TCRLA_Public/060912.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

          Tuesday, September 12, 2006, Vol. 7, Issue 181

                          Headlines

A R G E N T I N A

ACAPEA SRL: Individual Reports Due in Court on Sept. 13
AGROGANADERA ARANDUROGA: Claims Verification Is Until Oct. 26
AGRO MARBALD: Trustee to Present General Report on Sept. 13
ASOCIACION DEPORTIVA: Individual Reports Due in Court Sept. 13
COMPANIA DE ALIMENTOS: Bondholders File Involuntary Ch. 11 Case

COMPANIA DE ALIMENTOS: Involuntary Chapter 11 Case Summary
DEVELOP SA: Trustee to Present Individual Reports on Sept. 13
DISOR SA: Trustee to Present Validated Claims on Sept. 13
ERNST Y CIA: Seeks for Court Approval to Reorganize Business
FOTO GENESIS: Claims Verification Deadline Is Set for Nov. 6

JAE GROUP: Verification of Proofs of Claim Is Until Nov. 15
LA CAPILLA: Trustee Verifies Proofs of Claim Until Oct. 12
PABLO PAOPPI: Last Day for Verification of Claims Is on Nov. 6
SOLEOFERO SA: Reorganization Proceeding Concluded
VAPER SA: Trustee to Report on Validated Claims on Sept. 13

B A H A M A S

COMPLETE RETREATS: Wants to Assume Three Premium Financing Pacts
COMPLETE RETREATS: Court Vacates Order Denying Intagio's Request

B E R M U D A

CONCORD RE: Moody's Assigns Ba2 Rating on US$365 Mil. Term Loan
INTELSAT LTD: Works with Telenor to Expand Network Coverage
REFCO: Forex Capital Wants US$473,260 Administrative Claim Paid
REFCO: Wants to Walk Away from 18 Trading Operation Contracts
SCOTTISH RE: Former Execs. Have 60 Days to Exercise Stock Option

SEATON INSURANCE: Holds Final General Meeting on Sept. 13

B R A Z I L

VARIG S.A.: Resolving Sojitz's Permanent Injunction Complaint

C A Y M A N   I S L A N D S

ACE ACADEMY: Proofs of Claim Must be Filed by Sept. 21
AMADEUS FUNDING: Creditors Must File Proofs of Claim by Sept. 21
AURORA GREEN: Proofs of Claim Must be Filed by Sept. 21
COUNTRY HAVEN: Proofs of Claim Must be Filed by Sept. 21
DAIWA INTERNATIONAL: Proofs of Claim Must be Filed by Sept. 21

DAIWA PB LIMITED: Commerce Corporate Liquidates Company's Assets
EAST FUNDING: Last Day to File Proofs of Claim Is Sept. 21
FIRST SUMMIT: Proofs of Claim Must be Filed by Sept. 21
GLEN AGAR: Creditors Have Until Sept. 21 to File Proofs of Claim
HARBOURVIEW CLO V: Proofs of Claim Must be Filed by Sept. 21

J.F. COMPANY: Last Day to File Proofs of Claim Is Sept. 21
JWM PARTNERS: Last Day to File Proofs of Claim Is Sept. 21
MANDARIN INVESTMENTS: Names Capco Trust as Voluntary Liquidator
MERRILL LYNCH: Last Day to File Proofs of Claim Is Sept. 21
METRO INVESTMENTS: Proofs of Claim Must be Filed by Sept. 21

SAN INVESTMENT: Proofs of Claim Must be Filed by Sept. 21

C H I L E

PHELPS DODGE: Moody's Confirm Ratings After Inco Bid Termination

C O L O M B I A

IMPSAT SA: Colombian Unit to Invest US$4 Million in Data Center

* COLOMBIA: Discloses Purchase Prices for Tender Offer
* COLOMBIA: Posts Proration Factor for Offer to Purchase

E C U A D O R

PETROECUADOR: Says Oil Exports Increased by 14% in August

G U A T E M A L A

* GUATEMALA: Launching Dialogue on Proposed Telecoms Law Reform

H O N D U R A S

* HONDURAS: IMF Concludes Technical Assistance Mission in Nation

J A M A I C A

DIGICEL LTD: Launches Employee Reward Program

M E X I C O

BALLY TOTAL: Approves Payment of Monthly Stipend to Interim CEO
CINEMARK: S&P Holds Ratings on NegWatch Pending Century Purchase
FORD MOTOR: New President & CEO Getting US$2 Mil. Annual Salary
GRUPO IUSACELL: Unefon Expects Merger with Firm in 8 Months
MERIDIAN AUTOMOTIVE: Files Fourth Amended Plan of Reorganization

UNITED RENTALS: Moody's Raises Sr. Secured Notes' Rating to B1

N I C A R A G U A

* NICARAGUA: IMF Ends Poverty Reduction & Growth Facility Review
* NICARAGUA: US Works on Nation's Economic & Social Progress

P A N A M A

* PANAMA: Moody's Issues Country's Annual Report

P E R U

* PERU: Renegotiating Contract with Transportadora de Gas

P U E R T O   R I C O

DORAL FINANCIAL: Appoints M. Domingo as Executive Vice President

T R I N I D A D   &   T O B A G O

BRITISH WEST: Gov't Approves Creation of New Regional Airline

V E N E Z U E L A

* M. Roberts to Lead Alvarez & Marsal's Southeast Expansion


                         - - - - -


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


ACAPEA SRL: Individual Reports Due in Court on Sept. 13
-------------------------------------------------------
Silvia Muavero, the court-appointed trustee for the bankruptcy proceeding of
Acapea S.R.L., will submit individual reports based on creditors' proofs of
claim in a Buenos Aires court on Sept. 13, 2006.

Ms. Muavero verified creditors' proofs of claim until July 17.

The trustee will present a general report containing an audit of the
company's accounting and banking records on Oct. 26, 2006.

The trustee can be reached at:

         Silvia Muavero
         Avenida Rivadavia 1615
         Buenos Aires, Argentina


AGROGANADERA ARANDUROGA: Claims Verification Is Until Oct. 26
-------------------------------------------------------------
Marcelo Francisco, the court-appointed trustee for Agroganadera Aranduroga
S.A.'s bankruptcy case, verifies creditors' proofs of claim until Oct. 26,
2006.

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

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

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

Agroganadera Aranduroga was forced into bankruptcy at the behest of Kory
S.A., which it owes US$84,715.

Clerk No. 33 assists the court in the proceeding.

The debtor can be reached at:

         Agroganadera Aranduroga S.A.
         Lavalle 1125
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcelo Francisco
         Uruguay 328
         Buenos Aires, Argentina


AGRO MARBALD: Trustee to Present General Report on Sept. 13
-----------------------------------------------------------
Mr. Pablo Amante -- the trustee appointed by the Buenos Aires court for the
Agro Marbald SA bankruptcy case -- will submit a general report on the
company's case on Wednesday.

As reported in the Troubled Company Reporter-Latin America on April 10,
2006, Mr. Amante stopped validating proofs of claim from the company's
creditors on June 5, 2006.  Mr. Amante presented the validated claims in
court as individual reports on Aug. 1, 2006.

The debtor can be reached at:

         Agro Marbald S.A.
         Olleros 3892
         Buenos Aires, Argentina

The trustee can be reached at:

         Mr. Pablo Amante
         Lavalle 1537
         Buenos Aires, Argentina


ASOCIACION DEPORTIVA: Individual Reports Due in Court Sept. 13
--------------------------------------------------------------
Norma Diez, the court-appointed trustee of Asociacion Deportiva Berazategui
Sociedad Civil, will submit individual reports in a Buenos Aires court on
Sept. 13, 2006.

Individual reports contain the validated claims that creditors of Asociacion
Deportiva submitted.

As reported in the Troubled Company Reporter-Latin America on June 19, 2006,
Ms. Diez accepted proofs of claims until July 31.

Ms. Diez will present a general report that contains an audit of Asociacion
Deportiva's accounting and banking records on
Oct. 27, 2006.

The trustee can be reached at:

         Norma Diez
         Brown 806 Quilmes
         Buenos Aires, Argentina


COMPANIA DE ALIMENTOS: Bondholders File Involuntary Ch. 11 Case
---------------------------------------------------------------
A Chapter 11 petition against insolvent Argentine bread company Compania de
Alimentos Fargo S.A. aka Fargo was filed on Sept. 11 in the US Bankruptcy
Court for the Southern District of New York, by a group of bondholders in
the company in a bid to protect their interests as the largest creditor
base.  The filing follows the effective exclusion of the bondholders from
earlier Concurso bankruptcy proceedings in Argentina, following an Argentine
court decision in March 2005 to disallow bondholders from voting the
principal amount of their claims.  The 'concurso' ruling effectively enabled
Fargo to ignore the bondholders, marking a dangerous development for
international bond investors abroad.

The bondholders hold in excess of 65% of the 13-1/4 senior notes due 2008,
governed by New York law.  The holders include:

     -- Rainbow Global High Yield Fund,
     -- Argo Capital Investors Fund SPC,
     -- The Star Fund, and
     -- The Rainmac Fund aka the Funds.

The bondholders have requested that the US Bankruptcy Court authorize
examinations of, among others, Fargo and associated joint owners Grupo Bimbo
Sociedad Anonima de Capital Variable S.A. aka Bimbo and Mr Fernando Chico
Pardo, in connection with their activities in the 'concurso'.  By initiating
the proceedings, the Funds aim to preserve value for creditors and
ultimately secure a fair restructuring of the company.

Ian McCall of Rainbow Advisers said, "We believe Bimbo is attempting to
control the industry and use any means necessary to get this business as
cheap as they can.  We want to be treated fairly and get priority treatment
in the capital structure over equity."

Fargo entered into 'concurso' bankruptcy proceedings in Argentina in 2002.
In response to a loan default, Deutsche Bank enforced its security and sold
its equity interest in Fargo and a US$30 million loan to entities controlled
by Mexican businessman Chico Pardo.  In turn, Mr. Pardo disposed of 30% of
the Interests to Bimbo, Fargo's closest competitor in the Argentine bread
market. These transactions have allowed control of the Concurso process to
lie in the hands of Bimbo and Mr. Pardo to the detriment of the general
creditor body.

In March 2005, in a decision that stunned the local and international
financial community, an Argentine court agreed to prevent any bondholders
from voting the principal face amount of their bonds in the 'concurso'
proposal submitted by Fargo.

Matias Zaefferer, legal counsel for the Funds in Argentina, said, "The
ruling contravenes predominant Concurso case law in Argentina and goes
against general principles of Argentine Concurso matters."

The Funds hope that the involuntary Chapter 11 filing will deter other
non-US entities that have availed themselves of the US capital markets, from
subsequently manipulating equity and secured debt positions in local
insolvency proceedings in order to negate the rights of international
bondholders.

Mr. McCall of Rainbow Advisors stated, "In Mexico, there have been similar
problems for bondholders disenfranchised from bankruptcy processes.  Mexican
law favors equity holders and we believe the shareholders want the same
result in Argentina."

David Eaton, a partner at Kirkland & Ellis LLP and legal counsel to the
Funds in the US, noted, "This unusual decision by the Argentine courts has
disenfranchised 90% of the company's creditors from the restructuring
process.  It means a company could borrow an untold amount of money in the
US capital markets and then file a Concurso proceeding in Argentina, and be
able to pass through a restructuring that negatively impacts bondholders,
without them being allowed to vote on it.  It is a major adverse precedent
for US bond investors and threatens the sanctity of the US capital markets."


