TCRLA_Public/060804.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

          Friday, August 4, 2006, Vol. 7, Issue 154

                          Headlines

A R G E N T I N A

ACINDAR INDUSTRIA: Completes APE of 11.25% Notes
ALTA MEDICINA: Trustee to Deliver General Report on Aug. 21
A.P. BARBINI: Trustee to Submit Gen. Report in Court on Aug. 7
BANCO HIPOTECARIO: Changes Nominal Value to ARS1 Per Share
CERVECERIA Y MALTERIA: Fitch Ups Foreign Curr. Rating to B+

CORRESPONDENCIA DEL: Trustee Presents General Report Today
ELDRIC SA: Trustee to Submit General Report in Court on Aug. 28
FIRST PACKAGING: Reorganization Proceeding Concluded
HIDROELECTRICA PIEDRA: Holding Shareholders Meeting on Aug. 17
LIBERATI MOSQUEIRA: Individual Reports Due in Court on Sept. 11

PAN AMERICAN: Fitch Ups Foreign Curr. Rating to BB- from B+
PETROBRAS ENERGIA: Fitch Ups Foreign Curr. Rating to B+ from B
TAPAMAR SA: Trustee to Present Gen. Report in Court on Aug. 16
TELEFONICA DE ARGENTINA: Fitch Ups Foreign Currency Rating to B+
TELEFONICA HOLDING: Fitch Ups Foreign Curr. Rating to B+ from B

TURTLE LINE: Trustee Delivers General Report in Court on Aug. 15
YPF SA: Fitch Upgrades Foreign Currency Rating to BB+ from BB

* ARGENTINA: IDB Loans US$580M for Electricity Transmission Line
* ARGENTINA: Starts Building Tanker for Venezuelan Firm
* ARGENTINA: Fitch Raises Currency Rating to B from B-

B A H A M A S

COMPLETE RETREATS: Sec. 341 Creditors Meeting Slated for Aug. 28
COMPLETE RETREATS: Wants Utility Companies to Continue Services
PINNACLE ENT: Files Lawsuit Against Three Insurance Companies
WINN-DIXIE: Court Approves Wachovia Commitment Letter
WINN-DIXIE: Three Parties Object to Solicitation Process

B E L I Z E

* BELIZE: Seeking Aid from Private Sector in Debt Restructuring

B E R M U D A

FOSTER WHEELER: Moody's Rates US$350 Mil. Credit Facility at Ba3
FOSTER WHEELER: S&P Puts BB- Rating on US$350MM Credit Facility
REFCO INC: Court to Consider Exclusive Period Plea on Sept. 12
REFCO INC: Chap. 11 Trustee Hires Goldin & AP as Crisis Managers
SCOTTISH RE: Hires Goldman Sachs & Bear Stearns as Fin'l Advisor

SCOTTISH RE: Names Nathan V. Gemmiti as General Counsel
SCOTTISH RE: S&P Downgrades Counterparty Credit Rating to BB+

B O L I V I A

* BOLIVIA: Spain Proposes Negotiations on Debt Exchange

B R A Z I L

BANCO ITAU: Declares Payment of 2Q BRL0.166 Per Share Dividend
BANCO ITAU: Net Income Reaches BRL2.958 Bil. in First Semester
GERDAU SA: Declares Payment of Dividends for Second Quarter
GERDAU SA: Sales Revenue Reaches BRL13.5 Bil. in First Semester
INTELSAT LTD: Televisao Signs on IA-8 Satellite Targeting Brazil

PETROLEO BRASILEIRO: Inks BRL10.5 Billion Drilling Pacts
PETROLEO BRASILEIRO: Nears Solving Workers' Pension Fund Deficit

* BRAZIL: May Join Argentina & Venezuela in Debt Bond Issue

C A Y M A N   I S L A N D S

ANFIELD ROAD: Creditors Must Submit Proofs of Claim by Aug. 24
ANTHRACITE (2): Proofs of Claims Must be Filed by Aug. 24
ANTHRACITE (LIBGDF5): Proofs of Claim Must be Filed by Aug. 24
CASCADIA LTD: Fitch Rates US$300M Variable-Rate Notes at BB+
C-BASS 2004-CB2NIM: Proofs of Claim Must be Filed by Aug. 24

C-BASS 2004-CB3NIM: Proofs of Claim Filing Is Until Aug. 24
CC ASIA: Creditors Required to Submit Proofs of Claim by Aug. 24
CITADEL INVESTMENT: Filing of Proofs of Claim Is Until Aug. 24
FAUNA PLACE: Creditors Must File Proofs of Claim by Aug. 24
HYPERGLOBAL FUND: Proofs of Claim Filing Is Until Aug. 24

HYPER-RABBIT: Last Day for Proofs of Claim Filing Is on Aug. 24
LEEWARD OFFSHORE: Proofs of claim Filing Deadline Is on Aug. 24
NATICA INSURANCE: Final Shareholders Meeting Is Set for Aug. 23
QUANTUM INT'L: Last Day to File Proofs of Claim Is on Aug. 24
TEAL LTD: Schedules Final Shareholders Meeting on Aug. 23

VALLE LTD: Creditors Have Until Aug. 24 to File Proofs of Claim
VAMS CORP: Proofs of Claim filing Is Scheduled for Aug. 24
VELMAR ENTERPRISES: Proofs of Claim Filing Deadline Is Aug. 24

C O L O M B I A

BANCOLOMBIA: Posts COP69.0 Bil. Second Quarter 2006 Net Profits
PRIDE INT: Reports Net Earnings of US$67.8MM in Second Quarter
TRANSGAS DE OCCIDENTE: Fitch Affirms BB Rating on 9.79% Notes

C O S T A   R I C A

* COSTA RICA: Inks MOU with US to Promote Fight Against Fraud

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Lois Malkun Pins Alvarez Renta in Case

E C U A D O R

* ECUADOR: Considers Purchasing Electricity from Peru

E L   S A L V A D O R

BANCO AGRICOLA: S&P Says Restructured Loans Constrain Ratings

J A M A I C A

KAISER ALUMINUM: Invests US$30 Mil. to Expand Trentwood Facility
NATIONAL WATER: Gets JMD3.9B Loan from IDB for Pipeline Upgrade

* JAMAICA: Ministers Discuss Sugar Industry Reorganization

M E X I C O

A.O. SMITH CORP: Earns US$25.1 Million in Second Quarter of 2006
EL POLLO: Further Extends Tender Offer Expiration to Sept. 29
PLASTICON INTERNATIONAL: Files Three Quarterly Reports for 2005
TELE NORTE: Purchases Way Brasil for US$60.1 Million
TV AZTECA: Azteca America Launches Full Power Station in Seattle

VALASSIS: ADVO Sets Stockholder Meeting to Vote on Merger

N I C A R A G U A

* NICARAGUA: State Firm to Launch Hydro Project Tender in Oct.

P E R U

* PERU: Ecuador Mulls Purchasing Electricity from Country

P U E R T O   R I C O

MUSICLAND: Wants to Pay US$26M to Secured Trade Debt Holders
MUSICLAND HOLDING: Court Extends Solicitation Period to Oct. 9

T R I N I D A D   &   T O B A G O

RBTT FINANCIAL: Reports US$217M First Quarter After Tax Profit

V E N E Z U E L A

CITGO PETROLEUM: New Credit Card Offers 20% Rebates on Purchases
FERRO CORP.: Pays US$50 Million 8% Debentures in Full
PETROLEOS DE VENEZUELA: Argentine Firm Starts Building Tanker

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ACINDAR INDUSTRIA: Completes APE of 11.25% Notes
------------------------------------------------
Acindar Industria Argentina de Aceros SA has concluded the
Acuerdo Preventivo Extrajudicial or the out-of-court
restructuring of its 11.25% Obligaciones Negociables which were
due in 2004, the company said in a report to the Comision
Nacional Valores.

The company also reported payment of Obligaciones Negociables
Senior for US$11,230,812, due in 2012.

Acindar, controlled by Brazilian steelmaker Belgo-Mineira,
produces non-flat steel products such as steel pipe, cable, hot-
rolled and cold-drawn steels for concrete, forged bars and
blocks for distributors of steel products, other steel
companies, manufacturers of original equipment for several
industrial sectors including the automotive and the oil and gas
industries and end users, mainly in the construction and
agricultural sectors of the economy.  Its principal market is
Argentina, although it exports its products to Brazil, Chile and
the United States, Bolivia and Uruguay through its sales office.

                        *    *    *

As reported on Dec. 23, 2005, Fitch Argentina Calificadora de
Riesgo S.A. maintained the 'D(arg)' rating given to a total of
US$100 million of corporate bonds issued by steelmaker Acindar
Industria Argentina de Aceros.

Comision Nacional Valores, the country's securities regulator,
said that the rating action was based on the company's finances
as of Sept. 30, 2004.

The bonds, which matured in February 16, 2005, are described as
"Obligaciones Negociables simples, no 5.8.96."


ALTA MEDICINA: Trustee to Deliver General Report on Aug. 21
-----------------------------------------------------------
Samuel Gregorio Szuchet, the court-appointed trustee for Alta
Medicina Asistencial S.A.'s bankruptcy case, will deliver in
court a general report that contains an audit of the company's
accounting and banking records on Aug. 21, 2006.

Mr. Szuchet verified creditors' proofs of claim against Alta
Medicina until May 11, 2006.  He also submitted the verified
claims as individual reports on June 26, 2006.

The debtor can be reached at:

         Alta Medicina Asistencial S.A.
         Avenida Directorio 4769
         Avenida Montes de Oca 1783
         Buenos Aires, Argentina

The trustee can be reached at:

         Samuel Gregorio Szuchet
         Avenida Corrientes 1309
         Buenos Aires, Argentina


A.P. BARBINI: Trustee to Submit Gen. Report in Court on Aug. 7
--------------------------------------------------------------
Court-appointed trustee Sergio Bernardo Vinuesa will deliver in
court a general report that contains an audit of A.P. Barbini
S.R.L.'s accounting and banking records and a summary of events
pertaining to the liquidation proceeding on Aug. 7, 2006.

Mr. Vinuesa verified creditors' proofs of claim against A.P.
Barbini until April 26, 2006.  He also submitted the verified
claims as individual reports on June 9, 2006.

The trustee can be reached at:

         Sergio Bernardo Vinuesa
         Calle 49 Numero 365, La Plata
         Buenos Aires, Argentina


BANCO HIPOTECARIO: Changes Nominal Value to ARS1 Per Share
----------------------------------------------------------
The shareholders of Banco Hipotecario have decided to change the
nominal value of each share, fixing the amount to one peso,
without changing the amount of the social capital.

The proposal was presented by Inversiones y Representaciones in
order to sell the shares easily and allow a higher participation
of minor shareholders.

In this way, each share will automatically be converted into ten
shares with the new nominal value.

The Capital of the bank was fixed at US$1,500,000,000, all
suscribed and integrated, represented by 1,500,000,000 of
ordinary shares of nominal value of one peso each and one vote
per share, with the exception of the holders of the shares class
D who have multiple votes.

Banco Hipotecario S.A. was formed under the laws of Argentina in
September 1997 to continue the business of Banco Hipotecario
Nacional.  The Bank distributes its products through a network
of 24 branches and 14 sales offices located throughout
Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on March 28, 2006,
Standard & Poor's Ratings Services raised to B the foreign and
local currency counterparty credit ratings on Banco Hipotecario
S.A.  This rating action followed the upgrade on the
Republic of Argentina.

S&P raised the bank's global foreign and local currency
ratings on Argentina to 'B' from 'B-' and the ratings on the
national scale to 'raAA-' from 'raA', reflecting Argentina's
improved external and fiscal flexibility.

S&P said the outlook on the sovereign rating is stable.

S&P's transfer and convertibility risk assessment for Argentina
was raised to 'BB-', two notches higher than Argentina's foreign
currency rating.

S&P raised the rating on Banco Hipotecario one notch to
'B/Stable/--', in tandem with the sovereign upgrade on
Argentina, reflecting the close linkage between the credit
quality of the sovereign and that of its financial system.

                        *    *    *

On June 4, 2006, Moody's Investors Service took these rating
actions on Banco Hipotecario S.A.:

   -- Bank Financial Strength Rating: upgraded to E+ from E,
      with positive outlook;

   -- Long-term global local-currency deposit rating: Ba3 with
      stable outlook;

   -- Short-term global local-currency deposit rating: Not Prime
      with stable outlook; and

   -- National scale rating for foreign currency deposits:
      Ba1.ar with stable outlook.

Moody's affirmed these ratings:

   -- National scale rating for local-currency deposits: Aa1.ar
      with stable outlook;

   -- Long-term foreign currency-deposit rating: Caa1 and

   -- Short-term foreign currency-deposit rating: Not Prime.

                        *    *    *

As reported in the Troubled Company Reporter on May 16, 2006,
Fitch Ratings assigned these ratings to Banco Hipotecario S.A.:

   -- long term Issuer Default Ratings 'B-';
   -- foreign and local currency short term IDRs 'B';
   -- individual rating 'D'; and
   -- support rating '5'.

Fitch said the rating outlook is stable.


CERVECERIA Y MALTERIA: Fitch Ups Foreign Curr. Rating to B+
-----------------------------------------------------------
Fitch Ratings upgraded Cerveceria y Malteria Quilmes S.A.'s
foreign currency issuer default rating to B+ on Rating Watch
Positive from B on Rating Watch Positive.  This rating action
follows Fitch's upgrade on Argentina's long-term local currency
Issuer Default Rating to 'B' from 'B-' and country ceiling to
'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


CORRESPONDENCIA DEL: Trustee Presents General Report Today
----------------------------------------------------------
Angel Mario Mrad, the court-appointed trustee for
Correspondencia del Noroeste Argentino S.R.L.'s insolvency case,
will deliver in court a general report that contains an audit of
the company's accounting and banking records today.

Mr. Mrad verified creditors' proofs of claim against
Correspondencia del Noroeste until April 18, 2006.  He also
submitted the verified claims as individual reports on
June 7, 2006.

On Feb. 6, 2007, Correspondencia del Noroeste's creditors will
vote on a settlement plan that the company will lay on the
table.

The debtor can be reached at:

    Correspondencia del Noroeste Argentino S.R.L.
    Haiti 66, San Miguel de Tucuman
    Tucuman, Argentina

The trustee can be reached at:

    Angel Mario Mrad
    San Lorenzo 631, San Miguel de Tucuman
    Tucuman, Argentina


ELDRIC SA: Trustee to Submit General Report in Court on Aug. 28
---------------------------------------------------------------
Court-appointed trustee Jose Angel Tsanis will deliver in court
a general report that contains an audit of Eldric S.A.'s
accounting and banking records and a summary of events
pertaining to the liquidation proceeding on Aug. 28, 2006.

Mr. Tsanis verified creditors' proofs of claim against Eldric
until May 17, 2006.  He also submitted the verified claims as
individual reports on June 30, 2006.

The trustee can be reached at:

         Jose Angel Tsanis
         Tte. Gral. Juan D. Peron 1410
         Buenos Aires, Argentina


FIRST PACKAGING: Reorganization Proceeding Concluded
----------------------------------------------------
First Packaging S.A.'s reorganization proceeding has ended.
Data published by Infobae on its Web site indicated that the
process was concluded after a court in Buenos Aires approved the
debt agreement signed between the company and its creditors.


HIDROELECTRICA PIEDRA: Holding Shareholders Meeting on Aug. 17
--------------------------------------------------------------
Hidroelectrica Piedra del Aguila's shareholders will meet at
11:00 a.m. on Aug. 17 at Avenida Tomas Edison 2151 in Buenos
Aires.

In the assembly, two shareholders will be chosen for signing
papers and analyze the debt of the company considering its
present condition and the legal actions that might arise in
relation to it.

                        *    *    *

As reported on Aug. 2, 2006, Fitch Argentina Calificadora de
Riesgo SA rated BB- Hidroelectrica Piedra del Aguila S.A.'s
eight debts:

   -- Obligaciones Negociables Clase I for US$97,300,000,
      included under the program of US$300 million;

   -- Obligaciones Negociables Clase II for US$97,300,000
      included under the program of US$300 million;

   -- Obligaciones Negociables Serie A for US$64,500,000;

   -- Obligaciones Negociables Serie B for US$35,600,000;

   -- Clase III for US$62,500,000 included under the program of
      US$300 million;

   -- Obligaciones Negociables Serie C for US$39,300,000;

   -- Obligaciones Negociables Simples for US$300,000,000;

   -- Program of ONS for US$300 million; and

   -- Obligaciones Negociables Serie D for US$22,800,000.

The rating actions were done based on the Hidroelectrica
Piedra's financial status at Mar. 31, 2006.


