TCRLA_Public/060908.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
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          Friday, September 8, 2006, Vol. 7, Issue 179
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                          Headlines

A R G E N T I N A

ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB
CLINICA PRIVADA: Last Day for Claims Verification is October 11
COMMTECH SRL: Deadline for Verification of Claims is October 26
ITAL GNC: Verification of Proofs of Claim is Until October 4
KALIMERA SRL: Last Day for Verification of Claims is November 3

LAS QUINTAS: Trustee Verifies Proofs of Claim Until Oct. 20
PIZZERIA BABIECA: Verification of Claims is Until November 10
POLSCA SRL: Deadline for Claims Verification is September 26
SUR MATERIALES: Enters Bankruptcy Protection on Court Orders

B A H A M A S

COMPLETE RETREATS: U.S. Trustee Supplements XRoads Objection
COMPLETE RETREATS: Creditors Panel Taps Kramer as Fin'l Advisor
KERZNER INTERNATIONAL: Moody's Withdraws All Ratings
PINNACLE ENT: Sands & Traymore Buy Cues Moody's to Hold Ratings
TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA

TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings

B A R B A D O S

ANDREW CORP: Launches Auto Deploy Satellite Antenna System
BRITISH WEST: Barbados & Trinidad to Discuss Fate of Airline

B E L I Z E

* BELIZE: Government On Its Way to Minimizing Debt

B E R M U D A

GENESEE INSURANCE: Proofs of Claim Filing is Until Sept. 15
GLOBAL CROSSING: Launches VoIP Community Peering Service
NIKKO FUND: Creditors Must File Proofs of Claim by September 15

B O L I V I A

CORPORACION MINERA: Ferecomin Has Not Purchased Tin Mine Stake

* BOLIVIA: Renegotiating Operating Contract with Total SA

B R A Z I L

AES CORP: Brazilian Unit Issues BRL2.7 Billion Loan to Fundacao
BANCO SANTANDER: S&P Assigns 'BB/B' Counterparty Credit Rating
COMPANHIA ENERGETICA: Included in Dow Jones Sustainability Index
ENERGISA SA: Registers Public Offering of BRL350 Mil. Debenture
GERDAU AMERISTEEL: Moody's Reviews Low-B Ratings and May Upgrade

ITRON INC: Inks AMR System Deployment Pact With UGI Utilities
NOVELIS INC: Filing Delay Prompts Moody's to Downgrade Ratings
PARMALAT USA: Ferguson Files Civil Case Against Farmland, et al.
PETROLEO BRASILEIRO: Included in Dow Jones Sustainability Index
TAM AIRLINES: Enters Ibovespa and IbrX50 Indices

* BRAZIL: Sells US$750 Million of Real-Denominated Bonds
* Brazilian Markets Present Road Show in Hong Kong & Singapore

C A Y M A N   I S L A N D S

ARTEMIS CO: Creditors Must File Proofs of Claim by September 21
EAST FUNDING: Last Day to File Proofs of Claim is September 21
EMF CORE: Creditors Have Until Sept. 21 to File Proofs of Claim
EMF CORPORATE: Deadline for Proofs of Claim Filing is Sept. 21
KATONAH I: Creditors Must Present Proofs of Claim by Sept. 21

POINT FIFTY: Last Day for Proofs of Claim Filing is September 21
SANTO ANDRE: Filing of Proofs of Claim is Until September 21
TAURUS CAPITAL: Claims Filing Deadline Set for September 21
TIGERS CORP: Proofs of Claim Filing Deadline Set for Sept. 21
TOKYO KIRARI: Last Day for Filing Proofs of Claim is Sept. 21

C O L O M B I A

BANCO DE BOGOTA: Increases Megabanco Share Capital to COP25 Bil.
CA INC: Amends Credit Facility to Repurchase US$2 Bil. of Stocks
MEGABANCO: Banco de Bogota Increases Share Capital to COP25 Bil.

* COLOMBIA: Launches Offer to Purchase Bonds
* COLOMBIA: Sells US$1 Billion of Bonds to Buyback Debt

C O S T A   R I C A

* COSTA RICA: State Power Firm to Supply 30MW Daily to Nicaragua

D O M I N I C A N   R E P U B L I C

FALCONBRIDGE: Xstrata Acquires Company's Remaining Common Shares
VIVA INTERNATIONAL: Nears Closing of River Hawk Acquisition

E C U A D O R

PETROECUADOR: Has Controlled Oil Spill in Cuyabeno

E L   S A L V A D O R

MILLICOM INTERNATIONAL: Unit Installs New Switching Center

G U A T E M A L A

* GUATEMALA: Delays Call for Project Feasibility Studies Bids

H A I T I

DYNCORP INT'L: Secures Extension for Officers Training in Iraq

J A M A I C A

AIR JAMAICA: Decision on Union Membership Expected Next Week
AIR JAMAICA: Transport Minister Praises Firm on Safety Record
AIR JAMAICA: Will Launch New Class of Service on All Routes
DIGICEL: Appoints Niall Dorrian as Chief Operations Officer
KAISER ALUMINUM: Extends Long-Term Supply Agreement with Boeing

SUGAR COMPANY: Appoints Robert Levy As New Board Chairperson

M E X I C O

BALLY TOTAL: Taps Eastwest Marketing for Promotional Chores
CINEMARK USA: Moody's Rates Senior Secured Facility at Ba2
FORD MOTOR: S&P Retains CreditWatch Negative on Low-B Ratings
GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
GENERAL MOTORS: Offers 100K-Mile/Five-Year Powertrain Warranty

GRUPO IUSACELL: Considers Consolidating Operations with Unefon
SATELITES MEXICANOS: Court OKs KCC as Notice and Balloting Agent
VALASSIS COMMS: Challenges ADVO to Release Suit to Public

N I C A R A G U A

* NICARAGUA: Drought Slows Down Electric Firms' Operations
* NICARAGUA: Purchasing 30MW Daily from Costa Rican State Firm

P E R U

CONNACHER OIL: S&P Rates US$180 Million Secured Term Loan at BB-
TELEFONICA DEL PERU: Fitch Ups Foreign Currency Rating to BBB-

P U E R T O   R I C O

DRESSER INC: To Explore Strategic Alternatives
DRESSER INC: Refinances Existing Senior Secured Credit Facility
GLOBAL HOME: Wants Plante & Moran to Audit 401(k), Pension Plans

T R I N I D A D   &   T O B A G O

BRITISH WEST: Business Proposals to be Brought Before Cabinet

U R U G U A Y

BANCO ITAU (URUGUAY): Will Boost Asset Management

* URUGUAY: To Discuss Cebollati Port Construction Proposal

V E N E Z U E L A

CITGO PETROLEUM: Lowers Production at Lake Charles Refinery

* VENEZUELA: In Talks with Belarus to Boost Economic Relations
* VENEZUELA: Ministry Says Gov't Expenses Higher Than Revenues
* Fitch Says Strengthened Banking Systems Reduced Overall Risks


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A R G E N T I N A
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ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and=20
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s=20
proposed US$800 million secured first-lien financing.  The=20
first-lien facilities consist of a US$200 million revolving=20
credit facility and a US$600 million term loan.  They are rated=20
'BB' (at the same level as the corporate credit rating on=20
Acxiom) with a recovery rating of '2', indicating the=20
expectation for substantial (80%-100%) recovery of principal in=20
the event of a payment default.=20

Proceeds from the facilities will be used to fund the company's=20
proposed Dutch tender offer for the repurchase of its common=20
stock, to refinance existing debt, to finance working capital,=20
and for general corporate purposes.

The corporate credit rating on Acxiom is BB/Stable/--.  The 'BB'=20
rating reflects the company's relatively small size in a growing=20
and fragmented industry that may see the entrance of several=20
much larger competitors.  This is somewhat offset by Acxiom's=20
good niche market position and adequate cash flow generation. =20
Business risk is tempered by the company's expertise in managing=20
its comprehensive consumer databases.


CLINICA PRIVADA: Last Day for Claims Verification is October 11
---------------------------------------------------------------
Mauricio Leon Zafran, the court-appointed trustee for Clinica=20
Privada Ezeiza S.R.L.'s bankruptcy proceeding, verifies=20
creditors' proofs of claim until Oct. 11, 2006.

Mr. Zafran will present the validated claims in court as=20
individual reports on Nov. 23, 2006.  A court in Buenos Aires=20
will determine if the verified claims are admissible, taking=20
into account the trustee's opinion and the objections and=20
challenges raised by Clinica Privada and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

A general report that contains an audit of Clinica Privada's=20
accounting and banking records will follow on Feb. 8, 2007.

Mr. Zafran is also in charge of administering Clinica Privada's=20
assets under court supervision and will take part in their=20
disposal to the extent established by law.

The trustee can be reached at:

    Mauricio Leon Zafran
    Avenida Callao 420
    Buenos Aires, Argentina


COMMTECH SRL: Deadline for Verification of Claims is October 26
---------------------------------------------------------------
Luis Humberto Chelala, the court-appointed trustee for Commtech=20
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of=20
claim until Oct. 26, 2006.

Mr. Chelala will present the validated claims in court as=20
individual reports on Dec. 7, 2006.  A court in Buenos Aires=20
will determine if the verified claims are admissible, taking=20
into account the trustee's opinion and the objections and=20
challenges raised by Commtech and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

A general report that contains an audit of Commtech's accounting=20
and banking records will follow on Feb. 22, 2007.

Mr. Chelala is also in charge of administering Commtech's assets=20
under court supervision and will take part in their disposal to=20
the extent established by law.

The trustee can be reached at:

    Luis Humberto Chelala
    Avenida Corrientes 2335
    Buenos Aires, Argentina


ITAL GNC: Verification of Proofs of Claim is Until October 4
------------------------------------------------------------
Manuel Camilo Arias, the court-appointed trustee for Ital Gnc=20
S.A.'s reorganization proceeding, verifies creditors' proofs of=20
claim until Oct. 4, 2006.

Mr. Arias will present the validated claims in court as=20
individual reports on Nov. 16, 2006.  A court in Buenos Aires=20
will determine if the verified claims are admissible, taking=20
into account the trustee's opinion and the objections and=20
challenges raised by Ital Gnc and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

A general report that contains an audit of Ital Gnc's accounting=20
and banking records will follow on Feb. 1, 2007.

On July 4, 2007, Ital Gnc's creditors will vote on a settlement=20
plan that the company will lay on the table.

The debtor can be reached at:

    Ital Gnc S.A.
    Avenida de los Constituyentes 3636
    Buenos Aires, Argentina

The trustee can be reached at:

    Manuel Camilo Arias
    Amenabar 2529
    Buenos Aires, Argentina


KALIMERA SRL: Last Day for Verification of Claims is November 3
---------------------------------------------------------------
David Amadeo Datti, the court-appointed trustee for Kalimera=20
S.R.L.'s insolvency case, verifies creditors' proofs of claim=20
until Nov. 3, 2006.

Mt. Datti will present the validated claims in court as=20
individual reports on Dec. 19, 2006.  A court in Lomas de=20
Zamora, Buenos Aires will determine if the verified claims are=20
admissible, taking into account the trustee's opinion and the=20
objections and challenges raised by Kalimera and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

A general report that contains an audit of Kalimera's accounting=20
and banking records will follow on March 6. 2007.

Kalimera will negotiate a settlement plan with its creditors in=20
order to avoid a straight liquidation.=20

The trustee can be reached at:

    David Amadeo Datti
    Araoz 446, Banfield
    Buenos Aires, Argentina


LAS QUINTAS: Trustee Verifies Proofs of Claim Until Oct. 20
-----------------------------------------------------------
The court-appointed trustee for Las Quintas S.R.L.'s insolvency=20
case, verifies creditors' proofs of claim until Oct. 4, 2006.

The trustee will present the validated claims in court as=20
individual reports on Dec. 15, 2006.  A court in San Miguel de=20
Tucuman will determine if the verified claims are admissible,=20
taking into account the trustee's opinion and the objections and=20
challenges raised by Las Quintas and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

The trustee will also submit a general report that contains an=20
audit of Las Quintas' accounting and banking records.  The=20
report submission date was not disclosed.

Las Quintas will negotiate a settlement plan with its creditors=20
in order to avoid a straight liquidation.=20

The debtor can be reached at:

    Las Quintas S.R.L.
    Ruta Numero 9 y Acceso a Tafi Viejo, Los Nogales
    Tucuman, Argentina


PIZZERIA BABIECA: Verification of Claims is Until November 10
-------------------------------------------------------------
Juan Alberto Vazquez, the court-appointed trustee for Pizzeria=20
Babieca S.A.'s insolvency case, verifies creditors' proofs of=20
claim until Nov. 10, 2006.

Under Argentine bankruptcy law, Mr. Vazquez is required to=20
present the validated claims in court as individual reports,=20
after which Court No. 2 in Buenos Aires will determine if the=20
verified claims are admissible, taking into account the=20
trustee's opinion and the objections and challenges raised by=20
Pizzeria Babieca and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

Mr. Vazquez will also submit a general report that contains an=20
audit of Pizzeria Babieca's accounting and banking records.  The=20
report submission dates have not been disclosed.=20

On Aug. 27, 2007, Pizzeria Babieca's creditors will vote on a=20
settlement plan that the company will lay on the table.=20

Clerk No. 4 assists the court in the proceeding.

The debtor can be reached at:

    Pizzeria Babieca S.A.
    Avenida Rafael Obligado, Costa Norte
    Buenos Aires, Argentina

The trustee can be reached at:

    Juan Alberto Vazquez
    Bartolome Mitre 2593
    Buenos Aires, Argentina


POLSCA SRL: Deadline for Claims Verification is September 26
-------------------------------------------------------------
Juan Jose Castronuovo, the court-appointed trustee for Polsca=20
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of=20
claim until Sept. 26, 2006.

Mr. Castronuovo will present the validated claims in court as=20
individual reports on Nov. 10, 2006.  A court in Buenos Aires=20
will determine if the verified claims are admissible, taking=20
into account the trustee's opinion and the objections and=20
challenges raised by Polsca and its creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

A general report that contains an audit of Polsca's accounting=20
and banking records will follow on Dec. 26, 2006.

Mr. Castronuovo is also in charge of administering Polsca's=20
assets under court supervision and will take part in their=20
disposal to the extent established by law.

The trustee can be reached at:

    Juan Jose Castronuovo
    Cerrito 1116
    Buenos Aires, Argentina


SUR MATERIALES: Enters Bankruptcy Protection on Court Orders
------------------------------------------------------------
Sur Materiales S.R.L. enters bankruptcy protection after a court=20
in Buenos Aires ordered the company's liquidation.  The order=20
transfers control of the company's assets to a court-appointed=20
trustee who will supervise the liquidation proceedings.

Argentine bankruptcy law requires the trustee to provide the=20
court with individual reports on the forwarded claims, after=20
which the court will determine if the verified claims are=20
admissible, taking into account the trustee's opinion and the=20
objections and challenges raised by Sur Materiales and its=20
creditors.

Inadmissible claims may be subject for appeal in a separate=20
proceeding known as an appeal for reversal.

The trustee will also submit a general report that contains an=20
audit of Sur Materiales' accounting and banking records. =20

The debtor can be reached at:

    Sur Materiales S.R.L.
    Cafayate 5000
    Buenos Aires, Argentina


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COMPLETE RETREATS: U.S. Trustee Supplements XRoads Objection
------------------------------------------------------------
In support of her objection to the retention of XRoads Claims=20
Management Services LLC as Complete Retreats LLC and its debtor-
affiliates' claims and noticing agent, Diana G. Adams, the=20
Acting United States Trustee for Region 2, asserts that Xroads'
proposed services go beyond purely administrative functions.

The U.S. Trustee notes that the Debtors seek XCM's assistance in=20
the preparation of their Schedules of Assets and Liabilities,=20
Statements of Financial Affairs, initial reporting package, and=20
their monthly operating reports.  XCM's services are those=20
generally performed by a professional employed pursuant to=20
Section 327 of the Bankruptcy Code, the U.S. Trustee says.

The Debtors, however, do not seek to employ XCM pursuant to=20
Section 327, the U.S. Trustee points out.  In addition, the=20
Debtors do not propose to subject XCM's fees and expenses to=20
Court oversight and review in accordance with Section 330 of the=20
Bankruptcy Code, similar to the fees and expenses paid to a=20
professional employed under Section 327.

The U.S. Trustee maintains that to the extent Holly Felder=20
Etlin, the Debtors' chief restructuring officer, has the right=20
to contract for XCM, insider and other issues will arise that=20
would prohibit XCM's employment by the Debtors.

The U.S. Trustee also notes that the Debtors have not provided=20
information to show that the fees charged by XCM are=20
commercially reasonable and standard when compared to those of=20
other parties offering the same or similar services.

The Troubled Company Reporter on Aug. 23, 2006 related that the=20
U.S. Trustee sought replacement of Xroads as claims agent to=20
the Debtors, contending that the XCM Application does not:

   -- provide information as to whether or not the Debtors tried
      to obtain estimates of the costs from competing service
      providers;

   -- provide information as to whether or not the charges
      proposed for XCM's services are commercially reasonable;
      and

   -- support whether or not XCM's employment is in the best
      interests of the Debtors' estates and their creditors.

XCM is an affiliate of XRoads LLC which may be an insider of
the Debtors, the U.S. Trustee noted.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the Debtors sought permission from the U.S. Bankruptcy Court for
the District of Connecticut to hire XCM as their claims and
noticing agent.

As their claims and noticing agent, the Debtors expect XCM to:

   (a) assist the Debtors and their counsel in the preparation
       of the Debtors' schedules of assets and liabilities and
       statements of financial affairs;

   (b) assist the Debtors and their counsel in the preparation
       of the initial reporting package for the United States
       Trustee;

   (c) assist the Debtors and their counsel in preparation of
       the Debtors' monthly operating reports;

   (d) design, maintain, and administer the Debtors' claims
       database;

   (e) provide designated users with access to the claims
       database to track claims activity, to view claims-related
       documents in PDF format, and to create reports;

   (f) send out acknowledgement cards to creditors confirming
       receipt of their proofs of claim; and

   (g) provide copy and notice service consistent with the
       applicable local rules and as asked by the Debtors or the
       Court, including acting as the official claims agent in
       lieu of the Court in:

       (1) serving notice to parties-in-interest;

       (2) maintaining all proofs of claim and proofs of
           interest filed and received in the bankruptcy cases;

       (3) docketing the claims;

       (4) maintaining and transmitting to the clerk of the
           Court the official claims registers;

       (5) maintaining current mailing lists of all entities
           that have filed claims and notices of appearance it
           receives;

       (6) providing public access for examination of the claims
           at CMS' premises during regular business hours and
           without charge; and

       (7) recording assignments of claims to third parties and
           recording all transfers received by CMS pursuant to
           Rule 3001(e) of the Federal Rules of Bankruptcy
           Procedure.

The Debtors proposed to pay XCM these hourly rates for its=20
consulting services:

   Professional                            Hourly Rate
   ------------                            -----------
   Director or Managing Director           US$225 to US$325
   Consultant or Sr. Consultant            US$125 to US$225

   Type of Service                         Hourly Rate
   ---------------                         -----------
   Accounting and Document Management      US$125 to US$195
   Programming and Technical Support       US$125 to US$195
   Clerical -- data entry                   US$40 to  US$65

                   About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).=20


COMPLETE RETREATS: Creditors Panel Taps Kramer as Fin'l Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete=20
Retreats LLC and its debtor-affiliates' chapter 11 cases asks=20
the U.S. Bankruptcy Court for the District of Connecticut for=20
permission to retain Kramer Capital Partners, LLC, as its=20
financial advisor, nunc pro tunc to Aug. 7, 2006.

