TCRLA_Public/060831.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

          Thursday, August 31, 2006, Vol. 7, Issue 173

                          Headlines

A R G E N T I N A

EDIFICIO LAPRIDA: Trustee Verifies Proofs of Claim Until Oct. 24
EL DETALLE: August 24 Auction Failed to Attract Bidders
FIDEICOMISOS EDIFICIO: Moody's LatAm Puts Junk Ratings on Debts
FIDEICOMISOS PROVINCIA: Evaluadora Puts D Rating on US$32M Debt
FIDEICOMISOS REALTY: Evaluadora Puts D Ratings on US$16M Debts

GELIMAN SA: Files for Reorganization in Buenos Aires Court
MORGAN SA: Evaluadora Maintains D Rating on US$458,250 Debt
TRANSPORTADORA DE GAS: Debt Swap Cues Fitch to Withdraw D Rating

B A H A M A S

WINN-DIXIE: Can Enter Into Liberty Surety Bonds Agreement
WINN-DIXIE: Judge Funk Okays Assumption of 30 Store Leases

B A R B A D O S

SECUNDA INT'L: Extends Tender Offer Expiration to Sept. 20

B E L I Z E

* BELIZE: Economy Reaches Critical Juncture, Says IMF

B O L I V I A

YPF SA: Investigation on Andina to Take Six Months

B R A Z I L

AES CORP: Sao Paulo Unit to Sell Shares on Stock Markets Abroad
BRASKEM SA: Launches Cash Tender Offer for 12.50% Notes
CIA SIDERURGICA: Baffled at USW's Objection to Merger Talks
NOVELIS: Monahan Sits as Interim CEO as Sturgell Leaves Board
NOVELIS INC: Earns US$90 Million for the Year Ended Dec. 31

NOVELIS: Declares US$0.01 Dividend on Outstanding Common Stock

C A Y M A N   I S L A N D S

ALVEO FINANCE: Creditors Must Submit Proofs of Claim by Sept. 21
ALVEO FINANCE: Trustee to Present Wind-Up Account on Sept. 21
ARGENTINE INVESTMENT: Final Shareholders Meeting on Sept. 25
ASTER CITY: Final Shareholders Meeting Is Set for Sept. 25
CENTER INVESTMENTS: Proofs of Claim Filing Deadline Is Sept. 22

PEAKINVEST ACQUISITION: Claims Must be Filed by Sept. 22
PEAKINVEST CORPORATE: Proofs of Claim Filing Is Until Sept. 22
PEAKINVEST FUNDING: Claims Filing Deadline Is Set for Sept. 22
PEAKINVEST HOLDINGS: Proofs of Claim Must be Filed by Sept. 22
PEAKINVEST PLANNING: Creditors Must Present Claims by Sept. 22

RETAIL EQUITY: Creditors Have Until Sept. 22 to Submit Claims
RETAIL HOLDINGS: Proofs of Claim Filing Is Until Sept. 22
RETAIL INVESTMENTS: Last Day to File Proofs of Claim Is Sept. 22
ROCKSTONE HOLDINGS: Final Shareholders Meeting on Sept. 21
ROCKSTONE HOLDINGS: Last Day to File Proofs of Claim Is Sept. 21

VENERE INVESTMENT: Proofs of Claim Must be Filed by Sept. 21
VENERE INVESTMENT: Trustee to Lay Wind-Up Account on Sept. 21

C H I L E

PHELPS DODGE: Inco Board Still Recommends Merger with Company

C O L O M B I A

DIGICEL: Colombia Movil Auction Results Expected Today
ECOPETROL: BP Plc Backs Out of Colombian Project
ECOPETROL: Gov't Sale of 20% Stake May Raise Up to US$5 Billion

* COLOMBIA: Ecopetrol Stake Sale May Bring In Up to US$5 Billion

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IMF Urges Reform in Electricity Sector

E C U A D O R

PETROECUADOR: Tries to Set Time Line for Payment of Debts

J A M A I C A

MIRANT CORP: Discloses Final Results of Tender Offer

* JAMAICA: Fitch Puts B+ Foreign Currency Issuer Default Rating

M E X I C O

BALLY TOTAL: Inks Confidentiality Accord with Shareholder
BANCO INTERNACIONAL: S&P Says Low B Rating's Outlook Is Stable
EMPRESAS ICA: Approves Corporate Governance Proposals
HECLA MINING: Moody's Withdraws Caa1 Corporate Family Rating
HIPOTECARIA SU CASITA: Moody's Puts P(Ba2) Global Scale Rating

NORTEL NETWORKS: Gets SNTF Contract for National GSM-R Project
SATELITES MEXICANOS: Can Continue Using Business Forms
SATELITES MEXICANOS: Seeks Bankr. Court OK on Insurance Programs
SATELITES MEXICANOS: Wants to Continue Employing OCPs
TV AZTECA: Unit Agrees to Have Ratings Tracked by Nielsen Media

P U E R T O   R I C O

FIRST BANCORP: Discloses Unit's Compliance Development
GLOBAL HOME: Asks Court to Approve WearEver Sale Incentive Plan

T R I N I D A D   &   T O B A G O

MIRANT CORP: Allows 25 Claims Aggregating US$2,266,255
MIRANT CORP: Asks Court to Approve Shady Hills Settlement Accord

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Post US$6.2BB Jan-July Net Profits

* VENEZUELA: Considers Petrochemical Joint Venture with China
* VENEZUELA: Sees Higher Chinese Investment in Domestic Sector

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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A R G E N T I N A
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EDIFICIO LAPRIDA: Trustee Verifies Proofs of Claim Until Oct. 24
----------------------------------------------------------------
Ernesto Horacio Garcia, the court-appointed trustee for Edificio
Laprida SA's bankruptcy case, verifies creditors' proofs of
claim until Oct. 24, 2006, La Nacion reports.

Court No. 5 in Buenos Aires, with the assistance of Clerk No. 9,
declared Edificio Laprida bankrupt at the behest of Manuel
Campa, whom the company owes US$36,480.

Under Argentine Bankruptcy Law, Mr. Garcia is required to
present the validated claims in court as individual reports.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Employs and its creditors.

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

Mr. Garcia will also submit a general report that contains an
audit of Employ's accounting and banking records.  The report
submission dates have not been disclosed.

The debtor can be reached at:

              Edificio Laprida SA
              Laprida 2150
              Buenos Aires, Argentina

The trustee can be reached at:

              Ernesto Horacio Garcia
              Sarmiento 1587
              Buenos Aires, Argentina


EL DETALLE: August 24 Auction Failed to Attract Bidders
-------------------------------------------------------
Argentine bus manufacturer El Detalle held an auction on
August 24, for a minimum price of ARS25.8 million (US$8.35
million).  The lot, located in the Buenos Aires province,
occupies 80,300 square meters. All the properties, including
lot, facilities, machinery, materials, etc, were offered for
sale.

However, none of the seven investors that had shown interest in
the company bought the set of terms and conditions, which the
judge overseeing El Detalle's proceedings imposed to potential
buyers.

El Detalle started formal restructuring procedures in 1999 and
was declared bankrupt in 2004, with ARS101.8 million in debts.
There was a failed auction attempt in 2005, but the judge
overseeing El Detalle's bankruptcy was not pleased with the
offers.  The auction price then was ARS35 million.  In addition,
the set of terms and conditions was worth US$200,000 in the
first auction and was US$100,000 in the second.

Another condition is that the purchaser will have to rehire at
least 40% of the 300 employees the factory had.

According to local business paper El Cronista, the team in
charge of the sale would be planning to request the elimination
of this obligation.

In case the idea is accepted, interested investors would have 20
days to submit a bid.

El Detalle's bankruptcy proceeding is under Court No. 10 of
Buenos Aires' Civil and Commercial Tribunal.  The company's
assets are under the court-appointed trustee:

          Kullahian, Diaz y Asociados
          Uruguay 750
          Buenos Aires


FIDEICOMISOS EDIFICIO: Moody's LatAm Puts Junk Ratings on Debts
---------------------------------------------------------------
Moody's Latin America assigned these ratings to Fideicomisos
Financieros Edificio La Nacion's debts:

   -- Titulos de Deuda Clase 2 for US$3,216,000, CCC+

   -- Certificados de Participacion Subordinados Clase 1 for
      US$17,720,000, C

   -- Certificados de Participacion Subordinados Clase 2 for
      US$3,784,000, C

   -- Títulos de Deuda Clase 1 for US$26,580,000, CCC+


FIDEICOMISOS PROVINCIA: Evaluadora Puts D Rating on US$32M Debt
---------------------------------------------------------------
Evaluadora Latinoamericana rates Fideicomisos Financieros
Provincia Leasing Creditos I's debts due May 16, 2007:

   -- Certificados de Participacion for US$32,000,000, D
   -- Titulos de deuda clase B for US$22,000,000, A-
   -- Titulos de Deuda Clase A for US$16,000,000, A-


FIDEICOMISOS REALTY: Evaluadora Puts D Ratings on US$16M Debts
--------------------------------------------------------------
Evaluadora Latinoamericana rated Fideicomisos Financieros Realty
I's four debts at D:

   -- Titulos de Deuda Fiduciaria Clase A for US$11,200,000
   -- Titulos de Deuda Fiduciaria Clase B for US$1,600,000
   -- Certificado de Participacion for US$3,200,000


GELIMAN SA: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Geliman SA has filed for reorganization before Court No. 5 in
Buenos Aires, Argentina, La Nacion reports.

Geliman SA has defaulted on its debt payments since
Aug. 23, 2006.

Under the Argentine Bankruptcy Law, reorganization will prevent
the firm's liquidation and will allow the company to propose a
settlement plan to its creditors.

Once Geliman SA's reorganization petition is approved, the court
will appoint a trustee, who will supervise the company's
activities and verify the claims of the company's creditors.
Out of the verified claims, the trustee will prepare individual
reports and submit them to court.  The trustee will also prepare
a general report containing the company's audited business
records as well as a summary of the firm's activities.  The
company will then present a settlement proposal to its creditors
for approval.

Clerk No. 10 is assisting the court.

           Geliman SA
           Chile 1155
           Buenos Aires, Argentina


MORGAN SA: Evaluadora Maintains D Rating on US$458,250 Debt
-----------------------------------------------------------
Evaluadora Latinaoamericana rated Morgan S.A.'s Obligaciones
Negociables for US$458,250 at D.  The debt became due on
April 1, 2011.  The rating action was based on the company
financial status at Mar. 31, 2006.


TRANSPORTADORA DE GAS: Debt Swap Cues Fitch to Withdraw D Rating
----------------------------------------------------------------
Fitch Argentina has withdrawn the D rating of Titulos de Deuda
TGN Cribs Clase I for US$175 million due in 2012 issued by the
Fideicomiso Financiero TGN Cribas Clase I, after they were
exchanged for Obligaciones Negociables of Exchange (ONs de
Canje) for the same amount by Transportadora de Gas del Norte.

Within the context of restructuring debt proceedings of TGN, the
holders of titles of debt Cribs accepted the total of the offer
of exchange for ONs emitted by TGN; therefore these obligaciones
are considered a direct commitment of the company.  As a result,
on Aug. 11, 2006, the total cancelled debt of TD Cribs was
US$175 millions.

On July 2000, First Trust of New York National Association
(Fiduciario Argentino), issued titles of debt for US$175
millions and from the amount obtained, it acquired Obligaciones
Negociables emitted by TGN for US$175 millions, with an annual
interest rate of the 10,875% and for 12 years time, which were
initially bought by Merril Lynch.

TGN has the exclusive license for the transport of gas for the
pipes located in the north and center region of Argentina for a
total of 35 years (until Dec. 28, 2027), and probably for ten
more.  Gasinvest SA controls the company.




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B A H A M A S
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WINN-DIXIE: Can Enter Into Liberty Surety Bonds Agreement
---------------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Winn-Dixie Stores, Inc.,
and its debtor-affiliates to enter into a surety credit facility
with Liberty Mutual Insurance Company pursuant to Sections
105(a) and 363 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on July 31, 2006,
the Debtors must have a surety post, bonds, or other forms of
security to comply with workers' compensation insurance,
governmental licensing, tax and other regulations and to
maintain or establish water, waste, telephone and electric
utility accounts, D.J. Baker, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in New York, related.

Before the Debtors filed for bankruptcy, Liberty provided them
with a surety facility.  Under a General Agreement of Indemnity
dated Jan. 23, 2003, Liberty posted numerous bonds under which
the Debtors agreed to reimburse Liberty for any loss, damage or
expense incurred by reason of any bonds issued on the Debtors'
behalf.

As of Feb. 21, 2005, bonds aggregating US$41,000,000 remained
outstanding.  Through Court-approved transactions and
settlements, the aggregate amount of the bonds has been reduced
to around US$35,000,000, Mr. Baker relates.

The Debtors' reimbursement obligation to Liberty is backed by a
letter of credit for US$19,999,793 issued by Wachovia Bank, N.A.
Liberty filed proofs of claim against the Debtors, alleging
contingent fees of up to US$41,000,000, plus attorneys' fees and
expenses.