LIBERATI MOSQUEIRA: Individual Reports Due in Court on Sept. 11
---------------------------------------------------------------
Maria Rosa Guarnieri, the court-appointed trustee for Liberati
Mosqueira S.R.l.'s bankruptcy proceeding, will deliver
individual reports in court on Sept. 11, 2006.

The individual reports are based from creditors' claims that Ms.
Guarnieri verified until July 31, 2006.  A court in Rosario,
Santa Fe, will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Liberati Mosqueira and its creditors.

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

A general report that contains an audit of Liberati Mosqueira's
accounting and banking records will follow on Oct. 24, 2006.

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

The debtor can be reached at:

    Liberati Mosqueira S.R.L.
    Juan B. Justo 1280, Rosario
    Santa Fe, Argentina

The trustee can be reached at:

    Maria Rosa Guarnieri
    San Martin 2031 Casilda
    Santa Fe, Argentina


PAN AMERICAN: Fitch Ups Foreign Curr. Rating to BB- from B+
-----------------------------------------------------------
Fitch Ratings upgraded Pan American Energy's foreign currency
issuer default rating to BB- with stable outlook from B+.  This
rating action follows Fitch's upgrade on Argentina's long-term
local currency Issuer Default Rating to 'B' from 'B-' and
country ceiling to 'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


PETROBRAS ENERGIA: Fitch Ups Foreign Curr. Rating to B+ from B
--------------------------------------------------------------
Fitch Ratings upgraded Petrobras Energia S.A.'s foreign currency
issuer default rating to B+ with stable outlook from B.  This
rating action follows Fitch's upgrade on Argentina's long-term
local currency Issuer Default Rating to 'B' from 'B-' and
country ceiling to 'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


TAPAMAR SA: Trustee to Present Gen. Report in Court on Aug. 16
--------------------------------------------------------------
Maria Cristina Panizzo, the court-appointed trustee for Tapamar
S.A.'s reorganization proceeding, will present in court a
general report that contains an audit of the company's
accounting and banking records on Aug. 16, 2006.

Ms. Panizzo verified creditors' proofs of claim against Tapamar
S.A. until May 4, 2006.  She also submitted the verified claims
as individual reports on June 21, 2006.

On April 2, 2007, Tapamar's creditors will vote on a settlement
plan that the company will lay on the table.

The debtor can be reached at:

         Tapamar S.A.
         Int. Camusso 250, Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Maria Cristina Panizzo
         25 de Mayo 2980, Mar del Plata
         Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Fitch Ups Foreign Currency Rating to B+
----------------------------------------------------------------
Fitch Ratings upgraded Telefonica de Argentina S.A.'s foreign
currency issuer default rating to B+ with stable outlook from B.
This rating action follows Fitch's upgrade on Argentina's long-
term local currency Issuer Default Rating to 'B' from 'B-' and
country ceiling to 'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


TELEFONICA HOLDING: Fitch Ups Foreign Curr. Rating to B+ from B
---------------------------------------------------------------
Fitch Ratings upgraded these ratings on Telefonica Holding de
Argentina S.A.:

   -- foreign currency issuer default rating: to B+ with stable
      outlook from B; and

   -- Senior unsecured notes due 2007: to 'B+/RR4' from 'B/RR4'.

This rating action follows Fitch's upgrade on Argentina's long-
term local currency Issuer Default Rating to 'B' from 'B-' and
country ceiling to 'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


TURTLE LINE: Trustee Delivers General Report in Court on Aug. 15
----------------------------------------------------------------
Leandro Jose Villari, the court-appointed trustee for Turtle
Line S.A.'s reorganization proceeding, will present in court a
general report that contains an audit of the company's
accounting and banking records on Aug. 15, 2006.

Mr. Villari verified creditors' proofs of claim against Turtle
Line until May 4, 2006.  He also submitted the verified claims
as individual reports on June 16, 2006.

The trustee can be reached at:

    Leandro Jose Villari
    Talcahuano 316
    Buenos Aires, Argentina


YPF SA: Fitch Upgrades Foreign Currency Rating to BB+ from BB
-------------------------------------------------------------
Fitch Ratings upgraded YPF S.A.'s foreign currency issuer
default rating to BB+ with stable outlook from BB.  This rating
action follows Fitch's upgrade on Argentina's long-term local
currency Issuer Default Rating to 'B' from 'B-' and country
ceiling to 'B+' from 'B' on Aug. 2, 2006.

The Argentine sovereign rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.  General
government debt is forecast to decline from 80% of GDP at end-
2006 to about 75% by end-2007 because of continued economic
growth and fiscal balance.  But economic growth is expected to
slow to about 3% in 2008 as the effects of heterodox economic
policies become more evident on the supply side.  "As economic
growth slows, the government balance is likely to shift from a
surplus into deficit, and the trend improvement we've seen in
debt dynamics may stall unless there is a more appropriate
policy response."


* ARGENTINA: IDB Loans US$580M for Electricity Transmission Line
----------------------------------------------------------------
The Inter-American Development Bank granted a US$580-million
loan to finance a 1220-kilometer 500 kV electric power
transmission line that will link the Northwest and Northeastern
regions of Argentina as part of the Norte Grande Development and
Integration Program.

The Norte Grande region includes nine provinces:

   -- Catamarca,
   -- Corrientes,
   -- Chaco,
   -- Formosa,
   -- Jujuy,
   -- Misiones,
   -- Tucuman,
   -- Salta and
   -- Santiago del Estero.

The region has a population of 8 million people but accounts for
only 10% of Argentina's gross domestic product and 7% of
exports.  It lags behind the national average in social
indicators.

The program will allow the system to meet electricity demand in
the region with prompt, high-quality, low-cost services.  As a
consequence, it will help reduce the poverty gap between this
region and the rest of the country by fostering social and
economic development.  In addition, the NOA-NEA transmission
line will optimize the installed generating capacity.

This transmission line is one of the projects prioritized by the
Federal Transmission Plan in 1998, which has as one of its main
objectives transforming the Argentine Electric Network from a
radial grid to a stronger net system.  In particular, the NOA-
NEA lines will connect a hydro-generating (North-East) region to
a thermal one (North West), enhancing the reliability of the
system.

This is a project included in the Initiative for Infrastructure
Regional Integration of South America, which will improve the
regional electric interconnection to Chile and Brazil.

The financing approved by the IDB Board of Executive Directors
will support the development of the Norte Grande Region and the
energy sector by strengthening the national electric power
transmission grid. The program will promote competition in
wholesale electricity generation.  It includes the construction
of provincial and regional transmission and sub-transmission
works and transformer stations.

The loan is for a 25-year term, with a five-year grace period at
a variable interest rate.

                        *    *    *

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


* ARGENTINA: Starts Building Tanker for Venezuelan Firm
-------------------------------------------------------
Argentine Rio Santiago shipbuilder has started constructing the
first of the oil tankers Petroleos de Venezuela SA has ordered.
The first tanker is named Eva Perod, according to local press.

The building pact was inked between presidents Nestor Kirchner
and Hugo Sanchez in August 2005, the day when a new anniversay
of Eva Pero's death was commemorated, El Universal relates.

"Within 30 months, other tankers will be ordered and allow our
reactivation in the next six years," Julio Urien, a
representative of Rio Santiago, was quoted by newspaper Diario
Hoy as saying.

Under the agreement, Ro Santiago, based in Ensenada, Buenos
Aires, is to build four 47,000-ton dead weight oil tankers
exceeding US$200 million for Venezuela's state oil firm.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B        Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* ARGENTINA: Fitch Raises Currency Rating to B from B-
------------------------------------------------------
Fitch Ratings has upgraded these sovereign ratings for
Argentina:

   -- Performing bonds in foreign and local currency governed by
      Argentine law to 'B' from 'B-';

   -- Performing bonds in foreign currency governed by foreign
      law to 'B-' from 'CCC+';

   -- Long-term Local Currency Issuer Default Rating (LTLC IDR)
      to 'B' from 'B-'; and

   -- Country Ceiling to 'B+' from 'B'.

The Rating Outlook on the LTLC IDR is Stable.

The ratings on bonds currently in default that were not tendered
in last year's distressed debt exchange are unchanged at
'CC/Recovery Rating (RR) 4' for senior unsecured notes and 'CCC-
/RR3' for collateralized Brady bonds.

The Long-term Foreign Currency Issuer Default Rating remains at
Restrictive Default.  The rating actions reflect reductions in
government financing requirements and favorable near-term
economic prospects.  Debt amortization requirements through end-
2007 are modest compared with those of other speculative grade
sovereigns, and refinancing them with new local market issues
and proceeds from an expected budget surplus appears feasible.
Small as its near-term requirements are, though, Argentina could
still encounter refinancing difficulties if international market
conditions deteriorate sharply because most demand for local
issues has come from non-residents.

"Our confidence in Argentina's creditworthiness over the next 18
months has increased, though uncertainty about how the credit
will evolve in 2008 and beyond constrains the rating from moving
higher at this time," said Morgan C. Harting, Fitch Senior
Director and lead sovereign analyst for Argentina.

General government debt is forecasted to decline from 80% of GDP
at end-2006 to about 75% by end-2007 because of continued
economic growth and fiscal balance.  But economic growth is
expected to slow to about 3% in 2008 as the effects of heterodox
economic policies become more evident on the supply side.  "As
economic growth slows, the government balance is likely to shift
from a surplus into deficit, and the trend improvement we've
seen in debt dynamics may stall unless there is a more
appropriate policy response."

Argentina's public and external debt ratios are among the
highest across rated sovereigns, even after the large haircut
obtained from bondholders in last year's debt exchange.  Within
the 'B' range, only Lebanon (LTFC IDR 'B-') and Cape Verde (LTFC
IDR 'B+') are expected to have higher end-2006 ratios of general
government debt-to-GDP. Argentina's net external debt relative
to broad exports is higher than for all other speculative grade
sovereigns save Malawi (LTFC IDR 'CCC').  External liquidity is
improving as international reserves grow, but it is still worse
than for most 'B' sovereigns.

"Future changes in the ratings are likely to be driven by
changes in economic policies," said Harting.  "If authorities
move to allow prices and resource allocation to be determined
more by market forces, and if they improve perceptions about the
stability of contracts and the rule of law, economic prospects
could improve markedly."  Price controls and export restrictions
have been imposed to contain inflation pressures, though these
have had a deleterious effect on investment in the industrial
sector and inflation has nonetheless reached one of the highest
rates of all rated sovereigns.  Ongoing legal disputes have also
inhibited investment, particularly in utilities and by foreign
investors.  Undoing these unorthodox microeconomic policies
would underpin more effective monetary policy management and
also support the credit.  Longer term fiscal sustainability
would also be supported by reducing the Treasury's reliance on
distortionary export and financial transactions taxes.

Argentina must normalize its relations with creditors in order
to bring its LTFC IDR out of Restrictive Default.  Fitch would
remove the 'RD' if Argentina were to open a new exchange offer
for holdouts that was broadly accepted or if it could resume
regular bond issues in international capital markets without
incurring the risk that proceeds or debt service would be
attached by foreign courts.  "Having regular access to the
international markets again would broaden the government's
potential sources of financing and be an important support for
our assessment of fiscal sustainability."




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


COMPLETE RETREATS: Sec. 341 Creditors Meeting Slated for Aug. 28
----------------------------------------------------------------
Diana G. Adams, the Acting United States Trustee for Region 2,
will convene a meeting of creditors of Complete Retreats LLC
and its 61 debtor-affiliates at 1:00 p.m., on Aug. 28, 2006, at
the Bankruptcy Meeting Room, One Century Tower, at 265 Church
Street, Suite 1104, in New Haven, Connecticut.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                   About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000).


COMPLETE RETREATS: Wants Utility Companies to Continue Services
---------------------------------------------------------------
In connection with the operation of their business and
management of their properties, Complete Retreats LLC and its
debtor-affiliates obtain electricity, gas, water, sewer, trash
removal, telephone, Internet, cable television, and other
utility services from various utility companies.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Connecticut to:

    (i) determine that the Utility Companies have been provided
        with adequate assurance of payment under Bankruptcy Code
        section 366;

   (ii) approve the Debtors' proposed offer of adequate
        assurance and procedures governing the Utility
        Companies' requests for additional or different adequate
        assurance;

  (iii) prohibit the Utility Companies from altering, refusing,
        or discontinuing services on account of prepetition
        amounts outstanding or on account of any perceived or
        alleged inadequacy of the proposed adequate assurance;

   (iv) establish procedures for the Utility Companies to seek
        to opt out of the proposed adequate assurance
        procedures;

    (v) determine that the Debtors are not required to provide
        any additional adequate assurance;

   (vi) set a final hearing on the proposed adequate assurance
        procedures on August 17, 2006; and

  (vii) provide for the return of the unused portions of all
        deposits shortly after the substantial consummation of
        any confirmed plan of reorganization in their cases.

A 14-page list of Utility Companies providing services to the
Debtors is available for free at:

               http://researcharchives.com/t/s?ec4

The Debtors inform the Court that it is possible that certain
Utility Providers have not yet been identified or included on
the list.  The Debtors intend to file amendments to the Utility
Service List and would serve copies of any orders related to the
Utility Motion on the newly identified Utility Providers.

"The Utility Services are essential to the Debtors' operations
and, therefore, must continue uninterrupted during the pendency
of the Debtors' Chapter 11 cases," Joel H. Levitin, Esq., at
Dechert LLP, in New York, asserts.

In the past 12 months, the Debtors paid an average of
approximately US$52,000 per month on account of Utility
Services.  Until recently, Mr. Levitin says, the Debtors have
had a relatively good payment history with the Utility
Companies.

Section 366(a) of the Bankruptcy Code prevents utility companies
from discontinuing, altering, or refusing service to a debtor
during the first 30 days of a Chapter 11 case.  After that 30-
day period, however, a utility company has the option of
terminating its services pursuant to Bankruptcy Code section
366(c)(2) if a debtor has not furnished that utility company
adequate assurance of payment.

                Proposed Adequate Assurance

The Debtors intend to pay all postpetition obligations owed to
the Utility Companies.  In addition, the Debtors propose to
provide a deposit equal to two weeks of Utility Service to any
Utility Company that requests a deposit in writing.  However, no
deposit will be given to a Utility Company that already holds a
deposit equal to or greater than two weeks of Utility Services
and that is paid in advance for its services.

Upon acceptance of the Deposit, the Utility Company would be
deemed to have stipulated that the Deposit constitutes adequate
assurance of payment under Bankruptcy Code section 366 and would
not be able to make an Additional Adequate Assurance Request.

          Proposed Adequate Assurance Procedures

In light of the severe consequences to the Debtors of any
interruption in services by the Utility Companies, but
recognizing the right of the Utility Companies to evaluate the
Proposed Adequate Assurance on a case-by-case basis, the Debtors
propose that the Court approve and adopt these uniform
procedures:

    a. If a Utility Company does not comply with the Adequate
       Assurance Procedures, it will be forbidden from
       discontinuing, altering, or refusing service.

    b. Any Utility Company requesting a Deposit must make a
       request in writing to:

          (i) the Debtors
              Tanner & Haley Resorts
              285 Riverside Avenue, Suite 310
              Westport, CT 06880
              Attn: Jason I. Bitsky, Esq., and

         (ii) counsel to the Debtors
              Dechert LLP
              30 Rockefeller Plaza
              New York, NY 10112
              Attn: Joel H. Levitin, Esq., and
                    David C. McGrail, Esq.

    c. If the requesting Utility Company satisfies the
       requirements, the Debtors would provide a deposit.

    d. Any Utility Company desiring additional adequate
       assurance of payment must serve its request on the
       Debtors and the Debtors' counsel.

    e. The Debtors have at least two weeks to reach a consensual
       agreement with the Utility Company resolving the
       Additional Adequate Assurance Request.

    f. The Debtors would be permitted to resolve any Additional
       Adequate Assurance Request by mutual agreement with the
       Utility Company and without further Court order.

    g. If the Debtors can't reach a timely consensual resolution
       with the Utility Company, a hearing will be held to
       determine the adequacy of adequate assurance of payment.

    h. Pending resolution of the Determination Hearing, that
       particular Utility Company would be prohibited from
       discontinuing, altering, or refusing service to the
       Debtors.

                   Process for Opting Out

A Chapter 11 debtor was historically able to place the burden on
utility providers to prove that the adequate assurance offered
by the debtor was insufficient.  After recent amendments to
Section 366 of the Bankruptcy Code, the burden has arguably
shifted to debtors to provide adequate assurance that the
utility providers find satisfactory and to seek court review if
a utility provider does not accept the proposed adequate
assurance.

Under the new reading of Section 366 of the Bankruptcy Code, a
Utility Company could, on the 29th day after the Petition Date,
announce that the proposed adequate assurance is not acceptable,
demand an unreasonably large deposit from the Debtors, and
threaten to terminate Utility Service the next day unless
satisfied.

