TCRLA_Public/060717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

                Monday, July 17, 2006, Vol. 7, Issue 140

                                       Headlines

A R G E N T I N A

CARGAPORT INTERNACIONAL: Verification of Claims Ends on Aug. 21
COMCEL SA: Trustee Presents Individual Reports on Aug. 31
DECANO INDUSTRIAL: Reorganization Proceeding Concluded
HILAL HECTOR: Claims Verification Deadline Is Set for Aug. 11
MATYS SRL: Deadline for Verification of Claims Is on Aug. 14

RAW LEATHER: Seeks Court Approval to Restructure Debts
REPSO YPF: Obtains 28% Interest in Gulf of Mexico's Shenzi Field
RODALIA SCA: Seeks Court Approval to Reorganize Business
SOL DE ACUARIO: Individual Reports Due In Court on Aug. 31
TERMAN: Trustee Delivers in Court Individual Reports on Aug. 29

YESAI SA: Enters Bankruptcy on Court Orders

* ARGENTINA: Issuing Joint Debt Bonds with Venezuela

B A H A M A S

WINN-DIXIE: Rejects Sanderson Farms Supply Pact on June 30

B E R M U D A

SVP HOLDINGS: S&P Assigns B+ Corporate Credit Rating

B O L I V I A

CORPORACION MINERA: Mesa Pata Study Shows Large Mineral Deposits

B R A Z I L

BANCO NACIONAL: Bank Pres. Fiocca Defends Export Financings
GERDAU SA: US$1.5-Bil. Investment at Ouro Branco Boosts Output
TRANSAX INTERNATIONAL: Amends 2006 & 2005 Financial Statements
NOVELIS INC: Extends Consent Request for Senior Notes to July 19

C A Y M A N   I S L A N D S

SPHINX CONVERTIBLE: Court Sets Winding-Up Hearing on July 28
SPHINX CONVERTIBLE (FUND): Winding-Up Hearing Set for July 28
SPHINX DISTRESSED: Court Schedules Wind-Up Hearing on July 28
SPHINX DISTRESSED (FUND): Court Sets Wind-Up Hearing on July 28
SPHINX EQUITY: Court Hears Winding-Up Petition on July 28

SPHINX EQUITY (FUND): Court Hears Winding-Up Petition on July 28
SPHINX FIXED: Winding-Up Hearing Is Scheduled for July 28
SPHINX FIXED (FUND): Court Sets Winding-Up Hearing on July 28
SPHINX LONG/SHORT: Court Hears Winding-Up Petition on July 28
SPHINX LONG/SHORT (FUND): Winding-Up Hearing Is Set for July 28

SPHINX LTD: Court Schedules Winding-Up Hearing for July 28
SPHINX MACRO: Court Schedules July 28 for Winding-Up Hearing
SPHINX MACRO FUND: Court Sets Winding-Up Hearing for July 28
SPHINX MANAGED: Court Schedules Winding-Up Hearing for July 28
SPHINX MERGER: Winding-Up Hearing Is Scheduled for July 28

SPHINX MERGER (FUND): Court Hears Winding-Up Petition on July 28
SPHINX PLUS: Court Schedules Winding-Up Hearing on July 28
SPHINX SPECIAL: Court Schedules Winding-Up Hearing for July 28
SPHINX SPECIAL (FUND): Winding-Up Hearing Is Set for July 28
SPHINX STRATEGY: Court Sets Winding-Up Hearing for July 28

PLUSFUNDS MANAGER: Winding-Up Hearing Is Scheduled for July 28

C O L O M B I A

BBVA COLOMBIA: Fitch Affirms BB Foreign Currency Issuer Ratings

* COLOMBIA: Exports to Venezuela Reaches US$516M for 1st Quarter

C O S T A   R I C A

* COSTA RICA: State Firm to Replace Banco Credito Agricola

C U B A

* CUBA: Venezuelan State-Run Banks Fund Firms' Export to Country

D O M I N I C A N   R E P U B L I C

FALCONBRIDGE LTD: European Commission Clears Xstrata Acquisition
FALCONBRIDGE: Phelps Dodge-Inco Merger Gets US DoJ Approval
FALCONBRIDGE: Inco Extends Tender Offer Expiration to July 24

E L   S A L V A D O R

* EL SALVADOR: Fitch Rates US$225MM 30-Yr. Global Bonds at BB+

J A M A I C A

DIGICEL LTD: Fitch Rates US$150MM 9.25% Sr. Notes Due 2012 at B
KAISER ALUMINUM: Inks New Employment Pacts with CEO and CFO
KAISER ALUMINUM: Five Trusts Created Following Bankruptcy Exit

M E X I C O

EL POLLO: Further Extends Tender Offer Expiration to Aug. 11
FORD MOTOR: Declares Third Quarter Dividend of US$0.05 Per Share
GRUPO IUSACELL: Involuntary Chapter 11 Case Summary

P A N A M A

* PANAMA: Executive Committee Starts Discussing Canal Expansion

P E R U

* PERU: President Asks US Congress to Ratify Free Trade Accord

P U E R T O   R I C O

ADELPHIA: Gets US FCC Nod on Asset Sale to Time Warner-Comcast
ADELPHIA COMMS: SPCP Group Wants Multi-Million Claim Allowed
RENT-A-CENTER: Completes Senior Secured Debt Refinancing

T R I N I D A D   &   T O B A G O

MIRANT CORP: Buy Back Plan Cues Moody's to Lower Ratings

V E N E Z U E L A

INT'L PAPER: Authorizes US$3 Billion Share Repurchase Program
INT'L PAPER: Fitch Says Repurchase Program Won't Affect Ratings

* VENEZUELA: Issuing US$2 Bil. Joint Debt Bonds with Argentina
* VENEZUELA: PetroCaribe Not Benefitting All Participants

* IDB Calls for Proposals to Promote Regional Public Goods


                          - - - - -  


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A R G E N T I N A
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CARGAPORT INTERNACIONAL: Verification of Claims Ends on Aug. 21
---------------------------------------------------------------
Court-appointed trustee Edith Norma Regazzoni will verify
creditors' proofs of claim against bankrupt company Cargaport
Internacional S.A. until Aug. 21, 2006.  Creditors who fail to
present their proofs of claims won't receive any post-
liquidation distribution that Ms. Regazzoni will make.

The verified claims will be submitted in court as individual
reports on Oct. 2, 2006.  A general report that contains an
audit of Cargaport Internacional's accounting and banking
records will follow on Nov. 14, 2006.

The debtor can be reached at:

    Cargaport Internacional S.A.
    Parana 777
    Buenos Aires, Argentina

The trustee can be reached at:

    Edith Norma Regazzoni
    Carlos Pellegrini 465
    Buenos Aires, Argentina


COMCEL SA: Trustee Presents Individual Reports on Aug. 31
---------------------------------------------------------
Osvaldo L. Weiss, the court-appointed trustee for Comcel S.A.'s
bankruptcy case, will present in court individual reports based
on verified proofs of claim on Aug. 31, 2006.  A general report
that contains an audit of the company's accounting and banking
records will follow on Oct. 13, 2006.

A court in Buenos Aires declared Comcel S.A. bankrupt after
defaulting on its obligations.

The trustee can be reached at:

         Osvaldo L. Weiss
         Roque Saenz Pena 651
         Buenos Aires, Argentina


DECANO INDUSTRIAL: Reorganization Proceeding Concluded
------------------------------------------------------
Decano Industrial S.A.'s reorganization proceeding has been
concluded after Judge Dieuzeide of Court No. 1 in Buenos Aires
approved the debt agreement signed between the company and its
creditors on Aug. 25, 2005.

Tito Jorge Gargaglione, the court-appointed trustee for the
proceeding, verified creditors' proofs of claim until
Nov. 17, 2004.  

The verified claims were submitted as individual reports on
Dec. 30, 2004.  The general report that contained an audit of
Decano Industrial's accounting and banking records followed on
March 11, 2005.

Clerk No. 1, Dr. Fernandez Garello, assisted the court in the
proceeding.

The debtor can be reached at:

    Decano Industrial S.A.
    Cerrito 1136
    Buenos Aires, Argentina

The trustee can be reached at:

    Tito Gargaglione
    Medrano 833
    Buenos Aires


HILAL HECTOR: Claims Verification Deadline Is Set for Aug. 11
-------------------------------------------------------------
The court-appointed trustee, whose name was not disclosed, for
Hilal Hector Juan e Hijos S.R.L.'s bankruptcy proceeding will
verify creditors' proofs of claim until Aug. 11, 2006.

Creditors who fail to present their proofs of claim won't
receive any post-liquidation distribution that the trustee will
make.

Under Argentine bankruptcy law, the trustee will submit in court
individual reports based on the verified claims and a general
report that contains an audit of Hilal Hector's accounting and
banking records.  The report submission dates have not been
disclosed.

The debtor can be reached at:

    Hilal Hector Juan e Hijos S.R.L.
    Chacabuco 467, Ciudad de Cordoba
    Cordoba, Argentina


MATYS SRL: Deadline for Verification of Claims Is on Aug. 14
------------------------------------------------------------
Court-appointed trustee Mario Norberto Aragon will verify
creditors proofs of claim against bankrupt company Matys S.R.L.
until Aug. 14, 2006.  Creditors who fail to submit their proofs
of claims won't receive any post-liquidation distribution that
Mr. Aragon will make.

The verified calims will be submitted in court as individual
reports on Oct. 17, 2006.  A general report that contains an
audit of Matys S.R.L.'s accounting and banking records will
follow on Nov. 30, 2006.

Matys S.R.L.'s creditors did not accept the settlement that the
company presented on Nov. 11, 2005, prompting Court No. 2 in
Buenos Aires to convert the company's insolvency case into a
bankruptcy proceeding.  Consequently, all of the debtor's assets
will be liquidated and proceeds distributed to creditors.  

Clerk No. 4 assists the court in the proceeding.

The debtor can be reached at:

    Matys S.R.L.
    Avenida Callao 661
    Buenos Aires, Argentina

The trustee can be reached at:

    Mario Norberto Aragon
    Adolfo Alsina 1535
    Buenos Aires, Argentina


RAW LEATHER: Seeks Court Approval to Restructure Debts
------------------------------------------------------
A court in Buenos Aires is studying the merits of Raw Leather
S.A.'s petition to restructure its debts after defaulting on its
obligations.

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

The debtor can be reached at:

    Raw Leather S.A.
    Libertad 651
    Buenos Aires, Argentina


REPSO YPF: Obtains 28% Interest in Gulf of Mexico's Shenzi Field
----------------------------------------------------------------
Repsol YPF has acquired a 28% stake owned by BHP Billiton in the
deepwater Shenzi field, in the Green Canyon area of the Gulf of
Mexico, for US$2.145 billion (EUR1.700 billion).

The purchase consolidates Repsol YPF's position in the Gulf of
Mexico, USA, as one of the company's strategic growth areas.  

This acquisition will increase the company's probable and proven
reserves (2P) and will boost Repsol YPF's production in the Gulf
of Mexico to a total over 35,000 barrels per day by 2009.

The Shenzi field is operated by BHP Billiton with a 44% interest
and the third partner, besides Repsol YPF, is Amerada Hess, with
28%.

                          Highlights

   -- With estimated reserves of 350 million to 400 million
      barrels for the initial phase of the Plan of Development
      in the Southern Flank, Shenzi is already considered to
      be one of the largest fields in the deepwater Gulf of
      Mexico USA.

   -- Additional potential reserves have been identified in the
      evaluation by Repsol YPF, and which comprises:

        -- South Flank additional volumes,
        -- shallower reservoirs,
        -- improved performance and water injection, which
           could boost the South Flank's total reserves to
           500 million boe.

   -- Repsol YPF's evaluation team estimates that there are
      areas in the Northern Flank of the field that have
      geological characteristics similar to those of the
      Southern Flank.  Exploration will begin in this area in
      the last quarter of 2006, and has a potential to be a
      project of similar size as the Southern Flank.

   -- Once on stream this field is expected to raise Repsol
      YPF's production in the Gulf of Mexico to a total over
      35,000 barrels of oil per day.

   -- This investment of EUR1,700 million is made in the oil
      industry's most profitable deepwater area.


               Strong Points of the Operation

Shenzi is not only one of the largest oil fields discovered to
date in the deep waters of the Gulf of Mexico, but it is also
considered to have the potential to become one of the largest
oil fields in development in deep waters.

This field was discovered in 2002 and five appraisal wells (with
numerous side-tracks) have been drilled to date on the Southern
Flank of the structure.  The operator has designed and approved
a development plan for the Southern Flank of the field that
should recover 350 million to 400 million barrels of oil in the
initial phase. Commercial production is expected to begin mid
year of 2009 at a gross rate of 100,000 bopd.