COMPANIA DE ALIMENTOS: Involuntary Chapter 11 Case Summary
----------------------------------------------------------
Alleged Debtor: Compania de Alimentos Fargo, S.A.
                Av. Leandro N. Alem 928
                Piso 7
                Oficina 721
                Buenos Aires, Republic of Argentina

Involuntary Petition Date: September 11, 2006

Case Number: 06-12128

Chapter: 11

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Petitioners' Counsel: David Eaton, Esq.
                      Kirkland & Ellis LLP
                      200 East Randolph
                      Chicago, IL 60601
                      Tel: (312) 861-2000

   Petitioners                    Nature of Claim   Claim Amount
   -----------                    ---------------   ------------
Rainbow Global High Yield Fund    13-1/4% Senior   US$20,190,000
P.O. Box 9934, Ansbacher House    Notes Due 2008
2nd Floor, East Street
Nassau, The Bahamas

Argo Capital Investors Fund SPC   13-1/4% Senior   US$27,585,000
Century Yard, Cricket Square      Notes Due 2008
Hutchins Drive, P.O. Box 2681
George Town
Grand Cayman Islands
British West Indies

The Star Fund                     13-1/4% Senior   US$20,515,000
P.O. Box 9934                     Notes Due 2008
Ansbacher House
2nd Floor, East Street
Nassau, The Bahamas

The Rainmac Fund                  13-1/4% Senior   US$14,100,000
c/o Walkers BVI Ltd.              Notes Due 2008
Walkers Chambers, Mill Mall
P.O. Box 92
Roadtown, Tortola, BVI


DEVELOP SA: Trustee to Present Individual Reports on Sept. 13
-------------------------------------------------------------
Jose Maria Larrory Pantaleo, the court-appointed trustee of Develop SA, will
submit individual reports on the validated claims of the company's creditors
on Sept. 13, 2006.

As reported in the Troubled Company Reporter-Latin America on June 13, 2006,
Mr. Larrory verified creditors' proofs of claim until July 18, 2006.

Buenos Aires' Court No. 25 declared the company bankrupt at the behest of
Obra Social de los Empleados de Comercio y Actividades Civiles, which the
company owes US$23,662.58.  Clerk No. 49 assists the court on the case.

The trustee can be reached at:

         Jose Maria Larrory
         Rodriguez Pena 231
         Buenos Aires, Argentina


DISOR SA: Trustee to Present Validated Claims on Sept. 13
---------------------------------------------------------
Court-appointed trustee Lydia Elsa Albite will submit in a Buenos Aires
court the validated claims of creditors against bankrupt firm Disor SA on
Wednesday.

As reported in the Troubled Company Reporter-Latin America on June 19, 2006,
Ms. Albite validated creditors' proofs of claim against Disor until Aug. 1,
2006.

Ms. Albite will present a general report that contains an audit of Disor's
accounting and banking records on Oct. 26, 2006.

The debtor can be reached at:

         Disor S.A.
         Pujol 1495
         Buenos Aires, Argentina

The trustee can be reached at:

         Lydia Elsa Albite
         Tacuari 119
         Buenos Aires, Argentina


ERNST Y CIA: Seeks for Court Approval to Reorganize Business
------------------------------------------------------------
Court No. 22 in Buenos Aires is studying the merits of Ernst y Cia.'s
petition to reorganize its business after it stopped paying its debts on
Aug. 31, 2006.

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

Clerk No. 44 assists the court in the proceeding.

The debtor can be reached at:

         Ernst y Cia. S.R.L.
         Esmeralda 851
         Buenos Aires, Argentina


FOTO GENESIS: Claims Verification Deadline Is Set for Nov. 6
------------------------------------------------------------
Antonio Florencio Canada, the court-appointed trustee for Foto Genesis
S.R.L.'s bankruptcy case, verifies creditors' proofs of claim until Nov. 6,
2006.

Mr. Canada will present the validated claims in court as individual reports
on Dec. 19, 2006.  A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Foto Genesis and its creditors.

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

A general report that contains an audit of Foto Genesis' accounting and
banking records will follow on March 5, 2007.

Mr. Canada is also in charge of administering Foto Genesis' assets under
court supervision and will take part in their disposal to the extent
established by law.

The trustee can be reached at:

         Antonio Florencio Canada
         Dr. Luis Belaustegui 4531
         Buenos Aires, Argentina


JAE GROUP: Verification of Proofs of Claim Is Until Nov. 15
-----------------------------------------------------------
Silvia Ines Trombetta, the court-appointed trustee for Jae Group S.A.'s
bankruptcy case, verifies creditors' proofs of claim until Nov. 15, 2006.

Ms. Trombetta will present the validated claims in court as individual
reports on Dec. 12, 2006.  A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Foto Genesis and its creditors.

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

A general report that contains an audit of Jae Group' accounting and banking
records will follow on March 14, 2007.

Ms. Trombetta is also in charge of administering Jae Group' assets under
court supervision and will take part in their disposal to the extent
established by law.

The trustee can be reached at:

         Silvia Ines Trombetta
         Viamonte 1337
         Buenos Aires, Argentina


LA CAPILLA: Trustee Verifies Proofs of Claim Until Oct. 12
----------------------------------------------------------
Susana Fernandez, the court-appointed trustee for La Capilla S.A.'s
reorganization proceeding, verifies creditors' proofs of claim until Oct.
12, 2006.

Under the Argentine bankruptcy law, Ms. Fernandez is required to present the
validated claims in court as individual reports. Court No. 18 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by La
Capilla and its creditors.

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

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

On July 19, 2007, La Capilla's creditors will vote on a settlement plan that
the company will lay on the table.

Clerk No. 35 assists the court in the proceeding.

The debtor can be reached at:

         La Capilla S.A.
         Virrey Ceballos
         Buenos Aires, Argentina

The trustee can be reached at:

         Susana Fernandez
         Florida 520
         Buenos Aires, Argentina


PABLO PAOPPI: Last Day for Verification of Claims Is on Nov. 6
--------------------------------------------------------------
Jorge Fernando Podhorzer, the court-appointed trustee for Pablo Paoppi e
Hijos S.A. Grafica I.C. y F.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 6, 2006.

Mr. Podhorzer will present the validated claims in court as individual
reports on Dec. 4, 2006.  A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Pablo Paoppi and its creditors.

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

A general report that contains an audit of Pablo Paoppi's accounting and
banking records will follow on Feb. 19, 2007.

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

The trustee can be reached at:

         Jorge Fernando Podhorzer
         Pasaje del Carmen 716
         Buenos Aires, Argentina


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


VAPER SA: Trustee to Report on Validated Claims on Sept. 13
-----------------------------------------------------------
Silvia Nora Davicco, the court-appointed trustee for Vaper
S.A.'s bankruptcy proceeding, will present individual reports on the
validated claims of the company's creditors on Wednesday.

As reported in the Troubled Company Reporter-Latin America on June 23, 2006,
Ms. Davicco verified proofs of claim until
Aug. 11, 2006.

A general report that contains an audit of Vaper's accounting and banking
records will follow on Nov. 9, 2006.

The trustee can be reached at:

         Silvia Nora Davicco
         Roque Saenz Pena 651
         Buenos Aires, Argentina




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


COMPLETE RETREATS: Wants to Assume Three Premium Financing Pacts
----------------------------------------------------------------
In the ordinary course of their businesses, Complete Retreats LLC and its
debtor-affiliates maintain insurance coverage for
themselves through policies covering, among other things, general domestic
casualty and liability insurance, property insurance, automobile liability
insurance, marine insurance, flood insurance and umbrella insurance from
various insurance providers, including:

   * AIG Mexico Seguros Interamerican,
   * American Marine Insurance Services,
   * Fidelity Property and Casualty,
   * Hull & Company, Inc.,
   * National Caribbean Insurance Company Limited,
   * Offshore Risk Management,
   * Regent Insurance Company, Ltd.,
   * J.S. Johnson & Company, Ltd.,
   & Seguros Comerical America, S.A. de C.V., and
   * Seguros Popular.

According to Jeffrey K. Daman, at Dechert LLP, in Hartford,
Connecticut, the maintenance of the Insurance Policies is
necessary to:

   -- ensure the continued operation of the Debtors' business;

   -- protect the value of the Debtors' assets; and

   -- comply with the Debtors' obligations under the DIP
      Financing Agreement approved by the U.S. Bankruptcy Court
      for the District of Connecticut.

To reduce the burden of funding the premiums of the Insurance
Policies in advance and to allow for better management of the
costs of the Insurance Policies, the Debtors have in the past
routinely entered into various financing arrangements with
respect to certain of its various Insurance Policies, Mr. Daman
relates.

         The National Caribbean Finance Agreement

The Debtors' National Caribbean Policy covers the Debtors'
properties in Villa Paradiso in Nevis, the Bahamas.]

Century Corporation (Villa Paradiso) of Low Land Parish Nevis, as borrower,
and National Caribbean entered into a Premium Financing Agreement dated June
6, 2006.  The NC Premium Financing Agreement provided the Debtors with an
advance of XCD449,647, which the Debtors use to pay the premiums on policies
issued by National Caribbean.

Under the NC Agreement, interest accrues at 10% per annum,
resulting in a total loan amount of XCD470,512.  The NC Loan is
to be paid in 10 equal installments of XCD47,051 or US$17,502.

The NC Loan is secured by an assignment of all unearned insurance premiums.
Any installment payment not made within 30 days of the due date causes the
entire outstanding amount of the NC Loan to come due.

A full-text copy of the NC Premium Financing Agreement is
available at no charge at:

               http://researcharchives.com/t/s?114d

The Debtors are currently in arrears for the installment payment
due for July 2006 and owe the installment due in August 2006, Mr. Daman
informs the Court.  The total cure amount due under the NC Premium Financing
Agreement is US$36,005.

The Debtors expect to have sufficient liquidity to cure the
arrearage and to make all future payments under the NC Agreement, especially
as a result of the DIP Facility.

             The First Funding Finance Agreement

The funding for several of the Debtors' insurance policies, which were
purchased through broker Thomas McGee, L.C., is provided by First Insurance
Funding Corp.  In particular, the Debtors financed policies written by AIG
Mexico insuring Debtor Preferred Retreats, LLC's Villa Paraiso and Villa
Eternidad properties -- the PE Policies.

Pursuant to the First Funding Commercial Premium Finance
Agreement and Disclosure Statement, executed May 24, 2006:

   * First Funding provided financing for a portion of the
     premium for the policy covering the PE Policies; and

   * the Debtors financed US$11,428 of the US$36,600 policy
     premium, with the balance being paid to AIG Mexico as the
     required cash down payment.

The First Funding Agreement provides for a 7.95% interest,
resulting in a total finance charge of US$926.  The policy premiums were to
be paid in 10 monthly installments of US$2,609 each.

Under the First Funding Agreement, as security for the payments
to be made, First Funding has a security interest in return
premiums, dividend payments, and certain loss payments with
respect to the PE Policies.

In addition, the First Funding Agreement provides First Funding
with the right to cancel the PE Policies under certain
circumstances.

A full-text copy of the First Funding Premium Financing Agreement is
available at no charge at:

               http://researcharchives.com/t/s?114e

The Debtors are current on their obligations under the First
Funding Premium Finance Agreement and expect to have sufficient
liquidity to make all future payments, Mr. Daman relates.

                    The JS Johnson Policy

The premium for the policy covering the Debtors' properties at
the Cottages at the Abaco Club at Winding Bay in Abaco, the
Bahamas, is financed directly by JS Johnson.

Pursuant to an e-mail dated March 3, 2006, the Debtors and JS
Johnson agreed that the premium for the policy issued
March 6, 2006, would be paid in three equal installments of
US$24,527.

If the Debtors do not make the payments required by the JS
Johnson Premium Financing Agreement, JS may exercise its right to cancel the
JS Johnson Policy, Mr. Daman tells the Court.  Unlike class premium
financing situations, JS Johnson has not been paid the premium in advance
and therefore the policy can be canceled for non-payment.

The Debtors are currently in arrears for the installment payments due in
April and May 2006, Mr. Daman discloses.  They have not received any notice
of cancellation regarding the Abaco Policy as of Aug. 23, 2006.

The Debtors believe that the total cure amount due under the JS
Johnson Premium Financing Agreement is US$49,502.  The Debtors
expect to have sufficient liquidity to cure the arrearage and to
make all future payments under the JS Johnson Agreement.

