TCRLA_Public/060907.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, September 7, 2006, Vol. 7, Issue 178

                          Headlines

A R G E N T I N A

ALTA COMERCIAL: Seeks Reorganization Approval from Court
BALLY TECHNOLOGIES: Sues International Game in US District Court
CEPAR SRL: Claims Verification Deadline Is on November 6
CORPORACION FINANCIERA: Trustee Verifies Claims Until Nov. 22
HEBOS SA: Seeks Reorganization Approval from Buenos Aires Court

PINNACLE ENT: Buying Sands & Traymore Sites for US$270 Million
RESTAURANT LIGURE: Verification of Claims Ends on Nov. 22
SALTA HYDROCARBON: Fitch Ups Global Foreign Curr. Rating to B+

B A H A M A S

COMPLETE RETREATS: Selling Via De Fortuna Furnishings for US$25K
COMPLETE RETREATS: Wants to Employ Ordinary Course Professionals
KERZNER INT: Private Buy Cues S&P to Withdraw BB- Credit Rating
WINN-DIXIE: Shareholders Want Plan Modified to Receive New Stock
WINN-DIXIE: Judge Funk Issues Protective Order on E&A Discovery

B E R M U D A

ALEA GROUP: Listing 72,818 Shares in London Stock Exchange
INTELSAT: June 30 Stockholder's Deficit Widens to US$331 Million
MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units
REFCO INC: U.S. Trustee Objects to Houlihan Lokey's Fee Increase
REFCO INC: Ch. 7 Trustee Wants 36 Claims Disallowed & Expunged

B R A Z I L

BANCO DO ESTADO: Fitch Withdraws All Ratings
BANCO NACIONAL: Okays BRL30.5 Bil. Increase in Reference Equity
BANCO SANTANDER BANESPA: Fitch Assigns BB+ Foreign Currency IDR
BANCO SANTANDER BRASIL: Fitch Withdraws All Ratings
BANCO SANTANDER MERIDIONAL: Fitch Withdraws All Ratings

NOVELIS INC: Moody's Lowers Corp. Family Rating to B1 from Ba3
PARMALAT: BofA, et al., Balk at Planned Permanent Injunction
PARMALAT: Finanziara S.p.A., et al., Seek Stay Pending Appeal
VOTO-VOTORANTIM OVERSEAS: Moody's Ups Rating on Debt to Ba1
VOTORANTIM PARTICIPACOES: Moody's Ups Rating on Notes to Ba1

C A Y M A N   I S L A N D S

AMADEUS FUNDING: Creditors Must File Proofs of Claim by Sept. 21
AURORA GREEN: Creditors Have Until Sept. 21 to File Claims
MERRILL LYNCH (FUND): Proofs of Claim Must be Filed by Sept. 21
AKEBONOBASHI HOLDING: Proofs of Claim Filing Ends on Sept. 21
JF COMPANY: Deadline for Proofs of Claim Filing Is on Sept. 21

KYOKUTO ASSET: Last Day to File Proofs of Claim Is Sept. 21
MTRMA REINSURANCE: Proofs of Claim Must be Filed by Sept. 21
BALL BRAZIL: Creditors Must File Proofs of Claim by Sept. 21
SAN INVESTMENT: Proofs of Claim Filing Deadline Is on Sept. 21
GLEN AGAR: Filing of Proofs of Claim Is Until Sept. 21

SCOTTISH RE: Moody's Puts Ratings Under Review & May Downgrade

C H I L E

FALCONBRIDGE: Xstrata Mulls Building Chile Hydroelectric Plants
GLOBAL CROSSING: Extends VoIP Outbound Service Portfolio
GOL LINHAS: Launches Ticket Sales to Santiago, Chile
PHELPS DODGE: Agrees to Terminate Merger Agreement with Inco

D O M I N I C A N   R E P U B L I C

BANCO BHD: Rumors Say Firm Buying Republic Bank's Business

J A M A I C A

AIR JAMAICA: Two Unions Seek to Represent Workers
DELTA AIR: Posts US$69 Million Net Income in July 2006
KAISER ALUMINUM: Settles Dispute Over Products Coverage Insurers
KAISER ALUMINUM: Says Agrium's Move to Pursue Claim Is Meritless

M E X I C O

DELTA AIR: Adds Two Routes to Mexico & French West Indies
EMPRESAS ICA: Unit Keen on Constructing Durango Plant
FORD MOTOR: Names Alan Mulally as President and CEO
FORD MOTOR: Looks at New Business Models to Ensure Recovery
KANSAS CITY SOUTHERN: S&P Affirms B Corporate Credit Rating

PORTRAIT CORP: Has Interim Access to Wells Fargo DIP Loan
SATELITES MEXICANOS: Court Moves Disclosure Hearing to Sept. 13
SATELITES MEXICANOS: FCC OKs SATMEX 6 Addition to Permitted List

P A N A M A

IAP WORLDWIDE: S&P Lowers Corporate Credit Rating to B from B+

P E R U

GRUPO ELEKTRA: Inks Electronic Money Transfer Pact with Orlandi

P U E R T O   R I C O

FIRST BANCORP: Paying Common & Preferred Dividends on Oct. 2
GLOBAL HOME: Court Okays WearEver Sale to Groupe SEB for US$36MM
GLOBAL HOME: WearEver Sale Incentive Program Gets Court's Nod

V E N E Z U E L A

WILLBROS GROUP: Closes Sale of Venezuelan Businesses

* Upcoming Meetings, Conferences and Seminars


                          - - - - -    


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


ALTA COMERCIAL: Seeks Reorganization Approval from Court
--------------------------------------------------------
Court No. 5 in Buenos Aires is currently reviewing the merits of
the reorganization petition filed by Alta Comercial y de
Transportes SAIC.  Argentine daily La Nacion reports that the
company filed the request after defaulting on its debt payments
since July 14, 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 Alta Comercial's reorganization petition is approved, the
court will appoint a trustee, who will supervise the company's
activities and verify the claims of 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. 9 assists the court on this case.

The debtor can be reached at:

         Alta Comercial y de Transportes SAIC
         Florida 142
         Buenos Aires, Argentina


BALLY TECHNOLOGIES: Sues International Game in US District Court
----------------------------------------------------------------
Bally Technologies, Inc., has filed a lawsuit against
International Game Technology in the United States District
Court for the District of Nevada.  

The lawsuit alleges that various IGT slot machine products,
including IGT's popular "Wheel of Fortune" gaming machines,
infringe on a US patent issued Sept. 5 to Bally by the United
States Patent and Trademark Office.
    
Other IGT games alleged to infringe the patent include:

     -- Wheel of Gold,
     -- The Addams Family,
     -- American Bandstand,
     -- The Apprentice,
     -- Dilbert Wheelbert,
     -- Drew Carey Great Balls of Cash,
     -- Elvira,
     -- I Dream of Jeannie,
     -- I Love Lucy,
     -- Indiana Jones: Raiders of the Lost Ark,
     -- M*A*S*H,
     -- Megabucks with Morgan Fairchild,
     -- Regis On the Town,
     -- Sinatra, and
     -- Twilight Zone.

Bally Technologies' lawsuit requests preliminary and permanent
injunctive relief, a court declaration of infringement, and
monetary damages.
    
The newly issued patent, entitled "Indicator Wheel System" --
with US Patent No. 7,100,916 -- benefits from an original
Oct. 2, 1992, filing date and relates to the use of spinning
wheel indicators on a game.
    
Richard Haddrill, the Chief Executive Officer of Bally
Technologies, said, "Bally has a 75-year history of developing
outstanding gaming products and has also acquired a number of
innovative companies and technologies.  Arcade Planet, a gaming
company that Bally acquired more than two years ago, developed
the newly issued patent.  Bally intends to aggressively
prosecute any infringement of this patent."
    
Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and   
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.  
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.  
The company also owns and operates Rainbow Casino in Vicksburg,
Miss. Additional.  Bally Technologies' South American operations
is located in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2006, Standard & Poor's Ratings Services held its
ratings on Bally Technologies Inc., including the 'B' corporate
credit rating, on CreditWatch with negative implications.


CEPAR SRL: Claims Verification Deadline Is on November 6
--------------------------------------------------------
Ricardo Lisio, the court-appointed trustee for Cepar SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 6, 2006, La Nacion relates.

Court No. 11 in Buenos Aires declared Cepar bankrupt at the
behest of Obra Social de Empleados de Comercio y Actividades
Civiles, which the company owes US$25,919.42.  Clerk No. 22
assists the court.

Under Argentine bankruptcy law, Mr. Lisio is required to present
the validated claims in court as individual reports.  Court
No. 3 in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion and the
objections and challenges raised by Cepar and its creditors.

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

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

The debtor can be reached at:

         Cepar SRL
         Los Patos 1780
         Buenos Aires, Argentina

The trustee can be reached at:

         Ricardo Lisio
         Viamonte 1592
         Buenos Aires, Argentina


CORPORACION FINANCIERA: Trustee Verifies Claims Until Nov. 22
-------------------------------------------------------------
Jose Abuchdid, the court-appointed trustee for Corporacion
Financiera Internacional SA's bankruptcy proceeding, verifies
creditors' proofs of claim until Nov. 22, 2006, La Nacion
reports.

Court No. 9 in Buenos Aires, with the assistance of Clerk No.
17, declared Corporacion Financiera bankrupt at the behest of
Moraschi Center SA, which the company owes US$12,200.

Mr. Abuchdid will 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 Corporacion
Financiera and its creditors.

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

A general report that contains an audit of Corporacion
Financiera's accounting and banking records will be submitted in
court.

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

The debtor can be reached at:

         Corporacion Financiera Internacional SA
         Sarmiento 552
         Buenos Aires, Argentina

The trustee can be reached at:

         Jose Abuchdid
         Avenida de los Incas 3624
         Buenos Aires, Argentina


HEBOS SA: Seeks Reorganization Approval from Buenos Aires Court
---------------------------------------------------------------
Hebos SA has filed for reorganization before Court No. 15 in
Buenos Aires, Argentina, La Nacion reports.

Hebos defaulted on its debt payments since July 14, 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 Hebos 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. 30 assists the court on this case.

The debtor can be reached at:

         Hebos SA
         Callao 420
         Buenos Aires, Argentina


PINNACLE ENT: Buying Sands & Traymore Sites for US$270 Million
--------------------------------------------------------------
Pinnacle Entertainment, Inc., and Atlantic Coast Entertainment
Holdings, Inc., have signed a definitive agreement under which
Pinnacle agreed to purchase the entities that own The Sands and
Traymore sites in Atlantic City, New Jersey, from entities
affiliated with financier Carl Icahn for approximately US$250
million, plus an additional US$20 million for certain tax-
related benefits and additional real estate.

Together, the land being acquired comprises approximately 18
contiguous acres at the heart of Atlantic City, with extensive
frontage along the Boardwalk, Pacific Avenue and Brighton Park.
Pinnacle plans to design and build an entirely new casino hotel
on the site, which would be among the largest and most
spectacular resorts in the region.

As part of the agreement, Pinnacle required that the sellers
proceed to close the existing hotel-casino, which is anticipated
to occur within approximately 70 days of the signing of the
agreement.  The closure will facilitate the construction of a
new, much larger facility as quickly as possible.  The 26-year-
old Sands, which was one of the first gaming resorts to open in
Atlantic City, is one of the city's smallest properties.

"Atlantic City is one of the top U.S. gaming destinations, and
we're looking forward to being a part of the world-famous
Boardwalk," said Daniel R. Lee, Pinnacle's Chairman and Chief
Executive Officer.  "This major new resort will be a key
component in our plan to build a national network of gaming
properties. It will also help extend our development pipeline
and our Company's growth through 2010 and beyond.  In connection
with our longstanding interest in Atlantic City, we submitted
our initial license application in New Jersey several months
ago.  The regulatory investigation is ongoing.

"The success of recent Atlantic City developments has proven
that customers in the Northeast respond positively to state-of-
the-art gaming resort design and amenities," Mr. Lee continued.  
"While we regret the necessity of closing the Sands to create an
exciting new resort, we look forward to working with gaming
regulators, state and local authorities on this project to
create more jobs, tax revenues and other lasting benefits for
the region."

Under Federal law, employees soon will receive 60 days' notice
of the expected closing.  Among its provisions for employees,
the agreement provides for severance benefits in accordance with
union agreements, as well as severance pay for nonunion
employees who stay through the 60-day closing period.

Mr. Icahn stated, "After spending many months reviewing various
projects for this property, it became patently clear that a
shutdown of The Sands was necessary and inevitable to make room
for a great new casino.  We also concluded that this was the
most propitious time to undertake this shutdown given the robust
employment environment in Atlantic City.  This new casino will
be a great plus for Atlantic City and the state of New Jersey."
Mr. Icahn has seen to it that ACE Hi, the parent company of The
Sands, although not legally required, will fund an additional
one week of severance for eligible employees for each year of
service over two years.  In addition, through his negotiations
with Pinnacle, Pinnacle has agreed that full-time employees who
have been with The Sands for at least six months will be
eligible for two weeks' severance funded by Pinnacle.  Pinnacle
also has agreed to provide outplacement services to all Sands
employees, and those willing to relocate will be considered for
positions at other properties operated by Pinnacle or Mr. Icahn.

The transaction is subject to the satisfaction of customary
closing conditions.  The transaction is not subject to
financing.  The majority stockholder of ACE Hi, AREP Sands
Holding, LLC, which owns approximately 58% of the outstanding
stock of ACE Hi, has delivered a stockholder written consent
approving the sale of The Sands.  AREP Sands is a wholly-owned
subsidiary of American Real Estate Holdings Limited Partnership.

The acquisition agreement contains non-solicitation, fiduciary
out and termination fee provisions.  ACE Hi is not permitted to
solicit other acquisition proposals, but for 45 days may
negotiate with anyone that submits unsolicited proposals if the
ACE Hi board believes that such a proposal is, or is reasonably
likely to result in, a proposal that is more favorable to the
ACE Hi stockholders.  If within such 45-day period, the ACE Hi
board determines that an alternative proposal is more favorable
to the ACE Hi stockholders, ACE Hi is permitted to terminate the
acquisition agreement with Pinnacle upon payment of a US$10
million termination fee.  In addition, entities affiliated with
Mr. Icahn, including AREH and AREP Sands, have agreed to pay to
Pinnacle all of any additional value received by such entities
through an overbid.

Pinnacle expects to close its purchase of The Sands/Traymore
site by the end of the year.

             About Atlantic Coast Entertainment

Atlantic Coast Entertainment Holdings, Inc. is a Delaware
Corp. formed in Oct. 2003.  ACE Gaming, LLC, a New Jersey
limited liability company and wholly-owned subsidiary of
Atlantic Holdings, is the owner and operator of The Sands Hotel
and Casino in Atlantic City, New Jersey.

                       About Pinnacle

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

                        *     *     *

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

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

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


RESTAURANT LIGURE: Verification of Claims Ends on Nov. 22
---------------------------------------------------------
Andrea Krikorian, the court-appointed trustee for Restaurant
Ligure SA's bankruptcy case, verifies creditors' proofs of claim
until Nov. 22, 2006.

