TCRLA_Public/060927.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

          Wednesday, September 27, 2006, Vol. 7, Issue 192

                          Headlines

A R G E N T I N A

ACXIOM CORP: Charles Morgan Adopts New 10b5-1 Trading Plan
VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings
BALLY TECH: Providing Casino Management System to Mohegan Sun
CEREALTAIM SA: Verification of Proofs of Claim Is Until Nov. 17
FINGERENT SA: Deadline for Verification of Claims Is on Nov. 10

IMC GROUP: Extends Verification of Proofs of Claim Until Nov. 24
GRUPO ELEKTRA: Will Run Banco Azteca Stores in Argentina in 2007
NOVA DONNA: Trustee Verifies Proofs of Claim Until Nov. 28
RODALIA SCA: Last Day for Verification of Claims Is on Oct. 16
SEFRI SRL: Seeks for Court Approval to Reorganize Business

B A H A M A S

COMPLETE RETREATS: Panel Wants DIP Objection Extended to Oct. 26
COMPLETE RETREATS: Selects CIT Capital as Real Estate Advisor
WINN-DIXIE: Wants Court to Retroactively Approve 12 Agreements
WINN-DIXIE: Wants 26 Contracts & Leases Rejected on Oct. 5

B E L I Z E

* BELIZE: Central American Bank to Invest US$2 Bil. in Country

B O L I V I A

* BOLIVIA: Issues Positive Report on Eaglecrest's Project

B R A Z I L

BANCO BRADESCO: Unit Finalizes Services Pact with Luigi Bertolli
BANCO MERCANTIL: Moody's Rates US$300M Global Note Program at B1
BRASKEM SA: Declares Pricing of Tender Offer for 12.50% Notes
GERDAU SA: Antitrust Agency Ruling on Fines on Hold
GULFMARK OFFSHORE: Moody's Lifts Rating on US$160M Notes to B1

IWT TESORO: Bank of America Credit Line Increased to US$26.5 Mln
SANTANDER BANESPA: Lending BRL1B to Small Enterprises This Year
VARIG S.A.: Appeals Court Allows ANAC to Redistribute Routes
VARIG S.A.: Cuts Fare on Five Local & Two International Flights

* BRAZIL: Russky Alyuminiyum to Implement Bauxite Projects

C A Y M A N   I S L A N D S

AATRIUM FUND: Shareholders Gather for a Final Meeting on Oct. 16
A.T.S. ARGUS: Deadline for Proofs of Claim Filing Is on Oct. 18
CML FUND: Creditors Have Until Oct. 18 to File Proofs of Claim
DALAV LIMITED: Last Day for Proofs of Claim Filing Is on Oct. 18
DIGIMARC ID: Creditors Must Submit Proofs of Claim by Oct. 18

FFP WEST: Shareholders Convene for a Final Meeting on Oct. 11
HENDERSON UK: Last Day to File Proofs of Claim Is on Oct. 11
LINK INVESTMENTS: Liquidator Presents Wind up Accounts on Oct. 9
NOTTINGHAM LIMITED: Final Shareholders Meeting Is Set for Oct. 9
PEACE TECH: Extraordinary Shareholders Meeting Will be Tomorrow

PHYSICIANS SECURITY: Proofs of Claim Filing Is Until Oct. 18
PROGRESSIVE GROWTH: Sets Final Shareholders Meeting on Oct. 11
SCL NAUTILUS: Proofs of Claim Filing Deadline Is Set for Oct. 18
SPHERIC INTERNATIONAL: Last Shareholders Meeting Is on Oct. 11
TAMARIX INVESTMENTS: Final Shareholders Meeting Is on Oct. 9

C H I L E

ARAMARK CORP: Included in InformationWeek 500 List
DIRECTV GROUP: Chilean Unit Plans Growth Through New Alliances
HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating

C O L O M B I A

ANIXTER INT'L: Settling Income Tax Liabilities with the IRS

C O S T A   R I C A

DENNY'S CORP: Moody's Withdraws B2 Corporate Family Rating

C U B A

* CUBA: Heads of Two Cos. Fired to Strengthen State Control

D O M I N I C A N   R E P U B L I C

EMPRESA GENERADORA: Fitch Rates Proposed US$125 Mil. Notes at B-
JETBLUE AIRWAYS: Launches Discount Card from American Express

E L   S A L V A D O R

TARGUS GROUP: Moody's Assigns Loss-Given-Default Rating

G U A T E M A L A

* GUATEMALA: Will Strengthen Bilateral Relations with Russia

H A I T I

* HAITI: Minister Visits Brazil to Learn About Biodiesel Program

H O N D U R A S

* HONDURAS: Expects Patuca Hydro Project Impact Study in Feb.

J A M A I C A

* JAMAICA: Russky Alyuminiyum to Implement Bauxite Projects

M E X I C O

AMSCAN HOLDINGS: Moody's Assigns Loss-Given-Default Rating
CINRAM INT'L: Board Says No to Amaranth's Sale Advice
CINRAM INTERNATIONAL: Paying Cash Distributions on Oct. 16
DELTA AIR: Adds Daily Nonstop Service to Guadalajara, Mexico
DIRECTV INC: Opens New Technical Call Center to Support Growth

GRUPO MEXICO: Blockade on Southern Copper's Railroad Ends
GUESS? INC: Enters Into a Joint Venture with Grupo Axo in Mexico
GRUPO TMM: Closes US$200MM Securitization Facility of 2007 Notes
MERIDIAN AUTOMOTIVE: Asks Court to Approve Disclosure Statement
MERIDIAN AUTO: Wants Uniform Solicitation Procedures Approved

NEWPARK RESOURCES: Names James Braun as Vice President and CFO
VITRO SA: Plans to Swap US$225MM in 11.75% Notes Due 2013

* MEXICO: IFC Grants MXN130.5MM to Irapuato-La Piedad Highway

P A N A M A

CHIQUITA BRANDS: Says Spinach Issue to Hurt Quarterly Profit
CHIQUITA BRANDS: Suspending Quarterly Dividend to Reduce Debt
GRUPO BANISTMO: Acquisition May Open Doors for Competitors

P E R U

* PERU: Fonafe Will Sell 39.95% Stake in Local Power Firm
* PERU: IDB Picks ICF Int'l to Perform Audit on Camisea Project

P U E R T O   R I C O

DRESSER INC: Commences Cash Tender Offer for 9-3/8% Sr. Notes
NBTY INC: Moody's Assigns Loss-Given-Default Rating
RENT-A-CENTER: Elects Leonard Roberts to Board of Directors
SIMMONS BEDDING: Buying Simmons Canada from SCI for CDN$130MM
ZALE CORP: U.S. SEC Terminates Investigation

T R I N I D A D   &   T O B A G O

BRITISH WEST: Gov't to Spend Over US500MM to Start New Airline
ROYAL CARIBBEAN: Redeeming Zero Coupon Convertible Notes

U R U G U A Y

PETROLEO BRASILEIRO: Launches First Service Station in Uruguay

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Launches Cigma Gas Complex Construction
PETROLEOS DE VENEZUELA: Supplying Half of Carribean's Oil Needs

* VENEZUELA: Introduces New Industrial Complex
* VENEZUELA: Trinidad Business Sector Mulls Gas Importation
* PricewaterhouseCoopers Launches Valuation Services in the U.S.
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


ACXIOM CORP: Charles Morgan Adopts New 10b5-1 Trading Plan
----------------------------------------------------------
Charles D. Morgan. Acxiom Corp.'s head has adopted a new
pre-arranged stock trading plan to sell a portion of his company
stock over a 10-month period to retire personal debt.  The stock
trading plan was adopted in accordance with the guidelines
specified under Rule 10b5-1 of the U.S. Securities Exchange Act
of 1934. Under the rules of the plan, Mr. Morgan may sell 50,000
shares per month between September 2006 and June 2007, amounting
to 15% of the approximately 3,368,000 shares he currently holds.

Mr. Morgan has not sold any stock since April 2005.  He entered
into a 10b5-1 sales plan in April 2004 that called for the sale
of 50,000 shares per month through July 2005.  He terminated the
plan in April 2005, leaving 150,000 shares unsold.

All of Mr. Morgan's trades will be publicly reported on Forms
144 and Forms 4 filed with the Securities and Exchange
Commission.

                     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.

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  The outlook
is stable.


VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. pharmaceutical sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Valeant Pharmaceuticals International, and its Ba3 rating on the
company's US$300 million issue of 7% senior unsecured notes due
2011.  Additionally, Moody's assigned an LGD3 rating to those
bonds, suggesting noteholders will experience a 39% loss in the
event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty  
pharmaceutical company with US$823 million of 2005 revenues.  
The company has offices in Argentina.


BALLY TECH: Providing Casino Management System to Mohegan Sun
-------------------------------------------------------------
Bally Technologies, Inc., has signed a contract with Mohegan Sun
at Pocono Downs to provide a complete casino management system,
an advanced suite of Bally Power Bonusing products and an
initial order of 1,100 iVIEW touch-screen displays for all of
the slot machines planned for the racino resort's opening later
this year.

In addition, Bally secured an order for more than 20 percent of
the initial slot mix, including premium titles such as:

   -- Hot Shot Progressive,
   -- Cash Wheel,
   -- Hee Haw and
   -- S&H Green Stamps.

Mohegan Sun at Pocono Downs also became the first casino to
order Bally's new ALPHA Elite S9C games, which are powered by a
breakthrough technology that allows dozens of classic Bally
reel-spinning titles from its legacy S6000 line to run on the
advanced ALPHA OS without any additional game development.  The
Bally game mix also includes a variety of S9000 reel-spinners,
M9000 upright video slots and CineVision wide-screen video
slots.

Mohegan Sun at Pocono Downs is currently a harness racing
facility located on 400 acres in Wilkes-Barre, Pa., and plans to
be among the first racing locations in the state to open with
slot machines.

Currently undergoing a major expansion that will allow for the
eventual installation of 2,000 machines, Mohegan Sun at Pocono
Downs conducted a thorough competitive review before selecting
Bally CMS(R) / SMS(R) and its Bally Power Bonusing technology.  
Mohegan Sun at Pocono Downs plans to place a high level of
emphasis on its player's club, player tracking and player
marketing capabilities, including the implementation of Bally
Power Rewards, a configurable player-centric bonusing technology
that rewards guests using their player's club cards.

To complement Bally Power Rewards, Mohegan Sun at Pocono Downs
will integrate the iVIEW displays to create a personalized
multimedia experience for each patron as they play at the slot
machine.

"We looked at a number of vendors in our evaluation process and
assessed a very detailed list of systems criteria," said Robert
Soper, President and General Manager of Mohegan Sun at Pocono
Downs.  "We chose Bally because of its long-term demonstrated
commitment to gaming systems technology, product enhancements
and customer service. The Bally Power Bonusing features are
excellent tools for creating excitement on the floor, and
Bally's comprehensive CMS technology will allow multi-site
player card functionality to be used in conjunction with Mohegan
Sun, one of the nation's premier gaming destinations located in
Uncasville, Conn."

"We're very proud to extend our long-standing relationship with
Mohegan Sun and help its team succeed in a new market," said
Ramesh Srinivasan, Executive Vice President of Systems.  
"Mohegan Sun is obviously one of the most highly respected names
in the gaming industry, partly because of their innovative
thinking and creative use of technology. Bally's player-centric
design enables them to capitalize on the concept of tailored
bonuses for the patron, thereby effectively managing marketing
expenses and enhancing the player experience."

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.
The company also owns and operates Rainbow Casino in Vicksburg,
Miss.  Bally Technologies' South American operations is located
in Argentina.

                        *    *    *

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


CEREALTAIM SA: Verification of Proofs of Claim Is Until Nov. 17
---------------------------------------------------------------
Ricardo Norberto Belli, the court-appointed trustee for
Cerealtaim S.A.'s bankruptcy proceeding, will verify creditors'
proofs of claim until Nov. 17, 2006.

Mr. Belli will present the validated claims in court as
individual reports on Feb. 2, 2007.  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 Cerealtaim 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 Cerealtaim's
accounting and banking records will follow on March 16, 2007.

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

The trustee can be reached at:

          Ricardo Norberto Belli
          Avenida Santa Fe 962
          Buenos Aires, Argentina


FINGERENT SA: Deadline for Verification of Claims Is on Nov. 10
---------------------------------------------------------------
Carlos Menendez, the court-appointed trustee for Fingerent S.A.
Sociedad Gerente de Fondos Comunes de Inversion's bankruptcy
case, will verify creditors' proofs of claim until
Nov. 10, 2006.

Under the Argentine bankruptcy law, Mr. Menendez is required to
present the validated claims in court as individual reports.  
Court No. 19 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 Fingerent S.A. and
its creditors.

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

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

Fingerent S.A. was forced into bankruptcy at the behest of
Carlos Scheatenger, whom it owes US$12,249.

Clerk No. 38 assists the court in the proceeding.

The debtor can be reached at:

          Fingerent S.A. Sociedad Gerente de Fondos
          Comunes de Inversion
          Esmeralda 288
          Buenos Aires, Argentina  

The trustee can be reached at:

          Carlos Menendez
          Ventura Bosch 7098
          Buenos Aires, Argentina


IMC GROUP: Extends Verification of Proofs of Claim Until Nov. 24
----------------------------------------------------------------
Court No. 17 in Buenos Aires extended the verification of
creditors' proofs of claim against bankrupt company IMC Group
S.A. until Nov. 24, 2006.  The verification phase was previously
set to end on Sept. 14, 2006.  Ruben Angel Scaletta remains as
the court-appointed trustee for the case.

Mr. Scaletta will submit the validated claims in court as
individual reports on Dec. 26, 2006.  Court No. 17 will
determine if the verified claims are admissible, taking into
account the trustee's opinion and the challenges and objections
raised by IMC Group 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 IMC Group's
accounting and banking records will follow on Feb. 23, 2007.

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2006, IMC Group was forced into bankruptcy at the
request of Diseno Grafico Sociedad de Hecho, which it owes
US$26,239.12.

Clerk No. 33 assists the court in the proceeding.

