TCRLA_Public/060921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Thursday, September 21, 2006, Vol. 7, Issue 188

                          Headlines

A R G E N T I N A

ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
BANCO HIPOTECARIO: Discloses Final Results of Tender Offer
COMPANIA DE ALIMENTOS: Says US Case will Interfere with Concurso
DDM SA: Deadline for Verification of Proofs of Claim Is Feb. 6
ENTOOLS SA: Individual Reports Due In Court on Sept. 27

GRINFA SA: Verification of Proofs of Claim Is Until Oct. 18
SANCOR COOP: Missing Sept. 30 US$10-Million Payment to Banks
INDUSTRIAS METALURGICAS: Fitch Arg Confirms D (arg) Rating
SECURITY CONSULTING: Verification of Claims Is Until Oct. 20
TELEFONICA DE ARGENTINA: Launches Speedy Teletrabajo Broadband

WELAND SA: Reorganization Proceeding Concluded
YPF SA: Parent Enters Climate Leadership Index

B A H A M A S

WINN-DIXIE: Wants Retroactive Approval on 12 Lease Agreements

B A R B A D O S

BRITISH WEST: Union Secretary Okays Transition Plans

B E L I Z E

* BELIZE: Launching Exchange Offer to Restructure Overseas Bonds

B E R M U D A

REFCO: Ad Hoc Equity Panel Balks at Exclusive Period Extension

B O L I V I A

INTERNATIONAL PAPER: Repurchases About US$1.385B of Common Stock

* BOLIVIA: Gov't Names Carlos Villegas as New Hydrocarbons Head

B R A Z I L

BANCO CRUZEIRO: Moody's Rates US$125 Million Senior Notes at Ba3
BANCO NACIONAL: Romi to Seek BRL18 Million Funding from Firm
COMPANHIA SIDERURGICA: Wheeling-Pitt Confirms Progress on Deal
MILACRON CORP: Contributes US$30 Million to Pension Obligation
RIPASA SA: Fitch Affirms & Withdraws BB+ Issuer Default Ratings

TAM SA: To Add Zurich & Geneva to Flight Destinations
TAM SA: To Operate Flights in Rio Branco
USINAS SIDERURGICAS: Expects BRL140MM Profit in Residue Sales

C A Y M A N   I S L A N D S

AATRIUM FUND: Proofs of Claim Filing Deadline Is Set for Oct. 6
ARGENT NIM: Last Day for Proofs of Claim Filing Is on Oct. 5
ASIA PROJECT: Creditors Must File Proofs of Claim by Oct. 4
BANK OF INDIA: Board Approves Entry to Life Insurance Business
CASTILLON INSURANCE: Filing of Proofs of Claim Is Until Oct. 5

FINISTERRE LOCAL (FUND): Proofs of Claim Must be Filed by Oct. 5
FINISTERRE LOCAL (MASTER): Claims Filing Deadline Is on Oct. 5
GRAND CONSTELLATION: Proofs of Claim Filing Is Until Oct. 5
HUTCHISON WHAMPOA: Proofs of Claim Filing Deadline Is on Oct. 5
KRAKOW LEASING: Creditors Have Until Oct. 6 to File Claims

LOT LEASING: Creditors Must Present Proofs of Claim by Oct. 6
MUSASHINO INVESTMENT: Proofs of Claim Must be Filed by Oct. 5
S&S REAL: Creditors Must Submit Proofs of Claim by Oct. 5
SHARMSHIR INVESTMENTS: Proofs of Claim Must be Filed by Oct. 5
SPHERIC INT'L: Last Day to File Proofs of Claim Is on Oct. 4

C H I L E

ARAMARK CORP: Names Liza Cartmell Group Pres. In Sports & Ent.
VTR GLOBALCOM: Eyes Chilean Mobile Virtual Network Market

C O L O M B I A

* COLOMBIA: Discloses Final Results on Purchase Offer on Bonds

C O S T A   R I C A

BANCO INTERNACIONAL: S&P Affirms BB/B Counteparty Credit Rating

D O M I N I C A N   R E P U B L I C

BANCO MULTIPLE: Joins Caribbean Global Trade Finance Program
BANCO LEON: Posts DOP57.8 Mil. Second Quarter 2006 Net Profits

* DOMINICAN REPUBLIC: Reviews Bilateral Pacts with Venezuela

J A M A I C A

AIR JAMAICA: Managers Get Union Representation
DELTA AIR: Moody's Withdraws Debt Ratings
KAISER ALUMINUM: Clark Public Balks at Claims Disallowance Order
NATIONAL COMMERCIAL: Largest Commercial Bank in Jamaica

* JAMAICA: Cement Imports Ease Nation's Cement Crisis

M E X I C O

FREESCALE SEMICON: CEO Says No Major Changes After Going Private
FREESCALE SEMICONDUCTOR: Develops Multi-Chip Products with ELMOS
DIRECTV: Expands Operations with Avid Mediastream Installation
DIRECTV INC: Extends US$500 Mil. IT Outsourcing Contract with HP
FORD MOTOR: Moody's Lowers Corporate Family rating to B3 from B2

FORD MOTOR: S&P Downgrades Corporate Credit Rating to B from B+
GENERAL MOTORS: Fitch Updates Recovery Prospects Upon Default
HERBALIFE: Appoints Stacy Brovitz as Sr. VP of Global Operations
PORTRAIT CORP: Gets Interim OK to Retain Berenson as Advisor
PORTRAIT CORP: Chap. 11 Filing Spurs Moody's to Withdraw Ratings

SATELITES MEXICANOS: Court Gives Final OK on KCC as Notice Agent
SATELITES MEXICANOS: Judge Drain Okays Payment of Prof. Fees

N I C A R A G U A

* NICARAGUA: Launches Concession Tender for 3 Geothermal Blocks

P A N A M A

CHIQUITA BRANDS: Faces Lawsuit Over E.coli Infection
CHIQUITA BRANDS: Workers Hold Protest at Unit on Payment Methods
SOLO CUP: Restating Fiscal 2005, 2004, 2003 Financial Statements

* PANAMA: Canal Authority Inks Contract with Idaan

P E R U

* PERU: Tax Agency Says Game Owners Owe State PEN260 Million

P U E R T O   R I C O

DORAL FINANCIAL: Paying US$25MM to Resolve US SEC Fraud Charges
G+G RETAIL: Disclosure Statement Hearing Set for Oct. 17
MUSICLAND HOLDING: Inks Pact on Treatment of Best Buy Documents
MUSICLAND HOLDING: Wants Solicitation Procedures Approved

U R U G U A Y

* URUGUAY: Creating Private-Public Group for Rail Lines Repair

V E N E Z U E L A

BANESCO BANCO: Posts VEB162 Billion First Half Net Income
PETROLEO BRASILEIRO: Reports Wrong Revenue Figure, Says Seniat
PETROLEOS DE VENEZUELA: Building Oil Refinery in Vietnamn
PETROLEOS DE VENEZUELA: Starts Drilling Activities in Ayacucho

* VENEZUELA: Reviews Bilateral Pacts with Dominican Republic
* VENEZUELA: Starts Drilling with Iran in Bloc Ayacucho 7
* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
----------------------------------------------------------------
Acxiom(R) Corp. quantified the expected cumulative financial
impact of the successful completion of the proxy contest with
ValueAct Capital, the anticipated completion of the Dutch
Auction Self Tender, an US$800 million credit facility, and
other items reported on the first-quarter earnings conference
call held July 26, 2006.  The net impact of these items will
reduce the midpoint of the original fiscal year 2007 Financial
Road Map earnings target by six to seven cents per fully diluted
share.

The six- to seven-cent reduction reflects the anticipated impact
for fiscal 2007 of these five items:

The fiscal 2007 Road Map targets, communicated during the fiscal
2006 year-end conference call on May 17, 2006, were based on
90 million weighted average shares outstanding.  Subsequently,
the company reported a net 2 million share increase related to
greater-than-expected exercises of 2.5 million stock options,
partially offset by share repurchases of 0.5 million shares.
The net increase of approximately 2 million shares will increase
the fiscal 2007 weighted average share count to 91 million, a
weighted average increase of 1 million shares that is expected
to result in a reduction of one cent in fiscal 2007 EPS.

The company incurred proxy contest expenses related to financial
and non-financial advisory fees of approximately US$1.2 million
in addition to expenses previously reported.  These fees were
not anticipated in the earlier fiscal 2007 Road Map targets and
are expected to reduce fiscal 2007 EPS by approximately one
cent.

The company expects to repurchase up to US$300 million of its
shares through the Dutch Auction Self Tender scheduled to close
on Sept. 12, 2006.  The impact on the weighted average fully
diluted shares outstanding for fiscal 2007 is expected to be a
reduction of approximately 6.0 to 6.5 million shares or an
increase to fiscal 2007 EPS of approximately seven to eight
cents.

The company expects to incur incremental interest expense of
approximately US$14.3 million related to the incremental
borrowings under the new credit facilities scheduled to close on
Sept. 15, 2006.  These borrowings are to fund the DAST,
restructure existing debt and be available for general corporate
purposes.  These costs are anticipated to result in an
approximate 10-cent reduction in fiscal 2007 EPS.

During the first-quarter earnings conference call, the company
reported that its effective tax rate for fiscal year 2007 was
expected to be 39%.  Previously reported targets anticipated an
effective tax rate of 38%.  The one percentage point increase is
expected to result in an approximate two-cent reduction in
fiscal 2007 EPS.

"Since the fiscal 2006 year-end conference call, we have
publicly provided a significant amount of information to
investors, and management is clarifying that information so that
shareholders have a more complete view of Acxiom's full-year
earnings expectation for fiscal year 2007.  While the amounts
for the DAST and the credit facilities continue to be estimates,
we do not expect the final amounts to differ materially from our
current expectations," said Frank Cotroneo, Acxiom's Chief
Financial Officer.

                   About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brasil, Argentina and Mexico.


BANCO HIPOTECARIO: Discloses Final Results of Tender Offer
----------------------------------------------------------
Banco Hipotecario S.A. disclosed the final results of its tender
offer, which expired Sept. 18, 2006, at 11:59 p.m., New York
City Time, to purchase for cash all of its outstanding:

   -- Series 1 10% Notes due 2003,
   -- Series 3 10.625% Notes due 2006,
   -- Series 4 13% Notes due 2008,
   -- Series 6 12.25% Notes due 2002,
   -- Series 16 12.625% Notes due 2003,
   -- Series 17 9% Notes due 2002,
   -- Series 22 8.75% Notes due 2002,
   -- Series 23 10.75% Notes due 2004,
   -- Series 24 9% Notes due 2005, and
   -- Series 25 8% Notes due 2005.

In connection with the Tender Offer, the Bank received the
aggregate principal amounts of each of the series listed below,
including certain Eligible Notes tendered prior to 11:59 p.m.,
New York City time on July 31, 2006, which were accepted and
purchased by the Bank on Aug. 4, 2006.  The Bank anticipates
that Eligible Notes validly tendered after 11:59 p.m. New York
City time on July 31, 2006, but prior to Sept. 19, 2006, will be
accepted and purchased by the Bank on Sept. 22, 2006.

As of the date of this press release, theses amounts of Eligible
Notes had been tendered in the Tender Offer:

               U.S. Dollar-Denominated Eligible Notes


Series      Description      Aggregate Principal      Aggregate
                                Amt Outstanding     Principal
                                                        Amt
                                                      Tendered

Series 1  10% Notes due 2003   US$11,217,000       US$2,012,000

Series 3  10.625% Notes
            due 2006              US$707,000          US$347,000

Series 4  13% Notes due 2008      US$540,000          US$100,000

Series 6  12.25% Notes due 2002   US$679,000          US$529,000

Series 16 12.625% Notes
             due 2003           US$9,931,000        US$1,176,000

Series 24 9% Notes due 2005     US$5,359,000        US$1,298,150

Total                          US$28,433,000        US$5,462,150


                  Euro-Denominated Eligible Notes


Series     Description        Aggregate Principal     Aggregate
                                 Amt Outstanding      Principal
                                                         Amt
                                                       Tendered

Series 17  9%  Notes due 2002       EUR710,000         EUR85,000

Series 22  8.75%  Notes due 2002    EUR125,000          [None]

Series 23  10.75%  Notes
                  due 2004        EUR5,081,000        EUR527,000

Series 25  8%  Notes due 2005     EUR4,445,213        EUR811,400

Total                            EUR10,361,213      EUR1,423,400

The Tender Offer was not made to residents of the Republic of
Italy, as the Bank did not seek the regulatory approval
necessary to extend the offer to Italian Holders of Eligible
Notes.  On Sept. 18, 2006, the Bank requested authorization from
the Commissione Nazionale per le Societa e la Borsa to commence
a tender offer in Italy for Eligible Notes that will remain
outstanding following settlement of the Tender Offer, with the
commencement of such an offer being conditioned on receipt of
such authorization.

Citigroup Global Markets Inc. is acting as the Dealer Manager
for the Tender Offer, Dexia Banque Internationale a Luxembourg
is acting as the Luxembourg Depository, Citibank Agency & Trust
is acting as the Depositary, and Global Bondholder Services
Corp.is acting as the Information Agent.

Questions may be directed to:

          Citigroup Global Markets Inc.
          Attention: Liability Management Group
          Tel: (800) 558-3745 (toll free)
               +1 (212) 723-6108 (collect)

Requests for documents should be directed to:

          Global Bondholder Services Corp.
          Information Agent
          Tel: (866) 873-7700 (toll free)
               +1 (212) 430-3774 (collect)

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

                        *    *    *

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

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

                        *    *    *

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

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

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

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

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

Moody's affirmed these ratings:

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

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

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

                        *    *    *

Fitch Ratings Services upgraded on Aug. 4, 2006, these ratings
of Banco Hipotecario:

   -- Foreign and local currency long term IDRs upgraded: to B
      from B-, with a Stable Outlook;

   -- Short-term IDR affirmed at 'B';

   -- Individual rating affirmed at 'D'; and

   -- Support rating affirmed at '5'.

The rating of its US$1.2 billion Global Medium Term Notes
Programme and US$250 million 10-year unsubordinated fixed-rate
note were both upgraded to 'B/RR4' from 'B-/RR4.


COMPANIA DE ALIMENTOS: Says US Case will Interfere with Concurso
----------------------------------------------------------------
Argentine baked-goods company Compania de Alimentos Fargo SA
launched a public-relations salvo Friday against a group of
bondholders that filed an involuntary bankruptcy petition
against the company in the United States.

In a statement to the Buenos Aires Stock Exchange, Fargo said
the bondholders' petition, filed Sept. 11, "will tarnish the
ongoing legal procedures in Argentina and will generate more
legal costs for the company."

Fargo, which is jointly owned by Mexico's Grupo Bimbo and
Mexican businessman Chico Pardo, has been locked in protracted
Argentine bankruptcy proceedings, known as a concurso, since it
defaulted on its debts in 2002.

The filing bondholders, who are led by London-based emerging
market investors Rainbow Advisers and Argo Capital Investors and
who represent 60% of the principal face value of Fargo's
outstanding bonds, say the proceedings have been unfairly
manipulated by the shareholders.

They say their filing in the US Bankruptcy Court for the
Southern District of New York is aimed at forestalling what they
say are likely moves by Bimbo and Pardo to liquidate Fargo's
assets and in this way force them to accept a payout worth less
than 18% of the total claim on their bonds.

Replying to the litigants' complaints about the unfairness of a
2005 Argentine court decision denying them the right to vote the
full principal value of their claim in a bankruptcy process,
Fargo said that in bondholder assemblies this year the two funds
had already "rejected the possibility of recovering their right
to vote."

Fargo said this meant that the funds had effectively approved
"the continuation of the concurso and that the company be
allowed to issue its bankruptcy proposal with the goal of
arriving at an agreement with its creditors."

Fargo also noted, however, that the court decision on the voting
rights is under appeal in Argentina.

Meanwhile, Bimbo also questioned the creditors' petition.  The
group said in a filing to the Mexican stock exchange that it
will oppose these actions and defend itself against the
proceedings.  The company added that it "considers these actions
to be unfunded and they only intend to interfere with the
bankruptcy proceedings in Argentina, as well as obstruct the
rights of Fargo's creditors in such jurisdiction."

Headquartered in Buenos Aires, Argentina, Compania de Alimentos
Fargo, S.A., is controlled by the Mexican investor Chico Pardo
(70%) and the Bimbo group (30%).  The company is currently
restructuring US$185 million in debts, from which US$120 million
belong to Obligaciones Negociables.

Fargo's bondholders comprised of Rainbow Global High Yield Fund,
Argo Capital Investors Fund SPC, The Star Fund and The Rainmac
Fund filed an involuntary chapter 11 case against the company on
Sept. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12128).  David
Eaton, Esq., at Kirkland & Ellis LLP represents the petitioners.
The petitioners hold approximately US$82,390,000 in bonds.


DDM SA: Deadline for Verification of Proofs of Claim Is Feb. 6
--------------------------------------------------------------
Marcela Vainberg, the court-appointed trustee for DDM S.A.'s
bankruptcy case, verifies creditors' proofs of claim until
Feb. 6, 2007.

Under the Argentine bankruptcy law, Ms. Vainberg is required to
present the validated claims in court as individual reports.
Court No. 14 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 DDM and its
creditors.

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

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

Clerk No. 27 assists the court in the proceeding.

The debtor can be reached at:

         DDM S.A.
         Gallardo 431
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcela Vainberg
         Lavalle 2024
         Buenos Aires, Argentina


ENTOOLS SA: Individual Reports Due In Court on Sept. 27
-------------------------------------------------------
Angel Vello Vazquez, the court-appointed trustee for Entools
S.A.'s bankruptcy proceeding, will deliver in court individual
reports on Sept. 27, 2006.