Under Argentine bankruptcy law, Ms. Krikorian is required to
present the validated claims in court as individual reports.
Court No. 17 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Restaurant Ligure
and its creditors.

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

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

Clerk No. 33 assists the court in the proceeding.

The debtor can be reached at:

         Restaurant Ligure SA
         Paraguay 764         
         Buenos Aires, Argentina

The trustee can be reached at:

         Andrea Krikorian
         Montevideo 711
         Buenos Aires, Argentina


SALTA HYDROCARBON: Fitch Ups Global Foreign Curr. Rating to B+
--------------------------------------------------------------
Fitch Ratings has upgraded to 'B+' from 'B' the global scale
foreign currency rating of the Salta Hydrocarbon Royalty Trust
US$234,000,000 targeted amortization notes.  In addition, the
rating is placed on Positive Rating Watch.

The rating action followed the upgrading of the Argentinean
country ceiling rating to 'B+' from 'B'.  The Positive Rating
Watch reflects the increase of gas production in the short term,
due to the exploitation of a new well in the Province that has
just entered into production.  This will help to reverse the
production fall observed in the last three years and as of June
2006.  The Province has high potential to increase the
hydrocarbon production in the short term as a result of the
investments that are being made in the Province and the good
return concessionaries are obtaining due to the recovery of
hydrocarbon prices.  There also exists a favorable internal and
external context since the production on the Neuquen Area is
declining and investments in Bolivia are frozen as a consequence
of the adverse political context in that country.  Additionally,
Argentina is now paying a higher price for the gas imported from
Bolivia, thus the Federal Government is slowly enacting measures
to encourage investments within the country to reduce dependence
on Bolivia.

Interest on the notes has been paid timely, and, since March
2005, quarterly principal payments were above targeted payments,
reflecting the increase of the royalty cash flows derived from
the recovery in the gas price.  For that reason, the current
outstanding balance of the notes has narrowed the gap existing
with the originally scheduled outstanding debt, from a
difference of US$8.6 million as of December 2004 to US$0.73
million as of June 2006.

Royalty incomes continued improving in 2005 and 2006 due to the
higher average gas price applied for the payment of royalties
(1.08 and 1.34 US$/MBTU in 2005 and 2006 versus 0.82 US$/MBTU in
2004), which reflects the liberalization of the regulated well-
head gas price.  As of June 2006 these incomes were 33.5% higher
than the same period of the previous year, with a positive
effect on the cash flows collateralizing the notes.  Although
the Province of Salta showed reductions in hydrocarbon
production of 4.7% in 2005 and 1.6% as of June 2006, continuing
the negative trend observed since 2002, for 2006 a conservative
increase of 3.5% is expected, as a result of the aggregated
production of the new well operating in the Province.

In this context, prospects for the performance of the notes are
very good.  In Fitch's opinion, it is possible to expect that
the gap still existing between the original outstanding debt and
the current outstanding debt will disappear by the end of 2006,
making it possible to repay debt service of the notes within the
expected maturity date (Dec. 28, 2012).  A quarterly amount of
around US$12 million of royalty income (lower than that received
during the last five quarters) should be enough to repay the
debt at that date.




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


COMPLETE RETREATS: Selling Via De Fortuna Furnishings for US$25K
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut
approved Complete Retreats LLC and its debtor-affiliates'
request to immediately sell their furnishings in Via de Fortuna
free and clear of liens, claims, and encumbrances.

The Court directed the Debtors to tender the net proceeds of the
Via de Fortuna Furnishings Sale to their lenders under the
debtor-in-possession credit agreement within five business days
after the closing of the Sale.

Via de Fortuna is a parcel of real estate managed by the Debtors
as part of their destination club business, which is located in
Rancho Santa Fe, in San Diego, California.  The property
management agreement for the Via expires on Jan. 31, 2007, or
earlier, upon 180 days' prior notice.

On Feb. 28, 2006, the Via's owner gave a notice of termination
pursuant to the terms of the Management Agreement, which
required the Debtors to exit the Via by Aug. 31, 2006.

Under a prior lease agreement with the Via's owner, the Debtors
furnished the Via with numerous bedroom sets, dining room
tables, chairs, sofas, and artwork, among other things, which
have remained in the Via during the term of the Management
Agreement.  The Lease Agreement expired on Jan. 31, 2006.

The Debtors said they need to remove the Furnishings, which
could cost them as high as US$4,800 for removal and an
additional US$1,200 per month for storage.  The Furnishings,
according to the Debtors, cannot be used at their other
locations, because the residences in those locations are already
fully furnished.

The Debtors have solicited and have received offers to purchase
the Furnishings.  The Debtors have determined that the highest
was from an individual who offered to purchase all of the
Furnishings for US$25,000, in addition to assuming all moving
costs.

The Debtors said they will not likely receive offers higher than
that of the Proposed Buyer.  The Proposed Buyer's offer
represents at least the fair market value of the Furnishings.

Moreover, the significant moving and storage costs the Debtors
would have to incur would negate any hypothetical gains that the
Debtors might receive through the solicitation of any higher
additional offers.

The Debtors emphasized that proceeds from the sales of the
Furnishings will be used to fund their operations and
eventually, a plan of reorganization.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


COMPLETE RETREATS: Wants to Employ Ordinary Course Professionals
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for permission
to employ professionals that they use in the ordinary course of
their business, as of July 23, 2006.

Before their bankruptcy filing, the Debtors utilized numerous
professionals to provide the services required to assist them in
managing their affairs on a day-to-day basis.  The Debtors
contend that it would be impractical, inefficient and
unnecessarily costly for them to submit individual applications
for each professional.

The OCPs are already familiar with the Debtors' affairs and are
crucial to the Debtors' reorganization efforts, Mr. Daman
asserts.

The Ordinary Course Professionals are:

   Professional             Services
   ------------             --------
   McAfee & Taft            General Corporate Legal Services

   Simbro & Stanley         Litigation Services (DMB & Borgata)

   Geoffrey Romany          Legal Services (Villa Paradiso)

   Shoman & Chebat          Legal Services
                            (Cayo Espanto Foreclosure)

   DLA Piper Rudnick        General Legal Services

   Gonzales Calvillo        Legal Services, Mexican counsel

   Higgs & Johnson          Legal Services, Bahamian counsel

   Shipman & Goodwin        Legal Services (Schlierff
                                            Litigation)

   Nunez Duran & Asso.      Legal Services (Schlierff
                                            Litigation)

   CPS                      Legal Services (Schlierff
                                            Litigation)

   Morris Nichol Arsht      Legal Services (Pinnacle Litigation)
   & Tunnell

   Carson McDowell Sol.     Legal Services, European counsel

   Incorporating Services   Corporate Legal Services

   Goldblatt McGuigan       Accounting Services (Europe)

   WTAS                     Accounting Services (US)

   Smith Katzenstein        Legal Services (Town Clubs)
   & Furlow

   Studio Legale            Legal Services (Umbria Property)
   Scassellati-Sforzolini

   Majors & Fox             Legal Services (Hubers Litigation)

   Barrow & Williams        Legal Services, Belize counsel

The Debtors also ask the Court to dispense with the requirement
of individual employment and retention applications with respect
to each OCP.

The Debtors propose that:

   (a) Each OCP will file with the Court and serve on the U.S.
       Trustee and the counsel of the Official Committee of
       Unsecured Creditors:

       * an affidavit stating, among other things, that it does
         not represent or hold any interest materially adverse
         to the Debtors or their estates with respect to the
         matters for which it would be retained; and

       * a completed retention questionnaire, detailing the type
         of services it will provide and the payment for its
         services.

   (b) Upon receipt of each Retention Affidavit, the U.S.
       Trustee, the Committee, and other parties-in-interest,
       will have 30 days to object to the OCP's employment.
       Otherwise, the OCP's employment, retention, and
       compensation will be approved without further Court
       order; and

   (c) The Debtors will pay each approved OCP 100% of its fees
       and expenses incurred upon the submission and their
       approval of an appropriate invoice describing, in
       reasonable detail, the nature of its services rendered
       and expenses actually incurred, without the need of a
       Court-filed fee application.

If an OCP's monthly fees and disbursements exceed US$25,000,
That OCP must apply to be retained under the Bankruptcy Code.  
The payments to the Professional for the excess amounts, as well
as any future payments will be subject to the Court's approval.

The Debtors disclose that certain of the OCP may hold unsecured
claims against them in respect of prepetition services they have
rendered.  However, Mr. Daman assures the Court, none of the
OCPs represent or hold any interest adverse to the Debtors or to
their estates with respect to the matters on which they are to
be employed.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


KERZNER INT: Private Buy Cues S&P to Withdraw BB- Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
Kerzner International Ltd. following the August 31 completion of
the acquisition of the company by a private investor group.  In
conjunction with the closing of the acquisition, substantially
all of the company's outstanding bond issues are expected to be
redeemed.  

S&P previously assigned a BB- corporate credit rating to Kerzner
International following the announcement that the company would
be acquired by a private investor group led by the company's
Chairman, Sol Kerzner, and its Chief Executive Officer, Butch
Kerzner.

Kerzner International Limited -- http://www.kerzner.com--   
through its subsidiaries, is a leading international developer
and operator of destination resorts, casinos and luxury hotels.
The company's flagship brand is Atlantis, which includes
Atlantis, Paradise Island, a 2,317-room, ocean-themed
destination resort located on Paradise Island, The Bahamas -- a
unique property featuring three interconnected hotel towers
built around a seven-acre lagoon and a 34-acre marine
environment that includes the world's largest open-air marine
habitat.  The resort is also home to the largest casino in the
Caribbean.


WINN-DIXIE: Shareholders Want Plan Modified to Receive New Stock
----------------------------------------------------------------
In a letter filed with the U.S. Bankruptcy Court for the Middle
District of Florida on Aug. 24, 2006, Frances A. Rogers asks
Judge Jerry A. Funk to rule that Winn-Dixie Stores, Inc., and
its debtor-affiliates' Joint Plan of Reorganization be modified
to give consideration to the company's current shareholders.

Similarly, Jose C. Hernandez, William and Geraldine Parker, and
Ronald and Carlotta Walsingham object to the cancellation of
their shares of common stock under the Plan.  The Shareholders
implore the Court that they will be given shares of the new
company stock in exchange for the shares they currently own.

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. 51; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: Judge Funk Issues Protective Order on E&A Discovery
---------------------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida grants the Official Committee of
Unsecured Creditors' request to enter a protective order in
connection with certain documentation requested by E&A Financing
II LP, E&A Southeast LP, E&A Acquisition Two LP, Shields Plaza
Inc., Woodberry Plaza (E&A) LLC, Villa Rica Retail Properties
LLC, West Ridge LLC, and Bank of America, as trustee of Betty
Holland.

Judge Funk instructs the Committee to affix to each page of the
documents a "confidential" legend.

Judge Funk reminds the E&A Companies that they can only use the
information solely for the purpose of contested matters and
adversary proceedings in the Chapter 11 cases and they are
prohibited from disclosing the information to any third party.

Each party will remain bound by the terms of the Court order
until the Plan is confirmed or the Chapter 11 cases are
converted to Chapter 7 of the Bankruptcy Code, whichever occurs
first.  Upon the termination date, the E&A Companies will return
all confidential information to the Creditors Committee or
certify in writing that all documents containing confidential
information have been destroyed.

The E&A Companies filed objections to the Debtors' Disclosure
Statement, asserting that it did not provide adequate
information regarding the deemed substantive consolidation
proposed in the Debtors' Joint Plan of Reorganization.

Subsequent to the Disclosure Statement Hearing, the E&A
Companies have requested the Creditors Committee for certain
documentation.  John B. Macdonald, Esq., at Akerman Senterfitt,
in Jacksonville, Florida, says that the Creditors Committee
desires to provide the E&A Companies certain responsive
confidential information upon terms and conditions that will
protect its work product and privileges.

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. 51; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


ALEA GROUP: Listing 72,818 Shares in London Stock Exchange
----------------------------------------------------------
Application has been made to the UK Listing Authority for a
Block Listing of 72,818 common shares of US$0.01 each in Alea
Group Holdings (Bermuda) Ltd. to trade on the London Stock
Exchange and to be admitted to the official list upon issue.

The Block Listing has been made in respect of 72,818 shares that
fall to be issued under The Alea Group Executive Option and
Stock Plan pursuant to grants of Restricted Stock Units.

These shares when issued will rank "pari passu" in all respects
with the existing issued common shares of the Company.

For inquiries, contact:

       George P. Judd
       Alea Group Holdings (Bermuda) Ltd.
       Phone: 001 860 258 7550

                        *    *    *

On Feb. 1, 2006, A.M. Best Co. downgraded the financial strength
rating to B from B++ and the issuer credit rating to "bb" from
"bbb" of the insurance and reinsurance operating subsidiaries of
Alea Group Holdings (Bermuda) Ltd. (collectively referred to as
Alea Group or Alea).

Subsequently, A.M. Best withdrew all ratings and assigned an
NR-4 (Company Request) to the Alea Group companies.

The downgrade followed significant deterioration in the
company's consolidated risk-adjusted capitalization as a result
of worse than anticipated performance in 2005 due to run-off
charges, catastrophe losses and further adverse reserve
development.  A.M. Best believed that the company is likely to
continue to be affected by high expenses related to the
transition of Alea Group into run off and the continuing
possibility of adverse reserve development.


INTELSAT: June 30 Stockholder's Deficit Widens to US$331 Million
----------------------------------------------------------------
Intelsat Ltd.'s total shareholder's deficit at June 30, 2006,
increased by US$40,630,000, to US$331,172,000 from
US$290,542,000 in the previous quarter.

At June 30, 2006, Intelsat had US$5,149,314,000 in total assets
and US$5,480,486,000 in total liabilities compared with total
assets of US$5,162,113,000 and total liabilities of
US$5,452,655,000 at March 31, 2006.

For the three months ended June 30, 2006, Intelsat's net loss
narrowed to US$42,685,000 from a US$90,110,000 net loss in the
quarter ended March 31, 2006, while its total revenues increased
to US$310,534,000 from the US$280,446,000 total revenue in the
first quarter of 2006.

Full text copies of Intelsat's financial statements for the
quarter ended June 30, 2006, are available for free at:

           http://researcharchives.com/t/s?1112

Full text copies of Intelsat's financial statements for the
quarter ended March 31, 2006, is available for free at:

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

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

                        *    *    *

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

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


MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units
------------------------------------------------------
Mobile Telesystems OJSC disclosed the incorporation of two 100%-
owned MTS subsidiaries, in Bermuda and in the Netherlands.

The Company has established a subsidiary called Mobile
TeleSystems Bermuda Limited in Hamilton, Bermuda, and Mobile
TeleSystems B.V. in Amsterdam, the Netherlands.  These companies
will be used to meet future corporate needs.

                  About Mobile TeleSystems

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- company provides global system for  
mobile communications technology-based mobile telecommunications
services in Russia, Belarus, Ukraine, Uzbekistan and
Turkmenistan.  Since June 2000, MTS' Level 3 ADRs have been
listed on the New York Stock Exchange (ticker symbol MBT).

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by S&P in and Ba3/outlook
stable by Moody's.