The Debtors believe it is prudent to require Utility Companies
to raise any objections to the Adequate Assurance Procedures, so
that those objections may be heard by the Court within 30 days
of the Petition Date.

The Debtors propose these uniform objection procedures:

    a. Any Utility Company that objects to the Adequate
       Assurance Procedures must to file a timely objection.

    b. Any Procedures Objection must, among others, be made in
       writing and set forth the reason why the Utility Company
       believes it should be exempted from the Adequate
       Assurance Procedures.

    c. The Debtors would be permitted to resolve any Procedures
       Objection by mutual agreement with the Utility Company
       and without further Court order.

    d. If no prompt consensual resolution is reached, the
       Procedures Objection would be heard at the Final Hearing.

    e. All Utility Companies that do not timely file a
       Procedures Objection would be deemed to consent to the
       Adequate Assurance Procedures.

                  About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000).


PINNACLE ENT: Files Lawsuit Against Three Insurance Companies
-------------------------------------------------------------
Pinnacle Entertainment, Inc., sued three of its excess insurance
carriers on Aug. 1, 2006.

The suit, filed in the United States District Court for the
District of Nevada, relates to the loss incurred by Pinnacle as
a result of Hurricane Katrina at its Casino Magic property in
Biloxi, Mississippi.  Collectively, the three insurers provide
US$300 million of coverage, in excess of US$100 million of
coverage provided to Pinnacle by other insurers.  In total,
Pinnacle's policies applicable to the Hurricane Katrina loss
provide an aggregate of up to US$400 million of coverage for
loss caused by a weather catastrophe occurrence (as defined by
the policies) and up to US$100 million of inclusive coverage for
loss caused by a flood occurrence.  The three insurers are:

   -- Allianz Global Risks US Insurance Company,
   -- Arch Specialty Insurance Company and
   -- RSUI Indemnity Company.

The suit alleges, among other things, that the defendants have
improperly asserted that Pinnacle's losses were due to a flood
occurrence as opposed to a weather catastrophe occurrence; that,
after the close of the proposed sale of certain Casino Magic
Biloxi assets to Harrah's Entertainment, Inc., Pinnacle is not
covered for any continued business interruption loss at Casino
Magic Biloxi incurred after that sale; and that Pinnacle is not
entitled to designate its St. Louis County project as a
replacement for Casino Magic Biloxi.

The suit seeks damages equal to the outstanding amount of
Pinnacle's claim, totaling US$346.5 million, less US$100 million
previously paid or anticipated to be paid in the near future.
It also seeks declarations that Pinnacle's St. Louis County
project constitutes a permissible replacement property under the
applicable policies and that Pinnacle is entitled to receive the
full amount of its Casino Magic Biloxi business interruption
loss arising out of Hurricane Katrina, even though it is in the
process of selling the Casino Magic Biloxi site and certain
related assets to Harrah's.  Finally, the suit also seeks
unspecified punitive damages for the improper actions of the
defendants in connection with Pinnacle's claim.

On April 11, 2006, Pinnacle filed an insurance claim with its
insurers totaling US$346.5 million for losses sustained at
Casino Magic Biloxi due to Hurricane Katrina.

                       About Pinnacle

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

                        *    *    *

As reported in the Troubled Company Reporter on May 24, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on Las Vegas-based casino owner and operator
Pinnacle Entertainment Inc. to positive from negative.

As reported in the Troubled Company Reporter on March 20, 2006,
Moody's Investors Service placed the ratings of Pinnacle
Entertainment, Inc. on review for possible upgrade.  Pinnacle
ratings affected include its B2 corporate family rating, B1
senior secured bank loan rating, and Caa1 senior subordinated
debt rating.

As reported in the Troubled Company Reporter on Mar. 15, 2006,
Fitch Ratings placed the ratings of Pinnacle Entertainment on
Rating Watch Negative.  The ratings affected include 'B' issuer
default rating; 'BB/RR1' senior secured credit facility rating;
and 'CCC+/RR6' senior subordinated note rating.


WINN-DIXIE: Court Approves Wachovia Commitment Letter
-----------------------------------------------------
Judge Funk of the U.S. Bankruptcy Court for the Middle District
of Florida approves Winn-Dixie Stores, Inc., and its debtor-
affiliates' request to enter into a commitment letter dated
June 28, 2006, with Wachovia Bank, National Association and
Wachovia Capital Markets LLC for the arrangement and provision
of a US$725,000,000 senior secured exit financing facility.

In addition, Judge Funk authorizes the Debtors to reimburse
Wachovia for expenses incurred pursuant to the Commitment Letter
and to provide indemnifications to Wachovia and its affiliates,
including their respective directors, officers, agents,
employees and representatives.

If Wachovia does not provide the exit facility set forth in the
Commitment Letter, the Court directs Wachovia to provide the
Debtors with copies of any appraisals, reports or other
documents prepared and provided by third parties that were
either paid for by the Debtors or by Wachovia.

As reported in the Troubled Company Reporter on July 5, 2006,
Wachovia will provide a US$725,000,000 facility consisting of
revolving loans, with a US$300,000,000 sublimit for letters of
credit.

At its option, Winn-Dixie Stores, Inc., may, not less than 30
days prior to the closing of the Exit Facility, upon notice to
and after consultation with Wachovia, as agent, elect to reduce
the amount of the Maximum Credit but in no event less than
US$600,000,000.

The Debtors will have the option to increase the Maximum Credit
by up to US$100,000,000 in increments of not less than
US$25,000,000, subject to certain terms and conditions.

The Revolving Loan will have a maturity date five years from the
closing date.

Upon its execution of the Commitment Letter, Winn-Dixie, as
administrative borrower, will specify to Wachovia Capital
Markets in writing which of two base alternatives should be
included in the Loan Documents.

Winn-Dixie Stores and its subsidiaries that are borrowers under
the DIP Credit Agreement, dated February 23, 2005, with
Wachovia, will act as borrowers under the Exit Facility.  Winn-
Dixie's direct or indirect U.S. subsidiaries will guarantee the
Borrowers' obligations under the Exit Facility.

To secure all obligations under the Exit Facility, Wachovia and
the Lenders will have first priority, perfected security
interests in and liens upon the Collateral, but as to priority,
subject to the liens as are permitted under the Loan Documents.

The Borrowers may elect that all or portions of the Revolving
Loans bear interest at:

    (a) the Applicable Margin plus the ABR; or

    (b) the Applicable Margin plus the Adjusted Eurodollar Rate.

ABR refers to the higher of (i) Wachovia's prime rate or (ii)
the federal funds effective rate plus 0.50%.

The Debtors agree to pay:

     -- an unused line fee of 0.25% per annum on the amount by
        which the Maximum Credit exceeds the average monthly
        balance of Revolving Loans and L/Cs outstanding, payable
        monthly in arrears; and

     -- letter of credit fees equal to 1.00% on the daily
        outstanding balance of commercial L/Cs and the
        applicable percentage of the Applicable Margin for
        Eurodollar Rate Loans on the daily outstanding balance
        of standby L/Cs, in each case payable monthly in
        arrears.

A full-text copy of the Exit Facility Term Sheet is available
for free at http://ResearchArchives.com/t/s?cd1

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. 46; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


WINN-DIXIE: Three Parties Object to Solicitation Process
--------------------------------------------------------
Three parties have filed objections to Winn-Dixie Stores, Inc.,
and its debtor-affiliates' proposed solicitation procedures.

(a) E&A Financing, et al.

E&A Financing II LP, E&A Southeast LP, E&A Acquisition Two LP,
Shields Plaza Inc., Woodberry Plaza (E&A) LLC, Villa Rica Retail
Properties Inc., West Ridge LLC, and Bank of America, as trustee
of Betty Holland, object to the:

   (1) proposed requirement that all communications among
       creditors in opposition to the Joint Plan of
       Reorganization be submitted to the Court for advance
       approval; and

   (2) proposal that landlords will not be allowed to vote their
       claims on guarantees.

Adam N. Frisch, Esq., at Held & Israel, in Jacksonville,
Florida, asserts that the Debtors' proposed restriction on a
creditor's ability to solicit another creditor to reject the
Plan is contrary to law and should be rejected by the Court.

Mr. Frisch notes that in Century Glove Inc. v First American
Bank of New York, 860 F.2d 94 (3rd Cir. 1988), the Third Circuit
expressly rejected the contention that Section 1125 of the
Bankruptcy Code requires Court approval of all communications
among creditors soliciting the acceptance or rejection of a
plan.  The Third Circuit held that allowing a bankruptcy court
to regulate communications between creditors conflicts with the
language of the statute.

The E&A Landlords also contend that holders of landlord claims
against multiple Debtors based on a lease and a guarantee should
receive two ballots and be allowed to vote both claims because
the claims are based on different contractual undertakings and
are against different Debtors.

Accordingly, the E&A Landlords ask the Court to disapprove the
Solicitation Procedures unless:

    -- creditors are allowed to solicit other creditors to vote
       for or against the Plan without having the Court approve
       the solicitations; and

    -- all claims in a voting class are allowed to vote.

(b) Kentucky and Florida Tax Collectors

Tax collectors from 57 counties within Florida object to the
inclusion of unilateral release provisions within the ballots.

Brian T. FitzGerald, Esq., of the Hillsborough County Attorney's
Office, in Tampa, Florida, asserts that the Court should not
approve ballot forms that provide for a complete, unilateral
release of the Debtors, their employees, agents, and others in
return for an affirmative vote for the Joint Plan of
Reorganization.

The Debtors retain all their rights to object to any claim yet
creditors are left with a release of all defenses they may have
to claim objections, Mr. FitzGerald notes.

The Florida Tax Collectors further object to provisions on the
reverse side of the proposed ballots for Class 10 Secured Tax
Claims outlining a sub-class procedure and vote count process.
According to Mr. FitzGerald, the provisions are subject to
objections within the disclosure statement approval and plan
confirmation process.

The tax collectors for each of the following counties within the
Commonwealth of Kentucky concur with the Florida Tax Collectors'
contentions that the unilateral release provisions in the
ballot forms should be stricken.

(c) Terranova Landlords

Landlords Westfork Tower LLC, Concord-Fund IV Retail LP, TA
Cresthaven LLC, Flagler Retail Associates Ltd., Elston/Leetsdale
LLC, and their property manager Terranova Corp., urge the Court
to deny certain portions of the Debtors' Solicitation
Procedures.

The Terranova Landlords aver that they are in danger of being
disenfranchised from voting on the Debtors' Chapter 11 Plan
while possibly having their claims significantly impaired.

Landlords like the Terranova Landlords whose leases the Debtors
have moved to assume and whose cure claims are in dispute, are
apparently unable to vote on the Plan even though their leases
may ultimately be rejected, resulting in their entitlement to
Class 13 Landlord Claims, Karen K. Specie, Esq., at Scruggs &
Carmichael P.A., in Gainesville, Florida, notes.

Under the Solicitation Procedures, Class 13 Landlord Claimants
whose claims are disputed, contingent, or unliquidated also
have no right to vote on the Plan unless they file a motion
seeking to be allowed to vote pursuant to Rule 3018(a) of the
Federal Rules of Bankruptcy Procedure.

Ms. Specie asserts that landlords subject to assumption motions,
including the Terranova Landlords, should either be treated as
administrative claimants whose claims will be paid in full under
the Plan, or they should be allowed to vote without having to
file Rule 3018 motions.

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. 46; Bankruptcy Creditors' Service, Inc., 215/945-
7000).




===========
B E L I Z E
===========


* BELIZE: Seeking Aid from Private Sector in Debt Restructuring
---------------------------------------------------------------
The government of Belize decided to seek the cooperation of the
country's private sector creditors in a rearrangement of
Belize's approximately US$960 million external debt stock.  The
government expects that most of the external commercial debts of
Belize and its public sector entities will be affected by this
debt rearrangement.  The government is simultaneously
approaching its official-sector creditors to solicit their
assistance in addressing the country's currently unsustainable
debt burden.

In October 2004, the government of Belize began implementing a
significant tightening of fiscal policy.  This tightening has
seen a major reduction in capital expenditure and expansion in
Government revenue.  As a result, the country's overall deficit
has declined from over 8% of GDP in fiscal year 2004/2005 to
3.1% in fiscal year 2005/2006.  The budget enacted earlier this
year for fiscal year 2006/2007 is also very tight and is
expected to reduce the deficit even further.

In this same period, the Central Bank tightened liquidity in the
banking system on three separate occasions in order to dampen
the demand for foreign exchange and thereby ease the pressure on
the balance of payments.

Even with these belt-tightening measures, however, Belize is
projecting significant fiscal deficits over the medium term.
Considerable shortfalls in the balance-of-payments are also
expected to persist, exacerbated by Belize's very low level of
international monetary reserves. Belize's ratio of debt to GDP
is just over 90%.  The country spends -- on interest payments
alone -- more than 27% of the Government's fiscal revenue.

Said Musa, the Prime Minister and Minister of Finance of Belize,
said, "Servicing of the Belizean external public sector debt
stock on its existing terms is no longer a viable option.  We
must urgently ask the cooperation of our creditors to help put
this debt stock on a sustainable financial footing."

Belize has retained Houlihan Lokey Howard & Zukin as financial
adviser, and in this role, the firm will be assisting the
government in its consultations with the affected creditors.
Those consultations will commence immediately.  Belize would
like to conclude the debt rearrangement by the fourth quarter of
2006.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

        -- CC LT Foreign Bank Depst Caa3
        -- CC LT Foreign Curr Debt  Caa3
        -- CC ST Foreign Bank Depst NP
        -- CC ST Foreign Curr Debt  NP
        -- LC Curr Issuer Rating    Caa3
        -- FC Curr Issuer Rating    Caa3
        -- Foreign Currency LT Debt Caa3
        -- Local Currency LT Debt   Caa3

Standard & Poor's Rating Service assigned these ratings to
Belize:

        -- Foreign Currency LT Debt CCC-
        -- Local Currency LT Debt   CCC+
        -- Foreign Currency ST Debt C
        -- Local Currency ST Debt C




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


FOSTER WHEELER: Moody's Rates US$350 Mil. Credit Facility at Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.

Moody's expects that substantially all the assets and capital
stock of Foster Wheeler Ltd. and its direct subsidiaries (66% of
the capital stock of certain foreign subsidiaries) will secure
the new credit facility and that Foster Wheeler Ltd. and certain
domestic and foreign subsidiaries will provide guarantees.
Financial covenants are expected to include a maximum leverage
ratio and a minimum interest coverage ratio.  The revolver is
anticipated to remain undrawn at close.

Further, Moody's noted that the Ba3 rating for the bank facility
incorporates the benefits and limitations of the collateral, as
well as the modest level of potential borrowing.  The facility
will represent virtually all of Foster Wheeler's corporate debt
upon close and is expected to be highly collateralized,
resulting in a one notch upgrade from the corporate family
rating.  The Ba3 rating on the company's existing bank facility
will be withdrawn once the new facility is placed into effect.

The key rating factors supporting the B1 corporate family rating
and positive outlook include:

    1) the completion Foster Wheeler's debt reduction program,
       reducing debt to US$191 million during the second quarter
       of 2006,

    2) a significant improvement in global E&C market conditions
       and an improving global power outlook, enabling Foster
       Wheeler to more than double backlog to US$4.5 billion at
       March 31, 2006,

    3) Moody's expectation of continued improvement in free cash
       flow generation despite the drag from asbestos
       settlements funded from operations and

    5) the removal of the going concern opinion and the
       correction of material weaknesses identified in 2005.

Moody's previous rating action on Foster Wheeler was the
May 26, 2006, upgrade of the corporate family rating to B1 from
B3, with a positive outlook.

Foster Wheeler Ltd, headquartered in Hamilton, Bermuda, is an
industrial engineering, construction, maintenance, and related
technical service company.  Consolidated operating revenues were
US$2.2 billion in 2005.


FOSTER WHEELER: S&P Puts BB- Rating on US$350MM Credit Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

The facilities are rated one notch higher than the company's
corporate credit rating.  The facilities are expected to consist
of

   1) a US$200 million revolving credit facility, the full
      amount of which is available for letters of credit, with
      US$100 million available for borrowings aside from
      letters of credit; and

   2) a US$150 million synthetic letter of credit facility.

Standard & Poor's will remove its ratings on the company's
existing US$250 million senior credit agreement once the
refinancing has closed.

The corporate credit rating on Clinton, N.J.-headquartered
Foster is B+/Stable/--.  The corporate credit rating reflects
the company's still weak business risk profile and highly
leveraged financial risk profile. The company's business risk
profile has strengthened during the past couple of years as new
orders, backlog levels, risk management policies, and
profitability have improved considerably.  The ratings also
reflect improvements in the company's financial risk profile,
marked by the company's most recent leverage reduction
initiatives in 2006.