Accordingly, pursuant to Section 365(a) of the Bankruptcy Code,
the Debtors seek the Court's permission to assume, as of the
Petition Date:

   (1) the NC Premium Financing Agreement;

   (2) the First Funding Premium Financing Agreement; and

   (3) the JS Johnson Premium Financing Agreement.

Mr. Daman contends that the Debtors' request is warranted for
these reasons:

   -- The terms of the Premium Financing Agreements are
      favorable.  If the Debtors were to reject the Premium
      Financing Agreements, they would not be able to enter into
      financing agreements on materially better terms;

   -- Rejecting the Premium Financing Agreements could cause the
      Debtors to pay the entire premium balances immediately
      rather than over time, or even lead to the cancellation of
      the Financed Policies;

   -- The Debtors' assumption of the Premium Financing
      Agreements would not submit any of the Debtors' creditors
      or other parties-in-interest to any economic or other
      risks different than those that have previously been
      accepted by the creditors and parties;

   -- The cure amounts are comparatively minor, while the impact
      on the Debtors of the elimination of the financing
      mechanism would be severe;

   -- If the Insured Policies were cancelled, the Debtors'
      business operations, creditors and other parties-in-
      interest would face significant risks, including the
      cessation of the Debtors' operations; and

   -- The Debtors' major creditors require that the Debtors
      maintain the Insurance Policies.

                  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. 7;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


COMPLETE RETREATS: Court Vacates Order Denying Intagio's Request
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut vacated its
previous order denying Intagio Corporation's request to compel Complete
Retreats LLC and its debtor-affiliates to honor their existing third party,
non-member reservations.  The Order was entered in error, the Honorable Alan
H.W. Shiff explains.

The Court will convene a hearing on Sept. 19, 2006, to
consider the Debtors' request.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the Court denied Intagio's request, holding that Intagio failed to comply
with the contested matter procedure guidelines effective Oct. 3, 2005.

The Troubled Company Reporter on Aug. 8, 2006 stated that in
October 2005, Debtor Preferred Retreats LLC dba Tanner & Haley
Destination Clubs, and Intagio entered into a Media Purchase
Agreement, whereby Intagio agreed to place an advertising
campaign on behalf of Preferred Retreats.

In return, Preferred Retreats agreed to provide Intagio:

   -- a US$647,045 cash payment for advertising; and

   -- credits, totaling US$327,975, redeemable for occupancy
      rights at all THR Private Retreats, THR Distinctive
      Retreats, THR Distinctive Retreats II and THR Legendary
      Retreats properties.

Intagio and Preferred Retreats were also parties to prior
agreements of a similar nature, Louis J. Testa, Esq., at
Neubert, Pepe & Monteith, P.C., in New Haven, Connecticut, said.

Prior to the Debtors' bankruptcy filing, Intagio booked certain
reservations on behalf of its clients and resold some of the THR
Credits to third parties under the 2005 Contract and the Prior
Contracts, Mr. Testa disclosed.

As of July 23, 2006, these THR Credit Reservations were
outstanding:

   (1) Reservations already booked through Intagio's travel
       department, on behalf of Intagio's clients;

   (2) THR Credits resold by Intagio to third parties for which
       reservations have been, or may be made, by the parties;
       and

   (3) THR Credits owned by Intagio but not yet sold to third
       parties or redeemed for Client Reservations.

On July 27, 2006, the Court authorized the Debtors to honor
existing reservations, accept new reservations and provide
services to members under certain terms and conditions.

Subsequent to July 23, 2006, Intagio received formal
notification from the Debtors that they will not honor the THR
Credit Reservations.

Mr. Testa noted that Intagio is particularly concerned with a
client reservation made by Michael Cunningham in February 2006
for the Debtors' location at Palm Beach County, in Florida, for
occupancy commencing on Aug. 16, 2006, and ending on
Aug. 21, 2006.

The remaining Client Reservations will commence on Oct. 2,
Oct. 19 and Dec. 8, 2006, Mr. Testa added.

If the Debtors fail to honor the Client Reservations and the
Third Party Reservations, Intagio will be required and compelled
to reimburse at least US$456,282 to the reservation holders in
cash or business credits, Mr. Testa informed the Judge Shiff.

It is unlikely that Intagio will recover the amount of the
Reservation Obligations in the bankruptcy cases, Mr. Testa said.
Unlike Intagio, however, the Debtors will not suffer significant
hardship or irreparable injury by being compelled to honor the
THR Credit Reservations pending confirmation of a plan of
reorganization, Mr. Testa continued.

According to Mr. Testa, a review of the Reservations Motion and
Reservations Order appears to indicate that the relief requested
is limited to reservations made by members only, and not third
party creditors like Intagio.  Nor does the order appear to
apply to the holders of Client Reservations and Third Party
Reservations.

The Reservations Order allows the Debtors to provide
preferential treatment for a group of unsecured creditors,
namely members, to the detriment of other unsecured creditors,
like Intagio, and differentiate their treatment with respect to
honoring of reservations, Mr. Testa asserted.

Moreover, Intagio was not placed upon prior notice of the
Reservations Motion in order to protect its interests with
respect to the THR Credit Reservations.

"[Thus,] the balance of the equities weighs in favor of
Intagio," Mr. Testa maintained.

Mr. Cunningham will need to be informed as soon as practically
possible prior to Aug. 16, 2006, of the need to make alternate
vacation plans, if necessary, Mr. Testa told the Court.  In
addition, the holders of the remaining Client Reservations will
need as much time as possible to make alternative plans, if
necessary.

                  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. 7;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).




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


CONCORD RE: Moody's Assigns Ba2 Rating on US$365 Mil. Term Loan
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to the US$365
million senior secured term loan facility of Bermuda-domiciled Concord Re
Limited.  Moody's has also assigned a definitive Baa2 insurance financial
strength rating to Concord Re.  The outlook for both ratings is stable.
These definitive ratings replace the provisional ratings previously assigned
to Concord Re on Aug. 21, 2006, pending receipt and review of final executed
documents.

The senior secured term loan facility of Concord Re, which is being
syndicated to financial institutions and other institutional lenders, is
scheduled to mature in February 2012.  The loan is secured by the capital
stock of Concord Re, and is non-amortizing, but allows for voluntary
prepayments, and requires mandatory prepayments under certain circumstances.

According to Moody's, Concord Re is a limited-life, newly formed Class 3
Bermuda reinsurer -- sidecar -- that has entered into a collateralized quota
share reinsurance treaty with its sole cedant, Lexington Insurance Company
(Lexington), a property-casualty company of American International Group,
Inc.  Concord Re will assume a pro rata share of the gross written premiums
and losses for the first US$10 million of limits per policy, for lines of
business underwritten by Lexington's Property Division (the first US$5
million of limits per policy for property business classified as Constructio
n Services).  This portfolio includes energy/heavy manufacturing, general
property, real estate, communications, construction services, and the inland
marine and specialty classes of Lexington's domestic commercial property
book.

Initial capitalization for Concord Re is US$730 million, comprised of US$365
million in the senior secured term loan and US$365 million of common equity.
Concord Re has posted its total paid-in capital, net of transaction
expenses, as cash and securities into a trust to collateralize its
reinsurance obligations to Lexington.  Funds in the trust will be invested
in investment-grade securities with restrictions similar to those specified
by Regulation 114.

Moody's stated that Concord Re's ratings reflect an analysis of the
structural and contractual features of the Concord Re vehicle, as well as
probabilistic analysis to determine both the probability of loss and
expected severity of loss to both Concord Re's debt holders and its sole
cedant, Lexington Insurance Company.

The Ba2 rating for the senior secured term loan facility is supported by
Concord Re's capitalization level relative to its loss exposure, a balance
sheet that is unencumbered by legacy exposures, and certain structural
characteristics that are designed to offer protection to debt holders during
the wind-down period.  These fundamental strengths are tempered by Concord
Re's relatively high debt leverage profile (50% debt to total capital) and
parameter risk in the modeling assumptions that form the basis of the
company's capitalization, particularly assumptions regarding attritional
(non-catastrophe) loss ratios.

Moody's further noted four structural/contractual elements of the
transaction which impacted its assessment.  First, the minimal collateral
requirement, as it is currently structured, may not always rise in lockstep
with risk exposure, making it less likely that risk exposure will be
reduced -- via an adjustment to the cession percentage -- if funds in the
collateral trust fall below the minimum collateral requirement.  The minimal
collateral requirement was an important quantitative consideration given
that the interests of equity holders, cedant, and debt holders are partially
aligned through that structural feature.  Secondly, subsequent reinsurance
purchased by Lexington or AIG will not inure to the benefit of Concord Re.
Thirdly, the ability of equity holders to extract dividends out of net
income on a quarterly basis also impacted Moody's assessment.  Lastly, debt
holders are exposed to uncertainty surrounding the exact amount of
liabilities that are owed to Lexington when the liabilities are commuted at
the end of the vehicle's life.

Concord Re's Baa2 insurance financial strength rating reflects the
probability of default and expected loss profiles for cedant obligations,
which are enhanced by the establishment of a collateral trust for the
benefit of its sole cedant.

The ratings contemplate a maximum underwriting (policies attaching) period
of 36 months, assuming that equity holders -- having suffered a cumulative
net loss after 18 months -- will elect to extend the underwriting period by
another 18 months and that debt remains in place accordingly, for the full
tenor of 5.5 years.  The ratings also assume no additional debt above the
original US$365 million committed and fully funded initial term loan.

Moody's noted that its expectations at the current rating level are that
Concord Re will continue to maintain a financial leverage profile of no more
than 50% debt to total capital.  That said, the ratings going forward will
reflect updated analysis of the cumulative performance of the company, its
future overall risk-adjusted capitalization level, and updated prospective
probabilistic analysis of its reinsurance portfolio at future points in
time.

These definitive ratings have been assigned:

   Concord Re Limited -- senior secured term loan facility due
                         2012 at Ba2.

   Concord Re Limited -- insurance financial strength at Baa2.

Concord Re Limited, based in Bermuda, is a licensed Class 3 reinsurer that
has entered into a collateralized quota share reinsurance treaty with its
sole cedant, Lexington Insurance Company, a property-casualty company of New
York-based American International Group, Inc. (NYSE: AIG).


INTELSAT LTD: Works with Telenor to Expand Network Coverage
-----------------------------------------------------------
Intelsat Ltd. has entered into an agreement with Telenor Satellite
Broadcasting aka TSBc to interconnect the two companies' fiber networks in
London, providing customers of both Intelsat and Telenor with expanded,
seamless access to new regions and services through each provider.

Under the agreement, Telenor now has complete access to services on
Intelsat's 51 satellites and GlobalConnex Media fiber and teleport network.
This enables Telenor to offer global, end-to-end solutions to its broadcast
customers who are primarily located in the UK, Scandinavia and Eastern
Europe.  Telenor expects this new capability to generate particular interest
among European broadcasters who are seeking to carry US professional sports
content, especially for basketball and ice-hockey, which are already carried
on Intelsat's US fiber network in both high definition or HD and standard
definition or SD.

The London interconnect, being established as an extension of Intelsat's
successful partnership with Broadwing Communications in the US, will allow
Intelsat to provide its customers worldwide with services originating and
terminating in six of Telenor's European points-of-presence or PoP.  Content
will pass through the interconnection in first generation, with no format
changes or conversions necessary.  This will allow Intelsat to better
support coverage of sports and news events originating in the region, and
improve access to DTH platforms on Intelsat and Telenor satellites that are
co-located at 1 degreesW.

David Gilmore, Telenor's Commercial Director, said, "This agreement is the
latest phase in our successful, long-standing relationship with Intelsat.
We expect this interconnect will significantly expand our customer service
in Europe.  We look forward to bringing enhanced sports and news coverage in
both SD and HD to programmers in Europe, as well as marketing the 1 degreesW
European DTH platform to programmers worldwide."