The reports are based on creditors' proofs of claim that were
verified until Aug. 16, 2006.  Court no. 17 in Buenos Aires will
determine if the verified claims are admissible, taking into
account the challenges and objections raised by Entools 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 Entool's accounting
and banking records will follow on Nov. 8, 2006.

Clerk No. 34 assists the court in this case.

The debtor can be reached at:

         Entools S.A.
         Uruguay 880
         Buenos Aires, Argentina

The trustee can be reached at:

         Angel Vello Vazquez
         Sarmiento 1586
         Buenos Aires, Argentina


GRINFA SA: Verification of Proofs of Claim Is Until Oct. 18
-----------------------------------------------------------
Estudio Viscaret, Panelli y Asociados, the court-appointed
trustee for Grinfa S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 18, 2006.

Estudio Viscaret will present the validated claims in court as
individual reports on Nov. 29, 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 Grinfa and its creditors.

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

Estudio Viscaret will also submit a general report that contains
an audit of Grinfa's accounting and banking records.  The report
submission date has not been disclosed.

Estudio Viscaret is also in charge of administering Grinfa's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Estudio Viscaret, Panelli y Asociados
         Peron 1605
         Buenos Aires, Argentina


SANCOR COOP: Missing Sept. 30 US$10-Million Payment to Banks
------------------------------------------------------------
Argentine dairy cooperative SanCor has decided, after a meeting
with creditor banks, that it will delay a US$10 million
principal and interest payment it is supposed to make on
Sept. 30 and undertook to allow the inCorp.of a new partner that
will inject fresh funds.  With the inCorp.of a new partner,
SanCor will continue to be a cooperative.  But it will set up a
new Corp.with the new investor.  The company will transfer a
percentage of shares to be determined, according to the
proposals of interested investors.

SanCor has already hired a consultancy firm to deal with
potential new shareholders.  With an annual billing of ARS1.5
billion (US$487 million), SanCor is one of the most interesting
companies in the Argentine food sector.

New Zealand's Fonterra, which is already exporting SanCor's
products to most of the world, and Danish Arla Foods, are said
to be interested in becoming partners.  Arla shares a plant in
the Cordoba province with SanCor.

The freezing of prices and the doubling of export withholdings
led to the re-restructuring of SanCor's US$196 million debt.
The company lost over US$20 million due to these unexpected
measures.

The government forced state-owned banks, such as Nacion, Ciudad
and Provincia, to condone SanCor's debt.  Other local banks,
such as Credicoop, also backed the government's request.  The
interest was that SanCor remained in Argentine hands.

However, the International Finance Corporation, one of the
creditors, was against this measure and demanded that SanCor was
capitalized, either by its own partners (the cooperatives) or a
third party.

Creditors decided to back SanCor in the inCorp.of a new partner
and agreed to delay the US$7 million principal part of the
payment due Sept. 30, until the company has been capitalized.
However, they requested the US$3 million interest part to be
paid.  SanCor informed the National Stock Exchange Commission
that this payment will be made in three installments:

    -- 20% will be paid on Sept. 29,
    -- 30% on Oct. 31 and
    -- 50% on Nov. 30.

Headquartered in Sunchales, Santa Fe, Argentina, SanCor is
comprised of 63 active co-ops in the dairy milk industry,
located throughout the territory of the provinces of Santa Fe,
Cordoba and Buenos Aires. Sancor is one of the largest milk
processors and marketers in Argentina, with a strong market
share, very well known brand names, and a wide presence in the
retail channel.

As reported on Aug. 14, 2006, SanCor's debts were rated raCCC by
Standard & Poor's:

  -- Obligaciones Negociables Serie 3 for US$75,800,000, issued
     under the program of ONs for US$300 million;

  -- Program of Obligaciones Negociables for US$300,000,000; and

  -- Serie 2, for US$19,000,000, included under the program of
     ONs for US$300 million.


INDUSTRIAS METALURGICAS: Fitch Arg Confirms D (arg) Rating
----------------------------------------------------------
Fitch Argentina confirmed the BB- (arg) rating to the
Obligaciones Negociables Series 8, 9, 10, 11 and 12 issued by
IMPSA aka Industrias Metalurgicas Pescarmona SA, and the D (arg)
rating the ONs Series 2 for US$150 million (effective balance
US$804,000).


The rating assigned to IMPSA's Obligaciones Negociables Series
8, 9, 10, 11 and 12 shows the improvement in the payment
capacity of their financial commitments as from the execution of
new projects, which represent a slight growth of the company's
funds for the next four years.

The same incorporates the high leverage of its capital
structure, the historical volatileness of its operative margins,
as well as the concentration in the income by project.  Also,
Fitch Ratings confirms the rating D (arg) to the remaining for
US$804.000 nominal value and US$381.051 for interests, of the
ONs Serie 2 to be due and unpaid.

Fitch understands that although IMPSA registers a loss in their
banking debt during the last year, it still keeps a high
leverage in its capital structure.  However, when considering
the maturities' profile in relation to the income expected for
the projects in portfolio for the next four years.  The company
has an acceptable re-payment capacity according to the rating
assigned.

Although the access to new funding is restricted, the execution
of new agreements is not limited, allowing the company to access
to credits under these agreements.

IMPSA shows a high ratio of capitalization at a consolidated
level (74% to April 2006), with a Total Financial Debt of US$256
million (it includes US$11.7 million interests), almost all in
dollars.

The TFD was mainly made up by the ONs issued as a result of the
liabilities restructuring  (US$170.8 million including accrued
interests), and banking debt (US$83 million to that date,
falling near 50% versus Jan. 2005).


SECURITY CONSULTING: Verification of Claims Is Until Oct. 20
------------------------------------------------------------
Ernesto Carlos Borzone, the court-appointed trustee for Security
Consulting S.R.L.'s bankruptcy case, verifies creditors' proofs
of claim until Oct. 20, 2006.

Mr. Borzone will present the validated claims in court as
individual reports on Nov. 17, 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 Security Consulting 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 Grinfa's accounting
and banking records will follow on Feb. 1, 2007.

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

The trustee can be reached at:

         Ernesto Carlos Borzone
         Cuenca 1464
         Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Launches Speedy Teletrabajo Broadband
--------------------------------------------------------------
Telefonica de Argentina said in a press release that it has
launched Speedy Teletrabajo -- a broadband option that allows
small and medium-sized enterprises to extend access to workers'
homes.

Business News Americas relates that the service is part of the
Speedy LAN Office service provided by Telefonica Negocios --
Telefonica de Argentina's corporate communications unit.
Negocios has earmarked ARS78 million investments to develop
products and services for the small and medium-sized enterprises
segment in 2006.

According to BNamericas, the basic service includes a high-speed
Internet connection with email boxes.

BNamericas has also launched:

          -- Speedy Teletrabajo Plus option, which includes an
             incoming telephony line, and

          -- Speedy Teletrabajo Full, which includes incoming
             and outgoing telephony.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina S.A. -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *    *    *

Moody's Investors Service upgraded on May 27, 2006, the ratings
on Telefonica de Argentina, S.A.'s Corporate Family Rating
(foreign currency) to B2 from B3 with stable outlook; Foreign
currency issuer rating to B2 from B3 with stable outlook; and
Senior Unsecured Rating (foreign currency) to B2 from B3 with
stable outlook.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 10, 2006,
its 'B' long-term foreign currency corporate credit rating on
the Argentine telecom incumbent Telefonica de Argentina S.A.,
following the company's announcement of a proposal from its
Board of Directors of a capital reduction of ARS1,048 million
(equivalent to approximately US$340 million) to optimize its
capital structure.  This transaction is subject to the approval
of the Argentine Stock Exchange and the Securities Exchange
Commission (Comision Nacional de Valores).  S&P said the outlook
is stable.


WELAND SA: Reorganization Proceeding Concluded
----------------------------------------------
Weland S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after a Court No. 10 in Buenos Aires with
assistance from Clerk No. 19, approved the debt agreement signed
between the company and its creditors.

The debtor can be reached at:

         Weland S.A.
         Avenida San Martin 3925
         (1752) L.del Mirador - Bs. As.
         Phone: 4454-5858
         Fax: 4655-4687
         E-mail: weland@ssdnet.com.ar


YPF SA: Parent Enters Climate Leadership Index
----------------------------------------------
YPF S.A.'s parent company Repsol YPF has been included in the
Climate Leadership Index and declared one of the Best in Class
for its strategy and policy of transparency regarding climate
change.  This index comprises the top 50 companies in the
Financial Times 500 Index on the strength of their climate
change policies.

The Chairman and CEO of Repsol YPF, Antonio Brufau, expressed
his satisfaction for this recognition which, "confirms the sound
line of strategy adopted in its day to combat the phenomenon of
climate change, and stimulates us to continue working in this
same direction."

This strategy, according to Antonio Brufau, "is based on three
lines of action:  participation in the carbon finance market,
reduction of greenhouse gas emissions, and the development of
clean projects."

Apart from its strategy, the company was also judged on the
correct evaluation of the risks and opportunities for its
business activity deriving from climate change, and the quality
and effectiveness of the plans and programs set in place to
reduce greenhouse gases.

In order to be accepted in this selective index, Repsol YPF had
to pass scrutiny on the ten highest carbon impact clusters, such
as investment in new technologies for emission reduction, the
management and reporting of emission inventories, investment in
measures for energy saving and efficiency, etc.

The Climate Leadership Index is established yearly by the Carbon
Disclosure Project (CDP) (a venture designed to coordinate the
responses to questions on greenhouse gas emissions asked of the
FT500 companies quoted on the New York Stock Exchange),and
currently represents a group of 225 international investors
holding assets worth over US$31.5 billion.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2006, Moody's Investors Service upgraded YPF Sociedad
Anonima's rating under the revised foreign currency ceilings:

   -- Foreign Currency Corporate Family Rating: to B2 from B3;
       Outlook remains Negative.

Moody's affirmed these five ratings:

   -- Issuer Rating (domestic currency): Baa2/NEG;

   -- Senior Unsecured Rating (foreign currency): Ba2/NEG;

   -- Senior Unsecured Rating MTN (foreign currency): Ba2/NEG;

   -- Senior Secured Shelf Rating (foreign currency):
      (P)Ba2/NEG; and

   -- Senior Unsecured Shelf Rating (foreign
      currency):(P)Ba2/NEG.




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


WINN-DIXIE: Wants Retroactive Approval on 12 Lease Agreements
------------------------------------------------------------
Before their bankruptcy filing, Winn-Dixie Stores Inc. and its
debtor-affiliates leased each of these stores from the landlords
and subleased them to other parties:

Store No.  Landlord                        Subtenant
---------  --------                        ---------
  62 (FL)  John C. Strougo                   N/A
692 (FL)  Crystal Beach Plaza Investors  Nielsen Media Research
992 (MA)  WBFV, Inc.                     Food Lion LLC
1487 (MS)  145 Associates, Ltd.           Piggly Wiggly Alabama
                                            Distributing Co.
1563 (LA)  P.S. Franklin, Ltd.               N/A
1564 (LA)  W-D Oakdale, LLC               Real Estate, Inc.
1682 (KY)  Chester Dix Pikeville Corp.    K-VA-T Food Stores
1838 (GA)  JA-Rivermont, et al. (building)   N/A
1838 (GA)  Rivermont Square Assoc. (land)    N/A
1987 (GA)  Holbrook Heritage Hills LP     All American Quality
                                            Foods, Inc.
1991 (GA)  Marketplace Club LLC           Goodwill Industries of
                                            North Georgia, Inc.
2047 (NC)  BHBS, Inc.                     Philip & Karen Lawson
                                          & Michael & Tammy Page

D.J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in  New York, relates that, during the pendency of the Debtors'
Chapter 11 cases, each of the Landlords and Subtenants have
entered into agreements with the Debtors either terminating or
assigning the Leases and Subleases.

The postpetition agreements are:

Store No.  Agreement                        Effective Date
---------  ---------                        --------------
  62       Lease Termination Agreement        11/30/2005

692       Assignment and Release of Lease
             Obligations Agreement             8/31/2006

992       Sublease Termination Agreement      9/09/2005

1487       Assignment and Lease Assumption;
             Sublease Termination Agreement
             & Notice of Lease Assignment     10/31/2005

1563       Lease Termination Agreement         8/19/2005

1564       Assignment and Lease Assumption
             & Sublease Assignment            10/31/2005

1682       Assignment and Lease Assumption;
             Sublease Termination Agreement
             & Notice of Lease Assignment     12/31/2005

1838-Bldg. Land Lease Modification & Sublease
             Termination Agreement; Assignment
             & Assumption of Land Lease &
             Sublease                          6/01/2006

1838-land  Land Lease Modification & Sublease
             Termination Agreement; Assignment
             & Assumption of Land Lease &
             Sublease                          6/01/2006

1987       Assigment & Lease Assumption;
             Sublease Termination Agreement   12/28/2005

1991       Lease Termination Agreement;
             Sublease Termination Agreement   12/31/2005

2047       Sublease Termination Agreement      8/10/2005

Pursuant to the Agreements, the Landlords and Subtenants have
also waived all claims they may have against the Debtors.

The Debtors ask the Court to approve the Agreements
retroactively to the date the respective Agreement was executed.

Mr. Baker tells the U.S. Bankruptcy Court for the Southern
District of New York that, by entering into the Agreements,
Winn-Dixie will avoid any and all claims by the Landlords and
Subtenants for any damages arising under the Leases and
Subleases.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The company
completed in August the sale of its 12 stores in the Bahamas.
The company, along with 23 of its U.S. subsidiaries, filed for
chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No.
05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case
Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


BRITISH WEST: Union Secretary Okays Transition Plans
----------------------------------------------------
Sir Roy Trotman, the general secretary of the Barbados Workers
Union, agreed to the plans of British West Indies Airlines aka
BWIA to make a seamless transition to Caribbean Airlines
Limited, Caribbean Broadcasting Corp. reports.

However, Mr. Trotman wants to find out more from the BWIA
management about the kind of packages the airline will be
offering the employees, CBC relates.

According to CBC, BWIA management met with union officials and
the workers at Solidarity House.  Barbara Weekes and Jerry
Gibbons represented the management team, along with consultant
Ian Ashman.  Meanwhile, Mr. Trotman headed the union delegation,
along with some workers.

The talks that occurred between parties had been cordial, CBC
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.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and reopen a
new airline that will be called Caribbean Airlines on
Jan. 7, 2007.  The government approved a substantial capital
injection for the creation of Caribbean Airlines.




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


* BELIZE: Launching Exchange Offer to Restructure Overseas Bonds
----------------------------------------------------------------
Senior officials of the government of Belize told Dow Jones
Newswires that the government aims to launch an exchange offer
to restructure its overseas bonds by the end of 2006.

Dow Jones relates that the officials said the government is
waiting for the International Monetary Fund aka IMF to ratify
the latest economic projections, which are expected in Oct..

Once the IMF grants its approval on the projects, the final
round of negotiations with creditors could begin, Dow Jones
notes, citing the officials.

The officials told Dow Jones that the government would then
launch the formal exchange offer, preferably by the end of 2006.

According to Dow Jones, the officials said that the government
will issue a new bond to replace the six series of existing
bonds and commercial loans.  Their preference is for an
amortizing bond that would be paid back in several installments,
rather than a bullet bond with a single payment in the final
year.

Government figures show that Belize has about US$1.1 billion in
total debt, including US$338 million in six series of bonds and
US$253 million in commercial loans, which are targeted under the
debt restructuring, Dow Jones states.

Dow Jones underscores that the government owes US$371 million to
multilateral and bilateral loans and US$116 million in domestic
debt.

The officials told Dow Jones that 30 creditors own 80% of the
Belize's bonds.  The creditors, however, didn't get together to
form a creditors' committee.  The negotiations will be conducted
on an individual basis.

Dow Jones emphasizes that negotiations with the private sector
creditors have been positive.  The government has highlighted
the problems facing the Belize economy.

One of the officials told Dow Jones, "All creditors understand
there is a serious situation in Belize and a restructuring is
inevitable.  There is a sizable (financing) gap that needs to be
filled."

According to the report, Belize has suffered from hurricanes,
high oil prices and lower export revenues, which the officials
say are not the result of a temporary liquidity squeeze -- the
problem faced by the Dominican Republic and Uruguay.

"So the solution is going to look different," the officials told
Dow Jones.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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




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


REFCO: Ad Hoc Equity Panel Balks at Exclusive Period Extension
--------------------------------------------------------------
Refco Inc., and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend, for an
additional 95 days, the periods for them to:

   -- exclusively file a Chapter 11 plan through and including
      Dec. 5, 2006; and

   -- solicit acceptances of that plan until Feb. 3, 2007,

without prejudice to the Debtors' right to seek further
extensions of the Exclusive Periods, the Troubled Company
Reporter reported on Sept 8, 2006.

                Ad Hoc Equity Panel Objects

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
wants any request for extension of exclusivity as to Refco,
Inc., and New Refco Group Ltd., LLC, denied because the Debtors
have failed to meet their burden to demonstrate cause for an
exclusivity extension for those two entities.

Extending exclusivity will hold parent equity hostage to a
process that seems geared at forcing Refco and New Refco to
surrender to the global plan apparently being negotiated without
any input from the Ad Hoc Equity Committee, Paul N. Silverstein,
Esq., at Andrews Kurth, LLP, in New York, explains.

Mr. Silverstein relates that the Debtors have refused to include
the Ad Hoc Equity Committee in ongoing plan negotiations,
despite the fact that the Ad Hoc Equity Committee represents
legitimate stakeholders of Refco and New Refco, and constitutes
the only group at those levels not hopelessly conflicted.