Earlier in the Chapter 11 cases, the Debtors were unable to
reach an agreement with Liberty on the posting of new surety
bonds on terms favorable to the Debtors.  The Debtors therefore
sought and obtained the Court's consent to enter into a general
surety indemnity agreement with RLI Insurance Company, following
the unsuccessful negotiations with Liberty.

However, Liberty resumed negotiations with the Debtors and the
parties have reached an agreement that justifies the Debtors'
entry into the Surety Credit Facility with Liberty despite the
previous agreement with RLI, Mr. Baker says.

The principal terms of the Surety Credit Facility are:

   (1) Liberty will provide the Debtors with up to US$50,000,000
       in surety credit for 18 months from the date of the
       closing of the Facility;

   (2) All outstanding surety bonds as of July 21, 2006, that
       were issued by Liberty will remain in full force and
       effect for the duration of the Facility;

   (3) Premium will be charged on all bonds at the net rate of
       US$15.30 per US$1,000 of bond penal sum, with a minimum
       premium of US$100 for issuance of any single bond;

   (4) Upon closing of the Facility, the Debtors will pay
       Liberty a US$630,000 facility fee in exchange for
       Liberty's waiver of any claims for reimbursement of
       professional fees and expenses through June 30, 2006, and
       withdrawal of all proofs of claim previously filed with
       the Court;

   (5) The Debtors will reimburse Liberty for attorneys' fees
       and expenses incurred after June 30, 2006, in connection
       with their Chapter 11 proceeding, the bonds and the
       Facility;

   (6) All bonds issued by Liberty after closing will be
       consistent with the type of the outstanding surety bonds;

   (7) Liberty will consider applications of bond issuance on a
       case-to-case basis, requiring special terms and
       conditions for certain types of bonds;

   (8) Liberty will continue to hold the Letter of Credit as
       collateral for all bonded and indemnity obligations owed
       by the Debtors; and

   (9) The Debtors will assume the liabilities and obligations
       under the Liberty General Agreement of Indemnity, which
       bulk of liabilities are associated with nearly
       US$27,000,000 of bonds backing the Debtors' workers'
       compensation obligations.

Liberty and the Debtors continue to negotiate the definitive
documentation that will govern the Surety Credit Facility.  They
agree that the documentation will contain indemnity provisions
in favor of Liberty.

As of July 21, 2006, 64 bonds of various types aggregating
US$33,871,688 remain outstanding.  The Debtors have applied for
six miscellaneous bonds, aggregating US$6,320,000, which Liberty
has agreed to issue immediately after the closing of the
transaction.

The aggregate amount of surety credit available under the
Facility is reduced by the existing bonds and the miscellaneous
bonds, with the difference between the total amount of the
existing bonds and miscellaneous bonds and the US$50,000,000
maximum amount remaining available for the issuance of new bonds
or increases in the penal sums of the existing bonds.

Mr. Baker related that the Surety Credit Facility is superior to
RLI's facility because:

   -- it has a significantly higher credit limit;

   -- Liberty has committed to issue the bonds on the Debtors'
      behalf immediately after the closing of the transaction,
      while RLI is under no obligation to issue any bonds; and

   -- Liberty's collateral requirements and premium rates are
      lower and provide the Debtors increased operational
      flexibility.

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 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  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. 49; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WINN-DIXIE: Judge Funk Okays Assumption of 30 Store Leases
----------------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Winn-Dixie Stores, Inc.,
and its debtor-affiliates to assume the leases of Store Nos. 30,
80, 138, 144, 176, 209, 221, 254, 256, 260, 265, 278, 287, 290,
328, 348, 353, 356, 463, 517, 607, 611, 662, 672, 1404, 1449,
2217, 2265, 2323 and 2602.

The Court continues the hearing on the Debtors' request as to
the leases of Store Nos. 2, 81, 153, 167, 218, 222, 231, 243,
250, 279, 281, 359, 375, 426, 454, 460, 556, 631, 637, 651, 656,
660, 698, 737, 777, 1537, 2211, 2258, 2267, 2289, 2301, 2311 and
2348 to Sept. 7, 2006.

Judge Funk overrules Concord-Fund IV Retail, LP's objection to
the Debtors' proposed assumption of the lease of Store No. 254.

According to Judge Funk, Concord-Fund has presented no evidence
to the Court that the Store 254 Lease has been terminated.  He
authorizes the Debtors to assume the Lease, pursuant to Section
365 of the Bankruptcy Code.

The Debtors' request and the cure and assumption objections
filed by the landlord for Store Nos. 84, 599, 736, 1852, 2213,
2230 and 2333 will be treated by a separate Court Order.

Judge Funk directs the Debtors to pay the landlords any
undisputed cure amounts due on the effective date of the
Debtors' Joint Plan of Reorganization.  If the Debtors are
unable to resolve the Cure Objections consensually, the Debtors
will set the Cure Objections for hearing before the Court.

Judge Funk clarifies that if the Effective Date does not occur,
the Court Order will be null and void.

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 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  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. 50; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




===============
B A R B A D O S
===============


SECUNDA INT'L: Extends Tender Offer Expiration to Sept. 20
----------------------------------------------------------
Secunda International Limited reported that its cash tender
offer to purchase up to US$3,800,000 aggregate principal amount
of its outstanding US$125,000,000 Senior Secured Floating Rate
Notes due 2012 (CUSIP No. 81370FAB4), on a pro rata basis, at a
purchase price in cash equal to 100% of the principal amount
thereof plus accrued and unpaid interest, if any, to the date of
purchase pursuant to the Offer to Purchase dated Aug. 1, 2006
has been extended to 5:00 p.m., New York City time, on
Sept. 20, 2006.

The previously announced expiration time for the Annual
Reduction Offer was Aug. 29, 2006, at 5:00 p.m., New York City
time.  The Annual Reduction Offer is subject to the satisfaction
of certain conditions.

The Annual Reduction is required pursuant to the provisions of
the Indenture governing the Notes, which requires the Secunda to
make an offer, on a pro rata basis, to registered holders of the
Notes to purchase Notes in an aggregate principal amount of up
to US$3,800,000 at a purchase price in cash equal to 100% of the
principal amount thereof plus accrued and unpaid interest, if
any, to the date of purchase.

Under the terms of the Indenture, if Notes aggregating more than
US$3,800,000 in principal amount are validly tendered in the
Annual Reduction Offer, then each Holder whose Notes are
accepted for purchase has the right to require Secunda to
purchase such Holder's pro rata share of such amount.

Holders of the Notes who tender -- and do not validly withdraw
-- their Notes prior to the Expiration Time will be entitled to
receive, per US$1,000 principal amount of the Notes, 100% of the
principal amount thereof on the Settlement Date, which is
expected to be three business days following the Expiration
Time.  In addition, Holders who validly tender and do not
validly withdraw Notes will be paid accrued and unpaid interest,
if any, from the last interest payment date up to, but not
including, the Settlement Date for the Notes accepted for
purchase.

Notes may be tendered only in integral multiples of US$1,000 in
aggregate principal amount, or the entire amount of any Holder's
Notes if not an integral multiple of US$1,000.

The complete terms and conditions of the Annual Reduction Offer
are described in the Offer to Purchase of the Company dated
Aug. 1, 2006, copies may be obtained by contacting the
information agent for the offer at:

        D.F. King and Co., Inc.
        Tel: (212) 269-5550 (collect)
             (800) 758-5378 (U.S. toll-free)

Secunda has outstanding offer to Holders of the Notes to
purchase for cash, any and all of the Notes, on the terms and
subject to the conditions set forth in the Offer to Purchase and
Consent Solicitation Statement dated June 27, 2006, as amended
and supplemented by the Offer to Purchase Supplement dated
Aug. 14, 2006, including -- without limitation -- the Financing
Condition and the Supplemental Indenture Condition described
therein.  As of 5:00 p.m., New York City time, on Aug. 25, 2006,
Secunda received tenders and consents representing 100% of the
outstanding aggregate principal amount of the Notes.

On Aug. 25, 2006, Secunda extended the Tender Offer, and the
Tender Offer will now expire at 5:00 p.m., New York City Time,
on Sept. 12, 2006, unless extended or earlier terminated.

If Secunda completes the Tender Offer and repurchase 100% of the
aggregate outstanding amount of the Notes pursuant to the Tender
Offer, the Annual Reduction Offer will be of no force and
effect.

Headquartered in Nova Scotia, Secunda International Limited
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/ operator with locations in the UK and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 30, 2006, Standard & Poor's Ratings Services held its 'B-'
long-term corporate credit and senior secured debt ratings on
offshore support vessel provider Secunda International Inc. on
CreditWatch with positive implications, where they were placed
Sept. 29, 2005.




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B E L I Z E
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* BELIZE: Economy Reaches Critical Juncture, Says IMF
-----------------------------------------------------
The International Monetary Fund said in its Belize-2006 Article
IV Consultation that Belize's economy has reached a critical
juncture.

Over the past decade, the country enjoyed "better-than-average"
growth, as well as price and currency stability.

However, this performance rested to a large extent on overly
expansionary policies that pushed public borrowing and the
external current account deficit to unsustainable levels.  The
government has taken commendable steps in the last year and a
half to begin correcting these imbalances, including through
substantial fiscal adjustment and monetary tightening.

However, despite these efforts, important vulnerabilities still
remain and need to be addressed quickly to avert the risk of an
external payments crisis, protect the country's currency peg,
and set the stage for a durable recovery of growth and
employment.  The discussions with the authorities focused on the
development of a policy framework that would achieve these
objectives.

Since the last Article IV consultation the authorities have
tightened macroeconomic policies substantially.  During FY05/06
(April-March), revenue measures and cuts in capital expenditures
helped reduce the overall deficit of the central government to
about 3.5% of Gross Domestic Product from almost 9% of GDP in
the previous year.  The primary surplus rose to about 3% of GDP,
implying a cumulative improvement of almost 9% of GDP since
FY02/03.  The Central Bank of Belize also took additional steps
to contain the expansion of money and credit by channeling
social security deposits to the central bank and increasing the
cash and liquid assets reserve requirements by one percentage
point each on three occasions.

However, the steps alone are not yet sufficient to place the
economy on a sustainable path.  While bilateral financing,
better-than-expected exports, and foreign direct investment are
helping to close the foreign financing gap for the current year,
international reserves remain very low at less than one month of
imports.

Under current policies, the mission estimates on a preliminary
basis that in 2007 Belize's net balance of payments financing
needs will reach about 10% of GDP, and remain high thereafter at
about 6 percent of GDP during 2008-11 and more than 10% during
2012-15.

Foreign financing of this magnitude may not be forthcoming,
given Belize's high external public debt burden; and, even if it
could be obtained, its high cost would worsen the debt dynamics
and leave the economy vulnerable to adverse shocks.  At the same
time, fully closing such large financing gaps through further
fiscal and monetary tightening would not be feasible without
severely disrupting economic activity.

The authorities have recognized the critical nature of their
financial situation and have expressed a firm commitment to
restoring sustainability.  In this context, they recently
announced the intention to approach their external private
sector creditors to seek debt service relief.

In the mission's view, a credible plan for returning to fiscal
and external viability, safeguarding the currency peg, and
creating conditions for durable economic growth would have to
contain at least three key elements:

   -- Policies to address immediate risks:

      To mitigate the risk that external payments difficulties
      arise while a medium term framework is being formulated
      and consultations with creditors take place, ongoing
      efforts to secure bilateral and multilateral lending
      should be combined with a tightening of macroeconomic
      policies.

   -- A sustainable medium-term framework:

      There is a need to design and implement a macroeconomic
      framework, which-together with possible relief from a
      debt operation-closes the large projected medium-term
      financing gaps and reduces the public debt burden to
      safer levels.

   -- Supportive structural reforms:

      A comprehensive package of fiscal, monetary and financial
      sector reforms should be implemented to facilitate the
      required medium-term effort and increase the resilience
      of the economy against adverse shocks.

The low level of reserves warrants a tighter macroeconomic
policy stance in the short term.  While the foreign financing
gap for 2006 is largely closed, further steps to contain demand
and reduce balance of payments pressures are still justified
because of very large financing needs next year and the
importance to demonstrate policy commitment as creditors are
being approached. In this regard, the most recent increase in
reserve requirements -- effective Sept. 1 -- is welcome,
although the authorities need to monitor monetary developments
closely and take additional action if this proves insufficient
to mop up excess liquidity.  In the fiscal area, the better-
than-expected budget execution during March-June should be
maintained during the remainder of the fiscal year to achieve a
primary surplus of at least 3.5% of GDP.   Restraint in current
and capital expenditures remains critical, along with a
successful implementation of the General Sales Tax, which has so
far been satisfactory.  The authorities should continue to
resist pressures to dilute the GST base and remain prepared to
adopt corrective actions should its revenue yield fall short of
projections.

The authorities' commitment to fiscal and balance of payments
sustainability should be reflected in a credible medium-term
macroeconomic framework.  The framework should aim at
eliminating balance of payments and fiscal financing gaps over
the next five years, significantly reducing the debt burden, and
allowing for a recovery of international reserves.