REFCO INC: U.S. Trustee Objects to Houlihan Lokey's Fee Increase
----------------------------------------------------------------
Diana G. Adams, the Acting United States Trustee for Region 2,
complains that the Official Committee of Unsecured Creditors of
Refco Inc., and its debtor-affiliates' second amended
application proposes a 350% increase in the Transaction Fee, the
continuation of the Monthly Fee, plus two additional sources of
compensation for Houlihan.  "The Application raises from two to
four the number of separate components of Houlihan's
compensation, and makes the payment scheme for the firm that
much more byzantine."

The Creditors Committee had asked the U.S. Bankruptcy Court for
the Southern District of New York for permission to amend
Houlihan Lokey Howard & Zukin Capital, Inc.'s engagement as
investment bankers and financial advisors citing that as the
Debtors' Chapter 11 cases have progressed, its need for Houlihan
Lokey Howard & Zukin Capital, Inc.'s services, as investment
banker, has increased.

Andrew D. Velez-Rivera, Esq., the U.S. Trustee's trial attorney,
relates that the proposed form of order lodged with the
Application similarly provides that only the U.S. Trustee
retains the right to object to the payment of the Monthly Fees
-- and now the BAWAG Monthly Fees -- sought in Houlihan's
interim and final fee applications under Section 330 of the
Bankruptcy Code.

Against this backdrop, the U.S. Trustee wants the proposed order
revised to retain her Section 330 rights to object to payment of
all components of compensation structure proposed for Houlihan,
without limitation to solely the Monthly Fees and the Monthly
BAWAG Fees.

Mr. Velez-Rivera argues that an unrestricted reservation of
Section 330 rights is warranted in light of:

   -- the changed circumstances underlying Houlihan's proposed
      retention scheme;

   -- the US$7,000,000 increase in the proposed Transaction Fee;

   -- the introduction of both the BAWAG Monthly Fees and the
      open-ended BAWAG Transaction Fee;

   -- the general escalation of fees in the Refco cases, now
      well over US$60,000,000;

   -- the wider and deeper scope of services expected of
      Houlihan;

   -- the more complicated payment structure that has been
      negotiated; and

   -- other parties' inability to object under Section 330.

Mr. Velez-Rivera maintains that a complete reservation of rights
would also render the proposed retention more consistent with
the "Blackstone Protocol" governing the employment of financial
advisors in Chapter 11 reorganization cases filed in the
Southern District of New York.

Under the Protocol, the U.S. Trustee's reservation of Section
330 rights is unrestricted, as it does not differentiate between
individual components of compensation packages often proposed by
financial advisors, like monthly fees vis-a-vis transaction
fees.

                       About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Ch. 7 Trustee Wants 36 Claims Disallowed & Expunged
--------------------------------------------------------------
Albert Togut, the Chapter 7 trustee for the estate of Refco,
LLC, reports that as of Aug. 10, 2006, more than 400 proofs of
claim have been filed and docketed against the Chapter 7 Debtor.  
Omni Management, LLC, the claims agent appointed by the U.S.
Bankruptcy Court for the Southern District of New York,
continues to process numerous claims, which will be docketed
shortly.

Mr. Togut informs the Court that he and his counsel and
financial advisors have been evaluating the proofs of claim
docketed so far to identify objectionable claims.  The Refco LLC
Trustee reviewed each claim, the official claims register
maintained by Omni and Refco LLC's Schedules of Assets and
Liabilities, and the Debtor's books and records.

Based on this review, Mr. Togut found:

     25 claims that are duplicative of other filed claims;
      4 claims that have been superseded by an amended claim; or
      7 claims that any documentation to support the claim.

Mr. Togut asks the Court to disallow and expunge the 36 disputed
claims.

If the Disputed Claims are not disallowed and expunged, the
holders of the claims would receive a windfall or excessive
recovery to the detriment of other creditors, Mr. Togut
explains.

Mr. Togut also points out that holders of Lack Supporting
Documentation Claims do not have any legitimate claims against
Refco LLC's estate.

A schedule of the Duplicate Claims is available at no charge at
http://ResearchArchives.com/t/s?109e

A schedule of the Amended Claims is available at no charge at
http://ResearchArchives.com/t/s?109f

A schedule of the Lack Supporting Documentation Claims is
available at no charge at http://ResearchArchives.com/t/s?10a0

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


BANCO DO ESTADO: Fitch Withdraws All Ratings
--------------------------------------------
Fitch Ratings has withdrawn Banco do Estado de Sao Paulo S.A.'s
ratings following the incorporation of Spain-based Banco
Santander Central Hispano's -- SAN -- operating group in Brazil
to Banco Santander Banespa.

These ratings were withdrawn:

   -- Foreign currency IDR 'BB+' with a Stable Outlook;
   -- Short-term foreign currency rating 'B';
   -- Local currency IDR 'BBB-' with a Stable Outlook;
   -- Short-term local currency rating 'F3';
   -- Individual rating 'C'
   -- Support rating '3';
   -- National Long-term rating 'AA+(bra)' with a Stable
      Outlook;
   -- National Short-term rating 'F1+(bra)'.

Banco do Estado de Sao Paulo S.A., Banco Santander Brasil S.A.
and BSM have for some time operated as one group under common
management, sharing common risk policies and business
strategies, and have produced pro-forma audited "combined"
financial statements since 2001.  The amalgamation of the three
entities reflects the completion of the operational integration
onto the Altair operating platform, the exhaustion of the
deferred tax credits at BSB and Banespa and the ongoing
implementation of common marketing strategies across the group.
Although Brazil's central bank is only expected to approve the
amalgamation by end-2006, BSM has assumed all the rights and
obligations of its predecessor banks as of the date of the
incorporation, September 1, 2006.  BS will report consolidated
financial statements as of September 20, 2006.  These will
closely resemble the pro-forma combined statements previously
reported by the group, though they will exclude the group's
insurance and saving annuities products (capitalization)
companies, which were not significantly material to the group's
performance.

The foreign currency Issuer Default rating is capped by the
'BB+' Country Ceiling, while the local currency IDR is higher
than Brazil's 'BB' sovereign rating.  These, together with the
National ratings, reflect shareholder strength and the strategic
importance of the Brazilian operation to SAN, as well as Fitch's
conviction that SAN is fully committed to developing BS's
competitive advantages.  The Individual rating is supported by
the group's growing local franchise and the SAN's risk
management and technological support.

At June 2006, the combined pro-forma total assets of the group
amounted to BRL90.2 billion (USD41.7 billion at the current
BRL/USD exchange rate), while total equity was at BRL7.5 billion
(approximately USD3.5 billion), after considering minority
shareholders participation of approximately BRL171 million
(USD79 million).  The group's geographic presence is
concentrated in Brazil's most prosperous region, and it boasts a
retail client base of approximately 7 million individuals, in
addition to 300,000 small and medium-sized entities. While the
group's performance has been influenced by the one-off gains and
expenses typical of a consolidation process for a large bank
such as Banespa, recent operating performance has been built on
its growing and diversified client base.  Loan growth was
evident across its business lines and operating profitability
based on an increasing balanced revenue base.  Recent
performance was negatively affected by trading losses in the
turbulent money markets of that period, but management expects
that recurring revenues from its growing client base should
continue to grow at rates seen in 2005 and Q106.

SAN (IDR 'AA') is Spain's largest banking group (H106 assets:
EUR819 billion).  Latin American assets represent roughly 15% of
its total assets, and it currently holds around 10% of the Latin
American commercial banking market, which generates about a
third of SAN's pre-tax profits.  Brazil has the largest
population in Latin America and the second largest GDP in the
region, which makes it central to SAN's strategy for the region.


BANCO NACIONAL: Okays BRL30.5 Bil. Increase in Reference Equity
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
has approved to increase Reference Equity by 25% to BRL30.5
billion, the highest in the bank's history.  The bank's
reference equity as of December 2005 was BRL24.3 billion.

With the increase in Reference Equity, BNDES' exposure limits or
prudential limits will be increased at the same proportion,
therefore enlarging the Bank's capacity to support the expansion
of Brazilian companies.

BNDES capitalization was made viable upon an authorization to
fit BRL5.3 billion of BNDES debts with the federal government,
denominated subordinate debts, in Level 2 capital category.

The action only depended upon confirmation by the Central Bank
or BC, which occurred last Aug. 30, with BC approval of BNDES
debt eligibility with the federal government in a Hybrid
Instrument, pursuant a resolution of the National Monetary
Council.

Since 2003, BNDES has been seeking means to increase its
operating capacity, mainly with respect to the expansion of its
Reference Equity, on which are computed the prudential limits
which all financial institutions are subject to.

BNDES' operating capacity benefits from the economically
positive returns from the Bank's loans, the quality and
management of the Bank's assets portfolio and the financing
conditions fitting to BNDES' position as the federal
government's main development agent.

BNDES' capitalization process benefited from joint efforts of
several government levels, which resulted in the conversion of
BNDES debts with the federal government into a Hybrid
Instrument, strengthening and expanding the field for new
operations.

The hybrid instrument is a debt with characteristics very
distinct from conventional debts, standing out because of the
inexistence of a maturity date.

                        *    *    *

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


BANCO SANTANDER BANESPA: Fitch Assigns BB+ Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has assigned ratings to Banco Santander Banespa
S.A.:

     -- foreign currency Issuer Default 'BB+',
     -- short-term foreign currency 'B';
     -- local currency Issuer Default 'BBB-';
     -- short-term local currency 'F3';
     -- National Long-term 'AA+(bra)' and
     -- National Short-term 'F1+(bra)',
     -- Individual 'C' and Support '3'

Banco Santander Banespa -- BS, formerly Banco Santander
Meridional S.A. has been renamed after it absorbed Spain-based
Banco Santander Central Hispano's -- SAN -- operating group in
Brazil.  The Outlooks on the Issuer Default and National Long-
term ratings are Stable.  BS is 97.97%-owned by SAN.

At the same time, Fitch has withdrawn the ratings of BSM's
predecessor banks as listed below.

Banco do Estado de Sao Paulo S.A., Banco Santander Brasil S.A.
and BSM have for some time operated as one group under common
management, sharing common risk policies and business
strategies, and have produced pro-forma audited "combined"
financial statements since 2001.  The amalgamation of the three
entities reflects the completion of the operational integration
onto the Altair operating platform, the exhaustion of the
deferred tax credits at BSB and Banespa and the ongoing
implementation of common marketing strategies across the group.
Although Brazil's central bank is only expected to approve the
amalgamation by end-2006, BSM has assumed all the rights and
obligations of its predecessor banks as of the date of the
incorporation, September 1, 2006.  BS will report consolidated
financial statements as of September 20, 2006.  These will
closely resemble the pro-forma combined statements previously
reported by the group, though they will exclude the group's
insurance and saving annuities products (capitalization)
companies, which were not significantly material to the group's
performance.

The foreign currency Issuer Default rating is capped by the
'BB+' Country Ceiling, while the local currency IDR is higher
than Brazil's 'BB' sovereign rating.  These, together with the
National ratings, reflect shareholder strength and the strategic
importance of the Brazilian operation to SAN, as well as Fitch's
conviction that SAN is fully committed to developing BS's
competitive advantages.  The Individual rating is supported by
the group's growing local franchise and the SAN's risk
management and technological support.

At June 2006, the combined pro-forma total assets of the group
amounted to BRL90.2 billion (USD41.7 billion at the current
BRL/USD exchange rate), while total equity was at BRL7.5 billion
(approximately USD3.5 billion), after considering minority
shareholders participation of approximately BRL171 million
(USD79 million).  The group's geographic presence is
concentrated in Brazil's most prosperous region, and it boasts a
retail client base of approximately 7 million individuals, in
addition to 300,000 small and medium-sized entities. While the
group's performance has been influenced by the one-off gains and
expenses typical of a consolidation process for a large bank
such as Banespa, recent operating performance has been built on
its growing and diversified client base.  Loan growth was
evident across its business lines and operating profitability
based on an increasing balanced revenue base.  Recent
performance was negatively affected by trading losses in the
turbulent money markets of that period, but management expects
that recurring revenues from its growing client base should
continue to grow at rates seen in 2005 and Q106.

SAN (IDR 'AA') is Spain's largest banking group (H106 assets:
EUR819 billion).  Latin American assets represent roughly 15% of
its total assets, and it currently holds around 10% of the Latin
American commercial banking market, which generates about a
third of SAN's pre-tax profits.  Brazil has the largest
population in Latin America and the second largest GDP in the
region, which makes it central to SAN's strategy for the region.


BANCO SANTANDER BRASIL: Fitch Withdraws All Ratings
---------------------------------------------------
Fitch Ratings has withdrawn Banco Santander Brasil S.A.'s
ratings following the incorporation of Spain-based Banco
Santander Central Hispano's -- SAN -- operating group in Brazil
to Banco Santander Banespa.

These ratings were withdrawn:

   -- Foreign currency IDR 'BB+' with a Stable Outlook;
   -- Short-term foreign currency rating 'B';
   -- Local currency IDR 'BBB-' with a Stable Outlook;
   -- Short-term local currency rating 'F3';
   -- Individual rating 'C/D'
   -- Support rating '3';
   -- National Long-term rating 'AA+(bra)' with a Stable
      Outlook;
   -- National Short-term rating 'F1+(bra)'.

Banco do Estado de Sao Paulo S.A., Banco Santander Brasil S.A.
and BSM have for some time operated as one group under common
management, sharing common risk policies and business
strategies, and have produced pro-forma audited "combined"
financial statements since 2001.  The amalgamation of the three
entities reflects the completion of the operational integration
onto the Altair operating platform, the exhaustion of the
deferred tax credits at BSB and Banespa and the ongoing
implementation of common marketing strategies across the group.
Although Brazil's central bank is only expected to approve the
amalgamation by end-2006, BSM has assumed all the rights and
obligations of its predecessor banks as of the date of the
incorporation, September 1, 2006.  BS will report consolidated
financial statements as of September 20, 2006.  These will
closely resemble the pro-forma combined statements previously
reported by the group, though they will exclude the group's
insurance and saving annuities products (capitalization)
companies, which were not significantly material to the group's
performance.

The foreign currency Issuer Default rating is capped by the
'BB+' Country Ceiling, while the local currency IDR is higher
than Brazil's 'BB' sovereign rating.  These, together with the
National ratings, reflect shareholder strength and the strategic
importance of the Brazilian operation to SAN, as well as Fitch's
conviction that SAN is fully committed to developing BS's
competitive advantages.  The Individual rating is supported by
the group's growing local franchise and the SAN's risk
management and technological support.

At June 2006, the combined pro-forma total assets of the group
amounted to BRL90.2 billion (USD41.7 billion at the current
BRL/USD exchange rate), while total equity was at BRL7.5 billion
(approximately USD3.5 billion), after considering minority
shareholders participation of approximately BRL171 million
(USD79 million).  The group's geographic presence is
concentrated in Brazil's most prosperous region, and it boasts a
retail client base of approximately 7 million individuals, in
addition to 300,000 small and medium-sized entities. While the
group's performance has been influenced by the one-off gains and
expenses typical of a consolidation process for a large bank
such as Banespa, recent operating performance has been built on
its growing and diversified client base.  Loan growth was
evident across its business lines and operating profitability
based on an increasing balanced revenue base.  Recent
performance was negatively affected by trading losses in the
turbulent money markets of that period, but management expects
that recurring revenues from its growing client base should
continue to grow at rates seen in 2005 and Q106.