REFCO INC: Court to Consider Exclusive Period Plea on Sept. 12
--------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York adjourned, to 10
a.m. on Sept. 12, the hearing to consider Refco Inc., and its
debtor-affiliates' request to extend their:

    * Exclusive Plan Filing Period to Sept 1, 2006; and
    * Exclusive Solicitation Period to Oct. 31, 2006.

As reported in the Troubled Company Reporter on July 10 the
Court had previously adjourned the hearing from June 27 to
July 20.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Chap. 11 Trustee Hires Goldin & AP as Crisis Managers
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorizes Marc Kirschner, as Chapter 11 trustee of Refco
Capital Markets, Ltd.'s estate, to employ Goldin Associates,
LLC, and AP Services, LLC, as crisis managers for RCM, under the
terms of the Trustee's engagement letters with the two firms,
dated May 19 and May 22, 2006.

For the avoidance of doubt, Judge Robert Drain permits Goldin
and APS to serve the Debtors' interests, and against the RCM's
interests, without restraint, notwithstanding their engagement
by the U.S. Trustee

RCM will compensate Goldin and APS under the Engagement Letters.

Helder P. Pereira, Esq., at Bingham McCutchen LLP, in New York,
recounts that, on December 12, 2005, and on March 17, 2006, the
Bankruptcy Court entered orders authorizing the Debtors to
employ AP Services and Goldin as their crisis managers.

Pursuant to their existing employment arrangements with the
Debtors, neither Goldin nor APS provides employees directly to
RCM.  RCM has no employees of its own but instead draws on the
services of executives and employees of other Debtor entities,
including those provided by Goldin and APS.

The Debtors have previously employed the Goldin & APS Employees
on the basis that those employees are critical to the Debtors'
chances of reaching a successful resolution of the chapter 11
cases.  The issues pertaining to RCM are no less complex than
those applicable to the cases as a whole, Mr. Pereira asserts.

Prior to the RCM Trustee's appointment, the Goldin & APS
Employees provided these services to RCM, including:

   (a) assisting with the management of the bankruptcy process,
       including evaluating and implementing strategic and
       tactical options through the proceedings;

   (b) developing and implementing cash management strategies,
       tactics and processes;

   (c) coordinating information requests and responses to lender
       groups and other parties-in-interest in the bankruptcy
       process;

   (d) assisting with the preparation of the statement of
       affairs, schedules, monthly operating reports and other
       regular reports required by the Bankruptcy Court as well
       as claims processes; and

   (e) assisting with other matters as may be requested that
       fall within the expertise of Goldin and APS.

Mr. Pereira says that the appointment of a Chapter 11 Trustee
has not changed RCM's need for APS' and Goldin's services.
Moreover, the Bankruptcy Court has indicated that the RCM
Trustee should "focus on the key issues pertaining to a plan."

To maintain that focus, the RCM Trustee will require the
assistance of professionals with respect to various aspects of
administering or winding down the RCM estate.  Thus, the RCM
Trustee seeks to continue the use of the Goldin & APS Employees
in a manner largely consistent with the past practices of the
Debtors' cases.

The Engagement Letters alter slightly the terms of the existing
engagements of Goldin and APS by the Debtors.  The alterations
clarify:

   (i) the degree to which Goldin & APS Employees will report to
       the RCM Trustee in respect of RCM-specific matters; and

  (ii) the rights of the RCM Trustee in respect of allocations
       of the fees and expenses of the Goldin & APS Employees.

The RCM Trustee clarifies that the Goldin & APS Employees will
not be employed as RCM-specific employees.  The RCM Trustee
merely wants to continue existing relationships through which
the Goldin & APS Employees provide services for and on behalf of
RCM.  The RCM Trustee does not seek to employ any new or
different members or associates of Goldin and APS as RCM-
specific employees.

Given that the Goldin & APS Employees will continue to provide
similar services to the non-RCM Debtors, it is possible that the
Goldin & APS Employees may take actions or positions that are
adverse to RCM, Mr. Pereira relates.

The Engagement Letters expressly contemplate that possible
conflict, and they contain a related waiver from the RCM Trustee
-- the services to the non-RCM Debtors will not be a breach of
the Engagement Letters nor may the RCM Trustee seek to
disqualify the Goldin & APS Employees from providing the
services or being compensated for them.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


SCOTTISH RE: Hires Goldman Sachs & Bear Stearns as Fin'l Advisor
----------------------------------------------------------------
Scottish Re Group Limited disclosed that it has hired Goldman
Sachs and Bear Stearns to "assist with evaluating strategic
alternatives and potential sources of capital."

The announcement came as the global life reinsurance company
disclosed a projected US$130 million second quarter loss and the
resignation of its President and CEO.

In June, Jeffrey P. Hughes joined Scottish Re's Board of
Directors.  Mr. Hughes was elected to the Board at a meeting
held on June 22, 2006, following the resignation of William
Spiegel.  Mr. Hughes is Vice Chairman and a founding partner of
The Cypress Group, a New York based private equity firm and also
the company's largest shareholder.  Mr. Hughes, Scottish Re
commented at the time, has a lengthy record of business
accomplishments and many years of board experience across a
range of industries.

                      About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities.

                        *    *    *

Following Scottish Re Group Limited's profit warning, Moody's
Investors Service downgraded on July 31,2006, to Ba2 from Baa2
the senior unsecured debt rating of Scottish Re; the rating
agency also downgraded to Baa2 from A3 the insurance financial
strength ratings of the company's core insurance subsidiaries,
Scottish Annuity & Life Insurance Company (Cayman) Ltd. and
Scottish Re (U.S.), Inc. All debt and IFS ratings of Scottish Re
remain on negative outlook.

A.M. Best Co. also downgraded on July 31, 2006, the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).
A.M. Best has also downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  All FSR and debt ratings have been placed under
review with negative implications.


SCOTTISH RE: Names Nathan V. Gemmiti as General Counsel
-------------------------------------------------------
Scottish Re Group Limited appointed Nathan V. Gemmiti as General
Counsel.

Mr. Gemmiti joined Scottish Re in 2003 as Chief Legal Counsel
for Scottish Re's North American operations.  He was appointed
earlier this year to Senior Vice President, Associate Counsel
for Scottish Re Group Limited.

Paul Goldean, Chief Executive Officer, remarked, "I have worked
closely with Nate for over three years and believe his rare
combination of technical skills, rounded legal experience and
industry perspective leave him particularly well suited for the
position."

Prior to working for Scottish Re, Mr. Gemmiti served as in-house
corporate counsel for Forum Financial Group, LLC, since renamed
Citigroup Global Transaction Services.  Mr. Gemmiti obtained a
B.A. from Saint Anselm College in Manchester, New Hampshire and
a J.D. from Boston College School of Law.

                     About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities.

                        *    *    *

Following Scottish Re Group Limited's profit warning, Moody's
Investors Service downgraded on July 31,2006, to Ba2 from Baa2
the senior unsecured debt rating of Scottish Re; the rating
agency also downgraded to Baa2 from A3 the insurance financial
strength ratings of the company's core insurance subsidiaries,
Scottish Annuity & Life Insurance Company (Cayman) Ltd. and
Scottish Re (U.S.), Inc. All debt and IFS ratings of Scottish Re
remain on negative outlook.

A.M. Best Co. also downgraded on July 31, 2006, the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).
A.M. Best has also downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  All FSR and debt ratings have been placed under
review with negative implications.


SCOTTISH RE: S&P Downgrades Counterparty Credit Rating to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Scottish Re Group Ltd., Scottish Re's subsidiaries, and some
related issues. Specifically, the counterparty credit rating on
Scottish Re was lowered to 'BB+' from 'BBB-', and the
counterparty credit and financial strength ratings on Scottish
Re's operating companies were lowered to 'BBB+' from 'A-'.  All
of these ratings remain on CreditWatch with negative
implications, where they were placed on July 31, 2006.

"Reinsurance companies rely heavily on customer confidence, and
negative perceptions in the marketplace regarding Scottish Re
have increased significantly in the past several days," said
Standard & Poor's credit analyst Neil Strauss.  "This has
weakened Scottish Re's competitive position."  There is little
question that it will be more difficult for the company to
attract new clients, potentially significantly so.  Scottish
Re's level of earnings will be lower, as pricing, collateral
requirements, and funding costs are negatively affected.

Standard & Poor's believes there is substantial value in the
underlying businesses.  However, because of the anticipated loss
and resulting negative effect on Scottish Re's financial
flexibility, there is a need for capital to be raised to augment
anticipated liquidity and collateral needs over the next several
quarters, including potential debt redemption in December 2006.

The ratings will remain on CreditWatch until the capital has
been raised and the company's strategic alternatives have been
clarified. As a result, the ultimate ratings will depend on the
resulting capital, liquidity, and competitive position of the
company.




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


* BOLIVIA: Spain Proposes Negotiations on Debt Exchange
-------------------------------------------------------
Maria Teresa Fernandez de la Vega, the vice president of Spain,
visited Bolivia to propose for the exchange of Bolivia's debt
for investments in education, Prensa Latina reports.

Vice President Fernandez de la Vega is also proposing
negotiations on trade between the European Union and the Andean
Nations Community or CAN, which Bolivia chairs, the same report
adds.  Bolivia's President Evo Morales met with the Spanish
official in the Bolivian government palace on Wednesday.

Vice President Fernandez de la Vega's agenda includes business
and political issues affecting hydrocarbons nationalization,
among them Repsol YPF, Prensa Latina states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


BANCO ITAU: Declares Payment of 2Q BRL0.166 Per Share Dividend
--------------------------------------------------------------
Banco Itau Holding Financeira S.A.'s Board of Directors
unanimously approved "ad referendum" during the General
Stockholders Meeting on July 31, 2006, to:

   -- declare dividends in the amount of BRL0.166 per share,
      with no tax withheld at source;

   -- declare interest on capital in the amount of BRL0.137 per
      share, less 15% income tax at source, resulting in net
      interest of BRL0.11645 per share, with the exception of
      legal entity stockholders demonstrating immunity or
      exemption from such tax, which, in total, is equivalent
      to approximately 13 times the interest paid on a monthly
      basis; and

   -- to pay these dividends and complementary interest on
      capital on August 21, 2006, based on the closing
      stockholding position as of August 11 2006.

                        *    *    *

Fitch Ratings upgraded on July 2, 2006, these ratings of Banco
Itau Holding Financeira S.A.:

   -- Foreign currency long-term IDR to BB from BB-;
   -- Local currency long-term IDR to BBB- from BB+; and
   -- National long-term rating to 'AA+(bra)' from 'AA(bra)'.

Standard & Poor's Ratings Services raised on May 20, 2006, its
long-term counterparty credit rating on Banco Itau S.A. to 'BB+'
from 'BB'.  The outlook is stable.


BANCO ITAU: Net Income Reaches BRL2.958 Bil. in First Semester
--------------------------------------------------------------
Banco Itau Holding Financeira S.A.'s consolidated net income
totaled BRL2.958 billion in the first half of 2006, with
annualized return of 35.7% on average equity.  Consolidated
stockholders' equity totaled BRL17.555 billion, a 12.8% increase
in this half, and referential equity for operating limits
calculation purposes was BRL22.863 billion. Itau preferred and
common shares for the first half rose 3.1%, while the Bovespa
index rose 5.9%.

Itau employed 53,277 people at the end of the first half of
2006.  Fixed compensation plus charges and benefits totaled
BRL1.756 billion in this half.  Welfare benefits granted to
employees and their dependants totaled BRL322 million.
Additionally, Itau invested BRL30 million in education, training
and development programs.

Itau paid or provided for its own taxes and contributions in the
amount of BRL2.984 billion in the first half of 2006.
Additionally, the amount of BRL3.599 billion in taxes was
withheld from clients, collected and paid.

Consolidated assets totaled BRL172.413 billion, an 18.0%
increase as compared to June 2005.  The loan portfolio,
including endorsements and sureties, grew 27.5% as compared to
the same period in the prior year, totaling BRL74.783 billion.
Noteworthy is the 49.0% increase in the credit to individuals
segment.

Total own free, raised and managed funds increased 24.1% as
compared to June 2005, totaling BRL285.595 billion.  Time
deposits grew 50.7%.  The total amount of technical provisions
for insurance, pension plan and capitalization reached BRL16.409
billion, an increase of 31.2% as compared to the same period in
the prior year.

The market value of Itau Holding reached BRL65.194 billion at
the end of the first half of 2006.

      Acquisition of the BankBoston Operations in Brazil

On May 1, 2006, Itau Holding and Bank of America Corporation
entered into an agreement for the acquisition of BankBoston in
Brazil and the exclusive right to acquire the BankBoston
operations in Chile and Uruguay, as well as certain other
financial assets owned by clients of Latin America.

In relation to the operations in Brazil, the agreement provides
for the payment through the issuance of 68.5 million preferred
shares of Itau, which value is approximately BRL4.6 billion
(based on the average market quote of the preferred shares
between February 21 and April 24, 2006).  As a result, Bank of
America Corporation, the second largest bank in the world in
market value, will become an important stockholder of Itau
Holding entitled to appoint one member of Itau Holding's Board
of Directors.  The goodwill of this investment is estimated at
BRL2.4 billion, net of taxes.  The completion of this
transaction is subject to the approval of the Central Bank of
Brazil and other relevant authorities.

This operation will secure to Itau Holding the leadership
amongst private institutions in asset management, custody
business and the high net worth individual and large corporate
sectors and it will provide the expansion of its operations into
new markets in Latin America.

             Sarbanes-Oxley Act - Section 404

Itau Holding complied with all Section 404 requirements of the
Sarbanes-Oxley Act in connection with the internal controls over
the reporting of the consolidated financial statements as of
December 31, 2005, one year prior to the compliance deadline set
by the US Authorities, being the first foreign bank listed on
the New York Stock Exchange to attain it.

                     Ratings and Awards

Standard & Poor's upgraded Banco Itau's credit rating in global
scale of local and foreign currencies from BB to BB+.  The new
rating positions the bank just one degree before investment
grade status.

Euromoney magazine considered Itau the Best Brazilian Bank and
its Private Bank as the Best Private Bank in Brazil for
Entrepreneurs and the Best Private Bank for clients with
investments ranging from US$1 million to US$10 million.  It was
also considered the most sustainable and ethical bank of Latin
America by the Latin Finance/Management & Excellence Magazine.
The Bank won the Grand Prix for the Best Investor Relations
Program (among large cap companies) from IR Magazine. Moreover,
it was the winner of the following categories:

   -- Best Investment Community Meeting and
   -- Best IR Performance by a CEO.

In May, Itau and Bank of America Corporation entered into an
agreement for the acquisition of BankBoston in Brazil and the
exclusive right to acquire the BankBoston operations in Chile
and Uruguay, as well as certain other financial assets owned by
clients of Latin America.  In relation to the operations in
Brazil, the agreement provides for the payment through the
issuance of 68.5 million preferred shares of Ita, which value
is approximately BRL4.6 billion.  The goodwill of this
investment is estimated at BRL2.4 billion, net of taxes.

Banco Itau and Banco Itau BBA adhered to the revised version of
the Equator Principles, applicable to projects worth over US$10
million as well as consulting and improvement projects, or
expansion of existing projects that have significant social and
environmental impact.  Banco Itau Holding Financeira, Banco Itau
Europa and Banco Itau Buen Ayre had also adhered the Equator
Principles.  Banks are required to prepare annual reports on the
implementation progress of such Principles and improve the
social and environmental responsibility standards.

Noteworthy in this period in Fundacao Itau Social are:

   -- the third edition of the "Escrevendo o Futuro"
      (Writing the Future) Award, in which 15,461 schools
      participated and involving approximately 33,000 teachers
      and 1.6 million students;

   -- the second edition of the "Jovens Urbanos" (Urban Youth)
      Program attending 480 youths;

   -- the implementation of the "Melhoria da Educacao no
      Municipio" (Improvement of Municipal Education) Program
      in the State of Minas Gerais with the participation of
      189 municipalities;

   -- the sixth edition of the "Escola Voluntaria" (volunteerism
      in schools) Award; and

   -- the third Social Projects Economic Evaluation course.

                        *    *    *

Fitch Ratings upgraded on July 2, 2006, these ratings of Banco
Itau Holding Financeira S.A.:

   -- Foreign currency long-term IDR to BB from BB-;
   -- Local currency long-term IDR to BBB- from BB+; and
   -- National long-term rating to 'AA+(bra)' from 'AA(bra)'.

Standard & Poor's Ratings Services raised on May 20, 2006, its
long-term counterparty credit rating on Banco Itau S.A. to 'BB+'
from 'BB'.  S&P said the outlook is stable.