The medium-term framework could build upon a combination of
additional fiscal effort, continued monetary restraint, and
relief from the envisaged debt operation.  To illustrate this
point, the mission simulated an active scenario that comprises
both a front-loaded fiscal effort to raise the primary surplus
to about 4.5% of GDP during 2007-09 and about 4% of GDP
thereafter, and monetary restraint to keep the expansion of
commercial bank credit below nominal GDP growth.  This
adjustment seems feasible without compromising the prospects for
economic growth, and would require that the authorities save the
bulk of currently projected petroleum revenues.

Current government expenditure-particularly the public wage
bill-would need to rise at a significantly lower rate than
nominal GDP.  On the assumption that debt service relief from
private creditors will become available, this package could
achieve the goals of filling the financing gaps, gradually
reducing the public debt burden and replenishing international
reserves.

A swift and successful completion of the intended debt operation
would be a critical component of the outlined framework.  The
mission commends the government for pursuing agreement on this
matter in the context of a close and constructive dialogue with
its private creditors.

To help maintain the required fiscal effort over a prolonged
period of time, the authorities should undertake a broad set of
supportive structural fiscal reforms, including:

     -- Modernizing tax administration:

        After the GST-implementation phase is completed, the
        authorities should seek to strengthen their tax
        administration, including through a reorganization away
        from tax types and toward business processes and common
        functions, like taxpayer services, audit, and
        collection enforcement.

     -- Tax reform:

        To support the buoyancy of the tax system in the medium
        term, the authorities should streamline their system of
        fiscal incentives, including by eliminating business
        tax holidays under the Fiscal Incentives Act,
        terminating import duty exemptions for specific
        organizations, and converting import licenses into
        tariffs.  To ensure a more stable level of revenues,
        the authorities should also substitute the revenue
        replacement duty on fuels with a specific excise tax,
        and establish an automatic adjustment mechanism for
        fuel prices.

     -- Pension reform:

        The non-contributory pension plan for public servants
        (PSP) harbors substantial liabilities for the government
        budget in the future, and the authorities should
        consider a phase-out of the PSP for new entrants (who
        would still be covered by the general social security
        system) and parametric adjustments, such as introducing
        a contribution from beneficiaries, increasing the years
        of required service, and/or raising the retirement age.

A further strengthening of governance and transparency is also
needed to control contingent liabilities.  The mission welcomes
recent steps in this area, including the reform of the Finance
and Audit Act, greater dissemination of economic and fiscal
data, and inquiries into the dealings of the Social Security
Board and the Development Finance Corporation.  Priority actions
in the immediate future should include improving risk management
at the SSB, avoiding financial slippage at Belize Water
Services, and winding down the activities of the DFC in an
orderly way.  To avoid further liabilities to the government,
the DFC should be allowed to collect without interference on its
loan portfolio.

In the monetary area, the authorities should strengthen their
capability to implement monetary policy.  Currently, the
principal instruments of credit policy are the cash reserve and
liquid assets requirements, which have not always been effective
in curbing excess liquidity.  This suggests that the CBB might
benefit from broadening its monetary instruments, possibly with
technical assistance from the IMF.  To increase monetary
control, the authorities should also consider eliminating-in due
course-the government's overdraft at the CBB.

Significant progress has been made in strengthening bank
supervision, but further steps to foster a sound and resilient
financial sector should be taken.  Several of the
recommendations of the IMF's 2003 assessment have been
implemented, including a significant increase in resources to
conduct bank supervision.  However, the authorities still need
to strengthen the operational independence of the supervisors
and must urgently increase the resources for insurance
supervision.  Loan-loss provisions in the banking system are too
low by international standards and should be raised through
regulatory action.

Belize's economic and financial situation will leave little room
for slippage in implementing the outlined policy framework.
Even in the mission's illustrative active policy scenario
international reserves would remain low and the debt burden high
for several years, and substantial vulnerabilities and risks
would persist in the event of adverse shocks.  Revenue estimates
from oil are also subject to a wide margin of error because they
depend on a large number of uncertain technical and policy
parameters.  There is some risk that unreasonable expectations
of oil revenue develop, notwithstanding the fact that the
reserves that have been proven so far and the envisaged
production levels are relatively limited.  It will be critical
for policymakers to manage these risks and to stay "ahead of the
curve" by adjusting early to any changes in the domestic and
external environments.

The mission believes that the authorities-and more broadly the
country-can rise to the challenge and achieve a return to
sustainability and durable growth.  During the consultation, the
authorities shared the thrust of the suggested policy framework
and reforms.  Given the importance of strong ownership for
encouraging creditor support and maintaining policy discipline
and commitment over a prolonged period of time, the mission
encourages the authorities to promote a broad social and
political consensus on the basic tenants of their policy
approach.

                        *    *    *

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2006, Standard & Poor's lowered its long-term foreign
currency sovereign credit rating on Belize to 'CC' from 'CCC-'
while leaving its outlook on the rating at negative.  Standard &
Poor's affirmed its 'CCC+' long-term local currency sovereign
credit rating on Belize and revised its outlook on the rating to
stable from negative.  The 'C' short-term sovereign credit
ratings on the sovereign were affirmed by S&&P.




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


YPF SA: Investigation on Andina to Take Six Months
--------------------------------------------------
Hugo Iquize, a prosecutor in Bolivia, told AFX News Limited that
the probe on Andina -- the Bolivian unit of YPF SA -- for
economic damage to the government could take six months.

The summons for depositions were issued to 20 executives at
Andina on Monday, AFX News relates, citing Prosecutor Iquize.

Prosecutor Iquize told AFX News, "We are in the information-
gathering stage and the probe could take six months more or
less."

A spokesperson of Maria Teresa Fernadez de la Vega, the Deputy
Prime Minister of Spain, told AFX News that Bolivia's President
Evo Morales called the minister at weekend to explain that he
wants Repsol to remain in Bolivia.

Repsol has invested about US$1 billion in Bolivia over the past
decade, AFX News states, citing the spokesperson.

                        *    *    *

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

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




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


AES CORP: Sao Paulo Unit to Sell Shares on Stock Markets Abroad
---------------------------------------------------------------
AES Eletropaulo -- AES Corp.'s unit in Sao Paulo, Brazil -- told
Bovespa, the Sao Paulo stock exchange, that it has approved a
program to sell shares on stock markets outside the country,
Business News Americas reports.

BNamericas relates that Eletropaulo said that it wants to sell
global depositary receipts representing non-voting class B
shares.  The company, however, did not state where it would sell
the shares.

According to the report, Eletropaulo's board of directors
approved the management to ask permission for the program from
local authorities and prepare the firm for the sales process.

BNamericas underscores that Eletropaulo's board authorized
JPMorgan Chase, a financial services firm based in the United
States, as the program's depository institution.  Meanwhile,
Brazil's Banco Itau was appointed as the custody bank.

AEs Eletropaulo is controlled by the AES Corp.  It distributes
power to 24 towns in Sao Paulo state, including the city of Sao
Paulo.

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

AES's Latin America business group is comprised of generation
plants and electric utilities in Argentina, Brazil, Chile,
Colombia, Dominican Republic, El Salvador, Panama and Venezuela.
Fuels include biomass, diesel, coal, gas and hydro.  The group
also pursues business development activities in the region.  AES
has been in the region since May 1993, when it acquired the CTSN
power plant in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corp.'s Issuer Default Rating at 'B+'.
Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the Rating
Outlook for all remaining instruments is Stable.

As reported in the Troubled Company Reporter on March 31, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on energy company The AES Corp. to 'BB-' from 'B+'.  S&P
said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2006,
Moody's affirmed the ratings of The AES Corp., including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


BRASKEM SA: Launches Cash Tender Offer for 12.50% Notes
-------------------------------------------------------
Braskem S.A. has commenced a cash tender offer for any and all
of its outstanding US$275 million principal amount of 12.50%
Notes due 2008.  The tender offer is being made upon the terms
and subject to the conditions set forth in the Offer to Purchase
that is being distributed to holders of the 12.50% Notes due
2008.

Braskem's Board of Directors has also approved an offering that
Braskem expects to commence in September 2006 of up to US$275
million principal amount of new notes in the international
market.  The net proceeds of the offering will be used
principally to fund the purchase of the 12.50% Notes due 2008
tendered in the tender offer.  Braskem will offer the new notes
only to qualified institutional buyers pursuant to Rules 144A
under the Securities Act of 1933 and to non-US persons under
Regulation S under the Securities Act.

Paul Altit, the CFO and investor relations director of Braskem,
said, "Braskem is conducting the tender offer and proposes to
issue the new notes in the expectation that these transactions
will extend the maturity profile of Braskem's indebtedness and
reduce the cost of its financing."

The new notes have not been and will not be registered under the
US Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act.

Braskem -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin American, and is among the three
largest Brazilian-owned private industrial companies.  The
company operates 13 manufacturing plants located throughout
Brazil, and has an annual production capacity of 5.8 million
tons of resins and other petrochemical products.

                        *    *    *

Fitch Ratings upgraded these ratings of Braskem S.A. on
July 1, 2006:

   -- Foreign Currency IDR: To BB+ Rating with Stable Outlook,
      from BB Rating with Positive Outlook;

   -- US$525 million Sr. Unsecured notes due 2008, 2014: To BB+,
      from BB;

   -- US$350 million Perpetual Bonds: To BB+, from BB;

   -- National Long-term Rating: To 'AA(bra)' from 'AA-(bra)';
      and

   -- BRL600 million 12th and 13th Debenture Issuances due 2009
      and 2010: To 'AA(bra)' from 'AA-(bra)'.

These rating actions followed 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.


CIA SIDERURGICA: Baffled at USW's Objection to Merger Talks
-----------------------------------------------------------
Executives of Companhia Siderurgica Nacional aka CSN told The
Intelligencer that they are baffled at the United Steelworkers'
objection to the company's merger with Wheeling-Pittsburgh Steel
Corp.

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2006, the union planned to use every means at its
disposal to oppose the proposed transaction between Wheeling-
Pittsburgh Corp. and Companhia Siderurgica Nacional aka CSN.  In
a letter delivered to the company on Aug. 14, 2006, David
McCall, director of USW District 1 and the union's chief
negotiator with Wheeling-Pittsburgh, informed James Bradley,
Chairman, President and CEO of the company, that "the
Steelworkers Union is filing a grievance in order to rectify the
company's egregious violations of the Right to Bid provisions of
our labor agreement."  The union's agreement with Wheeling-
Pittsburgh provides the Union with the right to organize a
transaction in the event the company decides or is presented
with an offer to sell the company.  Until the Union is given the
same period of time given to other parties, Wheeling-Pittsburgh
may enter into no contracts regarding a potential sale.  Mr.
McCall said that Wheeling-Pittsburgh breached the contract when
it accepted CSN's offer, adding that the company's contention
that the USW must present a competing transaction by Sept. 8,
2006, is "completely without merit."  The union letter asserted,
"Even the most conservative reading of the labor agreement
requires that the company enter into no contract, including most
certainly the definite agreement that you have announced as your
next step in the CSN transaction, prior to Feb. 5, 2007."  Leo
W. Gerard, the union's international president said that the
group has a long history of successfully opposing corporate
transactions that fail to consider the best interests of the men
and women who work in the mills.  "While we clearly recognize
the importance of consolidation to the future of the steel
industry.  We will only support a transaction that fully
protects our members' rights," Mr. Gerard notes.  The Union
previously indicated its strong support for the transaction
proposed by Esmark, Inc.

The Intelligencer relates that CSN and Wheeling-Pitt met with
the union on Monday.  However, the meeting failed to convince
the union leaders to allow the merger.

According to The Intelligencer, Marcos Lutz -- an official from
CSN -- traveled to the United States on Monday to meet with
union leaders to try to win their support.

Union leaders refused give a comment to The Intelligencer on the
first meeting with CSN due to a confidentiality agreement.

However, Dave McCall -- the USW District 1 President told The
Intelligencer, "I didn't hear anything that changed my mind
today."

The Intelligencer states that Mr. Lutz is positive that the CSN
merger with Wheeling-Pittsburgh is too good a deal for the union
to pass up, and that the union will eventually support CSN.

According to the report, the leaders of the union had complained
on the lack of dialogue with CSN until the meeting.

The US is one of the largest steel markets worldwide and
Wheeling-Pitt is one of the traditional firms.  There are lots
of investments to be made and lots of assets that are untapped.
You can reach further with Wheeling-Pitt than with lots of other
companies, The Intelligencer says, citing Mr. Lutz.

The Intelligencer underscores that Mr. Lutz outlined CSN's
strategic interest in Wheeling-Pitt and detailed the partnership
plans, saying that Wheeling-Pitt can boost its production of hot
strip and finished products.  However, environmental and other
restrictions make it impossible for Wheeling-Pitt to increase
its slab production.

Mr. Lutz told The Intelligencer that Wheeling-Pitt has a
strategic issue with slabs.  CSN is building slab capacity in
Brazil.