SAN (IDR 'AA') is Spain's largest banking group (H106 assets:
EUR819 billion).  Latin American assets represent roughly 15% of
its total assets, and it currently holds around 10% of the Latin
American commercial banking market, which generates about a
third of SAN's pre-tax profits.  Brazil has the largest
population in Latin America and the second largest GDP in the
region, which makes it central to SAN's strategy for the region.


BANCO SANTANDER MERIDIONAL: Fitch Withdraws All Ratings
-------------------------------------------------------
Fitch Ratings has withdrawn Banco Santander Meridional S.A.'s
ratings following the incorporation of Spain-based Banco
Santander Central Hispano's -- SAN -- operating group in Brazil
to Banco Santander Banespa.

These ratings were withdrawn:

   -- Foreign currency IDR 'BB+' with a Stable Outlook;
   -- Short-term foreign currency rating 'B';
   -- Local currency IDR 'BBB-' (BBB minus) with a Stable
      Outlook;
   -- Short-term local currency rating 'F3';
   -- Individual rating 'D'
   -- Support rating '3';
   -- National Long-term rating 'AA+(bra)' with a Stable
      Outlook;
   -- National Short-term rating 'F1+(bra)'.

Banco do Estado de Sao Paulo S.A., Banco Santander Brasil S.A.
and BSM have for some time operated as one group under common
management, sharing common risk policies and business
strategies, and have produced pro-forma audited "combined"
financial statements since 2001.  The amalgamation of the three
entities reflects the completion of the operational integration
onto the Altair operating platform, the exhaustion of the
deferred tax credits at BSB and Banespa and the ongoing
implementation of common marketing strategies across the group.
Although Brazil's central bank is only expected to approve the
amalgamation by end-2006, BSM has assumed all the rights and
obligations of its predecessor banks as of the date of the
incorporation, September 1, 2006.  BS will report consolidated
financial statements as of September 20, 2006.  These will
closely resemble the pro-forma combined statements previously
reported by the group, though they will exclude the group's
insurance and saving annuities products (capitalization)
companies, which were not significantly material to the group's
performance.

The foreign currency Issuer Default rating is capped by the
'BB+' Country Ceiling, while the local currency IDR is higher
than Brazil's 'BB' sovereign rating.  These, together with the
National ratings, reflect shareholder strength and the strategic
importance of the Brazilian operation to SAN, as well as Fitch's
conviction that SAN is fully committed to developing BS's
competitive advantages.  The Individual rating is supported by
the group's growing local franchise and the SAN's risk
management and technological support.

At June 2006, the combined pro-forma total assets of the group
amounted to BRL90.2 billion (USD41.7 billion at the current
BRL/USD exchange rate), while total equity was at BRL7.5 billion
(approximately USD3.5 billion), after considering minority
shareholders participation of approximately BRL171 million
(USD79 million).  The group's geographic presence is
concentrated in Brazil's most prosperous region, and it boasts a
retail client base of approximately 7 million individuals, in
addition to 300,000 small and medium-sized entities. While the
group's performance has been influenced by the one-off gains and
expenses typical of a consolidation process for a large bank
such as Banespa, recent operating performance has been built on
its growing and diversified client base.  Loan growth was
evident across its business lines and operating profitability
based on an increasing balanced revenue base.  Recent
performance was negatively affected by trading losses in the
turbulent money markets of that period, but management expects
that recurring revenues from its growing client base should
continue to grow at rates seen in 2005 and Q106.

SAN (IDR 'AA') is Spain's largest banking group (H106 assets:
EUR819 billion).  Latin American assets represent roughly 15% of
its total assets, and it currently holds around 10% of the Latin
American commercial banking market, which generates about a
third of SAN's pre-tax profits.  Brazil has the largest
population in Latin America and the second largest GDP in the
region, which makes it central to SAN's strategy for the region.


NOVELIS INC: Moody's Lowers Corp. Family Rating to B1 from Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded Novelis Inc's corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2 and its
senior unsecured notes to B2 from B1.  Moody's also downgraded
Novelis Corp's bank term loan (guaranteed by Novelis Inc.)
rating to Ba3 from Ba2.  These ratings remain under review for
further possible downgrade.  At the same time, Moody's lowered
Novelis' speculative grade liquidity rating to SGL-4 from SGL-3.

The downgrades reflect the challenges Novelis faces in its 2006
performance due to its remaining exposure to certain contracts
with price ceilings (which are below the current aluminum
prices) and the more negative than expected impact of the
differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected internal
hedge position).  In addition, the downgrade acknowledges the
increased costs associated with the review and restatement of
Novelis's financial statements since its spin-off from Alcan,
the increased interest costs due to waivers required under the
bank agreements, and the step-up in the interest rates on the
notes due to non-registration.

While the rating considers the leading position of Novelis in
the can sheet and conversion markets as well as its large
geographic scope and global footprint, Moody's sees 2006 as a
transition year for Novelis both operationally and from a
management and reporting perspective. Therefore, Moody's expects
the time frame for meaningful deleveraging to be more protracted
than anticipated.

The continuing review reflects the company's delay in filing
financial statements for 2006 to date and the consequent default
notices received from bondholders.  The company filed its 2005
10K on August 25, 2006, within the required time frame.  To the
extent the company is able to file its 2006 10Q's within the
time frame specified in the bank waivers and bondholders default
notices, and obtain any covenant relief that might be required,
Moody's expects the ratings will likely be confirmed.

The change in the speculative grade liquidity rating to SGL-4
from SGL-3 reflects the potential for covenant shortfalls later
in the year as reduced revenues and increased costs erase
existing covenant cushions.  In addition, step-ups in required
ratios will further stress the company's ability to comply.  As
a consequence, the company remains vulnerable to the bank's
willingness to waive and or adjust covenant levels.

Ratings downgraded are:

   Issuer: Novelis Corp.

      -- Senior Secured Bank Credit Facility, Downgraded to Ba3
         from Ba2

   Issuer: Novelis Inc.

      -- Corporate Family Rating, Downgraded to B1 from Ba3

      -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
         from SGL-3

      -- Senior Secured Bank Credit Facility, Downgraded to Ba3
         from Ba2

      -- Senior Unsecured Regular Bond/Debenture, Downgraded to
         B2 from B1

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 its customers.


PARMALAT: BofA, et al., Balk at Planned Permanent Injunction
------------------------------------------------------------
Five creditors and parties-in-interest filed with the U.S.
Bankruptcy Court for the Southern District of New York their
objections to Dr. Enrico Bondi's request for a permanent
injunction order in Parmalat's ancillary proceedings.

Dr. Bondi is the authorized foreign representative of Parmalat
Finanziaria S.p.A. and certain of its affiliates.

In his request, Dr. Bondi filed with the Court a proposed
permanent injunction order pursuant to Section 304 of the
Bankruptcy Code.  Dr. Bondi also submitted with the Court a
memorandum of law supporting his permanent injunction request.

A full-text copy of the proposed Permanent Injunction Order is
available for free at http://researcharchives.com/t/s?e22

Creditors BankBoston, N.A., FleetBoston Financial, Bank of
America Corp., Bank of America National Trust & Savings
Association, Banc of America Securities, LLC, and Bank of
America, N.A., tell the Court that the proposed Permanent
Injunction Order cannot be approved because it would constitute
an inappropriate anti-foreign suit injunction.

For BofA, et al., Thomas McC. Souther, Esq., at Sidley Austin
LLP, in New York argues that the Foreign Debtors' request for
extra-territorial application of the Permanent Injunction would
unduly limit the ability of domestic and foreign creditors to
pursue all appropriate remedies outside of the United States in
accordance with applicable foreign law.

Mr. Souther points out that the Foreign Debtors have made no
showing -- nor can they -- that the equity interests in their
largely insolvent subsidiaries are entitled to protection under
Section 304(b)(1) of the Bankruptcy Code.

The Pension Benefit Guaranty Corp., which provides
termination insurance for all of the Debtors' Pension Plans,
says the proposed Permanent Injunction Order contains illegal
discharges, releases, exculpations and injunctions.

The PBGC is willing to withdraw its objections if the proposed
Permanent Injunction Order clarifies that:

   -- no provisions of or proceeding within the Foreign Debtors'
      reorganization cases in Italy and the Section 304 cases
      before the U.S. Bankruptcy Court will in any way be
      construed as discharging, releasing, limiting or relieving
      the Foreign Debtors, or any other party from any liability
      with respect to the Pension Plans or any other defined
      benefit pension plan; and

   -- the PBGC and the Pension Plans will not be enjoined or
      precluded from enforcing liability resulting from any of
      the provisions of the Foreign Debtors' restructuring plan
      approved by the Italian court, or the entry of a Permanent
      Injunction Order.

Grant Thornton International does not want the Permanent
Injunction to apply to it in any manner in the conduct of:

   -- a securities fraud class action pending before the U.S.
      District Court for the Southern District of New York;

   -- three actions initiated by Dr. Bondi against banks and
      accounting firms; and

   -- actions commenced by the trustees of the U.S. Debtors and
      two liquidators of Parmalat SpA's Cayman Islands
      affiliates.

Grant Thornton is a defendant in those actions.

On behalf of Israel Discount Bank of New York, Bruce S. Nathan,
Esq., at Lowenstein Sandler PC, in New York, argues that in
seeking entry of a permanent injunction order, the Foreign
Debtors must demonstrate that claimholders in the Italian
proceedings are receiving "just treatment" and not experiencing
"prejudice and inconvenience" in the claims administration
process.  The Foreign Debtors cannot meet this burden as to IDB,
Mr. Nathan says.

IDB's claims arise from promissory notes totaling US$6,000,000
in principal plus interest, guaranteed by Parmalat S.p.A.

Hermes Focus Asset Management Europe, Ltd.; Cattolica
Partecipazioni, S.p.A.; Capital & Finance Asset Management S.A.;
Societe Monderne des Terrassements Parisiens; and Solarat -- the
lead plaintiffs in a securities class action -- want the
proposed Permanent Injunction Order modified to clarify that it
does not impact their rights to pursue claims against
Reorganized Parmalat.

In July 2006, the District Court granted the Hermes Focus, et
al. leave to file an amended complaint against Reorganized
Parmalat.

The U.S. Bankruptcy Court will convene a hearing on
Sept. 12, 2006, at 10:00 a.m., to consider entry of the
Permanent Injunction.

Headquartered in Wallington, New Jersey, Parmalat USA Corp.
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue.  The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents.  The Company filed for
chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors.  When the
U.S. Debtors filed for bankruptcy protection, they reported more
than US$200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy
News, Issue No. 76; Bankruptcy Creditors' Service, Inc.,
215/945-7000, http://bankrupt.com/newsstand/)


PARMALAT: Finanziara S.p.A., et al., Seek Stay Pending Appeal
-------------------------------------------------------------
Parmalat Finanziara S.p.A. and affiliated entities, and the
reorganized company formed in the Foreign Debtors' Italian
insolvency proceedings ask Judge Lewis A. Kaplan of the U.S.
District Court for the Southern District of New York for an
order granting injunctive relief or a stay.

The Foreign Debtors want any proceedings concerning Reorganized
Parmalat in the securities litigation suspended pending
determination of an appeal from a District Court order
permitting the filing of a Third Amended Complaint.

In July 2006, the District Court permitted the investor
plaintiffs to file the Third Amended Complaint naming
Reorganized Parmalat as a defendant.  The Foreign Debtors and
Reorganized Parmalat have taken an appeal to the U.S. Court of
Appeals for the Second Circuit from the July 2006 Order insofar
as it (i) modified or dissolved the prior injunctive relief that
had been granted pursuant to Section 304 of the Bankruptcy Code,
or (ii) denied the Section 304 relief.

Citing In re Sonnax Industries, Inc., 907 F.2d 1280, 1283 (2d
Cir. 1990), Howard B. Comet, Esq., at Weil, Gotshal & Manges
LLP, in New York, asserts that the rule is well-settled in
bankruptcy cases that immediate appeals may be taken of orders
that finally dispose of discrete disputes within the larger
case.

Mr. Comet contends that the July 2006 Order may be immediately
appealed because it finally resolves the dispute as to whether
the Foreign Debtors and Reorganized Parmalat are entitled to
Section 304 relief regarding the investors' claims in the
Securities Litigation.

The Foreign Debtors and Reorganized Parmalat believe that a
District Court order dissolving or denying Section 304
injunctive relief has the same finality as an order lifting the
automatic stay.  Since courts have considered an order lifting
stay to be final and appealable, Mr. Comet says that the July
2006 Order may be appealed.

Pending the determination of the appeal, Mr. Comet asserts that
the District Court may enjoin or stay the proceedings against
Reorganized Parmalat pursuant to Rule 62 of the Federal Rules of
Civil Procedures.  Mr. Comet argues that:

   a. if the Section 304 relief previously granted is not
      restored pending appeal, the Foreign Debtors and
      Reorganized Parmalat will incur the very harm that the
      statute is designed to prevent -- they will be subjected
      to massive U.S. litigation on claims that belong in the
      Italian bankruptcy court;

   b. the only harm the investors will incur if the appeal is
      unsuccessful is that they will have been temporarily
      delayed in the prosecution of claims, which delay provides
      no basis for denying the relief pending appeal;

   c. the appeal is likely to be successful; and

   d. public interest weighs heavily in favor of a stay pending
      appeal.

          Credit Suisse Wants 3rd Amended Suit Dismissed

Since filing their first amended consolidated complaint, the
investors have taken 20 months to specify which Credit Suisse
entities they seek to sue despite this deficiency having been
brought to their attention, Michael S. Feldberg, Esq., at Allen
& Overly LLP, in New York, tells the Court.

In the Third Amended Complaint, the investors alleged, among
others, that Credit Suisse, Credit Suisse International, and
Credit Suisse Securities (Europe), Limited, structured and
participated in a transaction to provide financing to the
Brazilian subsidiary of Parmalat, knowing that Parmalat would
use it to conceal debt on its financial statements.

According to Mr. Feldberg, Credit Suisse stands on a different
footing with Credit Suisse International and Credit Suisse
Securities.

Mr. Feldberg contends that the Third Amended Complaint is devoid
of any facts that detail with specificity Credit Suisse's role
in the challenged transaction.  Credit Suisse believes that the
Complaint fails adequately to plead a primary violation of the
securities laws under the particularity requirements of Rule
9(b) of the Federal Rules of Civil Procedure.

There is no allegation in the Third Amended Complaint that
Credit Suisse committed a deceptive or manipulative act, Mr.
Feldberg points out.  Instead, he continues, investors meld
Credit Suisse into the umbrella term "Credit Suisse Entities"
without detailing the nature of its participation in the alleged
fraudulent scheme.

Credit Suisse also believes that the investors' references to it
as the corporate parent of Credit Suisse International and
Credit Suisse Securities do not advance their position.  Mere
allegation of a status as a corporate parent of alleged
wrongdoers does not suffice, Mr. Feldberg says.