Stephen Spengler -- Intelsat's Senior Vice President in Europe, Africa,
Middle East and Asia Pacific Sales -- said, "The expansion of our presence
in London is another example of how Intelsat, working in partnership with
customers such as Telenor, is continuing to deliver more flexible and
comprehensive solutions.  Our customers can now access the huge quantity of
content carried on our network each day and reach global cable and DTH
platforms in more than 40 cities on three continents via a simple fiber
connection."

              About Telenor Satellite Broadcasting

Telenor Satellite Broadcasting -- website at www.telenorsbc.com -- is part
of Telenor Broadcast, one of the three core businesses of Norway's leading
communications operator, Telenor ASA.  Telenor Satellite provides extensive
television broadcasting services for distribution, contribution and
occasional applications to all the Nordic Broadcasters and many other
broadcasters throughout Europe, using its hybrid network comprised of three
satellites, terrestrial circuits and earth stations.  It provides fixed
satellite communication and uplinking services for data and remote Internet
applications together with VSAT and broadband services in Europe and the
Middle East.

                        About Intelsat

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

On June 12, 2006, Moody's Investor Service affirms Intelsat
(Bermuda) Ltd.'s ratings:

      -- New Guaranteed Sr. Notes: Assigned B2,
      -- New Sr. Notes: Assigned Caa1, and
      -- Sr. Discount Notes, due 2015: Downgraded to Caa1 from
         B3 (these notes will be moved to Intelsat Intermediate
         Holding Company Ltd. Upon closing of the merger).


REFCO: Forex Capital Wants US$473,260 Administrative Claim Paid
---------------------------------------------------------------
Forex Capital Markets, L.L.C., asks the U.S. Bankruptcy Court for the
Southern District of New York to direct Refco Capital Markets, Ltd., and
Refco Group Ltd. to promptly pay US$473,260 for postpetition services
rendered under the Facilities Management Agreement in respect of RCM
accounts.

In accordance with a Facilities Management Agreement dated
Jan. 2, 2002, between FXCM, and RGL, FXCM agreed to service
certain foreign exchange accounts for RGL affiliates referred to
in the FMA as "Designated Refco Affiliates."

The FMA provides that in the event there is a "positive net
spread in a dealing account" for a calculation period, Refco,
Inc., or the relevant Designated Refco Affiliate, as applicable,
will pay FXCM an amount equal to 75% of the Positive Net Spread,
while Refco will retain the remaining 25% of the Positive Net
Spread.

According to Douglas Furth, Esq., at Golenbock Eiseman Assor Bell & Peskoe
LLP, in New York, RCM -- which is a Designated Refco Affiliate within the
meaning of the FMA -- and RGL are jointly liable for services rendered for
RCM's benefit.

Following the Debtors' bankruptcy filing, FXCM continued to
service RCM's accounts pursuant to the FMA.  Mr. Furth relates
that FXCM was responsible for providing full customer service,
trading software and technology, and trade execution for over
3,000 accounts that were once maintained at RCM.  All
responsibilities were supported by FXCM resources, including
round-the-clock staff offering assistance to clients in multiple
languages.  FXCM also paid 100% of all expenses related to the
FXCM/Refco venture.

Mr. Furth notes that although RCM clients were limited in their
ability to deposit or withdraw funds from their trading accounts
due to RCM bankruptcy, FXCM supported all trading services to the client
from the Petition Date through the day Refco requested all trading activity
to cease on Jan. 19, 2006, and some general services through July 31, 2006.

FXCM provided all necessary resources to ensure that clients were able to
continue to:

   -- place trades both on the trading platform online as well
      as by phone;

   -- open additional accounts using existing funds, via fax,
      e-mail, or online request;

   -- transfer funds between accounts;

   -- make changes to margin levels;

   -- update contact information on account profiles;

   -- request copies of account statements;

   -- receive technical support on the trading platform, charts,
      and news feeds; and

   -- obtain general support and receive updates on market
      information via chat, phone, and email.

In addition, FXCM staff continued to perform internal functions
to maintain RCM's ongoing operation.  FXCM also continued to make updates to
software and hardware modifications, as necessary, to sustain uninterrupted
trading.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).  (Refco Bankruptcy News, Issue No. 40; Bankruptcy Creditors'
Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO: Wants to Walk Away from 18 Trading Operation Contracts
-------------------------------------------------------------
By orders dated Nov. 14 and 15, 2005, the U.S. Bankruptcy
Court for the Southern District of New York authorized Refco Inc., and its
debtor-affiliates and certain of their affiliates to enter into and perform
under an Acquisition Agreement with Man Financial Inc.  The Court also
approved the sale of the Sellers' regulated commodities trading business and
the assumption and assignment of certain related executory contracts and
unexpired leases to be designated by Man.

The Acquisition Agreement provides for the Sellers and Man to
enter into a Buyer Transition Services Agreement and a Seller
Transition Services Agreement, pursuant to which the Sellers and
Man were to provide each other services necessary to facilitate
the transfer of the Acquired Assets to Man for 270 days following the
closing of the asset sale.  The Transition Services Agreements expired on
Aug. 22, 2006.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, informs Judge Drain that 18 contracts were utilized
in trading operations of the Debtors' business that was sold to Man.  The
contracts generally relate to routing, trading information, connectivity and
communication services.

The Contracts are:

Debtor             Counterparty           Description
------             ------------           -----------
Refco Inc.         4Cast Inc              Client Order Form

                   Avotus Corp.           Revised 90-Day Annual
                                          Support Renewal Notice

                   De Lage Landen         Lease Agreement
                      Financial Services

                   IBM Corporation        Master Services
                                             Attachment for
                                             ServiceElite

Refco Group Ltd.,  Brio Technology, Inc.  Brio Software License
   LLC                                       Agreement

                   Cogent Canada Inc.     Layer 2 Network
                                             Services

                   Cogent Communications  Layer 2 Network
                                             Services

                   CQG, Inc.              NASDAQ Consolidated
                                             Subscriber
                                             Agreement

                   CQG, Inc., and CQGI,   CQG Order Routing
                      Ltd.                   Service Broker
                                             Agreement

                   Ecco, LLC, & EccoWare  Software License
                      Limited                Agreement

                   FNX Limited            Sierra System Product
                                             License Agreement

                   IFC Credit Corp.       Equipment Lease
                                             Agreement & Advance
                                             Funding Addendum

                   Imceda Software        Sales Quotation

                   Matrix Integration     Services Agreement
                      Technology

                   Patsystems (NA) LLC    Software License
                                             Agreement

                   SalesForce.com         Master Services
                                             Agreement

                   Sybase, Inc.           Software License
                                             Agreement & Addendum

                   Tibco Software, Inc.   End User Maintenance
                                             Agreement

Considering that the Transition Services Agreements have now
expired, the services provided pursuant to the Contracts are no
longer needed, Ms. Henry says.

Accordingly, the Debtors seek the Court's permission under
Section 365 of the Bankruptcy Code to reject the Contracts,
effective as of Aug. 30, 2006.

The Debtors also propose that any counterparties seeking to
assert rejection damage claims must file a proof of claim within
30 days after the Court rules on the request.

The Debtors currently believe that the Contracts are executory
contracts within the meaning of Section 365.  However, further
investigation and analysis may reveal that one or more of the
Contracts are not executory.  Therefore, the Debtors reserve the
right to assert, including in connection with resolution of
contract rejection damage claims, that the Contracts are not
executory.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).  (Refco Bankruptcy News, Issue No. 40; Bankruptcy Creditors'
Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SCOTTISH RE: Former Execs. Have 60 Days to Exercise Stock Option
----------------------------------------------------------------
Scottish Re Group Limited, in response to a number of investor inquiries,
reported that under existing employment contracts and executive compensation
plans, former employees have 60 days from the date of their separation from
Scottish Re to exercise their stock options.

As a result, Scottish Re expects that former Scottish Re executives Scott
Willkomm and Seth Vance will likely sell Scottish Re stock in the coming
weeks at prevailing market prices as a result of their accumulation of
shares and options under the company's 401K, Deferred Compensation and stock
option plans.

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

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

For the same reason, Moody's Investor Service downgraded
Scottish Re's senior unsecured debt rating to Ba3 from Ba2 due
to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SEATON INSURANCE: Holds Final General Meeting on Sept. 13
---------------------------------------------------------
Seaton Insurance Company of Bermuda Limited will hold a final general
meeting at the place of business of Robin J. Mayor -- the company's
liquidator -- on Sept. 13, at 9:30 a.m.

As reported in the Troubled Company Reporter-Latin America on Aug. 16, 2006,
Seaton Insurance's creditors were given until
Aug. 25, 2006, to prove their claims to Mr. Mayor or be excluded from
receiving any distribution or payment.  Seaton Insurance's shareholders
agreed on Aug. 1, 2006, to place the company in voluntary liquidation under
Bermuda's Companies Act 1981.

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

The liquidator can be reached at:

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




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


VARIG S.A.: Resolving Sojitz's Permanent Injunction Complaint
-------------------------------------------------------------
Rick Antonoff, Esq., at Pillsbury, Winthrop, Shaw & Pittman, in
New York, advised the U.S. Bankruptcy Court for the Southern
District of New York at a July 26, 2006, hearing that Sojitz
Corporation of Japan's objection to the Permanent Injunction
Motion will soon be resolved.

Mr. Antonoff did not disclose the terms of any potential
settlement.  Mr. Antonoff said VARIG would provide a letter
granting Sojitz access to its leased aircraft.

Sojitz leases to VARIG two Boeing model 767-300ER aircraft and
two General Electric model CF6-80C2B6F spare aircraft engines
under a Lease Agreement dated as of Oct. 27, 1989, as amended.
Sojitz asked the Bankruptcy Court to deny the Permanent Injunction Motion
and, instead, direct VARIG to return its aircraft.

The Court has scheduled a hearing on Sept. 13, 2006, at 10 a.m.,
to consider whether to further extend the Preliminary Injunction
or convert it to a Permanent Injunction.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin America.  VARIG's
principal business is the transportation of passengers and cargo by air on
domestic routes within Brazil and on international routes between Brazil and
North and South America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456 full-time
employees, of which approximately 133 are employed in the United States.

Varig, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a competitive
landscape, high fuel costs, cash flow deficit, and high operating leverage.
The Debtors may be the first case under the new law, which took effect on
June 9, 2005.  Similar to a chapter 11 debtor-in-possession under the U.S.
Bankruptcy Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes, Esq., at
Escritorio de Advocacia Sergio Bermudes, represents the carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


ACE ACADEMY: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------
Ace Academy Limited's creditors are required to submit proofs of claim by
Sept. 21, 2006, to the company's liquidator:

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

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.

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


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

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

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

Amadeus Funding's sole shareholder decided on Aug. 10, 2006, to place the
company in voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


AURORA GREEN: Proofs of Claim Must be Filed by Sept. 21
-------------------------------------------------------
Aurora Green Company Limited's creditors are required to submit proofs of
claim by Sept. 21, 2006, to the company's liquidators:

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

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

Aurora Green's sole shareholder decided on May 29, 2006, to place the
company in voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


COUNTRY HAVEN: Proofs of Claim Must be Filed by Sept. 21
--------------------------------------------------------
Country Haven Limited's creditors are required to submit proofs of claim by
Sept. 21, 2006, to the company's liquidator:

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

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.

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


DAIWA INTERNATIONAL: Proofs of Claim Must be Filed by Sept. 21
--------------------------------------------------------------
Daiwa International Finance (Cayman) Limited's creditors are required to
submit proofs of claim by Sept. 21, 2006, to the company's liquidator:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman KY1-1107, Cayman Islands
         Tel: 949 8666
         Fax: 949 7904/949 0626

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

Daiwa International's sole shareholder decided on Dec. 13, 2006, to place
the company in voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


DAIWA PB LIMITED: Commerce Corporate Liquidates Company's Assets
----------------------------------------------------------------
Daiwa PB Limited's sole shareholder resolved on Dec. 13, 2005, to place the
company under voluntary liquidation of the Companies Law (2004 Revision) of
the Cayman Islands.  Subsequently, Commerce Corporate Services Limited was
appointed as liquidator.