The Intelligencer emphasizes that Mr. Lutz said, "You cannot be
dependent on slab worldwide without a partnership with a slab
supplier with equity ownership."

Trying to run a finishing mill or hot strip mill while depending
on raw slab from competitors drastically decreases efficiency,
Mr. Lutz told The Intelligencer.  A hot strip mill with no
captive slab supply is vulnerable to:

    -- market fluctuations,
    -- supply chain problems, and
    -- the whims of competitors.

The Intelligencer relates that Mr. Lutz said a merger with CSN
would grant Wheeling-Pitt a steady supply of slab to operate its
hot strip and finishing mills at capacity all the time, as CSN
owns the means of production in Brazil to produce more than
enough slab, as well as the railways, rail cars and a seaport
there.

The finishing mill of CSN is having the same supply problems as
those described with market dependence on slab supply, Mr. Lutz
told The Intelligencer.  The Wheeling-Pitt deal is appealing to
CSN as its Indiana mill is "beholden to its competitors for hot
strip".

CSN buys hot coils from different producers around the US, but
the firm is changing all that and are exclusively buying from
Mingo Junction in the terms of the proposal, Mr. Lutz told The
Intelligencer.

The Intelligencer states that CSN's merger plan includes capital
investment to boost the hot strip capacity at Wheeling-Pitt's
Mingo facilities.

Mr. Lutz told The Intelligencer, "Wheeling wants to stay
independent, and Wheeling shareholders want to have 100%."

Mr. Lutz said that if Wheeling-Pitt has to give up ownership,
CSN's proposal is the best, The Intelligencer says.

Jim Kosowski, the spokesperson of Wheeling-Pitt told The
Intelligencer, "Equity ownership is a very critical issue if
you're in a situation where you want to buy slab at a particular
time.  If you don't have someone who has an equity interest in
the company, you don't have a secure supply of slab."

While the supply agreement guarantees Wheeling-Pitt all the slab
it needs, it does not require the company to buy any specific
amount of slab.  CSN couldn't force Wheeling-Pitt to idle its
own furnaces to run imported Brazilian steel through the Mingo
hot strip mill, The Intelligencer reports, citing Mr. Lutz.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.

                         About CSN

Companhia Siderurgica Nacional aka CSN produces, sells, exports
and distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corporation or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


NOVELIS: Monahan Sits as Interim CEO as Sturgell Leaves Board
-------------------------------------------------------------
Novelis Inc.'s Board of Directors has decided to replace the
Company's President and Chief Executive Officer, Brian W.
Sturgell.  Effective immediately, William T. Monahan, Chairman
of Novelis' Board of Directors and the retired Chairman and
Chief Executive Officer of Imation Corp., will serve as Interim
CEO until Mr. Sturgell's successor has been selected and is in
place.  The Board has commenced an external search for a
successor to Mr. Sturgell.

In light of Mr. Monahan's interim CEO responsibilities, the
Board has formed a temporary Office of the Chairman that
comprises Mr. Monahan and directors Clarence J. Chandran and
Edward A. Blechschmidt.  Mr. Sturgell will be available to
advise the Office of the Chairman during the transition period.
The executive team will now report directly to Mr. Monahan.

Mr. Monahan said, "The past eighteen months have been difficult
for Novelis.  During this period, we have had to address
significant challenges, including the impact of unprecedented
increases in metal prices and an extensive financial review and
restatement process.

"We deeply appreciate Brian's leadership in the creation of
Novelis as an independent company from a complex corporate spin-
off.  During his tenure, the Company began its transformation
into a public-markets, shareholder-focused enterprise, while
restructuring its financial organization and resolving complex
reporting issues.

"Novelis has excellent value-creating assets and opportunities,
and we have a strong management team in place.  We will
accelerate the building of our global market position and
leading product technologies to generate cash flow and deliver
shareholder value."

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

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

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corp.'s Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

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


NOVELIS INC: Earns US$90 Million for the Year Ended Dec. 31
-----------------------------------------------------------
Novelis Inc., filed, on Form 10-K with the US Securities and
Exchange Commission, its financial statements for the fiscal
year ended Dec. 31, 2005.

Novelis registered an increase in net sales to US$8.36 billion
in 2005 compared to US$7.76 billion in 2004, an increase of
US$608 million, or 8%.  The improvement was primarily the result
of an increase in LME metal pricing, which was 10% higher on
average during 2005 compared to 2004.

The Company reported net income of US$90 million, for the year
ended Dec. 31, 2005, compared net income of US$55 million, in
2004.

Interest expense and amortization of debt issuance costs - net
was US$194 million in 2005, significantly higher than the US$48
million allocated to Novelis by Alcan for 2004.  The increase
resulted from the debt the Company undertook to finance the
spin-off.  In addition, the Company incurred US$11 million in
debt issuance costs on undrawn credit facilities that were used
to back up the Alcan notes it received in Jan. 2005 as part of
the spin-off, and included such costs in interest expense and
amortization of debt issuance costs-net.  In previous quarters
during 2005, the costs were included in "Other income-net."

Novelis disclosed that it has material weaknesses in its
internal control over financial reporting and that its
disclosure controls and procedures were not effective.  The
Company is working to remediate the weaknesses to enable it to
timely and accurately prepare and file its reports with the
United States Securities and Exchange Commission.

The Company also disclosed, it restated its consolidated and
combined financial statements for the quarters ended March 31
and June 30, 2005.  Other filings were delayed or remain
outstanding, including its quarterly reports on Form 10-Q for
the quarters ended Mar. 31, 2006 and June 30, 2006.  The
expenses incurred in connection with the restatement and review
process were approximately US$30 million through June 30, 2006.
These expenses include professional fees, audit fees, credit
waiver and consent fees, and special interest on its US$1.4
billion 7.25% senior unsecured debt securities due 2015, which
it will continue to incur until, among other things, the Company
is current with its SEC filings and complete its registered
exchange offer for its Senior Notes.

A full text-copy of Novelis Inc.'s financial report may be
viewed for free at: http://ResearchArchives.com/t/s?108f

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

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

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corp.'s Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

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


NOVELIS: Declares US$0.01 Dividend on Outstanding Common Stock
--------------------------------------------------------------
The Board of Directors of Novelis Inc., declared a quarterly
dividend of US$0.01 per share on its outstanding common stock,
payable on Sept. 25, 2006, to shareholders of record at the
close of business on Sept. 7, 2006.

There are approximately 74 million common shares of the Company
stock outstanding.

Novelis disclosed that its Board reduced the dividend for the
quarter in consideration of corporate cost increases and higher
interest rates, as well as the limitations under its credit
agreement related to dividend payments.

The Company also disclosed that it will mail copies of its
Annual Report on Form 10-K to each shareholder along with its
proxy materials.  The Company's annual report is currently
available for download on its website.  Shareholders who require
printed copies in advance of the mailing of proxy materials may
contact the Investor Relations department by telephone at
404-814-4212.

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

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

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corp.'s Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

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




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


ALVEO FINANCE: Creditors Must Submit Proofs of Claim by Sept. 21
----------------------------------------------------------------
Alveo Finance Inc.'s creditors are required to submit proofs of
claim by Sept. 21, 2006, to the company's liquidator:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Creditors who are not able to comply with the Sept. 21 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Alveo Finance sole shareholder decided on June 21, 2006, to
voluntarily liquidated the business under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ALVEO FINANCE: Trustee to Present Wind-Up Account on Sept. 21
-------------------------------------------------------------
Paolo Giacomelli at MBT Trustees Ltd., the liquidator for Alveo
Finance Inc.'s voluntary liquidation, will:

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

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

   3) give any explanation that may be required of him in his
      capacity as liquidator,

on Sept. 21, 2006, at 12:00 noon.  The meeting will be held at:

         MBT Trustees (Cayman) Ltd.
         3rd Floor, Piccadilly Center
         Elgin Avenue, George Town
         Grand Cayman, Cayman Islands

The liquidator can be reached at:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Alveo Finance's sole shareholder decided on June 21, 2006, to
voluntarily liquidated the business under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ARGENTINE INVESTMENT: Final Shareholders Meeting on Sept. 25
------------------------------------------------------------
The Argentine Investment Company's final shareholders meeting
will be at 10:00 a.m. on Sept. 25, 2006, at the registered
office of the company.

As reported in the Troubled Company Reporter-Latin America on
Aug. 25, 2006, The Argentine Investment's shareholders agreed on
July 25, 2006, to voluntarily liquidate the company under
Section 135 of the Companies Law (2004 Revision) of the Cayman
Islands.  Creditors were required to given until Sept. 12 to
submit proofs of claim to the company's liquidator.

Creditors who are not able to comply with the Sept. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

The shareholders will have this agenda during the final 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:

         Lawrence Edwards
         Cathlin Rossiter
         P.O. Box 258, George Town
         Grand Cayman, Cayman Islands
         Tel: (345) 914 8663
         Fax: (345) 949 4590


ASTER CITY: Final Shareholders Meeting Is Set for Sept. 25
----------------------------------------------------------
Aster City Cable Europe (Cayman) Limited's final shareholders
meeting will be at 12:00 p.m. on Sept. 25, 2006, at:

         200 Crescent Court
         Suite 1600
         Dallas, Texas 75201
         USA

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:

         William G. Neisel
         c/o Stuarts Walker Hersant
         P.O. Box 2510, George Town
         Cayman Financial Centre
         36A Dr. Roy's Drive, George Town
         Grand Cayman, Cayman Islands


CENTER INVESTMENTS: Proofs of Claim Filing Deadline Is Sept. 22
---------------------------------------------------------------
Center Investments Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Center Investments' shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


PEAKINVEST ACQUISITION: Claims Must be Filed by Sept. 22
--------------------------------------------------------
Peakinvest Acquisition Limited's creditors are required to
submit proofs of claim by Sept. 22, 2006, to the company's
liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peakinvest Acquisition's shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


PEAKINVEST CORPORATE: Proofs of Claim Filing Is Until Sept. 22
--------------------------------------------------------------
Peakinvest Corporate Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peakinvest Corporate's shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


PEAKINVEST FUNDING: Claims Filing Deadline Is Set for Sept. 22
--------------------------------------------------------------
Peakinvest Funding Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peakinvest Funding's shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


PEAKINVEST HOLDINGS: Proofs of Claim Must be Filed by Sept. 22
--------------------------------------------------------------
Peakinvest Holdings Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peakinvest Holdings' shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


PEAKINVEST PLANNING: Creditors Must Present Claims by Sept. 22
--------------------------------------------------------------
Peakinvest Planning Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Peakinvest Planning's shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


RETAIL EQUITY: Creditors Have Until Sept. 22 to Submit Claims
-------------------------------------------------------------
Retail Equity Limited's creditors are required to submit proofs
of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Retail Equity's shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


RETAIL HOLDINGS: Proofs of Claim Filing Is Until Sept. 22
---------------------------------------------------------
Retail Holdings Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Retail Holdings' shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


RETAIL INVESTMENTS: Last Day to File Proofs of Claim Is Sept. 22
----------------------------------------------------------------
Retail Investments Limited's creditors are required to submit
proofs of claim by Sept. 22, 2006, to the company's liquidator:

         Westport Services Ltd.
         P.O. Box 1111
         Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Sept. 22 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Retail Investments' shareholders agreed on July 27, 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:

         Bonnie Willkom
         P.O. Box 1111
         Grand Cayman, Cayman Islands
         Tel: (345) 949-5122
         Fax: (345) 949-7920


ROCKSTONE HOLDINGS: Final Shareholders Meeting on Sept. 21
----------------------------------------------------------
Rockstone Holdings invites shareholders to attend a final
meeting at 12:00 noon on Sept. 21, 2006, at:

         MBT Trustees (Cayman) Ltd.
         3rd Floor, Piccadilly Center
         Elgin Avenue, 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:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Rockstone Holdings' shareholders agreed on June 21, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ROCKSTONE HOLDINGS: Last Day to File Proofs of Claim Is Sept. 21
----------------------------------------------------------------
Rockstone Holdings' creditors are required to submit proofs of
claim by Sept. 21, 2006, to the company's liquidator:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Creditors who are not able to comply with the Sept. 21 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Rockstone Holdings' shareholders agreed on June 21, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


VENERE INVESTMENT: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------------
Venere Investment Ltd.'s creditors are required to submit proofs
of claim by Sept. 21, 2006, to the company's liquidator:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Creditors who are not able to comply with the Sept. 21 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Venere Investment's sole shareholder decided on June 21, 2006,
to voluntarily liquidated the business under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


VENERE INVESTMENT: Trustee to Lay Wind-Up Account on Sept. 21
-------------------------------------------------------------
Paolo Giacomelli at MBT Trustees Ltd., the liquidator for Venere
Investment Ltd.'s voluntary liquidation, will:

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

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

   3) give any explanation that may be required of him in his
      capacity as liquidator,

on Sept. 21, 2006, at 12:00 noon.  The meeting will be held at:

         MBT Trustees (Cayman) Ltd.
         3rd Floor, Piccadilly Center
         Elgin Avenue, George Town
         Grand Cayman, Cayman Islands

The liquidator can be reached at:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622 S.M.B.
         Grand Cayman, Cayman Islands
         Tel: 945-8859
         Fax: 949-9793/4

Venere Investment's sole shareholder decided on June 21, 2006,
to voluntarily liquidated the business under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.




