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

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

             Wednesday, March 19, 2008, Vol. 9, No. 56

                             Headlines


A R G E N T I N A

ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake
ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
BUENOS AIRES BUREAU: Trustee to Verify Claims Until May 21
CIAFER SA: Proofs of Claim Verification Deadline Is May 22

GREY ARMOR: Proofs of Claim Verification Deadline Is May 5
JURYS SRL: Court Appoints Luis Moisin as Company Trustee
LANCI IMPRESORES: Trustee to Verify Proofs of Claim Until May 13
METROGAS SA: Posts ARS6,706,000 Net Loss in Qtr. Ended Dec. 31
SERVYCOB SA: Files for Reorganization in Buenos Aires Court

* ARGENTINA: S&P Says Provinces Have Low Financial Flexibility


B A H A M A S

GLOBAL ENVIRONMENTAL: Gets RMB70MM Funding From Chinese Bank
ULTRAPETROL (BAHAMAS): Okays US$50 Mil. Share Repurchase Program


B E R M U D A

ARCH CAPITAL: Forms Joint Venture With Gulf Investment Corp.
ASPEN INSURANCE: Promotes Julian Cusack to COO Role
CAPE OPPORTUNITIES: Proofs of Claim Filing Is Until May 30
SECURITY CAPITAL: Moody's Cuts Provisional Debt Rating to (P)Ba1


B O L I V I A

VISTA GOLD: Posts US$14.2MM Net Loss in Year Ended Dec. 31, 2007


B R A Z I L

AMERICAN AIRLINES: Latin American Revenues Increase to US$4.3B
BANCO NACIONAL: Disburses BRL12.1 Billion in Transpo Financings
BANCO NACIONAL: Okays BRL48.5 Million Loan to Petroquimica Uniao
BANCO NACIONAL: Unit Acquires Ordinary 10.8% Stake in Nutriplant
BRASKEM SA: Debt Servicing Prevents S&P's Investment Rating

DELPHI CORP: Court Approves Denso Corp. Settlement Agreement
DELPHI CORP: Ct. Allows Plan Investors' New EPCA Interpretation
DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW
ENERGIAS DO BRASIL: Will Increase Energy Generation Capacity
* BRAZIL: S&P Says Loss Rates in ABS Deals Show Deterioration


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Proofs of Claim Filing Deadline Is March 21
ANTHRACITE BALANCED: Final Shareholders' Meeting Is on March 21
ANTHRACITE FEEDER: Proofs of Claim Filing Is Until March 21
ANTHRACITE FEEDER: Sets Final Shareholders' Meeting for March 21
CARBON TRADING FUND: Proofs of Claim Filing Is Until March 21

CARBON TRADING MASTER: Proofs of Claim Filing Ends on March 21
TANZANITE FINANCE: Proofs of Claim Filing Deadline Is March 21
TANZANITE FINANCE: Final Shareholders' Meeting Is on March 21
WATER STREET: Sets Final Shareholders' Meeting for March 21


C H I L E

AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31


C O S T A  R I C A

SIRVA INC: Class Action Plaintiffs Want Automatic Stay Lifted
SIRVA INC: Parties Agree to Lift Stay on Preference Action
SIRVA INC: Discloses Info Related to EURO Share Purchase Deal


D O M I N I C A N   R E P U B L I C

AES CORP: Sales in Dominican Republic Boost Firm's Revenue
PRC LLC: Court Fixes May 1 as General Claims Bar Date
PRC LLC: Has Until April 1 to File Disclosure Statement


J A M A I C A

AIR JAMAICA: Int'l Financial Group to Help Airline Find Partner
AIR JAMAICA: Will Increase Daily Flights in April


M E X I C O

ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge
BEARINGPOINT INC: Names David Hunter as Chief Operating Officer
BRISTOW GROUP: Mexican Joint Venture Bags US$160MM in Contracts
CHRYSLER LLC: Mexican Unit Reports 13.6% Increase in Feb. Sales
CONSTELLATION BRANDS: UBS Reaffirms Neutral Rating on Firm

FEDERAL-MOGUL: U.S. Trustee Contests Financial Advisor's Fees
FEDERAL-MOGUL CORP: Earns $1.4 Billion in Fiscal Year 2007
GREAT PANTHER: Board Approves Shareholder Rights Plan
GRUPO POSADAS: Commences Tender Offer for 8-3/4% Senior Notes


P E R U

GRAN TIERRA: Secures Data for Peruvian Blocks 122 & 128


P U E R T O  R I C O

CARIBBEAN RESTAURANTS: S&P Cuts Rtg. to CCC+; Holds Neg. Outlook
DORAL FIN'L: Says Bear Stearns Sale to JPMorgan Has No Impact
MAIDENFORM BRANDS: Earns $34.2 Mil. in Year Ended Dec. 29, 2007
OWENS-ILLINOIS: Board OKs Preferred Stock Redemption on March 31
* PUERTO RICO: S&P Says US Recession Will Affect Revenue Growth


V E N E Z U E L A

INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash
PETROLEOS DE VENEZUELA: Orinoco Output Exceeds Estimates
PETROLEOS DE VENEZUELA: Gov't to Enforce New Tax on Oil Profits


                          - - - - -


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A R G E N T I N A
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ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake
----------------------------------------------------------------
Alitalia S.p.A. has disclosed the binding offer submitted by
Air France-KLM SA, and approved by its Board of Directors.

               Strategic Rational of the Transaction

The new group will benefit from the comprehensive, competitive
and efficient market coverage that will strengthen its position
as the leading global airline group, offering its customers an
unmatched network.

The network design of the three companies rests upon jointly
defined principles and on three main intercontinental hubs
(Amsterdam, Paris and Rome).  It will be based on natural flows
having regards to the respective size of the hubs.

With the new industrial set-up, Alitalia:

     * will continue to play an autonomous role with Air France
       and KLM;

     * will benefit from the global alliance SkyTeam;

     * will provide a wide range of services in the best interest
       of its customers; and

     * will directly manage certain activities currently carried
       out by Alitalia Servizi.

Alitalia's integration with the Air France-KLM Group will
enable:

     * A product offering in line with Italy's economic and
       industrial features consistent with the country's economic
       strength and of its successful exports;

     * A complete offer of services for Italian corporate
       clients;

     * The possibility of access for every Alitalia client to a
       single fare structure for all the groups' airlines;

     * The access to all the clients to the world's most powerful
       frequent-flyer program characterized by a growing number
       of partners; and

     * The improvement on board and ground services.

In terms of integration, Alitalia will pursue the recovery of
its leading positioning in the Italian market and in the
international traffic flows to/from Italy, developing a strategy
of profitable growth.

With the full support of Air France-KLM, Alitalia is expected to
strengthen its position as the Italian flag carrier benefiting
from synergies in the principle areas of its business model
(Sales and Distribution, Network and Revenue Management, FFP,
Fleet and Procurement).

Alitalia's brand and Italian identity are core and valuable
assets of the Company and will be further developed for the
benefits of the new group.

The new industrial set up envisages the re-internalization by
Alitalia of certain activities included in the areas of ground
handling and maintenance (including expertise and technologies)
currently in Alitalia Servizi's perimeter.  These activities are
considered key in the day to day management of the business
operations and in the direct relationships with the clients.

This restructuring is consistent with the goal to significantly
improve the quality of the service which is the base of
Alitalia's re-launch within the new Air France-KLM group.

              Technical Characteristics of the Offer

The agreement following the acceptance of the Offer cannot be
executed immediately as it is subject to certain effectiveness
conditions, which have to be fulfilled by March 31, 2008.

Such agreement, once executed, will entail, subject to certain
additional conditions, the launch of an exchange public offer on
100% of the Alitalia shares and a public cash tender offer on
100% of the 2010 Alitalia convertible bond.

The formal notification (in accordance to article 102 of T.U.F.)
of the decision to launch the offers is therefore subject to the
fulfillment of the aforementioned additional conditions.

As customary when the control of a company receiving such offers
is in the hands of a single subject, the Ministry of Economy and
Finance has been requested to give its commitment to tender its
shares and convertible bonds to the offers before these are
launched, as it would be not useful to proceed with the such
offers knowing already that they would not be successful.

In line with the T.U.F. provisions and in order to comply with
the principles of transparency and non-discrimination that the
MEF has to adhere to, the preemptive commitment of the MEF shall
become void should a better competing public offer be pursued by
the MEF.

There are other relevant effectiveness conditions:

     * finalization of an agreement with trade unions, for
       Alitalia and Alitalia Servizi's employees, as their full
       cooperation is key to the re-launch of the Company;

     * formal written undertaking from the competent Italian
       governmental authority to maintain the current portfolio
       of Alitalia's air traffic rights, continue to address in
       a transparent and non-discriminatory manner any future
       requests from Alitalia for air traffic rights and provide
       cooperation and assistance in the case of any major
       difficulties with non-European countries; such conditions
       should be deemed satisfied by the agreement underwritten
       with ENAC on March 14, 2008;

     * an agreement signed between Alitalia and Aeroporti di Roma
       S.p.A. on the service standards required for the
       implementation of the Industrial Plan 2008-2010;

     * the finalization of an agreement between Alitalia,
       Fintecna and Alitalia Servizi, for what concerns each's
       own interest, to re-internalize in Alitalia certain sector
       of activities and to renegotiate certain clauses of the
       service agreements.  In order to underline the value of
       the re-internalization proposal, the finalization of an
       Unions agreement relative to Alitalia Servizi employees
       represents an effectiveness condition in the interest of
       both parties; and

     * the identification of an applicable solution to definitely
       remove the risk connected to the SEA claim.

In addition, in the context of the finalisation of the
negotiation with Air France-KLM it emerged the need to ensure
the necessary financial flexibility to face the longer expected
timing for the integration and the subsequent capital increase,
and the delay in the disposal of non core assets planned in the
budget.

Consequently, is a further effectiveness condition is envisaged
relies on the MEF's granting to Alitalia a credit line to be
repaid immediately after the capital increase.

After contacts held with the main shareholder, the MEF itself
has expressed its intention to consider the possibility to
promote the necessary steps to grant such credit line only
in case the Binding Offer from Air France-KLM becomes effective
in its entirety even after a positive assessment expressed by
the MEF itself.

Subject to the satisfactory achievement of the all the
effectiveness conditions set out and subject to filing
conditions set out below, Air France-KLM shall formally notify
(in accordance to article 102 of the T.U.F.) the decision to
launch two separate public offers to all the shareholders and
all the bondholders of Alitalia respectively and shall proceed
to file all the required documentation with Consob for:

     * a voluntary exchange offer on all the Alitalia shares with
       a parity of 1 Air France-KLM share for 160 Alitalia
       shares; and

     * a voluntary cash offer on all the Alitalia convertible
       bonds at the market price of March 14, 2008, equal to a
       unit price of EUR0.3145.

The Air France-KLM decision to launch the Offers will become
executable and hence the Offers will only take place only when
all the filing conditions are fulfilled:

     * there shall be no material breach by Alitalia of its
       obligations under the Agreement that is not remedied
       within four weeks of Air France-KLM's having notified
       Alitalia thereof in writing;

     * there shall have been no material adverse change in
       respect of Alitalia;

     * the Italian government taken as a whole shall not have
       taken any formal decision or made any official public
       statement, which is materially against the transaction;

     * the European Commission shall have issued a positive
       decision on the transaction, even if subject to conditions
       deemed reasonably acceptable for Air France-KLM;

     * any applicable waiting period under the U.S. antitrust law
       shall have expired;

     * all the agreements and effectiveness conditions in the
       Agreement shall have been fulfilled;

     * if, with respect to the SEA claim, the solution to
       definitely remove the risk should come from the enactment
       of an appropriate law decree, such law decree shall
       have been converted into law.

The conditions shall remain in force until clearance to publish
the offer documents is received; in case these conditions will
not be duly executed, the Offers can be withdrawn.

After receiving clearance to publish the offer documents the
filing conditions shall become effectiveness conditions to the
Offers.

The Offer documents, both with respect to the Exchange Offer and
Cash Offer, will include customary effectiveness conditions. In
addition, the Exchange Offer and the Cash Offer will include
respectively a minimum acceptance threshold condition of 49.9%
and 62%.  It is noted that such thresholds can be achieved
through the acceptance to the offers by the MEF.

The Cash Offer is conditional to the successful completion of
the Exchange Offer.

The agreement foresees that, following the completion of the
Offers, Alitalia will approve a EUR1 billion rights issue to be
offered for subscription to all shareholders and convertible
bondholders, at a price to be determined closer to the offer
considering the price for the public exchange offer.

Air France-KLM undertakes to exercise all subscription rights of
the Alitalia shares owned by Air France-KLM or any and all
subscription rights not exercised by the other Alitalia
shareholders.

Should the Offers be successful, and as a consequence, Air
France-KLM becomes the owner of a controlling stake in Alitalia,
a series of transactions will be completed to create a structure
adequate to allow Alitalia, also within the Enlarged Group, to
be considered as an Italian airline company and preserve its
traffic rights on extra European routes.

As part of the Agreement, Air France-KLM committed to grant for
a five years period as from the completion date, certain
assurances with the objective to preserve the long term interest
of the Company.

Such Assurances are granted by Air France-KLM in favor of the
Italian State and/or Alitalia.

The obligation of Air France-KLM to comply with certain
Assurances is subject to the fact that the Italian state
maintain the current air traffic rights portfolio, continue to
address in a transparent and non discriminatory manner any
future request from Alitalia for new air traffic rights, provide
cooperation and assistance in the case of any major difficulties
with non-European Union countries, particularly in cases where
air traffic rights of Alitalia could be jeopardized and/or where
commercial access is hindered (it is being provided however that
such condition shall lapse upon the expiration of the initial
period should the controlling structure, be dissolved at that
time).

Certain Assurances regarding the network will also be suspended
in case of a non-adequate development, by Aeroporti di Roma
S.p.A. and the air traffic control, of the required
infrastructures and facilities in Rome Fiumicino.

A Foundation will be in charge of verifying the compliance with
the Assurances.  The Foundation will be managed by a board
comprising three independent directors:

     * one shall be designated by Air France-KLM;

     * one shall be designated by Alitalia (before being
       controlled by Air France-KLM); and

     * one director jointly by the parties.

The directors will render binding advice to Alitalia in order to
ensure the compliance of the Assurances.

The Assurances, granted by Air France- KLM to the Italian State
considering at all times the best interest of the Alitalia and
the Enlarged Group and its shareholders, include:.

     * Corporate Governance

       -- appointment in the Air France-KLM Board of Directors of
          an additional member of Italian nationality, with
          significant business experience, and who shall fulfill
          the independence criteria, to be proposed to the
          nominating committee, after consultation and upon
          indication of the MEF.  Such board member will be
          appointed for a six-year term.  Following the
          expiration of such term of appointment, the Chairman of
          the Board of Director shall do its reasonable
          efforts to propose to the Board's nominating committee
          a member who shall replace the Italian director and who
          shall be Italian with a significant business
          experience, who shall fulfil the independence criteria;

       -- commitment by Air France to a three years lock up
          period from the date of completion of the transaction
          on the directly/indirectly held shares.

     * On the airline Status

       -- Air France agrees that Alitalia shall remain an airline
          company established in and operating from its home base
          in Italy; and

       -- Air France agrees that Alitalia shall retain its air
          operation certificate and its operating licenses and
          shall continue to fulfill the conditions necessary for
          that purpose.

     * Network and Hubs

       -- the Enlarged Group will operate a multi-hub system
          leveraging on the natural flows based on the
          intercontinental hubs of Amsterdam, Paris and Rome with
          a development fair and consistent with the identified
          growth opportunities.

       -- the parties confirm that the infrastructural potential
          for growth at the respective hubs (Schiphol, Fiumicino
          and Charles de Gaulle airports) are fundamental
          requirements to the success of the Enlarged Group.

       -- Air France-KLM will strive to maintain, in an
          harmoniously and financially sound way, and taking into
          account the economic rationale of overall profitability
          of Alitalia and the Enlarged Group:

           * an adequate coverage of the Italian territory and
             appropriate level of service;

           * a long term development of international and
             intercontinental services to/from Fiumicino hub (in
             the first instance to/from North America and South
             America, Far East, Middle East, North Africa and
             Europe);

           * a product offering in Fiumicino in line with Italy's
             economic and industrial features;

           * the business operations at the airports of Malpensa
             and Linate will be reorganized to foster its long-
             term development in an harmonious and financially
             sound way having due considerations to traffic
             demand, economic conditions of the respective routes
             and the business customers request.

             This having regards to the economic rationale and
             targets of overall profitability and financial
             soundness of Alitalia and the EnlargedGroup.

       -- Air France-KLM will evaluate restarting the services to
          India and China (in particular, as a top priority to
          Shanghai) as soon as those operations can be profitable
          for both Alitalia and the Enlarged Group.

     * Safeguarding National Identity and Brands

       -- Air France-KLM recognizes that the Alitalia brands,
          trademark and logo have an established value and
          heritage and is intending to build on it.

          Air France-KLM also recognizes that the Alitalia brand
          benefits from a significant influence and visibility on
          the Italian market and that the Enlarged Group will
          work towards strengthening it;

       -- as in the case of Air France and KLM, Alitalia will
          keep its own brand, livery and logo and will, alongside
          with the products of the Enlarged Group also develop
          its own customer experience giving the Enlarged Group a
          wide and diversified offer.

          It is in the commercial interest of the Enlarged Group
          to give to the brand of each carrier the appropriate
          standing corresponding to the customers' expectations.

       -- Air France-KLM, is ready to consider amending the
          holding company name in order to include the name
          Alitalia at a second stage once it has acquired 100% of
          the share capital.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors resolved unanimously on
March 15, 2008, in favor of Air France-KLM's proposal and
decided to give the mandate to Chairman Maurizio Prato to sign
the acceptance letter.

The offer is subject to a number of effectiveness conditions to
be fulfilled by March 31, 2008.

The Board has carried out its evaluation of the Binding Offer
also in light of the worsened airline sector and macro economic
scenario, as well as considering the critical situation of the
Company and available alternatives.

The Board believes that such proposal offers the appropriate
solution to preserve the Company's assets and to promote its
rapid and stable restructuring and its development in the long-
term, also in light of the benefits coming from the synergies
deriving from the integration with the global leader of the
airline industry.

Consistently with the resolution taken, the Chairman signed the
acceptance letter of the Agreement.

                        Strategic Premises

The scenario and the competitive environment of the air
transport sector are rapidly moving towards forms of integration
and consolidation involving a very limited number of hub
carriers, which enable the achievement of some important
benefits:

     * Higher critical mass, which allows to benefit from
       relevant economies of scale in terms of costs and
       revenues, and decreases the carrier's vulnerability to the
       high cyclicality and volatility that characterize the
       industry;

     * Access to very significant and stable synergies, which
       cannot be achieved through traditional alliances amongst
       airlines.

In this environment, there is an emerging trend in the industry
to leave only niche positioning to traditional carriers, which
although operating efficiently, have a limited size and operate
on a stand-alone basis.

The airline industry is currently facing a cyclical downturn,
worsened by the steep increase in fuel costs during these last
months and by the general deterioration of the macro economic
scenario.

Alitalia is going through a highly critical situation, causing a
progressive erosion of its liquidity position worsened by the
aforementioned economic and industrial scenario.

The Company has confirmed on a number of occasions, including
when it approved the 2008 Budget, the need of a significant
capital increase and to reduce in a sizeable manner
its losses and the erosion of its equity through strategic
actions marked by strong discontinuity with the past.