Additional phases for the Southern Flank development include the
completion of oil-bearing shallower reservoirs and water
injection, which should increase the quoted reserves for this
southern portion of the field by at least a 20% to a total of
around 500 million boe.
  
Relatedly, Repsol YPF technical experts have evaluated the
Northern Flank extensively.  Exploration will begin in this area
in the last quarter of 2006.  According to the evaluations that
have been realized in the Northern Flank, it has a similar
potential as that of the Southern Flank.  

Given the proximity between the Shenzi field and other Group
assets it will be possible to jointly market the crude oil from
both which arrive to the same delivery point, thereby optimising
commercialisation volumes and revenues.

       Gulf of Mexico, A Strategic Area for Repsol YPF

The Gulf of Mexico is one of the deepwater areas with the
highest exploration potential in the world -- with total
yet-to-find reserves estimated to be at least 20,000 million
barrels.   This zone also possesses an attractive and stable tax
regime and has historically provided one of the largest returns
on capital in the offshore oil industry.

Repsol YPF has held a significant activity in the Gulf of Mexico
since 2003, and currently holds a stake in 85 exploration
blocks, located in:

   -- Green Canyon,
   -- Atwater Valley,
   -- Alaminos Canyon and
   -- Mississippi Canyon,

being the operator of 45 of them.  First production related to
these assets will begin in 2007, with a net production for
Repsol YPF of 7,500 bopd and 7.5 MSCF of gas per day.

The company strengthened its presence in the area this past
April when it was awarded 4 high value exploration blocks in the
Mississippi Canyon and Green Canyon areas.

The additional estimated reserves and production added by the
Shenzi field acquisition consolidates Repsol YPF's position for
growth in the Gulf of Mexico.

This is in line with Repsol YPF's Strategic Plan for Upstream,
where the Gulf of Mexico has been defined, together with the
North of Africa (Algeria and Libya) and Trinidad & Tobago, as
one of the company's core business areas outside of Latin
America.  At the same time this operation reinforces Repsol
YPF's sound portfolio of high potential assets.

Finally, the deal strengthens and expands the company's
deepwater operation capabilities to place the Gulf of Mexico as
an important investment target for Exploration & Production.

                        *    *    *

On June 20, 2005, Moody's Investors Service upgraded the ratings
of Spanish-Argentine oil company Repsol YPF's local subsidiary
YPF S.A.  Moody's upgraded YPF's senior unsecured rating to Ba3
from B1 and the unit's domestic currency issuer rating to Baa2
from Baa3.

YPF's foreign currency issuer rating of Caa1 remained unchanged,
as it is constrained by the sovereign ceiling of Argentina.
YPF's Corporate Family Rating (formerly known as the senior
implied rating) is aligned with the foreign currency issuer
rating at Caa1.


RODALIA SCA: Seeks Court Approval to Reorganize Business
--------------------------------------------------------
A court in Buenos Aires is studying the merits of Rodalia
S.C.A.'s petition to reorganize its business after defaulting on
its obligations.

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

The debtor can be reached at:

    Rodalia S.C.A.
    Dean Funes 1649
    Buenos Aires, Argentina


SOL DE ACUARIO: Individual Reports Due In Court on Aug. 31
----------------------------------------------------------
Elisa Esther Tomattis, the court-appointed trustee for Sol de
Acuario S.A.'s bankruptcy case, will present in court individual
reports based on the verified claims on Aug. 31, 2006.  A
general report that contains an audit of the company's
accounting and banking records will follow on Oct. 13, 2006.

Ms. Tomattis verified creditors' proofs of claim against Sol de
Acuario until July 13, 2006.

Court No. 9 in Buenos Aires declared Sol de Acuario bankrupt at
the request of Cooperativa Agricultor Ruiz de Montoya Limitada,
which it owes US$4,363.79.

Clerk No. 17 assists the court in the proceeding.

The debtor can be reached at:

    Sol de Acuario S.A.
    Belgrano 355
    Buenos Aires, Argentina

The trustee can be reached at:

    Elisa Esther Tomattis
    Rodriguez Pena 110
    Buenos Aires, Argentina


TERMAN: Trustee Delivers in Court Individual Reports on Aug. 29
---------------------------------------------------------------
Oscar Leonardo Epstein, the court-appointed trustee for Terman
S.A.'s bankruptcy case, will present in court individual reports
based on the verified claims on Aug. 29, 2006.  A general report
that contains an audit of the company's accounting and banking
records will follow on Oct. 10, 2006.

Mr. Epstein verified creditors' proofs of claim against Terman
S.A. until July 4, 2006.

Court No. 25 in Buenos Aires declared Terman S.A. bankrupt at
the request of Alimentos y Bebidas Cartellone S.A., which it
owes US$20,000.

Clerk No. 50 assists the court in the proceeding.

The debtor can be reached at:

         Terman S.A.
         Hipolito Yrigoyen 3081
         Buenos Aires, Argentina

The trustee can be reached at:

         Oscar Leonardo Epstein
         Viamonte 1620
         Buenos Aires, Argentina


YESAI SA: Enters Bankruptcy on Court Orders
-------------------------------------------
Yesai S.A. enters bankruptcy protection after a court
in Buenos Aires ordered the company's liquidation.  The
order transfers control of the company's assets to a court-
appointed trustee who will supervise the liquidation
proceeding.

The trustee will verify creditors' proofs of claim against Yesai
S.A., and under Argentine bankruptcy law, will provide the court
with individual reports and a general report containing an audit
of Yesai S.A.'s accounting and business records after the claims
are verified.  The report submission dates have not been
disclosed.


* ARGENTINA: Issuing Joint Debt Bonds with Venezuela
----------------------------------------------------
Argentina and Venezuela will be issuing up to US$2 billion of
joint debt bonds within two months time.

Venezuelan finance minister Nelson Merentes Wednesday told El
Universal that the so-called "southern bond" would be issued at
the optimal time, "at the best time for Argentina, for Venezuela
and for financial markets."

The terms of the joint bond is currently under discussion and
its placement in international markets depends on factors that
the finance miniters did not divulge to El Universal.  The
instrument has been conceived in the context of Venezuela's
entry into the Southern Common Market or Mercosur.

The bond's yield is said to be higher that yield curves in
Argentina and Venezuela.

Proceeds from the future sale of the joint bonds will be used to
improve liquidity, bolster satisfaction among investors and to
generate profits for both countries, El Universal says.

The proposed debts would be partly sold in the Venezuelan
domestic market, which means they could be dollar-denominated
but payable in bolivars.  The transaction is expected to be
completed in 60-90 days.

Venezuela would be the bonds' issuer, and then would transfer
the bond to Argentina.  Venezuela is issuing the bond because of
risk-country considerations to ensure a better yield while
selling the bonds in different locations based on market
conditions, Reuters says.

                       *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005




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B A H A M A S
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WINN-DIXIE: Rejects Sanderson Farms Supply Pact on June 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
authorized Winn-Dixie Stores, Inc., and its debtor-affiliates to
reject the Prepetition Supply Agreement between Winn-Dixie
Procurement, Inc., and Sanderson Farms Inc., effective as of
June 30, 2006.

The Bankruptcy Court also approved:

    (i) Sanderson Farms' set-off of its prepetition general
        unsecured claim against the Debtors' accrued prepetition
        credits, both of which arise from the Prepetition Supply
        Agreement; and

   (ii) the resolution of Sanderson Farms' claims, including the
        waiver of all claims for rejection damages and all other
        claims, except for an agreed reclamation claim and any
        unpaid postpetition invoices.

As reported in the Troubled Company Reporter on June 26, 2006,
pursuant to a supply agreement dated July 1, 2003, between
Winn-Dixie Procurement, Inc., and Sanderson Farms Inc., the
Debtors have for several years purchased chicken and chicken-
related products from Sanderson Farms.

James H. Post, Esq., at Smith Hulsey & Busey, in Jacksonville,
Florida, related that, although the Debtors want to continue
their relationship with Sanderson Farms, the terms of the
Prepetition Supply Agreement are no longer feasible, due, in
part, to the reduction in the Debtors' store count.

"In particular, the Prepetition Supply Agreement requires the
Debtors to purchase 550,000,000 pounds of chicken, with the term
of the agreement continuing until that requirement is satisfied.
Thus, the reduced store count has operated to extend the term of
the Prepetition Supply Agreement," Mr. Post noted.

Moreover, Mr. Post continues, the Prepetition Supply Agreement
contains a liquidated damages clause in the event it terminates
before the required purchases are made.

The Debtors have decided to reject the Prepetition Supply
Agreement and to provide for a continuing relationship with
Sanderson Farms on more favorable terms under a new ordinary
course supply agreement.  Sanderson Farms has agreed to this
approach, Mr. Post relates, with the understanding that:

    (a) its reclamation claim, as previously agreed between the
        parties, will be for US$529,509;

    (b) a portion of its prepetition general unsecured claim
        will be set off against prepetition credits accrued by
        the Debtors, and the balance of its general unsecured
        claim will be waived; and

    (c) any claims for rejection damages and all other claims
        -- except for the agreed reclamation claim and any
        unpaid postpetition invoices -- it has or may have had
        against the Debtors will be waived.

Mr. Post added that Sanderson Farms has agreed that the new
supply agreement, which will take effect upon the rejection of
the Prepetition Supply Agreement, may be terminated by the
Debtors without liability in the event their Chapter 11 plan of
reorganization is not confirmed or does not become effective.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest  
food retailers.  The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people.  The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King
& Spalding LLP, represent the Debtors in their restructuring
efforts.  Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc., 215/945-
7000).




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SVP HOLDINGS: S&P Assigns B+ Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Bermuda-based consumer sewing machine company
SVP Holdings Ltd.  The outlook is stable.
      
"At the same time, we assigned our 'B+' bank loan rating and '3'
recovery rating to the company's proposed $315 million of first-
lien senior secured credit facilities," said Standard & Poor's
credit analyst David Kang.  This and the recovery rating
indicate that lenders can expect meaningful recovery of
principal (50%-80%) in the event of a payment default.
     
The borrowers under the facilities will be seven wholly owned
subsidiaries of SVP Holdings Ltd., and SVP will fully and
unconditionally guarantee the facilities on a joint and several
basis. For analytical purposes, Standard & Poor's viesw SVP on a
consolidated basis.  All ratings are based on preliminary
offering statements and are subject to review upon final
documentation.
     
Proceeds from the new credit facilities will be used to
refinance existing debt, fund seasonal working capital needs,
and pay related fees and expenses related to the refinancing.
Standard & Poor's estimates SVP will have about US$296 million
of total debt outstanding at closing.
     
The ratings on SVP reflect the company's

   -- narrow business focus,
   -- participation in the mature,
   -- highly competitive consumer sewing machine industry,
   -- customer concentration, and
   -- highly leveraged financial profile.

These factors are somewhat mitigated by the company's leading
market position, wide geographic presence across several retail
channels, and portfolio of well-recognized brands.
     



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B O L I V I A
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CORPORACION MINERA: Mesa Pata Study Shows Large Mineral Deposits
---------------------------------------------------------------
Corporacion Minera de Bolivia aka Comibol, Bolivia's state-run
mining company, said in its prospective reserve reports to Franklin
Mining that Mesa Pata, the Cerro Rico Second Vein, believed to
contain approximately 1,041,600 tons of ore, 208,320 kilos of
silver and 62,496 metric tons of zinc, roughly 7,346,196 ounces
of silver and 137,741,184 pounds of zinc.  Many consider the
Cerro Rico Mine to be the world's largest silver mine.

Franklin Mining, Bolivia, a subsidiary of Franklin Mining, Inc.,
and Comibol recently formalized a definitive joint venture on
four veins of the Cerro Rico Mine.

The combined estimated reserves for the San Miguel vein, the
first vein, and the Mesa Pata vein are about 362,320 kgs of
silver, 91,704 tons of zinc and 9,881 tons of tin, yielding
approximately 12,776,852 ounces of silver, 202,115,616 lbs of
zinc and 21,777,724 lbs of tin.

"The potential of the second vein is very promising. The
information provided to us by Comibol is exciting, and we will
begin to review and analyze the details provided as well as the
potential reserves for the remaining two veins," Jaime
Melgarejo, President of Franklin Mining, Inc. said.

                  About Franklin Mining, Inc.

Franklin Mining, Inc - http://franklinmining.com/-- currently
have interests in Bolivia and the United States.  The company
opened opened a division named Franklin Oil & Gas, and opened
subsidiaries in Bolivia -- Franklin Mining, Bolivia and Franklin
Oil & Gas, Bolivia.