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


PHELPS DODGE: Inco Board Still Recommends Merger with Company
-------------------------------------------------------------
Inco Ltd.'s Board of Directors continues to recommend that
shareholders vote in favor of the proposed combination between
Inco and Phelps Dodge Corp. at a special meeting of Inco
shareholders to be held on Sept. 7, 2006.  Accordingly, the
Board has recommended that Inco shareholders reject the offer by
Companhia Vale do Rio Doce to purchase for cash all of the
outstanding common shares of Inco.

Subject to certain exceptions, the Combination Agreement between
Inco and Phelps Dodge requires that Inco's Board continue to
recommend that shareholders vote in favor of the arrangement
between Inco and Phelps Dodge, unless the Board determines that
a competing acquisition proposal constitutes a "superior
proposal".  The Combination Agreement also provides that Inco
publicly may take a neutral position with respect to any
competing acquisition proposal only until 15 days following the
commencement of the competing acquisition proposal.  In the case
of the CVRD Offer, this 15 calendar day period expired
Aug. 29, 2006.

On Aug. 15, 2006, Inco said its Board of Directors was remaining
neutral and making no recommendation with respect to the CVRD
Offer.  Inco's Board did not determine that the CVRD Offer
constitutes a "superior proposal" for purposes of the
Combination Agreement.  However, the Board did determine that
the CVRD Offer could reasonably be expected to result in a
"superior proposal" and, in accordance with the Combination
Agreement, authorized Inco's senior management and advisors to
engage in discussions and negotiations with CVRD.
Representatives of Inco have had several conversations with
representatives of CVRD in which they indicated that Inco was in
a position to engage in negotiations with CVRD to ascertain
whether CVRD was willing to improve the CVRD Offer such
that the Board would be willing to declare it a "superior
proposal" for purposes of the Combination Agreement.  To date,
CVRD has indicated that it is not willing to enter into
substantive discussions or negotiations with respect to
improving the CVRD Offer.  Accordingly, the Inco Board,
consistent with its obligations under the Combination Agreement,
has determined to continue to recommend that Inco shareholders
vote in favor of the arrangement with Phelps Dodge and to
recommend that Inco shareholders reject the CVRD Offer.

In connection with Board's recommendation regarding the CVRD
Offer, the Company is filing today a Notice of Change to
Directors' Circular with Canadian securities regulatory
authorities and an amendment to Solicitation/Recommendation
Statement on Schedule 14D-9 with the United States Securities
and Exchange Commission.  The Notice of Change to Directors'
Circular will be mailed to Inco shareholders on Aug. 29.  Inco
shareholders are urged to read the Notice of Change to
Directors' Circular and the CVRD 14D-9 and any amendments
thereto because they contain important information.

                       About Inco Ltd.

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

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has mining operations in Chile, Peru, Colombia,
Venezuela and Ecuador, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.




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


DIGICEL: Colombia Movil Auction Results Expected Today
------------------------------------------------------
The result for the Colombia Movil aka Ola auction, in which
Digicel Group has participated, will be disclosed on Thursday,
the Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2006, reports in Colombian press said that Digicel Ltd.
qualified as a candidate to make a bid for a stake in Ola.
Local municipal telcos Empresa de Telefono de Bogota and
Empresas Publicas de Medellin planned to sell 50% and one share
of Ola.   Digicel would have to compete with Millicom
International Cellular for that stake.  Millicom -- along with
Digicel and Entel PCS -- was vying to be a strategic partner of
Ola, who would declare the winner on Aug. 3.  Millicom, Digicel
and Entel received an invitation from Empresa de Telefono de
Bogota and Empresas Publicas de Medellin to participate in the
second stage of the process.  However, Entel PCS backed out of
the bidding.  Empresa de Telefono de Bogota and Empresas
Publicas de Medellin would hold the auction on Aug. 31.  Empresa
de Telefono de Bogota and Empresas Publicas de Medellin would
revise the bidding rules if the candidates qualify as bidders.
The definitive draft, which the candidates could study until
Aug. 28 before confirming that they will bid, would be published
on Aug. 18.

Maureen Rabbitt, Digicel Group's head of public relations,
refused to give The Gleaner comments on a pending acquisition.
She said that it would be premature to say anything before the
Aug. 31 disclosure.

The Gleaner relates that Empresa de Telecomunicaciones de Bogota
Empresas Publicas de Medellin had notified Colombia's stock and
bond regulator at the beginning of August that it would complete
the sale process.

The sale process, says The Gleaner, was initially scheduled for
Aug. 3.  It was moved on Aug. 31.

Digicel Limited is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in 13 countries of the Caribbean
including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada,
Barbados, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Limited and affirmed Digicel's existing B3 senior
unsecured and B1 Corporate Family Ratings.  The outlook has been
changed to stable from positive.

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Limited's proposed add-on offering of US$150 million 9.25%
senior notes due 2012.  These notes are an extension of the
US$300 million notes issued in July 2005.  In addition, Fitch
also affirms Digicel's foreign currency Issuer Default Rating
and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the Rating Outlook is Stable.


ECOPETROL: BP Plc Backs Out of Colombian Project
------------------------------------------------
BP Plc told Hemscott that its has abandoned plans of investing
US$3 billion in a natural gas liquification project in Colombia,
after scheduling the construction of the Casanare plant with
Ecopetrol and Tepma.

Hemscott relates that construction of the plant was slated to
begin in 2008.  The plant, which would process gas from the
Cusiana and Cupiagua fields, was expected to start operations in
2011.

Alberto Galvis, the president of BP's Colombian subsidiary, told
La Republica that the project would have been very expensive
because the market price of gas in Colombia is lower than
international market prices.

BP will study its alternatives since the Cusiana gas field
contains significant resources, Hemscott reports, citing Mr.
Galvis.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                         *     *     *

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


ECOPETROL: Gov't Sale of 20% Stake May Raise Up to US$5 Billion
---------------------------------------------------------------
National Hydrocarbon Agency President Armando Zamora told
Bloomberg News that the Colombian government may get up to US$5
billion from the sale of its 20% stake in Ecopetrol SA.

If Mr. Zamora will be right, the offering would be the biggest
state sale ever in the South American country, Bloomberg says.

"With Ecopetrol's reserves and the type of infrastructure it
has, one could talk about between US$2 billion and US$5 billion"
Mr. Zamora told Bloomberg in an interview.

Ecopetrol's 2006 action plan did not involve the sale of a
portion of the government's stake.

However, Colombian President Alvaro Uribe plans to send a bill
to congress next month seeking authorization for the sale,
Ecopetrol spokesman Mauricio Tellez was quoted by Bloomberg as
saying.  The spokesman said the government aims to complete the
sale within a year.

The president, according to the same report, wants to dispose of
the stake in Ecopetrol to help fund an increase in oil output
that would ensure Colombia remains a net oil exporter.

Meanwhile, Ecopetrol workers voiced concern that the government
might eventually sell a majority in the firm.  A work stoppage
on August 3 was participated by about 2,800 workers throughout
the country.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol has
about 1.09 billion barrels of proven oil reserves.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


* COLOMBIA: Ecopetrol Stake Sale May Bring In Up to US$5 Billion
----------------------------------------------------------------
National Hydrocarbon Agency President Armando Zamora told
Bloomberg News that the Colombian government may get up to US$5
billion from the sale of its 20% stake in Ecopetrol SA.

If Mr. Zamora will be right, the offering would be the biggest
state sale ever in the South American country, Bloomberg says.

"With Ecopetrol's reserves and the type of infrastructure it
has, one could talk about between US$2 billion and US$5 billion"
Mr. Zamora told Bloomberg in an interview.

Ecopetrol's 2006 action plan did not involve the sale of a
portion of the government's stake.

However, Colombian President Alvaro Uribe plans to send a bill
to congress next month seeking authorization for the sale,
Ecopetrol spokesman Mauricio Tellez was quoted by Bloomberg as
saying.  The spokesman said the government aims to complete the
sale within a year.

The president, according to the same report, wants to dispose of
the stake in Ecopetrol to help fund an increase in oil output
that would ensure Colombia remains a net oil exporter.

Meanwhile, Ecopetrol workers voiced concern that the government
might eventually sell a majority in the firm.  A work stoppage
on August 3 was participated by about 2,800 workers throughout
the country.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol has
about 1.09 billion barrels of proven oil reserves.

Colombia, Latin America's fifth-largest oil exporter with 1.45
billion barrels of proven oil reserves, is stepping up efforts
to develop new wells and expand production capacity after
forecasting it would become a net importer by 2011.  Colombia
needs another 2 billion barrels of proven oil reserves to avoid
becoming a net importer through 2020.

                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing
Jan. 27, 2017, 'BB'.  The rating is in line with Fitch's long-
term foreign currency rating on Colombia.  Fitch said the Rating
Outlook is Positive.




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


* DOMINICAN REPUBLIC: IMF Urges Reform in Electricity Sector
------------------------------------------------------------
The International Monetary Fund staff mission led by Andy Wolfe,
the Division Chief in the Western Hemisphere Department, said in
Santo Domingo regarding an Aug. 3-16 mission that the group is
urging the authorities of the Dominican Republic to implement,
among other things, reforms in the electricity sector.

The mission urged the authorities to move swiftly and forcefully
to:

     -- accelerate and deepen the reform in the electricity
        sector in order to reduce in a durable way its need for
        government financial support and to improve service
        provision;

     -- ensure fiscal sustainability, threatened recently by
        sluggish revenue performance; and

     -- approve draft laws aimed at providing a durable legal
        framework for the efficient conduct of fiscal policy.
        The mission recommended that the authorities should
        implement a sound and viable plan to recapitalize the
        central bank, which is needed, among other things, to
        ensure that this institution can carry out monetary
        policy in an unencumbered manner.

Mr. Wolfe said, "An IMF mission visited Santo Domingo during
Aug. 3-16 to initiate discussions on the fifth review of the
authorities' economic program that the IMF is supporting through
a 28-month stand-by arrangement (in the total amount of about
US$635 million).  The mission commended the authorities for
their continued firm commitment to pursue sound macroeconomic
policies, which is fundamental to creating an environment of
sustainable high growth and low inflation.  The mission
highlighted that the strong recovery in economic activity, which
is well into its second year, no doubt reflects the positive
impact of the improvement in the country's public finances, the
market-friendly debt restructurings, and the central bank's
successful efforts in combating inflation in a difficult
environment of sharply increasing oil prices.  The positive
economic performance is also the result of the rapid recovery in
confidence in the financial system, owing to strengthened
oversight by the bank superintendency and the strict and
comprehensive application of the legal framework, which is
sending a strong signal regarding the monetary and financial
authorities' determination to ensure banking system soundness.
In this context, the current court proceedings against former
owners and managers of those banks involved in the 2003 banking
crisis are encouraging.

Mr. Wolfe notes, "The mission held a first round of discussions
on the prospects for the macroeconomic outlook for the remainder
of 2006 and for 2007, and these discussions will continue as the
authorities refine their economic program; a mission is expected
to return in the near future with the aim of completing the
review."

"Moreover, the mission recommended that the authorities should
implement a sound and viable plan to recapitalize the central
bank, which is needed, among other things, to ensure that this
institution can carry out monetary policy in an unencumbered
manner.  Such a plan would help increase the considerable gains
made to date in reducing the quasi-fiscal losses of the central
bank," Mr. Wolfe said.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.




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


PETROECUADOR: Tries to Set Time Line for Payment of Debts
---------------------------------------------------------
Petroecuador, the state-run oil firm of Ecuador, is trying to
establish a time line for the payment of its outstanding debt,
which totaled US$246 million, Business News Americas reports.

A spokesperson of Petroecuador told BNamericas that the company
is holding "internal meetings" to discuss its outstanding debt.

The ministry of economy in Ecuador has given Petroecuador US$80
million for it to meet its debt obligations, BNamericas relates.

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




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


MIRANT CORP: Discloses Final Results of Tender Offer
----------------------------------------------------
Mirant Corporation disclosed the final results of its modified
"Dutch auction" tender offer to purchase up to 43,000,000 shares
of the company's common stock, which expired at 5:00 p.m., New
York City time, on Aug. 21, 2006.

Mirant has accepted for payment an aggregate of 43,000,000
shares of its common stock at a purchase price of US$28.50 per
share.  These shares represent approximately 14 percent of the
shares outstanding as of June 30, 2006.  Mirant has been
informed by Mellon Investor Services, the depositary for the
tender offer, that the final proration factor for the tender
offer is approximately 85.6%.

Based on the final count by the depositary -- and excluding any
conditional tenders that were not accepted due to the specified
condition not being satisfied -- 50,218,254 shares were properly
tendered and not withdrawn at or below a price of US$28.50 per
share.