The Plan for Survival/Transition, approved by the Company in
September 2007, already included such actions of discontinuity
through the new network design, the suspension of flights
recording significantly negative economic results, and the
subsequent downsizing of the fleet.  Key strategic premise to
that plan was the impossibility to pursue a stand alone
positioning of the Company outside an industrial and financial
integration with a strong carrier able to generate synergies.

Following the approval of the Plan, the Company initiated a
process aimed at identifying a partner who would share the need
to favor the restructuring, the re-launch and the development of
the Company.

On Dec. 6, 2007, Air France-KLM presented a non binding offer
for the potential integration with Alitalia.  On Dec. 21, 2007,
the Board of Directors resolved in favur of Air France-KLM's
proposal considering it appropriate to offer to the Company the
adequate solution to preserve the Company's assets and to
promote its rapid and stable restructuring, giving mandate to
the Chairman to start a period of exclusive negotiations.

The Industrial Plan 2008-2010, prepared during the exclusivity
period -- Jan. 18, 2008, to March 14, 2008, ended the and
assumes the execution of a EUR1billion rights issue.

Such Plan is the platform on which to add the synergies deriving
from the integration of the Company with the Air France-KLM
group.

For Air France-KLM the approval of such plan represents an
essential condition for the the integration of Alitalia in the
French-Dutch Group.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
------------------------------------------------------
Alitalia S.p.A.'s Board of Directors has approved a new three-
year industrial plan (2008-2010).  This plan was prepared by
Alitalia starting from the Plan for Survival Transition as a
basis and incorporating the outcomes of the exclusivity
negotiations completed with Air France-KLM SA for the Company's
restructuring and relaunch in the context of the integration
with the Franco-Dutch group.

                            Assumptions

The Industrial Plan 2008-2010, which maintains a close
continuity with the Plan of Survival/Transition approved in
September 2007 and is in line with the 2008 Budget, envisages:

     * an initial restructuring phase -- pursued through a
       shrinking of the fleet, suspend flights with strongly
       negative economic results, an increase in the efficiency
       of the cost structure and a significant recovery in
       productivity; and

     * A re-launch and development phase from 2010, through the
       renewal of the fleet.

The new strategic positioning Alitalia confirms its historical
mission: a carrier which serves Italy, focusing on Italy as
the center of its network, offering better schedules and
connections from all the most important Italian cities to the
rest of the world and vice versa.

The new Alitalia's industrial mission hinges on:

     * choosing Roma Fiumicino as reference hub, pivotal to the
       Italian market and a natural traffic basin, to maximize
       exploitation of Fiumicino's characteristics;

     * focusing on Milan as a key gateway, with point-to-point
       activity from/to international and intercontinental
       destinations;

     * suspending flights with negative economic results and
       increasing connections and frequencies;

     * re-launching Alitalia's brand in Italy and all over the
       world, in line with the new network positioning;

     * focusing product and marketing investments on the most
       important origin/destination markets from and to Italy:
       United States, Canada, Japan, South America and
       Mediterranean basin.

Key Strategic Actions

Hub and Spoke

There will be a single "hub and spoke" network organization,
offering a financially sound portfolio of international and
intercontinental destinations to Italian customers as well as to
customers from foreign countries.  The choice of Rome as
Alitalia's single hub is consistent with the features of point-
to-point traffic to Rome, mainly inbound, which is better and
more efficiently served with a hub and spoke network
organization, on a single airport concentrating strong services
to major medium and short haul destinations.

Milan as Gateway

Milan will be a strong gateway, with services to and from
international cities and selected intercontinental destinations
characterized by consistent traffic flows.

The network strategy for the Milanese airports platform will be
organized to recover Alitalia's market share in Milan through:

     * meeting business travelers needs through morning
       departures and late afternoon return flights to targeted
       domestic and international destinations;

     * additional developments within the SkyTeam alliance;

     * development of low-cost activities of Volare as done by
       Transavia Netherlands from Amsterdam and Rotterdam and
       more recently by Transavia France from Orly; and

Flight Suspensions

The company will Suspend flights with strongly negative economic
results and with no prospects for recovery in the short term
and, in light of the sharp increase of fuel cost, preserve group
profitability by further rationalizing the network compared to
the Plan for Survival/Transition.

It is important to note that the implementation of such network
adjustments will begin from the 2008 summer season and therefore
the network's structure envisaged in the Industrial Plan is
already reflected on the Alitalia's offer as of March 31, 2008.

Such plan does not envisage any additional relevant changes to
the network for 2009 and 2010, maintaining a nearly constant
product offering over the three years.

Therefore it becomes relevant to highlight the key
characteristics of the product on offer during the 2008 summer
season, comparing it with the 2007 summer season:

     * destinations where the Company operated at a loss in Italy
       and in Europe (Zagreb, Sarajevo, etc) and in the rest of
       the world (Dakar, Shanghai, Mumbai and Delhi) have been
       suspended;

     * increase of the number of connections, with a focus on
       Rome, which in terms of weekly frequencies increase from
       1,406 to 1,601;

     * the new Company's network sizing synthetically envisages
       for the domestic market 24 destinations (served by 44
       routes and 1,265 weekly frequencies), for the
       international market 45 destinations (served by 73
       routes and 928 weekly frequencies) and for the
       intercontinental market 14 destinations (served by 17
       routes and 101 weekly frequencies), considering the
       opening from June 1, 2008, of the new destination of Los
       Angeles;

     * Turin, Verona, Cagliari and Brindisi will be connected
       again to Alitalia's intercontinental network;

     * significant improvement of connectivity between Italian
       cities and intercontinental destinations, with transit via
       Fiumicino reducing connection timing;

     * the connectivity also improves for foreign customers who
       want to get to an Italian city, passing through the
       Alitalia hub, thanks to the wide offering of domestic
       connections throughout the day for each destination (for
       example: flights to Genoa increase from 3 to 6, to Catania
       from 3 to 11, to Venice from 3 to 8, etc.).

Until 2010, as a result of the network redesign, the Industrial
Plan 2008-2010 considers a decrease in activity and passengers,
with a strong increase in the load factor (increase of 1.5
percentage points without considering Volare).

In summary, the overall passenger capacity reduction in 2010 as
compared to 2007 in terms of Average Seats Kilometres offered,
excluding Volare, will be around 10% with a 1% reduction in the
domestic network, 19% in the international network and 6% in the
intercontinental one.

The rationalization of the passenger network will lead to an
increased in yield stemming from the targeted cuts on the worse
performing routes and from a renewed revenue management strategy
able to improve the traffic mix (total increase of average
revenues in passenger business in 2010 for around 9%).

Once the results of the new network structure are consolidated
in 2009 and 2010, the Industrial Plan 2008-2010 envisages a
return to activity growth and to development starting from 2011.

The fleet plan foresees as a consequence a decrease in the short
term, with fewer MD80 and regional aircraft, with growth from
2011 with the entrance of new generation aircrafts.

In 2010 the passenger fleet, excluding Volare, will consist of
137 aircrafts, of which 20 are long haul aircrafts, 101
medium/short haul and 16 regional (of which 4 of the new
generation).

Starting from 2011, the Company will start expanding with the
addition of new generation aircrafts and the complete phase out
of the B767 fleet by 2016 and of the MD80 fleet by 2020.

The 2008-2010 Industrial Plan envisages total investments in the
three years of around EUR850 million mainly related to the
renewal of the fleet and to marketing initiatives aimed to the
product re-launch.

Revenue Improvement

Alitalia will Implement specific commercial actions aimed at
improving revenue and distribution cost performance through:

     * strengthening Alitalia's leadership on the Italian
       domestic market with an improved focus on high value
       customers and an easier access to product;

     * increasing direct sales through a more effective web
       proposition to customers;

     * GDS (Global Distribution System) cost reduction;

     * Leveraging direct marketing strategies.

Service Quality Improvement

Alitalia will implement specific actions to improve the quality
of service to the client, both on the ground and in the air,
through:

     * the renewal of the Fiumicino-Linate shuttle brand, with
       dedicated services at the airports and new services on
       board;

     * the improvement of services for higher value customers
       (check-in, transit desk, fast track at airport security,
       etc.);

     * the improvement of VIP airport lounges with a new design
       and improvement of services (catering, magazine, free
       WI-FI, etc.);

     * the launch of a new policy for punctuality recovery,
       decrease cancellations and baggage handling;

     * the Airbus fleet cabin reconfiguration, with new high
       comfort solutions;

     * the long-haul aircraft cabin reconfiguration with the
       introduction of the Lie-Flat seats in the Magnifica class;

     * the aircraft cabin style refurbishment (colors and
       materials) with a continuous focus on cabin maintenance
       and cleaning;

     * the in flight entertainment improvements in line with the
       Air France-KLM standards;

     * the launch of new catering concept for the Business Class
       and the Magnifica class leveraging on Italian style and
       heritage;

     * the overall brand re-launch, also through new image and
       communication guidelines.

Streamline Cost Structure

The company will implement specific actions to streamline cost
structure.

Concerning labor cost the plan identifies an efficient sizing of
labor force with an overall personnel reduction of around
1,600 units in line with the Plan of Survival/Transition in 2010
compared to 2007.  Redundancies will be managed via normal staff
turnover, incentives for voluntary leaves, utilization of social
tools.

Reduction of costs related to services provided by Alitalia
Servizi, thanks to the revision of service tariffs to market
levels.

In short, the increase in the total cost structure efficiency
generates a decrease in the passenger area unit costs which,
without considering the fuel cost evolution, is in the order of
2% despite the activities reduction versus 2007 earlier
described.

Cargo Business

The Cargo business continues to show extremely critical economic
performances due to a series of reasons:

     * excess capacity due to constant increase in gap between
       offer and demand;

     * consequent yield reduction;

     * rising fuel cost;

     * unfavorable exchange rates evolution (Euro/dollar); and

     * MD11 operating features which combines a high level of
       fuel consumption with constraints on transportable load,
       especially on long-haul routes over nine hours.

The Industrial Plan 2008-2010 assumes that the cargo bellies
activity will continue its normal operations, whereas in 2008
and 2009, the activity of the all-cargo fleet will focus on
those routes with higher operating margins, towards the Far East
and North America, to decrease progressively until closure in
2010.

Expected results from the 2008-2010 Business Plan The Industrial
Plan prepared by Alitalia and Air France-KLM does not include
the synergies generated from the integration.  The plan is, in
fact, developed on a stand alone basis and envisages an
important economic turn around, which will enable the Company
to achieve a positive operating result in 2010.

The synergies arising from the integration with the Air France-
KLM Group will allow the Company to improve the Plan operating
result and, in the medium-long term, to achieve EBITDAR and EBIT
margins in line with those of the main European carriers.

In particular, thanks to the industrial agreement with Air
France-KLM, Alitalia will be able to obtain significant economic
benefits which, as already experienced in the past in other
similar integrations, will involve many business areas, like:
revenue management, network, sales, distribution, purchases, IT,
fleet, etc.

The path aimed at achieving these results requires a capital
increase without which the goals set out in the Industrial Plan
2008-2010 would surely not be achievable.

Thus, the capital increase of EUR1 billion, fully guaranteed by
Air France-KLM, is an essential element for the successful
implementation of the new plan.  The resources given by Air
France-KLM will allow Alitalia to re-balance its financial
structure, as well as providing the Company with the necessary
resources to face an important investment plan.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


BUENOS AIRES BUREAU: Trustee to Verify Claims Until May 21
----------------------------------------------------------
Alberto Eduardo Scravaglieri, the court-appointed trustee for
Buenos Aires Bureau Relevamientos SA's reorganization
proceeding, will be verifying creditors' proofs of claim until
May 21, 2008.

Mr. Scravaglieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Buenos Aires Bureau 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 Buenos Aires Bureau's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 18, 2009.

The debtor can be reached at:

         Buenos Aires Bureau Relevamientos SA
         Blanco Encalada 5533
         Buenos Aires, Argentina

The trustee can be reached at:

         Alberto Eduardo Scravaglieri
         Avenida Presidente Roque Saenz Pena 651
         Buenos Aires, Argentina


CIAFER SA: Proofs of Claim Verification Deadline Is May 22
----------------------------------------------------------
N. Pszemiarower, the court-appointed trustee for Ciafer SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 22, 2008.

N. Pszemiarower will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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 Ciafer 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 Ciafer's accounting
and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

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

The debtor can be reached at:

           Ciafer SA
           Manuela Pedraza 4701
           Buenos Aires, Argentina

The trustee can be reached at:

           N. Pszemiarower
           Corrientes 1257
           Buenos Aires, Argentina


GREY ARMOR: Proofs of Claim Verification Deadline Is May 5
----------------------------------------------------------
H. Martinez, the court-appointed trustee for Grey Armor SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until May 5, 2008.

H. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 Grey Armor 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 Grey Armor's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

H. Martinez is also in charge of administering Grey Armor's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

           Grey Armor SA
           Carlos Calvo 329
           Buenos Aires, Argentina

The trustee can be reached at:

           H. Martinez
           Avenida Independencia 2251
           Buenos Aires, Argentina


JURYS SRL: Court Appoints Luis Moisin as Company Trustee
--------------------------------------------------------
The National Commercial Court of First Instance in Buenos Aires
has appointed Luis Moisin as trustee for Jurys S.R.L.'s
bankruptcy proceeding.

Mr. Moisin will verify creditors' proofs of claim and present
the validated claims in court as individual reports.  The court
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Jurys and its creditors.

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

Mr. Moisin will also submit a general report containing an audit
of Jurys' accounting and banking records in court.

Mr. Moisin will also be in charge of administering Jurys' assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Jurys SRL
          Uruguay 695
          Buenos Aires, Argentina

The trustee can be reached at:

          Luis Moisin
          Avenida Corrientes 4560
          Buenos Aires, Argentina


LANCI IMPRESORES: Trustee to Verify Proofs of Claim Until May 13
----------------------------------------------------------------
Estudio Ramil, Macias, Bisignano y Cacace -- the court-appointed
trustee for Lanci Impresores SRL's reorganization proceeding --
will be verifying creditors' proofs of claim until May 13, 2008.

Estudio Ramil 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. 9, 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 Lanci Impresores 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 Lanci Impresores'
accounting and banking records will be submitted in court.

La Nacion didn't state the submission deadlines for the reports.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 19, 2009.

The debtor can be reached at:

         Lanci Impresores SRL
         Mom 2802
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Ramil, Macias, Bisignano y Cacace
         Lavalle 1619
         Buenos Aires, Argentina


METROGAS SA: Posts ARS6,706,000 Net Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
MetroGas SA submitted to the U.S. Securities and Exchange
Commission its consolidated financial statements for the three-
month period and year ended Dec. 31, 2007.

For the fourth quarter ended Dec. 31, 2007, the company posted a
net loss of ARS6,706,000 on net revenues of ARS210,268,000
compared to a net loss of ARS8,202,000 on net revenues of
ARS194,982,000 for the same period in 2006.

For the full year of 2007, the company earned ARS15,787,000 on
net revenues of ARS955,853,000 compared to net income of
ARS292,553,000 on net revenues of ARS873,893,000 in 2006.

At Dec. 31, the company's balance sheet showed ARS2,006,981,000
of total assets and ARS1,016,685,000 of total liabilities, minor
interests of ARS804,000, resulting in a shareholders' equity of
ARS989,492,000.

Headquartered in Buenos Aires, Argentina, Metrogas SA
-- http://www.metrogas.com.ar/-- distributes gas to Buenos
Aires and southern and eastern greater metropolitan Buenos
Aires.  The Company has a 35-year concession that began in 1992
to provide natural gas in this area.  The concession is
renewable for an additional 10 years.

Metrogas supplies some 2 million customers in Buenos Aires
through 15,840 km of pipelines, representing about 26% of all
gas retailed in Argentina.   Metrogas is 45% owned by a
subsidiary of UK gas production company BG Group and 26% owned
by a unit of Spanish oil company Repsol YPF.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2007, Moody's Investors Service upgraded Metrogas S.A.
debt ratings to Caa1 from Caa2 and the national scale rating to
Ba1.ar from B1.ar.  Moody's said the outlook is stable.


SERVYCOB SA: Files for Reorganization in Buenos Aires Court
-----------------------------------------------------------
Servycob SA has requested for reorganization approval after
failing to pay its liabilities since May 3, 2007.

The reorganization petition, once approved by the court, will
allow Servycob 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. 3 in Buenos Aires.  Clerk No. 5 assists the court
in this case.

The debtor can be reached at:

            Servycob SA
            San Martin 50
            Buenos Aires, Argentina


* ARGENTINA: S&P Says Provinces Have Low Financial Flexibility
--------------------------------------------------------------
Standard & Poor's Ratings Services has issued two articles
commenting on the fiscal and financial performances of the
Republic of Argentina's provincial governments and the prospects
for new provincial international issuance.

The first article, "Do You Remember The Argentine Provinces? The
Prospects For Future Provincial International Issuance," focuses
on how the institutional relationship between Argentina's
central government and its provinces changed after the 2001
crisis and how that is shaping the current deterioration in
fiscal balances.

"However, we expect the provincial consolidated deficit to
remain low and have no material implications for Argentina's
sovereign credit story," said S&P's credit analyst Sebastian
Briozzo.  "We also evaluate the
potential for the Argentine provinces to increase their
participation in international capital markets.  Standard &
Poor's expects the Argentine provinces to raise up to US$1
billion in the international capital markets in 2008, as long as
markets stabilize," Mr. Briozzo added.

The second article, entitled "Managing Provincial Risk In
Argentina: A Fiscal Flexibility Index For Argentine Provinces,"
introduces S&P's recently launched fiscal flexibility index
methodology on provinces in Argentina.  According to S&P's
credit analyst Ricardo Cavilliotti, the Argentine provinces show
a low consolidated level of financial flexibility when compared
to other countries worldwide.

"Argentine provinces have low financial flexibility due to a
combination of low own-generated revenue and a rigid expenditure
structure," explained Mr. Cavilliotti.  "However there is
considerable disparity among the Argentine provinces, with some
still achieving high levels of fiscal flexibility." Mr.
Cavilliotti concluded.



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


GLOBAL ENVIRONMENTAL: Gets RMB70MM Funding From Chinese Bank
------------------------------------------------------------
Global Environmental Energy Corp. has received a commitment from
the Agricultural Bank of China to join the financing consortium
funding the expansion of Shaoxing (Biosphere) Company Limited.

Shaoxing (Biosphere) Co. already has a US$600,000,000 funding
commitment from the US Fund Conversion Consultants LLC.  The
initial RMB70 million commitment from the Agricultural Bank of
China, is the first substantial financial endorsement for the
Shaoxing project from a mainland Chinese Bank.

GEECF recently restructured its Chinese businesses to
consolidate its revenue interest, acquiring 97.12% of the
Shaoxing business which will see the deployment of 72 six
megawatt per hour Biosphere Power Stations, with a complete
capital investment of US$1,440,000,000 and an expected EBIDTA of
US$1,061,961,993 per annum.  This revenue is derived from
tipping fees, electricity sales and the sale of Carbon Credits.

Shaoxing has been permitted by the State Environmental
Protection Administration of China to build and operate its
Biosphere Power Stations consuming municipal solid waste and
generating saleable electricity anywhere in China.  Biosphere
Process Systems also consume coal mine wastes as a Clean Coal
Technology generating electricity and tradable Carbon Credits.

Headquartered in Nassau, Bahamas, Global Environmental Energy
Corp. (Deutsche Borse: GLI; OTC Bulletin Board: GEECF) --
http://www.geecf.ru-- is engaged in traditional oil and gas
exploration and production, alternative energy sources,
environmental infrastructure and  electrical micro-power
generation through its subsidiaries, Sahara Petroleum
Exploration Corp. and Biosphere Development Corp.