Mr. Feldberg also notes that the investors did not allege that
Credit Suisse acted scienter with particularity, as required by
the Reform Act and Second Circuit decisional law.  To plead
scienter, the plaintiff must allege a purpose to harm by
intentionally deceiving, manipulating or defrauding, Mr.
Feldberg explains, citing Ernst & Ernst v. Hochfelder, 425 U.S.
185, 193, 96 S. Ct. 1375, 1381 (1976).

The Third Amended Complaint adds a new claim for controlling
person liability against Credit Suisse.  However, Credit Suisse
says the claim is deficient.

Mr. Feldberg argues that the Third Amended Complaint's
allegations of control "do not show that Credit Suisse had
actual control over the transaction at issue."

"No amendment could cure the deficiencies identified in the
third amended complaint," Mr. Feldberg insists.  "Credit Suisse
simply had no involvement in the Parmalat matters at issue . . .
and there are no facts that could support the legal conclusion
of [it's participation] in the alleged fraudulent scheme or
actively controlled the . . . entities which are alleged to have
participated."

Credit Suisse asks the District Court to dismiss the Third
Amended Complaint as against it and reject all claims against
it, with prejudice.

Grant Thornton LLP also asks the District Court to dismiss the
Third Amended Complaint.  It filed a memorandum of law
supporting its dismissal motion under seal.

              BofA Wants Liquidators' Suit Dismissed

The lawsuit initiated by Gordon I. MacRae and James Cleaver, as
the Joint Official Liquidators of Parmalat Capital Finance
Limited, against various Bank of America entities was
transferred to the U.S. District Court for the Southern District
of New York and consolidated with other suits before Judge
Kaplan.

BofA asks Judge Kaplan to dismiss the Liquidators' complaint and
reject the Liquidators' claims, with prejudice.

The Liquidators' real complaint is with Parmalat Capital's
corrupt corporate parent, not BofA, Daniel A. McLaughlin, Esq.,
at Sidley Austin LLP, in New York, asserts.  Because of the
preliminary injunction granted under Section 304, however, the
Liquidators cannot sue Parmalat SpA in the U.S.

BofA alleges that the Liquidators concocted claims that are
nothing more than a transparent attempt to find a solvent entity
to pay for Parmalat's wrongdoing -- notwithstanding that BofA
happens to be a victim itself.

The Liquidators' Complaint should be dismissed because the
Liquidators lack standing to bring the suit, Mr. McLaughlin
argues.  The Complaint, he notes, does not allege that Parmalat
Capital had any operations of its own, or any value as an
ongoing business.  Parmalat Capital was not an operating entity,
rather it was a financing entity.

Hence, BofA contends, any harm caused by Parmalat's actions was
not suffered by Parmalat Capital.  In fact, Mr. McLaughlin
points out, the Liquidators admit that they are claiming losses
allegedly suffered by Parmalat Capital's creditors.

BofA also believes that the Liquidators are barred from bringing
claims under the doctrine of in pari delicto, which forecloses
recovery by a claimant that was a participant in the complained-
of wrong.

Because the Complaint makes clear that Parmalat Capital was a
financing entity created as an instrumentality of Parmalat's
wrongdoing, Mr. McLaughlin asserts that in pari delicto bars the
Liquidators' claims.

The Complaint fails to allege the essential elements of each
cause of action asserted, necessitating dismissal of each claim,
Mr. McLaughlin adds.

Distilled to its essence, BofA asserts that the Complaint is an
attempt to hold the bank liable for Parmalat's use of its wholly
owned subsidiary as an instrumentality to perpetuate its fraud.

             Liquidators Want Dismissal Motion Denied

Messrs. MacRae and Cleaver insist that BofA helped certain
Parmalat Capital and Parmalat SpA insiders steal from Parmalat
Capital for over a number of years.

Contrary to BofA's arguments, the Liquidators assert that they
have standing to bring the suit.

"[BofA's] argument ignores the reality of [Parmalat Capital's]
corporate existence," Richard I. Janvey, Esq., at Janvey Gordon
Herlands Randolph & Cox LLP, notes.  "Moreover, 'financing
entities' routinely bring claims to recover damages they have
suffered."

According to Mr. Janvey, BofA's in pari delicto argument seeks
to pervert an equitable doctrine to achieve the inequitable
result of letting a wrongdoer go free at the expense of Parmalat
Capital's creditors.

Parmalat Capital, Mr. Janvey points out, is under the control of
the Liquidators appointed by the Cayman Court seeking recovery
for the benefit of its creditors, not the original bad actors.
Moreover, Parmalat Capital's culpable insiders acted completely
adverse to Parmalat Capital's interests, and thus the wrongful
knowledge of those insiders cannot be imputed to it.

Accordingly, the Liquidators ask the Court to reject BofA's
arguments and deny the dismissal request.

                      BofA Talks Back

BofA insists that Parmalat Capital's Liquidators lack standing
to bring the claims in the Complaint.

Citing Wight v. BankAmerica Corp., 219 F.3d 79, 86 (2d Cir.
2000), Mr. McLaughlin contends that a plaintiff cannot assert
the interests or rights of third parties.

BofA also maintains that the in pari delicto doctrine applies to
Parmalat Capital and the Liquidators.

Mr. McLaughlin further points out that In re Parmalat Sec.
Litig., 383 F. Supp. 2d 587, 594 (S.D.N.Y. 2005), the District
Court rejected a similar argument raised by Parmalat Capital
that its role in Parmalat SpA's fraud is irrelevant because its
corrupt management resigned in favor of the Liquidators.

As Parmalat Capital admitted in the Complaint, Parmalat was its
ultimate operating parent, Parmalat engaged in a massive fraud,
and Parmalat Capital was an "instrumentality" used to carry out
that fraud, Mr. McLaughlin notes.

Headquartered in Wallington, New Jersey, Parmalat USA Corp.
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue.  The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents.  The Company filed for
chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors.  When the
U.S. Debtors filed for bankruptcy protection, they reported more
than US$200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy
News, Issue No. 76; Bankruptcy Creditors' Service, Inc.,
215/945-7000, http://bankrupt.com/newsstand/)


VOTO-VOTORANTIM OVERSEAS: Moody's Ups Rating on Debt to Ba1
-----------------------------------------------------------
Moody's Investors Service upgraded the foreign currency rating
of Voto-Votorantim Overseas Trading Op. III's US$300 million
senior unsecured guaranteed notes due 2014 to Ba1 from Ba2,
while maintaining the stable outlook.  The rating action was
prompted by Moody's upgrade of Brazil's long-term foreign
currency ceiling for bonds and notes to Ba1 from Ba2, with
stable outlook.

The Ba1 foreign currency note rating reflects the
creditworthiness of the Votorantim group and the operating
company guarantors and the degree of sovereign interference
anticipated in times of stress.

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.


VOTORANTIM PARTICIPACOES: Moody's Ups Rating on Notes to Ba1
------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency rating
of Voto -- Votorantim Overseas Trading Op. III's US$300 million
senior unsecured guaranteed notes due 2014 to Ba1 from Ba2,
while maintaining the stable outlook.  The rating action was
prompted by Moody's upgrade of Brazil's long-term foreign
currency ceiling for bonds and notes to Ba1 from Ba2, with
stable outlook.

The Ba1 foreign currency note rating reflects the
creditworthiness of the Votorantim group and the operating
company guarantors and the degree of sovereign interference
anticipated in times of stress.

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.




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


AMADEUS FUNDING: Creditors Must File Proofs of Claim by Sept. 21
----------------------------------------------------------------
Amadeus Funding 1 Limited's creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidators:

         Guy Major
         Emile Small
         Maples Finance Limited
         P.O. Box 1093, George Town
         Grand Cayman, Cayman Islands

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.

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


AURORA GREEN: Creditors Have Until Sept. 21 to File Claims
----------------------------------------------------------
Aurora Green Company Limited's creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidators:

         Mark Wanless
         Liam Jones
         Maples Finance Jersey Limited
         2nd Floor Le Masurier House, La Rue Le Masurier
         St. Helier, Jersey JE2 4YE

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.

Aurora Green's shareholders agreed on May 29, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MERRILL LYNCH (FUND): Proofs of Claim Must be Filed by Sept. 21
---------------------------------------------------------------
Merrill Lynch QA Convertible Securities Arbitrage Fund's
creditors are required to submit proofs of claim by
Sept. 21, 2006, to the company's liquidators:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         P.O. Box 908, George Town
         Grand Cayman, Cayman Islands
         Tel: (345) 914-6305

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.

Merrill Lynch's shareholders agreed on Aug. 4, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


AKEBONOBASHI HOLDING: Proofs of Claim Filing Ends on Sept. 21
-------------------------------------------------------------
Akebonobashi Holding Ltd.'s creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidators:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         P.O. Box 908, George Town
         Grand Cayman, Cayman Islands
         Tel: (345) 914-6305

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.

Akebonobashi Holding's sole shareholder decided on Aug. 8, 2006,
for the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


JF COMPANY: Deadline for Proofs of Claim Filing Is on Sept. 21
--------------------------------------------------------------
J.F. Company's creditors are required to submit proofs of claim
by Sept. 21, 2006, to the company's liquidator:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman, Cayman Islands
         Tel: (345) 949 8666
         Fax: (345) 949 7904
              (345) 949 0626

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.

J.F. Company's shareholders agreed on Aug. 15, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


KYOKUTO ASSET: Last Day to File Proofs of Claim Is Sept. 21
-----------------------------------------------------------
Kyokuto Asset Holdings' creditors are required to submit proofs
of claim by Sept. 21, 2006, to the company's liquidators:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         P.O. Box 908, George Town
         Grand Cayman, Cayman Islands
         Tel: (345) 914-6305

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.

Kyokuto Asset's shareholders agreed on Aug. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MTRMA REINSURANCE: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------------
Mtrma Reinsurance, Ltd.'s creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidator:

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

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.

Mtrma Reinsurance's shareholders agreed on Aug. 4, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


BALL BRAZIL: Creditors Must File Proofs of Claim by Sept. 21
------------------------------------------------------------
Ball Brazil Holdings Limited's creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidators:

        Linburgh Martin
        Jeff Arkley
        P.O. Box 1034GT
        Grand Cayman, Cayman Islands

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.

Ball Brazil's shareholders agreed on Aug. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Interested parties may contact:

         Neil Gray
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034GT
         Grand Cayman, Cayman Islands
         Tel: (345) 949 8455
         Fax: (345) 949 8499


SAN INVESTMENT: Proofs of Claim Filing Deadline Is on Sept. 21
--------------------------------------------------------------
San Investment Company Limited's creditors are required to
submit proofs of claim by Sept. 21, 2006, to the company's
liquidator:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman, Cayman Islands
         Tel: (345) 949 8666
         Fax: (345) 949 7904
              (345) 949 0626

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.

San Investment's shareholders agreed on Aug. 15, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


GLEN AGAR: Filing of Proofs of Claim Is Until Sept. 21
------------------------------------------------------
Glen Agar Holdings Ltd.'s creditors are required to submit
proofs of claim by Sept. 21, 2006, to the company's liquidator:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman, Cayman Islands
         Tel: (345) 949 8666
         Fax: (345) 949 7904
              (345) 949 0626

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.

Glen Agar's shareholders agreed on July 7, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


SCOTTISH RE: Moody's Puts Ratings Under Review & May Downgrade
--------------------------------------------------------------
Moody's Investors Service changed the direction of review for
Scottish Re Group Limited's (Scottish Re; NYSE: SCT) ratings to
uncertain from possible downgrade.  The change in the direction
of the ratings review impacts the company's debt ratings (Ba3
senior unsecured debt) and the Baa3 insurance financial strength
ratings of the company's core insurance subsidiaries, Scottish
Annuity & Life Insurance Company (Cayman) Ltd. -- SALIC -- and
Scottish Re (U.S.), Inc.  The rating agency said the revised
direction of the review indicates the possibility that Scottish
Re's ratings could now be downgraded, upgraded or confirmed
depending on the future developments at Scottish Re.

Moody's stated that the broader range of possible rating
outcomes reflects the possibility that Scottish Re is successful
in implementing its main strategic goal, which is the sale of
the company.  According to Scott Robinson, Vice President &
Senior Credit Officer, "it is likely that some insurers and/or
reinsurers are interested in purchasing Scottish Re."  Robinson
continued that "possible suitors consist of those companies that
could place the Scottish Re inforce business into runoff and
those that could use it as a platform to enter or enhance their
position in the U.S. life reinsurance market."  If an
acquisition of Scottish Re is completed, the ultimate ratings of
the company would depend upon the financial strength of the
purchaser as well as the structure of the deal, but the ratings
would likely be upgraded from their current level.

Moody's also believes that some private equity firms could be
interested in investing in Scottish Re.  However, the rating
agency notes that unless a private equity firm partnered with a
company with insurance expertise, it would view this outcome as
a less viable long term solution than an outright sale of the
company, with limited -- if any -- upward movement likely in
Scottish Re's ratings.

Notwithstanding the possibility of Scottish Re being acquired,
Moody's emphasized that the company still needs to secure
additional collateral and/or liquidity over the next several
weeks to prevent further downgrade.  The company is currently
pursuing standard reinsurance and surplus relief reinsurance
solutions, as well as private equity capital raising and asset-
based financing-type transactions.  Moody's believes the
reinsurance initiatives have a greater probability of being
completed in the near term.  It is also possible that potential
purchasers of Scottish Re would provide some form of short-term
collateral and/or liquidity support to the company.

Robinson emphasized that "any such transactions would be only
temporary solutions, providing Scottish Re with additional
liquidity and collateral that could support the company through
the sales process." Moody's said that the review would likely
result in a downgrade of Scottish Re if it becomes apparent that
the company will not be successful in completing its near-term
collateral/liquidity solutions and/or its capital raising/sales
process.

These ratings were changed from being under review for possible
downgrade to being under review with direction uncertain:

Scottish Re Group Limited

      -- senior unsecured debt of Ba3;
      -- senior unsecured shelf of (P)Ba3;
      -- subordinate shelf of (P)B1;
      -- junior subordinate shelf of (P)B1;
      -- preferred stock of B2; and
      -- preferred stock shelf of (P)B2.

Scottish Holdings Statutory Trust II

     -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III

     -- preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.

     -- IFS rating of Baa3

Premium Asset Trust Series 2004-4

     -- senior secured debt of Baa3

Scottish Re (U.S.), Inc.

     -- insurance financial strength of Baa3

Stingray Pass-Through Certificates

     -- Baa3 (based on IFS rating of SALIC)

On August 21, 2006, Moody's downgraded to Ba3 from Ba2 the
senior unsecured debt rating of Scottish Re and also downgraded
to Baa3 from Baa2 the IFS ratings of SALIC and Scottish Re
(U.S.), Inc.  The ratings were also placed on review for
possible further downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO and Windsor
England.   On June 30, 2006, Scottish Re reported assets of
US$14.6 billion and shareholders' equity of US$1.2 billion.