The company started liquidating its assets on Aug. 21, 2006.

The voluntary liquidator can be reached at:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman KY1-1107, Cayman Islands
         Tel: 949 8666
         Fax: 949 7904/949 0626


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

         Chris Marett
         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 decided on Aug. 2, 2006, to place the company in
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


FIRST SUMMIT: Proofs of Claim Must be Filed by Sept. 21
-------------------------------------------------------
First Summit Investments Limited's creditors are required to submit proofs
of claim by Sept. 21, 2006, to the company's liquidator:

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

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.

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


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

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman KY1-1107, Cayman Islands
         Tel: 949 8666
         Fax: 949 7904/949 0626

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

Glen Agar's sole shareholder decided on July 7, 2006, to place the company
in voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


HARBOURVIEW CLO V: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------------
Harbourview CLO V, Limited's creditors are required to submit proofs of
claim by Sept. 21, 2006, to the company's liquidators:

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

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

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


J.F. COMPANY: Last Day to File Proofs of Claim Is Sept. 21
----------------------------------------------------------
J.F. Company's creditors are required to submit proofs of claim by Sept. 21,
2006, to the company's liquidator:

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman KY1-1107, Cayman Islands
         Tel: 949 8666
         Fax: 949 7904/949 0626

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

J.F. Company's sole shareholder decided on Aug. 15, 2006, to place the
company in voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


JWM PARTNERS: Last Day to File Proofs of Claim Is Sept. 21
----------------------------------------------------------
JWM Partners Cayman Ltd.'s creditors are required to submit proofs of claim
by Sept. 21, 2006, to the company's liquidators:

         Linburgh Martin
         Jeff Arkley
         P.O. Box 1034 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.

JWM Partners' shareholders agreed on July 31, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Interested parties may contact:

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


MANDARIN INVESTMENTS: Names Capco Trust as Voluntary Liquidator
---------------------------------------------------------------
Mandarin Investments Limited's sole shareholder resolved on
Apr. 13, 2006, to place the company under voluntary liquidation of the
Companies Law (2004 Revision) of the Cayman Islands.  Subsequently, Capco
Trust Jersey Limited was appointed as liquidator.

The company started liquidating its assets on Aug. 21, 2006.

The voluntary liquidators can be reached at:

         James Howe
         Roger Bougeard
         Capco Trust Jersey Limited
         2nd Floor, Sir Walter Raleigh House
         48-50 The Esplanade, St. Helier
         Jersey, JE2 3QB

Interested parties may contact:

         Louise Martin
         Tel: +44 1534 709021
         Fax: +44 1534 709090
         Email: louisemartin@capcotrust.com


MERRILL LYNCH: Last Day to File Proofs of Claim Is Sept. 21
-----------------------------------------------------------
Merrill Lynch Hedge Fund Advantage's creditors are required to submit proofs
of claim by Sept. 21, 2006, to the company's liquidators:

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

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

Merrill Lynch's shareholders agreed on July 26, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


METRO INVESTMENTS: Proofs of Claim Must be Filed by Sept. 21
------------------------------------------------------------
Metro Investments Ltd.'s creditors are required to submit proofs of claim by
Sept. 21, 2006, to the company's liquidator:

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

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.

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


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

         Commerce Corporate Services Limited
         P.O. Box 694
         Grand Cayman KY1-1107, Cayman Islands
         Tel: 949 8666
         Fax: 949 7904/949 0626

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

San Investment's sole shareholder decided on Aug. 15, 2006, to place the
company in voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.




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


PHELPS DODGE: Moody's Confirm Ratings After Inco Bid Termination
----------------------------------------------------------------
Moody's Investors Service confirmed Phelps Dodge's Baa2 senior unsecured
debt rating and revised its outlook to positive.  The outlook was stable
prior to the ratings being placed under review.  The confirmation and
outlook revision follow the announcement that Phelps Dodge has terminated
its combination agreement with Inco.   This concludes Moody's review of
Phelps Dodge's ratings, which were placed under review for possible
downgrade on June 26, 2006.

These ratings were confirmed:

     -- Junior Preferred Stock Shelf, Confirmed at (P)Ba1
     -- Junior Subordinated Shelf, Confirmed at (P)Baa3
     -- Preferred Stock Shelf, Confirmed at (P)Ba1
     -- Preferred Stock 2 Shelf, Confirmed at (P)Ba1
     -- Senior Unsecured Regular Bond/Debenture, Confirmed at
        Baa2
     -- Senior Unsecured Shelf, Confirmed at (P)Baa2

The Baa2 rating reflects Phelps Dodge's position as the world's second
largest producer of copper and molybdenum, its solid capital structure, and
its strong cash flow in the currently very robust markets for copper and
molybdenum.  However, the rating also considers the substantial amount of
cash being returned to shareholders via special dividends, a still
relatively high cost structure, exposure to cyclical metals markets through
two closely related metals -- copper and molybdenum, and a demonstrated
appetite for potentially highly levered acquisitions.  The revision in
outlook to positive reflects the very strong fundamentals in the copper and
molybdenum markets and Moody's expectation that Phelps Dodge's financial
performance will continue to be strong over the next twelve to fifteen
months.  However, any upgrade consideration of the rating will be tempered
by the current program of shareholder returns, recent aggressive acquisition
activities, and uncertainty about the future direction these activities may
take.

Phelps Dodge is a Phoenix based producer of copper and molybdenum and had
revenues in 2005 of US$7.1 billion.  In Latin America, Phelps Dodge 's
operations are in Chile, Peru, Colombia, Venezuela and Ecuador, among
others.




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


IMPSAT SA: Colombian Unit to Invest US$4 Million in Data Center
---------------------------------------------------------------
Jaime Alberto Pelaez, the chief executive officer of Impsat SA, told local
paper Portfolio that its Colombian unit will invest US$4 million in its data
center in Bogota.

According to the report, good financial results in the first half of 2006
have caused Impsat to do more than just start construction on a second floor
of its building, but rather undertake a third floor as well.

Impsat expects revenues to increase 10-15% in 2006, from the COP142 billion
reported in 2005, according to a previous report by Business News Americas.

Impsat SA -- http://www.impsat.com-- is a provider of private
telecommunications networks and Internet services in Latin
America.  The company owns and operates 15 data centers and
metropolitan area networks in some of the largest cities in
Latin America, providing services to more than 4,200 national
and multinational companies, financial institutions,
governmental agencies, carriers, ISPs and other service
providers throughout the region.  Impsat has operations in
Argentina, Colombia, Brazil, Venezuela, Ecuador, Chile, Peru,
the United States and throughout Latin America and the
Caribbean.

Impsat registered an increase in losses from US$14.2 million in
2004 to US$36.2 million in 2005.


* COLOMBIA: Discloses Purchase Prices for Tender Offer
------------------------------------------------------
The Republic of Colombia reported that the purchase price for each series of
bonds that is the subject of its offer to purchase dated Sept. 6, 2006.

The price determination time for the initial tender bonds referred to in the
offer to purchase is 9:00 a.m., New York City time, on Sept. 8, 2006.

Holders will receive accrued interest on each of their Bonds from the last
regular payment of interest to, but excluding, the settlement date.

Bonds:                               11.75% bonds due 2020
ISIN:                                US195325AU91
Reference US Treasury Bond:          4-1/2% due 2036
Reference Treasury Yield:            4.925%
Fixed Spread Over US Treasuries
(basis points):                      193
Tender Offer Yield:                  6.855%
Purchase Price:                      US$1,425.21

Bonds:                               8.375% bonds due 2027
ISIN:                                US195325AL92
Reference US Treasury Bond:          4-1/2% due 2036
Reference Treasury Yield:            4.925%
Fixed Spread Over US Treasuries
(basis points):                      206
Tender Offer Yield:                  6.985%
Purchase Price:                      US$1,149.87


Bonds:                               10.375% bonds due 2033
ISIN:                                US195325BB02
Reference US Treasury Bond:          4-1/2% due 2036
Reference Treasury Yield:            4.925%
Fixed Spread Over US Treasuries
(basis points):                      218
Tender Offer Yield:                  7.105%
Purchase Price:                      US$1,386.98

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

Colombia disclosed on Sept. 8 the "proration factor" applicable to the
initial tender bonds and reference is made to that notice for the details of
the proration of the offer.

The offer remains subject to the terms and conditions set forth in the offer
to purchase, including the issuance of and receipt of funds for, in an
amount and on terms and conditions acceptable to Colombia, its bonds due
2037.

The settlement of the transaction is expected to occur on
Sept. 19, 2006.  If bonds are held through DTC, they must be delivered no
later than 3:15 p.m., New York City time, on the settlement date.  The
Automated Tender Offer Program may not be used.

If bonds are held through Euroclear or Clearstream, the latest process to
use in delivering the bonds is the overnight process, one day before the
settlement date.  The optional daylight process on the may not be used on
the settlement date.

Failure to deliver bonds on time may result in the cancellation of tender.
Holders will not have withdrawal rights with respect to the offer.

Colombia is making the offer only in those jurisdictions where it is legal
to do so.

Copies of the offer to purchase may be obtained from the global information
agent:

In New York:

             Patrick McHugh
             Georgeson Inc.
             Phone: (866) 857-2693 (toll free inside US)

In London:

             Domenic Brancati
             Phone: (212) 440-9800 (collect outside US)
                    +44 870 703 6357

In Luxembourg:

             Kredietbank S.A. Luxembourgeoise
             Phone: +352 4797 3935.

For questions regarding the offer, contact the joint Dealer Managers for the
offer at:

             Goldman, Sachs & Co.
             Phone: (866) 472-6622 (toll free inside US)
                    (212) 357-0601 (collect outside US)

             Merrill Lynch & Co.
             Phone: (888) ML4-TNDR (toll free inside US)
                    (212) 449-4914 (collect outside US)

                        *    *    *

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: Posts Proration Factor for Offer to Purchase
--------------------------------------------------------
The Republic of Colombia -- under its offer to purchase dated Sept. 6,
2006 -- reported that the initial tender period with respect to bonds had
expired as scheduled at 5:00 p.m., New York City time, on Sept. 7, 2006.

Colombia has determined that the initial tender bonds have exceeded the
maximum purchase amount and that proration of the initial tender bonds will
occur.

The single proration factor is 0.516.  For each series of
bonds tendered, Colombia will accept 51.6% of the principal amount tendered
and the remainder will not be subject to acceptance and settlement under the
offer.  Appropriate adjustments will be made so that purchases will be made
in integral multiples of US$1,000.  The prorated amount of the
initial tender bonds were priced and accepted on Sept. 8 at 9:00 a.m., New
York City time.

The tender period has expired and, under the terms of the offer to purchase,
there will be no subsequent tender period.

The bonds subject of the offer were:

     -- Colombia's 11.75% bonds due 2020 (ISIN US195325AU91),
     -- 8.375% bonds due 2027 (ISIN US195325AL92), and
     -- 10.375% bonds due 2033 (ISIN US195325BB02).

The offer remains subject to the terms and conditions set forth in the offer
to purchase, including the issuance of and receipt of funds for, in an
amount and on terms and conditions acceptable to Colombia, its bonds due
2037.

The settlement of the transaction is expected to occur on
Sept. 19, 2006.

                        *    *    *

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.




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


PETROECUADOR: Says Oil Exports Increased by 14% in August
---------------------------------------------------------
Petroecuador, the state-owned oil company of Ecuador, told Prensa Latina
that the country's oil exports increased by 14% in August 2006, compared
with July 2006.

Prensa Latina relates that of the 214,233 barrels, Ecuador sold about
187,859 barrels of crude oil per day.  This included fuel extracted from the
US oil firm Occidental Petroleum on
May 15, 2006.

According to the report, the country's income from the sale rose 9.2% to
US$398.6 million in August 2006, from US$364.8 million in July 2006.