"Rather than extending exclusivity, cause exists to reduce the
exclusive periods so that parent equity may propose a Chapter 11
plan that would appoint a much-needed sole fiduciary for Refco
and New Refco," Mr. Silverstein contends.

The Ad Hoc Equity Committee has repeatedly asked the Debtors for
their analysis of claims filed against Refco and New Refco, Mr.
Silverstein tells Judge Drain.  To date, the Debtors have
provided only summaries of claims registers, with no analysis.

The registers, Mr. Silverstein points out, demonstrate a filing
frenzy by lower level creditors who have improperly filed over
US$5,000,000,000 worth of false and duplicative claims against
Refco and New Refco, entities that each owe creditors no more
than US$16,000,000 according to the Debtors' amended -- and
presumably studied and verified -- schedules and the master
intercompany proof of claim.

The Ad Hoc Equity Committee suspects that a plan is being
formulated that will withdraw the disputed, duplicative claims
at the lower levels, where the debt -- represented by the
creditor's committee -- exists, to allow a speedy distribution
at that level.  "These are not fiduciaries to Refco and New
Refco at work here," Mr. Silverstein says.

The Ad Hoc Equity Committee consists of JMB Capital Partners,
LP; Lonestar Capital Management, LLC; Mason Capital Management;
Smith Management LLC; and Triage Management LLC.

                        *    *    *

The Court adjourns the hearing to consider the Debtors' request
until Oct. 5, 2006, at 10:00 a.m.

In the interim, the Debtors' exclusive period to file a
reorganization plan is extended until the Court rules on the
Extension Motion.

                     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)




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


INTERNATIONAL PAPER: Repurchases About US$1.385B of Common Stock
----------------------------------------------------------------
International Paper reported the final results of its modified
"Dutch Auction" tender offer, which expired at 12:00 midnight,
New York City time, on Sept. 13, 2006.

International Paper has accepted for purchase 38,465,260 shares
of its common stock at a price of US$36.00 per share for a total
cost of approximately US$1.385 billion.  These shares represent
approximately 7.8 percent of the shares outstanding as of
Sept. 18, 2006.  Because International Paper is purchasing all
of the shares tendered, no proration is required.

The depositary will promptly pay for the shares accepted for
purchase.  Upon completion of the tender offer, International
Paper has approximately 454.8 million shares of common stock
outstanding.  Goldman, Sachs & Co. and UBS Securities LLC served
as dealer managers for the tender offer.  D.F. King & Co., Inc.
served as information agent and Mellon Investor Services served
as the depositary. Shareholders and investors who have questions
or need information about the tender offer may call D.F. King &
Co., Inc. at (800) 487-4870.

                  About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *    *    *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


* BOLIVIA: Gov't Names Carlos Villegas as New Hydrocarbons Head
---------------------------------------------------------------
The Bolivian government has named Carlos Villegas as the new
hydrocarbons minister in the wake of Andres Soliz's resignation.

Mr. Villegas was former minister of planning.  Prior to becoming
part of the Morales government in January, Villegas was director
of development studies at Universidad Mayor de San Andres in La
Paz, Bloomberg News says.

Mr. Soliz, who stated personal reasons for his resignation, made
his decision a day after his decree to strip Brazil's state-oil
firm, Petroleo Brasileiro SA, of the right to export fuel from
its Bolivian refineries, was suspended by vice president Alvaro
Garcia Linera.  Three other officials also submitted their
resignations, according to local paper La Razon.

In his resignation letter, the former minister did not mention
about the suspension of his decree, but emphasized instead on
the success of Bolivia's energy nationalization.

"The nationalization gave impetus to our people's process of
regaining their dignity and self-esteem, which neoliberal and
racist policies had acted to destroy," Reuters quoted Mr.
Soliz's letter.

An analyst quoted by Reuters believed that the dispute involving
Petroleo Brasileiro could have spurred Mr. Soliz's resignation.

"This is another signal that the government is having problems
with its nationalization plan," Eduardo Paz, vice president of
CAINCO, a Bolivian business association, said in an interview
with Bloomberg.  "Villegas is one of the chief men that the
government has in charge of its entire economic plan, a plan
that will be very dependent on natural gas revenue. So this is a
move that makes sense."

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


BANCO CRUZEIRO: Moody's Rates US$125 Million Senior Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency rating to Banco Cruzeiro do Sul S.A.'s US$125,000,000
5-year senior unsecured notes, amortiizing in equal installments
in years 2009, 2010 and 2011.  The notes are being issued under
BCSul's US$500 million Global Euro Medium-term Note Program.
The outlook on the rating is stable.

Moody's stated that the Ba3 bond rating incorporates Banco
Cruzeiro do Sul's fundamental credit quality, which is reflected
in its Ba3 global local-currency deposit rating, and which
includes all relevant country risks.  At this rating level,
BCSul's foreign currency bond rating is unconstrained by
Brazil's country ceiling.

Banco Cruzeiro do Sul is headquartered in Sao Paulo, Brazil and
had BRL2.6 billion (US$880 million) in total assets and BRL162.6
million (US$84.6 million) in shareholders' equity as of
June 2006.


BANCO NACIONAL: Romi to Seek BRL18 Million Funding from Firm
------------------------------------------------------------
Romi, a metalworking firm in Brazil, said in a filing with Sao
Paulo's Bovespa stock exchange that it plans to seek BRL18
million financing from Banco Nacional de Desenvolvimento
Economico e Social aka BNDES, Business News Americas reports.

Without providing specific details, Romi told BNamericas that
the financing would be used for equipment.

                         About Romi

Headquartered in Sao Paulo, Brazil, Romi was founded in 1930.
It builds machine tools and cast iron parts.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook. 75% are small
producers and has a staff of 1,400 employees.  After
implementation of the wheat crushing plant, it is expected that
the project will generate 76 direct and 50 indirect jobs.


COMPANHIA SIDERURGICA: Wheeling-Pitt Confirms Progress on Deal
--------------------------------------------------------------
The United Steelworkers or USW has reported that the management
of Wheeling-Pittsburgh Corp. has withdrawn the Companhia
Siderurgica Nacional transaction proposal from consideration at
the Nov. 17 annual meeting of Wheeling-Pitt shareholders.

"We're pleased that Wheeling-Pitt's management has now
recognized that this proposal did not have the support of the
USW and therefore cannot be completed," said Dave McCall,
Director of USW District 1.  "In a sign of good faith, the USW
has settled its grievance over the 'Right to Bid' provision in
the Wheeling-Pitt Collective Bargaining Agreement," he said.
The settlement assures that at the upcoming meeting the
shareholders will have a clear choice between Esmark's slate of
directors and a continuation of the status quo.

Mr. McCall called on the Wheeling-Pitt Board of Directors to
reconsider its opposition to the proposed Esmark proposal and
focus its energies on ensuring the viability of the company.

"We believe the Esmark proposal holds the greatest promise for
Wheeling-Pitt's future," Mr. McCall continued.  "In the Union's
view, Esmark's financial strength, management team and strategic
vision will bring a strong commitment to rebuilding WPSC and the
communities and steel families in the Ohio Valley.  Esmark has a
large and diverse steel buying customer base, is strategically
located in the Midwest, and would bring US$200 million of cash
to the proposed merger."

Mr. McCall also made clear that the Union will continue to
oppose any effort to bring forward the CSN transaction and will
use the Successorship provisions of its Collective Bargaining
Agreement to block that deal.  According to McCall, "No amount
of fancy footwork can obscure the fact that the Union has clear
approval rights on the CSN deal.  And after our extensive
conversations with both CSN and Wheeling-Pitt management, that
approval will not be forthcoming.

"As management has stated, they have been working on finding a
strategic partner for eighteen months.  With CSN not an option,
the Company needs to focus on the deal that can get done --
Esmark -- and do what's right for all concerned."

            Wheeling-Pittsburgh Responds to USW's Report

However, Wheeling-Pittsburgh strongly refuted incorrect reports
contained in the United Steelworkers Union's press release.
Further, the Company stated that it and the Union have agreed to
settle a grievance involving the length of the right to bid
period in their agreement, and together have set Oct. 15, 2006,
as the conclusion of the time period.

Accordingly, the Company said that Wheeling-Pittsburgh and CSN
fully expect to execute definitive agreements as soon as
possible after Oct. 15, 2006, following which Wheeling-
Pittsburgh will promptly file its required proxy statement with
the SEC, and the Company expects to hold a special shareholder
meeting on the proposed CSN transaction in Jan., 2007.

"Reports that the CSN proposal has been terminated are simply
not factual," said James G. Bradley, Chairman and CEO of the
Company.  "I want to state clearly that there is no change in
our commitment to finalize arrangements between CSN and
Wheeling-Pittsburgh. We have worked with the Union to settle a
grievance involving the length of the right to bid period and
together have set Oct. 15 as the conclusion of the time period.
This gives our shareholders a clear roadmap to Jan. 2007, when
we anticipate holding a special shareholder meeting to approve
the proposed CSN transaction.  Additionally, CSN has said that
if the Union leadership were to consent, CSN would consider
providing a cash alternative to its offer on the current merger
proposal."

Mr. Bradley noted that Esmark's proposal was considered by
Wheeling-Pittsburgh's Board of Directors and was rejected
because it was an inferior bid with unsubstantiated claims.

"Esmark does not have a bid on the table.  Since its proposal
was rejected, it has never resubmitted a proposal or enhanced
its previous offer," Mr. Bradley said.  "We continue to support
the CSN arrangements because it represents an outstanding
opportunity to enhance shareholder value while moving Wheeling-
Pittsburgh to a new level of financial and steel manufacturing
performance.  It also will benefit our current employees and
retirees, as well as future generations of Wheeling-Pittsburgh
steelmakers."

No merger proposal is to be voted on at the Company's Annual
Shareholders meeting on Nov. 17, 2006.  Wheeling-Pittsburgh
shareholders will vote to elect the Company's board of
directors, choosing between the Company's slate of current
directors designated by the independent nomination committee and
a slate supported by Esmark. Esmark has made no proposal to
merge with Wheeling- Pittsburgh for consideration by
shareholders at that meeting.

"The CSN proposal will not be voted on by Wheeling-Pittsburgh
shareholders at the Nov. shareholders meeting to ensure our
shareholders have adequate time to consider CSN's proposal," Mr.
Bradley said.  "I would also note that we do not believe the
Successorship clause in our collective bargaining agreement
prevents us from concluding the merger proposal between
Wheeling-Pittsburgh and CSN."

Wheeling-Pittsburgh supports its proposed arrangement with CSN,
a world-class steel producer because it will create a Company
that is well-capitalized and financially strong, with a more
flexible cost structure, broader value- added product offering
and significant incremental earnings potential.

Esmark, by comparison, is a steel distributor with a limited
track record and little management experience in steel
production.

                 About Wheeling-Pittsburgh

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

           About Companhia Siderurgica Nacional

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

                        *    *    *

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

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

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


MILACRON CORP: Contributes US$30 Million to Pension Obligation
--------------------------------------------------------------
Milacron Inc. launched a voluntary advance contribution to its
U.S. defined benefit plan of approximately US$30 million on
Sept. 15.  Credit for this pre-funding will eliminate any
contributions required in 2007, currently estimated at
approximately US$57 million.

Milacron raised the bulk of the prepayment, approximately
US$18 million, through the liquidation of investments for non-
qualified retirement plans for executives. The company also used
approximately US$2 million in proceeds from the recent sale of a
previously closed facility as well as approximately US$6 million
in cash repatriated from outside the U.S. The balance,
approximately US$4 million, was borrowed through its revolving
credit facility.

Milacron is currently in the process of selling various other
non-core, non-operating assets such as land, facilities and
equipment made redundant through current and previous
consolidations.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated US$805 million over the
last twelve months.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 12, 2006,
Moody's Investors Service affirmed the Caa1 corporate family
ratings of Milacron Inc. and the Caa1 rating of the Company's
US$225 million of 11.5% guaranteed senior secured notes due
2011.


RIPASA SA: Fitch Affirms & Withdraws BB+ Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' foreign currency and local
currency issuer default ratings of Ripasa S.A. Celulose e
Papel's, as well as its 'AA-(bra)' national scale rating.

Simultaneously, Fitch withdraws all of these ratings.  The
withdrawal of these ratings is a result of the joint acquisition
of Ripasa by Votorantim Celulose e Papel or VCP and Suzano Papel
e Celulose and the subsequent migration of the shareholders of
Ripasa to VCP and Suzano.


TAM SA: To Add Zurich & Geneva to Flight Destinations
-----------------------------------------------------
TAM S.A. will offer to its passengers as of Oct., two more
destinations in Europe -- Zurich and Geneva, in Switzerland.
The flights will be operated in code-share with Air France,
company with a partnership with TAM for seven years.  With this,
TAM increases international presence through direct flights,
code-share and commercial agreements with other airlines.

Besides the two Swiss cities, the code-share with AirFrance
includes eight other destinations in France (Bordeaux, Lyon,
Montpellier, Nice, Nantes, Strasbourg, Marseille and Toulouse),
and makes possible the connection to more than 30 other
destinations in Europe.

TAM has direct flights to:

   -- Paris (two daily frequencies),
   -- New York (daily frequency),
   -- Miami (three daily frequencies),
   -- Buenos Aires (42 weekly frequencies) and
   -- Santiago in Chile (daily frequency).

Through TAM Mercosur, it operates to six other destinations:

   -- Asuncion and Ciudad del Este (Paraguay),
   -- Montevideo and Punta del Este (Uruguay),
   -- Santa Cruz de la Sierra and
   -- Cochabamba (Bolivia).

The company also has a daily flight to Lima, in Peru, through a
code-share operation with Taca.  As of Oct. 28, TAM will operate
a daily flight to London from where the passenger will be able
to connect to 50 other European cities through commercial
agreements signed with foreign companies.  These special
agreements already established with 51 airlines worldwide allows
TAM's passengers to travel, through the basis in Miami, New York
and Paris, and soon London, to a variety of destinations in
Europe, Asia, Middle East, USA and South America.  In the
international segment, TAM reached a market share of 54.6%
according to the ANAC (the National Civil Aviation Agency) in
Aug. 2006.

                         About TAM

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

                        *    *    *

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


TAM SA: To Operate Flights in Rio Branco
----------------------------------------
TAM S.A. will start flights to the city of Rio Branco, state of
Acre, as of Oct. 2, 2006.  This route will be operated by a new
Airbus A320 aircraft, which will be delivered by the end of
September.  With this new destination, the Company will fly to
all 26 capitals in Brazil and Brasilia.  With this new
destination, TAM expands its network offering flights to 48
destinations in the Brazilian territory.  Considering the
commercial agreements with regional companies, TAM is now able
to reach 73 domestic destinations.  With this new A320, TAM
strengthens its policy of operating a young aircraft fleet,
offering more comfort to the passengers with a high technology
product.

                         About TAM

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

                        *    *    *

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


USINAS SIDERURGICAS: Expects BRL140MM Profit in Residue Sales
-------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A. aka Usiminas said in a
statement that it expects to get BRL140 million from sales of
steelmaking process residues in 2006.

Business News Americas relates that Usiminas' forecast includes:

        -- cast and forged products,
        -- gases, and
        -- solid residues like cinder, an essential component
           for cement manufacturing.

The 2005 revenue from total residue sales came in at around this
year's forecast, BNamericas states, citing a Usiminas press
official.

The press official told BNamericas, "The BRL140 million revenue
alone would position Usiminas in the number 251 spot in the
ranking of the largest companies in Minas Gerais state."

The official declined to provide BNamericas an estimated sales
figure for 2007, saying that it is hard to predict how much
residue will be produced in 2007.

Headquartered in Minas Gerais, Brazil, Usiminas is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries. Brazil consumes 80%
of its products and the company's largest export markets are the
U.S. and Latin America.

                        *    *    *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais S.A. -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  The
outlook on the corporate credit rating is stable.

                        *    *    *

Moody's Investors Service assigned on June 7, 2006, a Ba2
foreign currency rating to the proposed senior unsecured bonds
to be issued by Cosipa Commercial Ltd., a subsidiary of
Companhia Siderurgica Paulista -- Cosipa based on the Cayman
Islands, in the amount of approximately US$200 million with
bullet maturity in 2016, under the US$500 million Medium Term
Notes Program of Usinas Siderurgicas de Minas Gerais S.A. --
Usiminas and Cosipa.  The rating outlook is stable.




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


AATRIUM FUND: Proofs of Claim Filing Deadline Is Set for Oct. 6
---------------------------------------------------------------
Aatrium Fund's creditors are required to submit proofs of claim
by Oct. 6, 2006, to the company's liquidators:

          Allen Bernardo
          Anne Mervyn
          Harmonic Fund Services
          4th Floor, Cayman Corporate Centre
          27 Hospital Road
          P.O. Box 940, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Aatrium Fund's shareholders agreed on Aug. 22, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ARGENT NIM: Last Day for Proofs of Claim Filing Is on Oct. 5
------------------------------------------------------------
Argent Nim 2004-WN6's creditors are required to submit proofs of
claim by Oct. 5, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Argent Nim's shareholders agreed on Aug. 22, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


ASIA PROJECT: Creditors Must File Proofs of Claim by Oct. 4
-----------------------------------------------------------
Asia Project Holdings II Co. Ltd.'s creditors are required to
submit proofs of claim by Oct. 4, 2006, to the company's
liquidators:

          Jamal Young
          Janet Crawshaw
          P.O. Box 1109, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634

Creditors who are not able to comply with the Oct. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Asia Project's shareholders agreed on Aug. 22, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


BANK OF INDIA: Board Approves Entry to Life Insurance Business
--------------------------------------------------------------
Bank of India's board cleared a proposal for the Bank's entry
into life insurance business by forming a joint venture with Dai
Ichi Mutual Life Insurance Company of Japan and another Indian
partner, TradingMarkets.Com reports.