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


FALCONBRIDGE: Xstrata Mulls Building Chile Hydroelectric Plants
---------------------------------------------------------------
Xstrata is considering proceeding with newly acquired
Falconbridge's plans to construct hydroelectric plants in
Chile's Aysen region, La Segunda reports.

Charlie Sartain, the head of Xstrata Copper, told La Segunda,
"We are an important energy consumer and in the future our power
consumption will probably be greater.  But if it continues just
as an energy project it won't necessarily be related to the
copper business that is our focus."

Business News Americas relates that earlier this year Energia
Austral -- a unit of Falconbridge -- took advantage of water
rights inherited from Noranda to begin plans to construct three
hydroelectric plants in Aysen.

According to BNamericas, Noranda was going to use the plants to
supply its Alumysa aluminum-smelting project, which was
eventually aborted due to fierce environmental opposition.

Falconbridge, before being purchased by Xstrata in August, had
completed its acquisition of Noranda in 2005, BNamericas states.

                       About Xstrata

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

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.  Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

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

                        *    *    *

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


GLOBAL CROSSING: Extends VoIP Outbound Service Portfolio
--------------------------------------------------------
Global Crossing, for the first time, has made its Voice over
Internet Protocol or VoIP Outbound Service available to
enterprise and carrier customers in previously unserved parts of
Latin America and the Asia-Pacific region, as well as in eight
new European countries.

Global Crossing has also enhanced the service to offer intra-
country dialing to enterprise customers in five more European
countries.  This expanded service availability and enhanced
capability complement existing VoIP services in Europe and North
America.

Anthony Christie, Global Crossing's chief marketing officer,
said, "Expanding our VoIP services globally gives customers more
options as they move to a converged IP solution, and it allows
them to benefit from the security, reliability and network
coverage of Global Crossing's high-quality IP network while
working with a single, global account team.  As a leading global
provider of VoIP services, Global Crossing is committed to
continually expanding the geographic reach of our offerings to
better serve the needs of our customers."

In the Asia-Pacific and Latin American regions, Global Crossing
has extended availability of VoIP Outbound Service to:

      -- Argentina,
      -- Australia,
      -- Brazil,
      -- Chile,
      -- Hong Kong, and
      -- Singapore.

For the first time, both carrier and enterprise customers in
those countries can enjoy the advantages of VoIP Outbound
Service via Global Crossing's private IP backbone network.  The
network ensures that VoIP packets receive the highest priority,
which means voice calls are delivered with minimal latency,
packet loss and jitter -- a consistent and predictable call
quality not possible with voice services based on public
Internet transport.

In Europe, Global Crossing VoIP Outbound Service is made
available in:

      -- Austria,
      -- Czech Republic,
      -- Finland,
      -- Greece,
      -- Hungary,
      -- Poland,
      -- Portugal, and
      -- Slovakia.

VoIP Outbound Service had already been available in:

      -- Belgium,
      -- Denmark,
      -- France,
      -- Germany,
      -- Ireland,
      -- Italy,
      -- Netherlands,
      -- Norway,
      -- Spain,
      -- Sweden,
      -- Switzerland,
      -- United Kingdom,
      -- Canada, and
      -- United States.

Global Crossing offers a complete portfolio of VoIP services,
including VoIP On-Net Plus(TM), VoIP Toll-Free and VoIP Local
Services.  This portfolio enables customers to implement IP
convergence, maximize savings on overall telephony costs and
reduce total cost of ownership.  Global Crossing is a leader in
fully interoperable, secure VoIP services for enterprise and
carrier customers and supports several access methods to connect
to its VoIP service portfolio.  These include Global Crossing's
IP VPN service, Global Crossing Dedicated Internet Access and
standard public Internet access.

Global Crossing continues to invest in its global VoIP
infrastructure and recently has deployed a pair of Session
Border Controllers (SBC) in Hong Kong to expand its VoIP
services into Asia-Pacific markets.  New SBC pairs also have
been deployed in Washington, D.C., and Amsterdam, the
Netherlands, to add more capacity to support the growth of VoIP
traffic in these two regions.

Global Crossing was one of the first service providers to
announce the replacement of legacy switches with VoIP switches
in its network core, enhancing the seamless delivery of IP
services.  By the end of the second quarter of 2006, IP
interconnected VoIP traffic increased to more than 300 million
minutes per month, indicating the increase in IP originated and
terminated traffic traversing Global Crossing's global VoIP
backbone.  Global Crossing's VoIP platform currently carries
approximately 2.5 billion minutes per month -- about 78 percent
of all its voice traffic.

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At June 30, 2006, Global Crossing Ltd.'s balance sheet showed
US$1.87 billion in total assets and US$1.95 billion in total
liabilities, resulting to a stockholders' deficit of
US$86 million.  The Company reported a US$173 million
stockholders' deficit on Dec. 31, 2005.


GOL LINHAS: Launches Ticket Sales to Santiago, Chile
----------------------------------------------------
GOL Linhas Aereas Inteligentes began ticket sales to Santiago,
Chile.  

GOL will offer three daily flights to this new destination, with
flights starting on Sept. 24.  Santiago is GOL's seventh
international destination.  The company currently flies to:

     -- Argentina:

        * Buenos Aires,
        * Rosario, and
        * Cordoba;

     -- Montevideo, Uruguay;

     -- Asuncion, Paraguay; and

     -- Santa Cruz de la Sierra, Bolivia.

One of the routes to Santiago will depart twice daily from Rio
de Janeiro, making stops in Sao Paulo and Buenos Aires.  The
other route will depart from Florianopolis, with stops in Porto
Alegre and Buenos Aires.

Headquartered in Sao Paulo, Brazil, Gol Linhas Areas
Inteligentes S.A. -- http://www.voegol.com.br-- through its
subsidiary, Gol Transportes Aereos S.A., provides airline
services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay.
The company's services include passenger, cargo, and charter
services.  As of March 20, 2006, Gol Linhas provided 440 daily
flights to 49 destinations and operated a fleet of 45 Boeing 737
aircraft.  The company was founded in 2001.

                        *    *    *

On March 21, 2006, Moody's Rating Services assigned a Ba2 rating
on Gol's Long-Term Corporate Family Rating.

On June 14, 2006, Fitch Ratings assigned a rating of 'BB' to GOL
Linhas' outstanding US$200 million 8.75% perpetual
bond.  In addition, Fitch assigned:

   -- National Scale Rating of 'AA-(bra)' with Stable Outlook,
      and

   -- Local Currency Issuer Default Rating of 'BB+'- with
      Stable Outlook.


PHELPS DODGE: Agrees to Terminate Merger Agreement with Inco
------------------------------------------------------------
Inco Limited agreed with Phelps Dodge Corp. to terminate the
Combination Agreement the parties entered into on June 25, 2006.
Inco also cancelled the special meeting of Inco shareholders
called for Sept. 7, 2006.

Consistent with the terms of the agreement entered into between
the parties, Inco will pay Phelps Dodge a termination fee of
US$125 million and a further US$350 million if Inco consummates
an alternative take-over bid or similar transaction on or prior
to Sept. 7, 2007.   Inco would have paid these same amounts had
the agreement been terminated after Inco shareholders failed to
approve the Phelps Dodge transaction at the special meeting.

"It was very clear from the proxies we received that Inco
shareholders were not going to support the Phelps Dodge
transaction, so the two companies agreed that it was in our
respective best interests to move on," Scott Hand, Chairman and
Chief Executive Officer of Inco, stated.

"We have enjoyed working with the Phelps Dodge team," Mr. Hand
said.  "It is a great company and we wish them all the best in
the future."

Following the termination of the Combination Agreement, Inco is
no longer restricted in its ability to solicit acquisition
proposals from, provide confidential information to or enter
into negotiations or agreements with interested parties
concerning potential value enhancing alternatives.  The Board
has authorized Inco's senior management and its advisors to
explore these alternatives consistent with the company's
commitment to maximize value to Inco shareholders.  Inco also
continues to be open to entering into discussions or
negotiations with Companhia do Vale Rio Doce with regard to its
offer of Aug. 14, 2006.  Inco cautions that there can be no
assurance that such actions will lead to Inco entering into
discussions or negotiations resulting in a binding agreement
with respect to any transaction with any party.

                         About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                       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.




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


BANCO BHD: Rumors Say Firm Buying Republic Bank's Business
----------------------------------------------------------
Banco BHD is rumored to be purchasing operations of Republic
Bank's business, DR1 Newspaper reports.

Rafael Camilo -- the Superintendent of Banks in the Dominican
Republic -- told Diario Libre that he was not aware of any
purchasing operation of the nation's personal and credit card
banking services by Banco BHD.

DR1 relates that Mr. Camilo said, "These are private banks and
if they are holding any negotiations of that sort, they will
inform the Superintendence of Banks at the right moment."

Meanwhile, Clave Digital notes that there has been a transaction
between Banco BHD and the Republic Bank.  According to the
report, Mr. Camilo has confirmed it.

DR1 underscores that the operation is awaiting the approval from
the Monetary Board.

Republic Bank would keep its corporate division, DR1 states.

                        *    *    *

As reported in the Troubled Company Reporter on May 22, 2006,
Fitch upgraded the foreign currency long-term Issuer Default
Rating of Banco BHD to 'B' from 'B-'.  Fitch has also affirmed
Banco BHD and Republic Bank's other international and national
ratings.  These actions follow Fitch's recently announced
upgrade of the Dominican Republic's long-term foreign currency
IDR to 'B'.




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


AIR JAMAICA: Two Unions Seek to Represent Workers
-------------------------------------------------
The Bustamante Industrial Trade Union and the National Workers
Union are seeking to represent the Air Jamaica staff, as the
later are choosing a new union, Radio Jamaica reports.

Radio Jamaica relates that about 200 clerical, administrative
and supervisory Air Jamaica workers are taking part in a
representational rights poll the Jamaican Labor Ministry is
conducting.

The process was proceeding well, Granville Valentine -- the
deputy island Supervisor of the National Workers -- told Radio
Jamaica.

                        *    *    *

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


DELTA AIR: Posts US$69 Million Net Income in July 2006
------------------------------------------------------
Delta Air Lines reported that its net income for July 2006 was
US$69 million, compared with a net loss of US$41 million in July
2005.

Delta Air filed on Aug. 30 its Monthly Operating Report for July
2006 with the US Bankruptcy Court for the Southern District of
New York.

Delta's net income excluding reorganization items increased
US$140 million to US$99 million for July 2006, from the net loss
in July 2005.  As of July 31, 2006, Delta had US$4.0 billion of
cash, cash equivalents and short-term investments, of which
US$3.0 billion was unrestricted.

In September 2005, Delta disclosed a comprehensive restructuring
plan intended to deliver an additional US$3 billion in annual
financial benefits through revenue improvements and cost
reductions by the end of 2007.  During the month of July, Delta
continued its restructuring progress by:

    -- Reducing operating costs to achieve a mainline non-fuel
       CASM(1) of 6.60 cents for the month, a 6.4% reduction
       year over year; and
    
    -- Improving consolidated passenger unit revenue to
       11.44 cents, a 13.2% improvement compared to July 2005.

Edward H. Bastian, Delta's executive vice president and chief
financial officer, said, "July's results reflect the continued
momentum of our restructuring.  The hard work and sacrifice of
the Delta people are making a tangible difference, resulting in
more than a billion dollar improvement in our operating
performance year to date.  In the coming months, the challenge
will be to sustain this momentum as we move into a traditionally
slower season for our industry."

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta Air
offers customers more weekly flights between the United States
and destinations across Europe, India and Israel than any other
global airline, including service on 11 new transatlantic routes
launched since March.  Delta Air also is a major carrier to
Mexico, South and Central America and the Caribbean, with nearly
40 new routes announced in the last year.  The Company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the company's balance
sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.


KAISER ALUMINUM: Settles Dispute Over Products Coverage Insurers
----------------------------------------------------------------
Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware approves Kaiser Aluminum & Chemical Corp.'s
settlement agreements with Republic Indemnity Company, Transport
Insurance Company, and Hudson Insurance Company.

As reported in the Troubled Company Reporter on July 20, 2006,
KACC and the three insurers have engaged in separate
negotiations to resolve their disputes regarding the subject
policies, Kimberly D. Newmarch, Esq., at Richards, Layton &
Finger, in Wilmington, Delaware, related.

Under their respective Settlement Agreements with KACC,

   (a) Republic agrees to make a US$1,500,000 settlement payment
       within 14 days after the Court grants final approval to
       the Settlement;

   (b) Transport will pay US$1,000,000 as settlement amount no
       later than 30 days after execution of the Settlement
       Agreement; and

   (c) Hudson agrees to pay US$500,000 before or on Oct. 15
       each year from 2007 to 2012, for a total of US$3,000,000
       as settlement payment.

All three insurers will pay their Settlement Amounts to the U.S.
Bank National Association, as settlement account agent, unless
the Trigger Date has occurred, in which case, to Wells Fargo
Bank, N.A., as insurance escrow agent, for distribution to the
Funding Vehicle Trust.

Judge Fitzgerald directs KACC to dismiss, without prejudice, its
claims, counterclaims or cross-claims against the three insurers
in the action filed before the Superior Court of California,
County of San Francisco, within 14 days after the Court orders
become final.  Upon the occurrence of the Trigger Date, the
dismissals will be deemed to be dismissals with prejudice.

The insurers' full payment of their respective settlement
amounts will satisfy and extinguish in full their obligations
with respect to all:

    -- claims under the subject insurance policies they issued
       to KACC; and

    -- tort claims under the other insurance policies they
       issued to KACC.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-
10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts. Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.  
(Kaiser Bankruptcy News, Issue No. 104; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


KAISER ALUMINUM: Says Agrium's Move to Pursue Claim Is Meritless
----------------------------------------------------------------
Kaiser Aluminum & Chemical Corp. and Kaiser Aluminum Properties,
Inc., assert that the request filed by Agrium, Inc., and Agrium
U.S. Inc. is meritless and should be denied in all respects.

As reported in the Troubled Company Reporter on Aug. 8, 2006,
the Agrium Companies asked the U.S. Bankruptcy Court for the
District of Delaware to:

   (a) declare that the automatic stay does not apply;

   (b) interpret Kaiser Aluminum & Chemical Corp.'s Plan to
       determine the appropriate treatment of their claim; and

   (c) modify the discharge injunction to permit them to
       liquidate their claims against the estate, or the
       Reorganized Debtors, and pursue their claims against any
       available insurance.

Kimberly D. Newmarch, Esq., at Richards, Layton & Finger in
Wilmington, Delaware, says that the Agrium Companies' contingent
contribution claim fails to meet these requirements to be
entitled to administrative priority:

    -- the administrative expense arose out of a postpetition
       transaction with the debtor-in-possession; and

    -- the expense directly and substantially benefited the
       estate.

The Agrium Companies' contribution claim did not arise from any
postpetition transaction but from the Reorganized Debtors'
operation of a facility in Cantrall, Illinois, decades ago,
Ms. Newmarch points out.

Moreover, the Reorganized Debtors did not cause or commit any
wrongdoing; any harm caused was the result of operations of the
Cantrall Facility decades before the Chapter 11 cases were even
commenced, thus the Agrium Companies' claim could not possibly
be considered to have conferred a benefit on, or be a necessary
expense of, the Reorganized Debtors' estates, Ms. Newmarch
explains.