The debtor can be reached at:

          IMC Group S.A.
          Florida 826
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben Angel Scaletta
          Piedras 1077
          Buenos Aires, Argentina


GRUPO ELEKTRA: Will Run Banco Azteca Stores in Argentina in 2007
----------------------------------------------------------------
A spokesperson of Grupo Elektra told Business News Americas that
the company plans to operate its Banco Azteca banking franchise
and retail stores in Argentina in 2007.

BNamericas relates that the spokesperson said that Grupo Elektra
is considering putting up banking and retail stores businesses
in Brazil, Guatemala, El Salvador and Peru.

Grupo Elektra had requested in May a banking license from CNBS
-- the Honduran financial regulator -- in a second attempt to
enter the nation's banking system, after the first request was
denied in January, BNamericas states.

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

                        *    *    *

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

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


NOVA DONNA: Trustee Verifies Proofs of Claim Until Nov. 28
----------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Nova Donna
S.R.L.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Nov. 28, 2006.

Mr. Colace will present the validated claims in court as
individual reports on Feb. 13, 2007.  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 Nova Donna 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 Nova Donna's
accounting and banking records will follow on March 27, 2007.

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

The trustee can be reached at:

          Jose Maria Colace
          Bernardo de Irigoyen 330
          Buenos Aires, Argentina


RODALIA SCA: Last Day for Verification of Claims Is on Oct. 16
--------------------------------------------------------------
Roque Alberto Pepe, the court-appointed trustee for Rodalia
S.C.A.'s reorganization proceeding, will verify creditors'
proofs of claim until Oct. 16, 2006.

Under the Argentine bankruptcy law, Mr. Pepe is required to
present the validated claims in court as individual reports.  
Court No. 22 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 Rodalia and its
creditors.

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

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

On June 30, 2007, Rodalia's creditors will vote on a settlement
plan that the company will lay on the table.

Clerk No. 43 assists the court in the proceeding.

The debtor can be reached at:

          Rodalia S.C.A.
          Montevideo 451
          Buenos Aires, Argentina  

The trustee can be reached at:

          Roque Alberto Pepe
          Avenida Argentina 5785
          Buenos Aires, Argentina


SEFRI SRL: Seeks for Court Approval to Reorganize Business
----------------------------------------------------------
A court in Buenos Aires is studying the merits of Sefri S.R.L.'s
petition to reorganize its business after defaulting on its
obligations.

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

The debtor can be reached at:

          Sefri S.R.L.
          La Rioja 636
          Buenos Aires, Argentina




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


COMPLETE RETREATS: Panel Wants DIP Objection Extended to Oct. 26
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete
Retreats LLC and its debtor-affiliates' chapter 11 cases asks
the U.S. Bankruptcy Court for the District of Connecticut to
further extend, until Oct. 26, 2006, the period for the
Committee to object to the Debtors' DIP financing pact with The
Patriot Group, LLC, and LPP Mortgage, Ltd.

The Committee says it needs the extension to enable it to carry
out a thorough investigation of matters relevant to the Debtors'
prepetition financing.

The Honorable Alan H.W. Shiff previously gave the Committee
and any party-in-interest with requisite standing until
Oct. 3, 2006, to object to the validity of the Prepetition
Obligations or assert any Lender Claims.

Kate K. Simon, Esq., at Bingham McCutchen LLP, in Hartford,
Connecticut, notes that the Court may, however, extend the
Objection Period for up to two successive periods of not more
than 30 days each for good cause shown.

Ms. Simon emphasizes that among other tasks, the Committee needs
to:

   -- gather information and analyze numerous real estate
      transactions, many of which involve overseas properties
      and documentation in foreign languages; and

   -- conduct examinations of individuals with knowledge of the
      estate transactions.

The Patriot and LPP Mortgage, the lenders for the US$10,000,000
DIP Financing Facility, consent to the Committee's request, Ms.
Simon informs the Court.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


COMPLETE RETREATS: Selects CIT Capital as Real Estate Advisor
-------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for permission
to employ CIT Capital USA, Inc., as their exclusive real estate
advisor and disposition agent, nunc pro tunc to Aug. 18, 2006.

The Debtors are exiting certain of their properties.  In
connection with reorganization efforts, the Debtors hope to sell
the Properties in the near future.  Holly Felder Etlin, the
Debtors' chief restructuring officer, relates that the
Properties are not popular with the Debtors' members and are
often vacant.

Ms. Etlin notes that the Debtors do not have the internal
expertise, infrastructure, or staff necessary to analyze or
market the Properties competently and cost-effectively.

Members of CIT's Commercial Real Estate group have significant
experience in the disposal of real property assets, Ms. Etlin
tells the Court.  Moreover, CIT has a good reputation, which
will lend credibility to the contemplated sale process.

The Debtors will employ CIT pursuant to the terms of a Letter
Agreement dated Aug. 18, 2006, between the parties.  The CIT
Letter Agreement is the result of arm's-length negotiations
between the Debtors and CIT.  Ms. Etlin states that the Debtors
selected CIT only after considering several other candidates
with similar expertise.

Among others, CIT will:

   -- provide an experienced team to value the Properties;

   -- craft appropriate marketing, disposition, and auction
      processes to sell the Properties;

   -- hire local brokers to assist in the sale process and save
      the Debtors from having to employ brokers under Section
      327 of the Bankruptcy Code;

   -- meet and negotiate with parties who are interested in
      acquiring the Properties;

   -- negotiate stalking horse sale contracts, as necessary; and

   -- identify target buyers for the Properties.

CIT will also establish a "fast-track" disposition for the
Properties.  Specifically, for certain properties in Nevis,
Abaco, the Dominican Republic, and the United States, CIT will
complete its due diligence, review the Debtors' objectives, and
market or auction those Properties within 120 days.

Upon the closing of a sale of each of the Properties, the
Debtors will pay CIT a Transaction Fee equal to 7% of the gross
proceeds from that sale.  Any fees for local brokers retained
will be included in the Transaction Fee.

If the Debtors were to enter into a strategic partnership or
merger that does not include the sale of any Property, CIT  will
be entitled to a US$75,000 Incentive Fee for advisory services
performed.

The Debtors will also reimburse CIT for all its out-of-pocket
expenses, including marketing and travel expenses and reasonable
attorneys' fees.

The Debtors further ask the Court not to subject the Transaction
Fees to any holdbacks and not to require CIT to file and serve
detailed time reports or timesheets since the firm is not
seeking any monthly fees for its services.

Dennis R. Irvin, CIT's executive vice president, assures the
Court that the firm has no connection with, and holds no
interests adverse to, the Debtors, their creditors, or any other
party-in-interest.  Accordingly, CIT is a "disinterested person"
as referenced in Section 327(a) of the Bankruptcy Code and as
defined by Sections 101(14) and 1107(b) of the Bankruptcy Code.

                   About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


WINN-DIXIE: Wants Court to Retroactively Approve 12 Agreements
--------------------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Middle District of Florida to approve
certain agreements either terminating or assigning the Debtors'
Leases and Subleases, retroactively to the date these agreements
were executed.

Before their bankruptcy filing, the Debtors 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.

Mr. Baker tells the Court 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,
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)


WINN-DIXIE: Wants 26 Contracts & Leases Rejected on Oct. 5
----------------------------------------------------------
Pursuant to Sections 105(a) and 365 of the Bankruptcy Code,
Winn-Dixie Stores, Inc., and its debtor-affiliates seek consent
from the U.S. Bankruptcy Court for the Middle District of
Florida to reject 26 executory contracts and unexpired leases
effective as of Oct. 5, 2006.

The Contracts are for goods and services that are no longer
necessary to the Debtors' businesses.  A list of the Contracts
to be rejected can be downloaded for free at:

               http://ResearchArchives.com/t/s?122a

By rejecting the Contracts, the Debtors will avoid unnecessary
expenses and burdensome obligations that provide no tangible
benefit to their estates or creditors, Cynthia C. Jackson, Esq.,
at Smith Hulsey & Busey, in Jacksonville, Florida, says.

In addition, the Debtors ask the Court to establish
Oct. 16, 2006, as the deadline for filing of claims arising from
the rejection of the Contracts.

The Debtors believe that several of the Contracts may not be
contracts or leases or be otherwise executory or non-expired,
but have sought to reject them out of an abundance of caution to
obtain certainty as to rejection damages that may be brought.

The Debtors reserve the right to challenge the contractual,
executory or unexpired nature of any of the Contracts.

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




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


* BELIZE: Central American Bank to Invest US$2 Bil. in Country
--------------------------------------------------------------
The Central American Bank for Economic Integration aka CABEI
will invest US$2 billion in Belize for poverty alleviation,
globalization, and integration process, Love FM reports.

Love FM relates that the Association Agreement was signed
between the government of Belize and CABEI on Sept. 25 in
Belmopan, Belize.

Belize's Ministry of National Security collaborates directly
with CABEI, Love FM notes.

Mark Espat -- the Minister of National Security -- told Love FM
on Monday, "The Government of Belize has been interested for
sometime to non-founding beneficiary member of the Central
American Bank for Economic Integration and for today's signing
confirms Belize's membership.  We are please to have in the
country the president of CABEI who is here along with the Prime
Minister and Minister of Finance to sign this agreement.  The
three areas of focus of CABEI are as you said poverty
alleviation the process of integration and the trade and the
trade competitiveness for globalization.  Belize, the Government
as well as the Private Sectors with respect to benefit from our
membership in this bank, the investments that they will make
will be across all member countries not just in Belize and at
this point, we are signing the agreement to confirm our
membership."

"In the coming months and years the specific programs that
Belize will be able to participate in will be stretched out and
we will know a lot more of exactly which areas these investments
will take place," Minister Espat told Love FM.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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




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


* BOLIVIA: Issues Positive Report on Eaglecrest's Project
---------------------------------------------------------
The Mining Corporation of Bolivia -- Corporacion Minera de
Bolivia aka COMIBOL -- recently conducted a full inspection of
the facilities and operations at Eaglecrest's San Simon project
on orders from Bolivian President Evo Morales.  The company is
pleased to report that it was found to be in complete compliance
with all Bolivian laws and regulations, including mining and
environmental regulations and tax laws.

The COMIBOL inspection team visited Eaglecrest's Santa Cruz
office and then spent a week monitoring the company's operations
at the San Simon project.  Tor Bruland, the company's Vice
President of Operations, provided assistance to COMIBOL's
inspectors, who also reviewed documents related to the technical
operation of the project.  The Ministry of Mines and COMIBOL
also had their lawyer examine all of Eaglecrest's legal
documents, including Joint Venture agreements, concession
information, tax receipts and annual financial statements.

COMIBOL subsequently issued a report confirming that all of
Eaglecrest Exploration's operations are being conducted in
accordance with the laws of Bolivia, that the Company holds all
permits required for diamond drilling, underground exploration
development, bulk sampling and operation of the gold recovery
plant, and that all taxes due have been paid.  The report
further stipulated that Eaglecrest was paying appropriate
attention to the local communities' needs.

President Morales' order for inspection is in keeping with his
policy to ensure that all international companies are operating
legally and according to the laws in Bolivia.  Dr. Jorge Forgues
Valverde, the President of Eaglecrest Exploration Bolivia S.A.
and the Company's Bolivian legal counsel, welcomed President
Morales' inspection order, reporting, "In my opinion, this was a
great opportunity for the Company to officially demonstrate to
the highest level of the government that we do operate fully
within the laws in all parts of our operations.  As expected,
the inspection confirmed this and the outcome established once
and for all that the company is in compliance with the law.  
Now, the Bolivian President and all the mining and environmental
authorities know that our Company is in compliance with all
aspects of Bolivian laws.  They also know that the company has
full support from all residents within a 50 kilometer radius of
our San Simon project."

Eaglecrest's San Simon project includes a total area of
approximately 300 square km and is located in northeast Bolivia.

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

                        *    *    *

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 BRADESCO: Unit Finalizes Services Pact with Luigi Bertolli
----------------------------------------------------------------
Wagener Aguado -- the executive director of Finasa, Banco
Bradesco SA's consumer finance unit -- told Business News
Americas that the company has finalized a financial services
accord with Luigi Bertolli, the regional clothing retailer.

Luigi Bertolli runs over 20 stores in the southeast region of
Brazil.

Finasa has extended its private label agreement with Panvel
pharmacy chain to include personal loans, BNamericas says,
citing Mr. Aguado.  It has also made an arrangement with Comper
supermarket chain to include the Visa-branded credit cards
service.

Mr. Aguado told BNamericas, "We are set to announce another
partnership next month and will probably announce two more
before the end of the year."

BNamericas underscores that Banco Bradesco disclosed in 2005 the
creation of consumer finance joint ventures with retailers
Magazine Leader and Lojas Colombo, which still has to be
approved by the central bank.  Banco Bradesco then switched its
focus to operating accords with regional retailers.

"Creating a consumer finance company is not necessary.  It costs
more and it doesn't give any advantage to the retailer.  We can
form a partnership and have the same control and the results,"
Mr. Aguado told BNamericas.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, two in the Bahamas, and four in the
Cayman Islands.  Bradesco offers Internet banking, insurance,
pension plans, annuities, credit card services (including
football-club affinity cards for the soccer-mad population), and
Internet access for customers.  The bank also provides personal
and commercial loans, along with leasing services.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.


BANCO MERCANTIL: Moody's Rates US$300M Global Note Program at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 foreign currency rating
to Banco Mercantil do Brasil S.A.'s US$300,000,000 Global Medium
Term Note Program and a B3 long-term foreign currency debt
rating to the US$125,000,000 subordinated notes due 2016 issued
under the program.  The outlook on the ratings is stable.

Moody's said that the B1 foreign currency bond rating
incorporates Banco Mercantil do Brasil's fundamental credit
quality, which is reflected by its B1 global local-currency
deposit rating and which includes all relevant country risks.  
At this rating level, Moody's notching guidelines determine a
two-notch differential from the B1 base rating for the
subordinated tranches.

Banco Mercantil do Brasil is headquartered in Minas Gerais,
Brazil, and had BRL5.4 billion (US$2.5 billion) in total assets
and BRL486 million (US$225million) in equity as of June 2006.