Dai Ichi Mutual Life Insurance Company is the second largest
fife insurance company of Japan and sixth largest in the global
life insurance industry by written premium.

                      About Bank of India

Bank of India -- http://www.bankofindia.com-- 2628 branches in
India spread over all states/ union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds. It also extends finance to
small and medium enterprises and small-scale industries. It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank operations in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *    *     *

On Sept. 8, 2006, Standard & Poor's Ratings Services assigned
its BB- rating to Bank of India's (BoI; BB+/Positive/B) proposed
upper Tier II subordinated and hybrid Tier I notes under its
US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P has earlier given Bank of India both its long-term local and
foreign issuer credit ratings a BB+, and its short-term foreign
and local issuer credit a B rating.


CASTILLON INSURANCE: Filing of Proofs of Claim Is Until Oct. 5
--------------------------------------------------------------
Castillon Insurance Company, Ltd.'s creditors are required to
submit proofs of claim by Oct. 5, 2006, to the company's
liquidator:

          Glen Trenouth
          BDO Tortuga
          5th Floor, Zephyr House
          Mary Street
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Castillon Insurance's shareholders agreed on Aug. 3, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Glen Trenouth
          P.O. Box 31118 SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 943 8800
          Fax: (345) 943 8801


FINISTERRE LOCAL (FUND): Proofs of Claim Must be Filed by Oct. 5
----------------------------------------------------------------
Finisterre Local Markets Fund's creditors are required to submit
proofs of claim by Oct. 5, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Finisterre Local's shareholders agreed on Aug. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


FINISTERRE LOCAL (MASTER): Claims Filing Deadline Is on Oct. 5
--------------------------------------------------------------
Finisterre Local Markets Master Fund's creditors are required to
submit proofs of claim by Oct. 5, 2006, to the company's
liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Finisterre Local's shareholders agreed on Aug. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


GRAND CONSTELLATION: Proofs of Claim Filing Is Until Oct. 5
-----------------------------------------------------------
Grand Constellation, Inc.'s creditors are required to submit
proofs of claim by Oct. 5, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Grand Constellation's shareholders agreed on Aug. 3, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


HUTCHISON WHAMPOA: Proofs of Claim Filing Deadline Is on Oct. 5
---------------------------------------------------------------
Hutchison Whampoa Hongville Finance Limited's creditors are
required to submit proofs of claim by Oct. 5, 2006, to the
company's liquidators:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Hutchison Whampoa's shareholders agreed on July 25, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


KRAKOW LEASING: Creditors Have Until Oct. 6 to File Claims
----------------------------------------------------------
Krakow Leasing Limited's creditors are required to submit proofs
of claim by Oct. 6, 2006, to the company's liquidators:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


LOT LEASING: Creditors Must Present Proofs of Claim by Oct. 6
-------------------------------------------------------------
Lot Leasing Limited's creditors are required to submit proofs of
claim by Oct. 6, 2006, to the company's liquidators:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


MUSASHINO INVESTMENT: Proofs of Claim Must be Filed by Oct. 5
-------------------------------------------------------------
Musashino Investment Limited's creditors are required to submit
proofs of claim by Oct. 5, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


S&S REAL: Creditors Must Submit Proofs of Claim by Oct. 5
---------------------------------------------------------
S&S Real Estate Cayman Co., Ltd.'s creditors are required to
submit proofs of claim by Oct. 5, 2006, to the company's
liquidators:

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

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

S&S Real's shareholders agreed on Aug. 22, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


SHARMSHIR INVESTMENTS: Proofs of Claim Must be Filed by Oct. 5
--------------------------------------------------------------
Sharmshir Investments Limited's creditors are required to submit
proofs of claim by Oct. 5, 2006, to the company's liquidators:

          T.C. Directors (Channel Islands) Limited
          Lefebvre Court, Lefebvre Street
          St. Peter Port, Guernsey GY1 4BS Channel Islands

Creditors who are not able to comply with the Oct. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sharmshir investments' shareholders agreed on Aug. 16, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          T.C. Directors (Channel Islands) Limited
          c/o Colin Shaw & Co
          Alamander Way
          Grand Pavilion, West Bay Road
          P.O. Box 10173 APO
          Grand Cayman, Cayman Islands
          Tel: (345) 945-3301
          Fax: (345) 945-3302


SPHERIC INT'L: Last Day to File Proofs of Claim Is on Oct. 4
------------------------------------------------------------
Spheric International, Ltd.'s creditors are required to submit
proofs of claim by Oct. 4, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 4 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Spheric International's shareholders agreed on Aug. 17, 2006,
for the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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




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


ARAMARK CORP: Names Liza Cartmell Group Pres. In Sports & Ent.
--------------------------------------------------------------
ARAMARK Corp. named Liza Cartmell as Group President, ARAMARK
Sports and Entertainment.

Ms. Cartmell, who will report directly to Andrew Kerin,
President, ARAMARK Domestic Food, Hospitality and Facilities,
will be responsible for the overall direction and management of
ARAMARK Sports and Entertainment, which provides food, facility,
retail, lodging and other services at over 300 stadiums, arenas,
convention centers, tourist attractions, parks and resorts,
conference centers and other sites across North America.

"I am pleased to welcome Liza back to ARAMARK and have her join
our senior leadership team," said Mr. Kerin.  "Our clients,
customers and organization will benefit from her leadership,
expertise and knowledge of the sports and entertainment
industry."

Ms. Cartmell, who first joined ARAMARK in 1989, served the
company with distinction in a variety of leadership roles.  Most
notably, she was an integral member of the ARAMARK Sports and
Entertainment leadership team from 1994 to 2004, rising from CFO
of Sports and Entertainment to President of Stadiums and Arenas
to President of the Sports and Entertainment Group.

"I am excited about leading a tremendously talented team that is
focused on enhancing, expanding, and providing outstanding
experiences, environments and outcomes for our clients and
customers," said Ms. Cartmell.  "As an industry leader, we have
an excellent opportunity to better share and address the needs
of existing and new clients."

Prior to joining ARAMARK 17 years ago, Ms. Cartmell served for
seven years with Mellon Bank.  She earned her bachelor's degree
in Economics from Wellesley College and her MBA from Columbia
University.

                       About ARAMARK

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Mexico, Brazil and Chile.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from  'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating
and senior unsecured debt ratings for both ARAMARK Corporation
and its wholly owned subsidiary, ARAMARK Services, Inc., to 'BB-
' from 'BBB'.  The ratings remain on Rating Watch Negative.


VTR GLOBALCOM: Eyes Chilean Mobile Virtual Network Market
---------------------------------------------------------
Mateo Budinich -- the chief executive officer of VTR Globalcom
SA -- told Diario Financiero that the firm is considering
becoming a mobile virtual network operator.

VTR Globalcom is exploring all opportunities in the mobile
market to expand the number of services available, Business News
Americas relates, citing Mr. Budinich.

"One of those is mobile telephony and so far, despite our
serious efforts to enter this market, we have not been able to,"
Mr. Budinich told BNamericas.

According to Business News Americas, VTR Globalcom first
attempted to enter the mobile market in April, when it made a
bid to acquire 25Mhz of spectrum sold by Movistar Chile.  The
sale of the spectrum was part of conditions laid down by the
anti-monopoly commission TDLC when Telefonica Moviles decided to
form the Movistar unit through the merger of BellSouth Chile and
Telefonica Movil units in 2005.

BNamericas underscores that VTR Globalcom's current largest
project is the development of Wi-Max technology, which would
give the firm an 80% boost in its customer base.

However, the project was delayed when rival Telefonica Chile
filed a lawsuit, pointing out irregularities in the concessions
process, according to the report.

VTR Globalcom would develop its Wi-Max business plan -- which
would take one year -- once the legal process is solved,
BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2006, Standard & Poor's Ratings Services assigned its
'B' long-term corporate credit ratings to VTR GlobalCom S.A.,
the largest Chilean cable TV operator.  The outlook is stable.

At the same time, Sandard & Poor's is assigning a 'B' senior
secured debt rating to the forthcoming senior secured credit
facilities for up to US$725 million, which consist of:

   -- Facility A for up to CLP124.5 billion (approximately
      US$225 million) with final maturity in 2013;

   -- Facility B for US$475 million (denominated in U.S.
      dollars) with final maturity in 2014; and

   -- A revolver facility for CLP13.8 billion (approximately
      US$25 million) with a final maturity 6.5 years after the
      first drawdown date.




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


* COLOMBIA: Discloses Final Results on Purchase Offer on Bonds
--------------------------------------------------------------
The Republic of Colombia disclosed the final results of its
previously announced offer to purchase for cash its 11.75% bonds
due 2020, 8.375% bonds due 2027 and 10.375% bonds due 2033, on
the terms and subject to the conditions set in an Offer to
Purchase, dated Sept. 6, 2006.

The table sets the aggregate principal amount of each series of
Bonds purchased, the applicable Purchase Price per US$1,000
principal amount for each series calculated in accordance with
the Offer to Purchase, and the aggregate principal amount of
each series of Bonds remaining outstanding following the
completion of the Offer.


Bonds:                                    11.75% bonds due 2020
ISIN:                                     US195325AU91
Principal Amount Outstanding
as of Sept. 6, 2006:                      US$1,075,000,000
Aggregate Principal Amount Purchased:     US$278,941,000
Purchase price (US$):                     1,425.21
Approx. Aggregate Principal Amount
Remaining Outstanding After Settlement:   US$796,059,000

Bonds:                                    8.375% bonds due 2027
ISIN:                                     US195325AL92
Principal Amount Outstanding
as of Sept. 6, 2006:                      US$180,762,000
Aggregate Principal Amount Purchased:     US$25,857,000
Purchase price (US$):                     1,149.87
Approx. Aggregate Principal Amount
Remaining Outstanding After Settlement:   US$154,905,000

Bonds:                                    10.375% bonds due 2033
ISIN:                                     US195325BB02
Principal Amount Outstanding
as of Sept. 6, 2006:                      US$504,121,000
Aggregate Principal Amount Purchased:     US$163,610,000
Purchase price (US$):                     1,386.98
Approx. Aggregate Principal Amount
Remaining Outstanding After Settlement:   US$340,511,000

TOTAL:
Principal Amount Outstanding
as of Sept. 6, 2006:                      US$1,759,883,000
Aggregate Principal Amount Purchased:     US$468,408,000
Approx. Aggregate Principal Amount
Remaining Outstanding After Settlement:   US$1,291,475,000

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

Goldman, Sachs & Co. and Merrill Lynch & Co. acted as joint
Dealer Managers for the Offer.

                        *    *    *

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.




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


BANCO INTERNACIONAL: S&P Affirms BB/B Counteparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Aug. 29, 2006,
its 'BB/B' counterparty credit rating on Banco Internacional de
Costa Rica S.A. aka BICSA.

The ratings reflect BICSA's increased efficiency, rising to 63%
at June 2006 from 70% in 2005, surging from less expenses and
provisions.  The increase in net interest income is attributable
to 21% loan growth after several stagnant years.  Factors
constraining the ratings include:

   -- a concentration in credit exposure, deposit base, and
      capital in Costa Rica (BB/stable/B);

   -- a decreased capitalization level; and

   -- profitability that is lower than that of its peers.

The ratings are balanced by the slimmer organizational
structure, the refocusing in trade finance, its core business,
and better financial performance.

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

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

Outlook

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




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


BANCO MULTIPLE: Joins Caribbean Global Trade Finance Program
------------------------------------------------------------
Banco Multiple Leon SA has become the first private bank to join
the Caribbean Global Trade Finance Program, Dominican Today
reports, citing the International Finance Corp. aka IFC -- the
private arm of the World Bank.

A press release states that the IFC's Global Trade Finance
Program will allow the Banco Leon to boost its financial trade
business in the region, establishing relationships with banks in
nations that export to the Dominican Republic like:

          -- Brazil,
          -- Mexico, and
          -- Colombia.

Antonio Alves -- an IFC expert in Latin American trade issues --
told Dominican Today that Banco Leon will also be able to offer
more financial trade products to its customers.

According to Dominican Today, the Global Trade Finance Program
has a US$500 million budget for the promotion of trade with
emerging markets at the global level.  It supports asset flows
and services to and from developing nations.

Dominican Today underscores that through the Global Trade
Finance Program, the IFC provides guarantees to banking risks in
emerging markets, allowing beneficiaries to increase their
commercial transactions within a vast network of nations and
banks while expanding the reach of financial trade.

"A key objective for the IFC in the Caribbean region is to
support import-oriented businesses and support the growth of
small and medium size businesses.  The Global Trade Finance
Program helps us to implement this strategy," Dominican Today
says, citing Salem Rohana -- IFC's resident representative in
the Dominican Republic.

Manuel Pena-Morros -- the president of Banco Leon -- told
Dominican Today that the IFC would boost the firm's development
in the Dominican Republic's international businesses.

Dominican Today emphasizes that Mr. Pena-Morros said, "We are
delighted to embark on this relationship with the IFC through
the Global Trade Finance Program. This support will enable us to
continue our development while raising the potential of
businesses devoted to international trade in the Dominican
Republic."

The IFC has approved a credit line for Banco Leon, reports from
the US state.

Fitch Ratings assigned these ratings to Banco Multiple Leon SA:

          -- CCC+ long-term issuer default rating;
          -- C short-term rating;
          -- BBB(DOM) national long-term rating;
          -- F3(DOM) national short-term rating;
     -- Outlook Positive


BANCO LEON: Posts DOP57.8 Mil. Second Quarter 2006 Net Profits
--------------------------------------------------------------
Banco Multiple Leon SA aka Banco Leon reported net profits of
DOP57.8 million net profits in the second quarter of 2006,
Dominican Today relates.

Bank Leon posted these results for the second quarter of 2006:

          -- total assets increased 13.2% to DOP23.211 billion
             in June 2006, compared with June 2005;

          -- loans portfolio rose 34% to DOP12.702 billion;

          -- expired portfolio decreased to 4.2% in June 2006,
             from 9.17% in June 2005;

          -- assets earmarked as a percentage of the total
             assets dropped to 0.6% in June 2006 from 2.99% in
             June 2005;

          -- financial margin stands at DOP584.2 million in
             2006, representing 83% of the total margin achieved
             in 2005; and

          -- liquidity coefficient was 37.3%, much higher than
             the required 20%.

Banco Leon said in a press release that results to June 2006
ratify the continuity of the bank's advances towards exceeding
its financial and operational objectives.  The figures reflect
the growth of the productive portfolio as well as improvements
resulting from its permanent quest for efficiency and synergy.

Manuel Pena-Morros -- Banco Leon's president -- told Dominican
Today that the bank had focused on controlling administrative
costs, which have been kept below accumulated inflation levels
and in line with the savings in 2005.

Dominican Today relates that Banco Leon said that a DOP600
million capital increase would be implemented during the second
half of the year.

According to Dominican Today, about DOP300 million of the
capital increase would come from the total subscription of the
emission of subordinate debt the Banking Superintendence and
Superintendent of Securities ratified.

Banco Leon mentioned to Dominican Today that its plans drafted
for the year's second half included:

          -- opening of 14 new branches;

          -- improving its Internet and telephone banking
             services;

          -- expansion of its ATM network and new product
             development, including recent innovations in ads;
             and

          -- launching of Deferred Credit for its Credit Card
             holders, and the Gold Visa Siremas, a product
             offered jointly with the Ramos retail group.

                        *    *    *

Fitch Ratings assigned these ratings to Banco Multiple Leon SA:

          -- CCC+ long-term issuer default rating;
          -- C short-term rating;
          -- BBB(DOM) national long-term rating;
          -- F3(DOM) national short-term rating;
     -- Outlook Positive


* DOMINICAN REPUBLIC: Reviews Bilateral Pacts with Venezuela
------------------------------------------------------------
Leonel Fernandez -- the president of the Dominican Republic --
has met with Hugo Chavez, his Venezuelan counterpart, to discuss
the bilateral agreements of the two nations, Dominican Today
reports.

Carlos Morales Troncoso -- the Dominican Chancellor -- told
Dominican Today that the encounter of the two presidents was
fruitful and harmonious.

Dominican Today relates that Mr. Troncoso disclosed earlier that
President Fernandez would meet with President Chavez to review
the accords that their two nations maintain on petroleum
provisioning.

According to Diario Libre, the Dominican Republic is seeking to
negotiate more favorable petroleum terms with Venezuela.

Mr. Troncoso refused to comment on whether or not the Dominican
Republic will use its aspiration for a United Nations Security
Council seat as a bargaining tool, Diario Libre states.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


AIR JAMAICA: Managers Get Union Representation
----------------------------------------------
A large group of Air Jamaica managers obtained union
representation after a representational rights poll late last
week, Radio Jamaica reports, citing the Bustamante Industrial
Trade Union or BITU.

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2006, Kavan Gayle -- the assistant general secretary of
BITU -- said that Air Jamaica employees will be distributed
between BITU and the National Workers Union.  As previously
reported, the Air Jamaica workers were taking part in a
representational rights poll the Jamaican Labor Ministry was
conducting to choose between BITU and the National Workers
Union.

The managers of Air Jamaica represent the latest group of
workers to be unionized, Radio Jamaica relates.