GERDAU SA: Declares Payment of Dividends for Second Quarter
-----------------------------------------------------------
Gerdau S.A. and Metalurgica Gerdau S.A. and Gerdau S.A. declare
the payment of dividend for the second quarter of the fiscal
year ended June 30, 2006.  The amounts will be calculated and
paid based on the position held by shareholders on August 14.
The payment date will be Aug. 24, 2006, and constitute an
anticipation of the annual minimum dividend, as stated in the
by-laws, as:

   Metalurgica Gerdau S.A.

      -- BRL0.54 per share (common and preferred)

   Gerdau S.A.

      -- BRL0.35 per share (common and preferred)

The companies state that the shares acquired on Aug. 15, 2006,
and after that, will be traded ex-dividend.

Further information may be obtained by contacting:

         Shareholders Department
         Avenida Farrapos 1811
         90220-005 Porto Alegre / RS - Brazil
         Tel: +55 (51) 3323-2211
         Fax: +55 (51) 3323-2281
         E-mail: acionistas@gerdau.com.br

                        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.


GERDAU SA: Sales Revenue Reaches BRL13.5 Bil. in First Semester
---------------------------------------------------------------
In the first semester of 2006, Gerdau S.A. repeated the BRL13.5
billion (US$6.2 billion) total sales revenue achieved in 2005,
one of the best years in the history of global steelmaking.  Of
this sum, BRL8.2 billion (US$3.8 billion), 60.8%, was derived
from participation in the international market, through exports
from Brazil and the performance of Gerdau units in:

   -- Argentina,
   -- Canada,
   -- Chile,
   -- Colombia,
   -- Spain,
   -- the United States and
   -- Uruguay.

In the same period, Gerdau's consolidated steel production grew
10.4% to 7.7 million metric tons, and production of rolled
products was up 17.4%, to 6.3 million metric tons.  Rolled
products are obtained through the transformation of steel into
items such as rebar, bars, profiles and wire rod.

Sales revenue from the Brazilian domestic market was up 3.4% on
the first six months of 2005, totaling BRL5.3 billion (US$2.4
billion) or 39.2% of the consolidated figure.  The volume sold
was up 12.1% to 2.0 million metric tons, due chiefly to a
recovery in demand from civil construction and continued
consumption by industry.  "Reduced interest rates and lower Tax
on Industrialized Products contributed to the growth of the
domestic market, which should continue to be very positive in
the coming months", said senior vice president Frederico Gerdau
Johannpeter.

In the same period, part of the volume normally exported from
Brazil was redirected to meet increasing domestic demand.
Shipments abroad were down 12.9% to 1.4 million metric tons,
including sales to Gerdau Group companies in a number of
countries.  Revenues from these shipments totaled US$533.4
million.

Within this scenario, units in Brazil produced 3.6 million
metric tons of steel, up 1.8%, and 2.3 million metric tons of
rolled products, up 15.9%.

In the United States and Canada, sales were up 9.5% due to
strong demand for steel in North America.  Sales totaled 3.5
million metric tons, or 47.3% of the Group's total physical
sales.  To meet increased demand, the North American mills
produced 3.5 million metric tons of steel (up 7.3%) and 3.3
million metric tons of rolled products (up 4.4%). Revenue for
the region was stable at BRL5.8 billion (US$2.7 billion)
representing 43.0% of the consolidated total.

The incorporation of the Sidelpa and Diaco units in Colombia and
the increased holdings in Sipar (Argentina) from 38.5% to 74.4%
had a positive effect on results for the region.  In total,
sales from operations in Argentina, Chile, Colombia and Uruguay
were up 115.5% from 316,000 to 681,000 metric tons.  Gerdau
Group sales revenue for South America, less Brazil, exceeded
BRL1 billion for the first time, totaling BRL1.1 billion (US$510
million), up 76.6% on the first semester of 2005.  Steel
production in the region was up 114.2% to 489,000 metric tons,
with rolled product production up 135.9% to 587,000 metric tons.

This semester also saw the consolidation of the 40% stake in
Corporacion Sidenor (Spain), which added BRL428.7 million
(US$198.1 million) in revenue and 157,000 metric tons in
physical sales. Production totaled 166,000 metric tons of steel
and 143,000 metric tons of rolled products.

Gerdau's consolidated profit for the semester was BRL1.8 billion
(US$800 million), up 6.2% on the same period of 2005.

                        Investments

In the first semester of 2006, the Gerdau Group invested more
than US$1.1 billion.  Of this sum, investments in the
acquisition of companies totaled US$697 million, including the
respective debts taken on by Gerdau.  The largest investment, of
US$340.0 million, took place in Spain, with the acquisition of
40% of capital stock of Corporacion Sidenor.  In the United
States, US$187.0 million was invested in the acquisition of
Sheffield Steel Corporation, with production capacity totaling
600,000 metric tons per year.

In South America, the main initiative was the acquisition of the
controlling stake in Siderperu (50% of capital stock plus one
share) at public auction at the Lima Stock Exchange, for the sum
of US$60.6 million.  With this acquisition, Gerdau also took on
debts to the sum of US$102.0 million.

Investments in expansion and upgrades at existing units totaled
US$392 million, of which plants in Brazil received 69.0%.  The
main highlights were the expansion of annual production capacity
at Gerdau A?ominas (Ouro Branco, state of Minas Gerais) from 3
to 4.5 million metric tons and the construction of the rolling
mill at Gerdau Sao Paulo (Aracariguama, state of Sao Paulo),
both currently underway.  The Gerdau Sao Paulo rolling mill
marks a new phase for the unit, whose melt shop was inaugurated
in March this year.

The North American units received US$82.4 million (21.0% of
total), directed chiefly at the expansion of production capacity
at Gerdau Ameristeel Jacksonville (Florida) and the
modernization of the mills acquired in 2004.

                       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.


INTELSAT LTD: Televisao Signs on IA-8 Satellite Targeting Brazil
----------------------------------------------------------------
Intelsat Ltd. disclosed that Radio e Televisao de Portugal aka
RTP has signed on as the first major international broadcast
customer to launch a direct to home or DTH channel on Intelsat's
IA-8 satellite targeting Brazil.  The new channel from RTP
enhances Intelsat's already strong presence as a provider of
high-quality DTH platforms in Brazil.

RTP, the Portuguese national broadcaster, will use Ku-band
capacity on a South American beam of IA-8 to provide DTH
applications in Brazil, where Intelsat recently secured landing
rights to operate its newest satellite.

Intelsat, working with Brazilian broadcaster Tecsat, will
provide RTP with a turnkey DTH solution which will include
signal turnaround, multiplexing and space segment.  In order for
RTP to provide content directly to homes in Brazil, Tecsat will
use its teleport in Brazil to downlink RTP's Portuguese
programming from the IS-805 satellite.  Once received, the
signal will be multiplexed and uplinked to IA-8's powerful Ku-
band beam where reception will be enabled in antennas as small
as 90 centimeters.

"This is the first time we will be accessing the Brazilian
market with a DTH offering, so it made sense to use IA-8, a new
and powerful satellite covering the region, to provide a cost-
effective service to viewers of our content," said Mr. Paulo
Jorge Velez Santos, Head of International Distribution at RTP.
"Intelsat provided us with an ideal turnkey solution, combining
convenience, coverage and power at a very competitive price."

Stephen Spengler, Intelsat's Senior Vice President, Europe,
Middle East, Africa and Asia Pacific Sales, stated,
"International broadcasters interested in accessing Latin
America on a DTH basis should note that the high-power of IA-8
is ideal to cost-effectively reach a significant number of small
dishes throughout the region.  This application is a good
example of how the breadth of Intelsat's fleet can enable a
customer based in one region to target another region entirely
and expand its business abroad."

                        About Intelsat

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat.
The ratings were also removed from Rating Watch Negative, where
they had originally been placed on Aug. 30, 2005.  Fitch said
the Rating Outlook is Stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


PETROLEO BRASILEIRO: Inks BRL10.5 Billion Drilling Pacts
--------------------------------------------------------
Petrobras signed agreements totaling BRL10.5 billion to charter
six floating drilling units, on July 31.  The agreements were
signed with four Brazilian companies:

   -- Construtora Norberto Odebrecht,
   -- Petroserv,
   -- Queiroz Galvao, and
   -- Schahin Engenharia.

These contracts give continuity to a long-term program the
company has established for the drilling area.

The agreements are the outcomes of two tenders:

   -- one to charter four rigs capable of operating at depths of
      up to 2,000 meters, and

   -- another one for two rigs that will operate at up to 2,400
      meters.

The four companies won the first tender, while Schahin
Engenharia and Queiroz Galvao also won the second tender.

All of the units have yet to be built.  Expected to go online by
2010, the ones that will be able to operate at depths of up to
2,000 meters will be chartered for a seven-year period,
extendable for another seven years.  Meanwhile, the two other
units will be chartered for five years, extendable for another
equal period, and are planned to be operational in 2009.  One of
Petrobras' requirements is that 90% of the employees that will
operate the rigs be hired in Brazil.  This percentage must be
gradually increased, until reaching 100%.

Although they are designed to operate at depths of up to 2,000
or 2,400 meters, a few of these rigs may reach 3,050 meters.
The units may be used both in production development projects
and in exploratory activities and will be built based on the
most advanced techniques in the naval drilling industry.  With
these new rigs, Petrobras is securing a fleet of offshore
drilling equipment that will ensure its Business Plan can be
achieved.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in the country.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
in conjunction with the roll out of Issuer Default Ratings and
Recovery Ratings for Latin America Corporates, Fitch Ratings has
taken rating actions on Petroleo de Brasileiro SA.  These
ratings were affected:

  Foreign Currency:

    -- Previous Rating: 'BB-'
    -- New RR: 'BB', Rating Outlook Positive

  US$2.5 billion, Senior Unsecured Notes due 2008, 2013, 2014
  and 2018:

    -- Previous Rating: 'BB-'
    -- New IDR: 'BB+'


PETROLEO BRASILEIRO: Nears Solving Workers' Pension Fund Deficit
----------------------------------------------------------------
Jose Sergo Gabrielli -- the head of Petroleo Brasileiro SA aka
Petrobras, the state-run oil company of Brazil -- told O Estado
de S. Paulo that the firm is near completion of an agreement
with oil industry unions to resolve a BRL9.3 billion deficit in
Petros, the Petrobras workers' pension fund.

O Estado underscores that the outstanding Petros deficit would
affect Petrobras negatively in the latter's goal in obtaining an
investment grade rating from rating agencies.

Petrobras had signed an accord with the Federacao Unica dos
Petroleiros union to settle the deficit, Dow Jones Newswires
relates, citing Mr. Gabrielli.  According to him, the firm is in
negotiations with other unions and the deadline for the talks is
on Aug. 31.

The plan would clear the deficit in the Petros account, Mr.
Gabrielli told Dow Jones.  Petrobras will have a debt with
Petros once the deal is reached.

O Estado reports that Petrobras plans to pay off the deficit
over 30 years, provided that workers would cease lawsuits
against Petros.

According to Dow Jones, the plan must have the approval of 95%
of the 95,000 oil industry employees who have money in the fund
and Petrobras is contacting those workers.

Petrobras, in return for possible losses that the renegotiation
would cause, will offer compensation to workers in a BRL1.425
billion package, Dow Jones states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in the country.

                        *    *    *

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

                        *    *    *

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

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

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


* BRAZIL: May Join Argentina & Venezuela in Debt Bond Issue
-----------------------------------------------------------
Brazil has joined talks with Argentina and Venezuela in the
issuance of the so-called southern debt bond.

As previously reported, Argentina and Venezuela are discussing
the terms of US$2 billion in bonds that will be issued in
domestic and international markets.

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.

Newspaper El Clarin noted that the Argentine and Brazilian
Economy ministers have addressed this issue during the Southern
Common Market summit held last month.

According to El Universal, over the last 14 months, Venezuela
has purchased US$3.3 billion in Argentine debt bonds.  Argentine
press reports claim that Argentina has paid an 18% commission on
such operations.  However, the Argentine Economy Ministry
recently denied such claims, El Universal says.

                        *    *    *

Fitch Ratings assigned these ratings on Brazil:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB      June 28, 2006
   Long Term IDR      BB      June 28, 2006
   Short Term IDR     B       June 28, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB      June 28, 2006




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


ANFIELD ROAD: Creditors Must Submit Proofs of Claim by Aug. 24
--------------------------------------------------------------
Anfield Road I Limited's creditors are required to submit proofs
of claim by Aug. 24, 2006, to the company's liquidators:

   Wendy Ebanks
   Joshua Grant
   Maples Finance Limited
   P.O. Box 1093, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Anfield Road's shareholders agreed on July 12, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ANTHRACITE (2): Proofs of Claims Must be Filed by Aug. 24
---------------------------------------------------------
Anthracite Balanced Company (2) Limited's creditors are required
to submit proofs of claim by Aug. 24, 2006, to the company's
liquidators:

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

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Anthracite Balanced's shareholders agreed on July 10, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ANTHRACITE (LIBGDF5): Proofs of Claim Must be Filed by Aug. 24
--------------------------------------------------------------
Anthracite Balanced Company (LIBGDF5) Limited's creditors are
required to submit proofs of claim by Aug. 24, 2006, to the
company's liquidators:

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

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Anthracite Balanced's shareholders agreed on July 10, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CASCADIA LTD: Fitch Rates US$300M Variable-Rate Notes at BB+
------------------------------------------------------------
Fitch Ratings has upgraded the rating of Cascadia Limited's
variable-rate notes due 2008 to 'BB+' from 'BB'.  The upgrade
affects UD$300 million of variable-rate notes due 2008.

The rating action reflects refinements in Fitch's catastrophe
bond rating methodology and changes in modeled loss statistics.
Fitch has updated its proprietary model stress factors to
consider actual catastrophe bond losses experienced over the
past ten years and updates in catastrophe modeling.  Fitch
continues to believe some perils are more readily modeled and
some models are more robust.  Thus, Fitch's stress factors
continue to vary by peril and location.  Additionally,
Cascadia's loss statistics were originally modeled by EQECAT
Inc. based on its USQUAKE(R) Version 5.3 model.  EQE has
subsequently released USQUAKE(R) Version 6.1.  The combination
of these changes was sufficient to warrant a change in the
notes' ratings.

Cascadia is a Cayman Islands-domiciled company formed solely to
issue variable-rate notes, enter into a counterparty contract
with Factory Mutual Insurance Company (FM Global) -- a U.S.
domiciled insurer, and to conduct activities related to the
notes' issuance.  FM Global and its subsidiaries write
commercial property insurance worldwide.  Fitch rates FM
Global's insurer financial strength 'AA'.

Under the counterparty contract, Cascadia will make specified
payments to FM Global if, during the notes' risk period,
earthquakes of various magnitudes occur in the Pacific Northwest
portion of the U.S. or in portions of British Columbia.