The Agrium Companies' claim is contingent because neither the
Agrium Companies nor KACC or KAPI have been found liable with
respect to the alleged injuries of Daniel Freeman and the Estate
of Savannah Olson, nor have the Agrium Companies made any
payment to the Personal Injury Claimants, Ms. Newmarch tells the
Court.

Accordingly, even if it had been filed as required under the
Court's bar date order, the claim would have to be disallowed
pursuant to Section 502(e)(1)(B) of the Bankruptcy Code,
Ms. Newmarch contends, citing In re Ecco D'Oro Food Corp., 249
B.R. 300, 302 (Bankr. N.D.Ill.2000), among others.

As for the Agrium Companies' requested relief from the discharge
injunction to pursue potentially available insurance, the
Reorganized Debtors say that the insurance policies that could
even arguably provide coverage are those that have been bought
out under Court-approved settlement agreements.

And as the Court just recently recognized in connection with the
Personal Injury Claimants' objection to the settlement with ACE
Property & Casualty Company and its affiliates, the coverage
under those policies has been allocated to the various tort
claims, Ms. Newmarch discloses.

Thus, the Reorganized Debtors assert, there is no reason to
grant any relief from the injunctions in the Confirmation Order
to permit the Agrium Companies to pursue insurance.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-
10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts. Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.  
(Kaiser Bankruptcy News, Issue No. 104; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)




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


DELTA AIR: Adds Two Routes to Mexico & French West Indies
---------------------------------------------------------
Delta Air Lines will add two new routes to Mexico and the French
West Indies.

Continuing its rapid expansion into Mexico and the Caribbean
this December, Delta Air will add two new routes to Mexico City
as well as its first flights to Guadeloupe, French West Indies.  

On Dec. 1, Delta Air will add new nonstop service between Mexico
City and Orlando and Salt Lake City.  On Dec. 13, the airline
will add flights between its largest hub in Atlanta and Pointe a
Pitre, Guadeloupe in the French West Indies.  All new routes are
yet to be approved by foreign governments.

Glen Hauenstein -- Delta's executive vice president on Network
Planning and Revenue Management -- said, "Delta is a customer
favorite for travel between the United States and destinations
across Latin America and the Caribbean thanks to the expanding
scope of our network and the number of unique and exciting
destinations we serve.  Delta remains the fastest growing US
carrier to Mexico and the Caribbean and in December will become
the only US carrier to serve the beautiful French island of
Guadeloupe nonstop from the US mainland."

Delta customers traveling to Guadeloupe will enjoy traditional
Caribbean warmth with a French twist.  Guadeloupe is one of the
world's best yachting destinations and is known for its
favorable winds, pristine beaches, casinos, nightlife and
decidedly French culture.  As citizens of France, the 450,000
residents of Guadeloupe speak French, do business with the Euro
and are closely connected to the European Union.

In Mexico City, Delta will strengthen its already extensive
schedule of flights to and from the world's largest city.  With
new routes from its Western hub in Salt Lake City and the
world's vacation capital of Orlando, Delta will offer 41 weekly
flights between Mexico's economic, cultural and governmental
center of Mexico City and four major gateways in the US, with
convenient connecting service beyond to hundreds of worldwide
destinations.

During 2006, Delta has become the fastest growing US airline to
Mexico with more than a dozen new routes added.  By March 2007,
Delta plans to offer customers service to nearly 20 Mexican
destinations from the US -- almost three times as many offered
in 2004.  Most recently, Delta disclosed that it would expand
its presence to Mexico from Los Angeles to meet soaring demand
in one of the country's largest Hispanic travel markets.  This
expansion begins in December and includes new nonstop flights to
nine Mexican destinations with corresponding connecting service
to five US destinations where many Hispanic customers prefer to
travel.

To celebrate its newest international routes, Delta is offering
customers special low introductory fares until Sept. 19 for
travel between Mexico, Guadeloupe and the US.  

Delta's expanded nonstop service to Latin America and the
Caribbean is part of a series of more than 50 new routes to
Latin America and the Caribbean added or announced by Delta in
the last year as part of the largest international expansion in
the airline's history.  With its March 2007 schedule, Delta
plans to offer customers 246 weekly flights to 19 Mexican
destinations and 282 weekly flights to 23 Caribbean
destinations.  This growth represents a 70% increase in Delta's
weekly flights to Mexico and the Caribbean combined since fall
2004.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta Air
offers customers more weekly flights between the United States
and destinations across Europe, India and Israel than any other
global airline, including service on 11 new transatlantic routes
launched since March.  Delta Air also is a major carrier to
Mexico, South and Central America and the Caribbean, with nearly
40 new routes announced in the last year.  The Company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the company's balance
sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.


EMPRESAS ICA: Unit Keen on Constructing Durango Plant
-----------------------------------------------------
ICA Fluor -- a joint venture of US engineering firm Fluor Corp.
and Mexican construction company Empresas ICA Sociedad
Controladora, SA de C.V. -- is one of the groups interested in
constructing a 450-megawatt combined cycle plant in Durango,
Mexico, Business News Americas reports, citing state power firm
CFE.

The other groups interested in the plant include:

      -- Spain's Iberdrola,
      -- Seico,
      -- Lipsa,
      -- Valerus,
      -- ARB, and
      -- Arendal.

According to BNamericas, CFE is will open technical offers on
Sept. 13 and will launch economic offers on Oct. 19.

BNamericas states that the winner in the bidding process would
also supply the national grid of CFE for 25 years.

The construction of the Durango plant will start in January.  It
will take a little longer than two years, BNamericas relates.

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.


FORD MOTOR: Names Alan Mulally as President and CEO
---------------------------------------------------
Ford Motor Company has elected Alan Mulally as president and
chief executive officer.  He has also been elected to the Board
of Directors.

Bill Ford will continue his duties as executive chairman of the
company.

"One of the three strategic priorities that I've focused on this
year is company leadership.  While I knew that we were fortunate
to have outstanding leaders driving our operations around the
world, I also determined that our turnaround effort required the
additional skills of an executive who has led a major
manufacturing enterprise through such challenges before," Bill
Ford wrote in an e-mail message to Ford employees.

"That's why I'm very pleased to announce that Alan Mulally, who
turned around the Commercial Airplanes division of The Boeing
Company, will become our president and CEO, effective
immediately.  Alan has deep experience in customer satisfaction,
manufacturing, supplier relations and labor relations, all of
which have applications to the challenges of Ford.  He also has
the personality and team-building skills that will help guide
our Company in the right direction."

Bill Ford, who said he would remain "extremely active" in the
business, praised Mr. Mulally as "an outstanding leader and a
man of great character."  He noted that Mr. Mulally had applied
many of the lessons from Ford's success in developing the Taurus
to Boeing's creation of the revolutionary Boeing 777 airliner.  
That experience, chronicled in the book, "Working Together," by
James P. Lewis, tells how the leadership principles Mr. Mulally
learned from Ford and developed at Boeing may be applied to
other businesses.

"Clearly, the challenges Boeing faced in recent years have many
parallels to our own," Bill Ford said.

Mr. Mulally, 61, has spent 37 years at The Boeing Company, most
recently as executive vice president.  In addition, he has also
been president and chief executive officer of Boeing Commercial
Airplanes since 2001.  In that position he was responsible for
all of the company's commercial airplane programs and related
services, which in 2005 generated record orders for new business
and sales of more than US$22.6 billion.  Mr. Mulally was named
president of Commercial Airplanes in Sept. 1998.  The
responsibility of chief executive officer for the business unit
was added in March 2001.

"I think the opportunity to work with Bill Ford and Ford Motor
Company is the only thing that could have attracted me to a job
other than Boeing, where I have so many great friends and
memories," Mr. Mulally said.  "I'm looking forward to working
closely with Bill in the ongoing turnaround of this great
Company.  I'm also eager to begin engagement with the leadership
team.  I believe strongly in teamwork and I fully expect that
our efforts will be a productive collaboration."

Mr. Mulally noted that many of the challenges he encountered in
commercial airplane manufacturing are analogous to the issues at
Ford.

"Just as I thought it was appropriate to apply lessons learned
from Ford to Boeing, I believe the reverse is true as well,"
Mr. Mulally said.  "I also recognize that Ford has a strong
foundation upon which we can build.  The Company's long
tradition of innovation, developing new markets, and creating
iconic vehicles that represent customer values is a great
advantage that we can leverage for our future."

Bill Ford said he expected Mr. Mulally would assist Mark Fields
and the Way Forward team as they accelerate their business plan.

"After dealing with the troubles at Boeing in the post-9/11
world, Alan knows what it's like to have your back to the wall
-- and fight your way out with a well-conceived plan and great
execution," Bill Ford said in his note to employees.  "He also
knows how to deal with long product cycles, changing fuel prices
and difficult decisions in a turnaround."

Prior to his current position, Mr. Mulally served as president
of Boeing Information, Space & Defense Systems, and senior vice
president of The Boeing Company.  Appointed to that role in
Feb. 1997, he was responsible for Boeing's defense, space and
government business.

Beginning in 1994, he was senior vice president of Airplane
Development for Boeing Commercial Airplanes Group, responsible
for all airplane development activities, flight test operations,
certification and government technical liaison.

Mr. Mulally serves as co-chair of the Washington Competitiveness
Council, and sits on the advisory boards of NASA, the University
of Washington, the University of Kansas, Massachusetts Institute
of Technology, and the U.S. Air Force Scientific Advisory Board.
He is a member of the United States National Academy of
Engineering and a fellow of England's Royal Academy of
Engineering.

Mr. Mulally holds bachelor's and master's of science degrees in
aeronautical and astronautical engineering from the University
of Kansas, and earned a master's in management from the
Massachusetts Institute of Technology as a 1982 Alfred P. Sloan
fellow.

A member of the board since 1988, Bill Ford, 49, was elected
chairman in Sept. 1998, and took office on Jan. 1, 1999.  He
also serves as chairman of the board's Environmental and Public
Policy Committee and as a member of the Finance Committee.  He
was named Chief Executive Officer on Oct. 30, 2001.

Bill Ford, who led the Company to three straight years of
profitability through 2005, told employees in his e-mail message
that he looked forward to an excellent working partnership with
Mr. Mulally on global strategic issues.

"Let me assure you: I'm not going anywhere," Bill Ford wrote to
Ford workers.  "As executive chairman, I intend to remain
extremely active in the direction of this Company.  I'll be here
every day and I will not rest until a prosperous future for this
Company is secured."

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents
including Mexico.  With more than 324,000 employees worldwide,
the company's core and affiliated automotive brands include
Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury
and Volvo.  Its automotive-related services include Ford Motor
Credit Company and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford Motor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12 month period.  The outlook for the ratings is
negative.


FORD MOTOR: Looks at New Business Models to Ensure Recovery
-----------------------------------------------------------
Ford Motor Co.'s chief executive officer Bill Ford informed
employees in a memo issued last week that "the business model
that sustained [the Company] for decades is no longer sufficient
to sustain profitability," the Associated Press reports.

Mr. Ford plans to revitalize the ailing automaker by locking in
on three key areas of change -- accelerating the "Way Forward"
plan, leveraging global assets and strengthening leadership, AP
adds.

The admission came as Ford gears up for an aggressive reduction
of North American production as part of broader efforts to
accelerate the pace of its "Way Forward" turnaround.  The North
American restructuring calls for, among other things:

   -- material cost reductions of at least US$6 billion by 2010;

   -- a 26% capacity reduction by 2008; and

   -- a reduction of plant-related employment by 25,000 - 30,000
      in 2006 to 2012.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the revised plan will cut fourth-quarter production by 21% -- or
168,000 units -- compared with the fourth quarter a year ago,
and reduce third-quarter production by approximately 20,000
units.

Recently, Ford disclosed that it has started exploring strategic
options for the Aston Martin sports-car unit, including a
potential sale of the brand.  Mr. Ford had stated that Aston
Martin may be an attractive opportunity to raise capital and
generate value for the Company.

Last month, talks also surfaced about the possible sale of the
Company's Jaguar unit to Sir Anthony Bamford, JC Bamford
Excavators Ltd.'s Chairman.  Along with Volvo, Land Rover, and
Aston Martin, Jaguar forms Ford's Premier Automotive Group.  The
PAG segment incurred a US$180 million net loss in the second
quarter of 2006.

                      About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents
including Mexico.  With more than 324,000 employees worldwide,
the company's core and affiliated automotive brands include
Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury
and Volvo.  Its automotive-related services include Ford Motor
Credit Company and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following nnouncement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford otor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12-month period.  The outlook for the ratings is
negative.


KANSAS CITY SOUTHERN: S&P Affirms B Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' corporate credit rating, on Kansas City
Southern and removed the ratings from CreditWatch.

Ratings were initially placed on CreditWatch on April 4, 2006,
and lowered to current levels on April 10, 2006.  The outlook is
negative.

The rating affirmation follows a review of the company's current
liquidity position and operating prospects.

"The ratings reflect Kansas City Southern's constrained
liquidity, highly leveraged capital structure, and challenges
associated with the integration of Kansas City Southern de
Mexico S.A. de C.V. [previously TFM S.A. de C.V.], the Mexican
railroad it acquired in April 2005, offset by the favorable
characteristics of the U.S. freight railroad industry and the
company's strategically located rail network," said Standard &
Poor's credit analyst Lisa Jenkins.

"We expect that favorable industry conditions will enable Kansas
City Southern to strengthen its currently extended financial
profile and improve its liquidity position over the near to
intermediate term."

Kansas City Southern is a Class 1 (large) U.S. freight railroad.
It is significantly smaller and less diversified than its peers,
but operates a very strategically located rail network.  With
its north-south orientation, Kansas City Southern is well
positioned to take advantage of NAFTA trade opportunities.

KCSM serves the three largest cities in Mexico, representing a
majority of the Mexican population and GDP.  Its rail lines
connect with the principal border gateway and largest freight
exchange point between the U.S. and Mexico at Nuevo
Laredo/Laredo and serves three of the four principal seaports in
Mexico.  Kansas City Southern's rail lines run through 10 states
in the southern and midwestern U.S. and interconnect with many
of the larger, Class 1 North American railroads.

Kansas City Southern had previously maintained a 49% voting
interest in KCSM.  Now that it owns 100% of the company, Kansas
City Southern is more fully integrating its operations with
those of KCSM and is expected to achieve marketing and cost
synergies over time.

Although Kansas City Southern now influences the management of
day-to-day operations at KCSM, the two companies have retained
separate legal identities and are continuing to finance their
operations separately.

With the exception of the automotive sector, most end markets
served by the two companies have favorable outlooks at present.
This should translate into improved revenues and earnings over
the near-to-intermediate term.

Ratings assume that Kansas City Southern will improve its
liquidity position over the near to intermediate term and
refinance upcoming debt maturities.  Failure to do so could lead
to a downgrade.

If the company improves its liquidity position and sustains
improved credit protection measures, the outlook could be
revised to stable or positive, depending upon the magnitude of
the improvement.