Payment for the shares accepted for purchase, and return of all
shares tendered and delivered and not accepted for purchase,
will be carried out promptly by the depositary.  As a result of
the completion of the tender offer, Mirant has approximately
257,068,663 shares of common stock outstanding (basic).

Any questions with regard to the tender offer may be directed to
the Information Agent for the Offer:

            Innisfree M&A Incorporated
            Tel: 1 877 750 5836

Or to the Dealer Manager for the Offer:

            J.P. Morgan Securities Inc.
            Tel: 1 877 371 5947.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corp. filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.
The Debtors emerged from bankruptcy on Jan. 3, 2006.

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  The rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corp.'s Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


* JAMAICA: Fitch Puts B+ Foreign Currency Issuer Default Rating
---------------------------------------------------------------
Fitch assigned these ratings to Jamaica:

   -- Foreign and local currency Issuer Default Ratings 'B+';
   -- Country ceiling 'BB-';
   -- Bond obligations 'B+/RR4'.

The Rating Outlook is Stable.  Recovery rating 'RR4' implies
average recovery prospects given default.

Jamaica's ratings are supported by its political stability, its
modest external indebtedness and an impressive commitment of
authorities to maintain fiscal consolidation to reduce public
debt despite the various external shocks the island has faced in
recent years.

"A strong consensus on macroeconomic policies geared towards
reducing the public debt burden is a significant credit positive
for Jamaica in this rating category.  It reduces the risk of a
marked policy shift in the event of a change of government,"
said Shelly Shetty, a Senior Director in Fitch's sovereign
group.

Over the past two fiscal years, the society at large has
shouldered the burden of fiscal adjustment, as public-sector
workers sustained heavy real income losses under the aegis of
the Memorandum of Understanding agreement between the government
and the public sector labor force. Notwithstanding the spending
pressures and the possibility of elections in 2006, the
government has been able to secure another MOU with a
significant proportion of the public sector workers, which
envisages little growth in real wages.

Jamaica's ability to run significant primary surpluses (10-11%
of GDP) has allowed for a steady reduction in public debt.
Fitch believes that while meeting the fiscal goals set in the
medium-term program may be challenging, the basic thrust of
fiscal consolidation is likely to continue.  After a significant
deviation from the target in 2005/06, the authorities are
targeting a slight reduction of fiscal deficit to 2.5% of GDP in
2006/07, basing it on an ambitious revenue growth. Rather than
increasing tax rates and risking reduced compliance, the
authorities have taken efforts to strengthen tax administration,
which bore fruit in the last few months of fiscal-year 2006.  In
view of the spending rigidity, the government will have to rely
on greater tax collection to meet its fiscal targets.

Jamaica's ratings are constrained by a very high public debt
burden of 130% of GDP, which is twice the 'B' median, and heavy
financing needs. In addition, public debt is highly sensitive to
changes in interest and exchange rates.  Finally, while public
finances are on the mend, they are extremely vulnerable to
external and weather-related shocks.  An escalation of oil
prices and/or a severe hurricane could test the resolve of the
authorities to meet its fiscal target in any given year.

Another constraint preventing a faster reduction of public debt
is Jamaica's anemic growth performance over the past decade.
Jamaica's growth performance is among the worst in the 'B'
category, with its 2001-2005 average growth of 1.4% comparing
poorly with the 4.6% 'B' median.  Jamaica's growth performance
is hampered by crowding out from the large fiscal deficits, a
heavy public debt burden, a significant vulnerability to
external and weather-related shocks, volatility in the exchange
and interest rates, and a wide range of other structural
constraints, such as low labor productivity, and a high crime
rate. However, growth prospects appear to be better for 2006-
2008, partly owing to the expected foreign direct investment in
the country.

Similar to other island economies and other countries in the 'B'
category, Jamaica runs a significant current account deficit,
which reached nearly 10% of GDP in 2005. However, the
deterioration reflects the impact of high oil prices and higher
imports owing to expansion in investment.  Fitch expects the
current account deficits to remain large during its forecast
period due to heavy investment in the tourism, mining and
infrastructure sectors, which should contribute to increasing
the capacity of the country to earn more foreign exchange in the
medium term.  In addition, Fitch expects most of the current
account deficit to be financed by foreign direct investment,
thereby reducing the vulnerability of external accounts.

Going forward continued fiscal consolidation will be the
linchpin of Jamaica's credit story.  A significant reduction in
the public debt burden may be required before Jamaica could move
up the rating scale. On the other hand, persistent fiscal
slippages leading to a further escalation of the debt burden
would be viewed negatively.




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


BALLY TOTAL: Inks Confidentiality Accord with Shareholder
---------------------------------------------------------
Bally Total Fitness Holding Corp. has entered a confidentiality
agreement with another major shareholder, the Liberation
Investment Group, the latter said in a filing at the US
Securities and Exchange Commission.

Liberation Investment told Reuters that it could arrange an
extraordinary corporate transaction like:

     -- an acquisition,
     -- a sale of the company,
     -- a reorganization, or
     -- a recapitalization of Bally Total.

Bally Total agreed to supply information on its business and
financial position confidentially available to Liberation
Investment, Reuters relates, citing the latter.

Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com
-- is a commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BANCO INTERNACIONAL: S&P Says Low B Rating's Outlook Is Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A.  The outlook was revised to stable from negative.

"The outlook revision to stable from negative reflects better
efficiency, from 70% in 2005 to 63% at June 2006, surging from
less expenses and provisions and a net interest income
attributable to a 21% loan growth after several stagnant years,"
said Standard & Poor's credit analyst Laurence Wattraint.

A concentration in credit exposure, deposit base, and capital in
Costa Rica (BB/stable/B); a decreasing capitalization level; and
lower-than-peers profitability limit the ratings. The ratings
are balanced by the slimmer organizational structure, the
refocusing in trade finance, its core business, and better
results.

The bank has important exposures to Central America, mainly
Costa Rica, with total exposure to this country of 47% in the
loan portfolio and 60% in deposits at June 2006. Additionally,
BICSA's shareholding structure is highly related to Costa Rica
since its major shareholders are the two largest state-owned
commercial banks of this country. Exposure to Central American
small and nondiversified economies poses different challenges to
the bank.  For instance, as a lender of trade finance, economic
problems in any country in the region could have a significant
effect on the bank's performance.  The historic level of
adjusted common equity has decreased to 13% at June 2006 from
18.5% in 2002.  In S&P's opinion, BICSA could require higher
capital levels due to the concentration of its balance sheet and
its expansion plans.  The decrease in BICSA's loan portfolio
margins has caused ROAA to fall to 1.15% at June 2006 from 1.51%
five years ago.  Additionally, lower provisions for loan losses
as compared to previous years have influenced this profitability
level.

Better results during the first half could be observed, with net
operating income of US$3.6 million in June 2006 versus US$2.6
million a year before.  Pressures on profitability arising from
the reorganization of the bank have been completely absorbed, so
we expect BICSA to improve its efficiency levels as the
portfolio grows.

The stable outlook indicates that results are expected to
continue on the current upward trend and the loan portfolio will
grow with discipline.  To improve the ratings, BICSA needs a
more global activity within the region, reducing geographic
concentration and consistently increasing its profitability.
The ratings could be lowered if the bank's financial performance
deteriorates or if there is any deviation or delay from a
recovery trend in the bank, especially because BICSA is
challenged by stronger competition in its core business, trade
finance from global commercial banking.


EMPRESAS ICA: Approves Corporate Governance Proposals
-----------------------------------------------------
Empresas ICA, S.A. de C.V. reported that corporate governance
proposals that were approved by its Board of Directors, as well
as nominations for new members of the Board that will be
presented for approval at its general shareholders' meeting
scheduled for Sept. 12, 2006.  These initiatives are designed to
implement the requirements and recommendations of Mexico's new
Capital Markets Law.

The Board approved on June 27, 2006, the redefinition of the
responsibilities of the Board Chairman, which separate the
positions of Chairman from those of chief executive officer.
The chairman will be responsible for the strategic direction,
oversight, and monitoring of the company functions that are
Board responsibilities.  The chief executive officer will be
responsible for execution of the company's strategic plan and
management of the business.  The Board recommended:

    -- Bernardo Quintana Isaac, who will continue to serve as
       Chairman of the Board, subject to approval by the
       shareholders' meeting.  Mr. Quintana became Chairman and
       chief executive officer of ICA in December 1994.  He
       joined the company in 1963 and was elected to the Board
       in 1978; and

   -- Jose Luis Guerrero Alvarez, who has served as ICA's Chief
      Financial Officer since 1999 and as a director since 1989,
      was nominated to become chief executive officer effective
      Jan. 1, 2007.  During his 27-year career at ICA, Dr.
      Guerrero has served in many positions, including head of
      the capital goods division, corporate treasurer, vice
      president for finance, and vice president for business
      development.

Mr. Quintana said, "I believe that the time is right to turn my
attention to the key issues that will position ICA to continue
to grow and to increase its profitability over the coming years.
I will focus on corporate strategy, including programs to
develop the next generation of leaders of ICA, and on corporate
governance.  Jose Luis Guerrero is the ideal candidate to be the
CEO (chief executive officer) of ICA over the next several
years, as the Company's emerging leaders gain experience and
increased responsibility.  Jose Luis has provided brilliant and
dedicated service throughout his career at ICA, particularly
over the past several years as ICA has strengthened its
financial and operating position.  I will remain deeply involved
with the company; with my focus on strategy and Jose Luis's on
execution, we will make ICA an even stronger company."

ICA is also recomposing its Board to increase the proportion of
outside, independent directors.

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

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

                        *    *    *

Standard & Poor's assigned these ratings to Empresas ICA, with
stable outlook:

   -- LT Foreign Issuer Credit B; and
   -- LT Local Issuer Credit B.

                        *    *    *

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


HECLA MINING: Moody's Withdraws Caa1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn its corporate family
rating for Hecla Mining Company.  The company has no debt rated
by Moody's.

Withdrawals:

   -- Issuer: Hecla Mining Company
   -- Corporate Family Rating, Withdrawn, previously rated Caa1

For information on Moody's policy regarding withdrawn ratings,
please refer to Moody's Guidelines for the Withdrawal of Ratings
-- special comment Jan. 2004 on http://moody's.com/

Moody's last rating action on Hecla was an upgrade of the
corporate family rating to Caa1 in Sept. 2004.

Hecla Mining Company, headquartered in Coeur d' Alene, Idaho, is
a precious metals company with mining operations in the United
States, Mexico, and Venezuela, and had revenue of US$110 million
in 2005.


HIPOTECARIA SU CASITA: Moody's Puts P(Ba2) Global Scale Rating
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has assigned a provisional rating
of (P)Aaa.mx (Mexican National Scale) and (P)Baa1 (Global Scale,
Local Currency) to the Class A certificates BRHSCCB 06-5U, and a
provisional rating of (P)A2.mx (Mexican National Scale) and
(P)Ba2 (Global Scale, Local Currency) to the Class B
certificates BRHSCCB 06-6U of Hipotecaria Su Casita, S.A. de
C.V., Sociedad Financiera de Objeto Limitado to be issued by
Banco J.P. Morgan, S.A. acting solely in its capacity as
trustee.

Interest and principal to certificate holders will be primarily
payable with cash flow from low income housing mortgage loans
originated by HSC and assigned to the trust, which will be
established under the laws of Mexico.

The provisional ratings are based upon these factors:

   -- The credit quality of the pool, which is comprised of
      UDI-denominated, fixed-rate, first-lien mortgage loans
      secured by low-income houses located in Mexico.  The pool
      analyzed has a cut-off date July 31, 2006, and is
      comprised of 2,977 loans.  The weighted average current
      loan-to-value of the pool is 78.7% and the weighted
      average debt-to-income is 17.6%.  As of cut-off date, 95%
      of the pool balance was current and 5% was up to 30 days
      delinquent.

   -- An initial 11% credit enhancement for the Class A
      certificates in the form of 10% subordination represented
      by the Class B certificates and 1% initial
      overcollateralization.

   -- The target credit enhancement levels of the structure in
      which, through the amortization of the Class A
      certificates, Class A certificates will represent 87.2% of
      the outstanding collateral balance, Class B certificates
      will represent 10.0% of the outstanding collateral
      balance, and the Residual class will represent the
      remaining 2.8%.

   -- The first loss mortgage insurance from Genworth Mortgage
      Insurance Co. covering up to 25% (depending on the loan-
      to-value of each loan) of the outstanding balance plus
      unpaid interest of any loan covered that may default over
      the life of the transaction.

   -- The UDI (Unidades de Inversion) minimum wage salary swap
      provided by Sociedad Hipotecaria Federal covering any
      mismatch between the minimum wage and the UDI.

   -- The strong mortgage origination standards and the
      capability of HSC (rated SQ2 by Moody's) in its role as a
      servicer.

   -- The well-established Mexican laws governing mortgage
      securitization.

The complete rating action:

Issuer: Banco J.P. Morgan, S.A., Institucion de Banca Multiple,
        J.P. Morgan Grupo Financiero, acting solely as trustee.