                       About Comibol

Corporacion Minera de Bolivia aka Comibol is undergoing a
restructuring initiated by the Bolivian government.  Bolivian
President Evo Morales' initiative for the company's
restructuring would take time as currently Comibol mines are
under joint venture contracts or leasing agreements.  Comibol
has US$85 million in assets including equipment and machinery,
which cannot be used by small and medium-scale miners and
cooperatives.




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B R A Z I L
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BANCO NACIONAL: Bank Pres. Fiocca Defends Export Financings
-----------------------------------------------------------
"Those who are displeased by Banco Nacional de Desenvolvimento
Economico e Social's financing of Brazilian enterprises that win
biddings abroad are completely mistaken.  BNDES has been
operating for over fifteen years in financing Brazilian exports,
therefore contributing for the strengthening and competitiveness
of Brazil's external sales," BNDES president Demian Fiocca told
reporters in an interview about the trip to Bolivia by the
bank's staff on July 7.

BNDES superintendent on Foreign Trade, Luis Antonio Dantas, and
the head of the South America Integration Department, Angela
Carvalho, joined a Brazilian government mission to Bolivia
conducted by the Ministry of Foreign Relations.  The National
Association of Manufacturers of Automotive Vehicles also
participated in the mission.

"BNDES has been permanently working towards the search of
opportunities to the Brazilian enterprises", Mr. Fiocca said,
stressing out that it is part of BNDES general policy to join
Brazilian government missions, ensuring the development of
economic relations among countries and boosting Brazilian
enterprises.  

"It is in this context that the visit of BNDES professionals to
Bolivia is included", Mr. Fiocca affirmed.

Mr. Fiocca mentioned the international agenda accomplished by
BNDES in June:

   -- on June 24, the vice-president Armando Mariante was in
      Montevideo, Uruguay, in a mission conducted by the
      minister of Foreign Relations, Celso Amorim; and

   -- on June 27, Mr. Mariante went to Buenos Aires, Argentina,
      accompanying the minister of Development, Industry and
      Trade, Luiz Fernando Furlan;

During the meeting in Bolivia, two business possibilities were
discussed:

   -- exports of about 300 tractors, at an estimated amount of
      US$25 million; and

   -- the participation of Brazilian goods and services in a
      project to construct the Hacia El Norte highway, which
      will cross the country from north to south.

The Bolivian government will open international bidding to
execute the project and, in case Brazilian enterprises win the
competition, BNDES may support them by organizing financing
operations with the guarantees required by banking prudence, as
the Convention for Mutual Payables and Receivables, an
instrument that works as a type of clearing-house for
imports/exports between the Latin American Integration
Association or Aladi countries, and the Dominican Republic.

Mr. Fiocca defended the Brazilian external policy that promotes
the use of negotiation and values harmonic relations between
countries, mainly in Latin America.  For him, a posture of
aggressiveness and hostility defended by some in relation to
Venezuela, for instance, is a "mistaken attitude".  He said that
Brazil, with its correct external policy, expanded space for the
Brazilian exports in Venezuela and the region as a whole.  He
mentioned BNDES financing portfolio for Brazilian exports of
engineering goods and services to South America, amounting to
US$2.6 billion, of which US$1.3 billion does not represent
operations contracted.  He reminded that exports of services
mean to make the Brazilian engineering more dynamic, with the
imposition of technical standards, which will generate new
agreements to export goods.  Mr. Fiocca highlighted that behind
these exports there are over 1,400 suppliers of goods, mostly
medium and small enterprises.


                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.


GERDAU SA: US$1.5-Bil. Investment at Ouro Branco Boosts Output
--------------------------------------------------------------
The increased production capacity at Gerdau Acominas, from 3
million to 4.5 million metric tons per year, places the Gerdau
Group at a new level in the global steelmaking scenario.  With a
US$1.5-billion investment in the mill, located at Ouro Branco in
the state of Minas Gerais, the Gerdau Group's annual production
capacity will reach 20.5 million metric tons, compared to the
current 19 million.

The expansion of the mill is focused on meeting the demands of
the international market, which receives more than 70% of its
production, for use mainly in the naval and automotive
industries, in appliances and in forged pieces.  "Global demand
has remained high, especially due to consumption in China, and
this trend should continue throughout the year," Gerdau Group's
chairman said.  According to the International Iron and Steel
Institute or IISI, world production reached 104 million metric
tons in the month of May, up 9.3% on the same period last year.

                         Investments

Continuous slab casting will have annual production capacity of
1.5 million metric tons, which could be doubled in the future

During the 20th anniversary celebrations of Gerdau Acominas, the
Gerdau Group announced investments of US$ 275 million for the
installation of new continuous slab casting equipment, producing
raw material for flat steel production.

This sum includes the continuous casting equipment, a vacuum
degassing unit to improve steel quality, and a set of gantry
cranes and ancillary equipment, together with the investments in
civil construction and electromechanical installations.

In the first phase, the equipment will have an annual production
capacity of 1.5 million metric tons, which will begin to reach
the market in early 2009.  The continuous casting equipment
includes the basic structure for future expansion, which could
reach 3 million metric tons of steel per year.

Investments are already underway on the number 2 coking plant,
the number 2 sintering mill, the number 2 blast furnace, the
melt shop, the primary rolling mill and the thermal power plant.  
The suppliers have already fabricated around 80% of the
equipment on order, and 50% has already been delivered on site.  
The civil construction works for the expansion of the number 2
coking plant and the number 2 sintering mill are already well
advanced.  The coking plant will transform coal into coke, one
of the raw materials of steelmaking. Sintering is the industrial
process that produces sinter, another important input.

The main investment in the program is the number 2 blast
furnace, which transforms the basic raw materials - sinter, coke
and granulated iron ore - into pig iron.  Pig iron is the main
raw material for steel production, carried out in the following
phase of the industrial process.

Another highlight is the continuous slab casting equipment,
where the liquid steel is solidified.  The most important
advantage of this new technology is its increased product
quality, which meets the demanding standards of the automotive
and forging industries.  It also offers 14% higher yield,
meaning reduced losses of steel during the process.  Its annual
production capacity will be 1.5 million metric tons, meeting the
increased requirements of the mill.

The installation of the blast furnace and the continuous bloom
casting equipment is underway, together with the bloom-reheating
furnace for the primary rolling mill.

The installation of another ladle furnace is also planned,
contributing to increased steel quality, among other advantages.  
A billet finishing and cooling train and a roughing mill will
also be installed.

In addition, the mill's energy efficiency will be boosted with
the installation of another turbo blower generator to supply the
new blast furnace.  With this, the unit will maintain its level
of 70% energy self-sufficiency even with the expansion,
generating power by making use of the gases generated in the
industrial process.

                         Job Creation

New structure will create 1,500 permanent jobs and 8,000
temporary jobs at peak of construction

For a year and a half, around 5,000 temporary jobs will be
created, reaching a total of 8,000 at the peak of the
construction process, planned for the end of 2006.  Around 60%
of these are from the local workforce - builders, assistants,
carpenters, electricians, welders and construction workers -
which has had a positive effect on the regional economy.  Gerdau
A?ominas is advising service providers to hire people from the
towns of:

   -- Ouro Branco,
   -- Conselheiro Lafaiete,
   -- Congonhas,
   -- Ouro Preto and other nearby areas.

Once the new structure is in operation, a further 1,500
permanent jobs will be created, including direct employees and
service providers.

Offices of the National Employment System or SINE have been set
up in Ouro Branco, Conselheiro Lafaiete and Congonhas.  There,
the civil construction companies involved in the project have
simple access to a register of professionals interested in
working on the expansion of the mill.  Gerdau A?ominas has also
put together a multifunctional team to work with the SINE
officers, auditing the work contracts between companies and
their employees.

                         Environment

The expansion of the unit is limited to the existing built area,
thus preserving the mill's 4,300 hectares of vegetated area,
including a 1,700 hectare green belt.

In order to maintain the unit's standards of eco-efficiency, new
water protection equipment will be installed in the coking
plant, sintering mill, blast furnace, melt shop and thermal
power plant.  Currently, 13 water recycling and treatment
systems ensure that 95% of water intake is reused in the
production process.  This technology also means that the water
returned to the rivers meets the quality parameters required by
legislation.

The unit has ISO 14001 certification and also makes ongoing
investments in atmospheric protection through the use of dust
removal systems, which filter out solid particles generated in
the industrial process. It also makes use of modern centers for
recovering byproducts, of which 95% are reused either within the
mill itself or in other sectors of the economy.

                       About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.


TRANSAX INTERNATIONAL: Amends 2006 & 2005 Financial Statements
--------------------------------------------------------------
Transax International Limited filed with the US Securities and
Exchange Commission on July 10, 2006, its amended financial
statements for:

   -- the second quarter ended June 30, 2005;
   -- the third quarter ended Sept. 30, 2005;
   -- the year ended Dec. 31, 2005; and
   -- the first quarter ended March 31, 2006.

The Company's Statement of Operations showed:

                               For the period ended
                  ----------------------------------------------
                    Quarter      Quarter     Year       Quarter
                    06/30/05    09/30/05   12/31/05     03/31/06
                  ----------  ----------  ---------  -----------
Revenue         US$861,023    US$948,993 US$3,380,150 US$981,058

Net (Loss)     (US$167,042)(US$317,780)(USS$764,484)(US$691,704)

The Company's Balance Sheet showed:

                               For the period ended
                  ----------------------------------------------
                    Quarter     Quarter      Year       Quarter
                    06/30/05    09/30/05   12/31/05     03/31/06
                  ----------  ----------  ----------  ----------
Current Assets  US$534,525    US$535,898  US$494,224  US$691,719

Total Assets US$1,771,040 US$1,753,792 US$1,693,656 US$1,855,377

Current
Liabilities  US$2,333,245 US$2,547,470 US$2,563,200 US$3,350,909

Total
Liabilities  US$3,289,652 US$3,355,092 US$3,321,296 US$4,249,692

Total
Stockholders'
Equity       US$1,518,612 US$1,601,300 US$1,627,640 US$2,394,315

                     Going Concern Doubt

Moore Stephens, P.C., in New York, raised substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's losses, and working capital and
stockholders' deficiencies.

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides hospitals,  
physicians and health insurance companies using health
information management systems to manage coding, compliance,
abstracting and recording of management processes.  The
Company's subsidiaries, TDS Telecommunication Data Systems LTDA
provides services in Brazil; Transax Australia Pty Ltd. provides
those services in Australia; and Medlink Technologies, Inc.,
initiates research and development.


NOVELIS INC: Extends Consent Request for Senior Notes to July 19
----------------------------------------------------------------
Novelis Inc. (NYSE: NVL)(TSX: NVL) is extending the expiration
date in connection with its previously announced consent
solicitation relating to its 7-1/4% Senior Notes due 2015 (CUSIP
Nos. 67000XAA4, C6780CAA1 and 67000XAB2) in order to allow
holders additional time to deliver their consents.  Novelis is
soliciting consents to proposed amendments to the indenture
pursuant to which the Notes were issued that would give Novelis
until December 31, 2006, to become current in its reporting
obligations and a waiver of any and all defaults caused by its
not timely filing certain reports with the Securities and
Exchange Commission.  The consent solicitation, which was
scheduled to expire at 5:00 p.m., New York City time, on
Wednesday, July 12, 2006, will now expire at 5:00 p.m., New York
City time, on Wednesday, July 19, 2006, unless extended to a
later time or date.

Upon the terms and subject to the conditions of the consent
solicitation, holders of record as of 5:00 p.m., New York City
time, on June 21, 2006, who validly deliver and do not revoke
their consents prior to the Expiration Date, will receive an
initial consent fee for each $1,000 in principal amount of Notes
with respect to which consents are received equal to the product
of $15.00 multiplied by a fraction, the numerator of which is
the aggregate principal amount of Notes outstanding on the
Expiration Date and the denominator of which is the aggregate
principal amount of Notes as to which Novelis received and
accepted consents.  If Novelis has not filed its Annual Report
on Form 10-K for the year ended December 31, 2005, with the SEC
by 5:30 p.m., New York City time, on September 30, 2006, Novelis
will pay to these holders an additional $5.00 for each $1,000.00
in principal amount of Notes as to which Novelis has received
and accepted consents.  These consent fees are collectively
referred to as the "Consent Fees."

The effectiveness of the proposed amendments and waiver and the
payment of the Consent Fees are subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the Notes.  
Holders of the Notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by Novelis of the consents of a majority of holders
of the Notes the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless Novelis fails to pay
holders the Consent Fees.