Petroecuador delivered in 2005 about 111,975 barrels of oil daily from the
East, bringing in about US$189.4 million in Ecuador, Prensa Latina states.

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 dealing




=================
G U A T E M A L A
=================


* GUATEMALA: Launching Dialogue on Proposed Telecoms Law Reform
---------------------------------------------------------------
The Guatemalan congress will launch a plenary discussion on proposed reforms
to the telecoms law, according to a report by local daily el Periodico.

Business News Americas relates that the proposal specifies the obligatory
adoption of per-second billing by mobile operators as well as the
elimination of expiry dates for prepaid cards.

However, operators in Guatemala warned that they will be forced to charge
for services that are currently free if the measures are passed, the report
says.

BNamericas states that the bill also includes clauses that would hold
operators responsible for the criminal activation of stolen phones.

However, Edwin Solares -- a representative of the mobile operators' union --
told BNamericas that what is really needed is reform of the penal code to
designate robbery, activation and sale of stolen phones as crimes.

BNamericas notes that the telecom operators entered into an agreement for
mutual cooperation in cases of handset theft.

However, there is a much greater chance of eradicating theft if the
operators sign an accord incorporating the government as the state can bring
punitive powers into play, BNamericas reports, citing Congressman Manuel
Baldizon.

                        *    *    *

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+




===============
H O N D U R A S
===============


* HONDURAS: IMF Concludes Technical Assistance Mission in Nation
----------------------------------------------------------------
The International Monetary Fund aka IMF concluded its technical assistance
mission in Honduras.

Mario Garza -- the IMF resident representative in Tegucigalpa -- said, "At
the request of the Government of Honduras, a technical assistance mission
from the Monetary and Capital Markets Department of the IMF visited
Tegucigalpa during Aug. 29 to
Sept. 8, 2006.  The purpose of the mission was to support the authorities'
efforts to further improve the operation of monetary policy, which is
important to maintain low inflation and continued economic growth.  As is
customary, upon returning to Washington, the mission will prepare a report
for the Honduran government on its technical assessment."

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date
                     ------     -----------
   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


DIGICEL LTD: Launches Employee Reward Program
---------------------------------------------
Digicel Ltd. is granting share options to more than 2,000 employees across
its existing network of 20 operations, as part of a new, first-of-its-kind
employee reward program designed to thank and reward Digicel employees for
their outstanding contributions to the company's tremendous growth and
business success in the last five years.

The grant will involve the issuance of options for close to one million
shares to employees.  With more than 2.6 million subscribers in 20 markets,
Digicel is committed to further expanding its Pan Caribbean network.

Denis O'Brien -- the founder and chairman of Digicel Group -- disclosed the
share option plan to staff in Digicel's flagship operation in Jamaica during
his recent visit to Jamaica.

Mr. O'Brien talked to members of staff at Digicel Jamaica during his visit
to Jamaica on Sept. 7 to announce the introduction of its first-of-its-kind
in the region, employee share option programe designed to thank and reward
Digicel's more than 2,000 employees for their outstanding contributions to
the company's tremendous growth and business success during the past five
years.

Mr. O'Brien said, "It is fitting that we should make this announcement on
the fifth anniversary of Digicel's inaugural launch in Jamaica.  Our
colleagues across the region have contributed greatly to our success and
their commitment is at the cornerstone of Digicel's speed to new markets and
unmatched level of service that we provide to our customers.  We want to
thank them for helping to ensure that Digicel is a leading player in the
Caribbean mobile market and give them the opportunity to share further in
the success of the business."

Digicel's employee share plan is similar to the incentive program Mr.
O'Brien and his management team introduced to staff at Esat Telecom, the
highly successful operation which introduced competition in mobile
telecommunications in Ireland.

Dr. Omar Davies -- the Minister of Finance and Planning for Jamaica --
stated, "Digicel once again has demonstrated its commitment to the people of
the Caribbean and the responsibility it takes in rewarding those whom drive
its success.  We commend the company for delivering such an inclusive reward
program and are confident that it will encourage other corporations in the
region to follow its example."

Digicel continues to experience dynamic internal growth and strategic
business acquisitions.  In the last year, Digicel completed the acquisition
of Cingular Wireless assets in the Caribbean and Bermuda as well as Bouygues
Telecom Caraibe, which quickly accelerated the expansion of its operations
into several new markets.  Overwhelming responses to Digicel's recent launch
in Haiti, Trinidad & Tobago, Bonaire and Turks & Caicos are further
strengthening the company's performance.

Colm Delves -- the chief executive officer of Digicel Group -- said, "As we
continue to deliver on our vision of a seamless pan-Caribbean network, we
are committed to continually challenging ourselves to be a leading company
in all areas of our business from technology innovation to customer service
and community participation.  We have major growth plans for Digicel and
with this latest initiative our employees will benefit further from our
ongoing success."

With an overall investment of more than US$1.2 billion in the region,
Digicel is also breaking new ground with the anticipated launch of new
services such as its WiMAX wireless broadband technology.

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.




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


BALLY TOTAL: Approves Payment of Monthly Stipend to Interim CEO
---------------------------------------------------------------
Bally Total Fitness Holding Corp.'s Compensation Committee approved the
payment of a monthly stipend to Barry R. Elson -- the acting Chief Executive
Officer of the company -- retroactive to Aug. 11, 2006.  Mr. Elson will be
paid US$50,000 per month through Dec. 31, 2006, or appointment of a
permanent Chief Executive Officer.  The Compensation Committee will review
the matter again before the end of 2006, if a permanent Chief Executive
Officer has not been appointed.

On Sept. 1, 2006, Bally Total's Compensation Committee approved payment of
additional director fees to Don R. Kornstein -- the interim chairperson of
the company's board of -- retroactive to Aug. 11, 2006.  Mr. Kornstein would
b paid US$50,000 per month through Dec. 31, 2006, or the election of a
permanent chairman of the board.  The Compensation Committee will review the
matter again before the end of 2006, if a permanent Chairman of the Board
has not been elected by such date.

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

                        *    *    *

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


CINEMARK: S&P Holds Ratings on NegWatch Pending Century Purchase
----------------------------------------------------------------
Standard & Poor's Ratings Services said on Sept. 8 that its ratings,
including the 'B+' corporate credit ratings, on Cinemark Inc. and subsidiary
company Cinemark USA Inc., which are analyzed on a consolidated basis,
remain on CreditWatch with negative implications because of the pending
debt-financed acquisition of Century Theatres Inc. (B+/Negative/--).  After
the transaction is completed, S&P said it will lower the ratings, including
lowering the corporate credit rating to 'B' from 'B+', and assign a stable
outlook.

"The downgrade will be based on the increased credit risk from the proposed
acquisition and our concerns about rising industry risk," said Standard &
Poor's credit analyst Tulip Lim.

S&P said it will also lower the ratings on the company's senior subordinated
notes and senior discount notes to 'CCC+' from
'B-'.

Standard & Poor's also assigned a 'B' rating to Cinemark's proposed US$1.27
billion bank loan facility, the same as the post-acquisition corporate
credit rating, with a '2' recovery rating, indicating expectations of a
substantial (80%-100%) recovery of principal in a payment default scenario.
The new bank loan and recovery ratings are not on CreditWatch.

Upon closing of the acquisition, S&P will withdraw the ratings on the
existing senior secured credit facilities.  Pro forma for the transaction,
the Plano, Texas-based movie exhibitor will have US$3.1 billion in debt,
including holding company notes and capitalized operating leases.

The ratings on Cinemark reflect the company's high lease-adjusted leverage
and financial risk, the mature and highly competitive nature of the U.S.
motion picture exhibition industry, exposure to the fluctuating popularity
of Hollywood films, shortening windows between theatrical and
DVD/video-on-demand release, and competition from other exhibitors and
alternative entertainment sources.

These concerns outweigh the benefits of Cinemark's and Century's quality
theater circuits, the combined company's above-average profit margins,
Cinemark's experienced management team, and the modest diversity provided by
its profitable non-U.S. operations.

Cinemark Inc. -- http://www.cinemark.com/--  operates 202
theatres and 2,469 screens in 34 states in the United States and
operates 112 theatres and 932 screens internationally in 13
countries, mainly Mexico, South and Central America.  Cinemark
was founded in 1987 by its Chief Executive Officer and Chairman
of the Board, Lee Roy Mitchell.  In 2004 a controlling interest
in Cinemark was sold to Madison Dearborn Capital Partners.
Cinemark was among the first theatre exhibitors to offer
advanced real-time Internet ticketing at its own website.


FORD MOTOR: New President & CEO Getting US$2 Mil. Annual Salary
---------------------------------------------------------------
Alan Mulally, the newly appointed president and chief executive
officer of Ford Motor Company, will receive a US$2,000,000 per year base
salary from the Company.

Mr. Mulally replaces William Clay Ford, Jr.  Mr. Ford was
appointed Executive Chairman of the Company effective
Sept. 1, 2006.

As part of the hiring arrangement, the Company also agreed to pay Mr.
Mulally, no later than Sept. 15, 2006, US$7,500,000 as a hiring bonus and
US$11,000,000 as an offset for forfeited performance and stock option awards
at his former employer.  He may elect to defer these amounts in whole or in
part under the Ford's Deferred Compensation Plan.

Effective Sept. 1, 2006, the Company granted Mr. Mulally:

    a) 3,000,000 ten-year nonqualified options that vest 33% one
       year after the grant date, 33% two years after the grant
       date and 34% three years after the grant date; and

    b) 1,000,000 five-year non-qualified performance-based
       options that vest based on the regular way trading
       closing price of Ford common stock on the New York Stock
       Exchange reaching certain thresholds that are maintained
       for a period of at least 30 consecutive trading days as
       follows:

          -- 250,000 options vest after Ford common stock closes
             at least US$15 per share for such a period,

          -- an additional 250,000 options vest after Ford
             common stock closes at least US$20 per share for
             such a period,

          -- an additional 250,000 options vest after Ford
             common stock closes at least US$25 per share for
             such a period and an additional 250,000 options
             vest after Ford common stock closes at least US$30
             per share for such a period.

All of the options granted to Mr. Mulally have an option price
equal to the grant date's current fair market value of US$8.28 per share
(based on the average of the high and low trading price on the New York
Stock Exchange on the grant date).

In addition, effective Sept. 1, 2006, the Company granted Mr.
Mulally 600,000 restricted stock units.  The units vest as to
200,000 units one year after the grant date, 200,000 units two
years after the grant date and 200,000 units three years after the grant
date.  Dividend equivalent payments will be made in cash until the
restrictions lapse.  When the restrictions lapse, the units will be valued
based on the closing price of Ford common stock on the New York Stock
Exchange on the date of lapse and paid out in cash as soon as practicable.

Mr. Mulally may elect to defer a portion of these payments under
the Deferred Compensation Plan.  Further, the Company agreed that the 2007
performance-based restricted stock unit opportunity and stock options to be
granted to Mr. Mulally in March 2007 will have a minimum grant date value of
US$6,000,000 and US$5,000,000, respectively.  The Company also agreed that
his target bonus opportunity for 2007 will be 175% of his base salary.

Mr. Mulally is required to use Company aircraft for personal
travel under the Company's executive security program.  When
traveling on personal business on Company aircraft, Mr. Mulally
will be entitled to be accompanied by his wife, children and any
guests, at Company expense.

                         About Ford

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

                        *    *    *

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

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

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

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


GRUPO IUSACELL: Unefon Expects Merger with Firm in 8 Months
-----------------------------------------------------------
The consolidation of Grupo Iusacell SA de CV's operations with sister
company Unefon SA is expected to conclude in eight months, MarketWatch
reports, citing a Unefon top executive.

Diego Foyo -- the chief executive of Unefon -- told MarketWatch, "We are
going to make our best effort to have it finished in the next six to eight
months."

MarketWatch relates that Grupo MovilAccess -- Iusacell's parent company --
said on Sept. 6 that it authorized Iusacell to explore combining its
operations with those of Unefon.