                        *    *    *

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


DELTA AIR: Moody's Withdraws Debt Ratings
-----------------------------------------
Moody's Investors Service withdrew the ratings assigned to the
debt issued by Delta Air Lines, Inc., as well as the ratings
assigned to Delta's Equipment Trust Certificates or ETC and
Enhanced Equipment Trust Certificates or EETC.  The EETC's
supported by monoline insurance company policies are not
affected by this action, and are rated Aaa with a stable
outlook.  The rating of the Comair, Inc. Pass Through
Certificates is also not affected as that debt is supported by
Export Development Canada.

Moody's withdrew the ratings of the unsupported debt (senior
unsecured rating at C because of the ongoing bankruptcy
proceedings of the airline.  In the case of the ETC and EETC
transactions, Moody's withdrew its ratings due to the lack of
sufficient information about the status of those securities to
maintain a current opinion.  Delta filed for protection under
Chapter 11 of the U.S. Bankruptcy Code in Sept. 2005 and has
defaulted on its debt obligations.  The company's reorganization
efforts are likely to generate little recovery for unsecured
debt holders, in Moody's view.  Some recovery for holders of
ETC's and EETC's is anticipated but will be highly dependent on
the value of the aircraft collateral, the structure of the
individual transactions and the outcome of negotiations between
Delta and the certificate holders.  Without reliable and
consistently available information Moody's is unable to maintain
current ratings for these transactions.

Delta Air Lines, Inc. is headquartered in Atlanta, Georgia.

Outlook Actions:

   Delta Air Lines, Inc.

      -- Outlook, Changed To Stable From Negative

Withdrawals:

  Delta Air Lines, Inc.

      -- Corporate Family Rating, Withdrawn, previously
         rated Caa2;

      -- Speculative Grade Liquidity Rating, Withdrawn,
         previously rated SGL-4;

      -- Senior Secured Enhanced Equipment Trust, Withdrawn,
         previously rated Caa3;

      -- Senior Secured Equipment Trust, Withdrawn, previously
         rated Ca;

      -- Senior Secured Shelf, Withdrawn, previously rated
         (P)B3;

      -- Senior Unsecured Conv./Exch. Bond/Debenture, Withdrawn,
         previously rated C;

      -- Senior Unsecured Medium-Term Note Program, Withdrawn,
         previously rated C;

      -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
         previously rated C;

      -- Senior Unsecured Shelf, Withdrawn, previously rated
         (P)C;


KAISER ALUMINUM: Clark Public Balks at Claims Disallowance Order
----------------------------------------------------------------
Public Utility District No. 1 of Clark County, doing business as
Clark Public Utilities, maintains that the Bankruptcy Court
order disallowing its claims should be reversed.

As reported in the Troubled Company Reporter on Dec. 21, 2005,
Clark Public filed general unsecured claims against Kaiser
Aluminum & Chemical Corporation:

    a. Claim Nos. 3122 in an unliquidated amount for certain
       refund ordered by the Federal Energy Regulatory
       Commission in an action commenced by Puget Sound Energy,
       Inc., a utility company in the Pacific Northwest; and

    b. Claim No. 7245 for US$63,716,317 for certain disgorgement
       ordered by the FERC for making a jurisdictional sale of
       power without prior FERC authorization in violation of
       the Federal Power Act.

The Debtors asked the Court for a summary judgment regarding
their motion to disallow and expunge the claims of Clark Public
Utilities citing that there are no disputed issues of material
fact so the Clark claims should be disallowed as a matter of
law.

As reported in the Troubled Company Reporter on April 3, 2006,
Clark Public objected to the Debtors' request for a summary
judgment regarding their motion to disallow and expunge the
claims of Clark Public.  Frederick B. Rosner, Esq., at Jaspan,
Schlesinger & Hoffman LLP, in Wilmington, Delaware, asserted
that the Debtors have failed to show that there are no genuine
issues of material fact in the dispute.

For reasons stated in open court, Judge Judith K. Fitzgerald
approved the Debtors' request for summary judgment and
disallowed Clark's Claim Nos. 3122 and 7245 in their entirety.

Mr. Rosner asserts that the Bankruptcy Court erred in failing to
yield to the Federal Energy Regulatory Commission's
jurisdiction.  He states that the federal agency has exclusive
jurisdiction over claims that power was sold without proper
authorization and that unjust and unreasonable rates were
charged for the sale of power.

Citing Cal. Dept. of Water Res. v Calpine Corp. (In re Calpine
Corp.), 337 B.R. 27, 38 (S.D.N.Y. 2006), appeal docketed, No.
06-0480-bk (2d Cir. Feb. 1, 2006), Mr. Rosner avers that the
Bankruptcy Court is required to yield to a federal regulatory
agency's exclusive jurisdiction as granted by the U.S. Congress.

Mr. Rosner also contends that barring Clark's claims is wholly
inequitable and inconsistent with the application of the
automatic stay and the doctrine of res judicata.

Under the elements of administrative res judicata, the
unauthorized sale claim is not barred because it was a different
cause of action than that at issue in the Puget Sound Proceeding
and because it was not a claim that was brought or could have
been brought in that proceeding, Mr. Rosner explains.

Furthermore, the unjust and unreasonable rate claim is also not
barred, Mr. Rosner contends, because the Puget Sound Proceeding
is currently on appeal and it did not adjudicate the merits of
Clark's claims.

Barring Clark's claims under principles of res judicata would
effect an inequitable administration of law, Mr. Rosner asserts.
He maintains that the FERC should be the entity that decides
whether res judicata bars Clark's claims in the first instance
and not the Bankruptcy Court.

Clark says it is not attempting to bring its claims in the
Bankruptcy Court or the District Court; rather, it simply wants
to bring its claims in their rightful jurisdiction home.  Thus,
Clark asks the District Court:

   (1) to reverse the Bankruptcy Court's ruling;

   (3) grant its motion to withdraw the reference;

   (2) order its claims to be presented to the FERC;

   (3) upon an adjudication by the FERC of what, if anything, is
       owed by Kaiser to Clark, order the Bankruptcy Court to
       enforce that amount in Kaiser's bankruptcy as an
       adjudicated claim; or

   (4) in the alternative, reverse the Bankruptcy Court's order
       and remand the case to the Bankruptcy Court for further
       proceedings.

                        About Kaiser

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp.-- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No. 02-
10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts.  Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


NATIONAL COMMERCIAL: Largest Commercial Bank in Jamaica
-------------------------------------------------------
An update from the Bank of Jamaica indicates that the National
Commercial Bank is now the largest commercial bank in Jamaica,
with an asset base of about US$149 billion, Radio Jamaica
reports.

The asset base of commercial banks comprises holdings of:

          -- cash,
          -- investments,
          -- loans
          -- advances, and
          -- fixed assets.

Radio Jamaica relates that the Bank of Jamaica made a report on
the assets and liabilities of the six commercial banks operating
in Jamaica.  The Bank of Jamaica said in the report that the
National Commercial's asset base was US$3 billion higher than
that of Bank of Nova Scotia, which had an asset base of about
US$146 billion.

Bank of Jamaica also reported these results in terms of asset
base:

          -- RBTT had US$45 billion,
          -- First Caribbean had US$30 billion,
          -- First Global had US$21 billion, and
          -- Citibank had US$17 billion.

The six banks held a total of US$409 billion assets, Radio
Jamaica states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2006, Fitch initiated rating coverage on Jamaica's
National Commercial Bank Jamaica, Ltd., by assigning 'B+'
ratings on the bank's long-term foreign currency.  Other ratings
assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.


* JAMAICA: Cement Imports Ease Nation's Cement Crisis
-----------------------------------------------------
The cement shortage in Jamaica's construction sector has been
alleviated after Mainland International and ARC Systems Limited
imported over 40,000 tons of cement last week, the Jamaica
Gleaner reports.

Phillip Paulwell -- the Minister of Industry, Technology, Energy
and Commerce -- confirmed to The Gleaner that the cement crisis
had eased as the major players in the industry reported that the
demand for cement has been satisfied.

According to The Gleaner, Mainland International imported about
42,500 tons while ARC Systems shipped about 2,300 tons of cement
from China.

About 57 tons of cement are also expected by the end of Sept.,
The Gleaner relates, citing Michael Archer, the president of the
Master Builders Association of Jamaica.

The Gleaner underscores that Minister Paulwell said the through
the Jamaican government's program with Cuba, about 8,000 tons of
cement are expected next week.  Caribbean Cement Company Limited
aka CCCL will also supply the market with 16 tons this week.

Mr. Archer told The Gleaner, "In the short-run we are getting to
the end of the crisis, but we need to have this level of private
sector importation continue to the end of the year to ensure
that we do get over it (the crisis)."

The Gleaner notes that the shortage started after Shirley
Williams -- the Opposition spokesperson on Industry and Commerce
-- questioned in Feb. the quality of cement from CCCL, after the
firm distributed about 500 tons of faulty cement.  Construction
operations in Jamaica were halted, causing thousands of loss of
construction and related jobs.

Minister Paulwell had disclosed a 15% waiver on the Common
External Tariff for three months in May, according to the
report.  However, this caused uproar in the construction
industry.  Jamaica's Prime Minister Portia Simpson Miller then
extended the waiver on cement imports to one year.

The Gleaner emphasizes that the Consumer Affairs Commission
reported that a total of 104 complaints on faulty cement were
received between April and Sept..

Of the 104 complaints, about 47 have been resolved and payments
of US$6.4 million made, Pash Fuller -- the director of the
western region at the Consumer Affairs, told The Gleaner.

                        *    *    *

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

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




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


FREESCALE SEMICON: CEO Says No Major Changes After Going Private
----------------------------------------------------------------
Freescale Semiconductor Inc. is not contemplating major changes
to either organizational or leadership structure when the
company completes its going private transaction, MarketWatch
reports citing company Chairman and CEO Michel Mayer.

"As a private company, we will have significant flexibility to
manage our business and the ability to make faster decisions,"
Mr. Mayer told employees Friday.

As reported in TCR-Europe on Sept. 18, Freescale entered into a
definitive merger agreement to be acquired by a private equity
consortium in a transaction with a total equity value of
US$17.6 billion.  The consortium is led by The Blackstone Group,
and includes The Carlyle Group, Permira Funds and Texas Pacific
Group.

According to MarketWatch, other private equity groups can submit
bids for the U.S. chip supplier until Nov. 3.  A group led by
Kohlberg Kravis Roberts Company and Silver Lake Partners has
also submitted a rival bid for Freescale.

According to UBS analyst Tom Thornhill, the "KKR group may be
able to offer a higher bid for Freescale based on potential cost
savings," if the private equity shops can merge the company with
the operations of Philips Semi, now named NXP Semiconductors,
MarketWatch relates.

Freescale will be required to pay either a US$150 million or
US$300 million breakup fee if it accepts another bid, depending
on the timing of any deal termination, among other factors, Matt
Andrejczak writes for MarketWatch.

                       About Freescale

Freescale Semiconductor, Inc. -- http://www.Freescale.com/
-- designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The company is based in Austin, Texas, and has design,
research and development, manufacturing or sales operations in
more than 30 countries.  In Latin America, Freescale has
operations in Argentina, Brazil and Mexico.

Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service places Ba1 corporate family and senior
unsecured debt ratings on review for possible downgrading
following the announcement for the sale of the company.


FREESCALE SEMICONDUCTOR: Develops Multi-Chip Products with ELMOS
----------------------------------------------------------------
Freescale Semiconductor and ELMOS Semiconductor are joining
forces to deliver innovative multi-chip products designed to
embed a higher level of intelligence into next-generation
automotive systems.  The two industry leaders plan to co-develop
application-specific semiconductor products or ASSPs that
combine Freescale's high-performance 16-bit microcontroller
architectures with ELMOS' high-voltage CMOS ASSPs.

The jointly developed and manufactured semiconductor products
are expected to provide reliable, cost-effective solutions for
the global automotive market.  As nodes in the car grow more
intelligent, automotive customers will benefit from intelligent
distributed control products designed to bring high performance
to localized applications in the car.  In addition, the alliance
will enable the development and manufacturing of smart sensor
and actor nodes with direct bus-link functionality.

"Freescale and ELMOS are partnering to create significant value
for our automotive customers and drive innovation in the
automotive industry," said Paul Grimme, senior vice president
and general manager of Freescale's Transportation and Standard
Products Group.  "When the first jointly developed IDC products
reach the market, Freescale's and ELMOS' customers will reap the
benefits of greater design flexibility, reliability and faster
time to market."

The first multi-chip development projects are planned to
integrate Freescale's well-established 16-bit S12/S12X
architecture with an ELMOS ASSP design.  As the most widely
adopted 16-bit MCU architecture for the automotive market,
Freescale's S12-based devices are now shipping at a rate of more
than 100 million units per year.  Freescale's collaboration with
ELMOS expands the market reach of the S12 architecture into
ELMOS' IDC solutions based on multi-chip devices.

"Freescale and ELMOS ultimately plan to drive a dedicated line
of intelligent co-integrated products for a broad range of
automotive applications," said Dr. Anton Mindl, CEO of the ELMOS
Semiconductor AG. "The combination of Freescale's and ELMOS'
complementary semiconductor design and manufacturing expertise
is expected to accelerate the introduction of next-generation
system-in-package control devices."

The key focus of the collaboration is the jointly developed
interface that combines integrated circuits from both companies.
At each stage of development, Freescale and ELMOS engineers plan
to work closely together to enable innovative multi-chip
solutions designed to meet high quality standards.  The drivers
of the Freescale/ELMOS alliance include Juergen Weyer, vice
president and general manager of Freescale's transportation
business in Europe, and Dr. Frank Rottmann, member of the board
for sales and development of ELMOS.

Freescale and ELMOS are focusing development efforts on a wide
range of target applications, including body control solutions,
remote motor control units for comfort functions, and safety
applications.  The first jointly developed products are planned
to enter the automotive market in 2007.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries.  In Latin America,
Freescale has operations in Argentina, Brazil and Mexico.

Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.


DIRECTV: Expands Operations with Avid Mediastream Installation
--------------------------------------------------------------
DIRECTV, Inc., has installed approximately US$1 million of Avid
MediaStream systems purchased in March 2006.  The investment --
which will enable DIRECTV to update and expand its standard-
definition capabilities and build a foundation for future high-
definition services -- includes four MediaStream servers with a
total of 64 decoder channels and more than 25 terabytes of
dedicated RAID storage.  The installation was completed in late
August.

"MediaStream has been at the core of DIRECTV's playout
operations for years and we knew we could count on its
reliability and efficiency as we planned to expand our broadcast
operations," said Donald L. Jones, vice president and general
manager, Broadcast Operations, DIRECTV, Inc. "The HD
enhancements that Avid has made to the system will also serve us
well as we continue to expand our HD programming."

David Schleifer, vice president of Avid Broadcast and
Workgroups, said, "For years, MediaStream has served as the
playout backbone for hundreds of broadcasters, enabling them to
deliver a greater number of error-free transmissions.  DIRECTV's
investment in MediaStream is a testament to the stability of the
system, but equally important, it also provides an economical
path for delivering HD content over satellite as demand
continues to grow.  We're pleased that DIRECTV continues to rely
on MediaStream as the nucleus of its playout infrastructure, and
we're looking forward to helping this leading service provider
make the leap to HD when the time is right."

                    About Avid Technology, Inc.

Avid Technology, Inc. is the world leader in digital nonlinear
media creation, management, and distribution solutions, enabling
film, video, audio, animation, games, and broadcast
professionals to work more efficiently, productively, and
creatively.

                       About DIRECTV

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.


DIRECTV INC: Extends US$500 Mil. IT Outsourcing Contract with HP
----------------------------------------------------------------
HP and DIRECTV, Inc., disclosed a seven-year extension of their
12-year relationship with a new information technology
outsourcing contract valued at approximately US$500 million.

HP will continue to provide IT operations and application
testing services designed to support DIRECTV's ability to roll
out new promotions and new services, acquire new customers and
ensure they receive timely, accurate billing for the satellite
television services they use.

"HP has been a strategic partner for DIRECTV since we were a
start-up company," said Dennis Fleming, vice president,
Operations, DIRECTV. "HP's technology, managed services and
governance model will enable our IT to be agile enough to meet
our business goals as we look to further grow our business and
provide our customers with expanded satellite television
programming and digital content."

Specifically, HP will continue to provide support for DIRECTV's
billing and non-billing (customer relationship management)
environments, including system integration and management, local
area network management, data center operations, release
management, database support, application support, change
management, capacity planning, disaster recovery and support for
new technologies.  The deal is expected to result in US$100
million in savings -- a 20% reduction in cost -- for DIRECTV.

"It's been an exciting partnership with DIRECTV as they've grown
to become the nation's leading satellite television service
provider supporting more than 15 million customers," said John
Evers, vice president and general manager, Managed Services --
Americas, HP.  "We look forward to working side-by-side with
DIRECTV to help ensure their IT systems are continuously able to
support new initiatives and services as they grow their business
even more."

                           About HP

HP is a technology solutions provider to consumers, businesses
and institutions globally.  The company's offerings span IT
infrastructure, global services, business and home computing,
and imaging and printing. For the four fiscal quarters ended
July 31, 2006, HP revenue totaled US$90.0 billion.

                        About DIRECTV

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.


FORD MOTOR: Moody's Lowers Corporate Family rating to B3 from B2
----------------------------------------------------------------
Moody's Investors Service lowered the ratings of Ford Motor
Company (corporate family rating and senior unsecured to B3 from
B2) and Ford Motor Credit Company (senior unsecured to B1 from
Ba3).  Ford's Speculative Grade Liquidity rating has also been
lowered to SGL-3 from SGL-1.  The rating outlook is negative.
These rating actions conclude a review for possible downgrade
that was initiated on Aug. 18, 2006.

