 191601
                 Hato Rey Station
                 San Juan, Puerto Rico 00919-1602
                 Telephone: (787) 632-5906

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


ALLIED WASTE: To Buyback Unit's US$250 Mil. of 9.25% Sr. Notes
--------------------------------------------------------------
Allied Waste Industries Inc. intends to redeem all of the
outstanding US$250 million in aggregate principal amount of the
9.25% Senior Notes due 2012 of Allied Waste North America Inc.,
its wholly owned subsidiary, for US$261.6 million, plus accrued
and unpaid interest.

Allied expects to redeem on Sept. 9, 2007, with available cash
and a temporary draw under its revolving credit facility.  The
trustee of the outstanding senior notes has been provided with a
formal notice of redemption.

"The redemption of these senior notes will generate annual
interest savings of more than US$5 million," Pete Hathaway,
executive vice president and chief financial officer, said.  "We
continue to opportunistically manage our capital structure and
our strong cash flow provides the company with the financial
flexibility needed to redeem these notes."

Headquartered in Scottsdale, Arizona, Allied Waste Industries
Inc. -- http://www.alliedwaste.com/and http://www.disposal.com/
-- (NYSE: AW) provides waste collection, transfer, recycling,
and disposal services for residential, commercial, and
industrial customers in over 100 major markets spanning 37
states and Puerto Rico.  The company has 24,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings
on Allied Waste Industries Inc. (NYSE: AW) and its Allied Waste
North America and Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

    -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

    -- IDR to 'B+' from 'B';
    -- Secured credit facility rating to 'BB+/RR1' from
       'BB/RR1';
    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.


SIMMONS COMPANY: Earns US$984,000 in Quarter Ended June 30
----------------------------------------------------------
Simmons Company reported net income of US$984,000 on US$277.8
million of net revenues for the three months ended
June 30, 2007, compared to net income of US$2 million on
US$241.2 million of net revenues for the same period in 2006.

"The strong sales momentum we have experienced over the last
several quarters continued into the second quarter of 2007.  In
the second quarter and first half of this year our business
operated at record sales levels despite a relatively soft home
furnishings sales environment.  Our year-to-date sales growth of
14.3% has been driven principally by effective marketing and our
decision to be competitive at a broad range of retail price
points.  This has resulted in strong demand for our U.S.
products, especially our Beautyrest(R) brand, and we believe a
sizable gain in market share," said Simmons' Chairman and Chief
Executive Officer Charlie Eitel.  "Although we are very pleased
with our first half sales performance, our operating margins in
the first half of 2007 were negatively impacted by roll out
costs as we completed the transition to our new Beautyrest(R)
2007 product line and brought our products into compliance with
the U.S. Consumer Product Safety Commission's new regulations
relating to open flame resistance standards which became
effective July 1, 2007," he added.

Mr. Eitel continued, "Our new Beautyrest(R) line is now fully
rolled out and is selling very well at retail. With the roll out
of the Beautyrest(R) 2007 product line behind us, we expect our
operating margins to return to pre- launch levels.  
Additionally, we are excited to have added the ComforPedic by
Simmons(TM) brand to our specialty bedding product assortment.
The reception by our dealers to this product at the recently
concluded Las Vegas home furnishings market far exceeded our
expectations.  Further, we believe the addition in the last 12
months of Beautyrest Black(TM), Natural Care(TM) and now
ComforPedic by Simmons(TM) to our already strong product
offering makes Simmons an even more compelling bedding resource
to our retail customers and consumers alike."

For the second quarter of 2007, operating income was US$20.6
million, or 7.4% of net sales, compared to US$28.1 million, or
11.7% of net sales, for the same period last year.  The
financial results for the quarter included US$14.0 million in
incremental costs related to the roll out of the company's 2007
Beautyrest(R) product line.

As of June 30, 2007, Simmons' working capital as a percentage of
net sales for the trailing twelve months was 2.2% compared to
1.9% a year ago.  During the second quarter of 2007, the
company's net debt increased US$12.3 million as a result of the
June 29, 2007 acquisition of certain net assets of Comfor
Products, Inc.

                        About Simmons

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, Standard & Poor's Ratings Services assigned its
'CCC+' debt rating to Atlanta, Ga.-based Simmons Super Holding
Company (Simmons HoldCo; an entity that will become the new
parent of Simmons Company) proposed USUS$275 million senior
unsecured PIK toggle term loan due 2012.  Standard & Poor's also
lowered its long term corporate credit rating on Simmons Company
to 'B' from 'B+'.  S&P says the outlook was stable.




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


NAVIOS MARITIME: Secures Eight Long-Term Time Charter Contracts
---------------------------------------------------------------
Navios Maritime Holdings Inc. has secured eight long-term time
charter contracts with an average charter period of 5.125 years
and average charter hire of US$24,338.  The charters of 5
panamax and 3 ultra-handymax vessels are to Cargill, Mitsui
O.S.K. Lines and Rio Tinto.