According to MarketWatch, the merger has been expected for some time since
the two firms -- which both use CDMA technology in their mobile networks --
signed network sharing agreements in May 2005.

MarketWatch notes that Unefon and Iusacell have struggled to compete against
America Movil SA and Spain's Telefonica Moviles, which are market leaders.

Mr. Foyo told MarketWatch, "Both companies have the same technological
platform so it's logical to consolidate both companies to make a stronger
company."

The report says that Mr. Foyo said the details of the merger are yet to be
decided.

"It can be a share exchange, a merger, we don't know yet," Mr. Foyo told
MarketWatch.

MarketWatch underscores that Mr. Foyo said the combined company will put
improving sales and profitability ahead of client growth.

Mr. Foyo told MarketWatch, "While we want to enlarge our subscriber base,
right now our focus is to increase billing of subscribers through giving
them value-added products, not just voice."

However, a "full-blown merger" of the two firms will likely have little
short-term impact on the local units of America Movil and Telefonica
Moviles, the mobile subsidiary of Spain's Telefonica, MarketWatch notes,
citing Mr. Foyo.

Ana Gabriela Ocejo told MarketWatch, "I don't think there's going to be a
substantial change in market shares or a lot more competition with the
merger of Iusacell and Unefon.  I think the biggest effect of a merger will
be better profitability with the two companies operating together, as a
result of synergies and cost savings."

MarketWatch emphasizes that Iusacell and Unefon have struggled to compete
against Telcel -- a unit America Movil that had 39.2 million customers at
the end of June 2006 -- and Telefonica Moviles Mexico, which had over 6.9
million subscribers.

According to the report, Iusacell has been limited in previous years by the
drawn out restructuring of US$766 million in debt that the firm expects to
be completed soon.  Meanwhile, Unefon has been faced with lack of nationwide
coverage.  At the end of June 2006 it operated in 37 cities over its own
network and another 19 cities through the sharing agreement with Iusacell.

Andres Bezanilla, a senior analyst at Valores Mexicanos, told MarketWatch,
"Even though Salinas (the owner of the firms) knows how to run a business I
think the (merged) company will find it difficult to put its financial
situation behind it."

MarketWatch reports that Iusacell concentrated on winning over high-end
contract subscribers with data services.  Meanwhile, Unefon focused on
poorer clients in the prepaid market with rates as low as one peso per
minute.

However, a mass market strategy requires bulky handset subsidies for prepaid
subscribers, while launching up-market data solutions can be investment
intensive, MarketWatch says.

Mr. Foyo told MarketWatch, "We strongly believe that in Mexico we have to
cover the full market.  Both markets are going to be served."

Once the Iusacell-Unefon merger succeeds, it could open the door to "a sale
down the road", according to MarketWatch.  However, the poor track record of
foreign mobile operators in Mexico will likely make investors think twice
before investing.

"It seems to me to be too small an operation to interest a foreign
operator," Ana Gabriela Ocejo, an analyst at Scotiabank, told MarketWatch.

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.


MERIDIAN AUTOMOTIVE: Files Fourth Amended Plan of Reorganization
----------------------------------------------------------------
Meridian Automotive Systems, Inc. filed, on Sept. 8, 2006, a
Fourth Amended Plan of Reorganization and Disclosure Statement
with the U.S. Bankruptcy Court for the District of Delaware.

A hearing to approve the Disclosure Statement is scheduled for
Oct. 10, 2006.

"We are pleased to continue the confirmation process with the
Bankruptcy Court," Richard E. Newsted, Meridian's President and
CEO, said.  "The Company's emergence from Chapter 11 pursuant to
our Plan with less debt and increased liquidity will generate
increased customer, supplier and employee confidence and
contribute to our long-term success in the automotive industry."

A full-text copy of the Fourth Amended Joint Plan of
Reorganization for free at http://ResearchArchives.com/t/s?1154

A full-text copy of the Disclosure Statement for the Fourth
Amended Joint Plan of Reorganization is available for free at
http://ResearchArchives.com/t/s?1155

                About Meridian Automotive Systems

Based in Dearborn, Michigan, Meridian Automotive Systems, Inc.
-- http://www.meridianautosystems.com/-- supplies technologically advanced
front and rear end modules, lighting, exterior composites, console modules,
instrument panels and other interior systems to automobile and truck
manufacturers.  Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major Tier One parts
suppliers.  The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through
05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso,
Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert
S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S.
Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts.  Eric E. Sagerman, Esq., at Winston
& Strawn LLP represents the Official Committee of Unsecured Creditors.  The
Committee also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding against
Meridian's First Lien Lenders and Second Lien Lenders to invalidate their
liens.  When the Debtors filed for protection from their creditors, they
listed US$530 million in total assets and approximately US$815 million in
total liabilities.


UNITED RENTALS: Moody's Raises Sr. Secured Notes' Rating to B1
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of United Rentals, Inc. --
Corporate Family Rating to B1 from B2; senior secured to B1 from B2; senior
unsecured to B2 from B3; senior subordinate to B3 from Caa1; Quarterly
Income Preferred Securities to Caa1 from Caa2; and, speculative grade
liquidity rating to SGL-2 from SGL-3.  The rating outlook is Stable.

Moody's said that URI's B1 corporate family rating reflects the
company's leading competitive position in the North American
equipment rental industry.  The company is benefiting from the
strong non-residential construction market, which is the key to
its financial performance over the near to medium term.  The
strength of non-residential construction activities has led to
higher demand for rental equipment and rising rental rates
resulting in improvement in the company's credit metrics.  Credit metrics of
2.2x interest coverage and 3.4x leverage through the last twelve months
ended June 2006 solidly position URI within the B1 rating category.  These
strengths, however, are balanced against the ongoing cyclicality of the
non-residential construction sector.

The rating upgrade also recognizes that URI has resolved its
internal accounting investigation and brought all financial
statement filings current, addressing a significant risk that
has affected the credit during the last two years.  Nevertheless, the
company continues to address material weaknesses in its accounting controls
that were identified as part of the investigation and remains subject to
various SEC investigations and shareholder suits related to the accounting
irregularities.  Moody's also notes that the U.S. Attorney's office has
requested information about matters related to the SEC inquiry.  The B1
rating incorporates the potential for a moderate amount of additional costs
to be incurred by the company in resolving these remaining issues.

The CFR rating is constrained by the potential for URI to
pursue further growth initiatives which could require
incremental capital investments.  The company's current strong
liquidity profile, with balance sheet cash of US$208 million as of June 30,
2006, should enable the company to fund modest growth without incurring
significant additional financial leverage.  Consequently, even in
consideration of a modest cyclical downturn in business trends, Moody's
anticipates that URI will maintain appropriate financial metrics for the B1
rating.

The stable outlook reflects Moody's belief that URI's debt
protection measures should remain supportive of the B1 rating.
URI should be able to weather future cyclical downturns much
better than in the past due to its expanding product offerings and a
commitment to maintain ample liquidity.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's view that URI
will maintain a good liquidity profile over the next 12-month period.  URI
is no longer in violation with its bond indentures for financial reporting
delays; hence, the company is not susceptible to debt acceleration risk.
Moody's expectation is that URI's solid operating cash flow generation
combined with US$678 million available under its committed revolving credit
facility and receivables securitization
facility and about US$208 million of cash at the end of
June 2006, should be sufficient to fund the company's normal operating
requirements, capital spending and other operational needs over the next 12
months.

United Rentals, headquartered in Greenwich, Connecticut, is the
world's largest equipment rental company and operates more than
750 rental locations throughout the United States, Canada, and
Mexico.




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


* NICARAGUA: IMF Ends Poverty Reduction & Growth Facility Review
----------------------------------------------------------------
The Executive Board of the International Monetary Fund aka IMF completed the
tenth review of Nicaragua's performance under the Poverty Reduction and
Growth Facility or PRGF arrangement.

The Executive Board, in completing the review, approved Nicaragua's requests
for a waiver of a performance criterion.  The Executive Board also completed
the financing assurances review under Nicaragua's PRGF arrangement.

The completion of the review makes available US$20.6 million for
disbursement.  Nicaragua's three-year PRGF arrangement amounting to US$144.3
million was approved in Dec. 2002 and further extended in Feb. 2006.
Completion of the latest review will bring total disbursements under the
arrangement to US$123.7 million.

After the Executive Board's discussion of Nicaragua, Takatoshi Kato -- the
Deputy Managing Director and Acting Chair of the board -- said, "Nicaragua's
performance under the PRGF arrangement continues to be favorable.  The
macroeconomic framework is sound, and important structural reforms have been
implemented.  The economy continues to grow; inflation is expected to come
down gradually; and the external position is stronger than programmed
despite a much higher oil import bill.  Fiscal policy has remained prudent,
while spending on poverty reduction has risen further, and the central bank
has taken a pro-active stance to safeguard monetary and financial sector
stability during the upcoming election period.

Mr. Kato noted, "In the coming months, the authorities will need to stay the
course by maintaining fiscal discipline and a cautious monetary policy.  It
will be important to prepare a prudent budget for 2007, and to advance the
technical work on pending reform initiatives.  Putting in place a coherent
public sector wage policy, strengthening the efficiency and pro-poor
orientation of public spending, revamping the framework of fiscal
decentralization, and reforming the pension system are important future
challenges."

"Fiscal performance in 2006 has been strong, with buoyant revenue growth
testifying to the success of tax policy and administration reforms
implemented under the program.  The budget amendment approved earlier this
week by the assembly is consistent with the fiscal program.  Spending needs
to be monitored carefully and kept on track through the upcoming election
period," Mr. Kato stated.

Mr. Kato continued, "The recent reform of the education law reflects the
authorities' commitment to strengthening education within a sustainable
fiscal framework.  The recent amendments to the tax procedures code will
further strengthen the institutional framework for tax collection.  Recent
steps to rationalize power sector tariffs, while mitigating the impact on
the poor, are welcome, but it will be important to ensure that rates
continue to be adjusted to reflect fuel import costs.  Fundamental reforms
of the legal and regulatory framework in the electricity sector are needed
to encourage new investment in generation and modernization of the
distribution network."

"The favorable performance under the program helps to underpin an
environment of economic stability for the coming political transition, and
sets the stage for the implementation of more far-reaching reforms that
promise to entrench macroeconomic sustainability, boost the growth
potential, and further reduce poverty," Mr. Kato said.

                        *    *    *

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: US Works on Nation's Economic & Social Progress
------------------------------------------------------------
The US Agency for International Development or USAID has collaborated with
Caribbean-Central American Action or CCAA in promoting Nicaragua's economic
and social progress, the Washington File reports.

The File relates that under the agreement launched in Sept. 5, USAID
provides US$5 million while CCAA provides US$9.2 million over the next three
years to help the Nicaraguan Foundation for Economic and Social Development
or FUNIDES -- a newly created nonprofit group -- promote opportunities for
commercial investment in Nicaragua.

USAID told The File that FUNIDES will work for reforms that would change the
Nicaraguan economy from one that is dependent on the production and export
of traditional commodities to one that is diversified, information-based,
and export-oriented.

According to The File, USAID said FUNIDES will promote its reform program
through public advocacy to elicit support for its recommendations from civil
society and the general public.

An official of USAID told The File that the major activity for FUNIDES will
be to help implement in Nicaragua a US free-trade agreement with Central
America and the Dominican Republic or CAFTA-DR.

The US aid will go through CCAA -- which will help build the capacity of the
new Nicaraguan group in implementing the free-trade pact in Nicaragua.  In
this context, capacity building refers to promoting enhanced economic
prosperity and security by helping countries reap the benefits of free-trade
pacts, The File says, citing the USAID official.

The File underscores that CCAA disclosed on Sept. 5 that FUNIDES will serve
as a broker and catalyst for action in Nicaragua to accelerate the process
of modernization currently underway throughout Central America.

CCAA told The File that the foundation will pro-actively reach out to
private and civic organizations to provide an open forum for the candid
exchange of information and views that will improve Nicaragua's business
climate.