Joel S. Lawson III, chair of the Creditors Committee, relates=20
Kramer is particularly well suited for the type of=20
representation required by the Committee.  The principals and=20
professionals of Kramer have extensive experience working with=20
financially troubled entities in complex financial=20
reorganizations, both in Chapter 11 cases and in out-of-court=20
restructuring situations.

As the Committee's financial advisor, Kramer will:

   (a) evaluate the Debtors' assets and liabilities;

   (b) analyze the Debtors' financial and operating statements;

   (c) analyze the Debtors' business plans and forecasts;

   (d) evaluate the Debtors' liquidity, DIP financing, cash
       collateral usage and adequate protection, and the
       prospects for any exit financing in connection with any
       plan of reorganization and any budgets;

   (e) provide specific valuation or other financial analyses;

   (f) assess the financial issues and options concerning the
       sale of the Debtors or their assets and structure a plan
       of reorganization; and

   (g) provide testimony in Court on the Committee's behalf.

The Debtors will pay Kramer:

   (1) a US$100,000 monthly advisory fee; and

   (2) upon the effective date of a confirmed Chapter 11 plan or
       the closing of any other Transaction, a US$500,000
       transaction fee, payable in either cash or in the
       securities or consideration received by the unsecured
       creditors of the Debtors.

Kramer will also be reimbursed for its out-of-pocket expenses,=20
provided that the amount will not exceed US$25,000 in the=20
aggregate for any one monthly period without the prior written=20
consent of the Committee.

Furthermore, the Debtors will indemnify and will hold harmless=20
Kramer and its affiliates from and against all losses, claims or=20
liabilities in connection with Kramer's provision of services to=20
the Committee or any transactions contemplated.

Derron S. Slonecker, a managing director at Kramer, discloses=20
that the firm provides services, or has in the past provided=20
services, to entities, which may be creditors of the Debtors or=20
have interests adverse to the Debtors or the Committee in=20
matters unrelated to the Debtors or their bankruptcy cases.

A five-page list of the Interested Parties that Kramer currently=20
represents in matters unrelated to the Debtors' bankruptcy cases=20
is available for free at http://researcharchives.com/t/s?1129=20

Kramer will not be representing any of the Interested Parties in=20
the Chapter 11 cases, Mr. Slonecker assures the Court. =20
Moreover, Kramer's representation of the Parties has not=20
resulted in the firm having knowledge of any facts or=20
information that would adversely affect the Parties' rights,=20
obligations or treatment in the bankruptcy cases or in any=20
related proceedings.

Aside from the Interested Parties, Kramer does not hold or=20
represent any interests materially adverse to those of the=20
Committee and is disinterested as defined in Section 101(14) of=20
the Bankruptcy Code, Mr. Slonecker tells the Court.

                About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


KERZNER INTERNATIONAL: Moody's Withdraws All Ratings
----------------------------------------------------
Moody's Investors Service has withdrawn all of the ratings and=20
rating outlook on Kerzner International Limited, and Kerzner=20
International North America, Inc. aka KINA, a wholly-owned=20
subsidiary of Kerzner.  On September 1, 2006, Kerzner announced=20
it had completed its going-private transaction.  In connection=20
with this transaction, Kerzner and KINA tendered to purchase and=20
solicted consents relating to all of their outstanding 6.75%=20
senior subordinated notes due 2015, and received tenders and=20
consents with respect to about 98.7% of the total outstanding=20
principal amount of the notes.

Moody's withdrew these ratings:

   -- Corporate family rating;=20

   -- US$400 million 6.75% Senior Subordinated Notes due 2015;=20
      and

   -- Senior Subordinated debt shelf.

Kerzner International Limited is a developer and operator of=20
destination resorts, casinos and luxury hotels.  The company's=20
flagship brand is Atlantis, Which includes Atlantic, Paradise=20
Island, a 2,317-room ocean-themed destination resort located on=20
Paradise Island, The Bahamas.


PINNACLE ENT: Sands & Traymore Buy Cues Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings and positive=20
outlook of Pinnacle Entertainment, Inc., following the company's=20
announcement that it signed a definitive agreement under which=20
Pinnacle agreed to purchase the entities that own The Sands and=20
Traymore sites in Atlantic City, New Jersey, from entities=20
affiliated with financier Carl Icahn for approximately US$250=20
million, plus an additional US$20 million for certain tax-
related benefits and real estate.  The transaction is expected=20
to close by the end of 2006 and is subject to customary=20
approvals.  Pinnacle has a B2 corporate family rating, B1 senior=20
secured bank debt rating, and Caa1 senior subordinated debt=20
rating.

The affirmation considers that the purchase of The Sands=20
Atlantic City site is consistent with the company's plans to=20
diversify geographically into major gaming markets, a key factor=20
with respect to ratings improvement.  At the same time, the=20
affirmation acknowledges that Pinnacle will likely have to=20
obtain additional external financing to support the purchase of=20
The Sands, and that as part of the agreement, Pinnacle required=20
that the sellers proceed to close the existing hotel-casino.  As=20
a result, Pinnacle will not be acquiring any immediate cash flow=20
from the transaction.  The company plans to design and build an=20
entirely new casino hotel on the site.  Although no specific=20
development plans are in place at this time, Moody's expects=20
that Pinnacle will spend upwards of US$1 billion to develop a=20
new Atlantic City property.

The positive ratings outlook continues to reflect the=20
improvement in Pinnacle's overall operating results and=20
liquidity profile.  In addition, it takes into account the two=20
St. Louis developments that will provide Pinnacle with an=20
increased level of diversification, the purchase of certain Lake=20
Charles, LA gaming assets from Harrah's, and the sale of Casino=20
Magic Biloxi to Harrah's.  Continued revenue and cash flow=20
growth could have a positive impact in ratings although any=20
upgrade would need to consider longer-term plans to develop and=20
finance an Atlantic City casino.

Moody's previous rating action on Pinnacle occurred on May 22,=20
2006 with the confirmation of ratings and the assignment of a=20
positive ratings outlook.

Pinnacle Entertainment, Inc. owns and operates five casino=20
properties in the United States.  In addition, the company is=20
developing two casinos in St. Louis, MO and also signed an=20
agreement to acquire two additional gaming licenses in=20
Louisiana, one of which it intends to utilize to build a second=20
casino resort in Lake Charles, LA. Internationally, Pinnacle=20
operates casinos in Argentina, and since May 2006, a casino=20
adjoining the Four Seasons Resort Great Exuma at Emerald Bay in=20
the Bahamas.


TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA
--------------------------------------------------------------
Teekay Shipping Corp. acquired, through its wholly owned=20
subsidiary TPO Investments AS, over 40% of the shares of=20
Petrojarl ASA, which is listed on the Oslo Stock Exchange.  In=20
accordance with Norwegian law, Teekay intends to launch a=20
mandatory bid for the remaining shares of Petrojarl within the=20
next four weeks.=20
=20
Petrojarl is a leading operator of Floating Production Storage=20
and Offloading units in the North Sea.  It owns and operates=20
four FPSO units in addition to operating two shuttle tankers and=20
one storage tanker.  In Feb. of this year, Teekay entered into a=20
joint venture with Petrojarl to pursue FPSO projects.=20
=20
"We are excited about the opportunity to expand our existing=20
relationship with Petrojarl," commented Bjorn Moller, Teekay's=20
President and Chief Executive Officer.  "Petrojarl's offshore=20
engineering expertise and reputation as a quality operator of=20
FPSOs is a great fit with Teekay's existing offshore operations=20
and will allow us to better serve our customers in the growing=20
offshore oil exploration and production market."
=20
                        About Teekay
=20
Teekay Shipping Corp. (NYSE: TK) -- http://www.teekay.com/=20
-- transports more than 10% of the world's seaborne oil and has=20
expanded into the liquefied natural gas shipping sector through=20
its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE:=20
TGP).  With a fleet of over 145 tankers, offices in 17 countries=20
and 5,100 seagoing and shore-based employees, Teekay provides a=20
comprehensive set of marine services to the world's leading oil=20
and gas companies, helping them seamlessly link their upstream=20
energy production to their downstream processing operations.

Teekay Shipping Corp., a Marshall Islands Corporation=20
headquartered in Nassau, Bahamas, having its main operating=20
office in Vancouver, Canada, operates a fleet of 146 owned or=20
chartered-in crude, refined products and LNG vessels, including=20
23 newbuildings on order.
                         =20

TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed all debt ratings of Teekay=20
Shipping Corp. under review for possible downgrade --=20
including its senior unsecured rating at Ba2.  The review was=20
prompted by Teekay's announcement that is has acquired more than=20
40% of Petrojarl ASA, and of its intent to make an offer for all=20
of the remaining Petrojarl shares.=20

Petrojarl is a Trondheim, Norway-based operator of floating=20
production storage and offloading vessels and holds a leadership=20
position in the North Sea.  Petrojarl is also Teekay's partner=20
in a FPSO joint venture the companies initiated in 2006. =20
Moody's estimates that the total cost of the acquisition could=20
exceed US$1.1 billion including debt assumed, and expects that=20
Teekay will pay for the remaining Petrojarl shares with a=20
combination of cash on hand and existing revolver availability.=20

Moody's will review, using the Rating Methodology for the Global=20
Shipping Industry, the effect of the acquisition on the key=20
credit metrics, especially of Debt and EBIT.  Liquidity is an=20
important factor in the Methodology, and Moody's will consider=20
the level of unrestricted cash that Teekay will keep on hand=20
post acquisition and the timeframe within which Teekay will=20
restore availability under its revolving credit facilities.  In=20
addition, Moody's will assess Petrojarl's incremental EBITDA=20
potential under Teekay ownership, and whether the potential=20
growth will be sufficient to justify the higher post-merger debt=20
levels. =20

Moody's will also consider whether Teekay will reduce share=20
repurchases from the high level of the past 18 months.=20

Under Moody's Methodology, Teekay's credit profile currently
maps to its Ba1 corporate family rating. However, credit metrics=20
have weakened since Dec. 31, 2005 and free cash flow turned=20
negative in the Last Twelve Month period ending June 2006. =20
Although free cash flow generation is pressured by large capital=20
expenditure commitments for vessels on order, Moody's notes that=20
Teekay has pre-arranged committed term loan facilities to meet=20
these obligations.  In Moody's view, current spot tanker rates=20
and the expected firming of tanker rates through year end should=20
improve these metrics over the short term; however, any such=20
improvement in Teekay's cash flow as a result of better rates=20
may not be sufficient to offset the higher debt level that may=20
result from the potential Petrojarl acquisition.=20

On Review for Possible Downgrade:=20

Issuer: Teekay Shipping Corp.=20

   * Corporate Family Rating, Placed on Review for Possible=20
     Downgrade, currently Ba1=20

   * Speculative Grade Liquidity Rating, Placed on Review for
     Possible Downgrade, currently SGL-2=20

   * Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Ba2=20

Outlook Actions:=20

Issuer: Teekay Shipping Corp.=20

   * Outlook, Changed To Rating Under Review From Stable=20

Teekay Shipping Corp., a Marshall Islands Corp.=20
headquartered in Nassau, Bahamas, having its main operating=20
office in Vancouver, Canada, operates a fleet of 146 owned or=20
chartered-in crude, refined products and LNG vessels, including=20
23 newbuildings on order.



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ANDREW CORP: Launches Auto Deploy Satellite Antenna System
----------------------------------------------------------
Andrew Corp. has introduced a 1.2-meter auto acquisition earth=20
station antenna system that is ideal for transportable=20
applications serving communications networks worldwide.

The Andrew Small Aperture Receive Transmit Auto Deploy or SmART=20
AD antenna system will debut at IBC 2006 in Amsterdam from=20
September 8-12. The system's low-cost and robust design are=20
ideally suited for situations where transportable communications=20
connectivity is needed, such as oil exploration sites and other=20
remote work locations, emergency first-responder communications=20
support, construction sites, and military logistics and support.

Customers benefit from the ease of operation that is built into=20
a high-quality product.  Satellite signals can be acquired with=20
the press of a button, enabling quick set-up and eliminating the=20
need for trained installers or technicians.

"Andrew has combined a low-cost, robust design with expert=20
manufacturing and global support to create a 1.2 meter=20
transportable antenna system that is unmatched in price versus=20
performance features," said Russell Dearnley, director, Earth=20
Station Antennas and Systems, Satellite Communications, Andrew=20
Corporation.

Andrew's Satellite Communications Group provides a complete line=20
of antennas from 46 centimeters to 11.5 meters for all=20
enterprise, government/military, and consumer satellite=20
communication applications. Andrew-designed and -built products=20
-- which cover C, Ku, K, X, and the emerging Ka band -- include=20
type approved earth station antenna hubs and gateways for=20
broadband and broadcast, VSAT broadband antennas for consumer=20
and enterprise customers, DBS antennas for home satellite=20
broadcast systems, and complete installation and testing=20
services.

                        About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, these Latin American countries: Argentina, Bahamas,
Belize, Barbados and Bermuda.  Andrew is an S&P 500 company
Founded in 1937.

                        *    *    *

As reported in yesterday's Troubled Company Reporter, Standard &
Poor's Ratings Services revised its CreditWatch implications on
Andrew Corp. to negative from developing.  The 'BB' corporate
credit rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7, 2006.


BRITISH WEST: Barbados & Trinidad to Discuss Fate of Airline
------------------------------------------------------------
The government of Trinidad & Tobago will continue holding talks=20
with its counterpart in Barbados regarding the future of British=20
West Indies Airlines aka BWIA, The Barbados Advocate reports.

Noel Lynch -- Barbados' tourism and international transport=20
minister -- told The Advocate that discussions had already taken=20
place and will continue, as BWIA is important to the nation's=20
international transport.

"BWIA brings more people into Barbados than any single carrier=20
that we do business with and therefore, it is an important part=20
of our development that we continue to have a good relationship=20
with BWIA and the Government of Trinidad and that we see that=20
they continue to work well with us," Minister Lynch told Down To=20
Brass Tacks.=20

The Advocate relates that Minister Lynch said Barbados chairs=20
the Ministers of International Transport Conference of CARICOM. =20
He said that there will be a meeting in October where every=20
aspect of regional civil aviation development and international=20
transport will be considered.

The Caribbean Single Market and Economy can't work without a=20
proper international transport network, Minister Lynch told The=20
Advocate.

BWIA was founded in 1940, and for more than 60 years has been
serving the Caribbean islands from Trinidad and Tobago, the hub
of the Americas, linking the twin island republic and many other
Caribbean islands with North America, South America, the United
Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.




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* BELIZE: Government On Its Way to Minimizing Debt
--------------------------------------------------
The government of Belize is on its way to resolving the nation's=20
financial crisis by reducing its high debt, Radio Jamaica=20
reports.

A report from the International Monetary Fund aka IMF states=20
that the country's Said Musa administration decreased the public=20
debt to 3.5% of the from 9% of the Gross Domestic product.

Prime Minister Musa believes that the IMF report is an=20
endorsement of the government's attempt to turn around the=20
ailing economy, Radio Jamaica relates.=20
=20
                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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



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GENESEE INSURANCE: Proofs of Claim Filing is Until Sept. 15
-----------------------------------------------------------
Genesee Insurance Company's creditors are given until Sept. 15,=20
2006, to prove their claims to Robin J. Mayor, the company's=20
liquidator, or be excluded from receiving any distribution or=20
payment.

Creditors are required to send by the Sept. 15 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Mr. Mayor.

A final general meeting will be held at the liquidator's place
of business on Oct. 6, 2006, at 9:30 a.m., or as soon as
possible.

Genesee Insurance's shareholders will determine during the=20
meeting, through a resolution, the manner in which the books,=20
accounts and documents of the company and of the liquidator will=20
be disposed. =20

Genesee Insurance's shareholders agreed on Aug. 30, 2006, to=20
place the company into voluntary liquidation under Bermuda's=20
Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


GLOBAL CROSSING: Launches VoIP Community Peering Service
--------------------------------------------------------
Global Crossing introduced to carrier customers its VoIP=20
Community Peering service, an industry-changing feature of the=20
company's VoIP Outbound Service.  This innovative service gives=20
carriers the ability to more easily offer their business=20
customers high-quality, end-to-end IP connectivity to support=20
their end-users' IP applications and other advanced converged IP=20
services.

Global Crossing VoIP Community Peering has been available to=20
enterprise customers since June 2006.  By introducing the=20
service for carriers, Global Crossing is enabling them to more=20
easily predict their costs, potentially attain higher margins on=20
their Voice over Internet Protocol or VoIP services, and offer=20
flat-rate cost models to their end users.

"As an industry leader in providing VoIP services for its=20
carrier customers, Global Crossing is constantly innovating to=20
deliver all the advantages of IP convergence," said Anthony=20
Christie, Global Crossing's chief marketing officer.  "Through=20
Carrier VoIP Community Peering, Global Crossing is taking a step=20
toward direct peering arrangements that will deliver high-=20
performance, end-to-end IP connectivity. This service also=20
establishes a perfect starting point for customers to begin=20
developing an industry-wide VoIP peering solution."

Global Crossing Carrier VoIP Community Peering applies to all=20
VoIP Local Service numbers on the Global Crossing network,=20
including numbers provisioned within a carrier's network, to=20
other carriers, and to any Global Crossing enterprise customer. =20
This delivers the end-to-end quality of an all-IP connection and=20
enables a lower, more predictable cost structure.

The service is unique because it lets carrier customers=20
consolidate all the incoming voice traffic from their own=20
customers and send all VoIP outbound calls to the Global=20
Crossing network.  Global Crossing does not apply per-minute=20
charges on calls that are served by Global Crossing's VoIP Local=20
Service, but rather a flat-rate monthly recurring charge for=20
bandwidth to support a designated number of simultaneous calls. =20
Those calls originate and terminate on Global Crossing's network=20
and do not rely on the Public Switched Telephone Network (PSTN)=20
for completion.

This end-to-end, all-IP call flow lets carriers support more=20
advanced, Session Initiation Protocol-based features by=20
eliminating what are referred to as "islands of VoIP" that can=20
occur in a VoIP-over-PSTN solution.  This is significant because=20
many VoIP deployments still depend on the PSTN to carry the=20
voice signal during part of its journey, and this reliance on=20
PSTN networks has created "VoIP islands" that do not link=20
together.  Linking these islands directly to one another using=20
IP has proven to be an industry challenge - a challenge Global=20
Crossing has overcome to further help its customers to provide=20
advanced VoIP features.

In addition, carrier customers can benefit from a combination of=20
Global Crossing VoIP Outbound and VoIP Local Services to create=20
alternative routing plans for traditional national or=20
international PSTN off-net calling connections.

Global Crossing's VoIP platform currently carries approximately=20
2.5 billion minutes per month -- about 78 percent of all its=20
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.


NIKKO FUND: Creditors Must File Proofs of Claim by September 15
---------------------------------------------------------------
Nikko Fund Advisors' creditors are given until Sept. 15, 2006,=20
to prove their claims to Robin J. Mayor, the company's=20
liquidator, or be excluded from receiving any distribution or=20
payment.

Creditors are required to send by the Sept. 15 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Mr. Mayor.

A final general meeting will be held at the liquidator's place
of business on Oct. 5, 2006, at 9:30 a.m., or as soon as
possible.