Citigroup Corporate and Investment Banking is serving as the
solicitation agent for the consent solicitation.  Questions
regarding the consent solicitation may be directed to Citigroup
Corporate and Investment Banking at (800) 558-3745 (toll-free)
or (212) 723-6106.  The information agent for the consent
solicitation is Global Bondholder Services Corporation. Requests
for copies of the Consent Solicitation Statement and related
documents may be directed to Global Bondholder Services
Corporation at (866) 794-2200 (toll- free) or (212) 430-3774.

                        About Novelis

Based in Atlanta, Georgia, Novelis Inc. (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional     
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock.  The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for our customers.

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  In a related rating action, Moody's changed Novelis
Inc's speculative grade liquidity rating to SGL-3 from SGL-2.  
Novelis Corporation's Ba2 senior secured bank credit facility
rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.




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


SPHINX CONVERTIBLE: Court Sets Winding-Up Hearing on July 28
------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Convertible Arbitrage Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Convertible.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Convertible's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Convertible's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX CONVERTIBLE (FUND): Winding-Up Hearing Set for July 28
-------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Convertible Arbitrage Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Convertible.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Convertible's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Convertible's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX DISTRESSED: Court Schedules Wind-Up Hearing on July 28
-------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Convertible Distressed Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Convertible.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Distressed's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Distressed's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX DISTRESSED (FUND): Court Sets Wind-Up Hearing on July 28
---------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Convertible Distressed Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Convertible.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Distressed's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Distressed's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX EQUITY: Court Hears Winding-Up Petition on July 28
---------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Equity Market Neutral Ltd's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Equity.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Distressed's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Equity's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX EQUITY (FUND): Court Hears Winding-Up Petition on July 28
----------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Equity Market Neutral Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Equity.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Distressed's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Equity's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX FIXED: Winding-Up Hearing Is Scheduled for July 28
---------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Fixed Income Arbitrage Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Fixed.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Fixed's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Fixed's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX FIXED (FUND): Court Sets Winding-Up Hearing on July 28
-------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Fixed Income Arbirage Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Fixed.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Fixed's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Fixed's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX LONG/SHORT: Court Hears Winding-Up Petition on July 28
-------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Long/Short
Equity Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Fixed.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Long/Short's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Long/Short's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX LONG/SHORT (FUND): Winding-Up Hearing Is Set for July 28
---------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Long/Short
Equity Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Long/Short.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Long/Short's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Long/Short's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX LTD: Court Schedules Winding-Up Hearing for July 28
----------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Sphinx
Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Ltd.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Ltd's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Ltd.'s counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX MACRO: Court Schedules July 28 for Winding-Up Hearing
------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Macro Ltd.'s
business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Macro.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Macro's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Macro's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX MACRO FUND: Court Sets Winding-Up Hearing for July 28
------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Macro Fund
SPC.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Macro.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Macro's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Macro's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX MANAGED: Court Schedules Winding-Up Hearing for July 28
--------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Managed
Futures Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Managed.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Managed's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Managed's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky



SPHINX MERGER: Winding-Up Hearing Is Scheduled for July 28
----------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Merger
Arbitrage Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Merger.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Merger's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Merger's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX MERGER (FUND): Court Hears Winding-Up Petition on July 28
----------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Merger
Arbitrage Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Merger.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Merger's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Merger's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX PLUS: Court Schedules Winding-Up Hearing on July 28
----------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Plus SPC
Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Plus.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Plus'
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Plus' counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX SPECIAL: Court Schedules Winding-Up Hearing for July 28
--------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Special
Situations Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Situations.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Situation's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Situation's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX SPECIAL (FUND): Winding-Up Hearing Is Set for July 28
------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Special
Situations Fund SPC's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Situations.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx
Situation's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Situation's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


SPHINX STRATEGY: Court Sets Winding-Up Hearing for July 28
----------------------------------------------------------
The Grand Court of the Cayman Islands will hear on July 28,
2006, at 10:00 a.m., the petition to wind-up Sphinx Strategy
Fund's business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Sphinx Strategy.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Sphinx Strategy's
liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Sphinx Strategy's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky


PLUSFUNDS MANAGER: Winding-Up Hearing Is Scheduled for July 28
--------------------------------------------------------------
The Grand Court of the Cayman Islands will hear on
July 28, 2006, at 10:00 a.m., the petition to wind-up Plusfunds
Manager Access Funds, SPC Ltd.'s business operation.

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

On July 4, 2006, the liquidators presented in court the
petitions for the winding-up of Plusfunds Manager.

Parties-in-interests who want to attend the hearing must inform
of their intention to appear on the hearing to Plusfunds
Manager's liquidators at:

            Kenneth M. Krys
            Christopher Stride
            RSM Cayman Islands
            P.O. Box 1370 GT, 2nd Floor Commerce House
            7 Dr. Roy's Drive, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7100
            Fax: (345) 949-7120
            E-mail: Kenneth.Krys@rsmi.com
                    Chris.Stride@rsmi.com

Under Rule 4.16 of the Insolvency Rules 1986 of the Cayman
Islands, those who intend to appear on the hearing must serve
notice not later than 4:00 p.m. on July 27, 2006.

Plusfunds Manager's counsel can be reached at:

            Cherry Bridges
            Alex Horsbrugh-Porter
            Ritch & Conolly
            P.O. Box 1994GT, 4th Floor Queensgate House
            113 South Church Street, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-7366
            Fax: (345) 949-8652
            E-mail: cbridges@rc.com.ky
                    ahporter@rc.com.ky




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


BBVA COLOMBIA: Fitch Affirms BB Foreign Currency Issuer Ratings
---------------------------------------------------------------
Fitch Ratings affirmed BBVA Colombia's support and Issuer
Default Ratings as:

   -- Long-term Foreign Currency: 'BB' with Positive Outlook;
   -- Short-term Foreign Currency: 'B';
   -- Long-term Local Currency: 'BBB-' with Stable Outlook;
   -- Short-term Local Currency: 'F3'; and
   -- Support at '3';

However, BBVA Colombia's Individual rating of 'C/D' remains
unchanged and on Rating Watch Negative.

Fitch's affirmation of BBVA Colombia's long- and short-term IDRs
as well as its support rating reflects our continued belief that
there is a moderate probability of support for this bank, should
it be required, by its principal shareholder, Spain's Banco
Bilbao Vizcaya Argentaria (rated 'AA-' by Fitch), given BBVA's
strong ability, which could be somewhat constrained by economic
risks in Colombia.  In turn, BBVA Colombia's Positive Outlook on
the foreign currency long-term rating is in line with the
Outlook on the respective sovereign rating (Colombia's Outlook
was revised from Stable in June 2006).  As the bank's foreign
currency IDR is constrained by the country ceiling, it is highly
likely that BBVA Colombia's foreign currency long-term IDR would
follow an upgrade of the Colombian country ceiling.

The Rating Watch Negative on BBVA Colombia's individual rating
reflects the impact of the recent purchase of Granahorrar on the
bank's financial profile, particularly its capital position.  
Fitch believes the purchase is strategically sound since BBVA
Colombia became the leading provider of mortgages in Colombia
with a market share of roughly 21%, providing welcome
diversification on both sides of the balance sheet and in the
revenue stream.  Moreover, the transaction will provide the bank
with greater economies of scale in a rapidly consolidating
market (expected deposit market share is 11.1%).  Fogafin,
Granahorrar's former principal shareholder, took great efforts
to clean the balance sheet of the bank over the past few years
and Granahorrar's financial profile appears solid. As such, the
impact of the incorporation of Granahorrar on BBVA Colombia's
asset quality and profitability was limited.  These attributes
contribute to:

   -- solid prospects for medium-term profitability;

   -- early indications of 2006 results point to continued
      strong results in 2006, despite the weight of
      integration costs; and

   -- amortization of goodwill, a trend Fitch expects to
      continue over the balance of the year and beyond.

Nevertheless, the purchase was financed largely with debt, which
significantly weakened the bank's capital position.  At end-
2005, the bank's total risk weighted capital ratio, as per
Colombian standards, was 10.55%.  It should be noted that
qualifying capital includes the substantial goodwill created by
the merger (COP546 billion; 58% of qualifying capital at end-
2005).  Moreover, free capital is limited when fixed and
foreclosed assets and deferred charges are considered. While the
relatively benign credit environment, enhanced risk management
process and ample loan loss reserves provide some degree of
comfort to absorb unexpected losses, a positive resolution of
the Rating Watch will depend on the rebuilding of the bank's
capital position through earnings and/or the refinancing of the
acquisition-related debt through capital or quasi-capital
securities.  Absent these, it is likely that the individual
rating would be downgraded to 'D'.  BBVA Colombia will likely
refinance a portion of the acquisition with subordinated debt,
which would slightly enhance its Tier-II and total capital
ratios.

Granahorrar was a public sector bank specialized in the mortgage
sector with total assets of COP3,729 billion at end-Sept 2005.  
The purchase was concluded in December 2005, while the legal
integration of the two entities was finalized in April 2006.  
BBVA Colombia paid COP970 billion (US$423 million) for
Granahorrar, roughly 2.25 times its book value.  BBVA provided
the financing for the acquisition, by way of one-year debt
(COP670 billion) and capital contributions (COP300 billion).
BBVA Colombia, Colombia's third largest bank, was established as
a public entity in 1956 and fully privatized in 1992.  In 1996,
Spain's BBVA acquired controlling equity interest (end-2005:
95.4%).


* COLOMBIA: Exports to Venezuela Reaches US$516M for 1st Quarter
----------------------------------------------------------------
Colombia's export to Venezuela for the first quarter of 2006
amounted to US$516 million, El Universal reports, citing data
from the Venezuelan-Colombia Chamber for Economic Integration

Bilateral trade between the two nations totalled US$904 million.  
The trade group estimates final trade balance at US$3 billion
for this year, El Universal says.

                        *    *    *

On May 30, 2005, Fitch Ratings affirmed Colombia's ratings as:

      -- Long-term foreign currency 'BB';
      -- Country ceiling 'BB';
      -- Local currency 'BBB-';
      -- Short-term 'B'.

Fitch said the Rating Outlook is Stable.




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


* COSTA RICA: State Firm to Replace Banco Credito Agricola
----------------------------------------------------------
Banco de Costa Rica -- Costa Rica's state bank -- has reached an
agreement with Instituto Nacional de Seguros aka INS, the
state-run insurance firm, to take over the work of Banco Credito
Agricola de Cartago aka BCAC in collecting funds for the INS,
Inside Costa Rica reports.

The report says that when BCAC's contract expired on July 9, the
INS decided to sign a new contract with BCR, believing that the
latter could give clients better services that include direct
payment of insurance services automatically from their BCR bank
account.  BCR, having the greatest number of clients, is better
suited to staff the cash registers for the INS.

Inside Costa Rica states that this is a common practice as many
other government institutions -- including the Consejo de
Seguridad Vial and the Registro Nacional -- already use the
services of the BCR in collecting payments for those
institutions.

Inside Costa Rica underscores that since 2001 BCAC had been
offering banking services for the INS, with 58 cash registers
and 33 employees.  The employees are expected to move to the
BCR.  Some, however, may be rejected.

Ley de Contratacion Administrativa told Inside Costa Rica that
the INS had invited bids from other banks for the services.  BCR
came out as the winner of the auction as it offered the same
services and conditions at a better price.

BCAC participated in the bidding.  However, the company lost
because to operational costs of a small bank are higher than
that of a bank like BCR, Luis Salas, the head of the board of
directors of the BCAC, told Inside Costa Rica. BCR is much more
focused on that type of business directed at a specific market.

BCR personnel will run the cash registers strictly at each INS
office for the collection of payments for INS, and the bank will
not offer other banking services, Inside Costa Rica relates.  

INS is talking with BCR regarding the possibility of launching
additional banking services at the INS offices, Inside Costa
Rica notes.

                        *    *    *

Costa Rica is rated by Moody's:

      -- CC LT Foreign Bank Depst Ba2
      -- CC LT Foreign Curr Debt  Ba1
      -- CC ST Foreign Bank Depst NP
      -- CC ST Foreign Curr Debt  NP
      -- Foreign Currency LT Debt Ba1
      -- Local Currency LT Debt   Ba1

Fitch assigned these ratings to Costa Rica:

      -- Foreign currency long-term debt, BB
      -- Local currency long-term debt, BB
      -- Foreign currency short-term debt, B

Costa Rica carries these ratings from Standard & Poor's:

      -- Foreign Currency LT Debt BB
      -- Local Currency LT Debt   BB+
      -- Foreign Currency ST Debt B
      -- Local Currency ST Debt   B




=======
C U B A
=======


* CUBA: Venezuelan State-Run Banks Fund Firms' Export to Country
----------------------------------------------------------------
To reinforce the signing ot the Bolivarian Alternative for the
Americas, Venezuela's state-run banks are providing financing to
companies willing to export goods to Cuba, El Universal reports.