These ratings were assigned to Banco Mercantil do Brasil S.A.:

   -- US$300 million Global Medium Term Note Program: B1
      foreign-currency senior unsecured debt rating, with
      stable outlook; and

   -- US$125 million Subordinated Notes: B3 foreign currency
      subordinated debt rating, with stable outlook.


BRASKEM SA: Declares Pricing of Tender Offer for 12.50% Notes
-------------------------------------------------------------
Braskem S.A. disclosed the pricing information for its cash
tender offer for any and all of its outstanding US$275,000,000
principal amount of 12.50% Notes due 2008 (CUSIP Nos.: 10553H AD
4 and 10553J AD 0; ISIN Nos. US10553HAD44 and US10553JAD00;
Common Code Nos. 018005328 and 018005484).  The tender offer is
scheduled to expire at 5:00 p.m., New York City time, today,
unless extended or earlier terminated.

Settlement of the offer is expected to occur on the third
business day following the Expiration Date, which is expected to
be Oct. 2, 2006.

Braskem will pay the total consideration in the manner described
in the Offer to Purchase, dated Aug. 29, 2006, plus accrued and
unpaid interest from the last interest payment date to, but
excluding, the Settlement Date, for the Notes accepted pursuant
to the Offer to Purchase.  The total consideration includes an
early tender premium in the amount of US$20 per U.S.US$1,000
principal amount of Notes. Noteholders who did not validly
tender their Notes prior to 5:00 p.m., New York City time, on
Sept. 18, 2006, will receive the tender offer consideration,
which does not include the early tender premium.

The table below shows the relevant pricing information for the
consideration payable for the Notes:

Reference U.S.    Bloomberg    Fixed Spread   Actual Reference
Treasury          Reference                   Yield  
Security          Page                                  

3-1/8% U.S.       PX5             0.450%          4.625%
Treasury note
    due
Oct. 15, 2008


Tender    Tender Offer                  Total
Offer     Consideration                 Consideration
Yield     Per US$1,000                  Per US$1,000
          Principal Amount              Principal Amount
          of Notes                      of Notes     

5.075%    US$1,125.48                   US$1,145.48


The pricing information for the Total Consideration was
calculated by the Dealer Managers in the manner described in the
Offer to Purchase at 2:00 p.m., New York City time, on
Sept. 25, 2006.

Braskem has retained ABN AMRO Bank N.V., London Branch, and
Citigroup Global Markets Inc. to act as Dealer Managers for the
tender offer, JPMorgan Chase Bank, N.A. to act as the depositary
for the tender offer, and D.F. King & Co., Inc. to act as
information agent for the tender offer.

Questions or requests for assistance or additional copies of the
Offer to Purchase and the related Letter of Transmittal may be
directed to the Information Agent at:

           D.F. King & Co., Inc.
           Tel: (800) 290-6431 (toll free)
                (212) 269-5550)(banks and brokers call collect)

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

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 22, 2006,
its 'BB' senior unsecured debt rating to the proposed up to
US$275 million bonds due Jan. 2017 to be issued by Brazil-based
petrochemical company Braskem S.A. (BB/Stable/--).  The bonds
will rank pari passu with the company's other senior unsecured
notes.

Fitch assigned on Sept. 20, 2006, a rating of 'BB+' to Braskem
S.A.'s proposed issuance of US$275 million senior unsecured
notes due to 2017.  The notes are being offered under Rule 144A
Regulation S.  The proceeds of the offering are expected to be
used to prepay existing debts and extend debt maturities. Fitch
also maintains foreign currency and local currency Issuer
Default Ratings of 'BB+' and a national scale rating of
'AA(bra)' for Braskem.  The Rating Outlook is Stable.


GERDAU SA: Antitrust Agency Ruling on Fines on Hold
---------------------------------------------------
The ruling of Cade, the antitrust agency in Brazil, regarding
the fining of Gerdau SA -- along with Belgo-Mineiro and Barra
Mansa -- is on hold, Business News Americas reports, citing a
press official of Cade.

BNamericas relates that the companies had been required by Cade
to pay a combined fine of BRL345 million by Sept. 18.  Cade had
ruled in September 2005 that the firms had broken anti-trust
rules in rebar sales, fining each firm 7% of their gross
revenues from rebar sales in 1999.  Gerdau would have to pay
BRL245 million.

The press official told BNamericas that the firms delivered to
Cade an escrow guarantee.

Gerdau, Belgo and Barra will have to wait for a court decision
on the antitrust agency ruling, BNamericas says, citing the
press official.

"If the court rules in favor of Cade's decision, the fine amount
would go to its supervisory board," the press official told
BNamericas.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

Gerdau's four majority-owned Brazilian operating subsidiaries
are:

   -- Acominas,
   -- Gerdau Acos Longos S.A.,
   -- Gerdau Acos Especiais S.A. and
   -- Gerdau Comercial de Acos S.A.;

                        *    *    *

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.

                        *    *    *

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.


GULFMARK OFFSHORE: Moody's Lifts Rating on US$160M Notes to B1
--------------------------------------------------------------
Moody's Investors Service upgraded GulfMark Offshore, Inc.'s
corporate family rating from B1 to Ba3 and its US$160 million
senior unsecured notes due 2014 from B2 to B1.  The outlook is
stable.

The upgrade of GulfMark's ratings reflects its fleet's growth
and improved quality and diversity and the enhanced forward
revenues and earnings visibility.  While adding 13 newbuilds
since 2000, GulfMark has divested of older vessels to improve
its overall asset mix.  Moody's believes that GulfMark's
younger, high specification fleet is well-suited for its core
markets while increasing its flexibility to mobilize its vessels
to other attractive international regions.  Furthermore,
management's strategic decision to increase the term portion of
it contract portfolio and reduce spot rate exposure provides
more stability in its cash flows than past years.  

GulfMark has further solidified its strong position in the North
Sea offshore production support market, grown its presence in
the growing Asian market and expanded into the Mexican Gulf of
Mexico and Brazilian offshore markets.  These developments
combined with robust market conditions have enabled the company
to make substantial reductions in its operating leverage and
improve liquidity.  This higher quality fleet is more likely to
be employed in a market downturn, albeit at lower dayrates, when
compared to the older fleets of some of its competitors.

                          Outlook

The ratings have limited upside in the near to medium term due
to the company's relatively small scale and market position
outside of its key North Sea market, particularly its lack of
participation in the U.S. Gulf of Mexico.  The current ratings
contemplate GulfMark's recently initiated speculative newbuild
program that is expected to add 10 more vessels by 2008 at a
total cost of approximately US$225 million.  While this
expansion is comparable in size to its 2000-2005 build out and
will further strengthen its fleet, it represents a much smaller
addition relative to its present scale which makes the risks
more manageable.  The majority of the deliveries and
expenditures will occur during 2007, requiring expenditures
nearing US$150 million. The company plans to fund these
expenditures largely through operating cash flows and from
borrowings on its revolving credit facilities.  The company has
good visibility into the remainder of 2006 and 2007 through
forward contract cover and should have significant capacity on
its US$175 million secured revolver following an expected US$60
million of repayments during 2006.

While current market conditions look strong into 2007, recent
commodity price declines and the substantial quantity of new
vessels to be added by GulfMark and its competitors could
portend weaker conditions in the latter half of 2007 into 2008.  
In that case, Moody's would expect that GulfMark could need to
finance a much larger portion of its vessel expansion using its
revolving credit facilities.  While this could elevate the
company's debt levels and leverage measures, Moody's would
expect these levels to remain within a range consistent with a
Ba3 rating.

If market demand severely contracted in the face of this
additional capacity for a prolonged period, the company's
earnings and cash flows could decline to levels that could
pressure the ratings or outlook.  In addition, the rating is
predicated on the company not materially increasing its
speculative fleet expansion and continuing its policies of
devoting operating cash flows to funding capital expenditures
and reducing borrowings in order to weather cyclical downturns.

GulfMark Offshore, Inc., headquartered in Houston, Texas, is a
provider of offshore marine services primarily to oil and gas
exploration production firms in the North Sea, India, Southeast
Asia, Brazil and West Africa.


IWT TESORO: Bank of America Credit Line Increased to US$26.5 Mln
----------------------------------------------------------------
IWT Tesoro Corp. entered into an agreement with Bank of America
to increase the company's credit line to US$26.5 million.

"Bank of America has been a strong financial partner of IWT
Tesoro for the last three years, and we are pleased to have
their ongoing financial support as the company continues to
manage its double digit growth," Tesoro's CEO, Henry J. Boucher,
said.

                      About IWT Tesoro

Headquartered in Westport, Connecticut, IWT Tesoro Corp.
(OTCBB: IWTT) -- http://www.iwttesoro.com/-- is as a wholesale  
distributor of building materials, specifically hard floor and
wall coverings, which consist of ceramic, porcelain and natural
stone floor, wall and decorative tile.  The Company imports a
majority of these products from suppliers and manufacturers in
Europe, South America, and the Near and Far East.  IWT is
growing into a focused, large, national distributor of premium
tiles from Italy, Spain, Brazil, Turkey, and China.

At June 30, 2006, the Company's balance sheet showed a
stockholders' deficit of US$1,042,936, compared to a deficit of
US$4,176,802 at Dec. 31, 2005.

                    Going Concern Doubt

As reported in the Troubled Company Reporter on May 31, 2006,
McGladrey & Pullen, LLP, in New Haven, Connecticut, raised
substantial doubt about IWT Tesoro Corporation's ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the Company's recurring
losses from operations, and working capital and stockholders'
deficiencies.


SANTANDER BANESPA: Lending BRL1B to Small Enterprises This Year
---------------------------------------------------------------
Banco Santander Banespa SA expects to lend about BRL1 billion to
small and medium-sized enterprises before the end of 2006,
Business News Americas reports.

Marcelo Villaca Carvalho -- the planning and product manager of
Santander Banespa -- told BNamericas that the company generally
increases lending to small and medium-sized enterprises at the
start of the fourth quarter to help firms cover obligatory year-
end bonuses the Brazilian law requires.

Mr. Carvalho told BNamericas of Spanish parent firm Grupo
Santander, "This bank has a tradition of lending to SMEs (small
and medium-sized enterprises).  It's important to expand the
same loan operations here in Brazil."

Santander Banespa sees a boost of up to 30% in its small and
medium-sized enterprise loan book before the end of the year,
BNamericas notes, citing Mr. Carvalho.

Mr. Carvalho said that Santander Banespa also expects to add
about 56,000 new borrowers from the small and medium-sized
enterprise, BNamericas underscores.

Mr. Carvalho told BNamericas that he could not disclose the size
of the loan portfolio for these enterprises in terms of reais or
number of customers.

Meanwhile, Mr. Carvalho said that Santander Banespa is also
considering issuing a card for the enterprises in conjunction
with national development bank BNDES, BNamericas says.

BNamericas emphasizes that Santander Banespa could launch a
corporate version of its Light credit card, which charges half
the market average in interest rates.  However, the launching
would not be in this year.

Santander Banespa also expects annual revenues of BRL20 million
for the year 2006, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2006, Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit rating to Banco Santander Banespa
S.A.


VARIG S.A.: Appeals Court Allows ANAC to Redistribute Routes
------------------------------------------------------------
Minister Nacy Andrighi of the Federal Court of Appeals in Brazil
authorized the Brazilian Civil Aviation Agency to continue the
redistribution of routes, airport slots and schedules formerly
used by VARIG, S.A., to other airline companies, Investnews
(Brazil) reports.

According to the Appeals Court, distribution of slots and routes
was "the exclusive preserve of ANAC" as the industry regulator,
Dow Jones Newswires relates.

As previously reported, ANAC filed a formal complaint against
Judge Marcia Cunha Silva de Carvalho of the Commercial
Bankruptcy and Reorganization Court in Rio de Janeiro for
stopping the redistribution of VARIG's former routes and slots.  
ANAC argued before the Brazilian Justice Council that only the
federal justice could suspend the redistribution of routes and
slots.

The Brazilian Bankruptcy Court fined ANAC BRL1,000,000 --
$467,500 -- for violating an injunction imposed in VARIG's case.  
The Injunction allowed ANAC to act only if VARIG fails to resume
service on its 272 routes within 30 days of receiving a new
route permit.  At that time, VARIG had not received new permits.

ANAC redistributed VARIG's routes to TAM Linhas Aereas, S.A.;
Gol Linhas Aereas Inteligentes; and BRA.

Judge Cunha lifted the fine after ANAC agreed to stop its
action.

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

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

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or      
215/945-7000)


VARIG S.A.: Cuts Fare on Five Local & Two International Flights
---------------------------------------------------------------
VARIG, S.A., offers more than 50% discount on airfares to five
local and two international destinations, according to
Investnews (Brazil).  One of those discounted routes is from
Manaus, Brazil, to Caracas, Venezuela.

VARIG has obtained four new aircraft and re-established its
routes towards Caracas early this month.  The airline will also
resume flights to Brasilia, Curitiba and Fernando de Noronha, in
Brazil.  It also plans to resume services to New York and Miami,
in the U.S.

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

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

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or      
215/945-7000)


* BRAZIL: Russky Alyuminiyum to Implement Bauxite Projects
----------------------------------------------------------
Russky Alyuminiyum or RusAl plans to develop bauxite projects in
Brazil, Venezuela, Vietnam, and Jamaica, El Universal reports,
citing Pavel Ulyanov, director of corporate strategies and
development.

The director said that the company plans to invest US$16.7
billion until 2013 in energy, mining and aluminum projects, El
Universal relates, citing Reuters.  The officer added that the
company has enough funds for the projects without trading its
shares in the stock exchange.

"If needed, and if we cannot find the internal resources, we
will have to use an initial public offering as tool. But, under
the estimates we have now, we do not deem it necessary," Mr.
Ulyanov was quoted by Reuters as saying.

                        About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.      