PORTRAIT CORP: Has Interim Access to Wells Fargo DIP Loan
---------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York gave Portrait Corp. of
America, Inc., and its debtor-affiliates, interim authority to
obtain debtor-in-possession financing from Wells Fargo Foothill,
Inc.  Judge Hardin also allows the Debtors to use cash
collateral securing repayment of their obligations to Wells
Fargo.

The interim DIP financing order grants the Debtors access to
loans of up to US$10 million, inclusive of a letter of credit
sub-facility in the amount of US$5 million.  However, until
certain conditions embodied in the DIP term sheet are met, the
Debtors will only be able to borrow up to US$3 million,
inclusive of a US$1 million letter of credit sub-facility.  The
Debtors are seeking to borrow up to US$45 million from Wells
Fargo.

Amounts outstanding under the DIP facility will bear interest,
at the Debtors' option, at a per annum rate equal to:

     a) the Base Rate plus 3 percentage points; or

      b) the LIBOR Rate plus 5 percentage points.

At no time shall any portion of the indebtedness owing under the
DIP Facility bear interest at a per annum rate less than 6%.

All obligations arising from the DIP facility will be secured by
a first priority perfected lien and security interest against
the Debtors' assets.

                    Cash Collateral Use

The Debtors owe Wells Fargo approximately US$11 million on
account of loans made under a US$30 million prepetition
revolving line of credit.  The line of credit is secured by a
first priority lien and security interest on all of the Debtors'
property and assets.

The Debtors also owe an aggregate of approximately US$255
million from holders of various notes issued by Debtors PCA LLC
and PCA Finance Corp.  The Noteholders hold junior liens on all
of the Debtors' assets.

Judge Hardin permits the Debtors to use Wells Fargo and the
Noteholders' cash collateral until Sept. 30, 2006, subject to a
budget.  A copy of the Budget is available for free at:

             http://researcharchives.com/t/s?111f

Wells Fargo and the Noteholders are entitled, pursuant to
sections 361 and 363 of the Bankruptcy Code, to adequate
protection of their interests in the collateral for any
diminution in the value resulting from the Debtors' use of their
collateral.

                     About Portrait Corp.

Portrait Corp. of America, Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corp. and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


SATELITES MEXICANOS: Court Moves Disclosure Hearing to Sept. 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
adjourned the hearing to consider approval of the Disclosure
Statement explaining the Plan of Reorganization filed by
Satelites Mexicanos, S.A. de C.V., to Sept. 13, 2006,

At the hearing, the Honorable Robert D. Drain, of the U.S.
Bankruptcy Court for the Southern District of New York, will
also consider the Debtor's proposed solicitation and tabulation
procedures, and will schedule a hearing and establish notice and
objection procedures with respect to confirmation of the
Debtor's Chapter 11 Plan of Reorganization.

Objections, if any, to the Disclosure Statement and the proposed
Solicitation Procedures must be filed by Sept. 7, 2006, and
served on:

    (i) The Office of the United States Trustee for Region 2
        33 Whitehall Street, 21st floor
        New York, NY 10004
        Attn: Tracy Hope Davis, Esq.

   (ii) Counsel for Satelite Mexicanos
        Milbank, Tweed, Hadley and McCloy LLP
        One Chase Manhattan Plaza
        New York , NY 10005
        Attn: Luc A. Despins, Esq.
              Matthew S. Barr, Esq.
              Jessica L. Fink, Esq.

  (iii) Counsel to the Ad Hoc Existing Bondholders' Committee
        Akin Gump Strauss Hauer & Feld LLP
        590 Madison Avenue
        New York, NY 10022-2524
        Attn: Steven Scheinman, Esq.
              Shuba Satyaprasad, Esq.
              Michael S. Stamer, Esq.

   (iv) Counsel for the Ad Hoc Senior Secured
        Noteholders' Committee
        Wilmer Cutler Pickering Hale and Dorr LLP
        60 State Street
        Boston, MA 02109
        Attn: Dennis Jenkins, Esq.
              George W. Shuster, Jr., Esq.

                 About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
itssatellites 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: FCC OKs SATMEX 6 Addition to Permitted List
----------------------------------------------------------------
The Federal Communications Commission granted Satelites
Mexicanos, S.A. de C.V.'s petition to add its in-orbit C- and
Ku-band satellite, SATMEX 6, to the Commission's Permitted Space
Station List.

The FCC also permitted each earth station with "ALSAT"
designated as a point of communication to provide Fixed
Satellite Services and FSS Direct-to-Home Service to, from, or
within the United States, by accessing SATMEX 6.

SATMEX 6 was launched into orbit on May 27, 2006.  The satellite
is located at the 113 degrees W.L. orbital location.

A full-text copy of the FCC's order is available at no charge
at http://ResearchArchives.com/t/s?111b

                 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).




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


IAP WORLDWIDE: S&P Lowers Corporate Credit Rating to B from B+
--------------------------------------------------------------
Standard & Poor's Rating Services lowered the ratings on Cape
Canaveral, Florida-based IAP Worldwide Services Inc. including
its corporate credit rating to 'B' from 'B+'.  The outlook is
stable.

As of June 30, 2006, the company had total balance sheet debt of
over US$500 million.

"The downgrade reflects weakened credit metrics as delayed
government appropriations have challenged the business
environment," said Standard & Poor's credit analyst Dan
Picciotto.

Consequently, revenues and earnings have declined.  Still, a
rising backlog suggests that operations are set to recover.

The ratings on IAP continue to reflect the company's highly
leveraged financial risk profile, taking into consideration the
recapitalization of the company's balance sheet and related
dividend payment at the end of 2005.  The ratings also reflect
the company's vulnerable business risk profile as a provider of
logistics services, marked by revenue concentration from a few
large contracts and the less-predictable nature of contingency
operations, which contribute a majority of revenues and profits.

These weaknesses are partially mitigated by the company's strong
rebid record on contracts and the low fixed-capital
intensiveness of operations.

                     About IAP WorldWide

IAP Worldwide Services, Inc. -- http://www.iapws.com/-- is a  
premier government contractor providing a broad spectrum of
services focused on global mission support for the federal
market. The company specializes in three top-tier lines of
business: contingency, logistics and procurement support;
facility maintenance/base operations; and technical services.  
With Corporate Operations headquartered in Cape Canaveral, FL,
IAP also has corporate offices in Irmo, S.C.; Panama City, FL;
and Washington, D.C.; and project sites in over 50 locations
worldwide, including Bangkok, Thailand.

Moody's adjusted the ratings assigned on December 6, 2005 to IAP
Worldwide Services, Inc. in response to changes in its proposed
capital structure.  IAP has announced an incremental increase of
approximately US$65 million to the proposed first lien term loan
B. Despite a proposed decrease in total debt with an
approximately US$105 million permanent reduction in the proposed
second lien term loan and a reduction in the proposed dividend
to US$146 million from US$186 million, the B2 corporate family
rating is unchanged (refer to the Moody's press release dated
December 6, 2005 for details of the original proposal and
ratings rationale).

Moody's took these rating actions:

    * US$75 million (originally US$100 million) proposed first
      lien revolver, maturing 2010, lowered to B2 from B1

    * US$415 million (originally US$350 million) proposed first
      lien term loan, due 2012, lowered to B2 from B1

    * US$120 million (originally US$225 million) proposed second
      lien term loan, due 2013, raised to B3 from Caa1

    * Corporate Family Rating, affirmed B2

Moody's said the ratings outlook is stable.




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


GRUPO ELEKTRA: Inks Electronic Money Transfer Pact with Orlandi
---------------------------------------------------------------
Grupo Elektra, S.A. de C.V., signed a five-year and six months
electronic money transfer agreement with Orlandi Valuta -- a
world class money transfer company, and subsidiary of Western
Union.
    
As agreed, Grupo Elektra becomes a paying agent for money
transfers to Mexico in its more than 1,500 points of sale
throughout the country.  Grupo Elektra will be able to affiliate
subagents in Mexico to further expand its distribution network,
in line with other transfer agreements previously signed by the
company.
    
Orlandi Valuta has more than 4,500 points of sale in the United
States, and 20 years of proven experience in electronic
transfers from the US to Mexico.  Recently, it successfully
began money transfers to Central and South America, where it has
over 1,000 additional points of sale.  Orlandi Valuta offers
high quality transfer services, with top security and
convenience, at competitive prices.
    
Javier Sarro Cortina, the chief executive officer of Grupo
Elektra, said, "More efficient transfers contribute to higher
living standards for million of families in Mexico and Latin
America.  Our commitment is to build the necessary agreements to
enhance the well-being of an increased number of people, through
faster and safer operations."

Grupo Elektra sends money and makes payments since 1994, and has
a leading position in electronic transfers in Mexico, paying
more than 12% of the total remittances received in the country
every year.  Since the beginning of its money transfer
operations, Grupo Elektra has paid over 41 million transfers
coming from other countries, which represent a total of more
than US$11 billion. Grupo Elektra's strength is based on its
large distribution network, efficient telecommunications
infrastructure, and customer trust.
    
Mr. Sarro said, "The agreement consolidates our leadership in a
very dynamic market, allowing us to further strengthen ties with
our customers, and better satisfy their needs.  The agreement
gives us access to important points of sale, strategically
located in the US, and adds to the strength of agreements signed
in prior months."
    
As previously reported, at the beginning of 2006 the company and
Western Union renewed an agreement by means of which Grupo
Elektra -- through its Elektra, Salinas y Rocha, Bodega de
Remates and Banco Azteca branches -- became a Western Union and
Vigo Remittances Corp. paying agent for money transfers, for a
six-year and one month term, that began in January 2006.  Grupo
Elektra is also a paying agent of Vigo Remittances Corp., a
Western Union affiliate.

Grupo Elektra -- http://www.grupoelektra.com.mx-- sells retail
goods and services through its Elektra, Salinas y Rocha, Bodega
de Remates and Elektricity stores and over the Internet.  The
Group operates more than 1,000 stores in Mexico, Guatemala,
Honduras, Peru and Panama.  Grupo Elektra also sells and markets
its consumer finance, banking and financial products and
services through approximately 1,400 Banco Azteca branches
located within its stores, as a stand-alone, and in other
channels in Mexico and Panama.  Banking and financial services
include loans, electronic money transfer services, extended
warranties, demand deposits, pension-fund management, insurance,
and credit information services.

                        *    *    *

As reported by Troubled Company Reporter on May 27, 2005, Fitch
Ratings affirmed and withdrew the 'BB-' international scale
foreign and local currency ratings of Grupo Elektra, S.A. de
C.V.  Fitch has withdrawn the ratings in consistency with
Fitch's policies due to the paydown of all of the company's
dollar-denominated bonds.

Fitch also affirmed Elektra's national scale short term rating
of 'F2(mex)' and would continue to follow the company on the
national scale.




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


FIRST BANCORP: Paying Common & Preferred Dividends on Oct. 2
------------------------------------------------------------
First BanCorp has declared the next payment of dividends on
Common, Series A through E Preferred and Trust Preferred I & II
shares.  Common stockholders of record as of Sept. 15, 2006,
will receive the 45th consecutive quarterly dividend payment
declared by First BanCorp's Board of Directors, in the amount of
US$0.07 per share for the third quarter of 2006, payable on
Sept. 29, 2006.
    
The estimated dividend amounts, record dates and payment dates
for the Series A through E Preferred Shares are:

Series    US$Per/share   Record Date     Payment Date
   A         0.1484375   Sept. 28, 2006   Oct. 2, 2006
   B         0.17395833  Sept. 15, 2006   Oct. 2, 2006
   C         0.1541666   Sept. 15, 2006   Oct. 2, 2006
   D         0.15104166  Sept. 15, 2006   Oct. 2, 2006
   E         0.14583333  Sept/ 15, 2006   Oct. 2, 2006
   
Regulatory approvals were obtained as a part of First BanCorp's
previously disclosed agreement with the Board of Governors of
the Federal Reserve System, the Federal Deposit Insurance
Corporation and the Office of the Commissioner of Financial
Institutions of the Commonwealth of Puerto Rico.
    
Luis Beauchamp, First BanCorp President and chief executive
officer, said, "Our 45th consecutive dividend to common
shareholders is evidence of First BanCorp's continued
operational and financial success, as well as our continued
commitments to our shareholders."

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: Court Okays WearEver Sale to Groupe SEB for US$36MM
----------------------------------------------------------------
The Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved the sale of certain assets of the
WearEver Debtors to Groupe SEB USA for approximately
US$36.5 million.

The WearEver Debtors are affiliates of Global Home Products LLC.
The WearEver Debtors are:

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

Mirro WearEver, through its trademarks Mirro in the entry price
range and WearEver and Air Bake in the mid price range,
generated cookware and bakeware sales of approximately US$120
million in 2005.  Mirro WearEver manufactures certain of its
products in Nuevo Laredo, Mexico.  Mirro WearEver currently
sells its products through mass retail distribution channels in
the United States.

The scope of the acquisition includes all inventories, trade
receivables, and equipment in Nuevo Laredo, and trademarks.

This transaction fits in Groupe SEB's strategy to reinforce its
presence in the American cookware market, complementing its
All-Clad presence in the premium price range and its T-Fa1 brand
in the mid price range.  Additionally, these new trademarks will
reinforce the Group's presence in all distribution channels
within the United States.

The acquisition of Mirro WearEver will be financed through debt
and is expected to have a positive impact on Groupe SEB earnings
in 2007.

"This acquisition reflects the capacity of the Group to seize
strategic opportunities when they arise," Thierry de La Tour
d'Artaise, Groupe SEB's chairman and chief executive officer
commented on the acquisition.

"It allows us to pursue our international development and to
consolidate our presence in the American cookware market, where
Groupe SEB now becomes an undisputed leader."

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.


GLOBAL HOME: WearEver Sale Incentive Program Gets Court's Nod
-------------------------------------------------------------
The Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved a performance-based management
incentive plan of Global Home Products LLC and its debtor-
affiliates, 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.

As reported in the Troubled Company Reporter on Aug. 30, 2006,
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.

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.

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.




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


WILLBROS GROUP: Closes Sale of Venezuelan Businesses
----------------------------------------------------
Willbros Group, Inc., has closed the transaction for the
sale of its Venezuelan businesses.  As previously reported,
Willbros determined that it would cease operations in Venezuela
and sell all its remaining businesses associated with Venezuelan
assets and operations.  As anticipated by the Company, Willbros
recognized no gain or loss on disposal.

"The sale of the Venezuelan businesses removes the uncertainty
associated with our presence in that market and allows us to
redeploy resources to manage and execute the record backlog in
North America" Mike Curran, Chairman and Chief Executive
Officer, commented.

The transaction included the marine yard and offices located on
Lake Maracaibo, the marine equipment in Venezuela and the
Company's interest in a project providing water injection
services for production in Lake Maracaibo.

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is
an  independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  The company has been active in
South America since 1939.  Its subsidiary, CAMSA, provides
construction services to Venezuela and monitors activities
elsewhere in South America.

                  Long-Term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
Company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants.  Among other things, the amendments provided that:
(1) certain financial covenants and reporting obligations were
waived and/or modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to US$70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of US$15,000.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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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