Nikko Fund's shareholders will determine during the meeting,=20
through a resolution, the manner in which the books, accounts=20
and documents of the company and of the liquidator will be=20
disposed. =20

Nikko Fund's shareholders agreed on Aug. 24, 2006, to place the=20
company into voluntary liquidation under Bermuda's Companies Act=20
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda



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CORPORACION MINERA: Ferecomin Has Not Purchased Tin Mine Stake=20
--------------------------------------------------------------
Corporacion Minera de Bolivia aka Comibol, Bolivia's state-run=20
mining company, told Business News Americas that Ferecomin --=20
the regional federation of cooperative miners in Oruro -- bought=20
a stake in the Posokoni tin mine, which is part of the Huanuni=20
mining complex.

BNamericas relates that the director of Fencomin said last week=20
that the group had already completed the purchase.

However, an executive of Comibol told BNamericas, "There=20
couldn't be any sale because Comibol is the legal owner of the=20
deposit.  It belongs to the state and there are no other=20
shareholders."=20

BNamericas underscores that the executive said cooperative=20
members would have paid almost to US$1.5 million for the share=20
of RBG in Posokoni.

Posokoni used to be a joint venture of Comibol and RBG -- former=20
UK-based metals trading firm.=20

RBG did not comply with the investment requirements, nor did it=20
pay Posokoni's share of profits to Comibol for over six months,=20
causing the joint venture contract to be cancelled, BNamericas=20
says, citing the executive.

The executive told BNamericas, "And there is neither legal nor=20
financial grounds for the purchase announced by the cooperative=20
members."=20

Meanwhile, Prospero Quispe, the resolution secretary of the=20
Bolivian mineworkers union or FSTMB, said that the organization=20
has asked government to take a stand on the Huanuni ownership=20
situation, BNamericas states.

Mr. Quispe told BNamericas, "If Huanuni is in the state's hands,=20
the state is the one that should defend it."=20

According to BNamericas, Mr. Quispe indicated that Ferecomin=20
made up the Posoconi purchase so that its almost 4,000=20
cooperative members can join the 800 FSTMB workers at the=20
operation.

Mr. Quispe told BNamericas, "How are we going to put almost=20
5,000 workers in a zone where there is only a capacity for=20
1,000?"=20

BNamericas notes that Comibol is currently looking for solutions=20
to the issue including the possibility of sharing work between=20
workers and coops on the Posokoni hill.=20

"There is a commission working on the idea to see if there is=20
going to be a split, as this is a political and a social=20
problem," the Comibol executive told BNamericas.

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


* BOLIVIA: Renegotiating Operating Contract with Total SA
---------------------------------------------------------
Bolivia, four months after it declared the nationalization of=20
its hydrocarbons sector, met with foreign oil firm Total SA to=20
renegotiate its operating contract giving the government a=20
majority share in the company's local operations.

According to the Associated Press, Bolivia has collected=20
US$32.2 million in new higher gas royalties from Total, Petroleo=20
de Brasileiros SA and Repsol YPF.

When the nationalization was declared on May, President Evo=20
Morales told foreign companies to sign new government contracts=20
by Nov. 1 or leave Bolivia.

Energy minister Andres Soliz told AP he is confident that=20
contract renegotiations would be successful.

"The companies have the right to wait for arbitration, but they=20
also have the need to develop the fields and cover the Brazilian=20
and Argentine markets," minister underscored to AP.  "That=20
allows us to make a political move to defend the interests of=20
our country."

Despite this progress, Bolivia's state-owned oil firm,=20
Yacimientos Petroliferos Fiscales Boliviano, has reportedly been=20
without sufficient funds and technical know-how to take over=20
operations and production of oil fields. =20

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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



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AES CORP: Brazilian Unit Issues BRL2.7 Billion Loan to Fundacao
---------------------------------------------------------------
Eletropaulo Metropolitana SA, the Brazilian subsidiary of AES=20
Corp. and the country's biggest power distributor, said it will=20
extend funds to employee pension fund Fundacao Cesp, Bloomberg=20
News reports.

The power distributor will issue these debts:

      -- BRL2.2 billion maturing in 2017 to 2022; and
      -- BRL533 million maturing in 2008 to 2022.

Bloomberg says the accord will help reduce Eletropaulo's cash=20
requirement by BRL600 million within the next three years.

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

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

                        *    *    *

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

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

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


BANCO SANTANDER: S&P Assigns 'BB/B' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB/B'=20
counterparty credit rating to Banco Santander Banespa S.A.

At the same time, S&P withdrew its ratings on the entities of=20
the Santander Banespa Group that were merged into Banco=20
Santander Banespa, namely:

   -- Banco do Estado de Sao Paulo S.A.,=20
   -- Banco Santander Meridional S.A., and=20
   -- Banco Santander Brasil S.A.

The Santander Banespa Group announced on July 27, 2006, that it=20
was merging these three banks and changing the name of the=20
resulting entity to Banco Santander Banespa S.A. Shareholders of=20
the entities formally approved these changes on Aug. 31, 2006.

"The stable outlook reflects the expectation that the bank will=20
retain its dynamism in the commercial area, maintaining its=20
market position while preserving its good profitability (with=20
continued efforts on the efficiency front) and asset quality=20
despite significant credit growth," said Standard & Poor's=20
credit analyst Daniel Araujo.

Standard & Poor's expects to raise the ratings if there is a=20
similar action on the sovereign foreign currency rating.  A=20
differentiation of the group's rating from the sovereign foreign=20
currency rating would depend on Santander Banespa substantially=20
enhancing its market share in the retail industry, and thus=20
achieving a greater stability in funding access and results in a=20
stressful economic scenario.

Meanwhile, the rating could be lowered if the financial stance=20
of the bank deteriorates in a scenario of higher credit risk and=20
volatility that usually accompanies a worsening in the sovereign=20
credit quality or in the economic and industry risk perceived=20
for Brazil.


COMPANHIA ENERGETICA: Included in Dow Jones Sustainability Index
----------------------------------------------------------------
Companhia Energetica de Minas Gerais -=96 Cemig was selected for=20
the seventh consecutive year for inclusion in the portfolio of=20
the Dow Jones Sustainability World Indexes or DJSI World for the=20
period 2006 to 2007.  The new composition of the DJSI features=20
318 companies from 24 countries.

The survey for selecting the successful companies involved 2,500=20
companies from 58 industrial sectors, and the entire process was=20
audited by PriceWaterhouseCoopers.

The DJSI World comprises stocks of companies of recognized=20
corporate sustainability, capable of creating value for=20
stockholders in the long term, successfully taking advantage of=20
opportunities and administering risks related to economic,=20
environmental and social factors.  The selection considers not=20
only financial performance, but mainly the quality and continued=20
improvement in the management of the Company, which should=20
integrate environmental and social actions as a form of=20
sustainability in the long term.

Since its creation in 1999, DJSI World has become an important=20
reference for investors and administrators of foreign funds,=20
which base themselves on its performance when taking investment=20
decisions.

The consecutive participation of Cemig in the DJSI World=20
reflects the company's commitment to conducting its activities=20
in accordance with the principles of sustainable development,=20
including corporate governance practices, respecting the=20
environment and the well being of society.=20

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/=20
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Esprito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *    *    *

Cemig's BRL312,500,000 12.7% debentures due Nov. 1, 2009, carry
Moody's B1 rating.


ENERGISA SA: Registers Public Offering of BRL350 Mil. Debenture
---------------------------------------------------------------=20
Energisa S.A. filed with the Brazilian Securities Exchange=20
Commission on Aug. 28, 2006, an application to register a public=20
offering, under firm guarantee, of its 1st Non-Convertible,=20
Unsecured Debenture Issue, with Additional Guarantees in a=20
Single Series in the amount of BRL$350,000,000.00 subject to=20
additional offering option and supplementary offering option of=20
up to 20% and 15% of the 1st Issue.=20

The debentures will have a five-year maturity term.  The=20
additional guarantees consists of pledges and trust receipt or=20
alienacao fiduciaria of shares issued by Sociedade Anonima de=20
Eletrificacao da
Paraiba -=96 SAELPA and shares issued by Companhia Energetica da=20
Borborema -=96 CELB.  The execution of the 1st Issue is subject to=20
corporate and regulatory approvals, registration with CVM and=20
general market conditions.

                        *    *    *

Fitch Ratings assigned on May 14, 2006, a 'BB-' rating to the=20
proposed US$250 million notes units offering of Empresa=20
Energetica de Sergipe S.A. or ENERGIPE, Sociedade Anonima de=20
Eletrificacao da Paraiba or SAELPA, and Companhia Energetica de=20
Borborema or CELB.

Each US$2,000 note unit will consist of US$1,300 in principal=20
amount of perpetual senior notes to ENERGIPE, US$600 in=20
principal amount of perpetual senior notes to SAELPA, and=20
US$100 in principal amount of perpetual senior notes to CELB. =20

The note units and underlying perpetual senior notes of the
three entities will be guaranteed by their holding company,
Energisa S.A.  While the notes units' underlying securities are
separate, standalone indebtedness of each entity, the perpetual
senior notes are nondetachable and contain cross-default
provisions.  The notes are callable beginning 2011.


GERDAU AMERISTEEL: Moody's Reviews Low-B Ratings and May Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed three North American steel=20
companies under review for possible upgrade:=20

   -- United States Steel Corporation (currently, Ba1=20
      corporate family rating or CFR),=20

   -- Gerdau Ameristeel Corporation (Ba2 CFR), and=20

   -- Chaparral Steel Company (B1 CFR).=20

The reviews for possible upgrade reflect the superior=20
improvement in financial metrics and overall financial risk=20
reduction evidenced by these companies, in combination with=20
Moody's evolving view regarding the expected duration of the=20
current steel industry upcycle.  This evolving perspective is=20
primarily due to fundamental changes that appear to have=20
occurred within the industry over the last several years,=20
primarily as a result of industry consolidation.

Moody's expects to refine its opinion of the medium- and long-
term outlook for the steel industry over the review period,=20
which is expected to last approximately two months.  Should=20
Moody's prevailing industry outlook materially change, as is=20
expected, we will publish an Industry Outlook that summarizes=20
our updated thinking and discusses possible rating implications=20
for the rated steel company universe. However, at this stage in=20
Moody's analysis, it has identified United States Steel, Gerdau=20
Ameristeel and Chaparral Steel as being the most likely upgrade=20
candidates (in addition to Steel Dynamics, Inc., which was=20
upgraded on September 5, 2006).  It is important to note that=20
these companies are being placed on review reflecting certain=20
common factors as well as those unique to these three companies. =20
The common factors include a combination of the strength in the=20
overall operating performance as well as management actions=20
taken to improve their capital structures and financial=20
flexibility.

Moody's review of US Steel, Gerdau Ameristeel and Chaparral=20
Steel will focus on the sustainability of improved margins and=20
debt protection measures as well as the likely capital=20
structures expected to be maintained through what will continue=20
to be a cyclical business.  In the case of US Steel, the review=20
will also consider the secured nature of its bank credit=20
facility, which is a limiting factor in achieving investment=20
grade status.

These ratings were placed under review for possible upgrade:

   United States Steel Company

      -- Senior Unsecured Revenue Bonds, Placed on Review for=20
         Possible Upgrade, currently Ba1;

      -- Corporate Family Rating, Placed on Review for Possible
         Upgrade, currently Ba1;

      -- Senior Unsecured Regular Bond/Debenture, Placed on=20
         Review for Possible Upgrade, currently Ba1; and

      -- Outlook, Changed To Rating Under Review From Stable.

   Gerdau Ameristeel Corporation

      -- Corporate Family Rating, Placed on Review for Possible
         Upgrade, currently Ba2;

      -- Senior Unsecured Regular Bond/Debenture, Placed on=20
         Review for Possible Upgrade, currently Ba2; and
  =20
      -- Outlook, Changed To Rating Under Review From Stable.

   Chaparral Steel Company

      -- Corporate Family Rating, Placed on Review for Possible
         Upgrade, currently B1;=20

      -- Senior Secured Bank Credit Facility, Placed on Review=20
         for Possible Upgrade, currently Ba2;=20

      -- Senior Unsecured Regular Bond/Debenture, Placed on =20
         Review for Possible Upgrade, currently B1; and
=20
      -- Outlook, Changed To Rating Under Review From Stable.

United States Steel Corporation, headquartered in Pittsburgh,=20
Pennsylvania, had revenues of US$14 billion for the year ended=20
December 31, 2005.

Gerdau Ameristeel Corporation, headquartered in Tampa, Florida,=20
had revenues of US$3.9 billion for the year ended December 31,=20
2005.

Chaparral Steel Company, headquartered in Midlothian, Texas, had=20
revenues of US$1.5 billion for its year ended May 31, 2006.


ITRON INC: Inks AMR System Deployment Pact With UGI Utilities
-------------------------------------------------------------
Itron Inc. has signed a contract for the deployment of a Mobile=20
Automatic Meter Reading or AMR system with UGI Utilities.=20

UGI serves 369,000 natural gas and electric customers in eastern=20
and central Pennsylvania and is a wholly owned subsidiary of UGI=20
Corporation. =20

The contract calls for an initial deployment of 133,000 gas=20
modules by the end of 2007.  Currently, UGI has nearly 100,000=20
electric and gas meters already automated with Itron's AMR=20
technology.  UGI Gas has Itron AMR gas modules installed on=20
hard-to-access meters only while alternating between reading=20
meters and estimating bills every other month.  The deployment=20
of Itron Mobile AMR will allow the utility to read and bill=20
customers monthly based on an actual read rather than an=20
estimate.

"Automatic meter reading is a key part of our strategy to=20
enhance customer service and maximize operating efficiency,"=20
said Peter Terranova, vice president of operations at UGI=20
Utilities.  "Itron is a leader in this field and our experience=20
shows they have the expertise to help us install, operate and=20
maintain our system as efficiently as possible."

Mr. Terranova said UGI would deploy AMR in phases and plans to=20
eventually automate their entire system with Mobile AMR. =20
Additionally, PG Energy, which UGI recently purchased, uses=20
Itron's Mobile AMR system which should bring even more=20
efficiency to the utility.

The efficiencies gained by using Itron's AMR technology will=20
enable UGI to read meters on a monthly basis, thus eliminating=20
estimated bills and improving customer relations.  In addition=20
to all of the normal operational benefit, calls to the customer=20
call center are also expected to be reduced with the deployment.

"This is an excellent example of a utility that wants to further=20
enhance customer service in the most cost-effective manner=20
possible," said Malcolm Unsworth, senior vice president of Itron=20
hardware solutions.  "UGI has already been repeatedly recognized=20
in numerous state and national customer service satisfaction=20
studies.  By selecting a proven, financially-stable technology=20
partner such as Itron for a long-term partnership, UGI is=20
assured of meeting their business goals and we look forward to=20
working with them on their system deployment."

                     About UGI Utilities

UGI Utilities is a wholly owned subsidiary of UGI Corporation,=20
based in Valley Forge, a distributor and marketer of energy=20
products and services. UGI Utilities is headquartered in=20
Reading, Pennsylvania.  The utility serves 369,000 natural gas=20
and electric customers in eastern and central Pennsylvania.=20

                         About Itron=20

Itron Inc., -- http://www.itron.com/-- is a technology provider
and critical source of knowledge to the global energy and water
industries.  Nearly 3,000 utilities worldwide rely on Itron
technology to provide the knowledge they require to optimize the
delivery and use of energy and water.  Itron creates value for
its clients by providing industry-leading solutions for
electricity metering; meter data collection; energy information
management; demand response; load forecasting, analysis and
consulting services; distribution system design and
optimization; web-based workforce automation; and enterprise and
residential energy management.  Effective April 2006, Itron has
acquired Brazil's ELO Tecnologia.  Itron Tecnologia has offices
and a manufacturing assembly facility in Campinas and offices in
Santiago.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on=20
Sept. 1, 2006, Standard & Poor's Ratings Services assigned its=20
'B' rating to Itron Inc.'s US$345 million convertible senior=20
subordinated notes due Aug. 1, 2026.  At the same time, Standard=20
& Poor's affirmed all of its other ratings, including its 'BB-'=20
corporate credit rating, on the meter data technology provider. =20
The notes are rated two notches below the corporate credit=20
rating and are pari passu in terms of payment with the company's=20
existing subordinated notes, which are also rated 'B'. Itron=20
intends to use the proceeds for future acquisitions and/or=20
general corporate purposes.


NOVELIS INC: Filing Delay Prompts Moody's to Downgrade Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded Novelis Inc.'s corporate=20
family rating to B1 from Ba3, the bank revolver rating to Ba3=20
from Ba2, the bank term loan rating to Ba3 from Ba2 and its=20
senior unsecured notes to B2 from B1. =20

Moody's also downgraded Novelis Corp's bank term loan rating to=20
Ba3 from Ba2.  These ratings remain under review for further=20
possible downgrade.  At the same time, Moody's lowered Novelis'=20
speculative grade liquidity rating to SGL-4 from SGL-3.

Ratings downgraded are:=20

Novelis Inc.=20

   * Corporate Family Rating, Downgraded to B1 from Ba3=20

   * Speculative Grade Liquidity Rating, Downgraded to SGL-4=20
     from SGL-3=20

   * Senior Secured Bank Credit Facility, Downgraded to Ba3 from=20
     Ba2=20

   * Senior Unsecured Regular Bond/Debenture, Downgraded to B2 =20
     from B1=20

Novelis Corp.=20

   * Senior Secured Bank Credit Facility, Downgraded to Ba3 from=20
     Ba2=20
=20
The downgrades reflect the challenges Novelis faces in its 2006=20
performance due to its remaining exposure to certain contracts=20
with price ceilings and the more negative than expected impact
of the differential between used beverage can prices and primary=20
aluminum prices.  In addition, the downgrade acknowledges the=20
increased costs associated with the review and restatement of=20
Novelis' financial statements since its spin-off from Alcan, the=20
increased interest costs due to waivers required under the bank=20
agreements, and the step-up in the interest rates on the notes=20
due to non-registration.=20

While the rating considers the leading position of Novelis in=20
the can sheet and conversion markets as well as its large=20
geographic scope and global footprint, Moody's sees 2006 as a=20
transition year for Novelis both operationally and from a=20
management and reporting perspective.  Therefore, Moody's=20
expects the time frame for meaningful deleveraging to be more=20
protracted than anticipated.=20

The continuing review reflects the company's delay in filing=20
financial statements for 2006 to date and the consequent default=20
notices received from bondholders.  The company filed its 2005=20
Form-10K on Aug. 25, 2006, within the required time frame.  To=20
the extent the company is able to file its 2006 Form-10Q's=20
within the time frame specified in the bank waivers and=20
bondholders default notices, and obtain any covenant relief that=20
might be required, Moody's expects the ratings will likely be=20
confirmed.=20

The change in the speculative grade liquidity rating to SGL-4=20
from SGL-3 reflects the potential for covenant shortfalls later=20
in the year as reduced revenues and increased costs erase=20
existing covenant cushions.  In addition, step-ups in required=20
ratios will further stress the company's ability to comply.  As=20
a consequence, the company remains vulnerable to the bank's=20
willingness to waive and or adjust covenant levels.=20

Headquartered in Atlanta, Georgia, Novelis had revenues of
US$8.4 billion in 2005.

Novelis South America operates two rolling plants and primary=20
production facilities in Brazil.  The company's Pindamonhangaba=20
rolling and recycling facility in Brazil is the largest aluminum=20
rolling and recycling facility in South America and the only one=20
capable of producing can body and end stock.  The plant recycles=20
primarily used beverage cans, and is engaged in tolling recycled=20
metal for its customers.