                        *    *    *

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




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


AATRIUM FUND: Shareholders Gather for a Final Meeting on Oct. 16
----------------------------------------------------------------
Aatrium Fund's shareholders will gather for a final meeting at
10:00 a.m. on Oct. 16, 2006, at:

          Harmonic Fund Services
          4th Floor, Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

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

Aatrium Fund is an open-ended fund incorporated in the Cayman
Islands.  The fund's objective is high annual returns by
simultaneously trading in selected non-correlated and correlated
asset classes and where investment takes place in other Fund of
Hedge Fund portfolio, applying rigorous scrutiny to selection.


A.T.S. ARGUS: Deadline for Proofs of Claim Filing Is on Oct. 18
---------------------------------------------------------------
A.T.S. Argus Fund Ltd.'s creditors are required to submit proofs
of claim by Oct. 18, 2006, to the company's liquidators:

          Ian Wight
          Stuart Sybersma
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
           
Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

A.T.S. Argus' shareholders agreed on Sept. 5, 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:

          Nicole Ebanks
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7500
          Fax: (345) 949 8258

A.T.S. Argus Fund is an open-ended fund incorporated in the
Cayman Islands.  Its objective is long-term capital appreciation
while seeking to minimize corresponding levels of risk.  The
fund seeks to achieve this objective by investing in a variety
of non-traditional funds that are managed by a divers group of
external investment managers.


CML FUND: Creditors Have Until Oct. 18 to File Proofs of Claim
--------------------------------------------------------------
CML Fund's creditors are required to submit proofs of claim by
Oct. 18, 2006, to the company's liquidator:

          Francois Buclez
          Cube Capital HK Limited
          2119 ICBC Tower
          Citibank Plaza, 3 Garden Road
          Central, Hong Kong

Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

CML Fund's shareholders agreed on Aug. 28, 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:

          Ian Gobin
          Walkers
          P.O. Box 265 GT, Walker House
          Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 814 4604
          Fax: (345) 949 7886


DALAV LIMITED: Last Day for Proofs of Claim Filing Is on Oct. 18
----------------------------------------------------------------
Dalav Limited's creditors are required to submit proofs of claim
by Oct. 18, 2006, to the company's liquidators:

          Royhaven Secretaries Limited
          Coutts (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Dalav Limited's shareholders agreed on Sept. 6, 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:

          Lesley Walker
          P.O. Box 707, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 945-4777
          Fax: (345) 945-4799


DIGIMARC ID: Creditors Must Submit Proofs of Claim by Oct. 18
-------------------------------------------------------------
Digimarc ID Systems International's creditors are required to
submit proofs of claim by Oct. 18, 2006, to the company's
liquidator:

          Michael McConnell
          19801 S.W. 72nd Avenue, Suite 250
          Tualatin, Oregon 97062, USA

Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Digimarc ID'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.

Parties-in-interest may contact:

          Ian Gobin
          Walkers
          P.O. Box 265 GT, Walker House
          Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 814 4604
          Fax: (345) 949 7886


FFP WEST: Shareholders Convene for a Final Meeting on Oct. 11
-------------------------------------------------------------
FFP West International Limited's final shareholders meeting will
be at 10:00 a.m. on Oct. 11, 2006, at:

          Close Brothers (Cayman) Limited  
          4th Floor Harbour Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Jeff Arkley
          Attention: Neil Gray
          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


HENDERSON UK: Last Day to File Proofs of Claim Is on Oct. 11
------------------------------------------------------------
Henderson UK Fundamental Long Short Fund Limited's creditors are
required to submit proofs of claim by Oct. 11, 2006, to the
company's liquidators:

          David A. K. Walker
          Lawrence Edwards
          PwC Corporate Finance and Recovery (Cayman) Limited
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 11 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Henderson UK's shareholders agreed on Aug. 31, 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:

          Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 949 4590

Henderson UK is an open-end fund incorporated in the Cayman
Islands.  The fund's objective is capital growth.  The fund
invests in equities of UK companies and their related
securities.  Athe fund uses derivatives, short positions, and
other investment strategies to enhance absolute returns.


LINK INVESTMENTS: Liquidator Presents Wind up Accounts on Oct. 9
----------------------------------------------------------------
Link Investments Limited's final shareholders meeting will be at
10:30 a.m. on Oct. 9, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          David Singleton
          Herald Trust Company Ltd.
          P.O. Box 501, 8 Hill Street
          St. Helier Jersey, JE4 9XB
          Channel Islands
          Tel: 011 44 1534 610 610
          Fax: 011 44 1534 610 611


NOTTINGHAM LIMITED: Final Shareholders Meeting Is Set for Oct. 9
----------------------------------------------------------------
Nottingham Limited's final shareholders meeting will be at 10:00
a.m. on Oct. 9, 2006, at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Stuart Sybersma
          Attention: Nicole Ebanks
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7500
          Fax: (345) 949-8258


PEACE TECH: Extraordinary Shareholders Meeting Will be Tomorrow
---------------------------------------------------------------
Peace Technology Fund Limited's ordinary and participating
shareholders will convene for an extraordinary general meeting
at 1:00 p.m. on Sept. 28, 2006, at:

          P.O. Box 72, 44 Esplanade
          St. Hellier, Jersey, JE4 8PN
          Channel Islands

These agendas will be taken during the meeting:

   1) placing the company into voluntary liquidation,

   2) appointing Scott Stupay and Ofer Neeman as joint
      voluntary liquidators for the purpose of winding up the
      company, and

   3) indemnifying and holding harmless to the fullest
      extent permissible under the Cayman Islands law out of the
      assets of the company in respect of all acts properly
      undertaken, and reimbursing for all expenses reasonably
      incurred in the winding up of the company.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

Parties-in-interest may contact:

          Mark Holligon
          c/o Walkers, 87 Mary Street
          P.O. Box 265GT, George Town
          Grand Cayman, Cayman Islands
          Fax: +1 345 814 8339


PHYSICIANS SECURITY: Proofs of Claim Filing Is Until Oct. 18
------------------------------------------------------------
Physicians Security Insurance Company's creditors are required
to submit proofs of claim by Oct. 18, 2006, to the company's
liquidator:

          Global Captive Management Ltd.
          Genesis Building
          P.O. Box 1363, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Physicians Security's shareholders agreed on Aug. 24, 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:

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


PROGRESSIVE GROWTH: Sets Final Shareholders Meeting on Oct. 11
--------------------------------------------------------------
Progressive Growth Fund's final shareholders meeting will be at
10:00 a.m. on Oct. 11, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Merk Investments AG
          Attention: Sydney J. Coleman
          P.O. Box 1111, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 5122
          Fax: (345) 949 7920


SCL NAUTILUS: Proofs of Claim Filing Deadline Is Set for Oct. 18
----------------------------------------------------------------
SCL Nautilus Ltd.'s creditors are required to submit proofs of
claim by Oct. 18, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 18 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SPHERIC INTERNATIONAL: Last Shareholders Meeting Is on Oct. 11
--------------------------------------------------------------
Spheric International, Ltd.'s final shareholders meeting will be
at 10:00 a.m. on Oct. 11, 2006, at:

          Close Brothers (Cayman) Limited  
          4th Floor Harbour Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Linburgh Martin
          Attention: 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


TAMARIX INVESTMENTS: Final Shareholders Meeting Is on Oct. 9
------------------------------------------------------------
Tamarix Investments Limited's final shareholders meeting will be
at 9:30 a.m. on Oct. 9, 2006, at the company's registered
office.

These agendas will be taken during the meeting:

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

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

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Raymond E. Whittaker
          FCM Ltd.
          P.O. Box 1982
          Grand Cayman, Cayman Islands
          Tel: 345-946-5125
          Fax: 345-946-5126




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


ARAMARK CORP: Included in InformationWeek 500 List
--------------------------------------------------
For the fifth consecutive year, ARAMARK Corp. was named to the
InformationWeek 500, a list of the most innovative information
technology organizations in the United States.  This honor
demonstrates the company's leadership in the use of technology
to help deliver world-class experiences, environments and
outcomes for its clients and customers.

The InformationWeek 500, developed by InformationWeek magazine,
tracks organizations' information technology agendas, providing
a unique opportunity to understand and examine business
practices across core areas of technology operations.  ARAMARK
was among the top 25 percent of companies listed for 2006.

"This recognition is, yet again, a testament to our continual
drive toward excellence and creativity in the development and
deployment of IT solutions," said David Kaufman, chief
information officer of ARAMARK. "I am grateful to all of our IT
employees for their critical role in helping ARAMARK achieve
this distinction for the fifth year in a row."

                       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.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.


DIRECTV GROUP: Chilean Unit Plans Growth Through New Alliances
--------------------------------------------------------------
Francisco Madiola -- the general manager of the Directv Group's
unit in Chile -- told El Mercurio that the company will focus
its growth on new alliances with telephony operators, aiming to
boost its client base to 120,000 in 2007 from this year's
80,000.

El Mercurio relates that Directv expects that its alliances with
local operators Telsur and GTD Manquehue would be mainly
responsible for the increase of its clients.  Directv is aiming
to end 2006 with about 90,000 users.

According to Business News Americas, about 30% of Directv's
revenue this year comes from sales through partners.  Last year,
sales through its alliances accounted for 13% of its revenue.

Directv's strategy for 2006 includes expanding content, which
will set it apart from its rivals, triple play service provider
VTR and Telefonica Chile, Mr. Madiola told BNamericas.

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.


HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. natural product processors sector last
week, the rating agency raised its Corporate Family Rating for
Herbalife International Inc. to Ba2 from Ba1, and confirmed its
Ba1 ratings on the company's US$100 million Guaranteed Senior
Secured Revolving Credit Facility Due 2012 and US$200 million
Guaranteed Senior Secured Term Loan B Due 2013.  Additionally,
Moody's assigned an LGD2 rating to those bonds, suggesting
lenders will experience a 27% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Inglewood, California, Herbalife International
Inc. sells more than 100 products containing herbal and other
natural ingredients.  The company's products include weight-
control mixes and tablets, nutritional supplements specifically
designed for men and women, food, shampoos, lotions, sunscreens,
and body oils.  The multi-level marketer sells its products
through a network of independent distributors in nearly 60
countries; salespeople earn money from their own efforts, as
well as from the sales of those whom they have recruited into
the organization.  In Latin America, the company operates in
Argentina, Bolivia, Brazil, Chile, Colombia, Panama and
Venezuela.




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


ANIXTER INT'L: Settling Income Tax Liabilities with the IRS
-----------------------------------------------------------
Anixter International Inc. has entered into a settlement with
the U.S. Internal Revenue Service as to the federal income tax
liabilities of Anixter and its subsidiaries for the tax years
1996 through 1998.

Under the terms of this settlement, the company will be able to
deduct certain losses on its U.S. tax return arising from
changes in the IRS regulations that became effective in 1996.  
The refund associated with this tax issue will be approximately
US$13.7 million, plus applicable interest, and will be recorded
in the company's third quarter results.

As a result of this settlement and the completion of the 2005
federal tax return, the company will also be adjusting its
income tax reserves and payables during the third quarter of
2006 (currently expected to be approximately US$4.4 million of
additional income tax benefit).  The total estimated effect on
the third quarter tax provision will be approximately US$18.1
million or 41 cents per diluted share.  At the same time Anixter
will record as income, net of applicable tax thereon,
approximately US$4.8 million or 11 cents per diluted share as
the estimated amount of interest to be received on the
settlement.

The 1996-1998 refund has been approved by the Joint Committee on
Taxation of the U. S. Congress and is expected to be received in
the next few weeks.

                        About Anixter

Headquartered in Glenview, Illinois, Anixter International, is
the world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts to original
equipment manufacturers. Anixter has physical presence in 45
countries and has over 5,000,000 square feet of warehouse space.  
For its Latin American operations, its has offices in Mexico,
the Dominican Republic, Costa Rica, Puerto Rico, Venezuela,
Colombia, Peru, Brazil, Argentina and Chile.

                        *    *    *

Fitch Ratings affirmed on Sept. 9, 2006, these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc. aka AI:

   Anixter

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured debt 'BB-'.

   AI

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured notes 'BB+'; and
      -- Senior unsecured bank credit facility at 'BB+'.




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


DENNY'S CORP: Moody's Withdraws B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service moved Denny's Corp.'s corporate family
rating to Denny's Holdings, Inc., due to the fact that Holdings
is the highest ranking entity in the Denny's legal
organizational chart that has rated debt, represented by
Holdings' Caa1 rated US$175 million senior unsecured notes due
in 2012.  In addition, Denny's Corp., the ultimate parent
company of the Denny's brand, does not have any rated debt.  The
1st lien (B2) and 2nd lien (B3) credit facilities were issued at
Denny's, Inc., the operating subsidiary.  Therefore, the credit
facility ratings were moved to Denny's, Inc. from Denny's Corp.

Ratings and stable outlook withdrawn:

   -- Denny's Corp: B2 corporate family rating.

Rating assigned with stable outlook:

   -- Denny's Holdings, Inc: B2 corporate family rating.

Denny's Corp., a family-style restaurant chain headquartered in
Spartanburg, South Carolina, owned and operated 543 and
franchised 1,023 full-service family dining restaurants as of
June 28, 2006. Domestic locations are scattered throughout 49
states and the District of Columbia with concentrations in
California, Florida and Texas.  Revenues for fiscal 2005 totaled
US$979 million.




=======
C U B A
=======


* CUBA: Heads of Two Cos. Fired to Strengthen State Control
-----------------------------------------------------------
Ramiro Valdes -- the Information Technology and Communications
Minister of Cuba -- fired the executives of Empresa de
Telecomunicaciones de Cuba SA and Copextel in a bid to
strengthen state control on the computing and telecommunications
firms amid a drive against corruption, Reuters reports, citing
industry sources.

According to Reuters, Minister Valdes fired:

          -- Jose Antonio Fernandez, the president of Empresa de
             Telecomunicaciones;

          -- Nelson Ferrer, the vice minister for information,
             and

          -- the president of Copextel.

Mr. Ferrer was dismissed for failing to control the fixed-line
and mobile services monopoly, Reuters says, citing the sources.

Foreign and local sources told Reuters that the shake-up at
Emmpresa de Telecomunicaciones and Copextel did not appear to be
aimed at opening the sector to foreign capital or to information
and entertainment from abroad.