Venezuela, Cuba and Bolivia signed the agreement in May as an
alternative to US-sponsore Free Trade Area of the Americas.

Banco de Comercio Exterior hasprovided about US$230 million to
firms that send goods to Cuba, according to El Unviersal.  

Meanwhile, Cuba is making room for Venezuelan goods by
displacing imports from other countries.

"Cuba is considering a plan to substitute imports and import
from Venezuela rather than from other countries, with prior
assessment of quality and prices, of course. President Castro
himself has become the architect of this policy. He has
Venezuelan goods in his office," Gustavo Marquez, Venezuelan
minister for Integration and Foreign Commerce, who is also the
head of Bancoex, told El Universal.

Cuba-based Banco Industrial de Venezuela is also granting loans
to Cuban importers.  "We have granted US$23 million, with US$8.8
million actually delivered," Luis Quiaro, Banco Industrial's
president, disclosed to El Universal.

Additonally, El Universal says that four Cuban financial
institutions are granting loans to Cuban public firms purchasing
goods from Venezuelan companies.  

                        *    *    *

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Depst, Caa2
      -- CC LT Foreign Curr Debt, Caa1
      -- CC ST Foreign Bank Depst, NP
      -- CC ST Foreign Curr Debt, NP
      -- Issuer Rating, Caa1




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


FALCONBRIDGE LTD: European Commission Clears Xstrata Acquisition
----------------------------------------------------------------
Xstrata plc received unconditional clearance from the European
Commission in relation to its proposed acquisition of
Falconbridge Limited.  Xstrata is now free to proceed with its
US$16.2 billion all-cash offer without further anti-trust
reviews.

The only remaining regulatory condition to Xstrata's offer is
clearance under the Investment Canada Act.  Xstrata remains
confident that the acquisition of Falconbridge will deliver
significant net benefits to Canada and that, accordingly, it
will receive the necessary clearance under the Investment Canada
Act.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.


FALCONBRIDGE: Phelps Dodge-Inco Merger Gets US DoJ Approval
-----------------------------------------------------------
The U.S. Department of Justice and the Federal Trade Commission
found no antitrust problems with the proposed merger among
Phelps Dodge Corp. Inco Ltd. and Falconbridge Limited,
globeandmail.com reports.

The DoJ terminated the waiting period under the Hart-Scott-
Rodino antitrust act.  

As reported in the Troubled Company Reporter on June 28, 2006,
Phelps Dodge, Inco and Falconbridge agreed to combine in a
US$56-billion transaction.  The new company will be named Phelps
Dodge Inco Corporation.  Phelps Dodge's two-phase plan starts by
Inco first buying Falconbridge and then Phelps buying the
combined company.  Under that plan Phelps Dodge adds on US$22
billion of debt and repurchases up to US$5 billion in stock.

Phelps Dodge has offered Inco shareholders 0.672 of a Phelps
Dodge share, plus US$17.50, for each Inco share.  Inco has
offered US$17.50 plus 0.55676 of an Inco share for each share of
Falconbridge.

Xstrata PLC's is also offering to buy Falconrbidge for US$59 per
share in cash or US$14.6 billion.  Teck Cominco Limited will
also make a US$15.3 billion cash and share offer to acquire all
of the outstanding shares of Inco, conditioned on Inco not
completing its announced takeover bid for Falconbridge Ltd.

                     About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces   
copper and molybdenum and is the largest producer of molybdenum-
based chemicals and continuous-cast copper rod.  The company and
its two divisions, Phelps Dodge Mining Co. and Phelps Dodge
Industries, employ approximately 15,000 people worldwide.

                         About Inco

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- is the world's #2 producer of nickel,
which is used primarily for manufacturing stainless steel and
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials
and nickel foams, flakes, and powders for use in catalysts,
electronics, and paints.  Sulphuric acid and liquid sulphur
dioxide are produced as byproducts.  The company's primary
mining and processing operations are in Canada, Indonesia, and
the UK.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL) (NYSE:FAL) -- http://www.falconbridge.com/-- is a  
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.
  

FALCONBRIDGE: Inco Extends Tender Offer Expiration to July 24
-------------------------------------------------------------
Inco Limited will extend the expiry time of its offer to acquire
all of the outstanding common shares of Falconbridge Limited
until midnight, Vancouver time, on July 24, 2006, in order to
allow more time for Falconbridge shareholders to tender to the
offer.  All of the other terms and conditions of Inco's offer
for Falconbridge remain unchanged.
    
Inco also announced that, while a growing number of acceptances
were received over the course of the last week, it does not
expect the minimum tender condition to be satisfied prior to the
previous expiry time of the offer of 8:00 p.m. on July 13, 2006.  
The minimum tender condition under the Inco offer requires that
there have been validly deposited under the offer and not
withdrawn at least 66-2/3% of the Falconbridge common shares
outstanding at the expiry time of the offer (calculated on a
fully-diluted basis).  Accordingly, Inco has not yet taken up
any of the Falconbridge common shares deposited under the offer.
    
                        About Inco

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- is the world's #2 producer of nickel,
which is used primarily for manufacturing stainless steel and
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials
and nickel foams, flakes, and powders for use in catalysts,
electronics, and paints.  Sulphuric acid and liquid sulphur
dioxide are produced as byproducts.  The company's primary
mining and processing operations are in Canada, Indonesia, and
the UK.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.




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


* EL SALVADOR: Fitch Rates US$225MM 30-Yr. Global Bonds at BB+
--------------------------------------------------------------
Fitch Ratings assigned a rating of 'BB+' to the US$225 million
of 30-year global bonds issued by the government of El Salvador.  
The Rating Outlook is Stable.  The issue reopens the 7.65% US
dollar global bonds maturing in 2035.  With this issue, the
government of El Salvador has completed its 2006 financing
requirements.

El Salvador's ratings are supported by:

   -- its macroeconomic stability,
   -- its relatively low public sector debt burden and
   -- its good record for structural reforms.

El Salvador's ratings are constrained by:

   -- the country's weak social indicators,
   
   -- its fiscal deficits, which are relatively high for a
      dollarized economy, and

   -- the slow growth rate of recent years.

However, in response to the recent implementation of the US-
Central America Free Trade Agreement or CAFTA, the country's
exports and overall GDP growth have accelerated.




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


DIGICEL LTD: Fitch Rates US$150MM 9.25% Sr. Notes Due 2012 at B
---------------------------------------------------------------
Fitch Ratings assigned a 'B' rating to Digicel Limited's
proposed add-on offering of US$150 million 9.25% senior notes
due 2012.  These notes are an extension of the US$300 million
notes issued in July 2005.  Proceeds from the issuance are
expected to be used for investments outside the restricted group
in the Trinidad & Tobago and Haiti operations to build network
capacity in order to meet demand, which was higher than
originally anticipated by the company, reaching over 600,000
subscribers in the first quarter of operations ended June 30,
2006.  In addition, Fitch also affirms Digicel's foreign
currency Issuer Default Rating and the existing US$300 million
senior notes due 2012 at 'B'.  The Rating Outlook is Stable.

Digicel's ratings reflect:

   -- its position as the leading provider of wireless services
      in the Caribbean,

   -- its strong brand recognition, growing portfolio of
      wireless assets, and

   -- its manageable, yet high, financial leverage.  

The ratings are constrained by increased debt levels and
negative consolidated free cash flow generation.  Digicel
benefits from rapidly growing operating cash flow in its core
operating assets.  The company's operating cash flow is
primarily concentrated in Jamaica, Digicel's largest market,
despite operating in a diverse set of 20 Caribbean markets.  
Jamaica is the country with the highest concentration of
subscribers for Digicel, with 1.5 million.  For fiscal 2006,
Digicel Jamaica represented 67% and 73% of restricted group's
revenues and EBITDA, respectively.  Over the next two years,
Jamaica's contribution to consolidated EBITDA, including
unrestricted subsidiaries, should decrease to approximately 65%
from 89% as newer operations start-up and mature, primarily from
its T&T and Haiti operations.  The ratings incorporate sovereign
risks including transfer and convertibility risks associated
with investments in Jamaica.

Digicel's short operating history has been successful.  The
company has rapidly gained leading market shares in most of the
markets served by successfully executing a strategy of launching
operations with extensive initial geographic coverage, good
customer service, effective branding, and through strong product
offerings.  This strategy has proved successful in turning
operations EBITDA positive in a short period of time and gaining
subscribers at a rapid pace.  The company has quickly gained
leading market share positions versus incumbent operators in
most markets it serves.

Digicel's market shares range between 37% and 74%; Digicel
Jamaica's market share is 74%.  The wireless penetration level
in most of Digicel's markets is high, ranging between an
estimated 42% and 90% with the exception of Haiti, where
penetration is 5%.  The aggregate wireless penetration for these
markets, excluding Haiti, is estimated to be approximately 77%.  
High wireless penetration rates are the result of low fixed-line
penetration levels, long waiting periods to get fixed-line
connections, good network coverage by wireless service
providers, and substitution of fixed-line by mobile.

Digicel's debt levels have been increasing rapidly as a result
of the Bouygues Telecom Caraibe or BTC acquisition and increased
funding requirements for the newly launched operations of T&T
and Haiti, which are experiencing better than expected
subscriber growth.  Total debt of the restricted group as of
June 30, 2006 increased to US$835 million from US$676 million at
the end of fiscal 2006.  With the proposed transaction used to
fund the operations of T&T and Haiti, total debt should increase
to over US$1 billion; approximately US$585 million of secured
bank debt and US$450 million of senior notes.  The US$585
million of secured debt considers Digicel's plans to borrow an
additional US$50 million from the facility.  Debt is currently
composed of a US$535 million senior secured bank facility and
US$300 million senior unsecured notes due 2012 which are
subordinated to the secured bank debt. The unsecured notes are
guaranteed by nine wholly owned subsidiaries, and the Digicel
restricted group, excluding T&T and Haiti.  Once the T&T and
Haiti operations become EBITDA positive, they are expected to
become part of the restricted group and help lower consolidated
leverage.

Despite strong and growing cash flow, the recent debt financing
for the BTC acquisition as well as funding for the T&T and Haiti
operations are leveraging and moderately weaken the credit
profile of the company. Credit protection measures are still
consistent, yet weak, in the rating category. The pro forma
restricted group total debt-to-EBITDA ratio, considering new
debt levels and fiscal 2006 EBITDA, should increase to
approximately 4.2x and is expected to gradually decrease over
the next few years.  Fitch's original expectations, when
assigning the rating, of achieving a leverage of 2.5x by the end
of fiscal 2008 are now deferred one year to the end of fiscal
2009.  The company maintains good liquidity and debt service is
expected to be manageable. Over the near term, additional
increases in debt levels could pressure credit quality and
rating levels.

Digicel Limited is a leading wireless services provider in the
Caribbean region controlled by Denis O'Brien.  The company began
operations in Jamaica in April 2001 and now offers GSM mobile
services in 20 markets of the Caribbean including Jamaica, St.
Lucia, St. Vincent, Aruba, Grenada, Barbados, Cayman, Curacao,
Martinique, Guadeloupe, Trinidad and Tobago, and Haiti, among
others.  Digicel finished fiscal 2006 with consolidated revenues
and EBITDA of US$623 million and US$193 million, respectively.
Restricted group adjusted EBITDA for fiscal 2006 was US$248
million and total subscribers as of June 30, 2006 amounted to
2.7 million (97% pre-paid).


KAISER ALUMINUM: Inks New Employment Pacts with CEO and CFO
-----------------------------------------------------------
Kaiser Aluminum Corp., on July 6, 2006, entered into new
Employment Agreements with Jack A. Hockema, its President, Chief
Executive Officer and also a member of its Board of Directors,
and Joseph P. Bellino, its Executive Vice President and Chief
Financial Officer.

           Employment Agreement with Jack A. Hockema

Kaiser and Jack A. Hockema, on July 6, 2006, entered into an
employment agreement, pursuant to which Mr. Hockema will
continue his duties as President and Chief Executive Officer of
the Company and certain its subsidiaries.