PARMALAT USA: Ferguson Files Civil Case Against Farmland, et al.
----------------------------------------------------------------
George H. Ferguson, III, asks the U.S. District Court for the=20
Northern District of Georgia to find that Farmland Dairies, LLC,=20
Parmalat Atlanta Dairies, Parmalat USA Corp., and Flagship=20
Holdings, Inc., violated the Age Discrimination in Employment=20
Act and the Americans with Disabilities Act in terminating=20
employees on the basis of age and their perceived disabilities.

Mr. Ferguson brought the suit on behalf of himself and all=20
employees aged 40 and above, at Farmland's Atlanta, Georgia=20
facilities, who were laid off in May 2005.  =20

Mr. Ferguson, who was Farmland's director of Human Resources for=20
the Atlanta Region, was terminated following the sale of=20
Farmland's Atlanta business to Flagship.

Mr. Ferguson tells District Court Judge Jack T. Camp that his=20
layoff was the result of Farmland's application of age-neutral=20
selection rules or rules that had the effect of screening out or=20
tending to screen out individuals with disability, those=20
perceived to have a disability, or those with a record of=20
disability.

Mr. Ferguson also relates that Flagship officials doing due=20
diligence for the sale of the Atlanta operations bragged that=20
they were going to have everyone terminated and then rehire only=20
the ones that they wanted.

Mr. Ferguson notes that management was aware that he was over 40=20
years old and has diabetes.  Mr. Ferguson also tells the Court=20
that he could and still can perform all the essential functions=20
of his position.

Victoria L. Helms, Esq., at Helms & Greene, LLC, in Atlanta,=20
Georgia, contends that Farmland's and Flagship's unlawful=20
actions were deliberate, wanton, willful and reckless.

Mr. Ferguson seeks reinstatement of the laid-off employees and=20
payment of back pay, benefits, and punitive and compensatory=20
damages.

Mr. Ferguson also asks the District Court to certify the class=20
pursuant to Rule 23(b)(3) of the Federal Rules of Civil=20
Procedure.

              Defendants Want Complaint Dismissed

Farmland Dairies LLC and Flagship Atlanta Dairy, LLC, ask Judge=20
Camp to dismiss the complaint.

J. Larry Stine, Esq., at Wimberly, Lawson, Steckel, Weathersby &=20
Schneider, P.C., in Atlanta, Georgia, on Farmland's behalf,=20
points out that:

    (1) The Complaint fails to state a claim upon which relief
        can be granted;

    (2) Class actions pursuant to Rule 23 of the Federal Rules=20
        of Civil Procedure are not permitted for actions under=20
        the ADEA;

    (3) Adverse impact is not a viable theory since all the
        Farmland employees in the Atlanta dairy operations were
        terminated effective with the sale of the Atlanta dairy
        operations;

    (4) Mr. Ferguson was terminated for reasons other than his
        age and alleged disability;

    (5) Mr. Ferguson was terminated from his employment for
        legitimate nondiscriminatory reasons;

    (6) Some or all of the monetary damages sought by Mr.
        Ferguson may be barred by his failure to mitigate
        damages;

    (7) Some or all of the claims asserted by Mr. Ferguson may=20
        be barred by the statute of limitations;

    (8) Farmland acted in good faith and had reasonable grounds
        for believing that its actions were not in violation of
        ADEA or ADA;

    (9) Mr. Ferguson's allegations do not rise to the level
        sufficient for a claim of punitive damages; and

   (10) Mr. Ferguson released Farmland from all liability for
        valuable consideration.

Mr. Stine tells the Court that the Action is frivolous and has=20
no basis in fact or law.  Mr. Stine adds that Parmalat Atlanta=20
Dairies is not a legal entity and Parmalat USA is no longer in=20
existence.

Flagship raised similar arguments.  Flagship also notes that Mr.=20
Ferguson sued a non-existent party, Flagship Holdings, Inc.

Flagship is represented in the suit by Ronald G. Polly, Jr.,=20
Esq., at Hawkins & Parnell, LLP, in Atlanta, Georgia.

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=20
chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,=20
at Weil Gotshal & Manges LLP, represent the Debtors.  When the=20
U.S. Debtors filed for bankruptcy protection, they reported more=20
than US$200 million in assets and debts.  The U.S. Debtors=20
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy=20
News, Issue No. 76; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000,)


PETROLEO BRASILEIRO: Included in Dow Jones Sustainability Index
---------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras earned the right to be=20
listed, as of Sept. 18, in the Dow Jones Global Sustainability=20
Index or DJSI, the leading international index used as an=20
analysis parameter by socially and environmentally responsible=20
investors.

From now on, Petrobras will be acknowledged as one of the 11=20
most sustainable global oil and gas companies and as one of the=20
five most sustainable Brazilian companies.  The DJSI evaluates=20
the economic, environmental, and social performances of upwards=20
of 2500 companies in 58 sectors worldwide, considering answers=20
given to a questionnaire composed of 109 questions and based on=20
analyses of news the media publishes about the companies.

According to the DJSI evaluation criteria, Petrobras excelled in=20
customer relations, name brand management, environmental=20
performance, human resource development, and corporate=20
citizenship.  Out of a maximum of 100 points, Petrobras scored=20
71, 70, and 83 in the economic, environmental, and social=20
aspects, respectively, including in issues regarding=20
occupational safety and health.  Petrobras' total score was 74. =20
The index's top-ranking company scored 77 points, while the=20
lowest totaled 68.  The oil and gas sector averaged 50 points.

Petrobras' listing in the DJSI is recognition of the company's=20
efforts, in the last several years, in environmental=20
performance, transparency, and in corporate governance. =20
Entering the Index opens a potential market for investors in=20
socially and environmentally responsible companies -- a market=20
that moves more than US$4 trillion, according to data published=20
by the United Nations, and more than US$5 billion in investments=20
based on companies that belong to the DJSI indexes.

The index was launched in 1999 and, that year, 81 global and 20=20
Brazilian oil and gas sector companies tried to get listed in=20
it.  The questionnaire covers sustainability issues such as=20
corporate governance, name brand and risk management, and=20
matters that are more specific to the oil and gas industry, such=20
as climate changes, vendor standards, and social project=20
management.

Other Brazilian companies are listed in the DJSI:=20

   -- Aracruz Celulose,=20
   -- Banco Bradesco,=20
   -- Banco Itau, and=20
   -- Companhia Energetica de Minas Gerais aka CEMIG.=20

In the oil and gas industry, the list includes:=20

   -- BG Group,=20
   -- BP PLC,=20
   -- EnCana,=20
   -- Nexen Inc,=20
   -- Repsol YPF,=20
   -- Royal Dutch Shell,=20
   -- Shell Canada Ltd.,
   -- Statoil,=20
   -- Suncor Energy Inc., and=20
   --Total S.A.

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

                        *    *    *

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

                        *    *    *

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

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

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.=20


TAM AIRLINES: Enters Ibovespa and IbrX50 Indices
------------------------------------------------
TAM S.A. has entered simultaneously the Ibovespa or Indice=20
Bovespa and IBrx50 or Indice Brasil 50 for the period=20
corresponding to the last four months of 2006.  TAM enters the=20
theoretical portfolio in September 1 with participation of=20
0.815% in the Ibovespa and 0.976% in the IBrX50, equivalent to=20
the 42nd and 22nd positions in the respective portfolios.

The entrance in these indices confirm the company's successful=20
strategy to focus the first public offering of shares=20
exclusively in the Bovespa -- Bolsa de Valores de Sao Paulo and=20
conduct the second public offering simultaneously in the=20
Brazilian exchange as well as in the NYSE, aiming to boost the=20
liquidity and recognition in the local market.  The market=20
maker's performance also contributed for the accomplishment of=20
this goal.  Currently, the company's free float is 45.3% with an=20
average daily trade of 1% and an average financial volume of=20
approximately BRL20 millions.  The company believes that TAM's=20
inclusion in the Ibovespa and IbrX50 will provide an increase in=20
the share liquidity given that the indexes are used as reference=20
in the composition of investment fund's portfolios and/or=20
individual investors' portfolios.

The Bovespa Index is the main indicator of the Brazilian stock=20
market's average performance.  Ibovespa's relevance comes from=20
two facts:=20

   -- it reflects the variation of BOVESPA's most traded stocks;=20
      and=20
     =20
   -- it has tradition, having maintained the integrity of its=20
      historical series without any methodological change since
      its inception in 1968.=20

The Ibovespa theoretical portfolio is composed by the stocks=20
that meet the following criteria, in regard to the last twelve=20
months:=20

   (i) to be included in the group of stocks that negotiability=20
       indices added represent 80% of the total value of all=20
       individual negotiability indices;=20

  (ii) to have a trading value participation higher than 0.1%=20
       of the total; and

(iii) to have a trading session presence of more than 80%.

IBrX-50 is an index that measures the total return on a=20
theoretical portfolio composed by 50 stocks selected among=20
BOVESPA's most actively traded securities in terms of liquidity,=20
weighted according to the outstanding shares' market value. =20
This index was designed to serve as a benchmark for investors=20
and portfolio managers, and also to allow the launching and=20
derivatives (futures, options on futures and options on index). =20
The index portfolio includes the 50 eligible companies that meet=20
cumulatively these criteria:=20

   (i) to be among the 50-best classified stocks according to=20
       the negotiability index, measured in the last twelve=20
       months; and

  (ii) to have a trading session presence of at least 80%,
        measured in the last twelve months.

                         About TAM

TAM S.A. -- http://www.tam.com.br/-- operates regular flights =20
to 47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances. =20
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world. TAM was
the first Brazilian airline company to launch a loyalty program. =20
Currently, the program has over 3.3 million subscribers and has
awarded more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM S.A.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM. =20
Fitch said the Rating Outlook is Stable.


* BRAZIL: Sells US$750 Million of Real-Denominated Bonds
--------------------------------------------------------
The Brazilian government sold Sept. 6 US$750 million of real-
denominated bonds in the international market, Bloomberg News=20
reports.  The issuance was originally planned at US$1 billion. =20

The debt issue is part of the government's effort to lengthen=20
maturity on its local-currency debt.

According to Bloomberg, Brazil sold BRL1.6 billion due Jan. 2022=20
at a yield of 12.875%, Bloomberg says, citing the country's=20
Treasury. =20

The sale was managed by a group of investment banks led by=20
Citigroup and JPMorgan Chase & Co.

Carlos Kawall, Brazil's treasury secretary, told Bloomberg that=20
his country seeks to build a yield curve in the local currency,=20
hence the sale of real-denominated bonds abroad.

As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.


* Brazilian Markets Present Road Show in Hong Kong & Singapore
--------------------------------------------------------------
The Brazilian capital market will be presenting a road show for=20
institutional investors, brokers and traders in Singapore and=20
Hong Kong on Sept. 12 and Sept. 14, respectively.  This is=20
another Brazil Excellence in Securities Transactions or BEST=20
event, a joint initiative of the Brazilian market institutions:=20

   -- Sao Paulo Stock Exchange or BOVESPA,=20
   -- Brazilian Clearing and Depository Corporation or CBLC,=20
   -- Brazilian Mercantile & Futures Exchange or BM&F and=20
   -- the National Association of Investment Banks or Anbid,=20

with the support of Brazil's Securities and Exchange Commission=20
or CVM, the Brazilian Central Bank and the Brazilian National=20
Treasury.

More than 100 people are already registered for the second=20
edition in Hong Kong.  BEST will be showing global market=20
participants key products, projects and initiatives in the=20
Brazilian market, and also the operational and technological=20
infrastructure of the Brazilian exchanges and clearinghouses as=20
well as offering guidance on how to invest in Brazil.

Speakers at the event will include the National Treasury=20
Secretary and the Monetary Policy Director at the Central Bank.=20

Created in 2004, BEST has organized a total of 11 road shows in=20
the North American market -- New York, Boston and San Francisco=20
-- Europe --- London and Frankfurt -- and in Asia -- Hong Kong=20
and Singapore. Besides promoting the direct contact with key=20
international players, BEST maintains a permanent forum with the=20
purpose of improving conditions for investments in Brazil. =20

As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.



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C A Y M A N   I S L A N D S
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ARTEMIS CO: Creditors Must File Proofs of Claim by September 21
---------------------------------------------------------------
The Artemis Co. Ltd.'s creditors are required to submit proofs=20
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.

Artemis Co.'s shareholders agreed on May 29, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


EAST FUNDING: Last Day to File Proofs of Claim is September 21
--------------------------------------------------------------
East Funding Corp.'s creditors are required to submit proofs of=20
claim by Sept. 21, 2006, to the company's liquidators:

   Chris Marett=20
   Richard Gordon
   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.

East Funding's shareholders agreed on Aug. 2, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.



EMF CORE: Creditors Have Until Sept. 21 to File Proofs of Claim
---------------------------------------------------------------
EMF Core Fund, Ltd.'s creditors are required to submit proofs of=20
claim by Sept. 21, 2006, to the company's liquidators:

   Mike Hughes
   Richard Gordon
   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.

EMF Core's shareholders agreed on Aug. 2, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


EMF CORPORATE: Deadline for Proofs of Claim Filing is Sept. 21
--------------------------------------------------------------
EMF Corporate Bond Arbitrage Fund, Ltd.'s creditors are required=20
to submit proofs of claim by Sept. 21, 2006, to the company's=20
liquidators:

   Mike Hughes
   Richard Gordon
   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.

EMF Corporate's shareholders agreed on Aug. 2, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


KATONAH I: Creditors Must Present Proofs of Claim by Sept. 21
-------------------------------------------------------------
KATONAH I, LTD.'s creditors are required to submit proofs of=20
claim by Sept. 21, 2006, to the company's liquidators:

   Philippa White
   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.

Katonah I's shareholders agreed on Aug. 10, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


POINT FIFTY: Last Day for Proofs of Claim Filing is September 21
----------------------------------------------------------------
Point Fifty One Ltd.'s creditors are required to submit proofs=20
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.

Point Fifty's shareholders agreed on May 29, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


SANTO ANDRE: Filing of Proofs of Claim is Until September 21
------------------------------------------------------------
Santo Andre Future Flows, Ltd.'s creditors are required to=20
submit proofs of claim by Sept. 21, 2006, to the company's=20
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.

Santo Andre's shareholders agreed on Aug. 9, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


TAURUS CAPITAL: Claims Filing Deadline Set for September 21
-----------------------------------------------------------
Taurus Capital Funding Limited's creditors are required to=20
submit proofs of claim by Sept. 21, 2006, to the company's=20
liquidators:

   Wendy Ebanks
   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.

Taurus Capital's shareholders agreed on Aug. 10, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


TIGERS CORP: Proofs of Claim Filing Deadline Set for Sept. 21
-------------------------------------------------------------
Tigers Corp.'s creditors are required to submit proofs of claim=20
by Sept. 21, 2006, to the company's liquidators:

   Guy Major=20
   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.

Tigers Corp.'s shareholders agreed on Aug. 8, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.


TOKYO KIRARI: Last Day for Filing Proofs of Claim is Sept. 21
-------------------------------------------------------------
Tokyo Kirari Corp.'s creditors are required to submit proofs of=20
claim by Sept. 21, 2006, to the company's liquidators:

   Steven O'Connor=20
   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.

Tpkyo Kirari's shareholders agreed on Aug. 9, 2006, for the=20
company's voluntary liquidation under Section 135 of the=20
Companies Law (2004 Revision) of the Cayman Islands.



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C O L O M B I A
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BANCO DE BOGOTA: Increases Megabanco Share Capital to COP25 Bil.
----------------------------------------------------------------
Banco de Bogota SA said in a filing with financial regulator=20
Superfinanciera that it has increased its share capital in=20
Megabanco to COP25.4 billion from COP15.5 billion, Business News=20
Americas reports.

As reported in the Troubled Company Reporter-Latin America on=20
June 23, 2006, Banco de Bogota completed its acquisition of a=20
94.99% stake in Megabanco.  As previously reported, Grupo Aval,=20
through its subsidiary Banco de Bogota, bought a 95% stake in=20
Megabanco from Coopdesarrollo for COP808 billion. =20

Banco de Bogota had told BNamericas that it aims to complete its=20
merger with Megabanco within a year.

BNamericas relates that Banco de Bogota launched on Aug. 8 a=20
preferential subscription period aiming to raise COP10 billion=20
for Megabanco through new shares.  Banco de Bogota said that=20
COP9.97 billion was raised through 997 billion new shares priced=20
COP0.01 each.

Banco de Bogota told BNamericas that it pushed forward a=20
COP90-billion capitalization of Megabanco aimed at raising its=20
stake in the latter to 95.6% from 94.9%.

                        *    *    *

As reported by Troubled Company Reporter on March 13, 2006,
Moody's Investors Service assigned a 'Ba3' long-term foreign
currency deposit rating on Banco de Bogota and changed the
outlook to stable from negative.  Moody's also assigned a 'D+'
bank financial strength rating on the company, while the outlook
remained stable.


CA INC: Amends Credit Facility to Repurchase US$2 Bil. of Stocks
----------------------------------------------------------------
CA Inc. has entered into an amendment to its existing credit=20
facility that satisfies the financing condition under its=20
US$1 billion tender offer.  The amendment modifies certain=20
covenants in the credit agreement in order to permit CA to=20
repurchase up to US$2 billion of its common stock under its=20
fiscal year 2007 share repurchase program and incur additional=20
indebtedness in connection with those repurchases.

CA expects to use the borrowings under the revolving credit=20
facility to complete a portion of the US$1 billion tender offer=20
launched August 16, 2006, and to pay related fees and expenses. =20
CA has stated that it plans to use a combination of available=20
cash and bank borrowings to finance the tender offer.  The=20
successful completion of debt financing on terms and conditions=20
satisfactory to CA in an amount sufficient to purchase shares=20
offered in the tender offer was a condition to the completion of=20
the tender offer.  This condition has now been satisfied by CA.

The US$1 billion tender offer is the first phase of the US$2=20
billion stock repurchase program announced June 29, 2006 by the=20
company.  CA is considering various options to execute the=20
second phase of the program and will provide further details=20
when appropriate. The Company expects to complete the full $2=20
billion share repurchase plan by the end of its 2007 fiscal=20
year.

                         About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management   =20
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Latin America, CA has operations in
Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


MEGABANCO: Banco de Bogota Increases Share Capital to COP25 Bil.
----------------------------------------------------------------
Banco de Bogota SA said in a filing with financial regulator=20
Superfinanciera that it has increased its share capital in=20
Megabanco to COP25.4 billion from COP15.5 billion, Business News=20
Americas reports.

As reported in the Troubled Company Reporter-Latin America on=20
June 23, 2006, Banco de Bogota completed its acquisition of a=20
94.99% stake in Megabanco.  As previously reported, Grupo Aval,=20
through its subsidiary Banco de Bogota, bought a 95% stake in=20
Megabanco from Coopdesarrollo for COP808 billion. =20

Banco de Bogota had told BNamericas that it aims to complete its=20
merger with Megabanco within a year.

BNamericas relates that Banco de Bogota launched on Aug. 8 a=20
preferential subscription period aiming to raise COP10 billion=20
for Megabanco through new shares.  Banco de Bogota said that=20
COP9.97 billion was raised through 997 billion new shares priced=20
COP0.01 each.

Banco de Bogota told BNamericas that it pushed forward a=20
COP90-billion capitalization of Megabanco aimed at raising its=20
stake in the latter to 95.6% from 94.9%.

                        *    *    *

As reported by Troubled Company Reporter on March 13, 2006,
Moody's Investors Service assigned a 'Ba3' long-term foreign
currency deposit rating on Banco de Bogota and changed the
outlook to stable from negative.  Moody's also assigned a 'D+'
bank financial strength rating on the company, while the outlook
remained stable.