Reuters underscores that the sources said Minister Valdes was
not happy with the independence shown by some directors of the
companies.  The minister was also displeased with the directors'
inability to control subordinates despite an ongoing drive to
boost state control over the economy, improve efficiency and
fight corruption.

According to the report, Copextel has been caught up in
corruption scandals involving kickbacks from foreign firms.  

Maimir Mesa Ramos was appointed as Etecsa's new head while
Antonio Orta Rodriguez became Copextel's new president, Reuters
notes.

The Cuban government blames the US trade embargo for its poor
communications infrastructure, Reuters states.

                        *    *    *

Moody's assigned these ratings to Cuba:

      -- CC LT Foreign Bank Depst, Caa2
      -- CC LT Foreign Curr Debt, Caa1
      -- CC ST Foreign Bank Depst, NP
      -- CC ST Foreign Curr Debt, NP
      -- Issuer Rating, Caa1




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


EMPRESA GENERADORA: Fitch Rates Proposed US$125 Mil. Notes at B-
----------------------------------------------------------------
Fitch Ratings has assigned a 'B-' international foreign and
local currency Issuer Default Rating to Empresa Generadora de
Electricidad Itabo, S.A. aka Itabo.  Fitch has also assigned a
'B-' to the proposed issuance of US$125 million notes to be
issued by Itabo Finance S.A.  The new notes have also been
assigned a recovery rating of 'RR4'.  The proceeds from the
proposed issuance are expected to be used to refinance existing
debt, for general corporate purposes and to pay dividends.  
Fitch rates Itabo 'BBB(dom)' on the national scale.  The Rating
Outlook for all ratings is Positive.

Itabo's ratings incorporate the risks of operating electric
generation assets in the Dominican Republic, its strong
competitive position as the lowest cost thermoelectric generator
in the country, as well as its solid financial profile and
experienced management team.  Itabo operates two low-cost,
carbon-fueled electric generation units and sells electricity to
three distribution companies through well-structured, long-term
U.S-dollar-denominated purchase power agreements or PPAs.

While multiple offtakers diversify its revenue stream, and long-
dated PPAs mitigate price and volume risks, Itabo could face
collection risks from the electric distribution companies, which
are still in the process of improving their own losses and
collection rates.  Although low collection rates led
distribution companies to defer their payments to generation
companies, Itabo's collection rates have been improving mainly
due to the government support to the sector.  The current
Dominican government is supporting the power sector by providing
subsidies to the distribution companies to cover their energy
costs. This committed financial support, along with distribution
companies' initiatives to reduce losses, are helping to
stabilize the system.

The new debt issuance is expected to increase leverage, although
credit protection measures are expected to remain solid for the
rating category.  Following the issuance, EBITDA-to-interest
expense is expected to be between 3.0x and 3.5x, total debt-to-
EBITDA is expected to be between 2.5x and 3.0x, and net debt-to-
EBITDA between 1.0x and 2.0x.  High initial cash balances as
well as a six-month debt service reserve provide substantial
liquidity, although potential increases in dividends could erode
cash balances and liquidity over time.  Although long-term
refinancing risk remains a concern given the recent volatility
of the Dominican economy and energy sector, short- and medium-
term refinancing risks are mitigated by the long tenure of the
new notes.  The company's credit metrics are considered strong
for the rating category with relatively low leverage and healthy
interest coverage compared to other generation companies in the
region.

Itabo's fuel mix of coal and pet coke as well as its baseload
operating characteristics provides it with competitive
advantages versus other thermoelectric generators in the
country.  Itabo is a low-cost thermoelectric generator, which is
usually the first unit to be dispatched in the system after the
hydroelectric plants.  Should new hydroelectric or other cost-
efficient generation units come on-line, Itabo's competitive
advantage is expected to be only marginally affected, and to
still be dispatched as a baseload unit.  Itabo's well-structured
PPAs also mitigate competitive risk. Recently, the Dominican
government announced the construction of two new coal-fired
generation plants.  These new plants are expected to come on-
line in three to five years and to add an approximate 1,200
megawatts of installed capacity to the country.  The final
construction of these units remains uncertain.

The company has an experienced management team with an average
of 20 years of experience working in the energy industry in
different countries.  Itabo is managed by affiliate New
Caribbean Investments, S.A. or NCI, another AES Corp affiliate
in the DR, under a management contract.  Itabo also benefits
from the operational experience of its parent AES Corp, a
leading global power company with revenues of US$11.1 billion
during 2005.  AES Corp. operates in 26 countries, generating
44,000 MW of electricity through 127 power facilities and
delivering electricity through 14 distribution companies.  Itabo
takes advantage of AES Corp.'s broad corporate network by
transferring employees from other parts of the AES group in
order to benefit from their experience and to train local staff.

The DR electricity sector remains highly dependent on government
support and subsidies.  The administration has recognized the
importance of solving the challenges facing the power sector
and, at the end of 2004, announced a strategy for this sector to
reach financial sustainability that was also included in the
country's agreement with the International Monetary Fund.  Key
initiatives to support the sector include improving the cash
recovery of distribution companies by reducing energy losses and
improving collections, increasing the average revenue of
distribution companies through tariff adjustments, and improving
the regulatory framework.

The Positive Rating Outlook reflects the favorable operating
conditions of the company within the local market, the Dominican
government's continued support of the sector, the different
steps taken by the government and sector participants in an
effort to bolster the sector, and the country's recent economic
recovery.  An upgrade of the company's rating could be triggered
if the sector continues its current path to recovery and self-
sustainability, thereby lowering its dependency upon
government's subsidies.

Itabo is a thermo-electric generator in the DR and the second
largest generation plant in the country.  The company has a
total installed capacity 472 MW of thermo-electric generation.  
The company is currently owned 50% by AES Corp.'s subsidiaries
and 49.97% by the DR government.  The balance is owned by former
employees of CDE (Corporacion Dominicana de Electricidad).  As
previously noted, AES Dominicana manages the company under a
management contract, for a fee of 2.95% of Itabo's sales, while
AES Corp. indirectly controls Itabo's management board.


JETBLUE AIRWAYS: Launches Discount Card from American Express
-------------------------------------------------------------
American Express and JetBlue Airways introduces the JetBlue
Business Card from American Express, which offers small business
owners an automatic 5% discount on JetBlue flights, plus an easy
way to earn awards travel.

Cardmembers automatically receive an OPEN Savings discount of 5%
off the total cost of their JetBlue flight when they make the
purchase with the new JetBlue Business Card.  Cardmembers who
purchase their JetBlue flight with any other American Express
Business Card receive an automatic 3% discount on the total
purchase.  These discounts are Business Card benefits -- not
limited-time offers -- and apply to all flights purchased with
the JetBlue Business Card through any JetBlue channel.

The JetBlue Business Card offers small businesses one Award
Dollar on virtually every purchase, and double Awards Dollars on
select small business purchases, including JetBlue travel,
gasoline, office supplies, wireless phone charges, and car
rentals.  To welcome new Cardmembers to the program, JetBlue
Business Cardmembers will receive 5,000 Award Dollars with their
first purchase, which equals 25% of a JetBlue award flight.

The JetBlue Business Card is an expansion of the cobrand
relationship between JetBlue and American Express and follows
the launch of the consumer JetBlue Card from American Express in
July 2005.  The move brings new benefits to Business Cardmembers
and makes it easier than ever for them to take advantage of
JetBlue's business-friendly offerings.  JetBlue and American
Express have enjoyed a strong partnership since JetBlue's launch
in 2000, when the airline began accepting American Express
Cards.

"The JetBlue Business Card from American Express is a great way
for us to add value for small business owners who depend on
JetBlue for business travel, through easier and faster award
travel and savings," said Tim Claydon, senior vice president of
Sales and Marketing for JetBlue Airways.  "This is a meaningful
way to show JetBlue's commitment to our business customers,
especially in the 14 new cities we have started service in this
year."

"We recognize that small business owners choose JetBlue for its
value and service, and we're pleased to make it easier and more
affordable for our Business Cardmembers to fly JetBlue," added
Raymond Joabar, senior vice president and general manager, OPEN
from American Express. "By offering significant savings upfront
with a 5% discount on JetBlue flights and a convenient way to
earn awards travel, we're giving small business customers the
bottom-line benefit of reduced travel expenses."

The new Card is particularly suited to time-starved small
businesses since Award Dollars are automatically transferred to
TrueBlue, JetBlue's flight gratitude program.  TrueBlue is a
paperless, automatically managed program.  Awards are
automatically sent to TrueBlue members when the account reaches
100 TrueBlue points.  Awards are designed for full flexibility
as well -- each TrueBlue Award is made up of two TruePasses,
each valid for a one-way flight, and can be used together or
individually, giving small business owners the travel
flexibility they need.  Another benefit exclusive to Cardmembers
holding either a JetBlue Card from American Express, or the new
JetBlue Business Card is continuously extending TrueBlue points.  
Every time Cardmembers earn the equivalent of one TrueBlue point
or purchase travel on JetBlue before their points expire, all
the points in their account extend another 12 months.

              About JetBlue's Business Card

Business Cardmembers earn Award Dollars on virtually every
dollar spent on the Business Card, and double Award Dollars on
JetBlue flights, gas, car rental, office supplies and equipment,
and wireless phone charges. With the Business Card, business
owners can earn one TrueBlue point for every 200 Award Dollars
and can redeem 100 TrueBlue points (20,000 Award Dollars) for
one award flight on JetBlue.  Award Dollars earned on the
JetBlue Business Card are converted to TrueBlue points at the
end of each billing cycle.

JetBlue Business Card benefits include:

   -- Discount of 5% discount off the total cost of JetBlue
      flights through the OPEN Savings program;

   -- 5,000 Award Dollars (equals 25 TrueBlue points) welcome
      bonus with first business purchase on the Card;

   -- One Award Dollar for every eligible dollar spent on the
      Card;

   -- Double Award Dollars for JetBlue flights, gas, car rental,
      office supplies and equipment, and wireless phone charges;

   -- No caps on the amount of Award Dollars Cardmembers can
      earn;

   -- Three Card designs for Cardmembers to choose from when
      they apply online: Mosaic, Harlequin, and Bubbles --
      inspired by the JetBlue airplane tailfins;

   -- Automatic enrollment in JetBlue's TrueBlue program;

   -- 12-month extended life on TrueBlue points by simply
      purchasing a JetBlue flight or earning one TrueBlue point
      with the JetBlue Business Card annually, before current
      points expire;

   -- A US$40 annual fee and unlimited, fee-free additional
      Cards;

   -- JetBlue's CompanyBlue tool, enabling small business
      owners to track ticket activity, spending, and flight
      credits.  In addition, low change fees, transferable
      flight credits, free same-day standby, and confirmed
      seats provide travel flexibility for small business
      owners;

   -- The OPEN Savings program, which offers savings at select
      travel and service providers, and business suppliers;

   -- Retail and travel protections such as Global Assist,
      Car Rental Loss & Damage Insurance, Purchase Protection
      Insurance, Travel Accident Insurance, American Express  
      Card Baggage Insurance, Buyers Assurance Plan, Automatic
      Bill Payment, Express Cash Emergency Card Replacement,
      Emergency Check Cashing, and 24-hour customer service.


                About OPEN from American Express

OPEN is the American Express team dedicated exclusively to the
success of small business owners and their companies. The OPEN
Team supports business owners with exceptional service.  With
tailored products and services, the team delivers purchasing
power, flexibility, control and rewards to help customers run
their business.  Specifically, business owner customers can
leverage an enhanced set of products, tools, services and
savings, including charge and credit cards, convenient access to
working capital, robust online account management capabilities
and savings on business services from an expanded lineup of
partners.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

                        *    *    *

Fitch Ratings downgraded on Sept. 17, 2006, the debt ratings of
JetBlue Airways Corp. as:

   -- Issuer Default Rating to 'B' from 'B+'; and
   -- Senior unsecured convertible notes to 'CCC/RR6' from
      'B-/RR6.'

This action affects approximately US$425 million of outstanding
debt. The Rating Outlook for JetBlue is 'Stable'.




=====================
E L   S A L V A D O R
=====================


TARGUS GROUP: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer product sector last week, the
rating agency affirmed its B2 Corporate Family Rating for Targus
Group International Inc., and raised its rating on the company's
US$40 million Guaranteed First Lien Senior Secured Revolver Due
2011 to Ba3 from B2.  Moody's assigned an LGD2 rating to those
bonds suggesting lenders will experience a 27% loss in the event
of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Anaheim, California, Targus Group International
Inc. -- http://www.targus.com/-- supplies notebook carrying  
cases and accessories.  The company has offices on every
continent and distributes in over 145 countries including
Argentina, Barbados, Costa Rica and El Salvador.




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


* GUATEMALA: Will Strengthen Bilateral Relations with Russia
------------------------------------------------------------
Guatemala will build up bilateral relations with Russia, Prensa
Latina reports.

Prensa Latina underscores that after the visit of Serguei
Kislayak -- the Russian Assistant Foreign Affairs Minister -- to
Guatemala, the two nations decided to intensify their relations,
especially on trade and investments.

Commercial exchange is quite low, at US$40 dollars per year.  
The Russian government considers it could be much greater than
that, Prensa Latina says, citing Minister Kislayak.

Minister Kislayak told Prensa Latina, "We have scheduled signing
a promotion and protection agreement, with the possibility that
Russian entrepreneurs will come here to invest."

Luis Fernando Andrade, the Assistant Foreign Affairs Minister of
Guatemala, told Prensa Latina that the strengthening of
relations could start now.  The Guatemalan government is
particularly keen on strengthening the sugar industry.

Martha Altoaguirre -- also an Assistant Foreign Affairs Minister
of Guatemala -- said that trade and cooperation in fields like
science and mining were discussed, Prensa Latina notes.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

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

Fitch also rated Guatemala's senior unsecured bonds:

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




=========
H A I T I
=========


* HAITI: Minister Visits Brazil to Learn About Biodiesel Program
----------------------------------------------------------------
Joanas Gue, the agriculture minister of Haiti, will visit a
prototype biodiesel plant at the federal university of Brasilia
UnB in Brazil, according to a statement from Brazil's agrarian
development ministry.