                           *      *       *

As of May 31, 2007, Global Environmental Energy Corp. reported a
total stockholders' deficit of US$71,549,591 compared to
US$55,609,865 total stockholders' deficit on May 31, 2006.


ULTRAPETROL (BAHAMAS): Okays US$50 Mil. Share Repurchase Program
----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited's Board of Directors has approved
a share repurchase program, effective March 17, 2008, for up to
a total of US$50 million of the Company's common stock through
Sept. 30, 2008.  The expiration date and/or amount of the share
repurchase program will be extended or amended at the discretion
of the board of directors.  Share repurchases will be made from
time to time for cash in open market transactions at prevailing
market prices or in privately negotiated transactions.

Felipe Menendez, Ultrapetrol's President and Chief Executive
Officer, said, "This repurchase authorization reflects our high
level of confidence in the markets in which we operate, in the
future of Ultrapetrol and also demonstrates our continuing
commitment to pursuing opportunities to create shareholder
value."

The timing and amount of purchases under the program will be
determined by management based upon market conditions and other
factors.  Purchases may be made pursuant to a program adopted
under Rule 10b5-1 under the Securities Exchange Act.  The
program does not require the company to purchase any specific
number or amount of shares and may be suspended or reinstated or
amended at any time in the company's discretion and without
notice.  Under appropriate securities laws, officers, directors
and controlling shareholders of the company may currently be
buying shares.

Bahamas-based shipping company Ultrapetrol (Nasdaq: ULTR) -
http://www.ultrapetrol.net/-- is an industrial transportation
company serving the marine transportation needs of its clients
in the markets on which it focuses.  It serves the shipping
markets for grain, forest products, minerals, crude oil,
petroleum and refined petroleum products, as well as the
offshore oil platform supply market and the leisure passenger
cruise market, with its extensive and diverse fleet of vessels.
These include river barges and pushboats, platform supply
vessels, tankers, oil-bulk-ore vessels and passenger ships.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Standard & Poor's Ratings Services revised the
outlook on Ultrapetrol (Bahamas) Ltd. to positive from stable.
The 'B' long-term corporate credit rating was affirmed.



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


ARCH CAPITAL: Forms Joint Venture With Gulf Investment Corp.
------------------------------------------------------------
Arch Capital Group Ltd. and Gulf Investment Corporation have
entered into a joint venture agreement to establish Gulf Re, a
new specialist reinsurer to be based in the Dubai International
Financial Centre.

Arch Capital and GIC will subscribe to a total of US$400 million
of capital.  The initial paid up capital of Gulf Re will consist
of US$200 million, with an additional US$200 million to be
funded depending on the business needs of the company.  Gulf Re
will be owned by Arch Capital and GIC equally.

Gulf Re will initially target high-value oil and gas,
industrial, utility and transportation assets primarily in the
six member states of the Gulf Cooperation Council which include
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.  The
company will write a broad range of property and casualty lines
of reinsurance, including aviation, energy, commercial
transportation, marine, engineered risks and property, on both a
treaty and facultative basis.

Gulf Re underwriting activities are expected to commence during
the first half of 2008, subject to receipt of the necessary
regulatory approvals from the Dubai Financial Services
Authority.

"The GCC is home to a large and fast growing, state-of-the-art
tangible asset base, built and operated to the highest
standards," said Dinos Iordanou, the Arch Capital Group
President and CEO.  "The joint venture will allow Arch to expand
its platform in a region where there is a strong need for local
reinsurance capacity and specialist expertise for these assets.
Arch has extensive experience in the lines of business that will
be focused on by Gulf Re," he added. "By partnering with GIC, a
successful and highly regarded sponsor in the GCC, Gulf Re will
be well-positioned for opportunities in the marketplace.  Gulf
Re will also benefit from an outstanding management team,"
said Mr. Iordanou.

"Gulf Re will meet the need for a Gulf based reinsurer with
significant financial resources and specialist expertise," said
Hisham Al-Razzuqi, the GIC CEO.  "The company will add depth to
the GCC insurance sector and support the growth of GCC insurers.
Gulf Re will benefit from the technical expertise and support of
Arch Capital, widely recognized for the quality of its
management.  The resources of both joint venture partners will
provide strong support to Gulf Re as it builds its reinsurance
business," he added.  "This is a strategic long term investment
for GIC, in line with our mission to develop financial services
in the GCC," Mr. Al-Razzuqi said.

Gulf Re will be led by Gail Norstrom, who has over 36 years of
insurance industry experience.  Mr. Norstrom was previously a
Managing Director of Aon Risk Services Property Practice Group.
Prior to joining Aon, he served Industrial Risk Insurers in
various senior executive capacities, including President and
CEO.  Gulf Re core management team includes four additional
senior executives with many years of experience in Europe and
the United States with leading European and U.S. insurance
firms.

                             About GIC

GIC is a pre-eminent financial institution established in
November 1983 and equally owned by the six member states of the
GCC.  Its mission is to promote private enterprise and help
develop capital markets in the GCC.  GIC is registered in Kuwait
and regulated by the Central Bank of Kuwait, with the legal
status of a Gulf Shareholding Company.  Its main activities
include investment management, financial advisory and principal
investments.  GIC has substantial investments in power and water
desalination, petrochemicals, steel, telecoms, financial
services and other industries.  GIC had shareholders' funds
of about US$2 billion as at end 2007.

                       About Arch Capital

Headquartered in Bermuda, Arch Capital Group Ltd. (NASDAQ: ACGL)
-- http://www.archcapgroup.bm-- is a public limited liability
company, which provides insurance and reinsurance on a worldwide
basis through operations in Bermuda, the United States, Europe
and Canada.  It provides a range of property and casualty
insurance and reinsurance lines, and focus on writing specialty
lines of insurance and reinsurance.  Arch Capital classifies its
business into two underwriting segments: reinsurance and
insurance.  The company's reinsurance operations are conducted
on a worldwide basis through its reinsurance subsidiaries, Arch
Reinsurance Ltd. and Arch Reinsurance Company.  The company's
insurance operations in Bermuda are conducted through Arch
Insurance (Bermuda), a division of Arch Re Bermuda, which has an
office in Hamilton, Bermuda.

                           *     *     *

In December 2006, A.M. Best assigned these ratings on to Arch
Capital's debts:

    -- "bb+" from "bb" on US$200 million 8% non-cumulative
       Series A preferred shares; and

    -- "bb+" from "bb" on US$125 million 7.875% non-cumulative
       Series B preferred shares.


ASPEN INSURANCE: Promotes Julian Cusack to COO Role
---------------------------------------------------
Aspen Insurance Holdings Limited has promoted Julian Cusack to
the role of Chief Operating Officer of the company.

Mr. Cusack's new role will include responsibility for Aspen's
Actuarial, Risk Management, Compliance and Legal departments.
He will also continue as Chairman and Chief Executive Officer of
Aspen Insurance Limited, roles he has held since November 2006
and June 2002 respectively.  In addition, Mr. Cusack will
continue to chair Aspen's Reserving Committee and maintain
responsibility for certain special projects.

The company also disclosed that Richard Houghton, Chief
Financial Officer, will assume additional responsibilities for
operational oversight of Aspen's Human Resources, Information
Technology and Insurance/Reinsurance Claims departments.

Mr. Cusack and Mr. Houghton will continue to report to Chris
O'Kane, Chief Executive Officer.

The promotion of Mr. Cusack and the expansion of Mr. Houghton's
role follow the decision by Stuart Sinclair, President and Chief
Operating Office of Aspen, to resign effective as of April 17,
2008 in order to pursue other business and personal
opportunities.

Chris O'Kane, Chief Executive of Aspen, commented: "I would like
to congratulate Julian on his appointment as Chief Operating
Officer.  He has been an instrumental figure in Aspen's
development since the Company's inception and we are delighted
to be able to further access his business acumen.  I am also
pleased to expand Richard Houghton's role to take on additional
operational responsibilities – all in disciplines where he has
significant prior experience."

"Stuart has been highly effective in his role as an agent of
change at Aspen.  He has put in place the necessary
infrastructure to support our expansion in Europe and
reorganisation in the United States with great success and I
wish him all the very best in his future endeavours."

Glyn Jones, Chairman of Aspen, added: "Both Julian Cusack and
Richard Houghton are highly capable individuals and the
evolution of their responsibilities at Aspen is testament to the
depth of our senior management team.  I too would like to wish
Stuart well and thank him for his contribution to Aspen."

               About Aspen Insurance Holdings Ltd.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides
reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries
and offices in Bermuda, France, Ireland, the United States, the
United Kingdom, and Switzerland.

                           *     *     *

Aspen Insurance Holdings Limited still carries Moody's Investors
Services 'Ba1' Preferred Stock rating with a stable outlook
assigned on Dec. 21, 2005.


CAPE OPPORTUNITIES: Proofs of Claim Filing Is Until May 30
----------------------------------------------------------
Cape Opportunities Fund Limited's creditors have until May 30,
2008, to prove their claims to Edward Allanby, 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.

Cape Opportunities' shareholder decided on March 5, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Edward Allanby
          Wessex house
          45 Reid Street, 2nd floor
          Hamilton HM11, Bermuda


SECURITY CAPITAL: Moody's Cuts Provisional Debt Rating to (P)Ba1
----------------------------------------------------------------
Moody's Investors Service has downgraded the debt ratings of
Security Capital Assurance Ltd.'s provisional senior debt to
(P)Ba1 from (P)Baa3, provisional subordinated debt to (P)Ba2
from (P)Ba1 and preference shares to B3 from Ba2) and a related
financing trust, with the ratings remaining on review for
further possible downgrade.  The rating action was prompted by
the company's announcement that it has elected not to declare
the semi-annual dividend  payment on its Series A perpetual non-
cumulative preference shares.  The insurance financial strength
ratings of Security Capital's operating subsidiaries, XL Capital
Assurance Inc., XL Capital Assurance (U.K.) Limited and XL
Financial Assurance Ltd. remain at A3 on review for possible
downgrade.

In its fourth quarter 2007 earnings release, Security Capital
reported a US$1.2 billion net loss for the quarter, with net
case loss reserve provisions of approximately US$700 million,
which were primarily related to impairment charges on ABS CDO
credit derivatives (US$652 million net), and to a lesser extent,
HELOC and closed-end second lien direct RMBS transactions (US$37
million net).  Moody's stated that the magnitude of credit
impairments and loss reserve activity announced by the company
falls within the range of losses previously considered by
Moody's in its rating action of Feb. 7, 2008, when the insurance
financial strength rating was downgraded to A3 from Aaa.

Security Capital has also announced some details related to its
strategic direction.  First, the company stated that it expects
that its independent auditor's opinion will not contain a going
concern explanatory paragraph in its audited 2007 financial
statements.  The company also announced that it will cease
writing new business to improve its capital position through
portfolio amortization.  Finally, Security Capital's board of
directors also elected not to declare a quarterly dividend on
the company's common shares or the semi-annual dividend on its
Series A perpetual non-cumulative preference shares.  On an
annual basis, the omission of these dividends would conserve
approximately US$22 million.

According to Moody's, the downgrade of Security Capital's Series
A preference shares to B3 from Ba2 reflects increased expected
losses on the security due to the omission of the dividend,
which is non-cumulative, and the potential for future dividends
to be omitted over the near to intermediate term.  Moody's also
downgraded Twin Reefs Pass-Through Trust to Ba1 from Baa2, which
reflects the increased possibility that dividends on this
security may also be omitted in the future.  Following XL
Financial Assurance Ltd.'s decision to exercise its put option
with Twin Reefs in February 2008, the assets held by this
financing trust now consist solely of its Series B preference
shares, which are non-cumulative, except under certain
circumstances.  To the extent XL Financial Assurance Ltd.
elected not to declare dividends on its Series B preferred
shares, the company would be unable to upstream dividends to the
holding company without the declaration and payment of dividends
to which its Series B preference shares are entitled.  While
such an action would preserve additional capital at XL Financial
Assurance Ltd. for the benefit of policyholders, the potential
disruption of dividends to the holding company, even if on a
voluntary basis, has negative implications for holding company
creditors, and influenced Moody's decision to downgrade by one
notch the provisional ratings on senior and subordinated debt,
to (P)Ba1 and (P)Ba2, respectively.  Moody's notes that there
is no senior or subordinated debt currently outstanding at the
holding company.

Finally, Moody's noted that Security Capital issued termination
notices on seven credit default swap contracts related to ABS
CDOs with one of its counterparties due to the alleged
repudiation of certain contractual obligations under the swap
agreements by such counterparty.  The counterparty disputes the
effectiveness of the terminations.  Credit impairments taken in
the fourth quarter related to these seven transactions totaled
approximately US$427 million, or 65% of the ABS CDO related
impairment charges taken during the fourth quarter of 2007.
While the ultimate outcome of this dispute remains uncertain, a
resolution favorable to the company could have positive
implications for its capital adequacy position.

Moody's stated that the continuing ratings review will focus on
additional details related to the company's capital plans and
future strategic direction.

Rating Actions:

These ratings remain on review for possible downgrade:

   -- XL Capital Assurance Inc.: insurance financial strength at
      A3;

   -- XL Capital Assurance (U.K.) Limited: insurance financial
      strength at A3; and

   -- XL Financial Assurance Ltd: insurance financial strength at
      A3.

These ratings have been downgraded, with the ratings remaining
on review for further possible downgrade:

Security Capital Assurance Ltd:

   -- Provisional rating on senior debt to (P)Ba1 from (P)Baa3,
      provisional rating on subordinated debt to (P)Ba2 from
      (P)Ba1 and preference shares to B3 from Ba2; and

Twin Reefs Pass-Through Trust:

   -- Contingent capital securities to Ba1 from Baa2.

The last rating action on Security Capital and its operating
subsidiaries occurred on March 4, 2008, when Moody's placed the
company's ratings on review for possible downgrade.

For the year ended Dec. 31, 2007, Security Capital reported a
net loss available to common shareholders of US$1.2 billion.  As
of Dec. 31, 2007, SCA had shareholders' equity of US$427
million.

Security Capital Assurance Ltd. (NYSE: SCA) --
http://www.scafg.com-- is a Bermuda-domiciled holding company
whose primary operating subsidiaries, XL Capital Assurance Inc.
and XL Financial Assurance Ltd, provide credit enhancement and
protection products to the public finance and structured finance
markets throughout the United States and internationally.



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


VISTA GOLD: Posts US$14.2MM Net Loss in Year Ended Dec. 31, 2007
----------------------------------------------------------------
Vista Gold Corp. reported its financial results for the year
ended Dec. 31, 2007, as filed on March 17, 2008, with the United
States Securities and Exchange Commission and the Canadian
Securities Commission in Vista Gold's Annual Report on Form
10-K.  For the year ended Dec. 31, 2007, the company reported a
consolidated net loss of US$14.2 million compared to the 2006
consolidated net loss of US$4.2 million.  The increase of US$10
million in the net loss for 2007 is primarily the result of an
increase in the loss from discontinued operations of US$4.1
million, costs of US$2.9 million related to the completion of
the Arrangement, an increase in corporate administration and
investor relations costs of US$2.7 million and an increase in
exploration, property evaluation and holding costs of US$0.3
million.

The losses from discontinued operations of US$6.3 million in
2007 and US$2.3 million in 2006 are primarily the result of two
factors.  The first contributing factor relates to the
completion of the Arrangement on May 10, 2007 involving the
corporation, Allied Nevada Gold Corp. and Carl and Janet Pescio,
which resulted in, among other things, the transfer of the
corporation's Nevada properties and cash to Allied Nevada and
the acquisition by Allied Nevada of the Nevada mineral assets of
Carl and Janet Pescio.  As a result of the completion of the
Arrangement, the losses associated with the corporation's Nevada
properties are now reflected as losses from discontinued
operations. These losses amounted to US$0.4 million and US$2.1
million for the respective periods.  The financial effects of
the Arrangement are also reflected in the changes of working
capital and total assets, as discussed below.  The second
contributing factor, resulting in a loss from discontinued
operations of US$5.9 million in 2007, was the determination
that, as of Dec. 31, 2007, the Amayapampa project was held for
sale. Upon making this determination, the corporation assessed
the fair market value of the Amayapampa project using risk
adjusted economic models incorporating the terms of an arm's-
length proposal to purchase the project currently under
consideration by the corporation.  The economic models employed
indicated a fair market value for the Amayapampa project of
US$4.8 million as compared to the carrying value of US$10.3
million which necessitated a write-down of US$5.5 million.  The
Amayapampa project incurred losses of US$0.4 million during 2007
which have been included in losses from discontinued operations.

The corporation received net cash from financing activities of
US$4.3 million in 2007 compared to US$54.3 million in 2006. The
US$4.3 million in 2007 consisted primarily of net proceeds of
US$3.6 million from exercise of warrants and US$0.7 million from
the exercise of options.

Net cash used in investing activities in 2007 was US$31.3
million compared to US$3.7 million in 2006.  The increase of
US$27.6 million mostly reflects US$24.5 million cash transferred
to Allied Nevada in connection with the Arrangement Agreement
representing Vista Gold's payment of US$25 million less US$0.5
million in loans repaid to the company by Allied Nevada pursuant
to the terms of the Arrangement Agreement.  Other variances
include an increase in additions to mineral properties of US$4.2
million which is mostly due to a drilling program the
corporation undertook at the Mt. Todd project during 2007 and a
decrease in expenditures related to acquisitions of gold
properties of US$1.3 million since the corporation had no
property acquisitions in 2007.

At Dec. 31, 2007, the corporation's total assets were
US$51.3 million compared to US$92.7 million at Dec. 31, 2006,
representing a decrease of US$41.4 million.  Of this decrease,
US$9.9 million was attributed to the mineral properties
transferred to Allied Nevada; and US$5.4 million was attributed
to the restricted account balance transferred to Allied Nevada;
the remaining decrease was primarily made up of the reduction in
working capital mostly reflecting payment made to Allied Nevada
in connection with the Arrangement.

Vista Gold's financial position included current assets at
Dec. 31, 2007, of US$27.9 million compared to US$50.4 million at
Dec. 31, 2006.  Long-term liabilities totaled US$30,000 at
Dec. 31, 2007, compared to US$4.9 million at Dec. 31, 2006.  At
Dec. 31, 2007, the corporation had working capital of US$27.3
million, compared to US$49.7 million in 2006.  The company's
working capital of US$27.3 million as of Dec. 31, 2007,
decreased from that at Dec. 31, 2006 by US$22.4 million.  The
principal component of working capital for both 2007 and 2006 is
cash and cash equivalents of US$16.6 million and US$48.7
million, respectively.  Other components include marketable
securities (2007-US$10.9 million; 2006-US$0.8 million), accounts
receivable (2007-US$0.1 million; 2006-US$0.6 million) and other
liquid assets (2007-US$0.3 million; 2006-US$0.3 million).  The
decrease of US$22.4 million in working capital from 2007 to 2006
relates to the payment to Allied Nevada of US$25 million less
the receivable of US$0.5 million pursuant to the Arrangement
Agreement.  At Dec. 31, 2007, the company held marketable
securities available for sale with a quoted market value of
US$10.9 million.  Included in these marketable securities were
1,529,848 shares of Allied Nevada at a quoted market value of
US$9.5 million.  The corporation continues to hold these shares
of Allied Nevada, which it retained as part of the closing of
the Arrangement to facilitate payment of any taxes payable by
the corporation as a result of the Arrangement.  At Dec. 31,
2007, the company held no debt with banks or institutions.