The downgrade of Ford's long-term ratings reflects the intense
pressure the company is facing as a result of the shift in
consumer preference away from trucks and SUVs, and toward more
fuel-efficient vehicles. Although Ford's recently announced
initiative to accelerate its Way Forward restructuring plan will
attempt to address all of the key risks arising from this shift
in demand, Moody's believes the company's operating performance
and cash flow will be very weak through 2009 even if the
execution of the plan is highly successful.  Moreover, the
rating agency anticipates that it will be challenging for the
company to achieve all of the cost, revenue and pricing
objectives contemplated by the plan.  As Ford attempts the
transition toward its new business model, it will be critical
for the company to maintain strong liquidity in order to cover
the considerable cash outflows it will face during 2006 and
2007.

Bruce Clark, senior vice president with Moody's said, "Ford's
US$23 billion in cash and US$6 billion in committed bank lines
give it a sizable cushion to cover near-term expenditures.
However, the company's historically robust liquidity will be
significantly reduced by these expenditures and could be further
eroded by events such as a slowdown in the US economy, a spike
in oil prices, an escalation in price discounting, or a UAW work
action in 2007.  Consequently, Ford may need to supplement these
resources with asset sales and other strategic alternatives that
are currently being investigated."  Clark went on to note that,
"Ford will also have to be consistently successful in executing
each element of this plan without any major missteps.  If it
doesn't remain solidly on track for reestablishing a viable
business model by 2009, additional restructurings would likely
be necessary.  But, by then the company will have run through
much of its liquidity.  Ford really has to get it right this
time."

The lowering of the Speculative Grade Liquidity rating to SGL-3
reflects the sizable cash outflow that will result from
operating losses and restructuring charges during the next
twelve months, and the resulting erosion in Ford's liquidity
position.

The negative outlook reflects the considerable challenges that
Ford will face in executing the key elements of its
restructuring plan during the next three years.  It also
acknowledges that factors beyond Ford's control could further
undermine the company's financial performance despite any
progress in executing the plan.  These factors include a more
competitive pricing environment, rising fuel prices, continued
erosion in its domestic supplier base, or a slowdown in the US
or European economies.

In downgrading Ford Credit's rating, Moody's maintained a two-
notch rating differential from Ford's rating, reflecting Ford
Credit's lower expected loss as well as its extensive business
and financial ties with its parent.  Moody's believes that
creditors of Ford Credit would experience better asset recovery
than would creditors of Ford in a default scenario.  However,
heightened uncertainty relating to Ford's deeper operating
challenges and execution risks associated with its
implementation of the Way Forward plan limit the possibility of
a wider notching differential.  Moody's vice president Mark
Wasden said, "The negative operating trends at Ford have
increased Ford Credit's stand-alone risk profile; of particular
concern, Ford's longer turnaround horizon means that Ford
Credit's opportunity to access unsecured funding will be
constrained for a longer period of time, to the detriment of its
liquidity profile."

Mr. Wasden added that he believes that management is likely to
pursue a number of strategies to bolster overall liquidity,
including greater use of asset securitization. Higher levels of
securitization, though, could increase asset recovery risks for
unsecured creditors, in that their claims on Ford Credit's
assets are structurally subordinated to those of secured
creditors, which risk is included in the rating.  The rating
also incorporates Moody's expectation that Ford Credit's
operating results are expected to be pressured by lower
origination volumes and asset levels and narrower interest
margins.  These challenges notwithstanding, Moody's believes
Ford Credit's stand-alone profile is modestly stronger than its
current debt rating would indicate.

"Ford's assertion that it intends to maintain control of Ford
Credit means that Ford Credit's profile continues to be subject
to the direction and oversight provided by Ford, which links
Ford Credit's ratings with Ford's," said Mr. Wasden.

The major elements of Ford's accelerated restructuring plan
include:

   -- reducing hourly employment levels by 25,000 to 30,000
      workers and thereby achieving 100% manned capacity
      utilization by 2008;

   -- lowering operating costs by US$5 billion;

   -- increasing the product renewal rate in North American
      from an originally planned level of approximately 55% to
      70% during the next two and a half years; and

   -- maintaining US market share at 14% to 15% despite the
      discontinuance of the high volume Taurus and Freestar
      lines.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.


FORD MOTOR: S&P Downgrades Corporate Credit Rating to B from B+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Ford Motor Co., Ford Motor Credit
Co. and all related units -- except FCE Bank PLC -- to 'B' from
'B+' and its short-term ratings on these entities to 'B-3' from
'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.  All ratings are removed from CreditWatch
with negative implications, where they were placed Aug. 18,
2006, following Ford's announcement of a dramatic cut in light
truck production for the fourth quarter.  The outlook is
negative.  Ford Motor's consolidated debt outstanding totaled
US$153 billion at June 30, 2006.

"The downgrade reflects the seemingly relentless deterioration
in Ford's North American automotive operations, which are now
expected to remain unprofitable until at least 2009," said
Standard & Poor's credit analyst Robert Schulz.

The array of challenges that have plagued Ford in recent years
-- market share erosion, adverse product mix trends, and high
dealer inventories and raw material costs -- have continued to
worsen in 2006 or even accelerate, leading to a higher than
anticipated use of cash since we last lowered Ford's ratings in
June.  Standard & Poor's expects that 2007 will also be a
challenging year for cash usage.  The recent announcements of an
expanded cost reduction program in North America, while
important, cannot be expected to gain much real traction until
2007, and the cash costs of headcount reduction will mostly
occur in 2007.

Of particular concern has been the dramatic falloff in the
fullsize pickup truck market in recent months after the segment
held up well through the first quarter of this year.  Ford's F-
series pickups, which represent one-third of Ford-brand sales
and a far greater share of profitability, were down 13% through
the first eight months of the year, although last summer's
volumes were abnormally boosted by the employee discount
program.  The decline in sports-utility vehicle sales began much
earlier, but has hit Ford particularly hard in 2006, with sales
of the Expedition and Explorer both down more than 30% this year
through August.  In the first eight months of 2006, Ford sold
nearly a quarter million fewer pickups and SUVs than a year ago,
a 17% drop.  As consumers have shifted into more fuel-efficient
vehicles, Ford's ratio of light truck to overall vehicle sales
fell to 62% from 67% in the year-earlier period.  This mix shift
has a greatly magnified impact on Ford's bottom line because of
the smaller vehicles' lower margins, and is unlikely to reverse.

The rating outlook on Ford is negative.  The rating agency's
concerns include Ford's increasingly negative cash flow in its
North American automotive operations.  The ratings could be
lowered if further setbacks, whether industry related or Ford
specific, were to increase the use of cash, delay cash savings
from the latest cost-cutting and restructuring efforts, or
constrict liquidity.  Also, if Ford Motor eventually chooses to
replace its unsecured bank facilities with secured financings,
the rating for Ford's senior unsecured debt would likely be
lowered up to two notches below the corporate credit rating.
Ford would need to reverse its current financial and operational
trends, and sustain such a reversal, before we would revise its
outlook to stable.


GENERAL MOTORS: Fitch Updates Recovery Prospects Upon Default
-------------------------------------------------------------
Fitch Ratings has modified the details of its March 1, 2006,
recovery analysis for General Motors.  Fitch now estimates a 34%
recovery rate for unsecured debtholders versus an original
estimate of 41% published earlier this year.  The revision
primarily reflects GM's recent establishment of a secured
revolving credit agreement, which impairs expected recoveries
for unsecured holders in the event of a default.  Fitch has also
modified its recovery analysis to reflect GM's ongoing
restructuring efforts and updated financials.

Fitch estimates that unsecured claims would total approximately
US$74 billion and that GM's enterprise value available to
service those claims, after extensive administrative claims,
would be approximately US$25 billion -- a recovery rate of 34%.
This recovery rate remains within the historic corporate average
of recovery values, which in Fitch's methodology translates into
a Recovery Rating of 'RR4' (expected recovery of 30%-50%) for
the senior unsecured debt.

The primary factor behind the lower recovery rate versus the
initial scenario was the replacement of GM's unsecured revolving
credit facility with a US$6 billion secured credit facility,
thereby subordinating the remaining unsecured debt.  Fitch has
assigned the new senior secured bank facility an 'RR1' (recovery
of 90%-100%) based on expected full recovery for this facility
in the event of a bankruptcy filing.

Fitch's analysis assumes that the sale of a 51% interest in GMAC
is completed prior to any bankruptcy scenario, with GM's
retained 49% interest added to the recovery values.

In a bankruptcy scenario, Fitch believes that General Motors
would not seek to terminate its U.S. hourly or salaried pension
plans by attempting to offload them to the Pension Benefit
Guaranty Corp.  The high asset levels and potential future asset
returns on these funds, as compared to current benefit payout
rates, provide some flexibility to negotiate changes to the
current defined benefit program under any new labor agreement
with the UAW.

Fitch's recovery analysis provides a framework for expected
recoveries in the event of a bankruptcy scenario and is not
meant to be a predictor of when or if a default will occur.
Recovery Ratings (RR) are assigned to corporate issuers that
have an Issuer Default Rating of 'B+' or below.  Fitch has an
IDR of 'B' on General Motors with a Negative Rating Watch.


HERBALIFE: Appoints Stacy Brovitz as Sr. VP of Global Operations
----------------------------------------------------------------
Herbalife Ltd. appointed Stacy Brovitz as senior vice president
of global operations.  He will oversee the company's global
supply chain and strategic sourcing, manufacturing, process
improvement and technology, distribution and transportation, and
global licensing, and will report to President and COO Gregory
L. Probert.

"We have more than 1.4 million Herbalife Independent
Distributors worldwide and serving them is our highest
priority," said Mr. Probert. "As head of our worldwide
operations, Stacy will provide the experienced operations
leadership we require to provide best-in-class products and
service to our Distributors.  We are very pleased to announce
his appointment."

Mr. Brovitz, has over 16 years experience in operations, supply
chain management, manufacturing, information technology and
finance. Since 1992, he has served as chief operating officer of
Dormont Manufacturing Company, a manufacturer of stainless steel
gas appliance connectors and tubing sold in major home
improvement stores and used commercially by restaurant chains,
and major commercial cooking and residential appliance
manufacturers.  He played a key role on the company's management
team after its Dec. 2005 purchase by Watts Water Technologies,
Inc., a US$1.2 billion industrial products manufacturing
company.

During his 16 years with Dormont, Brovitz successfully managed
the company through a period of rapid growth.  Most recently,
Brovitz was responsible for operations, new product development,
all staff functions and the company's three strategic business
units.

Previously, Mr. Brovitz served as vice president of the capital
markets group for J.P.Morgan Chase, a position he held for three
years.  For four years prior, Brovitz was a financial analyst
for the firm.  He holds a Bachelor of Science degree in
accounting, Summa Cum Laude, from Ohio State University, and a
Master of Science in Industrial Administration from Carnegie-
Mellon University.

                       About Herbalife

Herbalife (NYSE:HLF) -- http://ir.herbalife.com/-- is a global
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation and its Casa Herbalife program to bring good
nutrition to children.

Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                         *     *     *

As reported in the Troubled Company Reporter on July 4, 2006,
Moody's Investors Service rated the proposed bank loan of
Herbalife International, Inc. at Ba1 and upgraded the corporate
family rating to Ba1.  Herbalife will use proceeds from the new
debt to repay the existing term loan and to redeem the
US$165 million issue of 9.5% senior subordinated notes.

At the same time, Standard & Poor's Ratings Services raised its
ratings on Herbalife International Inc., including its corporate
credit rating to 'BB+' from 'BB'.  Standard & Poor's also raised
its ratings on Herbalife's parent, Herbalife Ltd., including the
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.


PORTRAIT CORP: Gets Interim OK to Retain Berenson as Advisor
------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corp.of America, Inc., and its debtor-affiliates, on an
interim basis, to retain Berenson & Company, LLC, as their
financial advisor and investment banker.

Berenson & Co will:

    a) review and analyze the Debtors' business operations and
       financial projections;

    b) evaluate the Debtors' potential debt capacity in light of
       their projected cash flows;

    c) assist in the determination of an appropriate capital
       structure for the Debtors;

    d) provide financial advice and assistance to the Debtors in
       developing and obtaining confirmation of a plan of
       reorganization;

    e) advise the Debtors on tactics and strategies for
       negotiating with various groups of the holders of the
       Debtors' bank debt or debt securities or other claims
       against the Debtors;

    f) advise the Debtors on the timing, nature and terms of any
       new securities, other consideration or other inducements
       to be offered to their Creditors in connection with any
       Restructuring Transaction;

    g) assess the possibilities of bringing in new lenders and
       investors to replace, repay or settle with any of the
       creditors;

    h) provide expert testimony and related litigation support
       services customarily provided by financial advisors with
       respect to any litigation that may arise in connection
       with any Restructuring Transaction;

    i) assist in arranging debtor-in-possession financing or a
       Financing Transaction for the Debtors;

    j) advise the Debtors with respect to the structure of any
       "Transaction," participate in any meetings or
       negotiations relating to a Transaction and advise and
       attend meetings of the Debtors' Board of Directors and
       its committees with respect thereto;

    k) assist the Debtors in preparing any documentation
       required in connection with the implementation of any
       transaction;

    l) provide testimony in any proceeding before the Bankruptcy
       Court, as necessary, with respect to matters which
       Berenson has been engaged to advise the Debtors; and

    m) provide all other advisory services as customarily in
       connection with the analysis, negotiation and
       implementation of a restructuring transaction similar to
       the Restructuring Transaction and as reasonably requested
       by the Debtors.

The Debtors propose to pay Berenson & Co. a fee of US$125,000
per month plus applicable Sale Transaction, Restructuring
Transaction and Financing Transaction fees, if there are any.

A copy of the engagement agreement outlining the payment terms
for the firm's services is available for free at:

             http://researcharchives.com/t/s?11e6

As part of the overall compensation payable to Berenson under
the terms of the Engagement Letter, the Debtors have agreed to
certain indemnification and contribution obligations as
described in an Indemnification Agreement.  A copy of the
Indemnification Agreement is available for free at:

             http://researcharchives.com/t/s?11e7

The Indemnification Agreement provides that the Debtors will
indemnify and hold harmless Berenson and its affiliates from any
losses, claims, demands, other than for willful misconduct and
gross negligence, which arise out of:

      * actions taken or omitted to be taken by the Debtors or
        actions taken or omitted to be taken by an the firm with
        the Debtors' consent or in conformity with the Debtors'
        actions or omissions; or

      * Berenson's activities on the Debtors' behalf under the
        Engagement Letter.

To the best of the Debtors' knowledge, Berenson & Co. is a
"disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code.

Objections to the Debtors' proposed retention of Berenson & Co.
must be filed with the Court electronically in accordance with
General Order M-242 no later than 5:00 p.m. on Oct. 19, 2006.

The Court will convene a hearing at 10:00 a.m., on
Oct. 26, 2006, to determine whether to approve, on a final
basis, the retention of Berenson & Co.

                     About Portrait Corp.

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

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


PORTRAIT CORP: Chap. 11 Filing Spurs Moody's to Withdraw Ratings
----------------------------------------------------------------
Moody's withdraws all ratings on Portrait Corp.of America,
Inc.  The ratings have been withdrawn because the issuer filed
for protection from creditors under Chapter 11 of the U.S.
Bankruptcy Code on Aug. 30, 2006.

These are the ratings withdrawn:

     * US$50 million 14.0% senior 2nd-lien notes (2009) issued
       by PCA, LLC rating of Caa1,

     * US$165 million 10.875% senior notes (2009) issued by PCA,
       LLC rating of Ca, and the

     * Corporate family rating of Caa2.

Portrait Corp.of America, Inc., headquartered in Charlotte,
North Carolina, operates about 2500 photography studios
principally in U.S., Canadian, and Mexican Wal-Mart stores.
Revenue was about US$326 million for the fiscal year ending
Jan. 2006.


SATELITES MEXICANOS: Court Gives Final OK on KCC as Notice Agent
----------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York, approved, on a final basis,
the retention of Kurtzman Carson Consultants LLC as Satelites
Mexicanos, S.A. de C.V.'s notice and balloting agent.

The Debtor has many foreign creditors and two classes of debt
securities in the United States that are widely held.  Carmen
Ochoa Avendano, Esq., the Debtor's general counsel, explains
that the noticing and balloting requirements of the Debtor's
Chapter 11 case may impose heavy administrative and other
burdens on the Court and the Clerk's Office.  The retention of
KCC is intended to relieve the Clerk's Office of these burdens,
she says.

According to Ms. Avendano, Kurtzman Carson is fully equipped to
handle the volume of mailing involved in properly sending the
required notices to creditors and other interested parties in
the Debtor's case.  KCC will follow the notice and solicitation
procedures that conform to the guidelines promulgated by the
Clerk of the Court and the Judicial Conference of the United
States for the implementation of 28 U.S.C. Section 156(c), and
as may be ordered by the Court.

In addition, Ms. Avendano notes that Kurtzman Carson's employees
are experienced in all areas pertaining to the identification
and solicitation of holders of widely held securities.  KCC has
a state-of-the-art mailing facility and is highly experienced in
dealing with the back offices of the various departments of the
banks and brokerage.