According to Business News Americas, Minister Gue aims to learn
about biodiesel to use it in promoting income generation in poor
rural areas in Haiti.

BNamericas relates that Brazil's biodiesel program includes tax
incentives for producers that buy oilseeds from small-scale
farmers.

Minister Gue has visited a public transport program in Fortaleza
that partially runs on biodiesel, BNamericas reports.

                        *    *    *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructures will be alleviated with
increased international assistance.




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


* HONDURAS: Expects Patuca Hydro Project Impact Study in Feb.
-------------------------------------------------------------
A project official of Enee, the state-run power firm of
Honduras, told Business News Americas that the environmental
impact study for the 100-megawatt Patuca III hydro project is
expected in February 2007.

BNamericas notes that the official said Enee will launch an
international tender to draft the project's final design and
construct the plant, once the environmental studies have been
completed.

According to BNamericas, the project would be constructed on the
river Patuca in Olancho.  Construction is expected to take up to
seven years at a cost of US$150 million.

Honduras' President Jose Zelaya will be visiting Taiwan in
October to secure funding for the final design and construction
of Patuca, the official told BNamericas.

Honduras and Taiwan will discuss on the possibility of Taiwan
Power Company's involvement in the project, BNamericas reports.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

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




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


* JAMAICA: Russky Alyuminiyum to Implement Bauxite Projects
-----------------------------------------------------------
Russky Alyuminiyum or RusAl plans to develop bauxite projects in
Jamaica, Brazil, Venezuela, and Vietnam, El Universal reports,
citing Pavel Ulyanov, director of corporate strategies and
development.

The director said that the company plans to invest US$16.7
billion until 2013 in energy, mining and aluminum projects, El
Universal relates, citing Reuters.  The officer added that the
company has enough funds for the projects without trading its
shares in the stock exchange.

"If needed, and if we cannot find the internal resources, we
will have to use an initial public offering as tool. But, under
the estimates we have now, we do not deem it necessary," Mr.
Ulyanov was quoted by Reuters as saying.

                        About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.      
About RusAl

                        *    *    *

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
===========


AMSCAN HOLDINGS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. toy company sector last week, the
rating agency confirmed its B2 Corporate Family Rating for
Amscan Holdings Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$85mm Gtd. Sr. Sec.
   First Term Revolver
   Due 2011                B1      Ba3     LGD2       27%

   US$325mm Gtd. Sr. Sec.
   First Term Loan
   Due 2012                B1      Ba3     LGD2       27%

   US$60mm Gtd. Sr.
   Secured 2nd Lien
   Term Loan Due 2013      B3       B3     LGD4       64%

   US$175mm 8.75%
   Gtd. Sr. Sub. Notes
   Due 2014              Caa1     Caa1     LGD5       85%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                  About Amscan Holdings

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes
more than 400 specially designed ensembles of party accessories
and novelties, including balloons, invitations, pinatas,
stationery, and tableware.  Amscan sells to more than 40,000
retail outlets worldwide, mainly party goods superstores, mass
merchandisers, and other distributors.  Party City accounted for
about 13% of sales before the firm bought it in 2005.  Amscan
itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It
has production and distribution facilities in Asia, Australia,
Europe, and North America.  Berkshire Partners and Weston
Presidio are Amscan's principal owners.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.


CINRAM INT'L: Board Says No to Amaranth's Sale Advice
-----------------------------------------------------
Cinram International Income Fund informed Amaranth Advisors that
its Board of Directors has no intention of selling, or exploring
the possibility of selling, the Fund or any of its operating
subsidiaries or their respective businesses.

The statement came in response to a memorandum issued by
Amaranth Canada Trust urging Cinram to immediately retain
financial advisors to explore a sale of the Fund, including a
going private transaction.   

Amaranth had issued the memorandum after the Amaranth investment
fund group announced significant trading losses in its natural
gas trading business.  Following Amaranth's disclosure, the
trust units of Cinram came under intense selling pressure.

Amaranth Canada Trust has beneficial ownership of 8,000,000
trust units of Cinram representing approximately 15.3% of the
issued and outstanding trust units, and is the largest equity
holder in the fund.  Amaranth LLC indirectly beneficially owns
all units beneficially owned by Amaranth Canada Trust.  In
addition, Amaranth has an economic interest in 2,654,895 units.

Henri Aboutboul, chairman of Cinram's board reminded Amaranth
that the selling pressure on the Fund's units last week was
attributable to problems within the Amaranth organization, and
was in no way caused by the Fund, which, he claims, remains on
track with its business plans.

Mr. Aboutboul said that the Board will continue to explore
opportunities and strategies for growth and value maximization,
with a view to protecting and furthering the long term interests
of the Fund and its unit holders, as well of those of its
operating subsidiaries and their employees, customers and other
stakeholders.

Gene Laverty at Bloomberg News reports that Cinram has turned to
the Credit Suisse Group for advice on certain acquisitions.

                        About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: Paying Cash Distributions on Oct. 16
----------------------------------------------------------
Cinram International Income Fund has declared a cash
distribution of CDN$0.2708 per unit.  This distribution will be
paid on or about Oct. 16, 2006, to unitholders of record at the
close of business on Sept. 29, 2006.

Cinram International Limited Partnership also announced that it
will be making a cash distribution of CDN$0.2708 per Class B
limited partnership unit.  This distribution will also be paid
on or about Oct. 16, 2006 to unitholders of record at the close
of business on Sept. 29, 2006.

The distribution policy of both the Fund and the Partnership is
that unitholders of record at the close of business on the last
business day of each calendar month will receive a distribution
on or about the 15th day of the following month.  The monthly
distribution will be CDN$0.2708 per unit, representing CDN$3.25
per unit on an annualized basis.

                        About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003. Cinram's Corporate Family Rating is B1 and
the outlook is stable.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


DELTA AIR: Adds Daily Nonstop Service to Guadalajara, Mexico
------------------------------------------------------------
Delta Air Lines will add two new routes from its fastest growing
domestic hub with new daily nonstop service between Salt Lake
City and Winnipeg, Canada and Guadalajara, Mexico.  

Delta Connection carrier SkyWest Airlines will offer customers
two daily nonstop round-trip flights between Salt Lake City and
Winnipeg on Jan. 8, 2007.  Delta also was awarded Department of
Transportation approval for its three-times weekly service
between Salt Lake City and Guadalajara, starting Dec. 2, 2006.

Bob Cortelyou, the vice president of Network Planning at Delta,
said, "We're pleased to provide customers with convenient
nonstop service from Delta's fastest growing domestic hub to
Manitoba's capital and Mexico's second largest city.  With the
addition of these two markets, our Salt Lake City hub will offer
customers access to 105 cities, further solidifying Salt Lake
City's position as one of the largest airline hubs in the West
in terms of destination served."

The new service to Winnipeg marks Delta's first-ever service to
this growing Canadian market and the airline's 11th destination
in Canada.  To Mexico, Delta's service between Salt Lake City
and Guadalajara complements existing daily flights from Atlanta
and Los Angeles, in addition to Delta service between the United
States and 10 other Mexican destinations.

Delta is offering special introductory fares for customers
traveling between Winnipeg and various US destinations by
Oct. 9, and between Salt Lake City and Guadalajara by Oct. 17.

Salt Lake City is Delta's fastest growing domestic hub in terms
of destinations served.  Since 2005 Delta has added flights to
almost 30 new nonstop destinations from Salt Lake City,
including the airline's 100th destination from Salt Lake City in
March 2006.  Salt Lake City is Delta's largest gateway to
Hawaii.  It is the only Delta hub to offer customers year-round
service to Alaska.  It is also a growing gateway to Mexico with
nonstop service to Cancun, Los Cabos, Puerto Vallarta and
Mazatlan.  Delta and the Delta Connection carriers offer Salt
Lake City customers over 330 peak-day departures to 103 nonstop
destinations.

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


DIRECTV INC: Opens New Technical Call Center to Support Growth
--------------------------------------------------------------
DIRECTV, Inc., has opened its fourth owned-and-operated call
center to further strengthen its ability to provide technical
support for its customers as it continues to expand its advanced
products and services, including the roll out of hundreds of
local and national HD channels next year.

DIRECTV's Missoula, Mont. Customer Contact Center will have the
capacity to employ up to 1,000 customer service professionals
dedicated to providing technical support to DIRECTV's more than
15.5 million customers.  DIRECTV will be among the largest
employers in the state and said it expects to hire more than 600
agents by year-end.

The new 74,000-square foot call center was officially opened
today at a ribbon cutting ceremony attended by DIRECTV
executives and state and local officials.

In addition to providing support for the expanding base of
DIRECTV HD customers, Missoula customer call center
representatives will provide technical help for new DIRECTV
products and advanced television services, such as standard-
definition and HD digital video recorders and interactive
services.

"With DIRECTV on the threshold of an exponential growth in
capacity, products and services, the technical support provided
by the Missoula call center is critical to maintaining
customers' satisfaction and ensuring they're able to take
advantage of the full array of our industry-leading technology
and services," said John Suranyi, president, DIRECTV Sales and
Service.  "Along with our professional service and installation
technicians in the field, our call center agents are on the
front lines of an increasingly competitive battle among video
providers, and how we fare in that fight will be decided in
large part on how well we take care of our customers when they
dial 1-800-DIRECTV."

Mr. Suranyi added, "Through the commitment of the DIRECTV team
and close cooperation of the County and State, we constructed
and opened this facility in six months.  Everyone's involvement
with this project has been fantastic. We are really looking
forward to being a productive member of this community and
sharing what we believe will be an exciting future."

DIRECTV continues to expand its offering of new advanced
products and services and will more than quadruple its capacity
next year, enabling DIRECTV to offer more local and national HD
channels than any other multichannel video provider.  Coupled
with new content, DIRECTV has also rolled out its most advanced
set-top receiver, the DIRECTV Plusr HD DVR, which has the
ability to record up to 200 hours of standard definition content
or up to 50 hours of HD (MPEG4) programming and enables
customers to experience the world's first HD interactive content
via the NFL SUNDAY TICKET SuperFan subscription.

                       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.


GRUPO MEXICO: Blockade on Southern Copper's Railroad Ends
---------------------------------------------------------
The blockade on the railroad supplying a smelter of Southern
Copper Corp. -- a unit of Grupo Mexico SA de CV -- has stopped
after the striking Peruvian peasants agreed to negotiations with
the local government, Reuters reports, citing a senior official.

According to Reuters, residents started blocking the railway
last week, demanding US$400 million in compensation for
environmental damage due to mining on Peru's Pacific coast.  
Southern Copper, however, denied harming the environment, saying
that the blockade had political motives, as the regional
elections would be in November.

The blockade did not affect production, Reuters notes, citing
Southern Copper.

"The railroad is clear and the trains (to the smelter) are
running," Cristala Constantinides -- the president of the
southern Moquegua region -- told Reuters.

                    About Southern Copper

Southern Copper Corp. is 75% owned by Grupo Mexico SA de CV.  It
has mines in Peru and Mexico.  

                     About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--   
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de C.V.:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


GUESS? INC: Enters Into a Joint Venture with Grupo Axo in Mexico
----------------------------------------------------------------
Guess?, Inc., has entered into a joint venture agreement for
Mexico with an affiliate of Grupo Axo, a Mexican company that
helps the development of internationally known brands, such as
Coach, DKNY and Tommy Hilfiger, in Mexico.  The joint venture, a
majority of which is owned by Guess?, will engage in the
manufacture, wholesale distribution and retail sale of Guess?
fashion apparel, accessories and other related products in
Mexico.  The first Guess? retail store under the joint venture
opened in May 2006 in Mexico City and the second one opened in
Cancun in July 2006.

Paul Marciano, Co-Chairman and Co-CEO of Guess?, Inc.,
commented, "The formation of our new Mexican joint venture is
another step forward in our international expansion.  The Guess?
brand is already well recognized in Mexico as we had an apparel
license in this region for over twenty years until 2004.  We
believe Mexico is an exciting opportunity for Guess?."  Mr.
Marciano added, "We have experienced incredible success with
Guess? In Canada which also started out as a joint venture in
1994 and is now a wholly-owned subsidiary of Guess? and one of
our best performing regions.  We hope to achieve similar success
with our joint venture partners in Mexico."

Andres Gomez, Co-CEO of Grupo Axo, stated, "During our first
year of operations in Mexico, we plan to position Guess? as one
of the top fashion brands as we look to further expand the
presence of Guess? in Mexico."  

Alberto Fasja Cohen, Co-CEO of Grupo Axo, added, "Our growth
strategy for Mexico over the next several years includes the
opening of several free standing stores and over 50 shop-in-
shops within leading department stores."

                       About Grupo Axo   

Grupo Axo is a leader in the development of prestigious
international brands and products in Mexico, with primary focus
on the fashion and hospitality industries.  At August 31, 2006
Grupo Axo owned and operated 39 retail stores and over 300 shop-
in-shops throughout Mexico.

Guess?, Inc., -- http://www.guess.com-- designs, markets,  
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company reporter on March 13, 2006,
Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


GRUPO TMM: Closes US$200MM Securitization Facility of 2007 Notes
----------------------------------------------------------------
Grupo TMM, S.A., disclosed the closing of a US$200 million
securitization facility with Deutsche Bank AG, London.  Under
the terms of the Transaction, the company will make equal
monthly payments of principal and interest of approximately
US$3.2 million from October 2006 to September 2010, a balloon
payment of US$40 million in October 2010 and equal monthly
payments of principal and interest of approximately US$4.2
million from October 2010 to the final maturity on
Sept. 25, 2012.

Using part of the proceeds from the Transaction, on
Sept. 25, 2006, the company redeemed the total outstanding
principal amount of US$155,820,539 million and accrued interest
of its Senior Secured Notes due 2007.  The remainder of the net
proceeds from the Transaction will be used in the implementation
of the company's business plan including the purchase of vessels
and other transportation assets.

Deutsche Bank AG, London, acted as structuring agent of this
facility, and provided the funding for the Transaction.  The
Bank of New York is the trustee for the certificates issued
under this facility.  Axis Capital Management acted as financial
advisor to the Company.