* COLOMBIA: Launches Offer to Purchase Bonds
--------------------------------------------
The Republic of Colombia had commenced an offer to purchase
securities listed for cash, up to an aggregate amount that will=20
not exceed:

    (i) an aggregate principal amount of US$500 million and=20
   (ii) an Aggregate Purchase Price of US$700 million,=20

subject to the terms and conditions contained in the Offer to
Purchase, dated September 6, 2006.  The Offer is contingent upon=20
the issuance of and receipt of funds for, in an amount and on=20
terms and conditions acceptable to Colombia, its bonds due 2037.


                                                                         =
           =20
                                                        Fixed
                                                       Spread
                                                        over
                                                        U.S.
                                                       Treas-
                                                        uries
Bonds*     ISIN       Principal Amt      Maturity      (basis
                       Outstanding         Date        points)
11.75%
Bonds
due                                 =20
2020   US195325AU91   US$1,075,000,000  Feb. 25, 2020     193

8.375%
Bonds
due                                      =20
2027   US195325AL92   US$180,762,000    Feb. 15, 2027     206

10.375%
Bonds
due                                   =20
2033   US195325BB02   US$504,121,000    Jan. 28, 2033     218

Each Series of Bonds is listed on the Luxembourg Stock Exchange.

Bonds must be tendered in minimum denominations of US$1,000, or=20
integral multiples of US$1,000 in excess thereof.

The consideration for the principal amount of Bonds tendered and=20
accepted for purchase pursuant to the Offer will be determined=20
in the manner described in the Offer to Purchase by reference to=20
the fixed spread specified for each series of Bonds publicly=20
announced at around 5:00 p.m., New York City time, on Sept. 6,=20
2006, over the yield to maturity of the 4 1/2% U.S. Treasury=20
Bond due February 2036, as calculated at the time of acceptance=20
of a tender for purchase.  Holders will also receive any accrued=20
and unpaid interest on their Bonds from the last regular=20
interest payment date to (but excluding) the settlement date,=20
which is expected to be September 19, 2006.

Tenders and Initial Tender Orders must be made to a
Dealer Manager.  There is no letter of transmittal for the=20
Offer. Tenders are not to be submitted through Euroclear,=20
Clearstream or The Depository Trust Company systems.

The Dealer Managers will accept Bonds for purchase on behalf of
Colombia.  Bonds accepted for purchase will be settled on a=20
delivery versus payment basis with the applicable Dealer Manager=20
on the settlement date in accordance with customary brokerage=20
practice for corporate fixed income securities.  If Bonds are=20
held through DTC, they must be delivered no later than 3:15=20
p.m., New York City time, on the settlement date; and the=20
Automated Tender Offer Program will not be used.=20

If Bonds are held through Euroclear or Clearstream, the latest=20
process to use to deliver the Bonds is the overnight process,=20
one day prior to the settlement date; the optional daylight=20
process on the settlement date will not be used.  Failure to=20
deliver Bonds on time may result in the cancellation of the=20
tender.  Holders will not have withdrawal rights with respect to=20
the Offer.

The tender period commenced at 9:00 a.m., New York City time, on
September 7, 2006, and will expire at the earlier of=20

   (i) 5:00 p.m., New York City time, on September 13, 2006, or=20

   (ii) the time that the Maximum Purchase Amount of Bonds have
        been tendered and accepted, unless extended or earlier=20
        terminated.=20

Holders should be aware that the tender period could end prior=20
to the commencement of the Subsequent Tender Period.  The tender=20
period will consist of the "Initial Tender Period" and the=20
"Subsequent Tender Period," if applicable.  The Initial Tender=20
Period commenced at 9:00 a.m., New York City time, on September=20
7, 2006, and ended at 5:00 p.m., New York City time, on the same=20
day.  During the Initial Tender Period, holders may place orders=20
to tender Bonds with a Dealer Manager.  The Bonds subject to=20
Initial Tender Orders will be priced and accepted, subject to=20
proration as described in the Offer Document, at 9:00 a.m., New=20
York City time, on September 8, 2006.  Colombia in its sole=20
discretion may terminate the Offer prior to the Subsequent=20
Tender Period.  In such event, no Bonds other than the Initial=20
Tender Bonds will be accepted.=20

The Subsequent Tender Period, if applicable, will commence at=20
9:00 a.m., New York City time, on September 8, 2006, and end at=20
the Expiration Time.  Holders may tender Bonds to the Dealer=20
Managers between 9:00 a.m. and 5:00 p.m., New York City time, on=20
each Business Day during the Subsequent Tender Period. =20
"Business Day" means any day other than a Saturday, a Sunday or=20
a legal holiday or a day on which banking institutions or trust=20
companies are authorized or obligated by law to close in New=20
York City.

Each of Colombia and the Dealer Managers reserves the right, in=20
the sole discretion of each of them, not to accept any of the=20
tenders for any reason.

Colombia is making the Offer only in those jurisdictions where=20
it is legal to do so.

Copies of the Offer to Purchase may be obtained from:

        Georgeson Inc.
        Global Information Agent
        Tel: (866) 857-2693 (toll free inside the United
                             States; contact person is=20
                             Patrick McHugh in New York)=20
             (212) 440-9800 (collect outside the United States)=20
             +44 870 703 6357 (contact person is Domenic=20
                               Brancati in London)

                         -- or --      =20

        Kredietbank S.A. Luxembourgeoise
        Luxembourg Information Agent
        Tel: +352 4797 3935

For questions regarding the offer, the Dealer Managers at one of=20
their telephone numbers may be contacted at:

        Goldman, Sachs & Co.=20
        Tel: (866) 472-6622 (toll free inside the United States)=20
             (212) 357-0601 (collect outside the United States))

                       -- or --

        Merrill Lynch & Co.=20
        Tel: (888) ML4-TNDR (toll free inside the United States)=20
             (212) 449-4914 (collect outside the United States))=20

This document is only being distributed to and is only directed=20
at:=20

   (i) persons who are outside the United Kingdom;=20

  (ii) to investment professionals falling within Article 19(5)=20
       of the Financial Services and Markets Act 2000 (Financial
       Promotion) Order 2005; or=20

(iii) high net worth entities, and other persons to whom it may
       lawfully be communicated, falling within Articles=20
49(2)(a)
       to (d) of the Order.

                        *    *    *

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



* COLOMBIA: Sells US$1 Billion of Bonds to Buyback Debt
-------------------------------------------------------
Bloomberg News reports that the Colombian government has sold=20
US$1 billion of bonds due 2037 to:=20

   -- finance the repurchase of up to US$700 million of=20
      dollar-denominated bonds maturing 2033 and 2027 and=20

   -- arrange financing for its 2007 budget.

The bonds will have a yield of 7.45%, 2.5% above the US Treasury=20
bond due Feb. 2036, Bloomberg says. =20

Goldman, Sachs & Co. and Merrill Lynch & Co. managed the sale.

"Demand for emerging market debt is strong, so the government=20
was able to sell the bonds at a good rate, comparing the coupon=20
with that of the bonds it's buying back," Carolina Tovar, an=20
analyst at Corporacion Colombiana Financiera SA, told Bloomberg.

In July, Colombia also sold US$1 billion of foreign-currency=20
bonds due 2017.

                        *    *    *

Colombia's foreign-currency debt is rated Ba2 by Moody's=20
Investors Service and BB by Standard & Poor's.


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C O S T A   R I C A
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* COSTA RICA: State Power Firm to Supply 30MW Daily to Nicaragua
----------------------------------------------------------------
Instituto Costarricense de Electricidad aka ICE, the state power=20
firm of Costa Rica, will provide up to 30 megawatts of=20
electricity to Nicaragua daily until January 2007, Business News=20
Americas reports, citing Frank Kelly -- the executive president=20
of Enel, Nicaragua's state power company.

Mr. Kelly told La Prensa that ICE will guarantee the 30=20
megawatts of electricity for up to 14 hours per day.

BNamericas relates that Enel will have to pay up to US$45,000=20
per day for the electricity.  The measure is aimed at the=20
reduction of outages in Nicaragua.

"The contract does not mean that there will not be blackouts,=20
but that we have additional backup," Mr. Kelly told BNamericas.

                        *    *    *

Costa Rica is rated by Moody's:

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

Fitch assigned these ratings to Costa Rica:

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

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

      -- Foreign Currency LT Debt BB,
      -- Local Currency LT Debt   BB+,
      -- Foreign Currency ST Debt B, and
      -- Local Currency ST Debt   B.



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D O M I N I C A N   R E P U B L I C
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FALCONBRIDGE: Xstrata Acquires Company's Remaining Common Shares
----------------------------------------------------------------
Xstrata plc has mailed a notice of compulsory acquisition to all=20
remaining holders of Falconbridge Limited common shares.

Following Xstrata's offer to acquire all of the Common Shares=20
not already owned by it, the company beneficially owns=20
approximately 97.1% of the issued and outstanding Common Shares=20
on a fully diluted basis.

Since the Xstrata offer was accepted by holders of more than 90%=20
of the Common Shares, Xstrata is now exercising its right under=20
the compulsory acquisition provisions of the Business=20
Corporations Act (Ontario) to acquire all outstanding Common=20
Shares not already owned by Xstrata at the Offer price of=20
CDN$62.50 per Common Share.

Falconbridge shareholders with questions or requests for copies=20
of the documents, may contact:

            CIBC Mellon Trust Company=20
            Tel: 1-416-643-5500=20
                 1-800-387-0825

                       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.=20


VIVA INTERNATIONAL: Nears Closing of River Hawk Acquisition
-----------------------------------------------------------
Viva International, Inc., disclosed that it is nearing=20
completion of its acquisition of the assets and business=20
operations of River Hawk Aviation, Inc. (River Hawk) of San=20
Antonio, Texas.

Calvin Humphrey, a recent addition to the Company's Board of=20
Directors and the owner of River Hawk Aviation, Inc. is an=20
aviation industry executive with over 37 years experience. Mr.=20
Humphrey has held executive positions with BAE Systems, Embraer=20
Aircraft and Fairchild Aircraft as well as serving approximately=20
22 years as the President and Chief Executive Officer of several=20
private and public regional air carriers.

Mr. Humphrey commented, "I am pleased to be involved with Viva.=20
I can clearly see where this organization has abundant=20
opportunities to grow this organization and make its mark in the=20
Caribbean marketplace and beyond. River Hawk fits perfectly into=20
the Viva family and upon completion of the Viva/River Hawk=20
transaction would allow me to devote the majority of my time to=20
Viva. River Hawk's concentration has been as an aircraft re-
seller and aircraft parts aftermarket distributor and as such=20
will be able to provide favorable aircraft acquisition=20
capability as well as the maintenance of economically advantaged=20
spare parts inventories. Although there are some remaining=20
details to be ironed out, I have no doubt that we can and will=20
get this agreement done. I am anxious to begin providing my=20
personal direction and ability to make things happen to the Viva=20
group. I expect that I can help Viva to rapidly move forward and=20
become a viable and profitable aviation holding company."
=20
                 About Viva International

Viva International has a number of airline and aviation-related=20
interests including two developmental-stage carriers being=20
readied to operate in regional markets from hubs in Puerto Rico=20
and Santo Domingo, Dominican Republic.

The Company plans to create a network of regionally based=20
airlines across the Caribbean, eventually to be linked to key=20
points in the United States, Latin America, South America, and=20
Europe.

At present, the Company maintains executive offices in Michigan.

At June 30, 2006, the Company's balance sheet showed a
stockholders' deficit of US$4,167,988, compared to a deficit of=20
US$4,116,893 at March 31, 2006.

                   Going Concern Doubt

As reported in the Troubled Company Reporter on May 26, 2005,
Kempisty & Company CPAs, P.C., raised substantial doubt about
Viva International Inc.'s ability to continue as a going concern
after it audited the Company's financial statements for the
fiscal year ended Dec. 31, 2004.  The auditors cite Viva's
US$14.9 million net loss for the period from April 18, 1995, to
Dec. 31, 2004, and zero operating revenue for the two-year
period ended Dec. 31, 2004.



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E C U A D O R
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PETROECUADOR: Has Controlled Oil Spill in Cuyabeno
--------------------------------------------------
Petroecuador -- Ecuador's state-run oil firm -- told Xinhua News=20
Agency that it has controlled an oil spill in the Cuyabeno=20
nature reserve.=20

Xinhua News relates that Galo Chiriboga -- the head of=20
Petroecuador -- disclosed that the firm would begin cleaning and=20
repairing the area.  The executive said that it would take at=20
least six months to complete the work.

The spill in Sucumbios -- a province in Amazon -- would have a=20
lasting effect on the area, Xinhua News says, citing=20
Petroecuador.

Xinhua News notes that Lucy Ruiz, Petroecuador's manager of=20
environmental protection, said that the reserve would never be=20
the same.

Ms. Ruiz told Xinhua News, "Three lagoons are seriously=20
affected, and we are containing the oil's spreading towards the=20
others."=20

The spill, which had lasted two weeks, contaminated over 600,000=20
hectares of the nature reserve, according to Xinhua News. =20

Meanwhile, the residents in the area threatened to take forceful=20
measures to demand that Petroecuador clean the environment and=20
compensate for the damage in the environment, Xinhua News=20
reports.

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




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E L   S A L V A D O R
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MILLICOM INTERNATIONAL: Unit Installs New Switching Center
----------------------------------------------------------
Telemovil, a unit of Millicom International Cellular SA, has=20
installed a new switching center, increasing its customer=20
capacity by 50%, according to a report by local daily El Mundo.

Alex Gamero, the CTO of Telemovil, told El Mundo that the=20
switching center is part of the US$80 million investment=20
budgeted for 2006 to increase coverage and signal strength.

BNamericas relates that Telemovil expects to close 2006 with 98%=20
coverage nationwide, as the repeater stations have reached 490=20
with the installation of the additional 160.

The report says that Telemovil had been susceptible to service=20
quality failures as before the installation of the switching=20
center, as the network became congested, especially in the early=20
evening.

Telemovil will launch another switching center in November and=20
more in 2007.  The firm, which currently has one million=20
customers, aims to conclude next year with a cpacity of two=20
million clients, BNamericas reports.

Millicom International Cellular S.A. -- http://www.millicom.com/=20
-- is a global telecommunications investor with cellular
operations in Asia, Latin America and Africa.  It currently has
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *    *    *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *    *    *

Standard & Poor's Ratings Services affirmed on July 4, 2006, its
'B+' long-term corporate credit and 'B-' senior unsecured debt
ratings on Millicom International Cellular S.A.  The ratings
were removed from CreditWatch with developing implications,
where they had been placed on Jan. 20, 2006, on the initiation
of a strategic review that could have led to a transaction such
as the sale of all or part of the company.  The outlook is
stable.



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G U A T E M A L A
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* GUATEMALA: Delays Call for Project Feasibility Studies Bids=20
-------------------------------------------------------------
An official from the Guatemalan agriculture ministry's Plamar=20
irrigation modernization plan told Business News Americas that=20
the ministry has postponed a call for bids to conduct=20
feasibility studies on 11 small-scale hydro projects until=20
January.

BNamericas previously reported that the call for bids was=20
expected in August. =20

However, the official told BNamericas that the call for bids has=20
not yet been approved.

According to BNamericas, the studies are expected to take at=20
least six months.  The hydro projects would range up to three=20
megawatts and would require US$20 million.

Guatemala needs to add about 125 megawatts installed capacity=20
yearly through 2020, when power demand in the nation is=20
estimated to be about 3,125 megawatts, BNamericas states.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

                        *    *    *

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+



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H A I T I
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DYNCORP INT'L: Secures Extension for Officers Training in Iraq
--------------------------------------------------------------
The United States Department of State has awarded DynCorp=20
International a nine-month extension of its task order to=20
support the training of police officers in Iraq.  This extension=20
is valued at more than US$318 million and will expire on May 31,=20
2007.  The company has provided this service since April 2004=20
under the Department of State's worldwide Civilian Police=20
Program.

DynCorp International police mentors are assigned to the=20
Civilian Police Advisory Training Team or CPATT, the component=20
of the U.S. military Multinational Security Transition Command -
- Iraq (MNSTC-I) responsible for the U.S.-led effort to train=20
and equip the 135,000-member Iraqi police service.  DynCorp=20
International is responsible for recruiting, training,=20
equipping, and sustaining the 700-member U.S. contingent of=20
trainers.

               About DynCorp International Inc.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized =20
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The Company has more than 14,400 employees in 33
countries including Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC.  The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.=20



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J A M A I C A
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AIR JAMAICA: Decision on Union Membership Expected Next Week
------------------------------------------------------------
A decision regarding how Air Jamaica employees will be=20
distributed between Bustamante Industrial Trade Union or BITU=20
and the National Workers Union will be made next week, Radio=20
Jamaica reports, citing Kavan Gayle, the assistant general=20
secretary of BITU.

As reported in the Troubled Company Reporter-Latin America on=20
Sept. 7, 2006, the Air Jamaica employees were taking part in a=20
representational rights poll the Jamaican Labor Ministry was=20
conducting to choose between BITU and the National Workers=20
Union. =20

The two unions, which both received strong support from workers=20
during the poll, now have bargaining rights on behalf of several=20
categories of ground staff at Air Jamaica, Radio Jamaica=20
relates. =20

                        *    *    *

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.


AIR JAMAICA: Transport Minister Praises Firm on Safety Record
-------------------------------------------------------------
"Air Jamaica has the enviable record of being one of a small=20
minority of airlines with a fatal event rate of 0.00.  In fact,=20
it is only one of four national airlines in the Latin American=20
and Caribbean region with that perfect safety record. =20
Airsafe.com lists Air Jamaica among 34 crash-free airlines in=20
the world since 1980.  This performance is outstanding for a=20
small airline that is operating in a developing country," the=20
Jamaica The Observer reports, citing Robert Pickersgill,=20
Jamaica's transport minister.

Air Jamaica had been able to achieve the record through its=20
acceptance of a safety culture that involved every worker, The=20
Observer says, citing Minister Pickersgill, who launched the=20
airline's Safety Week at the Norman Manley International Airport=20
in Kingston on Sept. 5, 2006.  According to the minister, the=20
airline's record was guided by the principle "safety begins with=20
me".

Minister Pickersgill told The Observer that there have been=20
about 1,004 airline crashes over the last five years.

The Gleaner relates that Minister Pickersgill said the National=20
Transportation Safety Board made a list of some of the causes of=20
major airline crashes, which includes:

       -- pilot errors,=20
       -- faulty equipment,=20
       -- FAA regulation violations,=20
       -- flight service station employee negligence, and=20
       -- federal air traffic controller negligence.

Changes the terrorist attacks caused in the United States in=20
2001 has resulted in new stipulations and regulations in the=20
aviation sector that had brought enormous problems on small=20
nations like Jamaica, The Observer says, citing Minister=20
Pickersgill.

Minister Pickersgill told The Observer that since 2001 the civil=20
aviation authorities have had to meet the new Systems Approach=20
to Safety Oversight that the International Civil Aviation=20
Organisation implemented.

According to The Observer, Minister Pickersgill said that=20
Jamaica is required to incorporate into its national legislation=20
over 10,000 safety-related standards and recommended practices=20
contained in 16 of the 18 annexes to the Chicago Convention of=20
International Civil Aviation.

Michael Conway -- the head of Air Jamaica -- told The Observer=20
that safety was a responsibility and a sacred trust at the=20
national airline.  He said that in light of the threat posed by=20
terrorists, there was an inextricable link between safety and=20
security.