Kurtzman Carson, Ms. Avendano continues, is one of the country's
leading Chapter 11 administrators, with experience in noticing,
claims administration, solicitation, balloting, and facilitating
other administrative aspects of Chapter 11 cases.  KCC has
substantial experience in matters of the Debtor's size and
complexity, and has acted as, among other things, the official
notice and balloting agent in many large bankruptcy cases
pending in the Southern District of New York and other districts
nationwide, including In re Delphi Corporation, et al., Case No.
05-44481 (Bankr. S.D.N.Y. 2005); In re Panda Gila River, L.P.,
et al., Case No. 05-01143 (Bankr. D. Ariz. 2005); In re Collins
& Aikman Corporation, et al., Case No. 05-55927 (Bankr. E.D.
Mich. 2005); In re Ultimate Electronics, et al., Case No.
05-10104 (Bankr. D. Del. 2005); In re Interstate Bakeries
Corporation, et al., Case No. 04-45814 (Bankr. W.D. Mo. 2004);
In re Haynes International Inc., Case No. 04-05364 (Bankr. S.D.
Ind. 2004); In re NorthWestern Corporation, Case No. 03-12872
(Bankr. D. Del. 2003); and In re NRG Energy, Inc., et al., Case
No. 03-13024 (Bankr. S.D.N.Y. 2003).

As notice and balloting agent, Kurtzman Carson will:

    (i) distribute required notices to parties-in-interest;

   (ii) solicit, collect, and tabulate acceptances and
        rejections of the Debtor's Chapter 11 Plan of
        Reorganization from parties entitled to vote;

  (iii) maintain and update the master mailing lists of
        creditors;

   (iv) to the extent necessary, gather data in conjunction with
        the preparation of the Debtor's schedules of assets and
        liabilities and statements of financial affairs; and

    (v) perform other administrative tasks pertaining to the
        administration of the Chapter 11 case as may be
        requested by the Debtor or the Clerk's Office.

At the close of the Debtor's case, Kurtzman Carson will box and
transport all original documents in proper format, as provided
by the Clerk's Office, to the Federal Archives.

The Debtor will pay KCC Kurtzman Carson in accordance with the
parties' Agreement For Services, dated Aug. 3, 2006.  The cost
of KCC's services will be paid from the Debtor's estate as
provided by 28 U.S.C. Section 156(c) and Section 503(b)(l)(A) of
the Bankruptcy Code.

Prior to the Debtor's filing for chapter 11 protection, the
Debtor paid Kurtzman Carson a US$25,000 retainer, Ms. Avendano
says.

A full-text copy of Kurtzman Carson's Agreement For Services is
available at no charge at http://ResearchArchives.com/t/s?1124

A full-text copy of Kurtzman Carson's Fee Structure is available
at no charge at http://ResearchArchives.com/t/s?1125

The Debtor will also indemnify and hold Kurtzman Carson, its
officers, employees, and agents harmless, except in
circumstances of Kurtzman Carson's gross negligence or willful
misconduct.

Robert Q. Klamser, vice president of operations of Kurtzman
Carson Consultants, LLC, assures the Court that the Firm is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

                 About Satelites Mexicanos

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SATELITES MEXICANOS: Judge Drain Okays Payment of Prof. Fees
------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York, authorized Satelites
Mexicanos, S.A. de C.V., to pay fees and reimburse expenses to
each of the Ordinary Course Professionals, consistent with its
prepetition practices, up to either (a) US$50,000 per month, or
(b) US$500,000 during the pendency of the Debtor's Chapter 11
case, per Ordinary Course Professional.

In the event that an Ordinary Course Professional's fees and
disbursements exceed the cap, that professional will file a fee
application for the full amount of its fees and disbursements.

                About Satelites Mexicanos

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


* NICARAGUA: Launches Concession Tender for 3 Geothermal Blocks
---------------------------------------------------------------
Instituto Nicaraguense de Energia or INE, the energy regulator
in Nicaragua, has launched an international concession tender
for the exploration and production of three geothermal blocks,
Business News Americas reports.

INE told BNamericas that the three blocks are:

          -- Volcan Casita-San Cristobal,
          -- Caldera de Apoyo, and
          -- Volcan Mombacho.

According to BNamericas, the blocks have a combined potential to
produce 1,500 megawatts.

BNamericas relates that company documents are due on
Feb. 15, 2007.  The contract for the concession will be awarded
in April 2007.

INE will open a data room this week while Site visits are
scheduled for Oct., BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CHIQUITA BRANDS: Faces Lawsuit Over E.coli Infection
----------------------------------------------------
Chiquita Brands International Inc. and subsidiary Fresh Express
are being sued before the New York State Supreme Court for
selling spinach that allegedly contained E.coli bacteria,
Business Courier reports.

Buffalo News relates that a couple from Buffalo, New York, filed
the suit against Chiquita Brands, claiming that their daughter
became seriously ill after eating a salad packaged by Fresh
Express, the firm's subsidiary.

CNN Money notes that Chiquita Brands referred all inquiries to
the United Fresh Produce Association.

Chiquita Brands' shares dropped 54 cents, closing at US$16.60 on
the New York Stock Exchange, the Associated Press states.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including Panama.  It also distributes and
markets fresh-cut fruit and other branded, value-added fruit
products.

On June 15, 2006, Standard & Poor's Ratings Services affirmed
its ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc., including the 'B+' corporate credit rating.
S&P said the rating outlook is negative.


CHIQUITA BRANDS: Workers Hold Protest at Unit on Payment Methods
----------------------------------------------------------------
Employees of Bocas Fruit Company, a subsidiary of Chiquita
Brands International Inc. in Bocas del Toro, held protest
against changes in payment methods for worker staff, Fresh Plaza
reports.

Fresh Plaza relates that the workers are currently paid on
contract basis with a separate compensation for each of the
different activities the employees perform like harvest and
transport.

According to the report, Chiquita Brands is seeking to eliminate
the system and pay from a single integral pay-office.

The unions, however, are against any changes of the conditions,
as they are protected in contracts, Fresh Plaza notes.  They
protested any use of the monopolist position Chiquita Brands has
in the matter to execute the measures, as well as the
implementation of reusable plastic containers or RPBC.

Meanwhile, Chiquita Brands assured that reusable plastic
containers won't lead to a termination of the corrugated board
packaging, saying that only 10% of the volume will be packed in
RPBC, Fresh Plaza states.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including Panama.  It also distributes and
markets fresh-cut fruit and other branded, value-added fruit
products.

On June 15, 2006, Standard & Poor's Ratings Services affirmed
its ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc., including the 'B+' corporate credit rating.
S&P said the rating outlook is negative.


SOLO CUP: Restating Fiscal 2005, 2004, 2003 Financial Statements
----------------------------------------------------------------
Solo Cup Company disclosed that, based on the initial findings
of its previously announced accounting review, it has determined
to restate certain of its previously issued financial
statements.

The financial statements expected to be restated are for the
2005, 2004 and 2003 fiscal years, along with certain quarterly
financial information for the interim periods contained therein
and for the first fiscal quarter of 2006.  In addition, certain
selected consolidated financial data for 2002 and 2001 are
expected to be restated. The Company said that these financial
statements, as filed, contain errors and should therefore not be
relied upon.  The related audit reports of KPMG LLP, the
Company's independent registered public accounting firm, with
respect to those financial statements should also no longer be
relied upon.

As previously announced and disclosed in the Company's Form 8-K
filed on Aug. 16, 2006, the accounting review was initiated to
address possible accounting matters.  The Company confirmed that
the accounting review, which is still ongoing, has identified
errors in the application of certain accounting practices and
procedures during the periods in question, primarily related to
the timely recognition of certain customer credits, accounts
payable and accrued expenses, and the valuation of certain
assets.  The Company said that, as part of its continuing review
of these matters, it is investigating whether any of the errors
may have resulted from intentional actions, and that it intends
to take any and all appropriate action upon completion of its
investigation.  The amounts of the restatements have not yet
been determined.  The Company said that following completion of
its work and that of KPMG, the restatements will be effected as
soon as practicable through amendments on Forms 10-K/A and 10-
Q/A, and discussed with the financial community.

The Company has informed the administrative agents under its
primary secured credit facilities of its intention to restate
its financial statements and the status of its ongoing
accounting review.  The errors and the consequent restatements
constitute a default or event of default under the Company's
primary secured credit facilities.  Accordingly, the Company has
initiated discussions with the administrative agents regarding
the possibility of obtaining waivers and/or amendments under its
primary secured credit facilities in order to address these
issues.

On Aug. 17, 2006, the Company received notice from the trustee
under the indenture for its 8-1/2% Senior Subordinated Notes due
2014 that it failed to comply with the provisions of the
indenture requiring the Company to provide quarterly financial
information for the second fiscal quarter of 2006 to the holders
of the notes issued thereunder.  Under the terms of the
indenture, the Company has until Oct. 16, 2006, to comply with
this requirement. The Company intends to comply with the terms
of the indenture.

                        About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The Company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

                        *    *    *

Moody's Investors Service lowered on Sept. 15, 2006, Solo Cup
Company's Corporate Family Rating to B3 from B2.  Moody's also
lowered ratings on Solo Cup's second lien credit facility and
senior subordinated notes one notch to Caa1 and Caa2,
respectively.  The rating on the first lien credit facility
remains unchanged at B2.  The ratings remain on review for
possible downgrade.


* PANAMA: Canal Authority Inks Contract with Idaan
--------------------------------------------------
The government of Panama said in a release that the Panama Canal
authority or ACP has signed a contract with Idaan -- the
national water utility -- for the construction of a potable
water plant in La Chorrera.

According to the statement, the plant will be called Mendoza and
will cost about US$43 million.

Business News Americas relates that the contract was signed in
the presence of Panama's President Martin Torrijos.

The report says that President Torrijos called on the citizens
to vote in favor of the expansion of the Panama Canal in the
Oct. 22 referendum, saying that the initiative would help the
country's development.

BNamericas notes that the project will benefit over 250,000
people.

ACP will fund the project, which will be located beside Lake
Gatun in La Chorrera.  ACP will be responsible for:

          -- the plant's design,
          -- construction, and
          -- main network interconnection system.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   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 E R U
=======


* PERU: Tax Agency Says Game Owners Owe State PEN260 Million
------------------------------------------------------------
Owners of slot machines and casinos owe the state of Peru about
PEN260 million in unpaid taxes, Living in Peru reports, citing
Sunat -- the national tax collection body.

Casino City Times relates that casinos pay PEN90 million yearly
in game tax.

Sunat told Living in Peru that the state has been fighting with
the game owners over the unpaid taxes.

About 72% of the amount can't be touched until the judiciary
clears up appeals, claims, protections, and contentious
administrative processes, La Republic 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: Paying US$25MM to Resolve US SEC Fraud Charges
---------------------------------------------------------------
United States regulators told Reuters that Puerto Rico's Doral
Financial Corp. will the US$25 million fine to settle fraud
charges from the US Securities and Exchange Commission or SEC.

Reuters relates that SEC accused Doral Financial of overstating
income by about US$921 million between 2000 and 2004.

Through accounting irregularities, Doral Financial was able to
claim it had a 28-quarter streak of record earnings.  The
irregularities also helped with the placement of over US$1
billion of debt and equity, Reuters notes, citing SEC.

According to Reuters, SEC stated that Doral Financial settled
with the investor protection agency without admitting or denying
the allegations.

Glen Wakeman -- the chief executive of Doral Financial, told
Reuters, "This agreement is a major step forward in resolving
the legal and regulatory issues facing Doral.  We have
implemented and will continue implementing improvements in our
accounting, financial reporting and corporate governance."

Reuters underscores that Doral Financial is among the three
Puerto Rican lenders having to restate results after being
charged with improperly accounting for mortgage-related
transactions.  The other lenders include:

          -- First Bancorp, and
          -- R&G Financial Corp.

The report says that Doral Financial, First Bancorp and R&G
Financial will undergo special supervision by US regulators as a
result of the accounting issues.

SEC told Reuters that since the accounting and disclosure
irregularities started in early 2005, the firm's stock price has
decreased 80% to below US$10, a reduction in equity market value
of over US$4 billion.

Reuters notes that Doral Financial committed its accounting
fraud of non-conforming mortgage loans in two ways:

          -- Doral improperly recognized gains on sales of
             US$3.9 billion in mortgages to FirstBank Puerto
             Rico, a unit of First Bancorp; and

          -- Doral senior managers overvalued interest-only
             strips retained by Doral in mortgage loan sale
             transactions.

Reuters states that Doral Financial reported in Aug. that it
would delay the release of its 2005 results, clearing the way
for Mr. Wakeman to become Doral's chief executive.  Mr. Wakeman
was the chief executive of the General Electric Co.'s Latin
American consumer financial business.

Doral Financial's stock rose 26 cents, or 4.49%, at US$6.05 at
the New York Stock Exchange trading on Tuesday, Reuters reports.

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.


G+G RETAIL: Disclosure Statement Hearing Set for Oct. 17
-----------------------------------------------------------
G+G Retail, Inc., submitted a Disclosure Statement in support of
its Plan of Liquidation to the U.S Bankruptcy Court for the
Southern District of New York on Sept. 12, 2006.

The Court will convene a hearing on at 10:00 a.m., on
Oct. 17, 2006, to consider the adequacy of the Debtor's
Disclosure Statement.

The Debtor's Plan provides for a distribution of cash to holders
of allowed claims.  In addition the Plan also provides for the
issuance of new common stock.  The new common stock will be
treated as Plan assets and any proceeds of the new common stock
will be distributed as Plan proceeds to the holders of allowed
claims.

The Debtor will conduct no business after the effective date of
the Plan other than the winding up of its affairs.

Payments under the Plan will be funded from the proceeds of the
sale of substantially all of the Debtors' assets to Max Rave,
LLC, and the liquidation of all other assets not included in the
sale.  Max Rave purchased the Debtors assets for US$35 million
in cash plus payment of approximately US$10.4 million of
inventory purchased postpetition, assumption of US$2.1 million
in liabilities for gift certificates, assumption of certain
leases and the payment of cure amount on the assigned leases.

                    Treatment of Claims

Priority Claims, totaling US$135,000, will be paid in full and
in cash on the effective date of the Plan.

Convenience Claims, estimated to aggregate US$744,000, will
receive cash payment equal to 40% of the allowed amount of the
claim.

Holders of reclamation claims who agree to the Debtors' proposed
treatment of their claims, will receive a cash payment equal to
the reclamation settlement payment scheduled by the Debtor.
Holders who elect not to avail of the settlement will be treated
as general unsecured creditors.  The Debtor estimates
reclamation claims to total US$850,000.

Under the Plan, General Unsecured Creditors are anticipated to
recover 50% of the allowed amount of their claims.  Unsecured
claims are estimated to total US$41 million.  Holders of an
allowed unsecured claim will receive a pro rata share of net
plan proceeds pursuant to the terms of the plan.

Subordinated claims, totaling US$750,000, will not receive
distributions under the plan.

Equity interest holders also get nothing under the plan.

A full-text copy of the Disclosure Statement is available for a
fee at:

  http://www.researcharchives.com/bin/download?id=060919052441

Headquartered in New York, New York, G+G Retail Inc. retails
ladies wear and operates 566 stores in the United States and
Puerto Rico under the names Rave, Rave Girl and G+G.  The Debtor
filed for Chapter 11 protection on Jan. 25, 2006 (Bankr.
S.D.N.Y. Case No. 06-10152).  William P. Weintraub, Esq., Laura
Davis Jones, Esq., David M. Bertenthal, Esq., and Curtis A.
Hehn, Esq., at Pachulski, Stang, Ziehl, Young & Jones P.C.
represent the Debtor in its restructuring efforts.  Scott L.
Hazan, Esq.. at Otterbourg, Steindler, Houston & Rosen, P.C.,
represents the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it estimated
assets of more than US$100 million and debts between US$10
million to US$50 million.


MUSICLAND HOLDING: Inks Pact on Treatment of Best Buy Documents
---------------------------------------------------------------
Hahn & Hessen LLP, counsel for the Official Committee of
Unsecured Creditors of Musicland Holdings Corp., and its debtor
affiliates, served a subpoena on Best Buy Co., Inc., on
June 22, 2006, in connection with their Rule 2004 discovery.

Best Buy has designated certain documents to be confidential.

Accordingly, the parties enter into a Court-approved stipulation
to govern the treatment of documents produced pursuant to the
Subpoena.

The parties agree that the confidential information disclosed by
Best Buy to any Receiving Party will be used solely for purposes
of the Debtors' Chapter 11 cases and any related adversary
proceeding.

Confidential information may be used in testimony at trial, at a
hearing or deposition, or in connection with any motion, and may
be offered in evidence at trial or in connection with any motion
or hearing, all subject to any further order regarding
confidentiality as the U.S. Bankruptcy Court for the Southern
District of New York may enter.

Confidential information refers to information that Best Buy
claims in good faith to be its trade secrets, unpublished
financial data or information, customer information, business
methods or plans, other information of a non-public nature
considered to be commercially or personally sensitive.

                 About Musicland Holding

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Wants Solicitation Procedures Approved
---------------------------------------------------------
Musicland Holding Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to:

   (a) approve the Disclosure Statement for their First Amended
       Joint Plan of Liquidation;

   (b) fix a voting record date pursuant to Rule 3018(a) of the
       Federal Rules of Bankruptcy Procedure;

   (c) approve uniform solicitation and voting procedures with
       respect to the Plan;

   (d) approve the form of the Solicitation Package and the
       solicitation notices;

   (e) schedule certain dates, including:

       -- Confirmation Hearing,
       -- Confirmation Objection Deadline, and
       -- Voting Deadline, and

   (f) extend their exclusive period to solicit votes to accept
       or reject the Plan through and including Dec. 28,
       2006.

Specifically, the Debtors propose this schedule:

   Oct. 5, 2006    Disclosure Statement Objection Deadline
   Oct. 12, 2006   Disclosure Statement Hearing
   Oct. 12, 2006   Voting Record Date
   Oct. 18, 2006   Distribution of Solicitation Packages
   Nov. 20, 2006   Voting Deadline
   Nov. 20, 2006   Plan Objection Deadline
   Nov. 24, 2006   Debtors' Reply to Plan Objections Deadline
   Nov. 28, 2006   Confirmation Hearing

               Disclosure Statement Must Be Approved

James A. Stempel, Esq., at Kirkland & Ellis LLP, in New York,
contends that the Debtors' Disclosure Statement contains
adequate information regarding their proposed Chapter 11 Plan as
required by Section 1125(b) of the Bankruptcy Code.