Subsequent to year-end, Vista Gold completed a private placement
in which it issued US$30 million in aggregate principal amount
of senior secured convertible notes.

Executive Chairperson and Chief Executive Officer, Mike
Richings, commented on the 2007 financials:  "In comparing
this year's financial results with those for previous years,
shareholders should consider two important events which occurred
during the year that impacted our financial results, but which
we believe have long-term positive implications for our
shareholders.  First, there was the completion of the
Arrangement that resulted in the formation of Allied Nevada, a
new Nevada pure gold company, which was done largely with
contributions of the company's Nevada mineral properties and
cash, and resulted in the distribution to our shareholders of
approximately 0.794 Allied Nevada share for each share of the
corporation shares held. Second, our decision made during the
year to advance our key projects to the point where production
decisions can be made has resulted in increased expenditures.
As a result, we have significantly increased our estimate of
measured and indicated resources at Mt. Todd (on Feb. 27, 2008),
and we added a number of new members to our management team and
purchased key items of mill equipment in furtherance of our goal
to place the Paredones Amarillos project into production by the
end of 2009.  Also, as part of this decision to advance our key
projects to production decisions, we decided we would like to
sell or joint venture the Amayapampa project in Bolivia and
negotiations to do this are proceeding.  As previously
announced, we are seeking a partner or buyer for the Amayapampa
project with the financial and personnel resources to manage and
develop the project and commence commercial gold production in
the shortest time possible.  We feel that it is not appropriate
for management to be distracted by developing what is expected
to be a smaller project in Bolivia when we have larger projects
located in very favorable regions.  When we estimated the
Amayapampa project value, and incorporated appropriate risks, we
felt it was appropriate to reduce the carrying value; however,
if the project is successfully developed at current or higher
gold prices, we anticipate retaining an interest in the project
that will enable us to receive acceptable returns.  I believe we
are now well positioned to become a mid-tier producer over the
next few years and, we expect to generate attractive returns for
our shareholders."

The annual general meeting of the company's shareholders has
been scheduled for May 5, 2008, at 10:00 a.m., Vancouver time,
at the offices of Borden Ladner Gervais LLP, located at Suite
1200, 200 Burrard Street, Vancouver, British Columbia, Canada.

                       About Vista Gold Corp.

Vista Gold Corp. (Amex: VGZ; TSX), based in Littleton, Colorado,
evaluates and acquires gold projects with defined gold
resources.  Additional exploration and technical studies are
undertaken to maximize the value of the projects for eventual
development.  The corporation's holdings include the Maverick
Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects
and Hycroft mine, all in Nevada, the Long Valley project in
California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe de los Reyes projects in Mexico, the
Amayapampa project in Bolivia, and the Awak Mas deposit in
Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter on April 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.

Vista Gold reported US$2.2 million net loss for the three-month
period ended Sept. 30, 2007, US$3.23 million net loss for three-
month period ended June 30, 2007, and US$776,000 net loss for
the three-month period ended March 31, 2007.



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


AMERICAN AIRLINES: Latin American Revenues Increase to US$4.3B
--------------------------------------------------------------
American Airlines Inc.'s Latin American revenues increased by
6.1% to US$4.3 billion in 2007, compared to 2006, Latin Business
Chronicle reports.

Latin Business Chronicle relates that American Airlines'
Atlantic route rose by 4.3%, while the domestic and Pacific
routes decreased.  Overall, American Airlines grew 1.5%
worldwide.

According to Latin Business Chronicle, Latin America had
American Airlines' highest passenger revenue per available seat
mile, which increased 7.4% to 11.4 cents in Latin America in
2007.  Revenue per available seat mile for the whole firm was
10.73 cents in 2007.

However, increasing fuel costs are becoming a major concern,
Latin Business Chronicle notes.  "While we were generally
pleased with Latin America's performance this past year, the
price of fuel has greatly impacted our company's performance and
our operations," American Airlines' Latin American Division
Senior Vice President Peter Dolara commented to Latin Business
Chronicle.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, Japan, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of
American Airlines, Inc.'s Issuer Default Rating at 'B-' and
Secured bank credit facility at 'BB-/RR1'.  Fitch says the
rating outlook has been revised to positive from stable.


BANCO NACIONAL: Disburses BRL12.1 Billion in Transpo Financings
---------------------------------------------------------------
The financings for investments on land transportation led Banco
Nacional de Desenvolvimento Economico e Social's disbursements
in the past 12 months ended February.  The sector received
BRL12.1 billion in the period, 71.4% superior to what was
released in the previous 12 months, of BRL7.1 billion.

Its important may also be observed when one analyzes the
participation of the resources released to the segment in BNDES'
overall figures.  The disbursements for investments on land
transportation represented 18% of the total released by
the Bank in the period and reached the widest participation
amongst the 15 segments that comprise the sector statistics,
monthly announced by BNDES.

The land transportation item which includes the highway modal
(cargo, passenger and school), railway modal and metro modal
received 85% more than the second largest sector release from
BNDES in the analyzed period, which was BRL6.6 billion to the
electric energy segment.  Yet, the energy sector kept good
performance registered in the past few months and presented a
109% expansion under the same comparison basis.

The highlights in the transportation sector were left to the
BRL7 billion for general cargo, segment which increased 71% in
relation to the previous 12 months.  The financings to railway
cargo transportation also presented expressive increase – 218%,
reaching releases of BRL1.6 billion in the period.

The land transportation sector's behavior (highway and railroad)
was positively influenced by the strong growth of the intensive
activities in this modality, such as mining and iron and steel.
Agriculture also positively influenced the transportation
expansion, due to its recovery since 2006, which performance
will likely be kept throughout the year.

Among the releases in the period one finds projects included in
the Growth Acceleration Program [PAC], such as the
Transnordestina project and the North-South Railroad project,
which sum up BRL710 million in disbursements in the period.
PAC's portfolio in the land transportation area in BNDES
currently totals BRL2.9 billion, besides BRL5.6 billion that are
being prospected and will demand total investments of
BRL34.0 billion.

The performance within the period confirms the expansion of
infrastructure projects in the Bank, a sector that disbursed
BRL26.5 billion, yielding a 64% increase.

    * Approvals

The approvals for land transportation in the past 12 months
ended in February also led the statistics, accompanying the
excellent disbursements' performance.  The growth was of 64%
under the same comparison basis, and the amount reached BRL15.9
billion, representing 15% of the total approved.

The electric energy sector, just like what was seen in the
disbursements ranking, occupied second place amongst the Bank's
sector approvals, being responsible for 13% of the total
approved.  Between March 2007 and February 2008, it summed up
BRL13.4 billion, yielding a 226% increase.

The performance of both sectors influenced the infrastructure
increase.  The segment approved investments of BRL44.3 billion
within the analyzed period, equivalent to a 75% expansion.

    * Overall performance

BNDES' disbursements summed up BRL66.6 billion in the past 12
months ended in February, a record amount, reflecting 21% growth
in comparison to the same previous period.  The approvals -–
BRL104.8 billion, augmented 32%; the framings reached BRL123.5
billion and the consultations BRL138.5 billion, representing
increases of 29% and 28%, respectively.

    * Sector performance

The industry projects received BRL26.8 billion from the Bank in
the past 12 months, a 10% drop, still reflecting the financings
retraction to exports.  On the other hand, the approvals for the
sector totaled BRL45.5 billion under the same period, equivalent
to a 10% increase in relation to the previous 12 months, a
result that points towards a disbursements' growth destined to
the sector.

Farming and cattle raising kept its growth path, both as regards
disbursements and approvals.  In the past 12 months, the
releases reached BRL5.1 billion (52% increase) and approved
projected reached BRL5.2 billion (21% increase).

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.

                             *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


BANCO NACIONAL: Okays BRL48.5 Million Loan to Petroquimica Uniao
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
authorized a BRL48.5 million loan to Petroquimica Uniao.

According to Banco Nacional, Petroquimica Uniao will use the
loan to boost its production capacity.  The expansion work
includes the installation of a modern flare with reduced smoke
emissions that will increase industrial gases capacity by 100
tons per hour to 605 tons per hour.  A BRL62.9 million
investment is needed in this project.

Petroquimica Uniao will create a unit to produce some 220 square
meters per hour of demineralized water, processing water and
minimizing residue generation, Business News Americas 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.

                             *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


BANCO NACIONAL: Unit Acquires Ordinary 10.8% Stake in Nutriplant
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's private
equity unit BNDESpar has acquired 560,000 ordinary shares or a
10.8% stake in Nutriplant Industria e Comercio SA.

BNDESpar won't interfere in the control or structure of
Nutriplant.

Nutriplant Industria e Comercio SA is a Brazil-based company
engaged in the production, import and export of fertilizers and
animal nutrition.  The company's product line includes soil
fertilizers, cobalt, phosphates, organic minerals and liquid
nutrients for irrigation.  It is a subsidiary of Tripto
Participacoes Ltda.  Nutriplant offers its products under the
brand name FTE.  The Company is headquartered in Paulinia,
Brazil.

                       About Banco Nacional

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

                          *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


BRASKEM SA: Debt Servicing Prevents S&P's Investment Rating
-----------------------------------------------------------
Standard & Poor's petrochemical analyst Reginaldo Takara told
Business News Americas that Braskem SA's debt servicing
requirements is preventing the ratings agency from giving it an
investment grade rating.

Mr. Takara commented to BNamericas, "The company's financial
profile is the most relevant issue for Braskem today.  Its
business profile has gotten really strong with the integration
of the [petrochemical] hubs in northeast and southern Brazil,
which are extremely integrated into the company's operations."

BNamericas notes that S&P upgraded Braskem's rating to BB+ from
BB in November 2007 due to the company's strong operations.

Mr. Takara told BNamericas that Braskem's big investment plans
may raise the amount of debt the firm will take on, although it
will enjoy good loan terms.

Braskem's gross debt was BRL8.4 billion in December 2007, about
23% higher compared to September 2007, mainly due to its
acquisition of raw material producer Copesul.  The debt
increased even more sharply due to the appreciation of the
Brazilian real, compared to the US dollar, BNamericas states.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                            *     *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A.  Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.


DELPHI CORP: Court Approves Denso Corp. Settlement Agreement
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
granted the request of Delphi Corp. and its debtor-affiliates to
enter into a settlement agreement with Denso Corp.

The DENSO Settlement resolves the parties' dispute pertaining to
certain patent rights and other forms of intellectual property,
Neil Berger, Esq., at Togut, Segal & Segal LLP, in New York,
tells the Court.

The Debtors employ variable-valve timing technology to enhance
the performance of engines by adjusting the timing of the
opening and closing of engine valves according to environmental
and performance conditions.  The Debtors' cam phaser VVT
technology uses a camshaft that varies the timing of the valves
through an extra joint that allows irregularly shaped valve-
actuating cams on the camshaft to be rotated to varying
positions relative to the position of the crankshaft.  In 2005,
the Debtors introduced a new family of cam phaser VVT products
that feature axial locking pins to prevent unwanted slippage of
camshaft joints.

In July 2005, DENSO sent correspondence to the Debtors asserting
that certain features in the Debtors' cam phaser VVT products
infringed on its patents.  DENSO subsequently filed Claim Nos.
12339, 12340, and 12341 against the Debtors as unsecured non-
priority claims for US$697,778 each.

The Debtors objected to the DENSO Claims.

The Settlement was a product of due diligence and extensive
arm's-length negotiations.

The DENSO Settlement authorizes the Debtors to use the Delphi
VVT technology pursuant to a license agreement with DENSO.  The
Debtors agree to pay DENSO a royalty based upon the sales of
products containing the Delphi VVT technology.

In exchange, DENSO agrees to withdraw the DENSO Claims.

The DENSO Settlement will avoid the risks and costs involved in
litigating the DENSO Claims, Mr. Berger relates.  The Debtors
aver that the Settlement is fair and reasonable and in the best
interests of their estates and creditors.

The Debtors have sought and obtained the Court's permission to
file the DENSO Settlement under seal.  Copies of the Settlement
will only be provided to the U.S. Trustee and counsel to the
statutory committees.

The financial and other terms of the DENSO Settlement are
commercially sensitive and their disclosure could harm the
Debtors' position in the marketplace, Mr. Berger explains.

                        About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.

S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

   -- The US$1.7 billion "first out" first-lien term loan B-1 is
      expected to be rated 'BB-' (two notches higher than the
      expected corporate credit rating on Delphi), with a '1'
      recovery rating, indicating the expectation of very high
      (90%-100%) recovery in the event of payment default.

   -- The US$2 billion "second out" first-lien term loan B-2 is
      expected to be rated 'B' (equal to the corporate credit
      rating), with a '4' recovery rating, indicating the
      expectation of average (30%-50%) recovery in the event of
      payment default.

   -- The US$825 million second-lien term loan is expected to be
      rated 'B-' (one notch lower than the corporate credit
      rating), with a '5' recovery rating, indicating the
      expectation of modest (10%-30%) recovery in the event of
      payment default.

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection as: Corporate Family
Rating of (P)B2; US$3.7 billion of first lien term loans,
(P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3.  In
addition, a Speculative Grade Liquidity rating of SGL-2
representing good liquidity was assigned.  Moody's said the
outlook is stable.


DELPHI CORP: Ct. Allows Plan Investors' New EPCA Interpretation
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York denied Delphi Corp. and its
debtor-affiliates' request that the Court reject the Appaloosa
Management L.P.-led Plan Investors' interpretation of the
parties' New Equity Purchase and Commitment Agreement in
connection with General Motors Corp.'s increased participation
in the syndication of the Debtors' exit facility.

Judge Drain also denied Plan Investor A-D Acquisition Holdings,
LLC's request to vacate the March 5, 2008 Court order directing
the Plan Investors to show cause as to why the Debtors' request
should not be granted.

Judge Drain determined that GM's agreements in connection with
the Debtors' proposed revision to their Exit Financing were
prohibited by the New EPCA, Appaloosa noted in a regulatory
filing with the U.S. Securities and Exchange Commission.  The
Court, according to Appaloosa, also determined that it would
require an evidentiary hearing conducted pursuant to the
adversary proceeding rules to decide the other issues raised by
the parties, including whether the changes reflected by the
Revised Exit Financing were also prohibited by the New EPCA.
Those changes include the reduction in the aggregate amount of
the Exit Financing from US$6,800,000,000 to US$6,100,000,000.

ADAH filed a redacted version of its response to the Debtors'
request, as authorized by the Court, on March 11, 2008.  The
Plan Investor contended that the action is a "regrettable
manifestation of Delphi's conviction that, notwithstanding the
present dispute, no viable path to emergence exists and Delphi
may need to remain in the protective cloak of Chapter 11 while
the domestic credit markets remain troubled."  ADAH also
asserted that Delphi is only seeking rights and remedies that it
was unable to obtain in negotiations with the Plan Investors
many months ago.  It is entitled to rely on the hard-fought
contractual rights embedded in the deal that it negotiated with
Delphi, ADAH argued.

On behalf of ADAH, Douglas P. Baumstein, Esq., at White & Case
LLP, in New York, contended that despite the Plan Investors'
willingness to maintain flexibility and provide concessions when
operating in a consensual setting, the Debtors have dragged the
parties into a contested federal judicial proceeding.  "The
demarcation between the conference room and the Courtroom must
be maintained.  There is a contract here, governed by New York
law, that establishes distinct rights, rules, and remedies, and
the Court must interpret those rules within the confines of
law."

The New EPCA is not without a history, Mr. Baumstein reminded
the Court.  Each provision, he said, had a genesis in a detailed
course of events.  He argued that the Debtors may not divorce
any context from the genesis of the New EPCA, especially the
parties' agreement that, even in the worst case scenario, each
would be exposed solely to a capped quantum of damages for any
breach of a performance obligation.

The central problem with the Debtors' request is its skewed
premise that litigation can lead to an effective date closing,
Mr. Baumstein asserted.  "This proceeding cannot fix the credit
markets, cannot make Delphi a viable candidate for exit from
Chapter 11, cannot convince either side that their subjective
beliefs underlying the deal are somehow invalid and cannot
reform the parties' objective contractual arrangements . . .
[N]othing about a Court award of damages at some point in the
future will ab initio make a closing occur or allow Delphi to
exit."

As of March 12, 2008, the Appaloosa Plan Investors may be deemed
to beneficially own 125,739,448 shares of Delphi common stock,
representing 22.31% of all outstanding Delphi shares.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.

S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

   -- The US$1.7 billion "first out" first-lien term loan B-1 is
      expected to be rated 'BB-' (two notches higher than the
      expected corporate credit rating on Delphi), with a '1'
      recovery rating, indicating the expectation of very high
      (90%-100%) recovery in the event of payment default.

   -- The US$2 billion "second out" first-lien term loan B-2 is
      expected to be rated 'B' (equal to the corporate credit
      rating), with a '4' recovery rating, indicating the
      expectation of average (30%-50%) recovery in the event of
      payment default.

   -- The US$825 million second-lien term loan is expected to be
      rated 'B-' (one notch lower than the corporate credit
      rating), with a '5' recovery rating, indicating the
      expectation of modest (10%-30%) recovery in the event of
      payment default.

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection as: Corporate Family
Rating of (P)B2; US$3.7 billion of first lien term loans,
(P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3.  In
addition, a Speculative Grade Liquidity rating of SGL-2
representing good liquidity was assigned.  Moody's said the
outlook is stable.


DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW
-------------------------------------------------------------
The Duerr Group has received a major order from the BMW Group
for its U.S. plant in Spartanburg, South Carolina, worth more
than EUR100 million.  The production capacity will be increased
from 160,000 to 240,000 units by 2012.  The required expansion
of the paint shop will be realized largely by Duerr.

Duerr has received several small and medium-sized orders for
paint systems in the United States in 2007.

"This large order from BMW Group now assures us very good
capacity utilization in the United States for the long term. It
also underscores the confidence placed in Duerr as a capable
provider of comprehensive systems and technology expertise,"
says Ralf Dieter, CEO of Duerr AG.

The order will be executed under the leadership of U.S.
subsidiary Duerr Systems Inc.

The paint shop, built by Duerr in 1996, is to be expanded so the
X3's successor model and the X6 can be produced there in the
future in addition to the BMW X5.

                           About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported on March 3, 2008, Standard & Poor's Ratings Services
revised its outlook to positive from stable on Duerr AG.  S&P
also affirmed its 'B' long-term corporate credit rating on the
group.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service.  Moody's said the outlook is stable.


ENERGIAS DO BRASIL: Will Increase Energy Generation Capacity
------------------------------------------------------------
Energias do Brasil's Investor Relations Executive Flavia Heller
said in a meeting in Rio de Janeiro that the company will
increase its generation capacity to 1.45 gigawatts by 2012 from
1.04 gigawatts, Business News Americas reports.

According to BNamericas, the new capacity will primarily come
from the 720-megawatt coal-fired Pecem plant, which is a 50:50
partnership with power firm MPX.  Energias do Brasil will gain
360 megawatts from Pecem, which will begin operations in 2012.

Energias do Brasil will begin operations at its 29-megawatt
Santa Fe hydro plant and begin upgrading its small-scale hydro
plants next year, Mr. Heller told BNamericas.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                           *     *     *

In May 2007, Moody's Investors Service placed a Ba2 long-term
corporate family rating on Energias do Brasil.


* BRAZIL: S&P Says Loss Rates in ABS Deals Show Deterioration
-------------------------------------------------------------
Originations in the Brazilian personal loan asset-backed
securities (ABS) market reached record levels during the
second half of 2007, due to consumer confidence and local banks'
expansion into offering loans that are repaid through automatic
payroll deductions, according to Standard & Poor's Ratings
Services' recently published Brazilian personal loan ABS index.
The issuance of ABS backed by personal loans actually decreased,
however, because liquidity was available elsewhere, specifically
the equity and unsecured loan markets.