Class A Certificates BRHSCCB 06-5U rated:

   -- (P)Aaa.mx (Mexican National Scale) and
   -- (P)Baa1 (Global Scale, Local Currency)

Class B Certificates BRHSCCB 06-6U rated:

   -- (P)A2.mx (Mexican National Scale) and
   -- (P)Ba2 (Global Scale, Local Currency).


NORTEL NETWORKS: Gets SNTF Contract for National GSM-R Project
--------------------------------------------------------------
Nortel Networks Corp. has been selected by Societe Nationale
des Transports Ferroviaires, an Algerian Railways operator, for
the first phase of SNTF's national GSM-R project to provide a
new wireless communication system that aims to enhance emergency
procedures, improve operational efficiency, increase safety and
reduce the overall cost of its operations.

The Company will deploy a GSM for Railways network that will
make SNTF the first African railway operator to adopt the new
global GSM-R standard.

The new system will allow train drivers, station controllers and
other railway employees to communicate with each other instantly
and at any time, either individually or as separate groups. In
the first phase of SNTF's GSM-R project awarded to the Company,
the network will be deployed along the El Gourzi - Touggourt
line in Eastern Algeria.

Ali Leulmi, central director of infrastructures, SNTF, said,
"The international adopted GSM-R standard is a key component to
upgrading the Algerian railway communication infrastructure.  It
is part of a much larger railway infrastructure project,
including the construction of new conventional and high speed
lines, upgrades of signalling systems and other railway
infrastructure,"

The Company also disclosed that it will provide design and
engineering services for SNTF's GSM-R network from the Nortel
Global Services portfolio.  Its local channel partner, SNEF
Algeria, will supply construction, installation and
commissioning support.

With the new contract win, the Company further disclosed that it
is the first supplier deploying GSM-R networks in the three
continents of Europe, Asia and Africa, including national
deployments in France for RFF, in Great Britain for Network
Rail, and in Germany for Deutsche Bahn.  The Company supplied as
well the high-speed line between Rome and Naples, Italy for
SIRTI.  The Company is also deploying a GSM-R network for the
world's highest rail line, the Tibet-Qinghai high-speed line in
China.

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries.

                        *    *    *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corp., Nortel Networks Corp.,
and Nortel Networks Limited at B (low) along with the preferred
share ratings of Nortel Networks Limited at Pfd-5 (low).  All
trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


SATELITES MEXICANOS: Can Continue Using Business Forms
------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York, to
use, on an interim basis, its existing check stock and business
form stock.

The Honorable Robert D. Drain directs the Debtor to imprint the
legend "debtor-in-possession" on its business forms as soon as
reasonably practicable after the Petition Date.

Pursuant to the operating guidelines established by the Office
of the United States Trustee for debtors-in-possession, the
Debtor is required to obtain checks that bear the designation
"debtor in possession" and reference the bankruptcy case number
and the type of account on those checks.

Printing new business forms would create time-consuming and
costly administrative burdens at great cost to the estate,
Matthew S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
in New York, explains.  Strict compliance with the Guidelines
would also negatively affect operations at the Debtor's
headquarters and divert management's attention from the
reorganization efforts, he adds.

                 About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
its satellites to customers for distribution of network and
cable television programming, direct-to-home television service,
on-site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, S.A. de C.V., give financial advice
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a
Mexican reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 2; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SATELITES MEXICANOS: Seeks Bankr. Court OK on Insurance Programs
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York, to
maintain its existing insurance programs.

The Debtor asks the Court's authority to:

    (1) maintain and continue its current Insurance Programs and
        Insurance Policies on an uninterrupted basis, consistent
        with prepetition practices; and

    (2) pay when due and in the ordinary course all premiums,
        administrative fees and other obligations, including any
        prepetition obligations.

The Debtor maintains various insurance policies and related
programs through several third-party carriers.  The Insurance
Programs include coverage for claims relating to, among other
things, in-orbit damage for its satellites, multimedia
liability, general liability, directors and officers' liability,
automotive liability, legal liability and property.

A schedule of the Debtor's Insurance Policies is available at no
charge at http://researcharchives.com/t/s?1097

The Insurance Programs, Luc A. Despins, Esq., at Milbank, Tweed,
Hadley & McCloy LLP, in New York, explains, are essential to the
preservation of the Debtor's business, property and assets and,
in many cases, coverage is required by various regulations, laws
and contracts that govern the Debtor's business conduct.

The Debtor believes the premiums for each of the Insurance
Programs have been paid in full as of the date of its filing for
chapter 11 protection.  The Debtor seeks authority to pay any
amounts that may be due and owing under its Insurance Programs
out of an abundance of caution, to ensure maintenance of
coverage.

                 In-Orbit Insurance Coverage

Prior to the launch of the Satmex 6 satellite on May 27, 2006,
the Debtor obtained a one-year in-orbit insurance coverage for
the satellite.  The policy provides coverage for partial,
constructive total and total loss of Satmex 6.

The insurance is in the amount of US$235 million with an
additional total loss only policy for US$30 million and is based
on prevailing market terms and conditions.  The policy requires
that 75% of the satellite's capacity be impaired before a total
loss can be declared.

Arianespace, S.A, provided launch risk coverage for Satmex 6.

The premium amount paid prepetition by the Debtor for in-orbit
insurance coverage of Satmex 6 totals US$41,464,125.

The Debtor also maintains one-year in-orbit Insurance Programs
for the Satmex 5 satellite and the Solidaridad 2 satellite under
terms reflecting current market conditions.  The premiums for
the period from Dec. 2005 to 2006 for Satmex 5 -- US$2,131,500
-- and Solidaridad 2 -- US$942,200 -- have been fully paid.

Solidaridad 2 is insured for US$35 million and the current
insurance policy expires on Dec. 5, 2006.  In the event of a
loss of the satellite, the insurance policy provides for a
payment to the Debtor of up to the insured amount, less any
unpaid premiums.

Satmex 5 is insured for US$75 million and the current insurance
policy expires on Dec. 5, 2006.  The insurance coverage on
Satmex 5 provides that if 75% or more of satellite capability is
lost, then a constructive total loss is deemed to have occurred,
and the full amount of insurance would become due and payable.
In the event of a loss of Satmex 5, the insurance policy
provides for a payment to the Debtor of up to the insured
amount, less any unpaid premiums.

              Directors and Officers Insurance

The Debtor provides insurance coverage for all of its directors
and officers, up to a US$5 million total limit of liability.
The aggregate annual premium for D&O insurance coverage is
US$404,000, which is paid in two installments per year with the
next premium payment due Sept. 15, 2006.  The current policy
expires on Feb. 25, 2007.

          General Liability and Property Insurance

The Debtor maintains media liability insurance that covers,
among other things, costs arising from legal responsibility
related to its multimedia service activities.  The aggregate
annual premium for media liability insurance coverage is
approximately US$60,000 and the current policy expires on
July 14, 2007.

The Debtor also maintains property, casualty and third-party
insurance.  The aggregate semi-annual premium for property,
casualty and third-party insurance coverage is US$42,000 and the
current policy expires Nov. 30, 2006.

The Debtor maintains an umbrella insurance policy for all of its
automobiles, with different premiums paid and different
expiration dates for each of the automobiles.  The total
aggregate annual premium paid by the Debtor for automobile
insurance coverage is US$15,500.

                About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
its satellites to customers for distribution of network and
cable television programming, direct-to-home television service,
on-site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, S.A. de C.V., give financial advice
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a
Mexican reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 2; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SATELITES MEXICANOS: Wants to Continue Employing OCPs
-----------------------------------------------------
Satelites Mexicanos, S.A. de C.V., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York, to
continue employ and pay its Ordinary Course Professionals,
without having to file separate employment applications and
affidavits.

The Debtor retains the services of various professionals in the
ordinary course of its business operations.  These
professionals, who are not involved in the administration of the
Chapter 11 case, render a wide range of legal, accounting, tax
and other services that impact the Debtor's day-to-day
operations.

According to Luc A. Despins, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York, it is essential that the Ordinary
Course Professionals' employment be continued on an ongoing
basis so as to avoid disruption of the Debtor's normal business
operations.  The Debtor's request will also save the estate the
substantial expenses associated with applying separately for the
employment of each professional.

Consistent with prepetition practices, the Debtor proposes to
pay each Ordinary Course Professional, without a prior
application to the Court, 100% of its fees and disbursements
incurred up to either:

    (a) US$50,000 per month; or
    (b) US$500,000 during the pendency of the Chapter 11 case.

Ordinary Course Professionals seeking more than US$50,000 in a
single month while the Debtor is in Chapter 11, or US$500,000
during the pendency of the Chapter 11 case will be required to
file a fee application for the full amount of their fees.

Each Ordinary Course Professional must also file with the Court
and serve on the U.S. Trustee and the Debtor:

    -- an affidavit certifying that it does not represent or
       hold any interest adverse to the Debtor or the Debtor's
       estate with respect to the matter on which it is to be
       employed; and

    -- a completed retention questionnaire.

A list of the Debtor's ordinary course professionals is
available for free at http://researcharchives.com/t/s?1098

The Debtor reserves the right to supplement its list of Ordinary
Course Professionals from time to time as necessary.  The Debtor
will notify the Court of additional Ordinary Course
Professionals through a notice, which will be served on the
appropriate notice parties.  If no objection to the Notice is
filed within 15 days, the Debtor's retention of that additional
Ordinary Course Professional will be deemed approved by the
Court.

Although certain of the Ordinary Course Professionals may hold
unsecured claims against the Debtor for prepetition services,
the Debtor does not believe that any of the Professionals has an
interest adverse to the estate, the creditors or other parties-
in-interest on the matters for which the Professionals would be
employed.

Therefore, all of the Ordinary Course Professionals proposed to
be retained meet the special counsel retention requirement under
Section 327(e) of the Bankruptcy Code, Mr. Despins says.

                About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
its satellites to customers for distribution of network and
cable television programming, direct-to-home television service,
on-site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, S.A. de C.V., give financial advice
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a
Mexican reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 2; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TV AZTECA: Unit Agrees to Have Ratings Tracked by Nielsen Media
---------------------------------------------------------------
Azteca America, a unit of TV Azteca SA de CV, has agreed to let
Nielsen Media Research track its ratings, Tampa Bay Business
Journal reports.

According to Tampa Bay Business, Azteca America has affiliates
or a presence in 52 American cities.

Tampa Bay Business relates that under an accord entered with
Nielsen, Azteca America will be included in the national
television ratings provided by Nielsen, as well as in other
Spanish-language and general market national broadcast networks
through Nielsen's National People Meter program.

Before Azteca America had an agreement with Nielsen, it was
reported solely through the Nielsen Hispanic Television Index
service, Tampa Bay Business states.

                    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.




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


FIRST BANCORP: Discloses Unit's Compliance Development
------------------------------------------------------
First BanCorp's its subsidiary, FirstBank, has consented to a
Cease and Desist order with the Federal Deposit Insurance
Corporation aka FDIC under which the FirstBank agreed to take
certain actions to strengthen the Bank's compliance with the
Bank Secrecy Act or BSA.

The consent order requires FirstBank to take various affirmative
actions, including that FirstBank operate under adequate
management supervision and Board of Directors oversight with
respect to BSA matters, implementing systems of internal
controls, independent testing and training programs to ensure
full compliance with BSA, and amending existing policies,
procedures, and processes relating to internal and external
audits to review compliance with BSA provisions, among others.

Since the start of 2006, the Bank has been refining core areas
of its risk management and compliance systems, and to-date has
instituted a significant number of measures required by the
agreement.  The consent order, which resulted from the FDIC's
recently completed audit as of Dec. 31, 2005, does not impose
any civil or monetary penalties, and does not restrict
FirstBank's business operations.

Luis Beauchamp, President and Chief Executive Officer of
FirstBank, said, "FirstBank has been working diligently to
strengthen and enhance its BSA policies and procedures.  We
remain steadfastly committed to maintain the highest standards
of compliance."

As previously announced, First BanCorp is in the process of
preparing restated financial statements.  First BanCorp
anticipates it will file an amended annual report on Form 10-K
for 2004 this summer, and then its historical financial
statements for 2005 and the first two quarters of 2006.

First BanCorp (NYSE: FBP) is the parent corporation of FirstBank
Puerto Rico, a state chartered commercial bank with operations
in Puerto Rico, the Virgin Islands and Florida; of FirstBank
Insurance Agency; and of Ponce General Corporation.  First
BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations.

                          *     *     *

As reported in the Troubled Company Reporter on March 22, 2006,
Fitch Ratings affirmed the ratings and Outlook for First Bancorp
and FirstBank Puerto Rico: long-term Issuer Default Rating
'BB'/short-term 'B'.  The Rating Outlook remains Negative.


GLOBAL HOME: Asks Court to Approve WearEver Sale Incentive Plan
---------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve a
performance-based management incentive plan, conditioned on the
going concern sale of substantially all assets of these WearEver
Debtors:

         * Mirro Acquisition, Inc.,
         * Mirro PuertoRico, Inc., and
         * Mirro Operating Company LLC.