Kaiser will pay Mr. Hockema an initial base salary of
US$730,000 and an annual short-term incentive target equal to
68.5% of his base salary.  The CEO will also receive an initial
long-term incentive grant of 185,000 restricted shares of Common
Stock on July 6, 2006, and starting in 2007, annual equity
awards with an economic value of 165% of his base salary.  The
grants will provide for full vesting at retirement.  Mr. Hockema
is also entitled to severance and change-in-control benefits.  
The initial term of the CEO's Employment Agreement is 5 years
and will be automatically renewed and extended for one-year
periods.  Mr. Hockema will also participate in the various
retirement and benefit plans for salaried employees.

          Employment Agreement with Joseph P. Bellino

Kaiser and Joseph P. Bellino, on July 6, 2006, entered into
an employment agreement, pursuant to which Mr. Bellino will
continue his duties as Executive Vice President and Chief
Financial Officer of the Company and certain of its
subsidiaries.

Kaiser will pay Mr. Bellino an initial base salary of
US$350,000 and have an annual short-term incentive target equal
to 50% of his base salary.  For 2006, Mr. Bellino's short-term
incentive award will not be prorated.  The employment agreement
also provides the CFO an initial long-term incentive grant of
15,000 restricted shares of Common Stock on July 6, 2006 and
starting in 2007, annual equity awards with an economic value of
US$450,000.  Mr. Bellino will also be entitled to severance and
change-in-control benefits.  The initial term of the Bellino
Employment Agreement is through May 15, 2009, and will be
automatically renewed and extended for one-year periods.  Mr.
Bellino will also participate in the various retirement and
benefit plans for salaried employees and be reimbursed for the
cost of relocation and certain temporary living expenses.

                 Indemnification Agreements

Kaiser, as contemplated by its reorganization plan, entered
into indemnification agreements with each of its directors and
executive officers on July 6, 2006.  The provisions obligate the
Company to:

(a) indemnify, defend and hold harmless the director or
    officer to the fullest extent permitted or required by
    Delaware law, except that, subject to certain exceptions,
    the director or officer will be indemnified with respect
    to a claim initiated by such director or officer against
    the Company or any other director or officer of the
    Company only if the Company has joined in or consented to
    the initiation of such claim;

(b) advance prior to the final disposition of any
    indemnifiable claim any and all expenses relating to,
    arising out of or resulting from any indemnifiable claim
    paid or incurred by the director or officer or which the
    director or officer determines is reasonably likely to be
    paid or incurred by him or her; and

(c) utilize commercially reasonable efforts to cause to be
    maintained in effect policies of directors' and officers'
    liability insurance providing coverage that is at least
    substantially comparable in scope and amount to that
    provided by the Company's policies of directors' and
    officers' liability insurance at the time the parties
    enter into such indemnification agreement.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading  
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corporation -- filed
for chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No.
02-10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts. Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.


KAISER ALUMINUM: Five Trusts Created Following Bankruptcy Exit
--------------------------------------------------------------
The joint Plan of Reorganization of Kaiser Aluminum Corp.,
Kaiser Aluminum & Chemical Corporation and their affiliates,
became effective on July 6, 2006, and was substantially
consummated.  The Company emerged from chapter 11 with the
consummation of the Plan.  On the Plan's effective date these
trusts were created:

   (a) Asbestos PI Trust - to assume the liabilities of KACC
       and its affiliates for all asbestos personal injury
       claims and to process and pay such claims;

   (b) Silica PI trust -- to assume the liabilities of KACC and
       its affiliates for all silica personal injury claims and        
       to process and pay such claims;

   (c) CTPV PI Trust -- to assume the liabilities of KACC and
       its affiliates for all coal tar patch volatiles personal
       injury claims and to process and pay such claims;

   (d) a trust to assume the liabilities of KACC and its
       affiliates for all noise-induced hearing loss personal
       injury claims and to process and pay such claims; and

   (e) Funding Vehicle Trust -- to handle insurance coverage
       litigation and settlements and to provide funding to the
       PI Trusts.

After creating the Trusts, the Company and its affiliates
transferred the following assets to the Funding Vehicle Trust,
the Asbestos PI Trust and the Silica PI Trust:

(1) US$13 million in cash less amounts advanced prior to the
effective date and the Personal Injury insurance assets were
transferred to the Funding Vehicle Trust.

     (2)  94% of the capital stock of a corporation that
          produces modest rental income, was transferred to the
          Asbestos PI Trust; and

     (3)  the remaining 6% of the capital stock of such
          corporation was transferred to the Silica PI Trust.

On the Effective Date, the Asbestos PI Trust received 70.5% and
the Silica PI Trust received 4.5% of a prepetition claim of
Kaiser Finance Corp., a former subsidiary of KACC, which has
been dissolved, against KACC in the amount of US$1.106 billion.

As of the Effective Date, injunctions had been entered
prohibiting any person from pursuing any Channeled Personal
Injury Claims against the Company or any of its affiliates.

Pursuant to the Plan, the Company cancelled, without
consideration, all common stock issued and outstanding
immediately prior to the Effective Date and issued 20.0 million
shares of Common Stock, on the Effective Date, for distribution
to holders of claims against the Company and its debtor
affiliates.

After Kaiser gave effect to sale transactions effected prior to
the Effective Date, a trust that provides benefits for
eligible retirees of KACC received 8,809,900, or 44.0%, of the
shares of Common Stock issued pursuant to the Plan.  No other
person or entity is expected to receive more than 5% of the
shares of Common Stock issued pursuant to the Plan.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading  
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corporation --  filed
for chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No.
02-10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts. Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.  




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


EL POLLO: Further Extends Tender Offer Expiration to Aug. 11
------------------------------------------------------------
El Pollo Loco Inc. and EPL Intermediate Inc. disclosed that, in
connection with the previously announced tender offer and
consent solicitation by El Pollo Loco for its 11-3/4% Senior
Notes Due 2013 and by Intermediate for its 14-1/2% Senior
Discount Notes Due 2014, the companies are further extending the
expiration time of the Offer to 5 p.m., New York City time, on
Aug. 11, 2006.

As of June 26, 2006, El Pollo Loco had received tenders and
consents for US$125,726,000 in aggregate principal amount of the
11-3/4% Notes, representing 100% of the outstanding 11-3/4%
Notes and Intermediate had received tenders and consents for
US$39,342,000 in principal amount at maturity of the 14-1/2%
Notes, representing 100% of the outstanding 14-1/2% Notes.

The requisite consents to adopt the proposed amendments to the
indentures governing the Notes have been received, and
supplemental indentures to effect the proposed amendments
described in the Offer to Purchase and Consent Solicitations
Statement, dated May 15, 2006 have been executed.  However, the
amendments will not become operative until the Notes are
accepted for payment pursuant to the terms of the Offer.

The Offer is subject to the satisfaction of certain conditions,
including:

   -- consummation of the Common Stock Offering,
   
   -- El Pollo Loco entering into a new credit facility,

   -- a requisite consent condition,

   -- a minimum tender condition,

   -- condition that each of the Offers be consummated and
      that each of El Pollo Loco and Intermediate receives
      consents from a majority of holders of each of the
      11-3/4% Notes and the-14 1/2% Notes and

  -- other general conditions.

Except as described above, all other provisions of the Offer
with respect to the Notes are as presented in the Offer to
Purchase.  The company reserves the right to further amend or
extend the Offer in its sole discretion.

Requests for documents may be directed to the information agent
for the Offer at:

            Global Bondholder Services Corp.
            Tel: 866-937-2200

Additional information concerning the Offer may be obtained by
contacting the dealer manager and solicitation agent for the
Offer at:

           
            Merrill Lynch, Pierce, Fenner & Smith Inc.
            Tel: 212-449-4914 (collect)
                 888-ML4-TNDR (U.S. toll-free)

                    About El Pollo Loco
  
El Pollo Loco -- http://www.elpolloloco.com/-- pronounced
"L Po-yo Lo-co" and Spanish for "The Crazy Chicken," is the
United States' leading quick-service restaurant chain
specializing in flame-grilled chicken and Mexican-inspired
entrees.  Founded in Guasave, Mexico, in 1975, El Pollo Loco's
long-term success stems from the unique preparation of its
award-winning "pollo" -- fresh chicken marinated in a special
recipe of herbs, spices and citrus juices passed down from the
founding family.

                        *    *    *

As reported in the Troubled Company Reporter on May 23, 2006,
Standard & Poor's Ratings Services expected to raise its
corporate credit rating on El Pollo Loco Inc. to 'B+' from 'B'
upon the successful completion of the company's planned IPO.
S&P said the outlook is stable.

Standard & Poor's also assigned a 'B+' rating, same as the
expected corporate credit rating, to the company's planned
US$200 million senior secured bank loan.  A recovery rating of
'2' is also assigned to the loan, indicating the expectation for
substantial (80%-100%) recovery of principal in the event of a
payment default.

                        *    *    *

Moody's Investors Service upgraded El Pollo Loco, Inc.'s
corporate family rating to B1 from B3 and assigned B1 ratings to
the company's proposed US$200 million senior secured credit
facility following the company's proposed initial public
offering of shares of its common stock and planned refinancing
of its existing debt.  At the same time, the SGL-2 Speculative
Grade Liquidity rating was affirmed.  Moody's said the outlook
remains stable.


FORD MOTOR: Declares Third Quarter Dividend of US$0.05 Per Share
----------------------------------------------------------------
Ford Motor Company declared a third quarter dividend of 5 cents
per share on the company's Class B and common stock.  The
dividend, which is payable on Sept. 1, 2006 to shareholders of
record on Aug. 2, 2006, is a reduction of 5 cents per share from
the dividend paid in the second quarter of 2006.
    
In addition, the Board of Directors voluntarily reduced board
member fees by half.
    
"Our directors are well aware of the difficulties and sacrifices
involved in turning around our company," said Bill Ford,
chairman and chief executive officer.  "They have underscored
this by voting to reduce their own compensation.
    
"The directors also agreed that a reduction in the dividend is
consistent with a broad range of actions we are taking across
the company to support and improve the performance of our
automotive operations," Mr. Ford said.  "Strong liquidity is an
important enabler of our on-going turnaround efforts and this
action will make an important contribution."
    
Mr. Ford added, "In the face of increasing challenges, we will
continue to look for other efficiencies and savings, and we are
accelerating ongoing efforts to integrate the product plans of
our North America and International operations through our
global product development system. The headwinds we faced at the
beginning of 2006 have only become stronger, as consistently
higher gasoline prices in the U.S. have caused consumer purchase
preferences to shift away from SUVs and large trucks to smaller
cars and crossover vehicles.  While this shift plays positively
to our new vehicle offerings, we must still get our costs in
line in response to segment adjustments and higher commodity
prices that are affecting the company.  Still, we continue to
see progress in many of our operations around the world, and I
remain highly confident in the long-term success of the
company."
    
                      About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- is the world's third largest automobile
manufacturer.  The company manufactures and distributes
automobiles in 200 markets across six continents.  Ford Motor
has two assembly plants and an engine plant in Mexico.  With
more than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *    *    *

Fitch downgraded on June 10, 2006, long-term ratings for both
Ford Motor Company and Ford Motor Credit Company with a Negative
Rating Outlook, and assigned these Recovery Ratings:

  Ford:

    -- Issuer Default Rating to 'B+' from 'BB'
    -- Senior unsecured to 'BB-/RR3' from 'BB'

  FMCC:

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

Fitch also affirms FMCC's senior unsecured debt at 'BB/RR2'.

                        *    *    *

Standard & Poor's Ratings Services lowered on June 28, 2006, its
corporate credit rating on Ford Motor Co. and related units to
'B+' from 'BB-' and affirmed its 'B-2' short-term rating.  The
ratings were removed from CreditWatch, where they were placed on
May 25, 2006, with negative implications.  


GRUPO IUSACELL: Involuntary Chapter 11 Case Summary
---------------------------------------------------
Alleged Debtor: Grupo Iusacell Celular, S.A. de C.V
                aka Iusacell
                Montes Urales 460
                Colonia Lomas de Chapultepec
                Delegacion Miguel Hidalgo
                Mexico, DF C.P. 11000

Case Number: 06-11599

Type of Business: The Debtor is a Mexican telecommunications    
                  company.  http://www.iusacell.com/

Involuntary Petition Date: July 14, 2006

Chapter: 11

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Petitioners' Counsel: Alan M. Field, Esq.
                      Manatt, Phelps & Phillips, LLP
                      7 Times Square
                      New York, New York 10036
                      Tel: (212) 790-4500
         
  Petitioners                   Nature of Claim     Claim Amount
  -----------                   ---------------     -----------
Gramercy Emerging Markets Fund   Beneficial        US$55,438,000
20 Dayton Avenue                 Interest in 10%
Greenwich, Connecticut 06830     Senior Notes due 2004

Pallmall LLC                     Beneficial           US$260,000
20 Dayton Avenue                 Interest in 10%
Greenwich, Connecticut 06830     Senior Notes due 2004

Kapali LLC                       Beneficial           US$180,000
20 Dayton Avenue                 Interest in 10%
Greenwich, Connecticut 06830     Senior Notes due 2004




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


* PANAMA: Executive Committee Starts Discussing Canal Expansion
---------------------------------------------------------------
Panama's presidential office told Xinhua News Agency that the
executive committee has started the discussion on the
legislators' proposed expansion plan of the Panama Canal.