Javier Segovia, president of Grupo TMM, said, "We are pleased
that the Company was successful in extending its debt maturity
while at the same time adding financial flexibility to implement
its business strategy going forward."

Headquartered in Mexico City, Grupo TMM S.A. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin   
American multimodal transportation and logistics company.  
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *    *    *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM S.A. to 'B-' from 'CCC.'  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.  
S&P said the outlook is positive.


MERIDIAN AUTOMOTIVE: Asks Court to Approve Disclosure Statement
---------------------------------------------------------------
Meridian Automotive Systems, Inc., and its eight debtor-
affiliates ask the U.S. Bankruptcy Court for the District of
Delaware to approve their Disclosure Statement, explaining their
Fourth Amended Joint Plan of Reorganization, as containing
adequate information within the meaning of Section 1125(a)(1) of
the Bankruptcy Code.

The Court will convene a hearing on Oct. 10, 2006, to consider
approval of the Disclosure Statement.

Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor,
LLP, in Wilmington, Delaware, notes that Section 1125 requires
the Court to approve a written disclosure statement prior to
allowing a debtor to solicit acceptances for a plan of
reorganization.  To approve a disclosure statement, the Court
must find that the disclosure statement contains adequate
information defined as "information of a kind, and in sufficient
detail . . . that would enable a hypothetical reasonable
investor typical of holders of claims or interests [of the
Debtors] . . . to make an informed judgment about the plan."

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc. http://bankrupt.com/newsstand/or 215/945-7000).  


MERIDIAN AUTO: Wants Uniform Solicitation Procedures Approved
-------------------------------------------------------------
Meridian Automotive Systems, Inc., and its eight debtor-
affiliates ask the U.S. Bankruptcy Court for the District of
Delaware  to establish uniform procedures for the solicitation
and tabulation of votes to accept their Fourth Amended Joint
Plan of Reorganization.

                   Solicitation Packages

After the Court approves the Disclosure Statement, the Debtors
propose to distribute or cause to be distributed solicitation
packages to those Holders of Claims in Classes entitled to vote
on the Plan, containing copies of:

    (a) a CD-ROM containing the Disclosure Statement, together
        with the Plan and other exhibits;

    (b) the Solicitation Order, excluding its exhibits;

    (c) a notice of the Confirmation Hearing;

    (d) a ballot together with a return envelope; and

    (e) other materials as the Court may direct or approve,
        including supplemental solicitation materials the
        Debtors may file with the Court.

With respect to any transferred Claim, the Debtors propose that
the transferee will be entitled to receive a Voting Solicitation
Package and cast a ballot on account of the transferred Claim
only if:

    (a) all actions necessary to effect the Claim transfer have
        been completed by the Record Date; or

    (b) the transferee files, not later than the Record Date:

        * the required documentation to evidence that transfer;
          and

        * a sworn statement of the transferor supporting the
          validity of the transfer.

In the event a Claim is transferred after the transferor has
executed and submitted a ballot to the voting agent, The
Trumbull Group, LLC, the transferee will be bound by any vote
made on the ballot by the Holder as of the Record Date of the
Transferred Claim.

Holders of Claims in the Unimpaired Non-Voting Classes will
receive:

    (a) the Confirmation Hearing Notice; and

    (b) a notice of their non-voting status under the Plan.

The Debtors propose that they not be required to transmit a
solicitation package to the Rejecting Classes, as these Classes
are presumed to have rejected the Plan.

The Debtors expect to commence distribution of the Voting
Solicitation Packages, the Unimpaired Notices of Non-Voting
Status, and the Rejecting Class Notices no later than six days
after the Court approves the proposed Solicitation Procedures.

Any party wishing to obtain a copy of the Disclosure Statement
and the Plan can do so by accessing the documents on the
Internet, free of charge, at http://www.trumbullgroup.com/or by
contacting the Voting Agent to obtain a copy of the documents at
the Debtors' expense.

                       Ballot Forms

The Debtors propose to distribute to creditors one or more
ballot forms based on Official Form No. 14, but have been
modified to address the particular aspects of the Debtors'
Chapter 11 cases.

The appropriate ballot forms, along with return envelopes, will
be distributed to the Voting Classes:

        Class     Type of Claim
        -----     -------------
          3       Prepetition First Lien Claims
          4       Prepetition Second Lien Claims
          5       General Unsecured Claims

The Plan designates four claim categories as unclassified for
purposes of voting on and receiving distributions under the
Plan.  The Holders of these unclassified Claims are not entitled
to vote to accept or reject the Plan:

    1. Administrative Expense Claims,
    2. DIP Claims,
    3. Priority Tax Claims, and
    4. Professional Compensation Claims.

                      Voting Deadline

The Debtors ask the Court to fix Nov. 10, 2006, at 4:00 p.m.
Eastern Time, as the deadline by which all original ballots must
be properly executed, completed, delivered to, and received by
the Voting Agent.

                   Temporary Allowance

The Debtors propose that if any party wishes to have its Claim
allowed for voting purposes, that party must serve on the
Debtors and file with the Court no later than 10 days before the
Voting Deadline a motion temporarily allowing the Claim for
purposes of voting.

The Debtors ask the Court to fix Nov. 7, 2006, as the date to
consider all those motions.

                    Confirmation Hearing

The Debtors ask the Court to fix Nov. 17, 2006, at 10:30 a.m.
Eastern Time, as the Plan Confirmation Hearing, which may be
continued from time to time without further notice to creditors
or other parties-in-interest.

The Debtors propose to publish the Confirmation Hearing Notice
in The Detroit Free Press, USA Today, and the national edition
of The Wall Street Journal, not less than 11 days after the
Solicitation Commencement Date.

              Confirmation Objection Deadline

The Debtors ask the Court to fix Nov. 10, 2006, at 4:00 p.m.
Eastern Time, as the last date for filing and serving written
objections to the confirmation of the Plan.

Objections, if any, to the confirmation of the Plan must:

    (i) be made in writing;

   (ii) state the name and address of the objecting party and
        the nature of the Claim or the party's interest;

  (iii) state with particularity the legal and factual basis and
        nature of any objection to the Plan; and

   (iv) be filed with the Court, together with proof of service
        and served so that they are received on or before the
        Objection Deadline by:

           * the Debtors' counsel,
           * the United States Trustee, and
           * the Creditors' Committee's counsel.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc. http://bankrupt.com/newsstand/or 215/945-7000).


NEWPARK RESOURCES: Names James Braun as Vice President and CFO
--------------------------------------------------------------
Newpark Resources, Inc., named James E. Braun as vice president
and chief financial officer, effective Oct. 11, 2006.  

The Company also disclosed that Mark J. Airola has been named
General Counsel and Chief Administrative Officer, newly created
position, effective Oct. 2, 2006.  Eric Wingerter will
relinquish the position of acting chief financial officer and
remain as vice president and chief accounting officer.

Paul Howes, president and chief executive officer, stated, "We
are extremely pleased to welcome both Jim and Mark to our senior
leadership team and look forward to benefiting from their broad
experience in their respective fields.  They bring not only
technical skills and expertise to their positions but also
strong leadership experience.  Eric has done a tremendous job as
acting CFO and I am pleased he will continue in his role as our
Chief Accounting Officer.

Before joining the Company, Mr. Braun served in several
management positions at Baker Hughes Incorporated.  Since 2002
he was vice president, Finance of Baker Oil Tools, where his
responsibilities included financial management of a global
oilfield service business and serving as a member of the
Leadership Team responsible for the strategic direction of the
company.  From 1998 until 2002, Mr. Braun was Vice President,
Finance and Administration of Baker Petrolite, the oilfield
specialty chemical business division of Baker Hughes, also
serving on the Leadership Team.  He served as vice president and
controller of Baker Hughes Incorporated, and he was with
Deloitte & Touche for 12 years, where his focus was on the
oilfield service industry.  Mr. Braun is a Certified Public
Accountant and received a BS in Accounting from the University
of Illinois.

Mr. Airola has practiced law for 22 years, primarily with large,
publicly traded companies.  Recently he was Assistant General
Counsel and Chief Compliance Officer for BJ Services Company,
serving as an executive officer since 2003.  From 1988 to 1995,
he held the position of Senior Litigation Counsel at Cooper
Industries, Inc., with initial responsibility for managing
environmental regulatory matters and litigation and subsequently
managing the company's commercial litigation.  He received his
JD from the University of Houston Law Center and a combined
bachelor's degree in accounting and finance from Baylor
University.

The terms of the employment agreements with Mr. Braun and
Mr. Airola include, among other provisions, an inducement award
of 100,000 time-restricted shares, which will vest ratably over
three years.  The grant of the inducement awards has been
approved by the independent Compensation Committee of the
Company's board of directors and is exempt from the shareholder
approval requirements of the New York Stock Exchange.

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 15, 2006
Standard & Poor's Ratings Services assigned its 'BB-' rating and
'1' recovery rating to oil field services company Newpark
Resources Inc.'s (B+/Watch Neg/--) planned US$150 million senior
secured term loan.  The 'BB-' rating was also placed on
CreditWatch with negative implications.  All the ratings on the
Company are on CreditWatch.

As reported in the Troubled Company Reporter on Aug. 14, 2006
Moody's Investors Service assigned a B2 rating to Newpark
Resources, Inc.'s new US$150 million five-year senior secured
term loan facility.  At the same time, Moody's affirmed
Newpark's B1 Corporate Family Rating and B3 senior subordinated
note rating. The rating outlook remains negative pending the
filing of its financial statements for the last five fiscal
years, as well as for the fiscal quarters within 2004 and 2005.


VITRO SA: Plans to Swap US$225MM in 11.75% Notes Due 2013
---------------------------------------------------------
Vitro SA de CV told Reuters that it plans to exchange up to
US$225 million in 11.75% notes due 2013 for a similar debt
amount.

Reuters relates that a spokesperson of Vitro said that the firm
issued the notes in 2003.  However, the company decided to
register it under the US Securities Act to boost liquidity.

Holders of the notes will be given until Oct. 23 to exchange
them unless Vitro decides an extension on the deadline, Reuters
reports.

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers.  Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware.  Its
subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine,
liquor, cosmetics and pharmaceutical glass containers; glassware
for commercial, industrial and retail uses.  Vitro also produces
raw materials and equipment and capital goods for industrial
use, which are vertically integrated in the Glass Containers
business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.
Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local
and foreign currency corporate credit ratings assigned to glass
manufacturer Vitro S.A. de C.V. and its glass containers
subsidiary Vitro Envases Norteamerica S.A. de C.V. (Vena) to
'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale
corporate credit rating assigned to Vitro to 'mxBB+' from
'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's
notes due 2013 and Servicios y Operaciones Financieras Vitro
S.A. de C.V. notes due 2007 (which are guaranteed by Vitro) to
'CCC' from 'CCC+'.  Standard & Poor's also lowered the rating
assigned to Vena's notes due 2011 to 'B-' from 'B'.


* MEXICO: IFC Grants MXN130.5MM to Irapuato-La Piedad Highway
-------------------------------------------------------------
The International Finance Corp., the private sector arm of the
World Bank Group, will provide a partial credit guarantee of up
to MXN130.5 million to support the expansion, upgrading,
operation and maintenance of a 74.3 km road between the cities
of Irapuato and La Piedad in central Mexico.  IFC will grant the
guarantee to Banco Santander, S.A. who will be joined by other
banks in a syndicated financing to provide up to 580 Million
Pesos to Concesionaria Irapuato La Piedad, S.A. de C.V., a
wholly-owned subsidiary of Empresas ICA, S.A.B. de C.V.

This operation is the first project in Mexico offered in
concession to the private sector under an innovative program for
public private partnerships developed by the Government in the
last three years.  The program's main objectives are:

   -- developing critical public infrastructure in Mexico;

   -- increasing the quality and efficiency in the rendering of
      public services;

   -- creating new financing sources from the private sector in
      the development of productive infrastructure; and

   -- achieving an efficient risk allocation of resources
      between the Government and the private sector.  

IFC has played a critical role supporting the Government of
Mexico developing its public-private partnership program by
funding a technical assistance program that helped develop the
new framework.

Atul Mehta, IFC's Director for Latin America and the Caribbean,
said: "This financing is part of IFC's integrated strategy for
Mexico in the infrastructure sector, which included helping
develop the necessary framework for the PPP program, and
providing financing for the first project to be launched under
the program.  IFC expects that this project would set a positive
precedent that will encourage further private sector
participation in the transport sector in Mexico."

The modernization of the Irapuato-Piedad road is being done in
accordance with a competitively tendered 20-year concession and
a 20-year services contract entered into by the Mexican Ministry
of Communications and Transportation (SCT) and the company on
October 2005.  Unlike traditional toll road concessions, under
this agreement the Ministry will make quarterly payments to the
company for the services effectively rendered based on its
performance as well as on the number of vehicles that use the
road.

Francisco A. Tourreilles, IFC's Director of the Infrastructure
Department, also noted, "IFC is pleased to be working with ICA
and Banco Santander in this path breaking PPP transaction in
Mexico, which will have an important demonstration effect for
PPP infrastructure projects in that country and, more broadly,
in Latin America.  We believe that the successful development of
effective private-public partnership models such as this one
will play an important role in helping attract critically needed
private investments in infrastructure in the region."

"IFC's participation in this project confirms PPPs structure's
strength and viability.  The Mexican government has been
developing the PPP mechanism for the past three years, and ICA
has participated actively in the process," said Alonso Quintana,
ICA's Administration and Finance Director.

Octaviano Couttolenc, Santander's Head of Structured Finance
Mexico, said, "Santander has a full commitment for financing
infrastructure in Mexico, we are grateful to ICA for their
confidence in selecting us as Advisor and Bookrunner for the
first PPP transaction in Mexico.  IFC's participation
contributed to the success of this transaction, and we look
forward to working together on other transactions in the
future."

                        IFC in Mexico

Since 1956, IFC has invested US$5.6 billion, including US$2.2
billion in syndications, in sectors ranging from infrastructure
and manufacturing to agribusiness and the financial sector in
Mexico, making it the third-largest recipient of IFC financing
in dollar value, after Brazil and Argentina.  IFC committed
US$260 million in FY06 in new financing in Mexico, and it held a
total portfolio of US$1.1 billion, including syndications, as of
July 31, 2006.