The Observer notes that Mr. Conway said, "There is no airline in=20
the world with a better safety record than Air Jamaica.  So much=20
is written about where an airline flies when it flies and when=20
it arrives.  But the most important thing of all is how an=20
airline flies.  And again I am pleased to be part of a carrier=20
where no one does that better.  No aeroplane is dispatched=20
unless it is ready no matter how long it might take to get it=20
ready; we only dispatch aircraft when they are ready."=20

"The Government of Jamaica has, over the 36 years of the=20
existence of Air Jamaica, provided the enabling environment that=20
has allowed Air Jamaica to operate at world class standards in=20
the area of safety.  Our commitment to the national carrier=20
underscores the importance that we place on the vital tourism=20
industry and our understanding of the critical link between a=20
viable and reliable aviation industry and the growth and=20
development of the country," Minister Pickersgill told The The=20
Observer.

                        *    *    *

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.


AIR JAMAICA: Will Launch New Class of Service on All Routes
-----------------------------------------------------------
Air Jamaica will replace its first class service with executive=20
business -- a new class of service -- starting Oct. 29, 2006,=20
the Jamaica Gleaner reports.

Air Jamaica told The Gleaner that the result of its test of the=20
new service -- which includes champagne and pampering -- on the=20
London route since June 2006 boosted its United Kingdom=20
business.

Paul Pennicook, Air Jamaica's new senior vice president for=20
marketing and sales, told The Gleaner that the service's full-
scale introduction was to ensure brand consistency.=20

"The change is aimed at giving Air Jamaica competitive edge, as=20
we anticipate increased sales with the more attractive fares in=20
the Executive Business Class," Air Jamaica said in a release.

                        *    *    *

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.


DIGICEL: Appoints Niall Dorrian as Chief Operations Officer
-----------------------------------------------------------
Niall Dorrian was appointed chief operations officer of Digicel=20
Jamaica, the Jamaica Observer reports.

Mr. Dorrian was a former senior manager at Red Stripe.  As the=20
chief operating officer of Digicel, he will have management=20
responsibilities for:

        -- human resources,=20
        -- information technology,=20
        -- finance,=20
        -- technical operations and group procurement, and
        -- distribution.

Meanwhile, Digicel Jamaica chose Harry Smith as its chief=20
customer relations officer, The Observer says.  Mr. Smith had=20
been the commercial director of the telecom firm since April=20
2004.  Mr. Smith will be responsible for the management of:

        -- marketing,=20
        -- corporate and consumer sales,=20
        -- wireless broadband, and=20
        -- customer care.

The Observer relates that Messrs. Dorrian and Smith took on=20
their new roles starting Sept. 6.  The two officer would be=20
reporting to David Hall -- the chief executive officer of=20
Digicel Jamaica.

According to The Observer, Mr. Hall's responsibilities have been=20
expanded to cover Digicel's entire Northern Caribbean units.

Digicel Jamaica told The Observer that the two changes in its=20
management are needed to support the firm's rapid growth rate.

"We are putting this enhanced management structure in place to=20
ensure that as we evolve the business we will continue to=20
deliver the best value and best quality services amongst our=20
competition," Colm Delves -- the chief executive officer of the=20
Digicel Group -- told The Observer.

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

                        *    *    *

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

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


KAISER ALUMINUM: Extends Long-Term Supply Agreement with Boeing
---------------------------------------------------------------
Kaiser Aluminum signed a new long-term contract with Boeing to=20
supply sheet and light gauge aluminum plate for use in Boeing=20
commercial aircraft products.  The new supply contract, which=20
extends an existing agreement, effectively adds to a prior=20
multi-year agreement for heavy-gauge plate between Boeing and=20
Kaiser Aluminum signed earlier this year.

"Kaiser Aluminum and Boeing have a long history of partnership,=20
and this agreement further solidifies the long-term relationship=20
between the two companies," said Jack A. Hockema, chairman,=20
president and chief executive officer, Kaiser Aluminum.=20

"We're pleased to extend our contract with Kaiser Aluminum,"=20
said John Byrne, Global Partners director of Purchased Outside=20
Production and Common Commodities for Boeing Commercial=20
Airplanes.  "With the continued strong demand for new airplanes,=20
Kaiser's support is invaluable to delivering the highest quality=20
airplanes to our customers."

The contract with Boeing is enabled by a previously announced=20
US$105,000,000 expansion at Kaiser Aluminum's Trentwood Rolling=20
Mill in Spokane, Washington.

Boeing is the world's leading aerospace company and the largest=20
manufacturer of commercial jetliners and military aircraft=20
combined.  With additional capabilities in rotorcraft,=20
electronic and defense systems, missiles, satellites, launch=20
vehicles and advanced information and communication systems, the=20
company's reach extends to customers in 145 countries.  In terms=20
of sales, Boeing is the largest U.S. exporter.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading  =20
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial=20
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for=20
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-
10429), and has sold off a number of its commodity businesses=20
during course of its cases.  Corinne Ball, Esq., at Jones Day,=20
represents the Debtors in their restructuring efforts. Lazard=20
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.=20
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,=20
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.=20
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official=20
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan=20
became effective on July 6, 2006.  On June 30, 2004, the Debtors=20
listed US$1.619 billion in assets and US$3.396 billion in debts. =20
(Kaiser Bankruptcy News, Issue No. 104; Bankruptcy Creditors'=20
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


SUGAR COMPANY: Appoints Robert Levy As New Board Chairperson
------------------------------------------------------------
Robert Levy -- the head of the Jamaica Broilers Group -- was=20
appointed to chair the new board of the Sugar Company of Jamaica=20
starting Sept. 1, the Jamaica Observer reports.

According to the report, Roger Clarke, Jamaica's minister of=20
agriculture, appointed Mr. Levy to take the place of Drick=20
Latibeaudiere -- the governor of Bank of Jamaica -- in the Sugar=20
Company's board.

The Observer relates that the All-Island Jamaica Cane Farmers=20
Association or AIJCFA approved of the new board chairperson.

Allan Rickards -- the chairperson of AIJCFA -- told The The=20
Observer, "I am in total agreement with it and look forward to=20
his input and guidance."=20

Mr. Levy was not the usual choice in these types of appointments=20
as those appointed were usually highly academic PhDs or=20
politically inclined individuals, The Observer says, citing Mr.=20
Rickards.

Mr. Rickards told The Observer, "Levy, on the other hand, runs a=20
large, successful business depending on many farmers -- large,=20
medium and small -- and also has an interest in the industry=20
through the production of ethanol."=20

The Observer notes that Mr. Rickards didn't doubt Mr. Levy's=20
capacity to lead the Sugar Company and to work alongside=20
Minister Clarke and cane farmers.

The report says that the Sugar Company runs the operation of all=20
government-owned sugar plants in Jamaica.  Mr. Levy's=20
appointment is expected to change the fortunes of the factories,=20
which cane farmers say are being mismanaged.

The Observer underscores that Mr. Rickards had said in 2005 that=20
the unsatisfactory results and figures from the performance of=20
the sugar sector were enough to dismiss those in charge.  Mr.=20
Rickards called for more autonomy in the operations of sugar=20
factories, stating that each factory should have:

      -- a general manager,=20
      -- a factory manager, and=20
      -- a field manager.

According to The Observer, Mr. Rickards also called for an=20
advisory board in every factory.  The board should be made up of=20
manufacturers, farmers and worker representatives and community=20
interests that can advise on matters vital to their communities.

Mr. Rickards told The Observer, "I am still expecting to see=20
these changes.  I still expect to see locals taken into=20
consideration when decisions are being made."

Mr. Rickards admitted to The Observer that he was not "privy" to=20
all members of the new Sugar Company board.  However, he said=20
that Ken Newman and Maurice Harrison would make important=20
contributions to the development of the sugar sector as board=20
members of the Sugar Company.  Mr. Newman was the second largest=20
private cane farmer in the island.  Mr. Harrison was an=20
irrigation expert.

The Observer reports that a representative from the ministries=20
of finance and agriculture would be added to the Sugar Company=20
board.

The Observer emphasizes that Minister Clarke has asked Bruce=20
Golding -- the leader of the Opposition Jamaica Labour Party --=20
to nominate one representative for the board.

The sugar industry is united for the first time as everyone=20
reports to the same ministry, Mr. Rickards told The Observer. =20
Convening a meeting of principals in the industry was almost=20
impossible in the past as different sectors reported to=20
different ministries.

Sugar Company of Jamaica registered a net loss of almost=20
US$1.1 billion for the financial year ended Sept. 30, 2005, 80%=20
higher than the US$600 million reported in the previous=20
financial year.  Sugar Company blamed its financial=20
deterioration to the reduction in sugar cane production.




=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
M E X I C O
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


BALLY TOTAL: Taps Eastwest Marketing for Promotional Chores
-----------------------------------------------------------
Bally Total Fitness Holding Corp told Adweek that it has chosen=20
Eastwest Marketing Group to handle creative and promotional=20
chores.

BNamericas relates that several shops as well as Bally Total's=20
in-house marketing department previously handled the assignment.

According to BNamericas, Bally Total spent about US$75 million=20
in measured media in 2005.  In the first half of this year, the=20
firm spent almost US$50 million, for each Nielsen Monitor-Plus.

Jim McDonald, the Bally Total CMO, said in a statement, "We=20
believe in taking an integrated marketing approach and were=20
impressed with Eastwest's one-stop shop capabilities.  Their=20
combination of big ideas, broad-market communications and=20
street-level, business-building execution was truly unique."

BNamericas notes that Eastwest's assignment includes creating=20
the brand in "traditional above-the-line media" and "below-the-
line activities" that include national promotions and guerrilla=20
marketing campaigns.  The activities are aimed at driving yearly=20
national gym memberships.

Chris Bragas, the chief executive officer of Eastwest, told=20
BNamericas, "This is an extremely exciting period of growth for=20
Bally and we're delighted to help them generate increased=20
revenue and take the brand to the next level."=20
=20
Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com=20
-- is a commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.

                        *    *    *

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


CINEMARK USA: Moody's Rates Senior Secured Facility at Ba2
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed=20
senior secured bank facility of Cinemark USA, Inc., a wholly=20
owned subsidiary of Cinemark, Inc.  Cinemark plans to use the
facility to fund the acquisition of Century Theatres, Inc. and
to refinance existing Century bank debt. =20

Moody's also affirmed Cinemark's B1 corporate family rating,=20
which can sustain the less than one turn increase in leverage=20
that Moody's anticipates will result from the proposed=20
transaction, as well as all other existing ratings for
Cinemark and Cinemark USA, Inc.=20

The proposed facility consists of a US$150 million revolving=20
credit facility and a US$1,120 million term loan, and Moody's=20
estimates the acquisition will result in incremental debt of=20
approximately US$500 million as well as the assumption of=20
Century's existing debt.=20

The outlook remains stable, and a summary of actions.=20

Cinemark USA, Inc.=20

   * Senior Secured Bank Credit Facility, Assigned Ba2=20
   * Affirmed B3 Senior Subordinate Notes Rating=20

Cinemark, Inc.=20

   * Affirmed B1 Corporate Family Rating=20
   * Affirmed Caa1 Senior Unsecured Notes Rating=20

Moody's also affirmed Century's Ba3 corporate family rating
and its Ba3 senior secured bank rating.  Should the transaction=20
proceed as planned, Moody's will withdraw Century's ratings and=20
the ratings on the existing bank facility at Cinemark USA, Inc.=20

Moody's estimates Cinemark leverage pro forma for the=20
transaction will be in the mid 6 times range.  The affirmation=20
of the B1 corporate family rating incorporates Moody's analysis=20
of the combined company.  The B1 corporate family rating=20
reflects high leverage, sensitivity to product from movie=20
studios, and a weak industry growth profile, offset by=20
expectations for continued positive free cash flow and the=20
advantages of scale and geographic diversity.  Modest upside=20
cash flow benefits from increased advertising also support the=20
rating.=20

Cinemark, Inc. operates approximately 300 theaters and 3,300=20
screens in North America, Mexico and other Latin American and=20
South American nations through its Cinemark USA, Inc. and other=20
subsidiaries.  One of the largest motion picture exhibitors in=20
North America with annual revenue of approximately US$1 billion,=20
the company maintains its headquarters in Plano, Texas.  Century=20
Theatres, Inc., operates approximately 80 theaters with 1,000=20
screens located primarily in the western half of the United=20
States.  The company maintains its headquarters in San Rafael,=20
California, and its annual revenue is approximately US$500=20
million.


FORD MOTOR: S&P Retains CreditWatch Negative on Low-B Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' long-term=20
and 'B-2' short-term ratings on Ford Motor Co., Ford Motor=20
Credit Co., and related entities remain on CreditWatch with=20
negative implications where they were placed August 18.  The=20
'BB-' long-term and 'B-2' short-term ratings on FCE Bank PLC,=20
Ford Motor Credit's European bank, also remain on CreditWatch=20
with negative implications, reflecting its linkage to the Ford=20
rating.

"Ford's announcement that it has hired a senior executive from=20
Boeing Co. as the new Ford CEO broadens Ford's senior management=20
team and so we consider it a modest positive," said Standard &=20
Poor's credit analyst Robert Schulz.

The Ford CreditWatch reflects Standard & Poor's decision to=20
review the ratings in light of the sharply lower production=20
schedule announced for light trucks in the fourth quarter (down=20
155,000 units, or 28%, versus fourth-quarter production in=20
2005).  These cuts, along with the very likely significant cost=20
reductions to be announced later in September, reveal the=20
magnitude of turnaround efforts needed to deal with Ford's=20
deteriorating product mix, lower market share, and excess=20
production capacity in North America.  The lower production will=20
have a significant negative effect on Ford's cash flow in the=20
fourth quarter.

Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient=20
relative to near-term requirements, as the company has a large=20
liquidity position composed of the following:

   -- Cash, marketable securities, and short-term assets in its=20
      VEBA trust (which it could use to meet certain near-term=20
      benefits costs, thereby freeing up other cash) totaled=20
      US$23.6 billion at June 30, 2006 (excluding Ford Credit).=20

   -- At June 30, Ford's cash position exceeded debt by about=20
      US$6 billion, and Ford expects to end 2006 with a cash=20
      balance of at least US$20 billion (excluding Ford Credit);

   -- As of June 30, 2006, Ford had US$6.3 billion of committed=20
      credit facilities with  various banks, most of which are
      committed through June 30, 2010;=20

   -- parent-level  debt maturities are moderate for the near=20
      term (US$1.3 billion for the 12 months from June 30,=20
      2006), and long-term debt has an exceptionally high=20
      average maturity of about 25 years; and

   -- Even under the new pension legislation, Standard & Pooor's=20
      does not currently believe Ford faces any significant=20
      ERISA-mandated pension fund contributions for the next few=20
      years or the need to make contributions to avoid Pension=20
      Benefit Guaranty  Corp. variable-rate premiums.

Standard & Poor's plans to resolve this CreditWatch by the end=20
of September.  As part of this review, it will meet with Ford's=20
management to discuss the company's evolving plans to address=20
the heightened challenges it faces in North America.



GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
-------------------------------------------------------------=20
Renault SA has named BNP Paribas to advise on a possible three-
way alliance with General Motors Corp. and Nissan Motor Co., AFX=20
News Limited reports citing a source privy to the matter.

According to AFX, the French carmaker has also drawn up a=20
shortlist of around eight British and US banks from which it=20
will choose a second adviser.  The selection process is likely=20
to take several weeks to finalize, the report says.

Anne-Sylvaine Chassany and David Pearson of The Wall Street=20
Journal cited a source saying that Renault is "now seriously=20
considering a potential alliance."

Carlos Ghosn, chief executive of Renault and Nissan, refused to=20
make public statements until internal feasibility studies are=20
completed in mid-Oct. and Renault decides whether to proceed,=20
the WSJ relates.

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.  A GM shareholder, Kirk Kerkorian,
broached the idea of pulling in GM into the two-way tie-up.  Mr.
Kerkorian owns 9.9% equity stake in GM through his investment
firm Tracinda Corp.

The WSJ reported last week that Ford Motor Co. Chairman Bill=20
Ford Jr. has approached Mr. Ghosn about a possible alliance with=20
Ford if the proposed tie-up with GM fails.

According to GM CEO Rick Wagoner, the company is considering an=20
alliance but is focusing on its turnaround efforts, which don't=20
hinge on the outcome of the talks, WSJ adds.

                    About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the   =20
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries including=20
Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit=20
rating, but excluding the '1' recovery rating -- on CreditWatch=20
with negative implications, where they were placed March 29,=20
2006.  The CreditWatch update followed GM's announcement of=20
second quarter results and other recent developments involving=20
its bank facility and progress on the GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt=20
ratings of General Motors Corp. and General Motors of Canada=20
Limited to B.  The commercial paper ratings of both companies=20
are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'=20
to General Motor's new US$4.48 billion senior secured bank=20
facility.  The 'RR1' is based on the collateral package and=20
other protections that are expected to provide full recovery in=20
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of=20
up to US$4.5 billion being proposed by General Motors Corp.,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GENERAL MOTORS: Offers 100K-Mile/Five-Year Powertrain Warranty
--------------------------------------------------------------
General Motors disclosed it is offering the best warranty of any=20
full-line automaker, with coverage up to 100,000 miles or five=20
years across its entire 2007 car and light-duty truck lineup in=20
the United States and Canada, reflecting its success in=20
dramatically improving the quality and durability of its=20
vehicles.=20

GM's new 100,000 Mile Warranty coverage is a fully transferable=20
five-year, 100,000-mile powertrain limited warranty with no=20
deductible.  GM also has decided to expand its roadside=20
assistance and courtesy transportation programs to match the=20
powertrain warranty term.  Altogether, it's the best coverage in=20
the auto industry.=20

"We've been telling everyone how strong GM's cars and trucks are=20
in terms of value, design, quality and durability.  Now we're=20
going to back it up," Chairman and CEO Rick Wagoner said.  "This=20
new warranty, combined with GM's outstanding quality,=20
competitive pricing, relevant technologies and a strong new=20
lineup of cars and trucks, provides motorists with an=20
unprecedented level of value and peace of mind.=20

"This latest step in our North America turnaround plan reflects=20
the confidence we have in the quality of our cars and trucks. =20
It's the result of years of hard work by our employees,=20
suppliers and dealers.  It's something that motorists want and=20
deserve.  For those who haven't driven a GM car or truck in a=20
while, this is our way of saying, 'Come on back and see what=20
we've done.' "The bottom line is GM now has the best coverage in=20
the industry," Mr. Wagoner said.  "It includes the best warranty=20
of any full-line  automaker, equally compelling roadside=20
assistance and courtesy transportation programs, unique safety=20
and security technologies like OnStar and StabiliTrak, and the=20
nation's largest network of outstanding dealers, with well-
trained GM Goodwrench technicians who service GM cars and trucks=20
better than anybody else."

The no-deductible, fully transferable limited powertrain=20
warranty covers more than 900 components related to the engine,=20
transmission, transfer case and final drive assemblies on all=20
2007 model-year Chevrolet, Pontiac, Buick, GMC, Hummer, Saturn,=20
Saab and Cadillac cars and light-duty trucks sold in the United=20
States and Canada.  GM will extend the existing roadside=20
assistance plan to 100,000 miles or five years, and will provide=20
courtesy transportation for a covered warranty repair.=20

The new warranty will apply retroactively to 2007 GM cars and=20
trucks already sold.=20

For non-powertrain components, GM's Bumper-to-Bumper New Vehicle=20
Limited Warranty remains in effect: four years or 50,000 miles=20
for Buicks, Cadillacs, Hummers and Saabs, and three years or=20
36,000 miles for Chevrolets, GMCs, Pontiacs and Saturns.=20

The new package is an important part of GM's sales and marketing=20
strategy, which is focusing consumers on the inherent value of=20
its cars and trucks.  Higher quality vehicles, reduced=20
incentives and lower daily rental fleet sales are helping=20
increase the residual value of GM cars and trucks.  In addition,=20
GM transaction prices have been rising, well above the industry=20
average.=20

Mr. Wagoner said the moves were the result of GM's successful=20
decade-long effort to dramatically improve the quality of its=20
cars and trucks.  "From the men and women who design, engineer=20
and build our vehicles, to our union partners, suppliers and=20
dealers, the GM team's commitment to quality has enabled us to=20
deliver this consumer confidence package."