"These ABS transactions performed well, but delinquencies and
loss rates have shown some deterioration, and we're expecting
these rates to increase in the next few months due to loosened
lending standards (thanks to fierce lender competition)," said
credit analyst Jean-Pierre Cote Gil.  "Even if losses increase,
however, each transaction's available credit enhancement should
still be enough to protect it from those losses under
appropriate stress scenarios for each rating category."

        Highlights for the second half of 2007 include:

    -- The delinquencies and loss ratios for rated transactions
       showed some deterioration, and S&P's data shows that these
       indicators may deteriorate further in the coming months.

    -- The credit enhancement for all rated transactions remained
       sufficient for the ratings assigned.  However, further
       deterioration in loss ratios could impair certain
       transactions over the next few quarters.

    -- The overall personal loan industry's delinquency rate
       improved.  However, increased competition in the market,
       which could loosen underwriting policies, may weaken the
       industry's overall credit quality in the long run.

    -- Personal loan origination reached record levels, coming in
       at BRL61 billion.  Nonetheless, new ABS issuance volume
       was tepid, primarily because originators, mostly midsize
       banks, were able to access other funding sources, such as
       equity and unsecured debt.

The index, published biannually, reflects information that S&P
gathers from administrators, custodians, and originators of
Brazilian credit receivables funds, Fundos de Investimento em
Direitos Creditorios (FIDCs) backed by personal loan ABS.  S&P
uses several surveillance indicators to evaluate these
transactions, including delinquency and loss rates both monthly
and cumulative, and other qualitative data.  S&P monitors these
indicators monthly with data aggregated from all outstanding
rated transactions.



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


ANTHRACITE BALANCED: Proofs of Claim Filing Deadline Is March 21
----------------------------------------------------------------
Anthracite Balanced Company (R-18) Limited's creditors have
until March 21, 2008, to prove their claims to Scott Aitken and
Connan Hill, 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.

Anthracite Balanced's shareholder decided on Jan. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Scott Aitken and Connan Hill
                P.O. Box 1109, George Town
                Grand Cayman, Cayman Islands
                Telephone: (345) 949-7755
                Fax: (345) 949-7634


ANTHRACITE BALANCED: Final Shareholders' Meeting Is on March 21
---------------------------------------------------------------
Anthracite Balanced Company (R-18) Limited will hold its final
shareholders' meeting on March 21, 2008, at 10:00 a.m. at HSBC
Financial Services (Cayman) Limited, P.O. Box 1109, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and

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

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

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949-7755
                 Fax: (345) 949-7634


ANTHRACITE FEEDER: Proofs of Claim Filing Is Until March 21
-----------------------------------------------------------
Anthracite Feeder Company (1) Limited's creditors have until
March 21, 2008, to prove their claims to Scott Aitken and Connan
Hill, 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.

Anthracite Feeder's shareholder decided on Jan. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Scott Aitken and Connan Hill
                P.O. Box 1109, George Town
                Grand Cayman, Cayman Islands
                Telephone: (345) 949-7755
                Fax: (345) 949-7634


ANTHRACITE FEEDER: Sets Final Shareholders' Meeting for March 21
----------------------------------------------------------------
Anthracite Feeder Company (1) Limited will hold its final
shareholders' meeting on March 21, 2008, at 10:00 a.m. at HSBC
Financial Services (Cayman) Limited, P.O. Box 1109, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and

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

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

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109, George Town
                 Grand Cayman, Cayman Islands
                 Telephone: (345) 949-7755
                 Fax: (345) 949-7634


CARBON TRADING FUND: Proofs of Claim Filing Is Until March 21
-------------------------------------------------------------
Carbon Trading Fund Ltd.'s creditors have until March 21, 2008,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Carbon Trading's shareholder decided on Feb. 21, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


CARBON TRADING MASTER: Proofs of Claim Filing Ends on March 21
--------------------------------------------------------------
Carbon Trading Master Fund Ltd.'s creditors have until March 21,
2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Carbon Trading's shareholder decided on Feb. 21, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


TANZANITE FINANCE: Proofs of Claim Filing Deadline Is March 21
--------------------------------------------------------------
Tanzanite Finance Limited's creditors have until March 21, 2008,
to prove their claims to Scott Aitken and Connan Hill, 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.

Tanzanite Finance's shareholder decided on Jan. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Scott Aitken and Connan Hill
            P.O. Box 1109, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949-7755
            Fax: (345) 949-7634


TANZANITE FINANCE: Final Shareholders' Meeting Is on March 21
-------------------------------------------------------------
Tanzanite Finance Limited will hold its final shareholders'
meeting on March 21, 2008, at 10:00 a.m. at HSBC Financial
Services (Cayman) Limited, P.O. Box 1109, George
Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process; and

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

Tanzanite Finance's shareholder decided on Jan. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Scott Aitken and Connan Hill
            P.O. Box 1109, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949-7755
            Fax: (345) 949-7634


WATER STREET: Sets Final Shareholders' Meeting for March 21
-----------------------------------------------------------
Water Street Insurance Company Ltd. will hold its final
shareholders' meeting on March 21, 2008, at 10:00 a.m. at
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George
Town, Grand Cayman.

These matters will be taken up during the meeting:

              1) accounting of the winding-up process;

              2) authorizing the liquidators to retain the
                 records of the company for a period of five
                 years from the dissolution of the company, after
                 which they may be destroyed; and

              3) applying to the Grand Court of the Cayman
                 Islands for the discharge of the liquidators and
                 for dissolution of the company.

Water Street's shareholders agreed on Jan. 31, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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



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


AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31
------------------------------------------------------------
The AES Corporation earned US$8 million for the three months
ended Dec. 31, 2007, compared to net income of US$15 million for
the same period in 2006.  For the full year of 2007, the company
posted a net loss of US$95 million compared to net income of
US$247 million.

"We are pleased to announce that we had another good year in
2007, demonstrating the financial strength of our portfolio of
businesses," said Paul Hanrahan, AES President and Chief
Executive Officer.  He added, "We made good progress in
executing and expanding projects in our global pipeline of core
and alternative energy businesses and moved into new higher
growth markets, all of which positions us well for continued
growth going forward."

                        Fourth Quarter 2007

Revenue

During the quarter, revenues increased by US$739 million, or
25%, to US$3.7 billion.  The increase in revenues reflects
higher prices and volumes from the generation businesses of
approximately US$358 million across all four of the company's
regions, as well as favorable foreign currency translation of
approximately US$258 million.  It also reflects approximately
US$57 million from TEG and TEP, two plants the company acquired
in northern Mexico in the first quarter of 2007.

Gross Margin

Gross margin increased by US$20 million, or 3%, to
US$809 million.  Gross margin benefited from a combination of
higher prices at the North American and European businesses,
favorable foreign currency translation and contributions
from new businesses of approximately US$149 million.  These
gains were offset in part by higher fixed costs at Eletropaulo,
one of our distribution companies in Brazil, and Sonel, our
integrated utility in Cameroon, coupled with the previously
anticipated tariff reset at Eletropaulo in July 2007.

Income From Continuing Operations

Fourth quarter income from continuing operations was
US$4 million versus (US$14) million in fourth quarter 2006.  The
net loss in 2006 was primarily driven by higher development and
overhead costs related to remediation work in fourth quarter
2006 (US$0.05), restatement charges in Brazil (US$0.03), charges
related to the restructuring of certain of the company's
Brazilian subsidiaries (US$0.02) and one-time costs related to
the refinancing of debt at certain of the company's subsidiaries
in Panama (US$0.01).

The US$0.00 per diluted share earned in the fourth quarter from
continuing operations includes net charges of US$0.24 related to
certain significant items.  These items include:

     * an asset impairment at Uruguaiana, a generation plant in
       Brazil that the company owns indirectly through its
       Brasiliana subsidiary (US$0.24)

     * a write-off of the Company's remaining equity investment
       in (US$0.02) and impairment of prepaid carbon emission
       credits (US$0.01) from AgCert, a UK company which produces
       Certified Emission Reductions (CERs);

     * expenses associated with deferred financing charges and
       make-whole fees related to the refinancing of corporate
       debt (US$0.08);

     * a one-time deferred tax charge arising from a change in
       Mexican tax law (US$0.07); and

     * a gain of US$0.18 realized from the secondary sale of
       shares by the company's Chilean subsidiary Gener

Excluding the net impact of these significant charges, as well
as the one-time charges in 2006 identified above, the main
driver of the year-over-year improvement in both income from
continuing operations and adjusted earnings per share (a non-
GAAP financial measure) was improved operating performance at
our North American and European businesses.

Cash Flow

Fourth quarter 2007 net cash from operating activities was
US$488 million as compared to US$476 million in fourth quarter
2006.  The increase was primarily attributable to improved
operating performance at our North American and European
businesses, which more than offset the impact of the sale of EDC
in second quarter 2007.  Excluding any contribution from EDC,
which is included in the consolidated statement of cash flows,
net cash from operating activities would have increased by
approximately US$30 million.

                          Full Year 2007

Revenue

During the year, revenues increased by US$2.0 billion, or more
than 17%, to US$13.6 billion.  The increase in revenues is
attributable to higher prices from our generation businesses
across all four of the Company's regions of US$688 million, and
US$636 million from favorable currency translation at our
utility businesses in Latin America.  The increased revenues
also reflects the contributions from new or recently acquired
generation businesses, TEG and TEP in Mexico and Itabo in the
Dominican Republic of US$286 million, as well as higher utility
volumes from our utility businesses in both Brazil and the
Ukraine.

Gross Margin

Gross margin remained relatively flat at US$3.4 billion, as
improved operations in North America, favorable foreign currency
translation in Brazil and the addition of TEG and TEP and Itabo
were largely offset by the previously anticipated Eletropaulo
tariff reset in July 2007, the impacts of gas curtailments and
drier than normal hydrology at our businesses in the Southern
Cone region of Latin America, as well as higher fixed costs at
Eletropaulo and Sonel.

Income From Continuing Operations

Income from continuing operations was US$495 million compared to
US$176 million in 2006.  Results for 2006 include the
restructuring of certain of the company's Brazilian subsidiaries
which resulted in a non-cash, after-tax charge to income from
continuing operations of US$509 million.   The net loss
in 2007 is driven by the sale of EDC, which resulted in a non-
cash, after-tax charge of US$680 million.

Excluding the impacts of the Brasiliana restructuring in 2006
and the significant charges of US$0.33 in 2007, which includes
both the US$0.24 identified above for the fourth quarter as well
as US$0.09 in net asset losses/impairments recorded during the
first three quarters, the main driver of the year-over-year
increase in earnings per diluted share and adjusted earnings per
share was improved operations at the North American and European
businesses, the addition of new businesses and favorable foreign
currency translation.  This improvement helped offset the
impacts of the gas curtailment in the Southern Cone region of
Latin America, as well as higher corporate overhead charges
related to financial restatements, remediation work and higher
business development costs.

Cash Flow

During the year, net cash from operating activities was
US$2.4 billion, an increase of US$6 million compared to 2006.
Net cash from operating activities benefited from favorable
foreign currency translation and improved operating performance
at the North American and European businesses which largely
offset the impact of the sale of EDC in May 2007.  Excluding any
contribution from EDC, net cash from operating activities would
have increased by approximately US$119 million.

                           2008 Guidance

AES expects 2008 diluted earnings per share from continuing
operations of US$2.43, including an expected net gain of US$1.29
or US$900 million related to the sale of two indirectly owned
subsidiaries in Kazakhstan.  The company expects adjusted
earnings per share of US$1.14.  For 2008, the company expects
net cash from operating activities of US$2.3 billion to US$2.4
billion, free cash flow of US$1.4 billion to US$1.6 billion and
subsidiary distributions of US$1.0 to US$1.1 billion.

                         About AES Corporation

AES Corporation -- http://www.aes.com/-- a global power
company, operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

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

                           *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

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



==================
C O S T A  R I C A
==================


SIRVA INC: Class Action Plaintiffs Want Automatic Stay Lifted
-------------------------------------------------------------
Plaintiffs in a class action alleging that Sirva Inc.
subsidiaries violated a section of the Sherman Act asked Judge
James M. Peck to lift the automatic stay imposed by Section
362(a) of the Bankruptcy Code, on Sirva and its debtor-
affiliates to allow the South Carolina District Court to rule on
the Defendants' joint motion to dismiss the action.

On March 19, 2007, Donald J. Beach, Scott Hansen, Jeffrey L.
Stoloff, Burnetta Nimons,Thomas Scholtens, and Natalie Hutt,
formerly known as Natalie Trueworthy, filed a class action
complaint against certain moving company including Debtors
SIRVA, Inc., SIRVA Worldwide, Inc., North American Van Lines,
Inc., and Allied Van Lines, Inc., in the the United States
District Court for the District of South Carolina, Charleston
Division.

In the Complaint, Beach, et al., argued that the Defendants had
violated Section 1 of the Sherman Act, which prohibits
agreements that unreasonably restrain trade.  The Beach
Complaint also sought damages under Section 14704(b) of the
Transportation Code for certain rates charged in excess of the
applicable rate for transportation or service contained in a
tariff published under Section 13702 of the Transportation Code.

Beach, et al., had asserted a conspiracy between the Defendants,
as well as the American Moving and Storage Association, Inc.,
the trade association of which the Defendants are members, to
illegally charge residential moving customers for fuel
surcharges that are greatly in excess of the actual cost of
fuel.

The Defendants sought to dismiss the Beach Complaint on June 8,
2007.  In response, Beach, et al., voluntarily dismissed
all claims against Atlas World Group, Inc., SIRVA, Inc., SIRVA
Worldwide, Inc., Unigroup, Inc., and Bekins Van Lines, LLC.
Beach, et al., also voluntarily dismissed their Section 14704(b)
claims against the American Moving and Storage Association, Inc.

Although SIRVA, Inc. and SIRVA Worldwide were dismissed from the
action without prejudice, the claims against their subsidiaries
North American Van Lines and Allied Van Lines continue.

The Defendants' Joint Motion to Dismiss, which seeks dismissal
of the Beach Complaint in its entirety, remained for
determination by the South Carolina District Court.

Another complaint, similar to the Beach Complaint, was filed on
May 4, 2007, against the same Defendants in Illinios, styled
Moad, et al. v. Atlas Van Lines, et al., N.D. Illinois, C.A. No.
1:07-2506.  The Moad Complaint asserted additional causes of
action, including breach of contractual duty, consumer fraud and
deceptive business practice, under Illinois law.

On August 16, 2007, the Judicial Panel on Multidistrict
Litigation had determined that the Beach Complaint and the Moad
Complaint should be assigned to a single judge for coordinated
or consolidated pretrial proceedings.  Accordingly, the MDL
Panel transferred the Moad action to the District of South
Carolina on September 9.

Prior to the transfer, on September 5, 2007, in conformity with
voluntary dismissals previously filed in the Beach Complaint,
Moad Plaintiffs filed voluntary dismissals of all claims against
Atlas World Group, SIRVA, Inc., SIRVA Worldwide, and Unigroup,
Inc. and a portion of their complaint as to American Moving and
Storage, Inc.

Oral argument on the Defendants' Joint Motion to Dismiss was
heard by the Honorable C. Weston Houck on October 23, 2007.  At
the conclusion of the hearing, the matter was taken under
advisement.  A ruling has not been issued as of this time.  When
that ruling is issued, it will apply not only to the Beach case,
but also to the Moad causes of action under the Sherman Act and
Section 14704(b).  Counsel for the Moad Plaintiffs was present
for the hearing and agreed in advance of the hearing to join in
the briefs filed and arguments made by counsel for the Beach
Plaintiffs.

On December 14, 2007, another complaint was filed in Alabama
against the Defendants asserting similar claims, Boone v. Atlas
Van Lines, et al., N.D. Alabama, C.A. No. CV-07-CO-2269-S.  The
Boone action was also transferred to the South Carolina District
Court by the MDL Panel.

Beach, et al., believes that the Boone Complaint will be subject
to the District Court's ruling on the Joint Motion to Dismiss to
the same extent as if the motion had been filed in that case.

By this motion, Beach, et al., ask Judge Peck to lift the
automatic stay imposed by Section 362(a) of the Bankruptcy Code,
to allow the South Carolina District Court to rule on the
Defendants' Joint Motion to Dismiss, which has been sub judice
since October 23, 2007.  The relief requested is limited to
allowing the South Carolina District Court to issue its decision
on the Motion to Dismiss, and does not encompass any other
action or procedure in the cases against the Debtors.

Michael Luskin, Esq., at Luskin, Stern & Eisler, LLP, in New
York, states that the Defendants' Joint Motion to Dismiss has
been fully briefed, argued, and submitted in the South Carolina
District Court, and resolution of the Motion will assist in
liquidating the Class Action Antitrust Plaintiff's, which will
inure to the benefit of claims and plan administration in the
Debtors' cases.

Mr. Luskin contends that allowing the South Carolina District
Court to rule on the Joint Motion to Dismiss involves no cost,
expense, or time to the Debtors, and does not prejudice them
except with respect to the decision of their Joint Motion to
Dismiss on its merits.  Mr. Luskin maintains granting relief
from stay is warranted.

                          About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


SIRVA INC: Parties Agree to Lift Stay on Preference Action
----------------------------------------------------------
Sirva Inc., its debtor-affiliates and the Official Committee of
Unsecured Creditors in their Chapter 11 cases, and the Official
Committee of Unsecured Creditors of 360networks (USA) Inc., have
entered into an agreement with respect to a preference action
pending before Judge Allan L. Gropper in the United States
Bankruptcy Court for the Southern District of New York.

The parties asked the Bankruptcy Court to approve the
Stipulation.

360networks Committee holds an unliquidated claim against Debtor
SIRVA Relocation LLC resulting from an action captioned "The
Official Committee of Unsecured Creditors of 360networks (USA)
Inc., et al. v. U.S. Relocation Services, Inc.," Adv. Pro. No.
03-03127 (ALG).  In the Preference Action, the 360networks
Committee are seeking the return of US$1,863,014 in preferential
transfers.

The Preference Action, prior to it being stayed by the
commencement of the bankruptcy proceedings, had been sub judice
with Judge Gropper on fully-briefed cross motions for summary
judgment.

Accordingly, the parties stipulate that:

    -- the automatic stay will be lifted to allow Judge Gropper
       to adjudicate the Cross Motions;

    -- Judge Gropper may take any action to adjudicate, dispose
       of, or otherwise resolve the issues in connection with the
       Cross Motions, without further order from the Bankruptcy
       Court; and

    -- the automatic stay will remain in effect with respect to:

         * the 360network Committee's efforts to collect any
           amount from the Debtors, in connection with the
           Preference Action; or

         * any appeal of a ruling in the Preference Action.

In the Preference Action before Judge Gropper, the 360networks
Committee, on behalf of itself and 360networks (USA), Inc., and
360fiber Inc. and their debtor subsidiaries, sought the
avoidance, recovery and return, from U.S. Relocation Services,
Inc. -- now known as SIRVA Relocation LLC -- of US$1,863,014 in
preferential transfers made by 360 to U.S. Relocation, plus
prejudgment interest at the highest applicable rate from
March 26, 2002, plus sanctions in connection with counsel for
U.S. Relocation's conduct in defending the Preference Action,
for a total claim against U.S. Relocation estimated to be in the
excess of US$2,200,000.  In February, the 360networks Committee
asked the Court to reconsider its order authorizing the payment
of the Debtors' pre-bankruptcy filing unsecured claims dated
Feb. 5, 2008, pursuant to Rules 59 and 60 of the Federal Rules
of Civil Procedure.