Xinhua says that the state-run Panama Canal Authority proposed
to construct a third set of locks to accommodate bigger cargo
ships.  

The Canal Authority had said in April that it could pay US$5.25
billion for the project, partly from its own funds, and partly
by borrowing US$2.3 billion, Xinhua underscores.  The Canal
Authority estimated that the country could expect a US$1.4
billion annual net income from tolls charged on ships for using
the canal.  The money would allow the organization to pay back
the proposed debt within 10 years.  The Canal Authority also
said in February that the expansion project could create up to
10,000 new jobs in the construction phase.

Xinhua notes that on June 27 the first draft of the US$5.25
billion plan was presented in a session of the National Assembly
of Deputies.  During the session, former president Guillermo
Endara objected to the plan, on grounds that it would add to the
nation's borrowing and break constitutional limits on government
indebtedness.  There are estimates that the project could cost
as much as US$8 billion.

According to Xinhua, Mr. Endara is well respected in the
parliament as he came in second -- after current president
Martin Torrijos -- during Panama's presidential elections in
2004.

However, government officials said the project would not exceed
US$5.25 billion, Xinhua relates.

If the expansion proposal gets the approval of the National
Assembly of Deputies, Panama will host a referendum on the
proposal three months later, Xinhua states.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   Long Term IDR      BB+      Dec. 14, 2005
   Short Term IDR       B      Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Dec. 14, 2005




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


* PERU: President Asks US Congress to Ratify Free Trade Accord
--------------------------------------------------------------
Peru's President Alejandro Toledo asked the US Congress on
Tuesday to approve a free trade agreement or FTA between the two
countries, Prensa Latina reports.

President Toledo, in his visit to the US, is promoting the
trade, according to Prensa Latina.  The trade has received late
in June approval from Peru's Legislature.

Prensa Latina relates that after meeting with US President
George W. Bush in the White House, the Peruvian leader asked
legislators to overcome their fears on the accord's possible
threat on the US agriculture and textile sectors.

President Toledo admitted that there are worries regarding the
bilateral treaty in Peru, Prensa Latina states.  Many sectors in
Peru were against the FTA.

However, President Toledo said that the content of the accord
would contain common and complementary interests for both US and
Peru, Prensa Latina says.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB      Nov. 18, 2004
   Long Term IDR       BB      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+     Dec. 14, 2005




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


ADELPHIA: Gets US FCC Nod on Asset Sale to Time Warner-Comcast
--------------------------------------------------------------
The US Federal Communications Commission approved the sale of
substantially all of the cable systems and assets of Adelphia
Communications Corporation to Time Warner Inc. and Comcast
Corporation, the exchange of certain cable systems and assets
between affiliates or subsidiaries of Time Warner and Comcast,
and the redemption of Comcast's interests in Time Warner Cable
and Time Warner Entertainment Company.

As reported in the Troubled Company Reporter, the FCC held a
public meeting yesterday, to consider approval of Adelphia
Communication Corporation's sale of substantially all its assets
to Time Warner, Inc., and Comcast Corporation.

In reaching its decision, the FCC found that the transactions,
as conditioned, serve the public interest and comply with all
applicable statutes and Commission rules.  The Commission also
found that the potential public interest harms of the
transactions, as conditioned, are outweighed by the potential
public interest benefits.

With respect to benefits, the Commission determined that
subscribers would benefit from the resolution of the Adelphia
bankruptcy proceeding in the form of new investment and upgrades
to the network.  Additionally, the transactions would accelerate
deployment of Voice-Over-Internet Protocol and other advanced
video services, such as local Video on Demand programming, to
subscribers.
     
With respect to the potential harms, the Commission found that
the proposed transactions may increase the likelihood of harm in
markets in which Time Warner or Comcast has, or may in the
future have, an ownership interest in Regional Sports Networks.  
The Commission imposed remedial conditions, the same as those
imposed in the News Corp.-Hughes order to address its concerns.      

The Commission adopted further conditions to ensure that the
transactions will not harm the supply of programming to
Multichannel Video Programming Distributors.  Specifically, the
Commission adopted a condition allowing unaffiliated RSNs unable
to reach a carriage agreement with Time Warner or Comcast to
seek commercial arbitration.  In addition, the Commission
adopted a condition allowing unaffiliated programmers unable to
reach a leased access agreement with Time Warner or Comcast to
seek commercial arbitration.

               About Adelphia Communications

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


ADELPHIA COMMS: SPCP Group Wants Multi-Million Claim Allowed
------------------------------------------------------------
SPCP Group, L.L.C., asks the U.S. Bankruptcy Court for the
Southern District of New York to reconsider the disallowance of
a portion of Claim Nos. 4712 and 4714, which reduced the claims
from US$43,946,110 to US$28,302,507.

On November 4, 2003, Fox News Network, L.L.C., assigned
US$27,825,531 of its claims to SPCP Group, L.L.C.  Fox initially
had claims totaling US$45,171,054 against the ACOM Debtors.  The
parties agreed:

    -- to give each other notice if objections are filed against
       the Claims;

    -- that Fox had an obligation to respond to any objection to
       the Claims; and

    -- that SPCP had no obligation to defend any objection to
       the Claims.

In November 2005, Adelphia Communications Corporation and its
debtor-affiliates asked the Court to reduce and reclassify:

    -- Claim No. 4713 as an unsecured claim for US$2,335,005,
       and
    -- Claim No. 4714 as an unsecured claim for US$25,967,502.

According to Brian Jarmain, the SPCP employee assigned to
monitor the Claims, his failure to take action on the Debtors'
objection was not willful.  "I simply, albeit mistakenly,
believed that the Claims Objection did not apply to any portion
of the Claims other than the Allowed Amount.  Certainly, had I
been aware that there was an additional portion of the Claims
that were retained by Fox and subject to the Claims Objection, I
would have contacted them immediately upon its receipt."

In December 2005, the Court sustained ACOM's Claims Objection.

On April 28, 2006, Fox's counsel informed SPCP that the actual
amount of the Claims is US$34,290,420 and not the allowed amount
of US$28,428,357.  Fox alleged damages for US$5,862,062, the
difference between the net claim and the allowed claim.

Eric Snyder, Esq., at Siller Wilk LLP, in New York, relates that
since April 28, 2006, the ACOM Debtors, Fox and SPCP have been
addressing the extent of the damages asserted by Fox and a
potential resolution.

Mr. Snyder relates that Fox has informed SPCP that it has no
objection to the Reconsideration Motion.

Mr. Snyder asserts that SPCP's failure to respond to the Claims
Objection was the result of excusable neglect because SPCP did
not willfully ignore the Claims Objection.

According to Mr. Snyder, SPCP has a legally supportable defense
to the Claims Objection.  The Court needs to look no further
than Fox's April 28th letter for proof that a meritorious
defense to the Claims Objection exists, Mr. Snyder says.

Mr. Snyder assures the Court that there will be no prejudice to
the ACOM Debtors or their creditors if the Reconsideration
Motion is granted.

Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest      
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.  (Adelphia Bankruptcy News, Issue No. 139;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


RENT-A-CENTER: Completes Senior Secured Debt Refinancing
--------------------------------------------------------
Rent-A-Center, Inc., completes the previously announced
refinancing of its senior secured debt.  The new US$725 million
senior credit facility consists of US$325 million in term loans
and a US$400 million revolving credit facility.  The company
drew down the US$325 million in term loans and US$88 million of
the revolving facility today and utilized the proceeds to repay
its existing senior term debt.

"We believe this enhanced revolving structure will provide us
financial flexibility by allowing us to scale our secured debt
as we continue to grow our core rent-to-own business and expand
our entry into the financial services business," commented Mr.
Robert D. Davis, Rent-a-Center's Chief Financial Officer.  
"Based upon our present leverage ratio and current debt level,
we expect an approximate 50 basis point interest expense savings
over the term of the new credit facility," Mr. Davis stated.  

In connection with the closing of the refinancing, Rent-a-Center
will record a charge in the third quarter of approximately
US$2.2 million relating to unamortized costs under the Company's
previous senior credit facility.

Headquartered in Plano, Texas, Rent-A-Center, Inc. --
http://www.rentacenter.com/--operates the largest chain of  
consumer rent-to-own stores in the U.S. with 2,751 company
operated stores located in the U.S., Canada, and Puerto Rico.  
The company also franchises 297 rent-to-own stores that operate
under the "ColorTyme" and "Rent-A-Center" banners.  Revenue for
the twelve months ending March 31, 2006, was about US$2.3
billion.

                        *    *    *

Standard & Poor's Ratings Services assigned on June 26, 2006,
its 'BB+' rating to Rent-A-Center Inc.'s US$725 million credit
facility.  It also assigned a recovery rating of '4' to the
facility, indicating the expectation for marginal (20%-50%)
recovery of principal in the event of a payment default.  The
loan comprised:

   -- a US$400 million revolving credit facility due in 2011,
   -- a US$200 million term loan A due in 2011, and
   -- a US$125 million term loan B due in 2012.
     
The corporate credit rating on Rent-A-Center Inc. is 'BB+' with
a negative outlook.  
      
                        *    *    *

Moody's Investors Service assigned on June 24, 2006, a Ba2
rating to the bank loan of Rent-A-Center, Inc., and affirmed the
Ba2 corporate family as well as the senior subordinated note
issue at Ba3.  The continuation of the positive outlook reflects
Moody's opinion that ratings could be upgraded over the medium-
term once the company establishes a lengthier track record of
sales improvement and Moody's becomes more comfortable with the
company's financial policy.




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


MIRANT CORP: Buy Back Plan Cues Moody's to Lower Ratings
--------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Mirant Corp. to B2 from B1.  The ratings on its subsidiaries
were also lowered:

   Mirant North America, LLC or MNA

      -- senior unsecured rating: to B2 from B1

   Mirant Americas Generation, LLC or MAG

      -- senior unsecured rating: to B3 from B2.

The Ba2 rating for Mirant Mid-Atlantic, LLC or MIRMA's secured
pass through trust certificates was affirmed.  Additionally,
Mirant's Speculative Grade Liquidity SGL) rating was revised to
SGL-2 from SGL-1.  The rating outlook is stable for Mirant, MNA,
MAG, and MIRMA.

This rating action follows Mirant's announcement that it plans
to repurchase up to US$1.25 billion of common stock, to pursue
the sale of its international businesses and to continue to
return cash to shareholders after it generates proceeds from the
sale of the international assets.  The international assets
contributed about 40% of consolidated year-to-date EBITDA.

"The downgrades reflect Moody's belief that key financial
coverage ratios will now be weaker than previously expected over
the next several years due to the sharp shift in management's
financial strategy towards increased shareholder rewards that
reduce the level of protection for debt holders" Moody's Vice
President Scott Solomon said.

These concerns are exacerbated by challenges confronting the
company to fund a capital expenditure program that could require
as much as $2 billion of capital over the next several years.  
While Mirant expects to generate sufficient cash to meet all of
its capital requirements, the potential volatility of its cash
flow combined with very large cash payments to equity holders
causes concern that leverage may be increased.  Moody's notes
that Mirant's financing documents provide considerable
flexibility for the incurrence of additional indebtedness.

Moody's previous ratings incorporated the expectation that
Mirant would generate consolidated cash flow of at least 10% of
total consolidated debt and that this ratio would gradually
improve as the company used excess cash flow to reduce debt.  
Given Mirant's strategic direction however we now anticipate
that this ratio will be pressured and could trend downward in
2007 and 2008.

With the exception of MIRMA, the previous notching differential
between the ratings of the issuers are maintained and reflect
structural subordination and the relative benefit of the
collateral for each debt instrument.

The affirmation of MIRMA's rating considers its direct holding
of some of Mirant's most competitively positioned generating
assets, its significant hedged position through 2008 and the
benefit of a US$75 million rent reserve.