FUNIDES will create effective alliances by building an advocacy platform to
rally broad-based support for the timely adoption of the public policy
change needed to attract the investment required to create jobs, a critical
precondition for a peaceful and stable democracy, The File states, citing
CCAA.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


* PANAMA: Moody's Issues Country's Annual Report
------------------------------------------------
In its annual report on Panama, Moody's Investors Service says the country's
investment grade country ceiling and stable outlook are reinforced by a
service sector that provides a steady source of foreign income that has
served to shield the economy from the volatility observed elsewhere in the
region.

Panama's Baa1 foreign currency country ceiling for bonds is based on
Panama's history of legal dollarization.  The government is rated Ba1.

"Effective debt management has significantly improved the maturity profile
of the public debt stock, lowering the country's refinancing risk," said
Moody's Associate Vice-President Alessandra Alecci, author of the report.
"Yet, ratings remain constrained by a high public sector debt ratio relative
to GDP."

Ms. Alecci said that Panama's foreign-currency bond ceiling assesses the
risk of a disruption in the smooth functioning of the dollar payments
system.  "The country's long tradition of dollarization sees limited risk
for such disruption," said Alecci.

The national Assembly's recent vote to approve a planned expansion of the
Panama Canal is not expected to affect the government bond ratings and
"underpins a favorable medium term growth scenario, which should further
improve debt dynamics," said the analyst.  "This is because, even though the
potential size of additional public debt is large, the government does not
intend to extend any guarantees; and the project is expected to be
profitable, thanks to an expected surge in investment."

"Boosted by exports and private consumption, real GDP growth of 6.4% in
2005, has been surprising," said Alecci.  "Results for the first quarter
this year and leading indicators through May suggest that the fast pace of
growth is set to continue into 2006."

The rating agency's report, "Panama: 2006 Credit Analysis," is a yearly
update to the markets and is not a rating action.




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


* PERU: Renegotiating Contract with Transportadora de Gas
---------------------------------------------------------
An official of Transportadora de Gas del Peru aka TGP told Dow Jones
Newswires that it will begin a contract renegotiation with the government of
Peru regarding the operation of twin pipelines bringing Camisea gas and
liquids from the jungle to the coast.

According to Dow Jones, the negotiation is expected to take several weeks.

Dow Jones relates that Rafael Guarderas -- the institutional relations
manager of TGP -- said, "We are currently discussing the agenda, defining
the different points."

The report emphasizes that the Camisea natural gas project came onstream in
the middle of 2004 and quickly became a showcase for Peru's growing domestic
industry, feeding scores of factories and energy generators.

The Peruvian government, says Dow Jones, launched a series of talks to
renegotiate the upstream, downstream and gas distribution contracts due to a
series of leaks in the liquids pipeline as well as questions about natural
gas prices.

Dow Jones notes that Juan Valvidia -- Peru's energy and mines minister --
disclosed that the government and the consortium developing the upstream
phase of the Camisea gas project had reached an accord to decrease the
ceiling on natural gas prices for the domestic market.

El Peruano underscores that the new ceiling will limit any future price hike
to 5.0% a year until 2012 and then 7.0% a year until 2017.

Dow Jones relates that the government aims to keep prices as low as possible
to make incentives for the creation of a local gas market.

Mr. Guarderas refused to give Dow Jones further details about the agenda
between TGP and the government.

However, the press reports that key items include:

       -- measures to ensure that the pipeline is safe,
       -- compensation for the victims of any spills, and
       -- greater environmental mitigation.

Mr. Guarderas told Dow Jones, "We are carrying out intense maintenance work.
We have 1,400 people working on the first 200 kilometers of the pipelines in
the jungle and jungle-highlands areas."

According to the report, TGP is conducting electronic testing along the
length of the pipeline.

Dow Jones reports that Mr. Guarderas said, "We have essentially finished
this process."

The Peruvian government will award a contract to audit the Camisea pipelines
on Sept. 12, Dow Jones says.

The ministry of energy and mines said in a statement that four companies --
two from England, one from the US and a German-Mexican consortium -- have
presented technical-economic proposals.

Negotiations between TGP and Peru LNG to boost the natural gas pipeline for
a gas export project continue, Dow Jones notes, citing Mr. Guarderas.

Mr. Guarderas told Dow Jones, "The negotiations continue.  We are looking at
rates, among other things."

The project, says Dow Jones, involves expanding existing pipeline
infrastructure to feed an LNG plant Peru LNG -- a joint venture led by Hunt
Oil Co. with South Korea's SK Corp. and Repsol YPF -- is constructing.

The Peruvian government will hold contract renegotiation talks with Calidda
Gas Natural, which is responsible for the gas distribution network in Lima,
Dow Jones states.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

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




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


DORAL FINANCIAL: Appoints M. Domingo as Executive Vice President
----------------------------------------------------------------
Doral Financial Corp. reported that Marangal (Marito) Domingo, a highly
experienced banking professional, has agreed to join Doral as Executive Vice
President-Chief Investment Officer and Treasurer.  Mr. Domingo will begin
with the company by the end of September.

Glen Wakeman, the Chief Executive Officer of Doral, said, "We are building
Doral's new senior management team and are delighted to have attracted a
highly experienced executive of Marito's caliber.  His experience,
encompassing treasury and investments, as well as operations and strategic
direction, makes him an excellent addition to our executive team."

Mr. Domingo will provide management expertise and leadership for Doral's
treasury activities in support of its ongoing growth strategies.  He will
provide Doral with more than 20 years of knowledge, skills and experience in
retail and commercial banking.

Mr. Domingo had served as Executive Vice President, Finance & Strategy at
Countrywide Bank, N.A. -- a member of the Countrywide Financial Corp. family
of companies.

Before Countrywide, Mr. Domingo served as President and Chief Executive
Officer of Downey Financial Corp., where he was responsible for setting the
bank's strategic direction and managing day-to-day operations.

Mr. Domingo was with Washington Mutual as EVP of Capital Markets and was
responsible for all of its mortgage capital markets businesses.  He also
served as Treasurer for Washington Mutual.

Doral Financial Corp. -- http://www.doralfinancial.com/
-- a financial holding company, is the largest residential
mortgage lender in Puerto Rico, and the parent company of Doral
Bank, a Puerto Rico based commercial bank, Doral Securities, a
Puerto Rico based investment banking and institutional brokerage
firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal
savings bank based in New York City.

                        *    *    *

As reported in the Troubled Company Reporter on June 13, 2006,
Standard & Poor's Ratings Services lowered its long-term ratings
on Doral Financial Corp. (NYSE: DRL), including the company's
long-term counterparty rating, to 'B+' from 'BB-'.  At the same
time, Doral's outlook remains on CreditWatch with negative
implications.




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


BRITISH WEST: Gov't Approves Creation of New Regional Airline
-------------------------------------------------------------
The government of Trinidad & Tobago has approved a substantial capital
injection for the creation of Caribbean Airlines, a new regional airline
that would take the place of British West Indies Airlines aka BWIA, the Sun
Weekend reports.

The government of Trinidad and Tobago owns 97.188% of BWIA, which will be
closed down after 66 years of service.

Caribbean Airlines, says the Sun Weekend, will be based at Piarco -- the
international airport of Trinidad.  It will start operating early in 2007,
once it gets local and international regulatory approval.

The Sun Weekend relates that Caribbean Airlines will provide regional air
transport within the Caribbean and between the Caribbean and major
international cities.

Meanwhile, BWIA will continue uninterrupted service to its valued clients
while its management ensures a faultless transition to Caribbean Airlines,
the Sun Weekend says.

According to the report, Caribbean Airlines will inherit the long, safe and
respected experience of BWIA.

Peter Davies, the chief executive officer of BWIA, told the Sun Weekend that
the equity injection will allow Caribbean Airlines to operate an effective,
efficient and profitable customer oriented service reflecting the needs of
the communities within the Caribbean.  It will also ensure that the vital
links to world centers continue to reflect the rising commercial and
industrial importance of Trinidad & Tobago while recognizing the essential
responsibilities of trade and community within the region.

The Sun Weekend emphasizes that Mr. Davies said the mandate he received
through the Board of Directors from the Government of Trinidad and Tobago
allowed the management and staff of BWIA to recognize the dynamic changes
that are affecting the global airline industry as well as position Caribbean
Airlines in an increasing competitive context.

Mr. Davies told the Sun Weekend, "We are looking to the 21st century whilst
being empathic to our historical past; determination, passion and focus will
allow us to build a future and respond honorably to the loyalty that
customers have demonstrated over the years."

According to the Sun Weekend, Caribbean Airlines will welcome all tickets
bought for travel on BWIA.  BWEE Frequent Flyer air miles and Club BWEE
memberships will transfer and qualify on the new airline to ensure client
continuity and confidence.

The Sun Weekend underscores that BWIA will give BWIA shareholders details on
the closure of the airline and their shareholdings.

The report notes that BWIA representatives and the unions are holding talks
on the closure of BWIA and the separation of workers.  Eligible BWIA workers
will be offered separation packages and will be given the opportunity to
apply for positions with Caribbean Airlines.  The new packages will be
competitive.  BWIA will also assist workers with outplacement services to
secure new opportunities.

Caribbean Airlines will conduct heavy maintenance and repair checks on its
turboprop aircraft and on other carriers, the Sun Weekend states.

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.




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


* M. Roberts to Lead Alvarez & Marsal's Southeast Expansion
-----------------------------------------------------------
Alvarez & Marsal, the independent, privately-held global
professional services firm, reported that Mark A. Roberts, a
managing director and veteran turnaround professional, has
relocated from Phoenix to the firm's Vienna, Virginia office,
where he will lead the expansion of the Southeast Regional
Restructuring practice to the Mid-Atlantic area.  In addition to
Vienna, A&M's Southeast Region includes offices in Atlanta, Miami and
Charlotte, North Carolina.

Mr. Roberts, who has been with A&M for five years and has more
than 16 years of industry and consulting experience, specializes
in the development of operational and financial strategies for
corporate turnarounds and bankruptcy restructurings, and has
advised numerous clients in pre-bankruptcy and post-bankruptcy
scenarios.  He also provides operational due diligence and
business plan development services, fiduciary services, as well as
litigation support and testimony and analysis for complex
bankruptcies and other legal matters.

"Mark is a seasoned turnaround professional whose experience and
knowledge have been invaluable to the firm," said Bill Runge, co-head of the
Southeast Region.  "His location in Northern Virginia is a testament to the
firm's commitment to best serve our core middle-market clients in the
Southeast Region, and beyond."

Mr. Roberts is currently serving as the chief restructuring
advisor for a US$500 million manufacturing company located in the
Mid-Atlantic area of the United States.  Throughout the course of his
career, he has served as lead advisor or executive management of numerous
engagements spanning a variety of industries, including service, restaurant
and hospitality, real estate and resort, manufacturing, retail,
construction, long-term healthcare and technology.

                     Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is an
independent global professional services firm, specializing in
providing performance improvement, turnaround management and
corporate advisory services, with professionals based in locations across
the US, Europe, Asia, and Latin America.  Drawing on a strong operational
heritage and hands-on approach, the firm's professionals work closely with
organizations and stakeholders to help tackle complex business issues and
maximize value.  In recognition of its work with Warnaco, Inc. and Spiegel
Inc., A&M received the Turnaround Management Association's "Turnaround of
the Year" award in 2003 and 2005, respectively.  In addition to Performance
Improvement, Turnaround Management, Crisis and Interim Management and
Creditor Advisory Services, Alvarez & Marsal offers a range of integrated
professional services including Transaction Advisory, Corporate Finance,
Dispute Analysis and Forensics, Tax Advisory, Business Consulting, and Real
Estate Advisory.


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA,
and Beard Group, Inc., Frederick, Maryland USA.  Marjorie C. Sabijon, Sheryl
Joy P. Olano, Stella Mae Hechanova, and Christian Toledo, Editors.

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

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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publishers.

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

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


           * * * End of Transmission * * *