The Debtors opposed the Reconsideration Motion, asserting that
it failed to demonstrate extreme and undue hardship required for
its approval, and is merely the creditor's attempt to enhance
its recovery.

The 360networks Committee said all debtors, including the
Debtors in the Chapter 11 cases, must meet the burdens of the
Bankruptcy Code and Bankruptcy Rules, as well as the
requirements of due process.

The Official Committee of Unsecured Creditors of the Debtors'
Chapter 11 cases maintained that neither the Bankruptcy Code,
nor any necessity doctrine or general Court order, support the
proposition that debtors can make unlimited and unspecified cash
payments to unidentified general unsecured creditors, in the
context of a cram-down plan.  Accordingly, the Committee insists
that a reconsideration of the Prepetition Claims Order is
warranted.

Similarly, Triple Net Investments IX, LP, supported the
360networks Committee's request stating that the Prepetition
Claims Order was entered without notice and with no opportunity
for affected creditors, including itself, to be heard.

Judge Peck later approved a Stipulation entered by the Debtors
regarding payments of the claims.  The 360network Committee
withdrew its Motion, and the Sirva  Creditors' Committee
withdrew its joinder to the Motion.  The Debtors agreed that all
future payments pursuant to the Prepetition Claims Order will be
made only if those payments are necessary to avoid material,
near term, and foreseeable harm to the Debtors' estates.

This prompted Triple Net Investments IX, LP, which holds a claim
against one of the Debtors, North American Van Lines, Inc., to
notify the Bankruptcy Court that it will take an appeal to the
U.S. District Court for the Southern District of New York from
Judge James M. Peck's approval of a stipulation resolving the
reconsideration request.

                         About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


SIRVA INC: Discloses Info Related to EURO Share Purchase Deal
-------------------------------------------------------------
Eryk J. Spytek, senior vice-president, general counsel and
secretary of Sirva, Inc., disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that Picot Limited
and Irving Holdings Limited, with which Sirva and its debtor-
affiliates entered into a Share Purchase Agreement, are managed
by The TEAM Group, a member of the Allied International moving
network managed by the Debtors.

In connection with the Share Purchase Agreement, TEAM
Relocations Limited and SIRVA UK Limited, a subsidiary of SIRVA
Group Holdings Limited, will also become members of the Allied
International moving network.

As reported by the Troubled Company Reporter on March 5, SIRVA,
Inc., reached an agreement to sell its moving services
operations in the United Kingdom and the Republic of Ireland to
a company managed by The TEAM Group, Europe's leading corporate
international moving company and a member of the Allied
International moving network.  The transaction is subject to
certain closing conditions, including the receipt of regulatory,
court and other approvals.

Debtors North American International Holding Corporation, NA
(UK) Limited Partnership, and NA (UK) GP Limited, entered into
the Share Purchase Agreement on March 2, 2008, with Picot
Limited and Irving Holdings Limited, in which the Debtors sold
their ownership shares in SIRVA Group Holdings Limited and SIRVA
Ireland, including The Baxendale Insurance Company Limited,
their affiliated Irish insurance business, for the aggregate
sale price of US$4,200,000.

Pursuant to the Share Purchase Agreement, substantially all of
the purchase price will be used to offset existing intercompany
indebtedness.  TEAM will provide a US$10,000,000 funding to
SIRVA
UK, which bears a 3% annual interest rate, plus the base bank
rate of Barclays Bank plc.

According to Mr. Spytek, the Interim Funding will be repayable
on
demand at any time after the earlier of:

    (1) the closing of the Sale;

    (2) May 29, 2008, or another date agreed to in writing
        between the Debtors and TEAM; or

    (3) an earlier date, when the closing conditions of the
        Agreement will not be satisfied.

Mr. Spytek adds that on behalf of SIRVA UK, TEAM will pay
US$3,200,000 to the trustee of the SIRVA UK Pension Scheme on
April 5, 2008.

Mr. Spytek notes that the Debtors will retain a perpetual,
irrevocable license to use the "Pickfords" name and trademark,
but only in combination with "Allied," for an initial royalty
payment of US$474,000 in 2011, and subsequent annual royalty
payments for 103% of the previous year's royalty payment.  The
license will permit SIRVA or its subsidiaries to use "Pickfords"
in 29 countries worldwide.  Mr. Spytek adds that five years
after the closing of the Sale, Debtor Allied Van Lines, Inc.,
will license the "Allied" name and trademark to TEAM for an
annual royalty payment of US$225,000 in the first year of the
license, which will increase to US$400,000 in the final year.

Mr. Spytek says that the Debtors may terminate the Agreement at
any time prior to closing of the Sale, if:

    (a) any action is taken to assert or enforce any claim or
        liability against the Debtors, their holding companies,
        or any of their subsidiaries, including under the Pension
        Funding Arrangement, as well as any objection to the
        confirmation of their plan of reorganization; or

    (b) TEAM breaches their obligation to provide the Interim
        Funding.

Mr. Spytek states that the closing of the Sale is subject to
certain closing conditions, including the receipt of regulatory,
court and other approvals.  For three years following the Sale,
the Debtors will be subject to a non-compete covenant,
prohibiting them from engaging in a competing business in the UK
and Ireland.  In addition, the Debtors have agreed not to use
certain trade names, including "Pickfords," in the ordinary
course of business, except in jurisdictions where the Pickfords
marks are not owned by TEAM, SIRVA Ireland or SIRVA Group
Holdings.

A full-text copy of the Share Purchase Agreement is available at
no charge at http://ResearchArchives.com/t/s?2946

                          About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  An official Committee of
Unsecured Creditors has been appointed in this case.  When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007.

(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)



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


AES CORP: Sales in Dominican Republic Boost Firm's Revenue
----------------------------------------------------------
AES Corp.'s sales in the Dominican Republic helped boost the
firm's Latin American power generation revenue to US$1 billion
in 2007, compared to US$710 million in 2006, Dominican Today
reports.

Dominican Today notes that AES' sales volume in the Dominican
Republic was higher in 2007, compared to 2006, without
disclosing figures.

According to Dominican Today, AES's earnings were reduced in
half for the fourth quarter 2007, compared to the fourth quarter
2006, mainly due to an impairment charge attributed to a
generation plant in Brazil.  AES Corp. earned US$8 million for
the fourth quarter ended Dec. 31, 2007, compared to US$15
million in the year-ago fourth quarter.

Dominican Today adds that AES's revenue rose 25% to US$3.7
billion in the fourth quarter 2007, from US$2.9 billion in the
same quarter in 2006.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

The company has Latin America operations in Argentina, Brazil,
Chile, Dominican Republic, El Salvador and Panama.

                            *     *     *

AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  As of Feb. 6, 2008, the company still carried Fitch
Ratings' 'BB/RR1' rating on US$500 million issue of senior
unsecured notes due 2017.


PRC LLC: Court Fixes May 1 as General Claims Bar Date
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established May 1, 2008, at 5:00 p.m., as the deadline for
creditors to file proofs of claim that arose before the
bankruptcy filing against PRC LLC and its debtor-affiliates.

In addition, the Court fixed July 21, 2008, as the deadline for
governmental units to file proofs of claim.

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Has Until April 1 to File Disclosure Statement
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established April 1, 2008, as the date by which PRC LLC and its
debtor-affiliates must file a disclosure statement with respect
to their Joint Plan of Reorganization.

The Debtors initially asked the Court to set March 13, 2008, as
the deadline for filing their disclosure statement.

The Debtors filed their Joint Plan of Reorganization on Feb. 12,
2008.  Since then, the Debtors consulted with their secured
lenders and the Official Committee of Unsecured Creditors to
determine if the concerns of unsecured creditors about the
Reorganization Plan can be resolved consensually.

"In light of these discussions, the Debtors determined that a
20-day extension of the time to file a disclosure statement is
warranted in order to garner additional support for the proposed
Reorganization Plan from unsecured creditors," Alfredo R. Perez,
Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas, said.
Hence, the Debtors filed a supplemental request to extend the
proposed deadline to April 1.

In connection with the adjusted schedule, the Debtors anticipate
seeking approval of the disclosure statement at a hearing on
May 8, 2008, and confirmation of the Reorganization Plan at a
hearing on June 19, 2008.

                           About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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


AIR JAMAICA: Int'l Financial Group to Help Airline Find Partner
---------------------------------------------------------------
The Jamaican government has contracted the International
Financial Group to help Air Jamaica find a financial partner,
Radio Jamaica reports.

Reports say that the government is seeking a partner to help Air
Jamaica financially.

According to Radio Jamaica, Air Jamaica has been struggling with
increasing debt and has looked at privatization as a means of
survival.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2008, the Jamaican government set a March 2009
deadline for Air Jamaica's privatization.  Jamaica's Finance
Minister Audley Shaw said that the government is on track with
arrangements for the sale of Air Jamaica.  A divestment
committee was formed.

RJR News reports, citing Air Jamaica's Senior Vice President of
Sales and Marketing Paul Pennicooke, the airline hopes the new
partner will bring much needed capital.

International Financial Group (which also goes by IFG Companies)
provides commercial property/casualty insurance, including
package property and general liability coverages.  It also
offers specialty coverage in areas such as inland marine, farm,
and liquor liability; and it covers car dealers and auto
services businesses, as well as special events such as camps and
concerts.  IFG operates on both an admitted and non-admitted
basis through a handful of subsidiaries, with names such as
First Financial Insurance, Burlington Insurance, Alamance, and
Guilford.  Its Guildford Specialty Group specializes in larger,
more complex liability risks. Most of the group's business is
produced by contracted agents.

                           About Air Jamaica

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

                           *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.

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


AIR JAMAICA: Will Increase Daily Flights in April
-------------------------------------------------
Air Jamaica will start increasing its daily flights from Jamaica
to 10 North America and six Caribbean destinations in April, The
Jamaica Observer reports.

Air Jamaica's Sales and Marketing Senior Vice President Paul
Pennicook commented to The Observer, "We are making these
changes to improve viability and earnings because, when that
happens, it will make Air Jamaica more attractive to potential
investors."

According to The Observer, Air Jamaica will also reintroduce new
flights like the early bird non-stop Kingston to Miami flight
and the one-day fare to Fort Lauderdale.

Under a code share accord with Virgin Atlantic, which becomes
effective by the end of this month, Air Jamaica will sell
tickets that will let its passengers fly to London Heathrow via
Miami, Mr. Pennicook told The Observer.

Mr. Pennicook commented to The Observer, "In addition to being
able to book to London through this arrangement, we also offer a
free stopover in Miami for a couple of days -- all for one
fare."

Air Jamaica wouldn't have to increase the fleet of aircraft for
the increased flights, as there are enough planes available to
satisfy the needs of the market, The Observer says, citing Mr.
Pennicook.

"We are making every effort to get our hands wrapped around our
maintenance system to ensure that we have minimal disruptions
from aircraft maintenance and stuff like that and, once we can
get all that in place, we will be operating on time and being
very reliable," Mr. Pennicook commented to The Observer.

Air Jamaica would also have "a triangular arrangement in other
gateways" like Orlando to let passengers fly on a Virgin
Atlantic flight "from Jamaica to that gateway en-route to London
and back to Jamaica on one fare.  The reverse will also be
offered," Mr. Pennicook told The Observer.

The Observer relates that Air Jamaica will launch a daily
service to Orlando, offer four daily flights to and from New
York, and increase its flights to Los Angeles to six weekly.  In
the Caribbean, Air Jamaica's "Lovebird" service will be
increasing to four the flights to Grand Cayman and Curacao and
launch non-stop flights to Nassau, Bahamas.  The airline will
also offer daily non-stop flights to Barbados.

Mr. Pennicook commented to The Observer, "We currently fly there
from New York and up to Jamaica, where we stop in a couple
islands, however, beginning April 1 we will be doing Kingston to
Barbados non-stop daily."

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

                           *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.

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



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


ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge
----------------------------------------------------------------
Arrow Electronics, Inc. disclosed last week that an opinion has
been rendered in the proceeding Bridge Information Systems, et.
anno v. Merisel Americas, Inc. & MOCA., in favor of Bridge
Information Systems Inc., the estate of a former Global
Enterprise Computing Solutions customer that declared bankruptcy
in 2001.  The proceeding is related to sales made by the MOCA
division of ECS in 2000 and early 2001.

The administrator of the Bridge estate had sought the return of
approximately US$24.0 million plus interest with respect to
allegedly preferential payments made to MOCA, a company Arrow
purchased from Merisel Americas in the fourth quarter of 2000,
shortly before Bridge declared bankruptcy.  In the opinion, the
Bankruptcy Court found that a total of US$12.5 million of the
payments received were preferential, and must be returned to
Bridge.

Arrow intends to continue to defend its position through post-
trial motions and an appeal if necessary.  This amount will be
accrued in the first quarter of 2008 and therefore impact the
comparability of the company's results.

                      About Bridge Information

Bridge Information Systems Inc. filed a voluntary petition
for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on
Feb. 15, 2001 (Bankr. E.D. Mo. Case Nos. 01-41593 through 01-
41614, inclusive).  On February 13, 2002, Judge McDonald
confirmed a chapter 11 plan of liquidation, which, among other
items, transferred ownership of the company's assets to the
holders of Bridge's secured creditors.  Thomas J. Moloney, Esq.,
Seth A. Stuhl, Esq., and Kurt A. Mayr, Esq., at Cleary,
Gottlieb, Steen & Hamilton in New York served as lead counsel to
Bridge in its chapter 11 cases.  Gregory D. Willard, Esq., Lloyd
A. Palans, Esq., and David M. Unseth, Esq., at Bryan Cave LLP in
St. Louis, served as local counsel.

                       About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                            *     *     *

Arrow Electronics' senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BEARINGPOINT INC: Names David Hunter as Chief Operating Officer
---------------------------------------------------------------
BearingPoint Inc. has appointed David Hunter as chief operating
officer.  Mr. Hunter, who worked at Accenture for more than 30
years and rose to the position of Global Senior Partner, will be
responsible for day-to-day operations of BearingPoint across
geographies, business units and corporate services.

Mr. Hunter devoted much of his career to running and expanding
Accenture's Asia-Pacific business, as well as overseeing the
company's Government practice.  At BearingPoint, he will
spearhead BearingPoint's global operations and work closely with
members of the executive management team to bring a commitment
and focus to client service, broaden the company's growing Asia-
Pacific business and extend the reach of the Public Services
practice to governments around the world.

During his tenure at Accenture, Mr. Hunter held a variety of
senior positions including nine years as the chief executive
officer of the Government Global Operating Group and the Asia
Pacific region.  In these roles, he was responsible for business
turnarounds, resulting in significant growth and performance
increases.  In addition, he led the establishment of multiple
government practices in the largest countries in the Asia
Pacific region.

"David is an experienced leader.  In every position he has held,
he has created value for his clients and opportunities for
growth for his colleagues.  He has a proven ability to increase
operational efficiency, drive business results and expand
profitability – all qualities consistent with our objectives,"
said Ed Harbach, BearingPoint's chief executive officer.  "He
will play a key role in helping us build a stronger
organization, grow strategic areas of our client base and
execute our long-term business plan."

Mr. Hunter said, "This is the right opportunity at the right
time for me.  I have known several members of BearingPoint's
management team for decades and know them to be innovative,
straight-thinking and hard working.  I believe there is a
tremendous opportunity at BearingPoint to truly establish market
leadership in key areas around the world.  I am impressed with
the intellectual capital embedded throughout the company and am
excited to be part of the next phase of BearingPoint's history."

Mr. Hunter has extensive global experience, having lived and
worked in 15 countries around the globe and he currently resides
in Sydney, Australia.  In addition, Hunter serves on the boards
of a number of Australian public companies as a non-executive
director and has extensive experience in corporate governance.

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

As of Dec. 31, 2007, the company had total assets of
US$1,981.4 million, total liabilities of US$2,450.6 million
resulting to a total stockholders' deficit of US$469.2 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America
Dec. 11, 2007, Moody's Investor Service confirmed BearingPoint
Inc.'s B2 corporate family rating and assigned a negative rating
outlook.  The rating agency also downgraded the company's
US$250 million Series A Subordinated Convertible Notes to Caa1
from B3 (LGD5, 86%) and US$200 million Series B Subordinated
Convertible Notes to Caa1 from B3 (LGD5, 86%).


BRISTOW GROUP: Mexican Joint Venture Bags US$160MM in Contracts
---------------------------------------------------------------
Bristow Group Inc. and Heliservicio Campeche S.A., a joint
venture company of Compania Inversora Corporativa S.A. de C.V.,
has been awarded a five-year contract for five medium and two
small helicopters by a major customer in Mexico.  Total revenue
over the term of the contract is estimated at US$90 million.

Additionally, Heliservicio Campeche S.A. has recently signed a
three-year contract to lease and operate eight medium
helicopters for the Comision Federal de Electricidad, the
national power supplier of Mexico.  Total estimated revenue for
the contract is approximately US$70 million.

Compania Inversora Corporativa S.A. de C.V. (CIC) is a Mexican
holding company, which has existed for over 50 years.  The
company owns and successfully operates a diversity of domestic
and international business ventures, which employ over 10,000
people.  Its current ventures include: aviation, real estate,
textile and plastic manufacturing, food and beverage, outdoor
advertising and infrastructure development.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Alaska, Australia,
Mexico, Nigeria, Russia and Trinidad.  The company also provides
production management services for oil and gas production
facilities in the United States Gulf of Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to helicopter service company Bristow Group Inc.'s
US$250 million senior notes due 2017 with a negative outlook.
S&P also affirmed the company's 'BB' corporate credit rating.


CHRYSLER LLC: Mexican Unit Reports 13.6% Increase in Feb. Sales
---------------------------------------------------------------
Chrysler Mexico reported February sales of 10,452 Chrysler,
Jeep(R) and Dodge brand vehicles, an increase of 13.6 percent
compared to February, 2007.  This marks the best February sales
for Chrysler Mexico since 2001 and is the 9th consecutive month
of sales growth for Chrysler Mexico.

"Chrysler Mexico continues its positive trend in 2008 and sets
new records despite being in a slightly down market," said
Joseph ChamaSrour, President and Managing Director of Chrysler
Mexico.  "Contributing to our success is a broad and innovative
product lineup that offers quality, technology, attractive
designs and the best warranty in the business."

                  February 2008 Sales Highlights

In February, the Jeep brand increased 58.6 per cent, pushing
overall Chrysler Mexico SUV sales up 16 per cent.  The
successful SUV sales was led by the 7 model Jeep lineup, offered
in Mexico, including the Compass, Patriot, Wrangler, Wrangler
Unlimited, Grand Cherokee, Commander and Liberty.

The 2008 Chrysler Town & Country, maintains its momentum and
minivan sales increased 19.7 percent in February.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CONSTELLATION BRANDS: UBS Reaffirms Neutral Rating on Firm
----------------------------------------------------------
UBS analysts have reaffirmed their "neutral" rating on
Constellation Brands Inc.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Constellation
Brands was reduced to US$19.50 from US$24.00.

The UBS analysts said in a research note that the "upside to the
company's share price" would be limited in the future due to:

           -- probability of a substantial harvest in Australia,
           -- hike in excise tax in the UK,
           -- exposure to value-priced spirits,
           -- restructuring in the US wine business, and
           -- difficulties at Crown.

According to Newratings.com, the analysts said that
Constellation Brands' fourth quarter 2008 earnings per share
would be "short of the consensus due to high inventories from
the Beam Estates acquisition and lower-than-anticipated Corona
volumes."