GM tracks vehicle quality several ways, including analyzing=20
warranty visits and the results of 10 million customer surveys=20
each year, and studying the quality surveys of several=20
independent organizations.  GM has made significant progress on=20
all fronts:=20

   * Warranty repairs at dealers have decreased 40% during the=20
     past five years.

   * Two GM brands, Buick and Cadillac, placed in the top five=20
     in the J.D. Power and Associates Vehicle Dependability=20
     Study released last month.=20

   * GM swept the large pickup segment, placed 11 models in the=20
     top three of their segments and had two models top their=20
     segments in the J.D. Power and Associates Initial Quality=20
     Study released earlier this year.=20

   * In the Strategic Vision 2006 Total Quality Index Study,=20
     five GM models topped their segments -- more wins than any=20
     other manufacturer for the second consecutive year.=20

   * GM dealers also rank among the leaders in the most recent=20
     J.D. Power and Associates Consumer Service Index study,=20
     which measures customer satisfaction among new vehicle=20
     owners with the dealer service department during the first=20
     three years of vehicle ownership.=20

   * GM's Buick brand ranked second in the American Customer=20
     Satisfaction Index study released last month, administered=20
     by the University of Michigan's National Quality Research =20
     Center.=20

GM will begin promoting the new initiative during Thursday=20
night's NBC-televised NFL season opener between the world=20
champion Pittsburgh Steelers and the Miami Dolphins.  In=20
addition, a dedicated web site -- http://www.gm.com/warranty/=20
-- provides consumers with additional details about the program.=20

                    About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the   =20
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries including=20
Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit=20
rating, but excluding the '1' recovery rating -- on CreditWatch=20
with negative implications, where they were placed March 29,=20
2006.  The CreditWatch update followed GM's announcement of=20
second quarter results and other recent developments involving=20
its bank facility and progress on the GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt=20
ratings of General Motors Corp. and General Motors of Canada=20
Limited to B.  The commercial paper ratings of both companies=20
are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'=20
to General Motor's new US$4.48 billion senior secured bank=20
facility.  The 'RR1' is based on the collateral package and=20
other protections that are expected to provide full recovery in=20
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of=20
up to US$4.5 billion being proposed by General Motors Corp.,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GRUPO IUSACELL: Considers Consolidating Operations with Unefon
--------------------------------------------------------------
Grupo Iusacell, S.A. de C.V. disclosed that the Board of=20
Directors authorized the company to explore the consolidation of=20
operations with Unefon, mobile telephony operator for the mass=20
market in Mexico, and a subsidiary of Unefon Holdings.

Iusacell and Unefon are companies controlled by Ricardo B.=20
Salinas, and the only two wireless communications service=20
providers with CDMA technology in Mexico, which allows=20
optimizing the efficiency of the cellular telephony network.

Iusacell and Unefon have solid competitive advantages, and have=20
developed optimal attributes for the market segments in which=20
they participate, which translate into better services at lower=20
prices.  Iusacell has 2 million subscribers and Unefon 1.3=20
million, both nationwide.

"The perspective of joint efforts with Unefon offers the=20
possibility of creating the second largest wireless telephony in=20
Mexico, which will develop an enormous variety of multimedia=20
applications on a large scale," said Gustavo Guzman, CEO of=20
Iusacell.  "It will allow more efficient communication services=20
on a global level to a growing number of users, increasing the=20
quality of telephony in Mexico, and the efficiency of the=20
sectors that connect to it."

Headquartered in Mexico City, Mexico, Grupo Iusacell, S.A. de
C.V. (BMV: CEL) -- http://www.iusacell.com-- is a wireless
cellular and PCS service provider in Mexico with a national
footprint.  Independent of the negotiations towards the
restructuring of its debt, Grupo Iusacell reinforces its
commitment with customers, employees and suppliers and
guarantees the highest quality standards in its daily operations
offering more and better voice communication and data services
through state-of-the-art technology, including its new 3G
network, throughout all of the regions in which it operate.

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, S.A. de C.V. (Bankr. S.D.N.Y. Case No. 06-11599).  Alan
M. Field, Esq., at Manatt, Phelps & Phillips, LLP, represents
the petitioners.

Iusacell Celular then filed for bankruptcy protection under
Mexican Law on July 18.


SATELITES MEXICANOS: Court OKs KCC as Notice and Balloting Agent
----------------------------------------------------------------
The Honorable Robert D. Drain, of the U.S. Bankruptcy Court for=20
the Southern District of New York, at the request of Satelites=20
Mexicanos, S.A. de C.V., appointed Kurtzman Carson Consultants=20
LLC, on an interim basis, as notice and balloting agent to the=20
Office of the Clerk of the Bankruptcy Court.=20
=20
The Debtor has many foreign creditors and two classes of debt=20
securities in the United States that are widely held.  Carmen=20
Ochoa Avendano, Esq., the Debtor's general counsel, explains=20
that the noticing and balloting requirements of the Debtor's=20
Chapter 11 case may impose heavy administrative and other=20
burdens on the Court and the Clerk's Office.  The retention of=20
KCC is intended to relieve the Clerk's Office of these burdens,=20
she says.=20
=20
According to Ms. Avendano, KCC is fully equipped to handle the=20
volume of mailing involved in properly sending the required=20
notices to creditors and other interested parties in the=20
Debtor's case.  KCC will follow the notice and solicitation=20
procedures that conform to the guidelines promulgated by the=20
Clerk of the Court and the Judicial Conference of the United=20
States for the implementation of 28 U.S.C. Section 156(c), and=20
as may be ordered by the Court.=20
=20
In addition, Ms. Avendano notes that KCC's employees are=20
experienced in all areas pertaining to the identification and=20
solicitation of holders of widely held securities.  KCC has a=20
state-of-the-art mailing facility and is highly experienced in=20
dealing with the back offices of the various departments of the=20
banks and brokerage=20
=20
KCC, Ms. Avendano continues, is one of the country's leading=20
Chapter 11 administrators, with experience in noticing, claims=20
administration, solicitation, balloting, and facilitating other=20
administrative aspects of Chapter 11 cases.  KCC has substantial=20
experience in matters of the Debtor's size and complexity, and=20
has acted as, among other things, the official notice and=20
balloting agent in many large bankruptcy cases pending in the=20
Southern District of New York and other districts nationwide,=20
including In re Delphi Corp., et al., Case No. 05-44481 (Bankr.=20
S.D.N.Y. 2005); In re Panda Gila River, L.P., et al., Case No.=20
05-01143 (Bankr. D. Ariz. 2005); In re Collins & Aikman Corp.,=20
et al., Case No. 05-55927 (Bankr. E.D. Mich. 2005); In re=20
Ultimate Electronics, et al., Case No. 05-10104 (Bankr. D. Del.=20
2005); In re Interstate Bakeries Corp., et al., Case No. 04-
45814 (Bankr. W.D. Mo. 2004); In re Haynes International Inc.,=20
Case No. 04-05364 (Bankr. S.D. Ind. 2004); In re NorthWestern=20
Corp., Case No. 03-12872 (Bankr. D. Del. 2003); and In re NRG=20
Energy, Inc., et al., Case No. 03-13024 (Bankr. S.D.N.Y. 2003).=20
=20
As notice and balloting agent, KCC will:=20
=20
    (i) distribute required notices to parties-in-interest;=20
=20
   (ii) solicit, collect, and tabulate acceptances and=20
        rejections of the Debtor's Chapter 11 Plan of=20
        Reorganization from parties entitled to vote;=20
=20
  (iii) maintain and update the master mailing lists of=20
        creditors;=20
=20
   (iv) to the extent necessary, gather data in conjunction with=20
        the preparation of the Debtor's schedules of assets and=20
        liabilities and statements of financial affairs; and=20
=20
    (v) perform other administrative tasks pertaining to the=20
        administration of the Chapter 11 case as may be=20
        requested by the Debtor or the Clerk's Office.=20
=20
At the close of the Debtor's case, KCC will box and transport=20
all original documents in proper format, as provided by the=20
Clerk's Office, to the Federal Archives.=20
=20
The Debtor will pay KCC in accordance with the parties'=20
Agreement For Services, dated Aug. 3, 2006.  The cost of KCC's=20
services will be paid from the Debtor's estate as provided by 28=20
U.S.C. Section 156(c) and Section 503(b)(l)(A) of the Bankruptcy=20
Code.=20
=20
Prior to the filing for chapter 11 protection, the Debtor paid=20
KCC a US$25,000 retainer, Ms. Avendano says.=20
=20
A full-text copy of KCC's Agreement For Services is available at=20
no charge at http://ResearchArchives.com/t/s?1124=20
=20
A full-text copy of KCC's Fee Structure is available at no=20
charge at http://ResearchArchives.com/t/s?1125=20
=20
The Debtor will also indemnify and hold KCC, its officers,=20
employees, and agents harmless, except in circumstances of KCC's=20
gross negligence or willful misconduct.=20
=20
Robert Q. Klamser, vice president of operations of Kurtzman=20
Carson Consultants, LLC, assures the Court that the Firm is a=20
"disinterested person" within the meaning of Section 101(14) of=20
the Bankruptcy Code.
=20
                 About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite=20
services in Mexico.  Satmex provides transponder capacity via=20
its satellites to customers for distribution of network and=20
cable television programming, direct-to-home television service,=20
on-site transmission of live news reports, sporting events and=20
other video feeds.  Satmex also provides satellite transmission=20
capacity to telecommunications service providers for public=20
telephone networks in Mexico and elsewhere and to corporate=20
customers for their private business networks with data, voice=20
and video applications.  Satmex also provides the government of=20
the United Mexican States with approximately 7% of its satellite=20
capacity for national security and public purposes without=20
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006=20
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at=20
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the=20
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,=20
S.C., and Quijano Cortina Lopez y de la Torre give legal advice=20
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities=20
LLC and Valor Consultores, S.A. de C.V., give financial advice=20
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,=20
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld=20
LLP give legal advice to the Ad Hoc Existing Bondholders'=20
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,=20
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal=20
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of=20
July 24, 2006, the Debtor has US$905,953,928 in total assets and=20
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and=20
Senior Secured Notes filed an involuntary chapter 11 petition=20
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a=20
Mexican reorganization, known as a Concurso Mercantil, which was=20
assigned to the Second Federal District Court for Civil Matters=20
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section=20
304 of the Bankruptcy Code to commence a case ancillary to the=20
Concurso Proceeding and a motion for injunctive relief seeking,=20
among other things, to enjoin actions against Satmex or its=20
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy=20
News, Issue No. 4; Bankruptcy Creditors' Service, Inc.,=20
http://bankrupt.com/newsstand/or 215/945-7000).


VALASSIS COMMS: Challenges ADVO to Release Suit to Public
---------------------------------------------------------
ADVO, Inc. issued this statement related to the pending=20
litigation between the company and Valassis Communications,=20
Inc.:

"ADVO has not consented to the unsealing of Valassis' complaint=20
because, as Valassis well knows, its complaint contains non-
public information about ADVO that Valassis agreed to keep=20
confidential. Indeed, Valassis filed the complaint under seal in=20
the first place precisely because it understood that the=20
parties' confidentiality agreement required it to do so.  ADVO=20
rejects Valassis' invitation to litigate this case by press=20
release.  ADVO will instead litigate its case with evidence and=20
briefs to the Delaware Chancery Court."

Valassis, in response, challenges ADVO to release the full=20
version of its suit to the public.  The company has issued this=20
statement:

"In a proxy supplement filed [tues]day, ADVO acknowledges that=20
it would not give access to personnel and documents requested by=20
Valassis and KPMG, Valassis's accountants, but it does not tell=20
shareholders why Valassis needed that information.  This effort=20
to withhold information from shareholders follows the same=20
pattern that Valassis has encountered in its dealings with ADVO.

In fact, this request for information was made after ADVO=20
management informed Valassis that it had significantly missed=20
fiscal third-quarter operating income projections as previously=20
forecast to Valassis, and changed its expectations for ADVO's=20
fiscal fourth-quarter results.  In addition, ADVO's purported=20
operating income for April and May that was given to Valassis=20
just days before the parties entered into an agreement was=20
materially overstated.  Given the rapid decline of ADVO's=20
business just weeks after the merger agreement was signed, we=20
believe our request for access to relevant information was=20
reasonable and ADVO's refusal to provide the requested=20
information raises serious concerns.

Continuing this pattern, in a recent statement, ADVO made false,=20
unfounded assertions that Valassis's lawsuit is a 'tactic' to=20
pressure ADVO to lower the price that was agreed to in the=20
merger agreement.  The suit is not a negotiation tactic.  In=20
light of what we have learned since the signing of the merger=20
agreement, we are committed to rescinding that agreement and we=20
are confident that when the facts are known we will prevail in=20
court.

ADVO also claims that Valassis's lawsuit is the result of=20
'buyer's remorse.'  This also is patently untrue.  ADVO=20
executives made fraudulent misrepresentations by knowingly=20
providing Valassis with materially false financial information=20
and knowingly withholding from us material information,=20
including significant internal control deficiencies.  Under=20
these circumstances, it is our fiduciary responsibility to our=20
shareholders to aggressively prosecute our claims.

Even now, ADVO is blocking access to information in an attempt=20
to hide the truth.  Valassis requested that ADVO agree to waive=20
the terms of the confidentiality agreement related to the=20
merger, thus allowing shareholders and the public to review all=20
of the grounds for the lawsuit.

ADVO turned down this request, forcing us to redact key facts=20
from the public version of the suit -- information that is=20
necessary for investors to properly evaluate both sides of this=20
case.  If ADVO management has nothing to hide, why would they=20
refuse to provide Valassis and KPMG access to information to=20
which Valassis is legally entitled under the merger agreement?=20
We challenge ADVO to waive the confidentiality agreement and=20
release the complete version of the suit. Let shareholders and=20
the public assess the facts themselves."

                       About ADVO Inc.

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

                        About Valassis

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

                        *    *    *

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


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N I C A R A G U A
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* NICARAGUA: Drought Slows Down Electric Firms' Operations=20
----------------------------------------------------------
Nicaragua's electric firms' operations are slowing down due to a=20
severe drought that has plagued the nation, preventing them to=20
operate at capacity, the IPS News reports.

The IPS relates that the energy crisis sparked protests recently=20
when the period of electricity rationing reached 15 hours per=20
day.  After four months of blackouts, several residents=20
participated in a demonstration at the streets of the capital to=20
demand the removal of Union Fenosa -- a multinational firm and=20
the leading electrical distributor in the nation.

According to The IPS, the residents are blaming Union Fenosa for=20
lack of service. =20

Union Fenosa, which has held a distribution contract in=20
Nicaragua since 2000, issued a clarification of its=20
responsibility.  It told The IPS that Nicaragua's energy deficit=20
-- estimated at about 140 megawatts -- is due to:

        -- imperfections at several generator plants,
        -- increase in petroleum prices, and=20
        -- low levels of water in the reservoir of Apanas dam.

The report underscores that the Apanas dam normally generates=20
23% of the electricity consumed in Nicaragua.  It is located in=20
Jinotega.

The IPS notes that David Castillo -- the head of the Nicaraguan=20
Energy Institute -- disclosed that Hidrogesa, the state-run=20
hydroelectric firm had stopped operating due to the drought. =20
The firm uses the Apanas reservoir to generate energy.

Mr. Castillo told The IPS that the energy plant could collapse=20
financially due to lack of water.

Meanwhile, Nicaragua's President Enrique Bolanos said that the=20
energy crisis will worsen, together with public discontent, if=20
it does not rain soon, The IPS says.

The IPS emphasizes that some experts blamed the water shortage=20
on widespread deforestation, and warned that indiscriminate=20
logging must be stopped.

Salvador Montenegro -- the director of CIRA, the aquatic=20
resource research center at the Autonomous National University=20
of Nicaragua -- told The IPS, "We are losing (water) at a=20
dizzying rate.  We have an average of 38,000 litres of water per=20
capita in reserves, but the main watersheds are affected by the=20
drought generated by deforestation."

Mr. Montenegro told said that he doesn't have exact data about=20
the amount of water the nation has lost due to the destruction=20
of forests.  However, he said that there are indicators that the=20
country is facing a serious environmental situation, The IPS=20
states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: Purchasing 30MW Daily from Costa Rican State Firm
--------------------------------------------------------------
Frank Kelly -- the executive president of Enel, Nicaragua's=20
state power company -- told BNamericas that the company will=20
purchase up to 30 megawatts of electricity daily from Instituto=20
Costarricense de Electricidad aka ICE, the state power firm of=20
Costa Rica, until January 2007.

BNamericas relates that Enel will have to pay up to US$45,000=20
per day for the electricity.  The measure is aimed at the=20
reduction of outages in Nicaragua.

Mr. Kelly told La Prensa that ICE will guarantee the 30=20
megawatts of electricity for up to 14 hours per day.

"The contract does not mean that there will not be blackouts,=20
but that we have additional backup," Mr. Kelly told BNamericas.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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



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P E R U
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CONNACHER OIL: S&P Rates US$180 Million Secured Term Loan at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term=20
corporate credit rating to Calgary, Altanta-based Connacher Oil=20
and Gas Ltd.  At the same time, Standard & Poor's assigned its=20
'BB-' bank loan rating with a recovery rating of '1' to=20
Connacher Finance Corp.'s proposed seven-year US$180 million=20
secured term loan B facility, and Montana Refining Company,=20
Inc.'s five-year US$15 million secured revolving credit=20
facility. =20

The '1' recovery rating reflects expectations for a 100%=20
recovery of principal in a default scenario.  The 'BB-' bank=20
loan rating is one notch above the corporate credit rating,=20
because the collateral value supporting the loans have a high=20
probability of enabling lenders to recover all principal and=20
accrued interest under a default scenario. The outlook is=20
stable.=20

"The ratings on Connacher are constrained by its aggressive=20
financial risk profile, which reflects the company's lack of=20
meaningful cash flow generation until the first phase, Pod I, of=20
its Great Divide Project achieves full production -- expected in=20
2008 -- and its relatively high leverage," said Standard &=20
Poor's credit analyst Jamie Koutsoukis. "Nevertheless, we=20
believe Connacher will be able to complete construction of Pod I=20
without any additional debt funding.  The risk of cost overruns=20
is tempered by the cost performance of existing steam-assisted=20
gravity-drainage projects, which have been completed on time and=20
on budget.  Furthermore, the company's conventional and refinery=20
operations, which are self-funding, should allow Connacher to=20
significantly reduce its exposure to natural gas fuel prices,=20
heavy oil differentials, and diluent prices once the project=20
begins operation, which we assess as a strength to the company's=20
credit profile," Ms. Koutsoukis added.