The revision of the Speculative Grade Liquidity rating to SGL-2
reflects a reduction in financial flexibility and cash on hand
as the company will use a portion of its cash to achieve the
stock repurchase program.  The initial repurchase of up to
US$1.25 billion is expected to be completed in the third quarter
and to be funded with a combination of cash on hand and funds to
be contributed upstream from a term loan borrowing at Mirant's
Philippines business.  Expected available cash upon completion
of the repurchase program is US$200 million at Mirant and US$105
million at MNA.  Additional liquidity is expected to be
available through MNA's US$800 million senior secured bank
facility that was undrawn at March 31, 2006.  MNA also has
access to US$200 million of synthetic letters of credit that is
used to provide liquidity to its energy trading business.

Moody's downgraded these ratings:

   Mirant Americas Generation, LLC.

      -- Senior Unsecured Regular Bond/Debenture: to B3 from B2

   Mirant Corporation

      -- Corporate Family Rating: to B2 from B1, and

      -- Speculative Grade Liquidity Rating: to SGL-2
         from SGL-1

   Mirant North America, LLC

      -- Senior Secured Bank Credit Facility: to B1 from Ba3,
         and

      -- Senior Unsecured Regular Bond/Debenture: to B2 from B1.

Mirant Corp. is an independent power producer that owns or
leases a portfolio of electricity generating facilities totaling
17,600 megawatts.  MAG, MNA and MIRMA are indirect wholly owned
subsidiaries of Mirant Corp.  Mirant is headquartered in
Atlanta, Georgia.




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


INT'L PAPER: Authorizes US$3 Billion Share Repurchase Program
-------------------------------------------------------------
International Paper authorized a share repurchase program to
acquire up to US$3 billion of the company's stock.
    
The US$3 billion share repurchase amounts to approximately 20%
of International Paper's outstanding shares at the closing price
of US$32.12 on July 12.  The company plans to begin the program
in the third quarter of 2006 and intends to repurchase a
significant amount of shares before the end of the year.  The
company is considering various forms of share repurchase
vehicles, including tender offers, accelerated share repurchases
and/or open market purchases, with the intention of completing
the program before the end of 2007.
    
"A year ago, International Paper announced its transformation
plan, and committed to a balanced and disciplined use of
proceeds from planned divestitures.  The board's decision to
return up to US$3 billion to our shareowners is another
milestone in delivering on that promise," said John Faraci, IP
chairman and chief executive. "In addition to returning value to
our shareowners through the share repurchase, we are reducing
debt to strengthen our balance sheet and we are exploring
attractive reinvestment opportunities that will improve our
global uncoated paper and packaging businesses."
    
               Strengthening the Balance Sheet
    
International Paper plans to spend approximately US$6 billion to
US$7 billion to strengthen the balance sheet through debt
repayment and potential voluntary cash contributions to its U.S.
pension fund. As of the end of the first quarter of 2006, the
company had approximately US$11.5 billion in debt, having
reduced its debt by approximately US$600 million using proceeds
from the September 2005 sale of its interest in Carter Holt
Harvey Limited.  The company is considering voluntary cash
contributions to its U.S. pension fund, in the range of US$500
million to US$1 billion, to begin satisfying longer-term funding
requirements and to lower its pension expense.
    
"This approach to strengthening our balance sheet is consistent
with our intent to maintain our investment-grade credit rating,"
Faraci said.  "Reducing debt through expected improvements in
cash flow from operations, combined with divestiture proceeds,
will reduce our annual interest expense by about US$350 million
and will increase our financial flexibility."

                   Strategic Reinvestment
    
International Paper continues to evaluate high-return
opportunities for selective reinvestment and may use remaining
proceeds and free cash flow from operations for such
reinvestments, estimated to be in the range of US$2 billion to
US$4 billion.  The company is only evaluating opportunities
projected to:

   -- have returns greater than the cost of capital,
   -- improve the company's return on investment,
   -- strengthen its global platform businesses, and
   -- be earnings-accretive, in the case of acquisitions, within
      12-18 months.
    
One reinvestment opportunity the company is exploring includes
selling the company's Tres Lagoas forestlands and mill site in
Brazil to a buyer who would build, own and operate the pulp
mill.  This would give IP proceeds from the sale of its
forestlands and preserve the option of building one or two
220,000 ton-per-year uncoated paper machines, at a cost of less
than US$300 million each, on the Tres Lagoas site.  The pulp
mill owner would provide pulp fiber and utilities.  The company
expects to make a decision on this opportunity by the end of
2006.  In addition, International Paper is evaluating a number
of other attractive reinvestment opportunities in Brazil to
strengthen its global uncoated paper and packaging businesses.  
The company is also exploring possible investments in China,
Russia and North America.
    
                       Divestiture Update
    
In the year since announcing its transformation plan,
International Paper has completed the sale of its majority share
of Carter Holt Harvey Limited and has announced it has entered
into sale agreements, expected to close throughout the second
half of 2006, for 5.7 million acres of U.S. forestland and its
coated papers and kraft papers businesses.  Proceeds expected
from sales announced to date will total approximately US$9.3
billion.
    
Other business units being evaluated for possible sale include
the company's beverage packaging, wood products and Arizona
Chemical businesses, as well as its Inpacel assets in Brazil.  
While the Arizona Chemical evaluation may extend into fourth
quarter 2006 or beyond, decisions around the remaining
businesses may be reached within the next 90 days.
    
International Paper expects total divestiture proceeds,
including those already announced, could exceed US$11 billion.  
However, the timing, amount and implementation of plans for
share repurchase, strengthening the balance sheet and selective
reinvestment may change, depending upon economic and market
conditions, receipt of proceeds, share price, operating results,
or other variables.

The declared transformation plan is part of the transformation
plan International Paper announced in July 2005, to strengthen
the company by:

   -- focusing on two global platform businesses (uncoated
      papers and packaging, along with xpedx, its merchant
      distribution business) and improving profitability
      of those key businesses;

   -- evaluating additional assets with an eye toward
      divestiture; and

   -- using proceeds from divestitures to return value to
      shareowners, strengthen the company's balance sheet,
      and selectively reinvest in its key platform businesses.

                 About International Paper

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

                        *    *    *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company in Dec. 5, 2005.


INT'L PAPER: Fitch Says Repurchase Program Won't Affect Ratings
---------------------------------------------------------------
According to Fitch, neither International Paper's announced
share buyback program nor asset sales reported to date will
influence IP's debt ratings.  Fitch rates the company's senior
unsecured long-term debt 'BBB-' and short-term debt and bank
debt 'F3.'  The Issuer Default Rating is 'BBB-', and the Rating
Outlook is Stable.

International Paper reaffirmed its commitment to return capital
to shareholders today and announced its Board of Directors has
approved a $3 billion share repurchase program, about equal to
20% of its outstanding shares at current market prices.  The
company will fund these repurchases from announced and future
business sales and cash from operations.

International Paper's divestiture and downsizing program is well
on track with roughly US$9.3 billion of sales agreed to date
(including timberlands, coated and kraft papers and Carter Holt
Harvey).  The company estimates total proceeds will amount to
US$11 billion or more with the sale of its beverage packaging
business, sawmills, Inpacel operation in Brazil and Arizona
Chemical.  Roughly US$6 billion-US$7 billion will be used for
debt repayment and shoring up unfunded pension liabilities with
US$2 billion-US$4 billion earmarked for reinvestment in its
uncoated papers and packaging businesses.

The planned deployment of sales proceeds follows intentions
first announced a year ago.  Sales proceeds are besting IP's
initial expectations and a significant portion of that increment
appears to be intended for debt reduction and/or pension
contributions.  This takes some pressure off the company to fill
an earnings void that will be created with the sales of its
timberland and downstream lumber and panel operations.  Fitch
estimates that void will have shrunk to around US$300 million in
sustainable operating earnings, which if filled should yield
investment grade metrics.  IP is striving for US$400 million in
profit improvements with lower costs from system efficiencies
and lower overhead.  Earnings from sales proceeds reinvested in
its remaining paper and packaging businesses are incremental to
this target.

Better than anticipated asset sales proceeds are a positive
bookmark in IP's transformation, but post-transformation company
earnings will still be more vulnerable to cost inflation and
commodity prices, and a concept of sustainable cost savings will
be more difficult to embrace. Near-term better prices for
uncoated papers and boxes and a more stable cost structure
should yield better operating margins; however, sustainable cost
savings will have to be visible in declining unit costs.


* VENEZUELA: Issuing US$2 Bil. Joint Debt Bonds with Argentina
--------------------------------------------------------------
Argentina and Venezuela will be issuing up to US$2 billion of
joint debt bonds within two months time.

Venezuelan finance minister Nelson Merentes Wednesday told El
Universal that the so-called "southern bond" would be issued at
the optimal time, "at the best time for Argentina, for Venezuela
and for financial markets."

The terms of the joint bond is currently under discussion and
its placement in international markets depends on factors that
the finance miniters did not divulge to El Universal.  The
instrument has been conceived in the context of Venezuela's
entry into the Southern Common Market or Mercosur.

The bond's yield is said to be higher that yield curves in
Argentina and Venezuela.

Proceeds from the future sale of the joint bonds will be used to
improve liquidity, bolster satisfaction among investors and to
generate profits for both countries, El Universal says.

The proposed debts would be partly sold in the Venezuelan
domestic market, which means they could be dollar-denominated
but payable in bolivars.  The transaction is expected to be
completed in 60-90 days.

Venezuela would be bonds' issuer, and then would transfer the
bond to Argentina.  Venezuela is issuing the bond because of
risk-country considerations to ensure a better yield while
selling the bonds in different locations based on market
conditions, Reuters says.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005


                       *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* VENEZUELA: PetroCaribe Not Benefitting All Participants
---------------------------------------------------------
Miranda Leitsinger, writing for the Associated Press, relates
that eight out of the 13 Caribbean nations that signed up for
Venezuelan President Hugo Chavez's PetroCaribe program have not
gotten fuel shipments yet.

The PetroCaribe initiative offers oil to Venezuela's neighbors
at preferential terms.  Member countries who have gotten oil
shipments often pay cash for 40% of the oil's cost, while the
remaining 60% is payable for as long as 20 years.

According to Ms. Leitsinger, these eight countries are not able
to take advantage of the program primarily because they lack
docking or storage facilities and the technical knowledge in
running an oil business.

Critics of the Venezuela government see the deal as President
Chavez's way of securing allies in order to block the United
States-sponsored free trade agreements.

Analyst Patrick Esteruelas at Eurasia Group said that
PetroCaribe's slow start is largely due to over-stretched
production and delivery capacities of Venezuela's state-oil
firm, Petroleos de Venezuela SA, Ms. Leitsinger relates.

However, many Caribbean leaders say they believe the programe
will be genuinely helpful, Ms. Leitsinger says.

"It looks like a very real attempt to find a regional solution
to the problem of energy," Anthony Bryan, a specialist in
Caribbean energy cooperation at the Centre for Strategic and
International Studies in Washington, was quoted by Ms.
Leitsinger as saying.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* IDB Calls for Proposals to Promote Regional Public Goods
----------------------------------------------------------
The Inter-American Development Bank announced a call for
proposals for regional solutions to common problems afflicting
countries in Latin America and the Caribbean.

This is the third call for proposals issued under the Initiative
for the Promotion of Regional Public Goods, a regional support
mechanism created by the IDB Board of Executive Directors.  The
Bank will provide up to US$10 million annually to help finance
the selected proposals.

The initiative is a response to challenges in Latin America and
the Caribbean that can be dealt with more effectively in a
regional context.  Examples of regional public goods include
cooperation in opening markets, controlling cross-border
contagion of financial crises and of diseases, and the
preservation of shared ecosystems.

In the two years of operation of this mechanism, the IDB has
approved approximately US$19 million in grants to support
projects in all the borrower countries of the Bank in areas such
as:

   -- environmental protection,
   -- education,
   -- modernization of the state,
   -- financial markets,
   -- social development,
   -- nutrition,
   -- agriculture and
   -- democracy, among others.

The IDB is in a privileged position to contribute to the
creation of the conditions that allow for the emergence of
regional public goods due to its experience of more than forty
years in financing regional cooperation activities.

The complete call for proposals, including the terms and
conditions and a proposal preparation guide, can be accessed
through the Initiative's website at
http://www.iadb.org/INT/BPR/.

Proposals in English or Spanish must be submitted by Oct. 16,
2006, at:

    Inter-American Development Bank
    Attn: Initiative for the Promotion of Regional Public Goods        
    1300 New York Ave. NW, STOP W-0610
    Washington, DC, 20577, USA
    Fax: 1- 202- 623- 1687
    E-mail: BPR@iadb.org
  


                         ***********


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