The earnings per share estimates for 2008 and 2009 were
decreased to US$1.34 from US$1.37 and to US$1.64 from US$1.79,
respectively, Newratings.com states.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due Dec. 15,
2014.  Fitch said the rating outlook is negative.


FEDERAL-MOGUL: U.S. Trustee Contests Financial Advisor's Fees
-------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, opposed
the fees and expenses sought by Federal-Mogul Corp. and its
debtor-affiliates' financial advisor and claims management
consultant, PricewaterhouseCoopers LLP.

PwC has billed the Debtors US$14,859,721 for its professional
fees for the period Oct. 1, 2001, through Dec. 27, 2007.  The
firm also recorded US$1,347,569 in actual and necessary expenses
incurred during the same period.

According to Ms. Stapleton's counsel, Richard L. Schepacarter,
Esq., in Wilmington, Delaware, much of PwC's services related to
call center and statement of financial affairs and schedule
preparation were routine or ministerial services or acts that,
in some instances, were performed by professionals with high
billing rates.  Routine services are generally held to be
compensable at a much lower rate than the maximum rate charged
by a professional, Mr. Schepacarter points out.  Thus, the
Routine Services could have been accomplished by professionals
with lower billing rates.

Ms. Schepacarter also noted that PwC's early applications
contain several time entries and references to conferences,
telephone conversations, or meeting that are duplicative or
excessive.  The U.S. Trustee asserts that those duplicative and
excessive time entries should be discounted.

"When more than one professional is working on the case in the
same capacity as another, then the likelihood of duplication of
effort increases.  Professionals billing separately for
identical
services, such as meetings, should have their compensation
reduced to correct for excessive or duplicative hours," Mr.
Schepacarter argues.

Pursuant to Section 586 of the Judiciary and Judicial Procedure
Code, the U.S. Trustee is charged with the administrative
oversight of cases commenced pursuant to the Bankruptcy Code.
That duty is part of the U.S. Trustee's overarching
responsibility to enforce the bankruptcy laws as written by
Congress and interpreted by the courts.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, 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 &
Jones, 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 Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


FEDERAL-MOGUL CORP: Earns $1.4 Billion in Fiscal Year 2007
----------------------------------------------------------
Federal-Mogul Corp. reported its financial results for the 12-
month period ended Dec. 31, 2007.

                           Financial Summary
                             (in millions)

                                         12 Months Ended Dec. 31
                                         -----------------------
                                               2007       2006
                                               ----       ----
      Net sales                               6,914      6,326
      Gross margin                            1,185      1,105
      Selling, general &
       administrative expenses                 (828)      (848)
      Settlement of U.K. pension plans            -       (501)
      Gain on settlement of
       liabilities subject to compromise        761          -
      Fresh-start reporting adjustments         956          -
      Income (loss) before income taxes       1,744       (614)
      Income tax benefit/(expense)             (332)        64
      Net income (loss)                       1,412       (550)
      Operational EBITDA                        763        625

The company emerged from reorganization under Chapter 11 of the
U.S. Bankruptcy Code on Dec. 27, 2007, and adopted fresh-start
reporting in connection with its emergence.

Net income for the 12-month period totaled US$1,412,000,000,
compared with a net loss of US$550,000,000 for the same period
of 2006.

Federal-Mogul reported net sales of US$6,914,000,000 for the
year ended Dec. 31, 2007.  Net sales increased by US$588,000,000
when compared to the same period of 2006, of which
US$310,000,000 is due to increased global demand and new program
launches with both original equipment manufacturer and
aftermarket customers, with the balance due mainly to favorable
foreign currency movements.

Gross margin for the 12-month period ended Dec. 31, 2007,
increased by US$80,000,000, compared to the same period of 2006.
The combination of productivity, increased volumes and favorable
exchange improved gross margins by US$135,000,000.  These
favorable impacts were partially offset by US$75,000,000 of raw
material commodity price inflation and US$56,000,000 in reduced
customer pricing.  Gross margin was further improved through
reduced pension expense of US$76,000,000 associated with the
settlement of the U.K. pension plans.

Selling, general and administrative expenses for the year ended
Dec. 31, 2007 decreased by US$20,000,000.  The company's reduced
pension expense of US$24,000,000 associated with the settlement
of the U.K. pension plans combined with US$26,000,000 of
productivity and other improvements more than offset adverse
foreign exchange of approximately US$30,000,000.

Income before taxes for the 12-month period totaled
US$1,744,000,000, compared with a loss before taxes of
US$614,000,000 for the same period of 2006.

Included in Federal-Mogul's earnings before income taxes for the
year ended Dec. 31, 2007, are a gain on the settlement of
liabilities subject to compromise and fresh-start reporting
adjustments of US$761,000,000 and US$956,000,000, respectively,
associated with the company's emergence from Chapter 11.
Included in Federal-Mogul's loss before income taxes for the
year ended Dec. 31, 2006, is a charge of US$501,000,000 as a
result of the company's U.K. subsidiaries' emergence from
Administration in November 2006.  Excluding these impacts, the
company's earnings before income taxes for the year ended Dec.
31, 2007, was US$27,000,000, compared to a loss before income
taxes of US$113,000,000 for 2006, an improvement of
US$140,000,000.  In addition to those same factors affecting
gross margin, results for the full year were impacted by reduced
SG&A expenses, reduced costs associated with the company's
Chapter 11 proceedings, and increased charges related to asset
impairments.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure
the performance of its operations.  Operational EBITDA is
defined to include discontinued operations and exclude
impairment charges, Chapter 11 and U.K. Administration expenses,
settlement of the U.K. pension plans, gain on the settlement of
liabilities subject to compromise, fresh-start reporting
adjustments, restructuring costs, income tax expense, interest
expense, depreciation and amortization.

The company reported Operational EBITDA of US$763,000,000 for
the 12-month period ended Dec. 31, 2007, an increase of
US$138,000,000 when compared to the same period of 2006.  A
reconciliation of Operational EBITDA to the company's income
before income taxes for the 12 months ended Dec. 31, 2007 has
been provided.

Capital expenditures were US$310,000,000 for the year ended
Dec. 31, 2007, an increase of US$72,000,000 from 2006.  Total
cash flow, excluding cash flows associated with financing
activities, payment to the U.S. Asbestos Trust, payment of
prepetition interest, payments to settle LSC, and the settlement
of the U.K. Administration proceedings, was US$88,000,000 and
US$83,000,000 for the years ended Dec. 31, 2007, and 2006,
respectively.

"We are very pleased with the progress achieved in 2007,
especially in regards to our emergence from Chapter 11, a
significant milestone in Federal-Mogul's 108-year history of
serving the global automotive industry.  We again would like to
acknowledge our customers, shareholders, suppliers and employees
worldwide for their loyalty and support," said Federal-Mogul
president and chief executive officer Jose Maria Alapont.  "The
new business awards and our progress on operational performance
in 2007 reflect the achievement of the entire team in executing
our global sustainable profitable growth strategy and developing
Federal-Mogul as a world-class, diversified global supplier."

At Dec. 31, 2007, the successor company's balance sheet showed
total assets of US$7.8 billion and total liabilities of
US$5.7 billion, resulting in a US$2.1 billion stockholders'
equity.  Deficit, in 2006, was US$1.7 billion.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, 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 &
Jones, 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 Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


GREAT PANTHER: Board Approves Shareholder Rights Plan
-----------------------------------------------------
Great Panther Resources Limited's board of directors approved
the adoption of a shareholder rights plan as part of its
procedures for dealing with any parties who may seek to acquire
control of the company through a take-over bid or other
transaction.

The company is not aware of any pending or threatened take-over
bids for the company, and it is not the intention of the plan to
prevent take-over bids.  The plan is intended to ensure that all
shareholders are treated equally and fairly in any such
transaction.  The plan was adopted in order to provide the
company's board of directors with sufficient time to assess and
evaluate any take-over bid or other control transaction and to
explore and develop alternatives for maximizing shareholder
value.

The plan is similar to other shareholder rights plans adopted by
Canadian corporations.  To implement the plan, the board of
directors of the company authorized the issue of one right in
respect of each common share of the company outstanding to
holders of record at 5:00 pm, Vancouver time, on March 7, 2008.
Until the occurrence of certain specific events, the rights will
trade with the common shares of the company and be represented
by the share certificates for such common shares.

The rights become exercisable only when a person, including any
party related to it or acting jointly with it, acquires or
discloses its intention to acquire 20% or more of the
outstanding common shares of the company without complying with
the "Permitted Bid" provisions of the plan.

Under the plan, a Permitted Bid is a bid made to all
shareholders on identical terms and conditions that is open for
at least 60 days.  If at the end of 60 days more than 50% of the
outstanding shares, other than those owned by the offeror and
certain persons related to the offeror or acting jointly with
it, have been tendered, the offeror may take up and pay for the
shares but must extend the bid for a further 10 business days to
allow all other shareholders to tender.

Should a non-permitted acquisition occur, each Right would
entitle each holder of common shares, other than the offeror and
certain parties related to the offeror or acting jointly with
it, to purchase additional common shares of the company at a 50%
discount to the market price at the time.

Although the plan has become effective upon its adoption by the
board of directors, in accordance with stock exchange
requirements it will be submitted to shareholders of the company
for ratification at the next annual shareholders meeting.  If
ratified, the plan will continue until the annual general
meeting of shareholders in 2012.

The plan is subject to acceptance by the Toronto Stock Exchange.

For further information please contact Brad Aelicks or Don
Mosher at telephone (604) 685-6465, fax (604) 899-4303 or e-mail
info@greatpanther.com.

                       About Great Panther

Headquartered in Vancouver, Canada, Great Panther Resources
Limited (TSX: GPR) -- http://www.greatpanther.com/-- is a
mining and exploration company.  The company's activities are
focused on the mining of precious and base metals from its
wholly owned properties in Mexico.  In addition, Great Panther
is also involved in the acquisition, exploration and development
of other properties in Mexico.

                       Going Concern Doubt

KPMG LLP, in Vancouver, Canada, expressed substantial doubt
about Great Panther Resources Ltd.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2006, and 2005.
The auditing firm pointed to the company's recurring losses and
operating cash flow deficiencies.


GRUPO POSADAS: Commences Tender Offer for 8-3/4% Senior Notes
-------------------------------------------------------------
Grupo Posadas, S.A.B. de C.V. has commenced its offer to
purchase for cash any and all of its outstanding 8-3/4% Senior
Notes due 2011, upon the terms and subject to the conditions set
forth in the Offer to Purchase and Consent Solicitation
Statement and in the related Consent and Letter of Transmittal.
The offer to purchase Notes is referred to as the "Tender
Offer."  The aggregate principal amount outstanding of the Notes
as of March 17, 2008 is US$225 million.

The Tender Offer will expire at 12:00 midnight, New York City
time, on April 11, 2008, unless extended or earlier terminated.
Registered holders of the Notes who validly tender, and do not
validly withdraw, their Notes prior to 5:00 p.m., New York City
time, on March 28, 2008, will be eligible to receive the Total
Consideration, subject to the terms and conditions of the Tender
Offer.  Holders who validly tender, and do not validly withdraw,
their Notes after 5:00 p.m., New York City time, on March 28,
2008, and prior to 12:00 midnight, New York City time on
April 11, 2008, will receive only the Offer Price, and will not
be eligible to receive the Total Consideration.

The total consideration offered for Notes validly tendered and
not validly withdrawn pursuant to the Offer shall be US$1,050
per US$1,000 principal amount of such Notes.  The Total
Consideration includes a consent payment of US$15 per US$1,000
principal amount of such Notes.  The Total Consideration minus
the Consent Payment is referred to as the "Offer Price."  In
addition to the Total Consideration or Offer Price, as
applicable, Holders whose Notes are purchased in the Offer will
also receive accrued and unpaid interest from the last interest
payment date preceding the Offer to, but not including, the
Settlement Date.  The "Settlement Date" is expected to be no
later than three business days after April 11, 2008, or promptly
thereafter.

Concurrently with the Tender Offer, the company is soliciting
consents from Holders to proposed amendments to the indenture
dated as of October 4, 2004, between the company, as issuer,
certain subsidiaries of the company who have guaranteed the
Notes (Guarantors) and The Bank of New York, as trustee, New
York paying agent, registrar and New York transfer agent, under
which the Notes were issued which, among other things, will
eliminate certain covenants and the related events of default
contained therein (Proposals).  The Proposals would be effected
through the execution of a supplemental indenture which will be
executed by the company on or promptly following the date on
which the Consents from Holders of at least a majority in
principal amount of the Notes then outstanding have been
obtained.  The solicitation of Consents in respect of the Notes
is referred to as the "Consent Solicitation."  The Tender Offer
and Consent Solicitation are referred to collectively as the
"Offer."  Holders who tender their Notes in the Tender Offer
will be deemed to have consented to the Proposals.

In connection with the Tender Offer, the company intends to
issue senior unsecured floating rate and fixed rate notes due
2013 and 2018 in the form of Certificados Bursatiles under
applicable Mexican law, to be registered and listed exclusively
in Mexico through the Mexican Stock Exchange (New Notes).  The
offering of the New Notes is subject to approval by and
registration of the New Notes with the Registro Nacional de
Valores, maintained by the Mexican Comision Nacional Bancaria y
de Valores.  The company intends to use the proceeds from the
offering of the New Notes and other sources of funding to
consummate the Tender Offer.  If the New Notes Offering is not
consummated, or if the New Notes Offering does not result in the
receipt by the company of proceeds on terms and conditions
satisfactory to the company and in an amount that, together with
other sources of funding, would be sufficient to consummate the
Tender Offer (Financing Condition), the company does not intend
to accept for payment, purchase or pay for any tendered Notes,
and the company may extend or terminate the Offer.

The obligation of the company to accept for payment and to pay
for any Notes validly tendered pursuant to the Tender Offer is
conditioned upon (1) the execution by the company, the
Guarantors and the Trustee of the Supplemental Indenture
implementing the proposed amendments to the Indenture pursuant
to the terms of the Indenture following receipt of the Requisite
Consents, (2) there having been validly tendered and not validly
withdrawn prior to 12:00 midnight, New York City time, on April
11, 2008, not less than a majority in aggregate principal amount
of the Notes outstanding under the Indenture, excluding Notes
owned by the company or any of its affiliates, (3) the Financing
Condition, (4) the amendment and restatement of the
US$80,000,000 amended and restated credit agreement dated
November 10, 2006 among the company,  certain of the company's
subsidiaries named therein, as guarantors, ING Capital LLC, as
administrative agent, and the lenders listed on schedule 1.1(a)
thereto, so as to waive, delete or eliminate, among other
provisions, anysection thereof requiring pari passu payment of
indebtedness under such agreement along with the Notes, becoming
effective prior to 12:00 midnight, New York City time, on April
11, 2008, and (5) satisfaction of the other conditions to the
Offer set forth in the Offer to Purchase.

The company has engaged Credit Suisse Securities (USA) LLC to
act as the Dealer Manager and Solicitation Agent in connection
with the Tender Offer and Consent Solicitation, and D.F. King &
Co., Inc. to act as the tender agent and information agent for
the Tender Offer and Consent Solicitation.

Any questions or requests for assistance regarding the Offer may
be made to:

    Dealer Manager and Solicitation Agent, Credit Suisse,
    Attention: Liability Management Group
    Tel. numbers: (800) 820-1653 or (212) 538-0652.

Questions or requests for assistance or additional copies of the
Offer to Purchase and the related Letter of Transmittal may be
directed to:

    Information Agent, D.F. King & Co., Inc.
    Tel. number: (800) 290-6429 (toll free)
                 (212) 269-5550 (collect).

Copies of the Offer Documents will also be available at the
offices of the Luxembourg Listing Agent, Paying Agent and
Transfer Agent for the Notes:

    The Bank of New York (Luxembourg) S.A.,
    Aerogolf Center, 1A, Hoehenhof,
    L-1736 Senningerberg, Luxembourg.

Grupo Posadas SA de CV (BMV: POSADAS) -- http://www.posadas.com
-- is the largest hotel operator in Mexico, specializing for
over 37 years in providing high-quality hotel services aimed at
covering the specific needs of its hotel customers, currently
operates 102 hotels and approximately 18,800 rooms in some of
the most important and most highly visited urban and coastal
destinations in Mexico, the United States and South America.
Grupo Posadas operates under its Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn,
One Hotel, Caesar Park, Caesar Business and The Explorean brands
in Brazil, Argentina and Chile.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Fitch Ratings upgraded the foreign currency and
local currency Issuer Default Ratings of Grupo Posadas, S.A.B.
de C.V. as well as the issue rating on Posadas' US$225 million
senior notes due 2011 to 'BB' from 'BB-'.  Fitch has also
upgraded the national scale rating of Posadas to 'A+(mex)' from
'A(mex)' including MXN250 million 'Certificados Bursatiles'
issuance due 2009.  Fitch's rating outlook is stable.



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


GRAN TIERRA: Secures Data for Peruvian Blocks 122 & 128
-------------------------------------------------------
Gran Tierra Energy Chief Executive Officer Dana Coffield said in
a webcast that the firm has acquired 9,490 kilometers of high-
definition gravity and magnetic data for Peruvian blocks 122 and
128, Business News Americas reports.

BNamericas relates that block 122 covers 1.2 million acres and
block 128 about 2.2 million acres.  According to BNamericas Gran
Tierra started to acquire data for the blocks in 2007.

Ms. Coffield commented to BNamericas, "This data will be used to
define exploration leads over which we intend to acquire 2D
seismic data in the second exploration period of each block."

Headquartered in Calgary, Canada, Gran Tierra Energy Inc.
(OTCBB: GTRE.OB) -- http://www.grantierra.com/-- is an
international oil and gas exploration and production company
with substantial interests and prospective properties in
Argentina, Colombia and Peru.

                           *     *     *

In a 10-Q filing dated Nov. 8, 2007, Gran Tierra Energy Inc.
management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire, explore and develop oil and natural gas
interests and generate profitable operations from its oil and
natural gas interests in the future.

The company incurred a net loss of US$10,630,571 for the nine
months ended Sept. 30, 2007, and had an accumulated deficit of
US$18,673,955 as at Sept. 30, 2007.  The company expects to
incur substantial expenditures to further its capital investment
programs and the company's existing cash balance and cash flow
from operating activities may not be sufficient to satisfy its
current obligations and meet its capital investment commitments.

To provide financing for Gran Tierra's ongoing operations, the
company said it secured a US$50 million credit facility with
Standard Bank Plc on Feb. 28, 2007, which will provide
additional financing for the company's future operations.  As at
Sept. 30, 2007, the company said it has not drawn-down on this
facility.

The company's intention is to build a portfolio of oil and
natural gas production, development, and exploration
opportunities using the capital raised during 2006, cash
provided by future operating activities and by using the
available credit facility.  However, the company said it may
need to secure additional sources of capital to fund its future
operating activities.



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


CARIBBEAN RESTAURANTS: S&P Cuts Rtg. to CCC+; Holds Neg. Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Caribbean Restaurants LLC to 'CCC+' from 'B'.  The outlook
remains negative.

"The downgrade reflects the distinct possibility that the
company will breach financial covenants of its bank facility at
its fiscal year-end," said S&P's credit analyst Jackie E.
Oberoi.  The company's fiscal year ends on April 30, 2008.
Moreover, these covenants become increasingly restrictive at the
end of July 2008.  "The downgrade also reflects the company's
continued weak performance, which has been driven by a soft
Puerto Rican economy coupled with increased labor, utility, and
commodity costs," added Ms. Oberoi.