C-BASS 2004-CB2NIM: Proofs of Claim Must be Filed by Aug. 24
------------------------------------------------------------
C-Bass 2004-CB2NIM Ltd.'s creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidators:

   Steven O'Connor
   Emile Small
   Maples Finance Limited
   P.O. Box 1093, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-Bass 2004-CB2NIM's shareholders agreed on July 12, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


C-BASS 2004-CB3NIM: Proofs of Claim Filing Is Until Aug. 24
-----------------------------------------------------------
C-Bass 2004-CB3NIM Ltd.'s creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidators:

   Steven O'Connor
   Emile Small
   Maples Finance Limited
   P.O. Box 1093, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

C-Bass 2004-CB3NIM's shareholders agreed on July 12, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CC ASIA: Creditors Required to Submit Proofs of Claim by Aug. 24
----------------------------------------------------------------
CC Asia Trading I L.D.C.'s creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

CC Asia's shareholders agreed on June 30, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CITADEL INVESTMENT: Filing of Proofs of Claim Is Until Aug. 24
--------------------------------------------------------------
Citadel Investment Group Employee Company Ltd.'s creditors are
required to submit proofs of claim by Aug. 24, 2006, to the
company's liquidators:

   Linburgh Martin
   John Sutlic
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Citadel Investment's shareholders agreed on July 11, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Deanna Derrick
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-8455
   Fax: (345) 949-8499


FAUNA PLACE: Creditors Must File Proofs of Claim by Aug. 24
-----------------------------------------------------------
Fauna Place Ltd.'s creditors are required to submit proofs of
claim by Aug. 24, 2006, to the company's liquidators:

   Linburgh Martin
   John Sutlic
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Fauna Place's shareholders agreed on July 13, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Thiry Gordon
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-8455
   Fax: (345) 949-8499


HYPERGLOBAL FUND: Proofs of Claim Filing Is Until Aug. 24
---------------------------------------------------------
Hyperglobal Fund L.D.C.'s creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hyperglobal Fund's shareholders agreed on June 30, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


HYPER-RABBIT: Last Day for Proofs of Claim Filing Is on Aug. 24
---------------------------------------------------------------
Hyper-Rabbit Open Limited's creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hyper-Rabbit's shareholders agreed on June 30, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


LEEWARD OFFSHORE: Proofs of claim Filing Deadline Is on Aug. 24
---------------------------------------------------------------
Leeward Offshore Resource Fund (US)'s creditors are required to
submit proofs of claim by Aug. 24, 2006, to the company's
liquidators:

   Linburgh Martin
   John Sutlic
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquiator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Leeward Offshore's shareholders agreed on July 13, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Thiry Gordon
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-8455
   Fax: (345) 949-8499


NATICA INSURANCE: Final Shareholders Meeting Is Set for Aug. 23
---------------------------------------------------------------
Natica Insurance Company, Ltd.'s final shareholders meeting will
be at 9:30 a.m. on Aug. 23, 2006, at:

   Global Captive Management Ltd.
   Genesis Building,
   P.O. Box 1363GT, George Town
   Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) requesting the members' approval of the liquidation fees
      incurred to date, approval of the liquidator's estimated
      costs to completion, and

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

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

   Peter Mackay
   Global Captive Management Ltd.
   Genesis Building
   P.O. Box 1363, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949 7966


QUANTUM INT'L: Last Day to File Proofs of Claim Is on Aug. 24
-------------------------------------------------------------
Quantum International Limited's creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidator:

   Buchanan Limited
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Quantum International's shareholders agreed on July 14, 2006,
for the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Francine Jennings
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-0355
   Fax: (345) 949-0360


TEAL LTD: Schedules Final Shareholders Meeting on Aug. 23
---------------------------------------------------------
Teal, Ltd.'s final shareholders meeting will be at 10:00 a.m. on
Aug. 23, 2006, at:

   Kirkpatrick & Lockhart Nicholson Graham
   535 Smithfield Street, Pittsburgh
   Pennsylvania, 15222

These agenda will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) requesting the members' approval of the liquidation fees
      incurred to date, approval of the liquidator's estimated
      costs to completion, and

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

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

   Richard F. Berdik
   Attention: Robert Gardner
   P.O. Box 265GT, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 914-6332
   Fax: (345) 814-8332


VALLE LTD: Creditors Have Until Aug. 24 to File Proofs of Claim
---------------------------------------------------------------
Valle Ltd.'s creditors are required to submit proofs of claim by
Aug. 24, 2006, to the company's liquidator:

   Buchanan Limited
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Valle Ltd.'s shareholders agreed on July 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Francine Jennings
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-0355
   Fax: (345) 949-0360


VAMS CORP: Proofs of Claim filing Is Scheduled for Aug. 24
----------------------------------------------------------
Vams Corp. Ltd.'s creditors are required to submit proofs of
claim by Aug. 24, 2006, to the company's liquidator:

   Buchanan Limited
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Vams Corp.'s shareholders agreed on July 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Timothy Haddleton
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-0355
   Fax: (345) 949-0360


VELMAR ENTERPRISES: Proofs of Claim Filing Deadline Is Aug. 24
--------------------------------------------------------------
Velmar Enterprises Ltd.'s creditors are required to submit
proofs of claim by Aug. 24, 2006, to the company's liquidator:

   Buchanan Limited
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 24 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Velmar Enerprises' shareholders agreed on July 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Timothy Haddleton
   P.O. Box 1170, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-0355
   Fax: (345) 949-0360




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


BANCOLOMBIA: Posts COP69.0 Bil. Second Quarter 2006 Net Profits
---------------------------------------------------------------
Bancolombia's consolidated net profits in the second quarter of
2006 dropped 71.1% to COP69.0 billion or US$0.147 per ADR,
compared with the same period in 2005, Business News Americas
reports.

BNamericas relates that the decrease in Bancolombia's net
profits was due to investment losses.

Bancolombia posted these results in the second quarter of 2006:

      -- net interest income decreased 65% to COP183 billion in
         the second quarter of 2006, compared with the same
         quarter last year;

      -- interest margin dropped 2.67% in the second quarter of
         2006, from 8.22% recorded in the second quarter of
         2005;

      -- net fees and income from services increased 19.6% to
         COP210 billion in the second quarter of 2006, compared
         with the same quarter last year;

      -- net loans increased 25.1% to COP21.1 billion at the end
         of June, compared to June 2005, and up 14.8% compared
         to the first quarter of 2006;


      -- corporate lending increased 21.9% to COP9.55 billion in
         the second quarter of this year from the amount
         recorded in the second quarter last year;

      -- retail loans increased 30.3% to COP5.81 billion from
         the second quarter of 2005;

      -- past-due loan ratio was 2.7% at the end of June;

      -- ratio of allowances for past-due loans was 131%;

      -- assets increased 17.2% to COP33.5 billion at the end of
         June, compared with the same month last year; and

      -- deposits grew 20.2% to COP20.7 billion pesos in June
         2006, compared with June 2005.

Bancolombia said in a statement that despite positive operating
results in the quarter, the bottom line was negatively affected
by the volatility of the international capital markets, which
produced COP158 billion financial investment loss, compared to a
COP135 billion gain in the first quarter of 2006.

According to BNamericas, the securities portfolio of Bancolombia
is heavily weighed towards Colombian government securities that
represent up to 25% of the bank's assets.  Bancolombia's
earnings then are strongly correlated to bond prices,
specifically benchmark treasury bonds called TES 2020, whose
yield increased to 10.5% as of June 30, compared with the 7.62%
recorded at the end of the first quarter due to a sovereign bond
sell-offs.

BNamericas says that analysts agreed that Bancolombia still has
strong operating trends, though its second quarter earnings were
below the COP68 billion profits the market estimated.

Ben Laidler, a UBS analyst, told BNamericas, "We were expecting
a US$0.24/ADR profit with downside risk, all from securities
losses.  However, 2Q06 earnings were a bit better than we had
hoped for.  Underlying fundamentals are stronger than expected
and Colombian bonds recovered since quarter-end."

Valerie Fry, a Merrill Lynch analyst, told BNamericas that
Bancolombia's second quarter earnings figure was 16% higher than
what they expected as the effect of recent market volatility on
the "mark-to-market valuation" of the firm's securities
portfolio was widely expected by the market.

Bancolombia's 8.6% Return on Equity in the second quarter of
2006 was slightly above the 7.5% Merrill Lynch estimated,
BNamericas states, citing Ms. Fry.

BNamericas emphasizes that analysts have predicted that
Bancolombia's profits will likely improve for the remainder of
2006 as the worst losses from investments in securities after
the sell-off in the local bond market has passed.

Bancolombia aims to increase loans at the same pace as the
market this year or 15% in real terms on the back of a stonger
economy and domestic demand, Jorge Londono, the chief executive
officer of Bancolombia, told BNamericas in June.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
April 28, 2006, that Moody's Investors Service upgraded
Bancolombia's bank financial strength ratings to D+ from D with
a stable outlook.

Moody's added that the action concludes the review for possible
upgrade that was announced on October 13, 2005.  Moreover,
Bancolombia's Ba3/Not Prime long- and short-term foreign
currency deposit ratings were affirmed.  Moody's said the
outlook on all ratings is stable.

                        *    *    *

On Dec. 22, 2005, Fitch affirmed the ratings assigned on
Bancolombia, as:

  -- Long-term/short-term foreign currency at 'BB/B';
  -- Long-term/short-term local currency at 'BBB-/F3';
  -- Individual at 'C';
  -- Support at '3'.


PRIDE INT: Reports Net Earnings of US$67.8MM in Second Quarter
--------------------------------------------------------------
Pride International, Inc., reported net earnings for the second
quarter 2006 of US$67.8 million (US$0.39 per diluted share) on
record revenues of US$616.5 million.  For the second quarter
2005, Pride reported net earnings of US$0.8 million (US$.01 per
diluted share) on revenues of US$477.3 million.

For the six-month period ended June 30, 2006, Pride reported net
earnings of US$138.3 million (US$0.80 per diluted share) on
revenues of US$1,183.4 million. For the corresponding six- month
period in 2005, Pride reported net earnings of US$19.1 million
(US$0.13 per diluted share) on revenues of US$943.5 million.

Results for the second quarter 2006 included expenditures
relating to the Audit Committee's ongoing investigation and
gains on sales of assets that, in total, reduced net earnings by
US$4.0 million (US$.02 per diluted share) after tax.  The second
quarter 2005 included executive severance charges and a loss on
sale of assets that totaled US$17.1 million (US$.11 per diluted
share) after tax.

                         Operations

Pride International achieved record revenues in the second
quarter as day rates increased across all of the company's
operating segments. Leading the increase were the company's
jackups operating in the U.S. Gulf of Mexico, where average
daily revenue per rig increased to US$108,700 compared to
US$43,400 in the second quarter 2005 and US$91,800 in the first
quarter 2006.

Average daily revenue for the company's drill ships and semi
submersibles increased to US$142,500 compared to US$127,100 in
the second quarter 2005 and US$135,800 in the first quarter
2006.  During the second quarter 2006, utilization for drill
ships and semi submersibles was 86% compared to 90% in the first
quarter 2006, and utilization for jackups was 88% and 93% during
the same periods, respectively, due to an increase in planned
shipyard days for special periodic rig surveys.

Revenues for the company's Latin America Land segment in the
second quarter 2006 increased to US$151.1 million compared to
US$121.9 million in the second quarter 2005 and US$135.8 million
in the first quarter 2006.  The increase in revenue was driven
by increased day rates and operating days primarily in:

   -- Argentina,
   -- Colombia and
   -- Venezuela.

Revenues for the company's E&P Services segment increased to
US$50.9 million in the second quarter 2006 as compared to
US$50.4 million in the second quarter 2005 and US$39.7 million
in the first quarter 2006. Utilization increased during the
second quarter, following the first quarter resolution of
general labor disruptions in Argentina.

Consolidated earnings from operations for the second quarter
2006 totaled US$125.2 million, as compared to US$49.3 million in
the second quarter 2005 and US$129.8 million in the first
quarter 2006.  Earnings from operations during these time
periods included:

   -- expenses relating to the Audit Committee's ongoing
      investigation totaling US$8.7 million and gains on asset
      sales of US$1.7 million in the second quarter 2006;

   -- Audit Committee investigation expenses of US$0.9 million
      and gains on asset sales of US$26.7 million in the first
      quarter 2006; and

   -- executive severance charges of US$10.8 million and a loss
      on sale of assets of US$2.6 million in the second quarter
      2005.

Excluding these items, operating results for the second quarter
2006 increased US$69.5 million, or 111%, over the prior year and
US$28.2 million, or 27%, sequentially.

                        Balance Sheet

At June 30, 2006, the company's consolidated balance sheet
reflected US$1.1 billion in total debt and US$103 million in
cash and cash equivalents.  The company invested US$124 million
in capital expenditures in the second quarter and US$167 million
for the six months ended June 30, 2006, while reducing debt by
an additional US$168 million and increasing cash by US$56
million during the six-month period.

Louis A. Raspino, President and Chief Executive Officer,
commented, "Our second quarter financial results reflect the
strength of worldwide drilling demand and limited rig
availability.  While we are currently observing some seasonal
softness in the U.S. Gulf of Mexico, our exposure to dayrate
fluctuations is somewhat limited in the near term. Also, we are
confident that rig supply and demand dynamics in the Gulf will
remain highly favorable after this year's hurricane season.
Globally, we expect the strong demand for drilling services to
be sustained well beyond next year, and our financial
performance should continue to improve as our fleet rolls to new
contracts or reprices at leading edge rates.  Our current
contract backlog of US$3.1 billion across our worldwide offshore
fleet is the highest in the history of our company."

Headquartered in Houston, Texas, Pride International, Inc., is
one of the world's largest drilling contractors.  The Company
provides onshore and offshore drilling and related services in
more than 30 countries, operating a diverse fleet of 283 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 29 jackup rigs, and 18 tender-assisted, barge and platform
rigs, as well as 222 land rigs.  The Group has offshore
operations in Gulf of Mexico and South America and land-based
operations in South America.

                        *    *    *

As reported by Troubled Company Reporter on May 10, 2005, Fitch
Ratings upgraded Pride International's senior unsecured rating
to 'BB-' from 'B+'.  Additionally, the senior secured credit
facility rating has been upgraded to 'BB+' from 'BB'.  The
Rating Outlook has been revised to Positive from Stable.


TRANSGAS DE OCCIDENTE: Fitch Affirms BB Rating on 9.79% Notes
-------------------------------------------------------------
Fitch has affirmed the debt rating of 'BB' to TransGas de
Occidente's 9.79% senior secured notes due 2010.

The rating affirmation is fundamentally based on the project's
stable revenues derived primarily from tariff payments received
from Ecopetrol (IDR of 'BB', with a Positive Outlook by Fitch),
the wholly owned Colombian state company that explores for and
exploits oil in Colombia (long-term foreign currency rating of
'BB', with a Positive Outlook). The credit characteristics of
TransGas have remained stable and consistent with expectations.
The rating of the notes would have continued to be in the low-
investment-grade category, as assigned by Fitch initially, were
it not for the constraints imposed by Ecopetrol and the
sovereign.

The pipeline's operating performance with an availability rate
of close to 100% has enabled the project to receive tariff
payments as expected. In 2005, after-tax cash available for debt
service exceeded scheduled interest and principal payments of
US$43.2 million by 1.47x.

TransGas was incorporated under Colombian law in 1995 to create,
build, own, operate, maintain and transfer a natural gas
pipeline.  The project consists of a 206-mile, 20-inch diameter
trunk line and 47 lateral lines totaling approximately 275 miles
with metering stations to connect with distribution networks.
The three largest equity holders of TransGas are:

   -- TCPL Marcali Company Ltd. (44%),
   -- BP Colombia Pipeline Ltd. (20%), and
   -- Gas Natural del Oriente ESP (14%).




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


* COSTA RICA: Inks MOU with US to Promote Fight Against Fraud
-------------------------------------------------------------
Costa Rica's Ministry of Economy, Industry and Commerce -- the
country's consumer protection authority -- have signed a
memorandum of understanding with the U.S. Federal Trade
Commission to promote increased cooperation in fighting cross-
border fraud, A.M. Costa Rica reports.

According to A.M. Costa Rica, the accord is aimed at cracking
down fraud on telephones and the Internet committed by US
citizens that originate in Costa Rica.  The memorandum
facilitates increased law enforcement coordination in consumer
protection matters that affect the two countries.

The agreement states that Federal Trade Commission and the Costa
Rican ministry will notify each other of consumer protection
enforcement activities that might affect mutual interest of the
two parties.  The agencies will assist each other in gathering
information and coordinating law enforcement activities.  The
memorandum allows the exchange of information for consumer
protection law enforcement purposes, as long as it does not
conflict with existing limitations on information disclosure.

The memorandum is not legally binding and does not change both
US and Costa Rican consumer protection laws, The Federal Trade
Commission told A.M. Costa Rica.

                        *    *    *

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, and
      -- Local Currency LT Debt   Ba1.

Fitch assigned these ratings to Costa Rica:

      -- Foreign currency long-term debt, BB,
      -- Local currency long-term debt, BB, and
      -- 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, and
      -- Local Currency ST Debt   B.




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


BANCO INTERCONTINENTAL: Lois Malkun Pins Alvarez Renta in Case
--------------------------------------------------------------
Jose Enrique Lois Malkun, the former Central Bank governor,
ordered the fabrication of a case to include Luis Alvarez Renta
in the Banco Intercontinental SA case, Dominican Today reports,
citing Guido Gomez Mazara, the executive branch's former legal
advisor.

Mr. Renta is a businessman from the Dominican Republic who was
found liable by a federal jury in Miami of civil racketeering
and illegal money transfers in a conspiracy to plunder Baninter
in 2003.

Mr. Renta presented during an interview in Channel 9's Hoy Mismo
program a copy of Mr. Mazara's sworn statement, confirming the
testimonial of Manuel Rubio -- a Central Bank's former legal
advisor -- on the circumstances that led to Mr. Renta's
involvement in the case.

Mr. Mazara told Dominican Today that as a witness in that
meeting, he confirmed that Mr. Rubio's sworn statement to the US
and Dominican courts as true.

Mr. Mazara said that he participated in a meeting with Mr.
Malkun in the second week of April 2003, as instructed by former
president Hipolito Mejia, Dominican Today states.

Mr. Renta, according to Dominican Today, said that the decision
to include him in the Baninter suit occurred three weeks after
the case that disclosed the initial defendants was elaborated.
Mr. Renta said it was an attempt to pressure him into
transferring the duty free stores to an important businessman in
the airports business, as what Mr. Malkun had ordered him to do.

Dominican Today underscores that Mr. Mazara said that in his
presence Mr. Rubio had told Mr. Malkun that there wasn't any
type of evidence, documents or valid proof that would involve
Mr. Renta in the case.

Mr. Renta told Dominican Today that Messrs. Rubio and Mazara
were against his implication in the case without any legal
basis, because they recognized that he did not have any
responsibility in the handling of Baninter.