"The favorable drybulk market and Navios's brand name have
converged to create an environment where Navios has been able to
secure long-term charters at favorable rates with creditworthy
parties.  These eight new time charters represent, in the
aggregate, 41 years of employment and approximately US$361.0
million contracted revenue. Importantly, this long-term coverage
provides us with secure cash flow and significant structural
flexibility as Navios evolves its business model," said
Angeliki Frangou, Navios' Chairman and CEO.

As a result of these charters, Navios has extended the coverage
of its core fleet to 99.0% for 2007, 88.9% for 2008, 49.6% for
2009 and 29% for 2010.

Navios also announced that it has agreed to purchase two new
Capesize vessels to be built by Daewoo Shipbuilding & Marine
Engineering Company Ltd. in South Korea.  Each vessel will cost
US$120.0 million and have approximately 180,000 dwt.  Delivery
is scheduled in June 2009 and September 2009.  To date, Navios
has placed US$48.0 million on deposit for these vessels, with
the US$192.0 million balance due upon delivery.  Navios also
announced that it has entered into conditional agreements for
the purchase of two new Capesize vessels.  Each vessel will cost
US$110.0 million and have approximately 172,000 dwt.  Delivery
is scheduled in the fourth quarter of 2009.

"As we continue to build long-term, secure cash flow, Navios has
a margin of safety in entering into these purchase agreements
for the Capesize vessels.  Also, the drybulk market enables us
currently to consider chartering these vessels with creditworthy
parties for lengthy periods," said Ms. Frangou.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global  
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%




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


PETROLEOS DE VENEZUELA: Awards Seismic Data Acquisition to SCAN
---------------------------------------------------------------
OilOnline reports that Venezuelan state-run oil firm Petroleos
de Venezuela SA has granted SCAN Geophysical ASA has a contract
for 4,400 kilometers of 2D marine seismic data acquisition in
the Caribbean region.

According to OilOnline, the M/V SCAN Resolution that carries out
a series of seismic surveys in the region will acquire the
Petroleos de Venezuela 2D program.

SCAN Geophysical Vice President and Chief Operating Officer
commented to OilOnline, "We are pleased to continue our working
relationship with PDVSA [Petroleos de Venezuela].  Being able to
acquire both 2D and 3D programs at rates reflecting the current
strong market with the same vessel and for the same company
demonstrates SCAN's success in achieving its dual goals of
flexibility and efficiency."

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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Court Issues Arrest Warrant for Garcia
--------------------------------------------------------------
The Venezuelan attorney general's office told the Associated
Press that a court has issued an arrest warrant for Leoncenis
Garcia, a financial daily Reporte de la Economia reporter who
wrote a series of articles on alleged corruption in state-owned
oil firm Petroleos de Venezuela.

El Universal relates that Petroleos de Venezuela Chief Executive
Officer and Venezuelan energy minister Rafael Ramirez is
positive that the media made a "lynching campaign" against the
Venezuelan government for the suitcase case.  Entrepreneur
Antonini Wilson tried to take to Argentina a suitcase containing
US$800,000 in cash.

The AP relates Mr. Garcia was charged with obstruction of
justice, the AP says, citing the attorney general's office.

The court ordered Mr. Garcia's arrest when he failed to appear
before prosecutors to testify in a probe on the alleged
extortion involving Jose Rafael Ramirez, the Reporte de la
Economia director who was arrested on June 12, 2007, the AP
states.

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

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Launching Oil Services Firm
---------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA is
setting up an oil services company to lessen dependence on
foreign contractors like Halliburton Co. and Schlumberger Ltd.,
Houston Business Journal reports, citing Venezuelan oil minister
Rafael Ramirez.

Minister Ramirez commented in a televised interview, "We're
going to create our own firm, called PSVSA Services.  We can
have our own Halliburton."

The creation of a new company could give Venezuela more control
over its industry, Houston Business notes, citing Paul Hastings
analyst and corporate practice group partner Dino Barajas.

"This could take several years to get a project like this off
the ground, but in the long run it will help Venezuela protect
its industry," Mr. Barajas told Houston Business.

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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


* VENEZUELA: Cantv Employs 120 of Ex-Workers
--------------------------------------------
Venezuelan state news service Agencia Bolivariana de Noticias
reports that state-run Cantv has reinstated 120 employees it
dismissed in Lara.

The workers were laid off without justification by the company's
former management, before Cantv was nationalized in May 2007,
Agencia Bolivariana relates, citing Congressman Jose Mora
Siguaraya.

According to Agencia Bolivariana, Cantv's labor conflict with
workers started nine months ago.  However, a solution was found
after nationalization.

Congressman Siguaraya commented to Agencia Bolivariana, "We
consider this a historical moment... The reinstatement of these
workers is a wise decision as was the decision by the government
to nationalize this strategic company."

                        *     *     *

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.


                        ***********


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
de los Santos, and Christian Toledo, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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           * * * End of Transmission * * *