Based in San Juan, Puerto Rico, Caribbean Restaurants, LLC,
through an exclusive territorial development agreement with
Burger King Corporation, is the sole franchisee of Burger King
restaurants in Puerto Rico with approximately 170 units as of
fiscal year-end April 30, 2007.


DORAL FIN'L: Says Bear Stearns Sale to JPMorgan Has No Impact
-------------------------------------------------------------
Doral Financial Corporation said that the sale of The
Bear Stearns Companies Inc. to JPMorgan Chase & Co. does not
have an impact on Doral's operations.

Bear Stearns Merchant Banking, a standalone affiliate of Bear
Stearns, is one of Doral's many shareholders, including DE Shaw
& Co., Perry Capital, Tennenbaum Capital Partners LLC, Marathon
Asset Management LLC, Goldman Sachs, Eton Park Capital
Management, and GE Asset Management, among others.  These
shareholders formed a banking entity, Doral Holdings Delaware
LLC, which, in turn, invested US$610 million in Doral Financial
in July 2007.

"Doral's capital strength is independent from its shareholders.
None of the Holdings investors have a controlling interest in
Doral.  We paid our bondholders and are moving forward with our
business and growth plans," said Glen R. Wakeman, CEO and
President of Doral Financial Corp.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2007, Standard & Poor's Ratings Services said that its
'B' long-term counterparty credit rating on Doral Financial
Corp. remains on CreditWatch Positive, where it was placed
July 20, 2007.


MAIDENFORM BRANDS: Earns $34.2 Mil. in Year Ended Dec. 29, 2007
---------------------------------------------------------------
Maidenform Brands, Inc. released its financial results for the
fourth quarter and year ended Dec. 29, 2007, in a 10-K filing
with the U.S. Securities and Exchange Commission.

The company reported a net income of US$34.2 million on
US$422 million of net sales for the fiscal year ended Dec. 29,
2007, compared to a net income of US$27.7 million on US$416
million of net sales in 2006.

Net sales for 2007 increased US$5.4 million, or 1.3%, to
US$422.2 million.  Wholesale segment net sales increased
US$5.6 million, or 1.6%, to US$366.2 million in 2007, with
wholesale branded net sales up 8.7%.  A key driver for the
increase was higher mass-channel net sales of US$4.3 million, or
4.7%, as Maidenform expanded its Sweet Nothings(R) brand.  The
increase in net sales was offset by a reduction in private label
sales throughout 2007 as Maidenform focused on driving its
wholesale branded business.

An additional US$1.3 million in net sales came from department
stores and national chain stores, which sales were driven by
solid performance in the company's Lilyette(R) and Maidenform(R)
brands.  Total international sales, which are included in the
total wholesale segment, increased US$9.9 million, or 34.7%, to
US$38.4 million largely due to ongoing growth in Mexico, Canada
and the United Kingdom.

Retail segment net sales for 2007 decreased US$0.2 million, or
0.4%, to US$56.0 million and same store sales decreased 1.5%.

Maidenform also had total assets of US$279 million, total
liabilities of US$180 million, and a stockholders' equity of
US$99 million for the fiscal year ended Dec. 29, 2007, compared
to total assets of US$244 million, total liabilities of
US$169 million, and a stockholders' equity of US$74 million in
fiscal year 2006.

For 2007, operating income increased US$12.4 million, or 22.3%,
to US$67.9 million which included the pension curtailment gain.
Excluding the pension curtailment gain, operating income for
2007 increased US$6.1 million, or 11.0%, to US$61.6 million.
Operating income as a percentage of net sales, excluding the
pension curtailment gain, increased to 14.6% for 2007 from 13.3%
for 2006.

Net income for 2007 was US$34.2 million and EPS was US$1.43.
Excluding the pension curtailment gain and deferred financing
costs -- US$2.4 million after tax -- net income increased
US$4.0 million, or 14.4%, representing EPS growth of 15.7% to
US$1.33 per share.

Thomas J. Ward, Chief Executive Officer, stated, "Our results
for the fourth quarter and 2007 reflected a number of key steps
to grow our business and shape our future.  These 2007
milestones included:

    1) continuing net sales growth of our wholesale branded
       business of 8.7% over 2006;

    2) implementing sourcing initiatives that contributed to
       gross margins increasing 170 basis points to 39.3%;

    3) refinancing our credit facility which reduced annual
       interest expense; and

    4) maximizing cash flow utilization by voluntarily paying
       down 20.0 million of debt and repurchasing $12.5 million
       of common stock."

"Our ongoing commitment to performance drove a 15.7% diluted EPS
growth rate over last year, despite a more challenging retail
environment overall.  As we enter 2008, we remain cautious about
the retail climate but our team continues to focus on driving
Maidenform to new levels of success through expanding product
categories with existing customers, developing new customers
globally and prudently managing expenses while effectively
building our foundation for future growth."

              Financial Performance Guidance for 2008

Based on specific initiatives that Maidenform is undertaking in
2008, the company is maintaining its financial performance
projections provided on Nov. 6, 2007.  Such expected growth will
be from new brands with new customers, an expanded door presence
with certain existing customers and new product introductions
which are scheduled to occur, particularly in the second half of
2008.  The company continues to remain cautious based on the
macro-economic conditions that exist affecting the current
retail climate.  With that, Maidenform believes it is prudent to
now project that the company will be at the lower end of the
range of its previously provided guidance for 2008.

Maidenform does expect net sales for the first quarter of 2008
to be lower from a prior year US$5.0 million non-recurring
private brand program with a specialty retailer, as well as a
more challenging retail environment.  The company then projects
net sales to sequentially increase in each quarter throughout
the remainder of 2008, resulting in net sales to be flat in the
first half of the year, with mid-single digit net sales growth
in the second half of 2008.

The company's consolidated gross margins continue to be
projected at approximately 39% for 2008, with margins slightly
lower in the first half of the year from customer and product
mix. For the second half of 2008, margins are then expected to
be comparable to the second half of 2007 due to customer and
product mix, in addition to sourcing initiatives.

                      About Maidenform Brands

Maidenform Brands Inc. (NYSE: MFB) -- http://www.maidenform.com/
-- is an intimate apparel company with a portfolio of
established and well-known brands, top-selling products and an
iconic heritage.  Maidenform designs, sources and markets an
extensive range of intimate apparel products, including bras,
panties and shapewear.

During the company's 85-year history, Maidenform has built
strong equity for its brands and established a solid growth
platform through a combination of innovative, first-to-market
designs and creative advertising campaigns focused on increasing
brand awareness with generations of women.  Maidenform sells its
products under some of the most recognized brands in the
intimate apparel industry, including Maidenform(R), Flexees(R),
Lilyette(R), Sweet Nothings(R), Rendezvous(R), Subtract(R),
Bodymates(R) and Self Expressions(R).  Maidenform products are
currently distributed in approximately 55 countries and
territories, including the Philippines and Puerto Rico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2007, Moody's Investors Service assigned Ba2 ratings to
Maidenform's new senior secured US$50 million revolver and
US$100 million term loan, the proceeds of which will be used to
refinance the company's existing senior secured revolver and
term loan.  At the same time, Moody's affirmed the company's
corporate family rating at Ba3 and probability of default rating
at B1.  The ratings on the existing US$50 million revolver and
US$150 million term loan were withdrawn.


OWENS-ILLINOIS: Board OKs Preferred Stock Redemption on March 31
----------------------------------------------------------------
Owens-Illinois Inc.'s board of directors has elected to redeem
its outstanding convertible preferred stock, par value $0.01.
The redemption date is March 31, 2008.

All of the 9,050,000 shares of convertible preferred stock will
be redeemed for the common stock of the company according to the
applicable certificate of designations.

Preferred shareholders that choose not to convert prior to the
redemption date will receive 0.9424 shares of O-I common stock
in exchange for each share of convertible preferred stock owned.
Preferred shareholders' conversion right will terminate at the
close of business on March 28, 2008, one business day prior to
the redemption date.  The company will cease paying the current
4.75% annual dividend upon the redemption date.

Based in Perrysburg, Ohio, Owens-Illinois Inc. (NYSE:OI)
-- http://www.o-i.com/-- is a manufacturer of packaging
products and glass containers with operations in Europe, North
America, Asia Pacific and South America.  The company is also a
manufacturer of healthcare packaging, including plastic
prescription containers and medical devices, and plastic closure
systems, including tamper-evident caps and child-resistant
closures, with operations in the United States, Mexico, Puerto
Rico, Brazil, Hungary, Malaysia and Singapore.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 18, 2008, Standard & Poor's Ratings Services raised its
ratings on Owens-Illinois Inc. by one notch, including the
corporate credit rating to 'BB' from 'BB-'.  The outlook is
stable.


* PUERTO RICO: S&P Says US Recession Will Affect Revenue Growth
---------------------------------------------------------------
Standard & Poor's Ratings Services said the general obligation
rating of 'BBB-/Stable' on the debt of the Commonwealth of
Puerto Rico is not immediately affected by Governor Anibal
Acevedo Vila's projection of a US$1 billion structural imbalance
in his proposed fiscal 2009 budget.  In S&P's downgrade of the
commonwealth's GO rating to 'BBB-' from 'BBB' in May 2007, the
rating agency cited the continuing difficulties with reducing
the accrued deficit, and its expectation that the commonwealth's
goal of a structurally balanced budget by fiscal 2010 would be
difficult to achieve.  S&P anticipated structural imbalance
persisting.

From a credit perspective, the most important element of the
budget proposal -- the updated financial projections for the
current 2008 fiscal year -- estimates a general fund structural
deficit of US$556 million, or about 6% of general fund
expenditures.  The projected structural deficit is primarily the
result of an underperformance in revenues (mostly income tax),
which are projected to end the year US$406 million below budget.
The commonwealth is planning to close the gap by collecting
approximately US$287 million in pending reimbursements from the
United States Department of Education, and by increasing efforts
to collect back taxes of up to US$60 million.  The budget says
the remaining US$209 million gap will be covered by additional
budget cuts, cash management strategies, and a potential
refunding of outstanding debt to generate debt service savings.

         Persistent Recession Will Affect Revenue Growth

While having chronic budget deficits is not new for Puerto Rico,
the nature of the deficit in the past two fiscal years has been
substantially different from years prior.  In the late 1990s and
early 2000s the budget deficit was primarily the result of lax
expenditure controls and a ballooning payroll.  However, since
the budget impasse that led to the government shutdown and the
adoption of the Fiscal Reform Law of 2006, expenditure controls
have improved, while revenue projections have been off due to
the island's economic recession.

The fiscal 2009 budget marks the third consecutive year in which
budgeted expenditures are below the fiscal 2006 level.  However,
the commonwealth's efforts to achieve fiscal balance have come
at a price.  Given the dominant role that public spending has on
the island's economy, the reduction in government spending
coupled with the implementation of a sales and use tax and
significant increases in fees for public services triggered the
island's current recession.  The prospect of continued high
energy prices and a recession in the continental U.S. don't bode
well for Puerto Rico either, particularly if the recession
affects sectors that had remained relatively stable such as
tourism and services.  S&P expects the Puerto Rico Planning
Board to revise downward by a significant margin its Gross
National Product growth projections, which indicated a 0.8%
decline for fiscal 2008.  The economic stimulus package recently
approved by the U.S. Congress is expected to inject almost
US$1.2 billion into the commonwealth's economy.  The
commonwealth has also adopted its own local economic incentive
package, which includes roughly US$243 million in income tax
relief in fiscal 2009, and US$220 million in tax credits on the
purchase of new homes.  These measures will provide some relief,
but might not be enough to avoid a decline in revenue targets
for fiscal 2009.

The US$1 billion revenue gap in the proposed fiscal 2009 budget
can be  largely attributed to slower tax revenue growth,
particularly in income tax  receipts, which are budgeted to be
approximately US$464 million lower (9.2%) than the fiscal 2008
budgeted level.  The budget shows recurring general fund
revenues reaching US$8.8 billion dollars, or roughly 2.7% below
the fiscal 2008 budget.  Commonwealth officials attribute the
economic recession largely to the implementation of the sales
and use tax (SUT).  However, from a fiscal perspective, the SUT
has performed better than anticipated.  For the first six months
of the current fiscal year, SUT collections reached US$486.5
million, or approximately 2% above budget.  The fiscal 2009
budget estimates SUT collections of US$977 million, 7.2% above
estimates for fiscal 2008.  Gov. Acevedo is expected to
introduce legislation that would suspend the 4.5% general fund
SUT and substitute it with a 6.6% excise tax.  The extent to
which the proposed shift in taxes meets the long-term revenue
generating potential of the existing SUT will determine the
impact, if any, that this proposed legislation would have on the
commonwealth's budget and credit quality.

                         Filling The Gap

The proposed fiscal 2009 budget includes two non-recurring
revenue measures to fill the US$1 billion projected gap.  The
administration is planning to obtain up to US$500 million in
financing secured by delinquent taxes receivable.  The treasury
department has identified approximately US$1.3 billion in
receivables that are less than five years past due.  The second
proposed revenue source is the concession of the electronic
lottery, which is expected to generate an additional US$500
million in revenues in fiscal 2009.  The proposed concession is
expected to generate up to US$3 billion in lease/concession
proceeds.  The approval of the concession requires legislative
approval.

Given the commonwealth's limited flexibility in cutting
expenditures below existing levels, recurring revenues will be
the credit focus in fiscal 2009, along with the extent to which
the recession or an inadequate tax structure forces commonwealth
officials to seek non-recurring revenue measures or increased
borrowing to balance the budget.

                Puerto Rico's Structural Budget Gap

    Fiscal Year             2006       2007      2008      2009
    -----------------------------------------------------------
    Recurring revenues      8,545     8,621     8,671     8,488
    Recurring expenditures  9,964     9,367     9,227     9,488
    Structural gap          1,419       746       556     1,000



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


INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash
---------------------------------------------------------------
International Paper Company signed an agreement with
Weyerhaeuser Company to purchase its Containerboard, Packaging
and Recycling business for US$6 billion in cash, subject to
post-closing adjustments.  International Paper expects to close
the deal in the third quarter of 2008, subject to customary
closing conditions, including regulatory review and receipt of
financing.

The transaction includes nine containerboard mills, 72 packaging
locations, 10 specialty-packaging plants, four kraft bag and
sack locations and 19 recycling facilities.  The transaction
affects approximately 14,300 Weyerhaeuser employees.

Because the transaction is a purchase of assets rather than of
stock, International Paper will realize a tax benefit that has
an estimated net present value of approximately US$1.4 billion.
Taking this benefit into account, the net purchase price is
about US$4.6 billion.

"This deal represents a compelling opportunity for International
Paper and our shareowners at a very attractive valuation,"
International Paper Chairman and Chief Executive Officer John
Faraci said.  "Integrating Weyerhaeuser's CBPR business into our
North American packaging platform fits very well with our
strategy to improve our earnings, cash flow and returns by
strengthening existing businesses.  We expect the combined
packaging business will generate stronger cash flow and higher
EBITDA margins than either standalone business."

Carol Roberts, senior vice president of International Paper's
packaging business, said she sees low integration risk and
considerable upside potential in the deal.  "Weyerhaeuser has
low-cost, well-run assets that complement our existing mill and
converting system and offer significant synergies," she said.
"The acquisition expands our geographic presence in the U.S. and
Mexico and diversifies our customer base in key product lines.
All of this will make our packaging business more competitive,
more profitable and better able to serve customers."

Steven R. Rogel, chairman and chief executive officer of
Weyerhaeuser Co., said the announcement completes the company's
strategic review of the CBPR business.

"We are pleased with the outcome and we will continue to focus
on those areas that present the greatest opportunities for the
future," Mr. Rogel said.  "This future begins with the trees and
the land, and our outstanding stewardship of these resources.
To this we add our unique expertise in growing and extracting
value from the trees and the land on which they grow.

"I want to thank the CBPR employees for their dedication,
patience and professional approach during this review.  Their
efforts continue to improve the performance of this business and
I'm confident that this transaction positions CBPR for an even
more successful future."

Morgan Stanley acted as financial advisor to Weyerhaeuser in the
transaction.

International Paper has identified profit improvement
opportunities of about US$400 million annually from the
acquisition.  The company expects to achieve at least 40% of the
improvement within 12 months of completing the deal, with the
remainder fully realized by the end of the third year, as a
result of reducing duplicate overhead costs, integrating
manufacturing operations, optimizing product mix, and improving
operational and supply chain efficiencies.

International Paper projects that the acquisition will be
earnings accretive for the 2009 full year.  International Paper
will finance the transaction through debt and has financing
commitments from several leading financial institutions.

                        About Weyerhaeuser

Headquartered in Federal Way, Washington, Weyerhaeuser Company
-- http://www.weyerhaeuser.com/-- is principally engaged in the
growing and harvesting of timber; the manufacture, distribution
and sale of forest products; and real estate construction,
development and related activities.

                    About International Paper

Headquartered in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is an
uncoated paper and packaging company with primary markets and
manufacturing operations in North America, Europe, Russia, Latin
America, Asia and North Africa.  International Paper employs
approximately 54,000 people in more than 20 countries, and
serves customers worldwide.  Its South American operations
include, among others, facilities in Argentina, Brazil, Bolivia,
and Venezuela.

                          *     *     *

Moody's Investors Service placed International Paper Co.'s
senior subordinate rating at 'Ba1' in December 2005.  The rating
still holds to date with a stable outlook.


PETROLEOS DE VENEZUELA: Orinoco Output Exceeds Estimates
--------------------------------------------------------
Petroleos de Venezuela SA told Dow Jones Newswires that
production of its four oil upgrading ventures in the Orinoco
basin has surpassed estimates.

The ventures produce over 600,000 barrels of crude per day, Dow
Jones says, citing Petroleos de Venezuela.

According to Dow Jones, Venezuelan government officials had
claimed that Orinoco production was 600,000 barrels per day,
while analysts said output was 580,000 barrels a day.  The
government claims that Venezuela's overall oil production is at
3.2 million barrels per day, while the Organization of Petroleum
Exporting Countries says total production is almost 2.4 million
barrels a day, Dow Jones 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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                          *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


PETROLEOS DE VENEZUELA: Gov't to Enforce New Tax on Oil Profits
---------------------------------------------------------------
Petroleos de Venezuela SA's President and Venezuelan Energy and
Petroleum Minister Rafael Ramirez said that the Venezuelan
government will implement a new tax on oil profits,
Venezuelanalysis.com reports.

Minister Ramirez said during the World Heavy Oil Conference in
Alberta, Canada that the tax will be applied to help pay for
environmental damages and to compensate the Venezuelans through
social programs, Venezuelanalysis.com notes.

According to Venezuelanalysis.com, Minister Ramirez said that
the tax is justified as oil prices and earnings have surpassed
what was expected when contracts were signed.  Minister Ramirez
noted that international oil firms have also caused a lot of
damage, Venezuelanalysis.com adds.  The tax will help protect
oil revenues once prices decrease when the northern winter
season ends and demand declines, Minister Ramirez says,
Venezuelanalysis.com reports.

"Base price per barrel will be US$80, which is significantly
greater than previous ranges of US$20 to US$30 per barrel,
because worldwide refining capacity is reaching limits, and
creating new supply is more expensive than ever before,"
Venezuelanalysis.com quoted Minister Ramirez.

Growth in India and China has also increased worldwide demand
for oil, the report says, citing Minister Ramirez.

Prices are currently above US$109 per barrel, but the
Organization of Petroleum Exporting Countries won't increase
supply because the "the supply is in line with consumer demand,"
Minister Ramirez relates, according to Venezuelanalysis.com.

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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                              *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.





                             ***********


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
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