The case fabricated under Malkun's order was inconsistent,
Dominican Today says, citing Mr. Renta.  According to him, eight
of the nine accusations against him were dropped in the judicial
process' preliminary phase.

The ninth allegation, which is on money laundering and illegal
money transfer, has remained based on lies, Mr. Renta told
Dominican Today.  He expects to disprove the accusation during
the trial.

Baninter collapsed in 2003 as a result of massive fraud
that drained it of about US$657 million in funds.  As a
consequence, all of its branches were closed.  The bank's
current and savings accounts holders were transferred to the
bank's new owner -- Scotiabank.  The bankruptcy of Baninter was
considered the largest in world history, in relation to the
Dominican Republic's Gross Domestic Product.  It cost Dominican
taxpayers DOP55 billion and resulted to the country's worst
economic crisis.




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


* ECUADOR: Considers Purchasing Electricity from Peru
-----------------------------------------------------
Consejo Nacional de Telecomunicaciones, the national
telecommunications council of Ecuador, told Living in Peru that
it has sent representatives to Peru to see if it could purchase
electricity from that country.

Living in Peru reports that Consejo Nacional aims to partly
reduce the power deficit in Ecuador to the north.

Edgar Ponce, the vice president of Consejo Nacional, told Living
in Peru that a drought in Ecuador's south has affected water
provision for the Paute hydroelectric plant, one of Ecuador's
most important power generator.

Peru, if needed, could immediately provide 90 megawatts of
energy, Living in Peru relates, citing Mr. Ponce.

                        *    *    *

Fitch assigned these ratings on Ecuador:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B-      Aug. 29, 2005
   Long Term IDR       B-      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005




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


BANCO AGRICOLA: S&P Says Restructured Loans Constrain Ratings
-------------------------------------------------------------
S&P assigned these ratings on Banco Agricola S.A.:

   -- long-term foreign issuer credit rating:  BB;
   -- long-term local issuer credit rating: BB;
   -- short-term issuer credit rating: B; and
   -- short-term local issuer credit rating: B.

The ratings on Banco Agricola S.A. are constrained by an
important amount of restructured loans and foreclosures,
residual problems of the coffee sector, and the relatively small
size and limited diversification of El Salvador's economy.  The
ratings are supported by Banco Agricola's leading market
position in El Salvador, its diversified loan portfolio, good
profitability, and broad base of retail deposits. The bank has
better efficiency ratios, lower funding costs, and lower
concentrations in its client base than do its peers.

Credit policies are adequate, and in the past year, Agricola
introduced important changes to underwriting processes to
improve asset quality. Total nonperforming assets, that include
nonperforming loans, foreclosed assets, restructured assets, and
Ficafe, went down to 9.9% as of March 2006 from 15% in 2001,
which is still high by any standard. NPLs show a better picture,
as they decreased to less than 2% in March 2006 from 3% in 2003.
Banco Agricola has the largest participation of Ficafe of the El
Salvadorian banks, with more than US$100 million, and it will
continue to affect NPAs heavily.  Foreclosed assets have been
cut in half since 2001 and restructured loans are also
declining, so a slight improvement in asset quality is expected
in the future.

Banco Agricola continues to be El Salvador's largest bank, with
US$3.1 billion in assets and US$304 million in equity as of
March 2006, with a market penetration of almost 30% in deposits
and loans.  It benefits from the largest distribution network in
the country.  The bank has always focused on the mass market and
is consolidating its local leadership by emphasizing retail
deposits, loans to small and midsize entities, and cross-selling
other products.  Standard & Poor's Ratings Services expects
Agricola to maintain a leading position in all its business
lines and to maintain an important exposure to El Salvador's
economy.

Despite the tough economic and competitive environment, Banco
Agricola has maintained its ROA above 1% in the past three
years.  That is not high as compared to other Latin American
banks, but it is higher than that of peers in El Salvador.  In
our opinion, Banco Agricola's profitability is cleaner than that
of peers, as it depends less on market-related revenues, it has
better efficiency, and loan-loss reserves as a percentage of
assets are more important than for peers. ROA rose to 1.3% as of
March 2006 from 0.97% in 2002.  On the cost side, there was an
aggressive reduction in 2004 that produced a swift decrease in
noninterest expenses to 42% in March 2006 from 55% in 2003.
Current efficiency is better than that of peers in El Salvador,
and is one of the best among banks rated in Latin America. In
general we expect profitability to be maintained at its current
levels.

Banco Agricola's main funding source continues to be customer
deposits, where it has a high 28% market share, and that as of
December 2005 represented 72% of total liabilities.  The
liability side has been well managed and its broad customer base
has allowed Banco Agricola to maintain a cheaper funding
structure than those of other local institutions.

Banco Agricola as of December 2005 reported a 12.3% capital
ratio, and the future target is to maintain it above actual
levels.  Standard & Poor's thinks current capitalization and
internal capital generation could be enough to finance the
bank's future needs, because loan growth is not expected to be
high. Adjusted total equity to adjusted assets is similar to
that of other banks, standing at 9.7% as of March 2006.

The stable outlook reflects Standard & Poor's opinion that the
bank's strategies and adequate operations should maintain
profitability at adequate levels in a stable economic
environment.  The ratings could improve if NPAs advance toward
Latin American standards, if economic conditions recover, and
the bank is capable of profiting from them.  An economic
downturn or the continuation of low growth prospects of the
Salvadorian economy, however, could affect the bank's overall
performance, putting pressure on the rating.




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


KAISER ALUMINUM: Invests US$30 Mil. to Expand Trentwood Facility
----------------------------------------------------------------
Kaiser Aluminum Corp. reported an additional expansion of
capacity at its Trentwood, Washington, rolling mill in order to
address the significant growth in demand for heat treat plate
used in aerospace, defense and general engineering applications.
The US$30 million follow-on investment, when combined with a
previously announced US$75 million expansion, is expected to
effectively double Kaiser's plate capacity.

The primary element of this further expansion is an additional
horizontal heat treat furnace.  The furnace is expected to begin
production in early 2008 and will complement the pair of
previously announced furnace expansions, the first of which has
begun production and is expected to be fully operational later
this year.  The second furnace is slated to start production in
early 2007 and be fully operational by mid-year.

"This additional investment is supported by a strong customer
order book that requires capacity beyond what is being provided
by the US$75-million expansion," said Jack A. Hockema, chairman,
president and CEO, Kaiser Aluminum.

                    About Kaiser Aluminum

Based in Foothill Ranch, California, Kaiser Aluminum Corporation
(NASDAQ: KALU) -- http://www.kaiseraluminum.com/-- produces
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.


NATIONAL WATER: Gets JMD3.9B Loan from IDB for Pipeline Upgrade
---------------------------------------------------------------
E.G. Hunter, the president of the National Water Commission,
told the Jamaica Gleaner that the company signed a JMD3.9
billion loan agreement with the Inter-American Development Bank
to replace most of the old pipelines in the Kingston
Metropolitan Area.

The Gleaner relates that the Kingston Metropolitan Area has been
facing inadequate water over the years.

The National Water will rehabilitate the water treatment plants
at Mona, Hope and Constant Spring, to bring back their optimum
production capacity, according to The Gleaner.

The report says that the Water Commission will insulate pressure
zones.

Mr. Hunter told the press during a briefing on Monday, "What we
want to do is reestablish the original pressure zones in
Kingston and St. Andrew because water cascades from Constant
Spring and Long Lane all the way down to Spanish Town Road,
sometimes in an uncoordinated manner."

According to The Gleaner, the implementation of the initiatives
will start by the end of the year.

The Gleaner underscores that the National Water plans to
construct a desalination plant in Ferry to further relieve the
Kingston Metropolitan Area of water shortage.

Mr. Hunter told The Gleaner, "A lot of water is behind the Ferry
Police Station ... So the idea is to do a desalination plant ...
Again a desalination plant produces expensive water ... So the
IDB project will address the distribution system and then
shortly thereafter, we will do the desalination plant to address
additional flows."

The National Water will also "desilt" the Hermitage Dam to
provide an additional 25 days of water, The Gleaner states,
citing Mr. Hunter.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


* JAMAICA: Ministers Discuss Sugar Industry Reorganization
----------------------------------------------------------
Some of Jamaica's ministers held a meeting on Wednesday to
discuss plans of reorganizing the country's sugar industry,
Radio Jamaica reports.

Radio Jamaica relates that the meeting will be attended by:

   -- Dr. Omar Davies, Minister of Finance;
   -- Roger Clarke, Minister of Agriculture;
   -- Phillip Paulwell, Industry Minister; and
   -- Attorney-General A.J. Nicholson.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2006, The Jamaica Labour Party demanded that the board
of the Sugar Company of Jamaica be removed immediately.  The
labor party warned that if a new board would not be appointed
soon the local sugar industry would be in crisis.  The Jamaica
Cane Products Sales Limited said the production target for 2006
was not reached.   Karl James, the general manager of the
company, had said that the average production was 30,000 tones
lesser than what was projected.  However, Roger Clarke -- the
minister of agriculture -- rejected the demand for the immediate
removal of the Sugar Company's board, saying that Anthony
Johnson -- the Jamaica Labour Party's spokesperson on
agriculture -- was seeking political mileage.

Minister Clarke told Radio Jamaica that the state of the sugar
industry was discussed in a meeting held on Monday.

The sub-Committee was established to make final decisions, Radio
Jamaica says, citing Minister Clarke.

Radio Jamaica underscores that Alan Rickards, the chairperson of
the All-Island Jamaica Cane Farmers Association, is asking the
ministers not to take long on making decisions during the
meeting.

Mr. Rickards said that the government has been slow in making
necessary changes to save the sector from collapse, Radio
Jamaica states.

                        *    *    *

On May 26, 2006, Moody's Investors Service upgraded Jamaica's
rating under a revised foreign currency ceiling:

   -- Long-term foreign currency rating: Ba3 from B1 with
      stable outlook.




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


A.O. SMITH CORP: Earns US$25.1 Million in Second Quarter of 2006
----------------------------------------------------------------
A. O. Smith Corp. reported US$25.1 million net earnings on
record sales of US$594.5 million for the second quarter of 2006.
Net earnings for the second quarter of 2005 were US$6.5 million.

The Company's revenues for the second quarter were US$594.5
million including sales of US$117.8 million from American Water
Heater Company and GSW.  Revenues for the same period in 2005
were US$437.7 million.

For the first six months of 2006, A. O. Smith reported net
earnings of US$40.6 million on sales of US$1.1 billion.  Net
earnings for the first six months of 2005 were US$20.8 million.

"Our businesses were able to generate strong results in the
second quarter, achieving record sales in both businesses and
significantly improved operating profits in spite of large cost
increases in raw materials and energy," Chairman and Chief
Executive Officer Paul W. Jones commented.

Headquartered in Milwaukee, Wisconsin, A. O. Smith Corporation,
manufactures and markets residential and commercial water
heating equipment.  The Company also manufactures electric
motors for residential, commercial, and industrial applications.
A. O. Smith employs 19,500 people at facilities in the United
States, Mexico, China, Canada, and Europe.

                        *    *    *

On July 22, 1985, Moody's Investors Service assigned A. O. Smith
Corp.'s preferred stock rating at Ba1.


EL POLLO: Further Extends Tender Offer Expiration to Sept. 29
-------------------------------------------------------------
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
Sept. 29, 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 under 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,

   -- 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 expects 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 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.


PLASTICON INTERNATIONAL: Files Three Quarterly Reports for 2005
---------------------------------------------------------------
Plasticon International, Inc., filed with the US Securities and
Exchange Commission its financial statements for:

   -- the first quarter ended March 31, 2005, on July 27, 2006;
   -- the second quarter ended June 30, 2005, on July 27, 2006;
   -- the third quarter ended Sept. 30, 2005, on July 31, 2006.

The Company's Statement of Operations showed:

                             For the quarter ended
                             (amount in US dollars)
                       03/31/05     06/30/05     09/30/05
                      ----------   ----------   -----------
Revenue                  $82,370     $135,244      $136,965

Net (Loss)           ($2,507,552) ($3,018,067) ($10,992,963)

The Company's Balance Sheet showed:

                             For the quarter ended
                             (amount in US dollars)

                       03/31/05     06/30/05     09/30/05
                      ----------   ----------   ----------
Current Assets        $2,153,304   $1,562,497     $752,946

Total Assets          $2,701,773   $2,148,122   $1,352,848

Current
Liabilities           $8,409,810   $8,146,316   $8,475,676

Total
Liabilities           $8,409,810   $8,146,316   $8,475,676

Total Stockholders'
Equity (Deficit)     ($5,708,037) ($5,998,194) ($7,122,828)

Full-text copies of the company's financial statements are
available for free at:

   First quarter ended
   March 31, 2005           http://ResearchArchives.com/t/s?ebb

   Second quarter ended
   June 30, 2005            http://ResearchArchives.com/t/s?ebc

   Third quarter ended
   Sept. 30, 2005           http://ResearchArchives.com/t/s?ebd

Plasticon International, Inc., designs, produces, and
distributes high-quality concrete accessories (rebar supports),
informational and directional signage, and plastic lumber, which
are all produced from recycled and recyclable plastics.  The
Company's line of plastic concrete accessories has been approved
or accepted in all 50 states and several foreign countries
including Poland, Israel, Canada, Mexico, and Egypt.


TELE NORTE: Purchases Way Brasil for US$60.1 Million
----------------------------------------------------
Tele Norte Leste Participacoes SA, through its mobile phone unit
Oi, has acquired Way Brasil at an auction for BRL132 million
(US$60.1 million), according to local papers in Brazil.

The auction of 44,428 ordinary shares and 27,962 preferential
shares represents 100% of Way Brasil's capital, Business News
Americas says.

The bid started at BRL80 million.  Oi beat Brazilian paid TV
company Net Servicos de Comunicacao, according to BNamericas.

The acquisition will give Telemar an instant network and
subscriber base, Jose Otero president of Signals Consulting told
BNamericas.  Way Brazil had 43,900 paid TV clients and 43,500
subscribers for its broadband service at the end of May 2006,
according to Banif Investment Banking.

Mr. Otero added to BNamericas that the company was following a
similar strategic path as Telmex (NYSE: TMX), which has fixed
line telephony and cable services through its stakes in Embratel
Participacoes and Net in Brazil.

                       About Way Brasil

Way Brasil, which started operating in 2000, recorded a profit
of BRL110,000 in the first three months of 2006 compared to a
loss of BRL804,000 in the same period IN 2005.

The cable and internet has a license to provide cable TV and
broadband Internet services in the cities of Belo Horizonte,
Pocos de Caldas, Uberlandia and Barbacena in Minas Gerais state.

                     About Tele Norte Leste

Telemar provides telecommunication services in South America.
It offers local, intra-regional long distance, and data
transmission services in 16 Brazilian states, which covers
approximately 64% of the country.  Mobile services are provided
through its wireless unit Oi, and it has acquired data
transmission services provider Pegasus.

                        *    *    *

On April 25, 2006, Fitch Ratings upgraded Telemar Norte Leste
S.A.'s rating on its US$150 million, Offering Notes to BB fom
BB-, in conjunction with the roll out of Issuer Default Ratings
and Recovery Ratings for Latin America Corporates.

                        *    *    *

Standard & Poor's Ratings Services disclosed on May 24, 2006,
that its 'BB' long-term corporate credit ratings on Brazil-based
integrated telecommunications carrier Telemar Norte Leste S.A.
and its holding company Tele Norte Leste Participacoes S.A.
remain on CreditWatch with positive implications, where they
were placed on Feb. 28, 2006.  The national scale rating
assigned to three local debentures issued by Telemar
Participacoes S.A. (Tele Norte's holding company) also remain on
CreditWatch with positive implications.


TV AZTECA: Azteca America Launches Full Power Station in Seattle
----------------------------------------------------------------
TV Azteca S.A. de C.V. disclosed that its subsidiary Azteca
America launched a new full power affiliated station in Seattle
as of July 31.

Seattle is ranked number 28 in number of Hispanic television
households, according to Nielsen Media Research, with 78,000
Hispanic television households, representing 0.69% of the
Hispanic total.

"Distribution landmarks continue to be established and surpassed
at Azteca America as we welcome KHCV to our family," said Luis
J. Echarte, Chairman of Azteca America.  "Now that we are in the
top 30 markets, we're already setting our sites on the top 40."

KHCV Channel 45 is a Class A station, with 1 million watts of
radiated power transmitted from Tiger Mountain.

"Our station strength resounds from Bellingham to Olympia (in
the greater Seattle-Tocoma area), and we're proud to have it
airing Azteca America programming," said Kenneth Casey,
President of KHCV.  "Our Hispanic community is looking forward
to Azteca America's top sports, novelas, news and entertainment
programming, not to mention the La Academia reality show."