Connacher is an oil and natural gas exploration and production=20
company whose principal asset is its approximate 100% working=20
interest in almost 80,000 acres of oil sands leases at its Great=20
Divide oil sands project near Fort McMurray, Alta. In addition=20
to its oil sands project, Connacher has conventional operations=20
primarily at Battrum, Sask., and Marten Creek and Three Hills in=20
Alberta with production of 3,300 to 3,500 barrels of oil=20
equivalent per day.  The company also operates an 8,400 barrels=20
per day refinery located in Great Falls, Mont. Following a=20
turnaround and debottlenecking of the refinery in April 2006,=20
the throughput capacity of the refinery has been expanded and up=20
to 9,500 bbl/d have recently been achieved.   Connacher owns=20
approximately 30% of and manages Petrolifera Petroleum Limited, =20
which has interests in Argentina and Peru.

The stable outlook reflects Standard & Poor's expectation that=20
Connacher will be able to complete the development of Pod 1 of=20
its Great Divide project on schedule without any material cost=20
increases or any need for additional funding.  Once Connacher=20
achieves full production at its oil sands project and internally=20
generated cash flows are sufficient to meet the company's debt=20
and capital expenditure commitments, there should be a material=20
improvement in its financial risk profile.  An improvement in=20
the company's existing financial profile would strengthen the=20
overall credit profile, which should, in turn, result in a=20
positive rating action. Conversely, if Connacher encounters cost=20
overruns as it proceeds with construction and the project=20
economics deteriorate, a negative rating action could occur.  =20


TELEFONICA DEL PERU: Fitch Ups Foreign Currency Rating to BBB-=20
--------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default=20
Rating (FC IDR) of Telefonica del Peru S.A.A. to 'BBB-' from=20
'BB+' following Fitch's upgrade of the long-term foreign=20
currency IDR of Peru to 'BB+' from 'BB' and country ceiling=20
upgrade to BBB-' from 'BB+'.  In addition, Fitch currently rates=20
TDP's local currency IDR 'BBB+' and PEN754.1 million senior=20
notes due 2016 'BBB-'.  The Rating Outlook is Stable.

Fitch also maintains an international scale rating of 'BBB' for=20
TDP's Grantor Trust, a securitization of international=20
settlement rates receivables, while Fitch's Peruvian affiliate=20
Apoyo & Asociados has a national rating of 'AAA(pe)' for TDP.

TDP's ratings reflect its solid business position as the largest=20
Peruvian telecommunications company, a diversified revenue=20
stream from its various business segments, healthy cash flow=20
generation, relatively low capital expenditure needs, and a=20
strong financial profile.  The ratings incorporate regulatory=20
risks, continued pressure on local service tariffs and traffic,=20
heightened competition, as well as moderately higher financial=20
leverage over the medium term.  Fitch expects that TDP will=20
continue to maintain a financial profile consistent with the=20
rating category.

TDP is the leading telecommunications provider in Peru with 2005=20
revenues and EBITDA of US$1.1 billion and US$572 million,=20
respectively. The company participates in several segments,=20
including:

   -- fixed local services (36% of 2005 revenues),
   -- public and rural phone services (17%),=20
   -- long distance (12%),=20
   -- Internet (11%),=20
   -- cable television (10%),=20
   -- business communications (2%), and=20
   -- other services (12%).=20

As of June 30, 2006, the company had approximately 2.4 million=20
lines in service, 389,119 broadband lines and 490,442 cable=20
television subscribers.  TDP is 97% owned by Spain's Telefonica=20
S.A.
=20


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P U E R T O   R I C O
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DRESSER INC: To Explore Strategic Alternatives
----------------------------------------------
Dresser, Inc. disclosed that its Board of Directors has=20
authorized its management to begin a process to explore=20
strategic alternatives for the business, including the potential=20
sale of the company.  The company has retained Morgan Stanley=20
and UBS as its financial advisors for this process, which is=20
expected to take a number of months.  There is no assurance a=20
transaction will result from this process, and the company does=20
not expect to disclose additional details unless and until its=20
Board has approved a specific transaction.

"Our business is performing well both operationally and=20
financially.  Our customers include the leading names in energy,=20
our brands are well-known and respected in their various=20
markets, and our employees are committed to excellence," noted=20
Patrick M. Murray, chairman and chief executive officer.  "As we=20
explore our strategic alternatives, we will continue to focus=20
our resources and efforts on maintaining those competitive=20
strengths."

                       About Dresser

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Mexico
and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service downgraded Dresser, Inc.'s ratings.
Moody's said the rating outlook is negative.

Dresser's Corporate Family Rating was downgraded to B1 from Ba3.
The rating for the Company's Senior Secured Tranche C Term Loan
maturing 2009 was downgraded to B1 from Ba3.  Moody's also
downgraded the rating for the Company's Senior Unsecured Term
Loan maturing 2010 to B2 from B1.  The Company's Senior
Subordinated Notes maturing 2011 was downgraded to B3 from B2.


DRESSER INC: Refinances Existing Senior Secured Credit Facility
--------------------------------------------------------------
Dresser, Inc. has received a financing commitment from Morgan=20
Stanley and Credit Suisse which provides for the refinancing of=20
Dresser's existing senior secured credit facility, senior=20
unsecured term loan and 9-3/8% senior subordinated notes due=20
2011.

As a result of the commitment, which is subject to certain=20
conditions, the company is revising the terms of the previously=20
announced amendment it has requested under its senior secured=20
credit facility.  Under the revised terms, the company is no=20
longer seeking to extend the term of its revolving credit=20
facility or establish a new US$50 million synthetic letter of=20
credit facility.

The company is continuing to seek an extension of the deadline=20
for providing audited financial statements for the fiscal year=20
ended Dec. 31, 2005, from Sept. 30, 2006 to Dec. 31, 2006.  In=20
addition, it is seeking various technical amendments. The=20
deadline for receiving consents from these lenders is 5 p. m. on=20
Sept. 8, 2006, New York City time, unless further extended or=20
terminated by Dresser.

The company said it expects to complete the refinancing as soon=20
as practicable after the terms and conditions of the refinancing=20
have been finalized.  "We believe this refinancing is in the=20
best interests of the company, and the commitment reflects the=20
confidence that these lenders have in our businesses," said=20
Patrick M. Murray, chairman and chief executive officer.

                       About Dresser

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Mexico
and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service downgraded Dresser, Inc.'s ratings.
Moody's said the rating outlook is negative.

Dresser's Corporate Family Rating was downgraded to B1 from Ba3.
The rating for the Company's Senior Secured Tranche C Term Loan
maturing 2009 was downgraded to B1 from Ba3.  Moody's also
downgraded the rating for the Company's Senior Unsecured Term
Loan maturing 2010 to B2 from B1.  The Company's Senior
Subordinated Notes maturing 2011 was downgraded to B3 from B2.


GLOBAL HOME: Wants Plante & Moran to Audit 401(k), Pension Plans
----------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates ask the=20
Honorable Kevin Gross of the U.S. Bankruptcy Court for the=20
District of Delaware for authority to employ Plante & Moran,=20
LLP, nunc pro tunc to May 15, 2006.

The Debtors want Plante & Moran to audit its 401(K) and pension=20
plans for certain Anchor Hocking employees.  Plante & Moran had=20
audited those 401(K) and pension plans in prior years.

The Debtors are managers of the GHP Operating Company, LLC,=20
401(k) Savings Plan and GHP Operating Company, LLC, Pension Plan=20
for Anchor Hocking Union Employees.

Plante & Moran will audit the financial statements and=20
supplemental schedules of the 401(k) Savings Plan and the Union=20
Pension Plan for the year ended Dec. 31, 2005. =20

The audited financial statements will be included in the Savings=20
Plan's Form 5500 filing and Union Pension Plan's Form 5500=20
filing with the Department of Labor. =20

As part of the audit, Plante & Moran will recommend any=20
adjustments to the 401(k) Savings Plan's and Union Pension=20
Plan's accounting records, and, to the extent necessary, will=20
discuss with the Debtors any suggestion concerning the=20
accounting records and financial affairs.

David L. Scheffler, CPA, discloses that the Firm will receive a=20
fixed fee of US$10,000 for the 401(k) Savings Plan Audit and a=20
fixed fee of US$11,500 for the Union Pension Plan Audit.

Mr. Scheffler assures the Court that the Firm neither holds nor=20
represents any interest adverse to the Debtors' estates and is=20
disinterested as that term is defined in Section 101(14) of the=20
Bankruptcy Code.

Judge Gross will convene a hearing at 2:00 p.m. on=20
Oct. 11, 2006, to consider Plante & Moran's retention. =20
Objections to the Firm's retention, if any, must be submitted by=20
4:00 p.m. on Oct. 4, 2006.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/=20
-- 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,=20
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,=20
Esq., at Lowenstein Sandler, P.C., represents the Official=20
Committee of Unsecured Creditors.  When the company filed for=20
protection from their creditors, they estimated assets between=20
US$50 million and US$100 million and estimated debts of more=20
than US$100 million.


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T R I N I D A D   &   T O B A G O
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BRITISH WEST: Business Proposals to be Brought Before Cabinet
-------------------------------------------------------------
Dr. Lenny Saith, the energy minister of Trinidad & Tobago and=20
the head of a Cabinet committee in charge of the British West=20
Indies Airlines aka BWIA, confirmed to the Trinidad & Tobago=20
Express that new business proposals for the firm would likely be=20
brought before the Cabinet.

Dr. Saith told The Express that prominent entrepreneurs=20
presented the proposals six months ago.=20

Reports say that BWIA will be shut down by the end of 2006, to=20
be replaced with a new entity Caribbean Airlines.

Curtis John -- the president of the Aviation Communication and=20
Allied Workers -- told The Express last weekend that Caribbean=20
Airlines had already been registered.

Meanwhile, the Trinidad government will be deciding on the fate=20
of BWIA this week, The Express reports.

BWIA was founded in 1940, and for more than 60 years has been
serving the Caribbean islands from Trinidad and Tobago, the hub
of the Americas, linking the twin island republic and many other
Caribbean islands with North America, South America, the United
Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.




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U R U G U A Y
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BANCO ITAU (URUGUAY): Will Boost Asset Management
-------------------------------------------------
Silvio de Cravalho, the executive accounting director of Banco=20
Itau Uruguay, told Business News Americas that the firm will=20
increase activities related to asset management and exploitation=20
of the OCA credit card, which it acquired recently.

OCA is the second largest credit card issuer in Uruguay with a=20
market share of 50% and 550,000 clients.

Banco Itau would also aim to keep the strong presence of=20
BankBoston Uruguay in both the corporate and retail segments and=20
add Banco Itau's expertise in private and corporate banking,=20
BNamericas relates, citing Mr. De Carvalho.

As previously reported, Banco Itau Holding Financeira SA -- the=20
parent firm of Banco Itau Uruguay -- purchased BankBoston Brasil=20
from Bank of America aka BofA in May with the option to acquire=20
BankBoston Chile and BankBoston Uruguay.  Banco Itau Holding=20
concluded the acquisition of BofA's operations in Chile and=20
Uruguay for US$633 million and is now waiting for regulatory=20
approval from Uruguay's central bank to take the local=20
BankBoston unit.

Banco Itau Uruguay is betting on passing on the experience of=20
Itaucard, which is the largest credit card issuer in Brazil,=20
onto OCA, BNamericas states, citing Mr. De Carvalho.

Mr. De Carvalho told BNamericas, "OCA is a remarkable company. =20
Our idea is to maintain its present scheme of businesses, its=20
products and their names.  Again we think Itau can contribute=20
with its experience in technological and operational matters."=20

Banco Itau Holding is thinking about using its Itau Personnalite=20
brand for high-end clients in Uruguay and Chile, BNamericas=20
says, citing Mr. De Carvalho.  The executive, however, said that=20
the firm has yet to make a final decision.

Mr. De Carvalho told BNamericas, "BankBoston's brand is going to=20
be changed, but we're still studying what would be the best=20
option for the Uruguayan market.  There's no doubt the brand is=20
going to carry the Itau name."=20

BNamericas notes that Mr. De Carvalho said Banco Itau is=20
confident on the stronger economy and recovered financial system=20
of Uruguay.

"Deposits in the banking system are recovering significantly,=20
mainly those denominated in domestic currency, which diminishes=20
the vulnerability of the financial system.  At the same time,=20
credit is also recovering," Mr. De Carvalho told BNamericas.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on=20
Aug. 21, 2006, Fitch Ratings took these rating actions on Banco=20
Itau BBA Uruguay Branch:

   -- foreign currency issuer default rating upgraded to 'BB-'
      from 'B+', Outlook remains Positive;

   -- Local Currency issuer default rating affirmed at 'BB-',
      Outlook remains Positive;

   -- Support affirmed at '4'; and

   -- National Long-term rating affirmed at 'AA(ury)',
      Outlook remains Stable.


* URUGUAY: To Discuss Cebollati Port Construction Proposal
----------------------------------------------------------
MTOP, the transport and public works ministry of Uruguay, will=20
be discussing a proposal presented by an unnamed firm regarding=20
the construction of a new port on river Cebollati, La Republica=20
reports.

La Republica relates that the ministry has called a public=20
hearing for Sept. 15.

The unnamed firm has been working for at least seven years on=20
these projects, La Republica says, citing Hermes Toledo, a=20
national legislator.

"We now think that there has been marked progress, taking into=20
account the MTOP recognition of the venture and more so with the=20
call for a public hearing," Mr. Toledo told Business News=20
Americas.

BNamericas notes that the company's plan is to construct the=20
cargo port near General Enrique Martinez on Cebollati to take=20
timber and rice production out of Uruguay and northeast into=20
Brazil through Marin lake.

Mr. Toledo told BNamericas, "In the past there were serious=20
difficulties, but finally the authorities could be practically=20
convinced that this [the port] is viable."=20

BNamericas underscores that Cebollati will have to be dredged=20
for about 20 kilometers to make the port operational.  This will=20
be paid for by the Uruguayan firm behind the project.

The state will not put in any capital at all and the investment=20
is totally private, BNamericas state, citing Mr. Toledo.

                        *    *    *

Fitch Ratings assigned these ratings on Uruguay:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB-      Mar. 7, 2005
   Long Term IDR       B+      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB-      Mar. 7, 2005


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V E N E Z U E L A
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CITGO PETROLEUM: Lowers Production at Lake Charles Refinery
-----------------------------------------------------------
Citgo Petroleum Corp., the US refining branch of Petroleos de=20
Venezuela SA, has lowered output at its Lake Charles facility by=20
15% to 20%, Reuters reports.

A small fire incident at the gasoline hydrotreater caused the=20
production cut, according to the same report.

David McCollum, Citgo's spokesperson said there were no=20
fatalities, Reuters says.

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

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

                        *    *    *

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


* VENEZUELA: In Talks with Belarus to Boost Economic Relations
--------------------------------------------------------------
El Universal reports that the Venezuela-Belarus High Level=20
Bilateral Committee was officially installed this week to=20
discuss cooperation and economic relations.

The event will last for three days is headed by Venezuelan=20
President Hugo Chavez and Belarus State Security Council=20
Secretary Hugo Chavez, the same report says.

The committee members are expected to exchange proposals=20
involving energy, oil and petrochemicals, te technology and=20
science, technical and military cooperation, housing, habitat=20
and infrastructure, agriculture, machinery and food, according=20
to El Universal.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by=20
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* VENEZUELA: Ministry Says Gov't Expenses Higher Than Revenues
--------------------------------------------------------------
Venezuela's Finance Ministry said that the government's expenses=20
for the first six months is higher than revenues, El Universal=20
reports.

First half revenues were reported at US$23.2 billion, while=20
expenses reached US$24.5 billion, resulting to a US$1.3 billion=20
deficit, El Universal says.

President Hugo Chavez's administration spent US$17.2 billion=20
compared with US$10.3 billion in the same period last year, the=20
same report says. =20

Oil accounted for US$11.4 billion of the total revenues, while=20
tax amounted to US$10.9 billion.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by=20
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* Fitch Says Strengthened Banking Systems Reduced Overall Risks
---------------------------------------------------------------
Fitch Ratings says in a special report that strengthening in a=20
number of banking systems has reduced overall bank systemic risk=20
over the past six months, but continued rapid credit growth in=20
some countries could lead to renewed deterioration over the next=20
six months.

"Bank systemic risk has eased marginally overall in the past six=20
months" says Richard Fox, Senior Director in Fitch's Sovereign=20
team. "Twelve banking systems have seen appreciable=20
strengthening and the number of countries in the highest risk=20
categories has fallen to 40 from 45, out of a total of 81=20
systems monitored."

Amongst developed countries, Spain and Switzerland join the=20
highest Fitch Banking System Indicator or BSI 'A' category.  The=20
BSI is a measure of intrinsic banking system quality or=20
strength.  Austria and Germany also move up a category to BSI=20
'B' denoting a strong/high quality banking system.  Of developed=20
country systems, 90% are now concentrated in these top two=20
categories.  Japan also improves a notch to enter the BSI 'C'=20
category.  Emerging market banking systems have also=20
strengthened.  Those in the BSI 'B' category, which rank on a=20
par with the typical developed country system, increase to nine,=20
with the addition of Bahrain, Czech Republic, Mexico and Qatar. =20
In addition, Brazil, Latvia and Oman move up into the 'C'=20
category.  However, half of all emerging market banking systems=20
remain 'weak' (BSI D) and a further 20% 'very weak' (BSI E).

Macro-prudential risk is indicated by excessive lending growth=20
when accompanied by either strong asset price appreciation=20
and/or real exchange rate strength and is often a precursor to=20
systemic problems. Such risks -- measured by the Macro-
Prudential Indicator or MPI -- have increased slightly since=20
February.  Five countries -- Austria, Czech Republic, India,=20
Slovakia and Slovenia -- move up into the "moderate risk" (MPI=20
2) category.  But Malta and Norway move into lower risk=20
categories - the latter moving out of the MPI 3 category.  No=20
new countries move into the highest MPI 3 category, which now=20
contains just five countries -- Azerbaijan, Iceland, Ireland,=20
Russia and South Africa.

The number of countries in any of the highest risk categories --=20
BSI D or E or MPI 3 -- of Fitch's Systemic Risk Matrix has=20
fallen to 40, with Central and Eastern Europe and Latin America=20
accounting for over half of them.

Fitch's macro-prudential risk assessments were pushed forward a=20
year in its February 2006 report, by including 2005 data for the=20
first time. The assessments in this report remain based on data=20
in the three years up to 2005 and give an indication of the=20
likelihood of systemic stress occurring, typically within a=20
three-year time horizon.  However, in anticipation of the=20
incorporation of 2006 data for the first time in the March 2007=20
report, and in response to user feedback, this latest report=20
gives an indication of where MPI scores might change in six=20
months' time, based on developments in 2006 to date.  Macro-
prudential data suggests potentially increasing stress in a=20
number of countries, which could result in them moving into=20
higher MPI categories in six months time.  Romania and Ukraine,=20
both with relatively weak (BSI D) banking systems, could move=20
into the MPI 3 category.  Ecuador, France, UAE and Venezuela=20
could move into the MPI 2 category.  However, Fitch stresses=20
that developments to date in 2006 provide only a partial=20
indication of possible changes.  All the series on which the MPI=20
assessment is based are volatile and notoriously difficult to=20
forecast. Actual 2006 outturns may or may not substantiate these=20
prospective changes in MPI in six months' time.



                         ***********


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=20
co-published by Bankruptcy Creditors' Service, Inc., Fairless=20
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,=20
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella=20
Mae Hechanova, and Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or=20
publication in any form (including e-mail forwarding, electronic=20
re-mailing and photocopying) is strictly prohibited without=20
prior written permission of the publishers.

Information contained herein is obtained from sources believed=20
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$575 per half-year,=20
delivered via e-mail.  Additional e-mail subscriptions for=20
members of the same firm for the term of the initial=20
subscription or balance thereof are US$25 each.  For=20
subscription information, contact Christopher Beard at 240/629-
3300.


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