The WearEver Debtors sell metal cookware, bakeware and related
accessories throughout North America.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl Young Jones &
Weintraub LLP, in Wilmington, Del., tells the Court that the
WearEver Debtors' business is not profitable under its current
capital structure.  The Debtors will be unable to continue the
business as a going concern beyond the near term.  The Debtors
have already asked permission to sell the business for at least
US$21 million.

To provide appropriate incentives for the employees of the
WearEver Debtors to effectuate the proposed sale, the Debtors
want to implement a multi-tiered performance-based management
sale incentive program conditioned on the successful closing of
the proposed sale and other benchmarks.  According to Ms. Jones,
the Incentive Plan will cover the 11 principal employees
involved in the proposed sale.  The Debtors believe that these
employees require additional incentives to close the proposed
sale, given the hard work and dedication that they have
displayed from the time of the decision to sell the assets
through the approval of the sale procedures, and given the
additional hard work and dedication that will be required of
those employees through the closing of the sale.

Under the proposed multi-tiered Incentive Plan:

   (a) on the closing of the going concern sale of the WearEver
       business, each of the WearEver Sale Employees who
       fulfilled his or her obligations to the Debtors through
       the closing will be entitled to receive a one-time
       incentive payment ranging from 20% to 40% of the
       employee's annual salary; or

   (b) on the closing of the proposed sale and in the event
       that the gross proceeds are equal to or greater than
       US$25 million, each WearEver Sale Employees will receive
       a one-time incentive payment ranging from 25% to 50% of
       the employee's annual salary; or

   (c) on the closing of the proposed sale and in the event that
       the gross proceeds are equal to US$30 million, each
       WearEver Sale Employees will receive a one-time incentive
       payment ranging from 30% to 55% of the employee's annual
       salary; or

   (d) on the closing of the proposed sale and in the event that
       the gross proceeds are greater than US$30 million, each
       WearEver Sale Employees will receive:

       (i) a one-time incentive payment ranging from 30% to 55%
           of the employee's annual salary; and

      (ii) for each US$1 million of gross proceeds received in
           excess of US$30 million, the aggregate payments to
           all WearEver Sale Employees would increase by 1%,
           subject to a maximum increase of 15% if the aggregate
           gross sale proceeds equals or exceed US$45 million.

According to Ms. Jones, given the best scenario, total payments
under the Incentive Plan will not exceed US$538,142 in the
aggregate.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
--  sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
Apr. 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., represents the Official
Committee of Unsecured Creditors.  When the company filed for
protection from their creditors, they estimated assets between
US$50 million and US$100 million and estimated debts of more
than US$100 million.




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


MIRANT CORP: Allows 25 Claims Aggregating US$2,266,255
----------------------------------------------------
To avoid costly litigation, Reorganized Mirant Corp. and its
debtor-affiliates entered into separate stipulations with 15
claimants agreeing to the allowance of these claims against
their reorganized estates:

                                     Allowed
                           Claim      Claim
    Claimant               Number     Amount    Liable Debtor
    --------               ------    -------    -------------
    Avaya, Inc.             2186     US$44,370 Mirant Kendall,
                            2187               MIRMA, Mint Farm,
                            2189               Mirant Delta, and
                            2190               Mirant New York
                            7851
                            8252
                            8347

    Consol Energy Inc.      7032    US$405,100 MAEM

    Hain Capital
    Holdings, LLC           8396     291,460   Hudson Valley Gas

    Georgia Department      7485       5,837   MADI
    of Revenue              7488      18,378   Mirant Services
                            7489     714,574   MAEM

    Longacre Master
    Fund, Ltd.              6577      63,000   Mirant Kendall

    Longacre Master
    Fund, Ltd.              3983     256,873   Mirant Delta

    Man Capital, LLC        6685      37,258   MAEM

    Motion Industries, Inc. 7370
                            7371      12,533   MIRMA

    New York Power
    Authority               7099       5,494   Mirant Corp.

    Pitney Bowes
    Credit Corp.            1228      15,939   Mirant Corp.

    Power Engineers
    Consulting              3719      25,000   MAEM

    PSI Energy, Inc.        6274     279,143  Mirant Sugar Creek
                            6275      49,077  Mirant Sugar Creek

    Richards, Layton &
    Finger, P.A.            3936      13,535  Mirant Corp.

    Vitol S.A., Inc.          37      25,000  MAEM

    Tharp Company           2032       3,225  Mirant Corp.

Ian T. Peck, Esq., at Haynes and Boone, LLP, in Dallas, Texas,
notes that certain of the Avaya Claims were not allowed in full
or were disallowed in their entirety.

Hain Capital asserts Claim No. 8396 as an assignee of Power
Engineers, Inc.

Longacre Master Fund holds Claim Nos. 6577 and 3983 as an
assignee of General Electric Company and B&W Construction
Company, Inc.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant owns or leases more than 18,000 megawatts
of electric generating capacity globally.  Mirant Corp. filed
for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-
46590), and emerged under the terms of a confirmed Second
Amended Plan on Jan. 3, 2006.  Thomas E. Lauria, Esq., at White
& Case LLP, represented the Debtors in their successful
restructuring.  When the Debtors filed for protection from their
creditors, they listed US$20,574,000,000 in assets and
US$11,401,000,000 in debts.  The Debtors emerged from bankruptcy
on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue No. 103;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  The rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corp.'s Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


MIRANT CORP: Asks Court to Approve Shady Hills Settlement Accord
----------------------------------------------------------------
Reorganized Shady Hills Power Company, L.L.C., a Mirant Corp.
debtor-affiliate and Mike Olson, in his capacity as tax
collector for Pasco county in Florida, entered into a settlement
agreement to resolve their dispute on certain unpaid taxes
totaling US$3,225,509, plus other costs.

Michelle C. Campbell, Esq., at White & Case LLP, in Miami,
Florida, relates that the dispute relates to tangible personal
property taxes for 2003 imposed on Shady Hills' power plant
located in Pasco County.

By operation of Section 362(a) of the Bankruptcy Code, Ms.
Campbell says the 2003 Taxes remained unpaid and became "past
due" on April 1, 2004, under Section 192.333 of the Florida
Statutes.  As a result, a statutory tax lien attached to the
Shady Hills Power Plant, effective Jan. 1, 2003.

On Dec. 3, 2003, the Tax Collector filed Claim No. 5797
against Shady Hills asserting a secured claim based on the Tax
Lien, including interests calculated at 18% per annum and
attorney's fees.

The New Mirant Entities dispute:

    * the amount of the taxes; and

    * the 18% delinquency rate, asserting that it is
      significantly higher than any interest rate that the Tax
      Collector would be entitled to receive under Section 506
      of the Bankruptcy Code.

New Mirant further asserts that the Tax Collector is not
entitled to the collection costs or attorney's fees under
applicable law.

To avoid litigation expenses, costs and delay, New Mirant sought
and obtained Court approval of the Settlement Agreement between
Shady Hills and Pasco County.

The salient terms of the Settlement Agreement are:

    (a) Claim No. 5797 will be an Allowed Secured Claim treated
        in Mirant Debtor Class 2 for US$3,677,081, which
        includes accrued interest calculated at 6% per annum
        from April 1, 2004, until July 1, 2006;

    (b) The Allowed Secured Claim will not be subject to
        determination pursuant to Section 505 of the Bankruptcy
        Code;

    (c) All other amounts relating to the Claim, including the
        collection costs will be disallowed in their entirety,
        will not be asserted in any forum, and are not subject
        to reconsideration pursuant to Section 502(j) of the
        Bankruptcy Code; and

    (d) Pasco County will release the Tax Lien on payment of the
        Claim.

A full-text copy of the Shady Hills Settlement Agreement is
available for free at http://researcharchives.com/t/s?1094

                        About Mirant

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant owns or leases more than 18,000 megawatts
of electric generating capacity globally.  Mirant Corp. filed
for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-
46590), and emerged under the terms of a confirmed Second
Amended Plan on Jan. 3, 2006.  Thomas E. Lauria, Esq., at White
& Case LLP, represented the Debtors in their successful
restructuring.  When the Debtors filed for protection from their
creditors, they listed US$20,574,000,000 in assets and
US$11,401,000,000 in debts.  The Debtors emerged from bankruptcy
on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue No. 103;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  The rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corp.'s Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.




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


PETROLEOS DE VENEZUELA: Post US$6.2BB Jan-July Net Profits
----------------------------------------------------------
Petroleos de Venezuela said in a statement on its preliminary
results that its net profits increased to US$6.2 billion for the
first seven months of 2006, compared with the same period of
2005.

Petroleos de Venezuela, without providing 2005 figures, told
Business News Americas that its revenue for the period was
US$33.8 billion and operating profit was US$15.8 billion.

BNamericas relates that Petroleos de Venezuela's costs and
expenses totaled US$7.8 billion, excluding operations abroad.

According to the report, royalties paid to the Venezuelan
government was US$10.2 billion.

BNamericas underscores that Petroleos de Venezuela spent US$5.6
billion on social works.

Petroleos de Venezuela, says BNamericas, has not published its
2005 and 2006 audited financial results because of a 63-day
strike from 2002 to 2003.

External auditors are reviewing the 2005 results, which must be
presented to the national assembly before being published,
BNamericas reports.

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.

                        *    *    *

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


* VENEZUELA: Considers Petrochemical Joint Venture with China
-------------------------------------------------------------
El Universal reports that the Venezuelan government is studying
the organization of a joint venture with China.

According to Saul Ameliach, head of Pequiven, a subsidiary of
state-run oil holding Petroleos de Venezuela, the joint venture
would be called Paraguana Petrochemical Compound, El Universal
states.

The proposed company, which will focus on oil refining, is part
of an agreement to be entered into by both nations in the area
of oleofines to manufacture plastics, including also transfer of
Chinese technology, El Universal says.

"We are looking for a petrochemical plant in Venezuela in order
to extract raw materials intended to remain in the country for
downstream activities and create wealth," El Universal quoted
Mr. Ameliach as saying during an interview with TV channel VTV.

                        *    *    *

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


* VENEZUELA: Sees Higher Chinese Investment in Domestic Sector
--------------------------------------------------------------
Gustavo Marquez, Venezuela's Minister for Foreign Trade and
Integration, believes that Chinese participation in the local
market will continue its upward trend this year, according to a
report from El Universal.

According to the Caracas-daily, Chinese businesspersons have
shown interest in having a stake in the areas of tourism,
energy, infrastructure, manufacturing, services and
telecommunications, among others.

                        *    *    *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 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/

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

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

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

Sept. 7-8, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Wynn Las Vegas, Las Vegas, NV
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Sept. 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      ALS Walk 4 Life
         Montrose Harbor, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

Sept. 11, 2006
   AMERICAN BANKRUPTCY INSTITUTE / NEW YORK INSTITUTE OF CREDIT
      Golf Outing
         Montammy Golf Club, Alpine, NJ
            Contact: http://www.abiworld.org/

Sept. 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      ACG/TMA Joint Movie - Enron: The Smartest Guys in the Room
      TBD, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

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

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

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

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

Sept. 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/

Sept. 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/

Sept. 14, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Advanced Restructuring and Plan of Reorganization
         Park Central, New York, NY
               Contact: http://www.airacira.org/

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

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

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

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

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

Sept. 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Group - "Conversations in Networking"
         Dave & Buster's, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 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/

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

Sept. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual Turnaround Tee-off Golf Tournament &
Fundraiser
         Green Valley Country Club, Lafayette Hill, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Carolinas Membership Luncheon featuring a presentation by
      James Porter of Mesirow Financial
         City Club, Charlotte, NC
            Contact: 704-319-2288 or http://www.turnaround.org/

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

Sept. 27, 2006
   BEARD AUDIO CONFERENCES
      Year One of BAPCPA: Lessons Learned and Outlook
         A Look at the Business Provisions One Year Later
            Contact: 240-629-3300
            Or http://www.beardaudioconferences.com/

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

Sept. 26-27, 2006
   EUROMONEY
      Asia Pacific High Yield Debt Summit
         JW Marriott Hotel, Hong Kong
            Contact: http://www.euromoneyplc.com/

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

Sept. 27, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      New York Luncheon - Pension Panel Program
      Harmonie Club, New York, NY
           Contact: 541-58-1665 or http://www.airacira.org/

Oct. 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Organization of Women Networking Event/
      Fundraiser
         TBD, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Oct. 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, PA
            Contact: 412-644-8794 or http://www.turnaround.org/

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

Oct. 6, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2006: Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http;//www.abiworld.org/

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

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

Oct. 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

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

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

Oct. 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

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

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

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

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

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

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

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

Oct. 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/

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

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

Nov. 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/

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

Nov. 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

Nov. 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/

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

Nov. 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

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

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

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

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

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

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

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

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

Nov. 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

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

Nov. 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/

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

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

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

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

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

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

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

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

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

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

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

Feb. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

Feb. 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/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

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

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

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

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

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

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

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

Oct. 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/

Oct. 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, and 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 US$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 US$25 each.  For
subscription information, contact Christopher Beard at 240/629-
3300.


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