According to Mr. Stempel, the Debtors' Disclosure Statement
contains, or will contain prior to solicitation, the pertinent
information necessary for holders of claims and equity interests
to make an informed decision about whether to vote to accept or
reject the Plan, including, among other things, information
regarding:

   (a) the Plan;

   (b) the history of the Debtors, including certain events
       leading to the commencement of the Chapter 11 Cases;

   (c) the operation of the Debtors' business and significant
       events during the Chapter 11 Cases;

   (d) the Debtors' prepetition capital structure and
       indebtedness;

   (e) the Debtors' corporate structure;

   (f) claims asserted against the Debtors' estates and the
       procedures for the resolution of disputed, contingent,
       and unliquidated claims or equity interests;

   (g) certain risk factors to consider that may affect the
       Plan;

   (h) the contemplated administration of the Debtors' estates
       following confirmation of the Plan;

   (i) certain federal income tax law consequences of the Plan;

   (j) the classification and treatment of claims and equity
       interests;

   (k) the provisions governing distributions under the Plan;

   (l) the means for implementation of the Plan;

   (m) the treatment of litigation; and

   (n) a disclaimer indicating that no statements or information
       concerning the Debtors and their assets are authorized
       other than those set forth in the Disclosure Statement.

                    Voting Record Date

Mr. Stempel asserts that a Voting Record Date is needed to
determine:

   (a) the creditors and interest holders that are entitled to
       receive the Solicitation Package pursuant to the
       Solicitation Procedures;

   (b) the creditors and interest holders entitled to vote to
       accept or reject the Plan; and

   (c) whether claims or interests have been properly
       transferred to an assignee pursuant to Bankruptcy Rule
       3001(e) so that the assignee can vote as the holder of
       the claim or equity interest.

                  Confirmation Objections

Objections to confirmation of the Plan must:

   -- be in writing;

   -- state the name and address of the objecting party, and the
      amount and nature of the claim or interest of that party;

   -- state with particularity the basis and nature of any
      objection to the Plan and, if practicable, proposed
      modification to the Plan that would resolve the objection;
      and

   -- be filed with the Court and served so that it is received
      no later than 4:00 p.m. (prevailing Eastern Time), eight
      days before the Confirmation Hearing.

                   Solicitation Procedures

BMC Group, Inc., will act as the Debtors' voting agent.  Among
others, BMC Group will distribute Solicitation Packages,
tabulate Ballots, respond to inquiries relating to the plan
process, solicit votes on the Plan, and contact creditors and
equity holders regarding the Plan.

The Debtors seek the Court's authority to extend the Voting
Deadline, when necessary, to a date no later than six days
before the Confirmation Hearing.

The Solicitation Package will be distributed to those parties
entitled to vote on the Plan.  Copies of documents in the
Solicitation Packages will also be served on:

   (a) the United States Trustee for the Southern District of
       New York;

   (b) counsel to the Committee;

   (c) counsel to the Informal Committee; and

   (d) those parties who have filed and not withdrawn requests
       for notices under Bankruptcy Rule 2002 as of the Record
       Date.

The Debtors note that the forms of the Ballots comply with
Bankruptcy Rule 3018(c) and are based substantially on Official
Form No. 14.  The forms of Ballots, however, have been modified
to address the particular needs of the Debtors' Chapter 11
cases.

Parties who are not entitled to vote will receive a Notice of
Non-Voting Status.

The Debtors have also established procedures regarding temporary
allowance of claims for voting purposes only.

          Exclusive Solicitation Period Must Be Extended

Mr. Stempel tells the Court that due to factors not entirely
within the Debtors' control, including the changing of hands of
the secured trade debt and the resultant change in
representation of that constituency, negotiations over the terms
of a revised consensual plan were stalled.  The Debtors were
only able to file a Disclosure Statement and a First Amended
Joint Plan of Liquidation, on Sept. 14, 2006, based on
negotiations with the Committee and Informal Committee.

Therefore, Mr. Stempel says, to accommodate the time needed to
file and garner court approval of a disclosure statement and
conduct solicitation of that amended plan, the Debtors'
Exclusive Solicitation Period must be extended.

Mr. Stempel relates that the Debtors have discussed the
extension of the Solicitation Period with the Official Committee
of Unsecured Creditors and the Informal Committee of Secured
Trade Vendors, and the Debtors believe that both committees
support their request.

                 About Musicland Holding

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




=============
U R U G U A Y
=============


* URUGUAY: Creating Private-Public Group for Rail Lines Repair
--------------------------------------------------------------
Victor Rossi, the transport minister of Uruguay, told radio
station el Espectador that the government will form a private-
public association to help rehabilitate and repair 900
kilometers of rail lines for freight services.

Business News Americas relates that the government will call on
the private sector to make proposals to participate in an
association with state-owned firm Corporacion Ferroviaria.

Minister Rossi told BNamericas that the majority of the lines to
be repaired or modernized will be on the routes that are in need
of investment:

       -- Montevideo-Rivera,
       -- Frey Bentos, and
       -- Frey Bentos-Mercedes-Montevideo.

BNamericas notes that the state is looking at the forestry
industry to provide the opportunity for development.  This
industry offers the cargo volumes needed to make the investments
profitable.

According to BNamericas, the whole plan is based on three major
tenets:

    -- the fortification of state rail administration AFE;

    -- the development of rail lines, which will be done through
       Corporacion Ferroviaria in association with venture
       capital investment company CND; and

    -- a mixed public-private company in which the government
       will promote the association of private parties with AFE.

BNamericas states that Corporacion Ferroviaria will handle the
rehabilitation of about 900 kilometers of the most important
tracks.  APE and the rail firms will be responsible for the
remainder of the network.  AFE would be in charge of the actual
operation of services.

Minister Rossi told BNamericas, "CF has US$25 million in
starting capital from the government, which is available for
repairs to lines, but the total investments required for repairs
are estimated to be US$70 million to US$100 million."

BNamericas emphasizes that the minister said that the shortfall
will be covered with private investments through Corporacion
Ferroviaria or through multilateral credit organizations -- like
the Inter-American Development Bank -- some of which already
confirmed their willingness to participate.

According to the report, the private sector participation in
this company will help the authorities acquire the equipment
needed to run the rail lines, which require a significant amount
of wagons and new locomotives.  In this public-private firm, AFE
would provide the equipment and rolling stock it has, while the
private sector would put up the investment needed to boost and
upgrade rolling stock, before aiding with the operation of cargo
transport.

Makers of rail equipment, rail service operators and the firms
producing the cargo have all expressed an interest in
participating, Minister Rossi told BNamericas.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018 'B+'.




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


BANESCO BANCO: Posts VEB162 Billion First Half Net Income
---------------------------------------------------------
Sudeban, the financial system regulator in Venezuela, told
Business News Americas that the first half net income of Banesco
Banco Universal increased 5.8% to VEB162 billion in the first
half of 2006, from VEB153 billion in the same period of 2005.

BNamericas relates that Banesco's net interest income rose 43%
to VEB442 billion in the first half of 2006, compared with the
first half of 2005.

According to the report, Banesco's loan book grew 150% to
VEB6.30 trillion in June 2006, from June 2005.  Meanwhile,
deposits increased 28% to VEB10.7 trillion.

Assets of Banesco rose 31% to VEB12.7 trillion in the first half
of 2006, compared with the first half of 2005.  Liabilities of
the company increased 33% to VEB11.5 trillion, BNamericas
states.

Banesco Banco Universal was established in 1977.  It has grown
rapidly during the past 10 years through M&A.  The bank offers
loans in several segments including consumer, commercial and
agricultural.

                        *    *    *

As reported by the Troubled Company Reporter on May 19, 2005,
International rating agency Fitch affirmed the international
debt ratings of Venezuelan bank Banesco Banco Universal and
revised the Outlook to Negative from Stable.  The ratings
affirmed are:

    -- Long-term foreign currency at 'B'
    -- Short-term foreign currency at 'B'
    -- Support affirmed at '5'
    -- Long-term national rating at 'A-(ven)'
    -- Short-term national rating at 'F2(ven)'

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2006, Fitch Ratings downgraded Banesco Banco
Universal's individual rating to 'D/E' from 'D'.


PETROLEO BRASILEIRO: Reports Wrong Revenue Figure, Says Seniat
--------------------------------------------------------------
An official from Seniat, the tax agency in Venezuela, told
Business News Americas that the four units of Petroleo
Brasileiro SA aka Petrobras that have operations in the nation
disclose VEB547 billion when they should have reported VEB552
billion.

The four Petrobras' units in question include:

          -- Petrobras Energia-APC-Corod,
          -- Petrobras Energia-Willams,
          -- Inversora Mata-Petrobras Energia, and
          -- Coroil-Petrobras Energia.

BNamericas relates that the official said Petrobras has already
been informed of the irregularity that allegedly occurred during
the 2005 fiscal year.

"A new calculation based on the higher figure needs to be made,"
the official told BNamericas.

Petrobras declined to give comments to BNamericas regarding the
matter.  However, the company said that it remains committed to
Venezuelan projects and new projects under agreements reached
between Brazil's President Luiz Inacio Lula da Silva and Huga
Chavez, his Venezuelan counterpart.

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

                        *    *    *

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

                        *    *    *

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

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

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


PETROLEOS DE VENEZUELA: Building Oil Refinery in Vietnamn
---------------------------------------------------------
Petroleos de Venezuela SA will build a refining facility in
Vietnam next year, El Universal reports, citing energy and
petroleum minister Rafael Ramirez.

The move, according to the minister, is part of the state-oil
company's expansion plan.  Vietnam was chosen given its economic
growth, Minister Ramirez told official TV channel Venezolana de
Television.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: Starts Drilling Activities in Ayacucho
--------------------------------------------------------------
"The Orinoco Oil Belt is becoming a Universal Belt, because it
will allow the development of our people, the consolidation of
the union of the countries of Latin America and the SOUTH-SOUTH
integration, and proof of this is the participation of the
Islamic Republic of Iran in the Orinoco Magna Reserva Project."

These were the words of the president of the Bolivarian Republic
of Venezuela, Hugo Chavez Frias, at the ceremony for the
commencement of drilling activities at block Ayacucho 7 of the
Orinoco Oil Belt, which was attended by His Excellency, the
President of the Islamic Republic of Iran, Mahmoud Ahmadinejad,
together with high officials of the government of Iran, and the
Minister of Energy and Petroleum and president of Petroleos de
Venezuela, Rafael Ramírez.

In turn, Iran's Chief of State stated that the activation of
this oil well proves that "revolutionary and independent
peoples, exchanging their cooperation, will be capable of
managing what they need and will be able to organize their
economies for the progress of the majorities."

            At Least 6 Billion Barrels to be Certified

The drilling of Block Ayacucho 7, of the Ayacucho Area of the
Orinoco Oil Belt is the realization of the Memorandum of
Understanding signed between PDVSA and Iran's state-owned oil
company, Petropars, within the framework of the Orinoco Magna
Reserva Project.   The first surveys conducted by both state-
owned companies resulted in the existence of 31.2 billion
barrels of Oil Originally in Place (OOIP), of which at least
20%, that is, about 6 billion barrels, are expected to be
recovered and added to the proven oil reserves of Venezuela.

The Orinoco Oil Belt is located south of the states of Guarico,
Anzoategui and Monagas and comprises an approximate area of
55,314 square kilometers.   It is divided into 27 blocks in four
areas: Boyaca, Junin, Ayacucho and Carabobo.

The drilling of well MFK-4E is being carried out at block
Ayacucho 7, which has an area of 500 square kilometers and is
located 125 kilometers away from the town of San Tome, State of
Anzoategui.  It should be noted that PDVSA invested one million
dollars to complete the recovery of drilling rig PDV No. 2,
which is being used in the quantification tasks and had not been
used for 10 years.  This drill is valued at 14 million dollars.

Petropars is one of the companies that are participating
together with PDVSA in the quantification of reserves of the
Orinoco Oil Belt, where it has been estimated that there are 235
billion barrels of crude oil, which added to the 81 billion
barrels of current proven reserves, will raise Venezuela's
reserves to 316 billion barrels.  In addition to Iran's state-
oil company, other companies are participating in the Orinoco
Magna Reserva Project, such as:

   -- Spain's Repsol,
   -- Brazil's Petrobras,
   -- India's ONGC,
   -- Russia's Lukoil and Gazprom,
   -- China's CNPC,
   -- Uruguay's ANCAP,
   -- Argentina's ENARSA and
   -- Belorusia's  Belorusneft,

strengthening the energy strategy of the Bolivarian Government,
oriented towards contributing to the creation of a pluripolar
world.

The Orinoco Magna Reserva Project will make Venezuela the
country with the largest oil reserves in the world and the
Orinoco Oil Belt will be the fundamental axis of the country's
industrial, social, economic, technological and endogenous
development.

               Driving the Endogenous Development

PDVSA, in synergy with Corporacion Venezolana de Guayana aka
CVG, the regional governments of Anzoategui, Guarico and
Monagas, as well as the Ministries of Planning and Develoment,
of the Environment, and of Popular Economy, will drive the
endogenous development of the Orinoco Oil Belt by promoting the
Integral Farms in the communities located along the banks of the
Morichal Largo river, in addition to projects related to
productive chains, such as those of cotton, cattle and fishery.

Regarding utilities and social infrastructure, the construction
of the electric layout has been foreseen, as well as the
Morichal Largo Aqueduct, which will supply drinking water to the
communities; and also Bolivarian schools and assistance centers
shall be built.

In the community of Mamo, Independence Municipality of the State
of Anzoategui, VEB2.1 billion are being invested to strengthen
their agriculture and low-scale fishing for the benefit of the
dwellers of El Tigre, Maturín and Puerto Ordaz.

The processes related to the quantification and certification of
reserves in the Orinoco Oil Belt are part of the Magna Reserva
Project, one of the major projects of the 2006-2030 Oil Sowing
Plan.  The Belt will become the main driver of the country's
social, industrial, technological sustainable development.

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

                        *    *    *

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


* VENEZUELA: Reviews Bilateral Pacts with Dominican Republic
------------------------------------------------------------
Hugo Chavez -- the president of Venezuela -- has met with Leonel
Fernandez, his counterpart in the Dominican Republic, to discuss
the bilateral agreements of the two nations, Dominican Today
reports.

Carlos Morales Troncoso -- the Dominican Chancellor -- told
Dominican Today that the encounter of the two presidents was
fruitful and harmonious.

Dominican Today relates that Mr. Troncoso disclosed earlier that
President Fernandez would meet with President Chavez to review
the accords that their two nations maintain on petroleum
provisioning.

According to Diario Libre, the Dominican Republic is seeking to
negotiate more favorable petroleum terms with Venezuela.

Mr. Troncoso refused to comment on whether or not the Dominican
Republic will use its aspiration for a United Nations Security
Council seat as a bargaining tool, Diario Libre states.

                        *    *    *

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


* VENEZUELA: Starts Drilling with Iran in Bloc Ayacucho 7
---------------------------------------------------------
Official drilling, marking the series of agreements between
Venezuela and Iran, in bloc Ayacucho 7 of southern Orinoco oil
belt began Monday, El Universal reports.  The bloc is located in
Kuricapo field, 125 kilometers of San Tome town, eastern
Anzoategui state.

The opening ceremony was attentended by Venezuelan President
Hugo Chavez and his Iranian counterpart Mahmud Ahmadinejad, news
agency ABN reported.

The event is a fundamental part of the memo of understanding
executed by the two countries on March 11, 2005, El Universal
says.

                        *    *    *

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


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

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

Sept. 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting "From Crisis to Close"
         Oxford Hotel Grand Ballroom, Denver, CO
            Contact: http://www.turnaround.org/

Sept. 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Pat Marso: Recipient of the 2005 International Turnaround
                 of the Year Award
         Solera, Minneapolis, MN
            Contact: http://www.turnaround.org/

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

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

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

Sept. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Carolinas Membership Luncheon - Overseas Insolvency and
        the Carolinas
         City Club, Charlotte, NC
            Contact: http://www.turnaround.org/

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

Sept. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Supply Chain Finance: New tools for structuring
      and financing trade by proactively mitigating risks
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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


Sept. 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA/IWIRC-NEON Panel Presentation "The Effect of Hedge
       Funds on the Economy"
         Lockkeepers, Valley View, OH
            Contact: http://www.turnaround.org/

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

Sept. 28, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      West Coast Plan of Reorganization Conference
         The Olympic Collection Banquet, Los Angeles, CA
            Contact: http://www.airacira.org/

Sept. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Quarterly Networking Luncheon
         East Bank Club, Chicago, IL
            Contact: 815-469-2935 or www.turnaround.org

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

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

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

Oct. 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Panel & Breakfast Meeting: Financial Fraud
         Center Club, Baltimore, MD
            Contact: http://www.turnaround.org/

Oct. 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Negotiations Workshop
         Standard Club, Chicago, IL
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

Oct. 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

Oct. 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

Oct. 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

Nov. 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

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

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

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

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

Nov. 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

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

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

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

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

Nov. 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

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

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

Nov. 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

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

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

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

Nov. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

Jan. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

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

Jan. 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

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

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club, Jacksonville, FL

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

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

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

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

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

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

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

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

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

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

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

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

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

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

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


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

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

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

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

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

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                        ***********


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

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

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

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

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

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


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