                    About Azteca America

Azteca America -- http://www.aztecaamerica.com-- is the fastest
growing Hispanic network in the United States. The network is a
wholly owned subsidiary of TV Azteca S.A. de C.V., one of the
two largest producers of Spanish-language television content in
the world.  Azteca America currently has presence in 51 Hispanic
markets, including: Los Angeles, New York, Miami, Houston,
Chicago, Dallas, San Antonio, San Francisco-Oakland-San Jose,
Phoenix, Brownsville-McAllen, Sacramento-Stockton-Modesto,
Albuquerque, San Diego, Fresno-Visalia, El Paso, Denver,
Orlando, Philadelphia, Tampa, Washington DC, Austin, Las Vegas,
Boston, Atlanta, Tucson, Corpus Christi, West Palm Beach-Ft.
Pierce, Seattle, Hartford, Bakersfield, Portland, Salt Lake
City, Monterey-Salinas, Laredo, Naples-Ft. Myers, Colorado
Springs, Odessa, Palm Springs, Santa Barbara, Lubbock, Amarillo,
Yakima, Wichita, Oklahoma City, Reno, Boise, Omaha, Victoria,
Chattanooga, Twin Falls and Charleston.

                       About TV Azteca

TV Azteca is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito, an Internet portal for North
American Spanish speakers.

                        *    *    *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1 since Apr. 17, 2003.


VALASSIS: ADVO Sets Stockholder Meeting to Vote on Merger
---------------------------------------------------------
ADVO, Inc., schedules a special stockholders meeting for
September 13, 2006, to vote upon the proposal to adopt the
merger agreement with Valassis Communications, Inc.
Stockholders who hold shares at the close of business on record
date, August 4, 2006, will be eligible to vote at this special
meeting.  The proxy materials for this meeting will be filed and
mailed to stockholders next week.  An audiocast of the meeting
will be available via ADVO's website at http://www.advo.com/

ADVO will file a definitive proxy statement and other relevant
documents concerning the proposed merger with the Securities and
Exchange Commission. Its shareholders are urged to read the
definitive proxy statement when it becomes available, because it
will contain important information.  Shareholders may obtain,
free of charge, a copy of the definitive proxy statement and
other documents filed by ADVO with the U.S. Securities and
Exchange Commission at the latter's website, http://www.sec.gov/

ADVO and its directors and executive officers and certain other
of its employees may be soliciting proxies from shareholders of
ADVO in favor of the proposed transaction.

Information concerning the participants in the proxy
solicitation will be set in the proxy statement when it is filed
with the U.S. SEC.

                        About ADVO Inc.

Headquartered in Windsor, Connecticut, ADVO, Inc., a direct mail
media company, engages in soliciting and processing printed
advertising from retailers, manufacturers, and service companies
in the United States and Canada.  It offers direct mail
marketing products and services, such as shared mail, which
provides the addresses of the households receiving the mail
packages; and sorts, processes, and transports the advertising
material for ultimate delivery primarily through the United
States Postal Service.

                        About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.

                        *    *    *

Standard & Poor's Ratings Services lowered on July 9, 2006, its
corporate credit and senior unsecured ratings on Valassis
Communications Inc. to 'BB' from 'BB+' and left the ratings on
CreditWatch with negative implications.




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


* NICARAGUA: State Firm to Launch Hydro Project Tender in Oct.
--------------------------------------------------------------
Enel, the state-run power firm of Nicaragua, will launch in
October a tender to construct the 17-megawatt Larreynaga hydro
project, Business News Americas reports, citing a project
official.

According to the report, the Larreynaga project would be built
in Jinotega on the river Viejo downstream from Enel's 50-
megawatt CentroAmerica plant.

The official told BNamericas that Enel has presented a request
to the Central American Bank for Economic Integration to fund
the US$40 million project.  Central America's decision is
expected next month.

Fitchner-Idisa -- a German-Nicaraguan consortium -- drafted the
feasibility studies, BNamericas relates.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


* PERU: Ecuador Mulls Purchasing Electricity from Country
---------------------------------------------------------
Consejo Nacional de Telecomunicaciones, the national
telecommunications council of Ecuador, told Living in Peru that
it has sent representatives to Peru to see if it could purchase
electricity from that country.

Living in Peru reports that Consejo Nacional aims to partly
reduce the power deficit in Ecuador to the north.

Edgar Ponce, the vice president of Consejo Nacional, told Living
in Peru that a drought in Ecuador's south has affected water
provision for the Paute hydroelectric plant, one of Ecuador's
most important power generator.

Peru, if needed, could immediately provide 90 megawatts of
energy, Living in Peru relates, citing Mr. Ponce.

                        *    *    *

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
=====================


MUSICLAND: Wants to Pay US$26M to Secured Trade Debt Holders
------------------------------------------------------------
Musicland Holding Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York's
authority to repay up to US$26,000,000 of the principal amount
due and outstanding to the holders of their Secured Trade Debt.

On the their bankruptcy filing, the Debtors had two major groups
of secured creditors -- the bank group led by Wachovia Bank,
National Association; and the secured trade creditors' group.

The Wachovia facility was paid in full from the proceeds of the
sale to TransWorld Entertainment Corp.

The secured debt is based, in part, on a November 5, 2003,
security agreement pursuant to which trade creditors party to it
were granted a security interest in the inventory of Musicland
Purchasing Corp. and its subsidiaries.  Pursuant to an
intercreditor agreement, the security interest was subordinate
in priority to the security interest granted to Wachovia.  The
second lien position enabled the Debtors to re-establish more
normal trade terms.

Jonathan P. Friedland, Esq., at Kirkland & Ellis LLP, in New
York, tells the Court that on the Petition Date, the Debtors
estimated that they owed US$186,000,000 on the Secured Trade
Debt.  After reconciliation with the holders of the Secured
Trade Debt, the Debtors now estimate that they owed between
US$170,000,000 and US$173,000,000, as of the Petition Date.

As a result of the TWEC-sale and other income-producing
activities, the Debtors currently have about US$46,000,000 in
excess cash.  The Debtors are currently managing that amount for
the benefit of their creditors, Mr. Friedland relates.

Mr. Friedland says that allowing the Debtors to make the
Proposed principal repayment falls within Section 105(a) of the
US Bankruptcy Code.

The holders of the Secured Trade Debt will receive the vast
majority of the distributions in the Debtors' Chapter 11 cases,
Mr. Friedland notes.  After distributing the US$26,000,000, the
Debtors will retain enough money to fully pay any claims that
the Court may determine to stand ahead of the claims of the
holders of the Secured Trade Debt, including all accrued and to-
be accrued administrative and other priority expenses.

In addition, Mr. Friedland continues, repaying some of the
Secured Trade Debt would benefit the holders in that their
acceptable investment risk level would likely allow them to earn
more than the investment return the funds earn while the Debtors
invest only in low risk bank deposits acceptable to the U. S.
Trustee.

The holders of the Secured Trade Debt have also been continuing
to permit the Debtors' use of their collateral to fund the
Chapter 11 cases without any objection, Mr. Friedland notes.

                   About Musicland Holding

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000)


MUSICLAND HOLDING: Court Extends Solicitation Period to Oct. 9
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the exclusive period by which Musicland Holding Corp.
and its debtor-affiliates may solicit and obtain acceptances for
their Chapter 11 Plan through and including October 9, 2006.

As reported in the Troubled Company Reporter on July 19, 2006,
the Debtors' limited resources in the first months of their
Chapter 11 cases were deployed to achieve the fastest possible
disposition of their assets, Jonathan P. Friedland, Esq., at
Kirkland & Ellis LLP, in New York, told the Court.  Since their
bankruptcy filing, the Debtors devoted effort to pursue matters
relating to:

   * a sale of substantially all of their assets to Trans World
     Entertainment Corporation;

   * the filing of sale procedure motions for hundreds of
     leases;

   * the conduct of two auctions with respect to those leases;

   * multiple round competitive bidding and selection process
     for a going-out-of-business sale liquidation agent;

   * procedures for the conduct of two separate rounds of going
     -out-of-business sales;

   * the resolution of numerous disputes with certain
     significant vendors and other parties-in-interest; and

   * the approval of a contested final postpetition financing
     order.

Mr. Friedland informs Judge Bernstein that the Debtors need to
accommodate the time needed to:

   -- revise the Plan to reflect the terms of the agreement
      ultimately reached;

   -- file and garner the Court's approval of a disclosure
      statement; and

   -- conduct solicitation of that amended Plan.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000)




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


RBTT FINANCIAL: Reports US$217M First Quarter After Tax Profit
--------------------------------------------------------------
Peter J. July, Group Chairman, RBTT Financial Holdings Limited,
announced that the Group has achieved another quarter of
profitable growth.  For the first quarter of the current
financial year, the RBTT Financial Group recorded after-tax
profits attributable to shareholders of US$217 million, an
increase of 6.5% over the comparable quarter of the previous
year.  Diluted earnings per share for the period increased by
6.8% to 63 cents.

Total assets increased by US$417 million over the quarter, with
loans and advances increasing by US$523 million, partially
offset by a decline in the investment securities portfolio of
US$114 million. Credit quality remained solid, with non-
performing assets as a percentage of total assets improving from
2.2% to 1.9%.

The Group continues to reposition its balance sheet to take
advantage of the shifting interest rate environment, and
earnings momentum is expected to increase in the ensuing
quarters as a result of a healthy investment banking deal
pipeline, and the consistent growth in loans and advances
evident in the current and previous two quarters.

RBTT Financial Holdings Limited is a financial services
conglomerate consisting of 35 subsidiaries and associated
companies located in 12 legal jurisdictions in the Caribbean
region, including 10 licensed commercial banks with 84 branches.
The group's major subsidiaries include RBTT Bank Limited and
RBTT Merchant Bank Limited, a leading regional merchant bank.

                        *    *    *

On May 16, 2006, Fitch assigned its BB+ rating on RBTT Financial
Holdings Limited's foreign currency long-term debt.  Fitch also
placed a B rating on the company's foreign currency short-term
debt.




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


CITGO PETROLEUM: New Credit Card Offers 20% Rebates on Purchases
----------------------------------------------------------------
Citgo Petroleum Corp. is offering a 20% rebate on Citgo
purchases for the first 60 days of account opening, as part of
the enrollment incentives for its new co-brand credit card --
the Citi Platinum Select CITGO MasterCard -- starting Aug.1.

The promotion is being met with considerable enthusiasm by
Citgo's branded marketers.

Pat O'Connell, the vice president of operations at Energy North
Group in Boston, said, "Our company represents several major
brands and in my opinion, Citgo's co-brand offer is absolutely
the best promotion going.  I'm not only referring to the launch
offer, but the ongoing offer as well.  If I'm a consumer, why
wouldn't I want to save up to $600 a year on gasoline?  If I'm a
retailer, why wouldn't I want to have the lower processing fee?"

Once the launch promotion ends, cardholders continue to earn
valuable rebates on Citgo purchases, which is about 4%, and up
to 1% on other qualified purchases.  Cardholders may earn up to
US$50 in rebates each month.  All rebates are automatically
credited on the cardholder's statement against future Citgo
purchases made with the card.

Alan Flagg, Citgo's general manager in the light oils marketing,
said, "The Citi Platinum Select CITGO MasterCard is a major
component in a national campaign dedicated to strengthening the
CITGO marketing program slate.  We are excited to be able to
offer card holders significant rebates on all CITGO purchases."

Headquartered in Houston, Texas, CITGO Petroleum Corporation
-- http://www.citgo.com/-- is owned by PDV America, an
indirect, wholly owned subsidiary of Petroleos de Venezuela
S.A., the state-owned oil company of Venezuela.

PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry,
as well as planning, coordinating, supervising and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.


FERRO CORP.: Pays US$50 Million 8% Debentures in Full
-----------------------------------------------------
Ferro Corp. repaid in full its 8% debenture at a cost of
US$50,511,111.11, principal plus all accrued and unpaid
interest.

The Company disclosed that in a letter dated July 28, 2006, J.P.
Morgan Trust Company accelerated the payment of the Company's 8%
debentures due June 15, 2025, with a principal amount of
US$50 million.

The event of default that triggered the acceleration was the
delayed filing of the Company's financial statements and an
Officer's Certificate relating to the Company's compliance with
the terms of the indenture.

In order to meet the accelerated payment requirements, the
company says it has drawn on the term loans of its credit
facility.  The company relates that the accelerated repayment of
the Debentures, and other previously reported accelerated
obligations, is expected to result in the Company taking a pre-
tax charge in the period ended June 30, 2006, of approximately
US$2.5 million related to the immediate expensing of unamortized
debt issuance costs and original issue discounts.

Headquartered in Cleveland, Ohio, Ferro Corp. (NYSE:FOE)
-- http://www.ferro.com/-- produces performance materials for
manufacturers, including coatings and performance chemicals.
The company has operations in 20 countries and has approximately
6,800 employees globally.  In Latin America, the company has
operations in Argentina, Brazil, Mexico and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on April 3, 2006,
Standard & Poor's Ratings Services lowered its ratings on Ferro
Corp., including its corporate credit rating to 'B+' from 'BB'.
All ratings remain on CreditWatch with negative implications,
where they were placed Nov. 18, 2005.


PETROLEOS DE VENEZUELA: Argentine Firm Starts Building Tanker
-------------------------------------------------------------
Argentine Rio Santiago shipbuilder has started constructing the
first of the oil tankers Petroleos de Venezuela SA has ordered.
The first tanker is named Eva Perod, according to local press.

The building pact was inked between presidents Nestor Kirchner
and Hugo Sanchez in August 2005, the day when a new anniversay
of Eva Pero's death was commemorated, El Universal relates.

"Within 30 months, other tankers will be ordered and allow our
reactivation in the next six years," Julio Urien, a
representative of Rio Santiago, was quoted by newspaper Diario
Hoy as saying.

Under the agreement, Ro Santiago, based in Ensenada, Buenos
Aires, is to build four 47,000-ton dead weight oil tankers
exceeding US$200 million for Venezuela's state oil firm.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

On Jan. 23, 2006, Fitch Ratings upgraded the local and foreign
currency ratings of Petroleos de Venezuela S.A. aka PDVSA to
'BB-' from 'B+'.  The rating of PDVSA's export receivable future
flow securitization, PDVSA Finance Ltd, was also upgraded to
'BB+' from 'BB'.  In addition, Fitch has assigned PDVSA a
'AAA(ven)' national scale rating.  Fitch said the Rating Outlook
is Stable.  Both rating actions followed Fitch's November 2005
upgrade of Venezuela's sovereign rating.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
August 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

August 3-5, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

August 3, 2006
   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

August 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

August 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      DIP Panel Discussion
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

August 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Family Night Baseball with the NJ Jackals
         (Yogi Berra Autograph Night)
            Jackals Stadium, Montclair, New Jersey
               Contact: 908-575-7333 or
http://www.turnaround.org/

August 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

August 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      4th Annual Alberta Golf Tournament
         Kananaskis Country Golf Course, Kananaskis, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

September 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Business Mixer
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

September 7-8, 2006
   EUROMONEY
      Leveraged Finance
         Hotel Rey Juan Carlos I, Barcelona, Spain
            Contact: http://www.euromoneyplc.com/

September 7-8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Saratoga Regional Conference
         Gideon Putnam Hotel, Saratoga Springs, New York
            Contact: http://www.turnaround.org/

September 7-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Wynn Las Vegas, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

September 8-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         London, England
            Contact: http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBA, Secaucus, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Formal Event
         Long Island, New York
            Contact: http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Function
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Formal Event - Major Speaker to be Announced
         Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

September 13-15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Texas Regional Conference
         Hyatt Regency Resort & Spa
            Lost Pines, TX
               Contact: 870-760-7116 or
http://www.turnaround.org/

September 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Kick-Off Reception
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

September 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BOK Review - Management
         Gardner Carton & Douglas, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

September 17-24, 2006
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Optional Alaska Cruise
         Seattle, Washington
            Contact: 800-929-3598 or http://www.nabt.com/

September 19-20, 2006
   STRATEGIC RESEARCH INSTITUTE
      2nd Annual Euro Distressed Debt Summit
         Le Meridien Parkhotel, Frankfurt, Germany
            Contact: http://www.srinstitute.com/

September 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club, Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Workshop With US
      Bankruptcy Judges Hale, Nelms and Lynn
         Belo Mansion - The Pavilion, Dallas, TX
            Contact: http://www.turnaround.org/

September 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring the Troubled High Tech Company
         Arizona
            Contact: http://www.turnaround.org/

September 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Education Program with NYIC Joint Reception
         CFA/RMA/IWIRC
            Woodbridge Hilton, Iselin, NJ
               Contact: http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Cross Border Business Restructuring and
         Turnaround Conference
            Banff, Alberta
               Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

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

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

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


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


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