IFC's strategy for Mexico focuses on:

   -- enhancing the competitiveness of the private sector;

   -- further deepening the financial sector with the
      introduction of specialized products and markets;

   -- promoting investments in areas newly opened to private
      sector participation; and

   -- promoting sustainable environmental and social
      development and good corporate governance.  

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating with stable outlook on the state of Mexico.




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


CHIQUITA BRANDS: Says Spinach Issue to Hurt Quarterly Profit
------------------------------------------------------------
Chiquita Brands International Inc. told Financialwire that the
spinach issue will damage the company's profit in the third
quarter.

Financialwire relates that the recent E.coli outbreak linked to
fresh spinach, which made at least 173 people sick and killed as
many as three, has resulted to a cut in sales and a boost in
costs to Chiquita Brands, as retailers and restaurants stopped
selling fresh spinach, which the company is selling through its
Fresh Express unit.

Chiquita Brands told Financialwire that it was collaborating
with investment bank Fortis Securities on options for its Great
White Fleet of 12 refrigerated cargo vessels.

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: Suspending Quarterly Dividend to Reduce Debt
-------------------------------------------------------------
Chiquita Brands International Inc. said it has come up with two
initiatives to enhance financial flexibility and reduce debt.
The two actions are the exploration of strategic alternatives
for the sale and long-term management of its shipping assets and
shipping-related logistics activities, and the suspension of its
quarterly dividend.

Exploring strategic alternatives for shipping-related assets
after several months of evaluation, Chiquita is launching a
process to explore strategic alternatives with respect to the
sale and long-term management of its overseas shipping assets
and shipping-related logistics operations.  The Company will
consider various structures, including the sale and lease-back
of the company's owned ocean-going shipping fleet, the sale or
outsourcing of related ocean-shipping assets and container
operations, and entry into a long-term strategic partnership to
meet all of Chiquita's international cargo transportation needs.

Fernando Aguirre, the Company's chairman and chief executive
officer, said, "Our Great White Fleet has represented a strong
competitive advantage for Chiquita for many years, and
continuing to excel in cold-chain management -- delivering our
high-quality fresh products quickly and efficiently -- will
remain critical to our company.  However, we believe there is an
opportunity to enhance shareholder value while maintaining high
quality and competitive long-term operating costs by partnering
with an expert shipping service provider that can grow with
Chiquita.  This would allow us to focus our efforts and
resources even more on strengthening customer relationships and
providing healthy, fresh foods to consumers.  In addition, an
asset sale would generate significant capital, which would be
used primarily to reduce debt, as well as to invest in new
growth opportunities."

Chiquita has been working with Fortis Securities, a leading
global corporate and investment bank to the maritime industry,
as a financial advisor to support the exploration of strategic
alternatives.  The Company does not expect to disclose
developments with respect to the process unless and until its
board of directors has approved a definitive transaction.  There
can be no assurance that the activities will ultimately lead to
an agreement or a transaction.

Great White Fleet, a wholly owned subsidiary of Chiquita,
manages the Company's global ocean transportation and logistics
operations.  Great White Fleet operates 12 owned refrigerated
cargo vessels and charters additional vessels for use
principally in the long-haul transportation of Chiquita's fresh
fruit products from Latin America to North America and Europe.  
The owned vessels consist of eight reefer ships and four
container ships, which transport approximately 70 percent of
Chiquita's banana volume shipped to core markets in Europe and
North America.

                     Suspending Dividend

Chiquita's board of directors has also voted to discontinue the
Company's quarterly cash dividend of US$0.10 per share.  
Chiquita intends to redirect the approximately US$17 million in
annual funds that otherwise would have been allocated for
dividends to reduce debt and enhance financial flexibility.

Mr. Aguirre continued, "In the last two years, we have not only
significantly transformed our business, but the environment in
which we operate has also changed.  We successfully completed
the strategic acquisition of Fresh Express last year, which has
diversified our business and provided new avenues for growth,
but also substantially increased our total debt.  In light of
our obligations to lenders as well as the challenging current
market environment, we believe discontinuing the dividend is in
the best interest of our shareholders."

                      Business Update

Mr. Aguirre explained that the company has been and will
continue to be negatively impacted by changes in the rules
regarding banana imports into the European Union.  In the third
quarter, Chiquita has continued to experience markedly lower
banana prices in both core European and trading markets, as well
as excess fruit supply.  Further, due to the current industry
concerns regarding the safety of fresh spinach in the United
States, the Company's Fresh Express operations are experiencing
lower sales and unforeseen costs.  The company also will be
investing additional funds to reinforce consumer confidence in
the quality of Fresh Express products and food safety standards.  
As a result of these difficult market conditions and continuing
uncertainties, the Company's third quarter 2006 financial
results are expected to be significantly impacted.

Mr. Aguirre concluded, "Despite the current market conditions
and near-term challenges, we remain committed to our long-term
strategy to be a leader in branded, healthy, fresh foods.  While
we are disappointed with our expected third quarter results, we
believe the initiatives are prudent steps toward increasing our
financial flexibility to manage through the current market
environment and execute on our long-term plans."

               About Chiquita Brands International

Headquartered in Cincinnati, Ohio, Chiquita Brands
International, Inc. (NYSE: CQB) -- http://www.chiquita.com/--  
markets and distributes fresh food products including bananas
and nutritious blends of green salads.  The company markets its
products under the Chiquita(R) and Fresh Express(R) premium
brands and other related trademarks.  Chiquita employs
approximately 25,000 people operating in more than 70 countries
worldwide including Panama in Latin America.

                        *    *    *

In June 2006, Standard & Poor's Ratings Services affirmed its
ratings on Chiquita Brands International Inc., including the
'B+' corporate credit rating.  The rating outlook was negative.

In the same month, Moody's Investors Service also affirmed the
B1 rating on Chiquita Brands LLC's senior secured bank credit
facilities, the B3 rating on senior unsecured notes at Chiquita
Brands International Inc., as well as its B2 corporate family
rating.


GRUPO BANISTMO: Acquisition May Open Doors for Competitors
----------------------------------------------------------
The acquisition of Grupo Banistmo by HSBC Holdings Plc could
bring opportunity to rivals to take market share from Banistmo
during the merger process, Dow Jones Newswires reports, citing
bankers and analysts.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2006, HSBC Holdings offered US$1.77 billion to acquire
Grupo Banistmo.  Banistmo's owners that control 65% of the bank
accepted HSBC's offer of US$52.63 per share.  

Dow Jones relates that the deal received the approval of
Panama's banking regulator.  It is expected to close in the
fourth quarter.

Mauricio Choussy -- the director of ratings agency Fitch
Centroamerica -- told Dow Jones, "In our opinion, when there is
an acquisition there are movements that competitors try to take
advantage of and in that way Central America is very similar to
developed markets.  One of the toughest jobs of the executives
in charge of mergers and acquisitions is protecting the client
base during the merger."

Dow Jones notes that Rafael Moscarella -- the chief financial
officer for the banking unit of Grupo Financiero Continental --
said, "During the time it takes to complete a merger, clients
start to look at other banks to see what other options they
have.  I think there will be important opportunities during this
process for local banks."

Meanwhile, Luis Rivas -- the chief executive of Nicaragua's
Banco de la Produccion -- wasn't overly worried about HSBC
Holdings' entry into the Nicaraguan market, as Banistmo has a
unit in the nation, Dow Jones says.  

"In the short term I don't see major problems in terms of
competition.  In the medium term, unless they do further
acquisitions, I don't see them being a competitive threat for
any of the established banks in the country.  I think that
domestically owned banks, at least in our case, have been
preparing for this for a few years.  We are not worried," Mr.
Rivas told Dow Jones.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Moody's Investors Service placed the Ba1/Not
Prime long- and short-term deposit ratings of Primer Banco del
Istmo, S.A. aka Banistmo on review for possible upgrade.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Standard & Poor's Ratings Services placed its
'BB+/B' counterparty credit rating on Primer Banco del Istmo
S.A. aka Banistmo on CreditWatch with positive implications.  
S&P has also placed its 'BB/B' counterparty credit rating on
Banco Salvadoreno S.A. on CreditWatch with positive implications
and affirmed its ratings on HSBC Holdings PLC (HSBC) and related
entities, including the 'AA-/A-1+' counterparty credit rating on
HSBC, with a stable outlook.




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


* PERU: Fonafe Will Sell 39.95% Stake in Local Power Firm
---------------------------------------------------------
ProInversion, the private investment promotion agency of Peru,
said in a statement that Fonafe -- the nation's state fund for
business financing -- will sell its 39.95% stake in local power
firm Eepsa.

According to Business News Americas, ProInversion will accept
bids for minimum 20% participation from Sept. 25 to 27.

BNamericas relates that the final transaction will be on
Sept. 29.

A ProInversion source told BNamericas that the state will accept
a minimum PEN1.18 per share.  The minimum bid price would be
PEN24.5 million for the 20% stake or PEN49 million for 39.95%.

BNamericas notes that the sale of assets is being conducted as
part of legislative decree 674, which requires the state to
privatize several assets.

The source told BNamericas that Eepsa owns:

          -- 142-megawatt Malacas thermo plant,
          -- Parinas gas processing plant, and
          -- gas distillation and cracking plant.

                        *    *    *

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


* PERU: IDB Picks ICF Int'l to Perform Audit on Camisea Project
---------------------------------------------------------------
The Inter-American Development Bank and the Andean Development
Corporation -- Corporacion Andina de Fomento, CAF -- have
selected ICF International to perform an independent
environmental and social audit of the Camisea Project in Peru.

The audit will start by the end of September and is presently
scheduled to be completed in four months.  Results of the audit
will be disclosed to the public.

The concept of this environmental and social audit was
established by the IDB and CAF in June 2003, prior to IDB
approval of financing of the downstream component of the Camisea
project with the project company Transportadora de Gas del Peru
or TGP.  The loan contract provides for conduct of an annual
audit by TGP with independent consultants during project
operation and for results being disclosed to the public.  IDB
and CAF decided to carry out this additional audit to complement
this effort.

The objectives of the audit are to evaluate the environmental
and social performance of the project, and if it is the case,
identify any environmental and social impacts and risks that may
not have been adequately mitigated.  The audit will evaluate
both the downstream and upstream components of the project.

The audit is in addition to various existing and ongoing
independent environmental and social monitoring and supervision
activities to assess performance and compliance by the project.  
These activities are being undertaken by external experts
reporting to the IDB, the agencies of the Government of Peru,
and the local community-monitoring program.

The Draft Terms of Reference or TOR for the audit were made
available for public consultation from May 5 to May 24, 2006,
and extensively consulted with stakeholders.  A consultation
meeting was held in Lima on May 19, 2006, and upon the
stakeholders' request, the IDB extended the consultation period
until June 2, 2006.

Request for proposals were sent to fifteen environmental and
social auditing companies and institutions:

    -- Arthur D. Little;
    -- Battelle;
    -- Bechtel;
    -- CH2M Hill;
    -- Currie & Brown;
    -- ENSR;
    -- Environ International Corporation;
    -- E3 Environmental Consulting;
    -- ICF Consulting;
    -- Integrated Environments;
    -- International Network for Environmental Compliance and
       Enforcement;
    -- Mott Mac Donald;
    -- Netherlands Commission for Environmental Impact
       Assessment;
    -- Tetra Tech NUS, Inc; and
    -- Marshal Macklin Monaghan.

Five proposals were presented:

    -- Arthur D. Little,
    -- E3,
    -- ICF Consulting,
    -- Integrated Environments, and
    -- Mott Mac Donald.

The proposals were reviewed by a selection panel composed of IDB
technical staff, CAF technical staff, and one external advisor.
Proposals were evaluated based on technical criteria, including
previous experience in similar audits of natural gas and liquids
of natural gas pipeline projects, specific experience of the
proposed team in similar audits, and in the Project's specific
ecosystems, language capabilities in English and Spanish, and
understanding of the objectives and scope of the audit under ISO
14001.  

This audit is part of an ongoing IDB commitment to independent
evaluations of the environmental and social performance of the
Camisea project.  Additional detailed information on the project
status is available at:

        http://www.camisea.com.pe/;
        http://www.tgp.com.pe;  
        http://www.iadb.org/exr/pic/camisea/camisea.cfm;and              
        http://www.camisea-gtci.gob.pe/.

                        *    *    *

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
=====================


DRESSER INC: Commences Cash Tender Offer for 9-3/8% Sr. Notes
-------------------------------------------------------------
Dresser, Inc., has commenced a cash tender offer for any and all
of its outstanding 9-3/8% senior subordinated notes due 2011 and
a solicitation of consents for proposed amendments to the
indenture.

The tender offer will expire at midnight, New York City time, on
Oct. 23, 2006, and the solicitation of consents at 5 p.m., New
York City time, on Oct. 6, 2006.  The times and dates may be
extended or terminated at the company's discretion.  Dresser is
offering to purchase the notes at a price of US$1,048.13 for
each US$1,000 of principal amount of notes tendered, plus
accrued and unpaid interest up to, but not including, the date
the notes are paid under the terms of the offer.  This purchase
price includes a US$20 fee for each US$1,000 of principal amount
for holders who validly tender, and do not withdraw, their notes
and who deliver, and do not revoke, their consents prior to the
expiration of the consent solicitation.

The company's obligation to accept tendered notes for payment is
contingent upon a majority of the holders consenting to the
proposed amendments to the indenture and the company's
consummation of the previously announced refinancing of its
existing senior debt facilities, with available borrowings
sufficient to pay amounts due to tendering holders of the notes.  
If the proposed amendments, which eliminate many restrictive
covenants contained in the indenture, become operative, they
will be binding on all non-tendering holders.  The transaction
is described fully in the Offer to Purchase and Consent
Solicitation Statement and the related Consent and Letter of
Transmittal, both dated Sept. 25, 2006.

The company has retained Morgan Stanley to act as dealer manager
and solicitation agent in connection with the tender offer and
consent solicitation.  MacKenzie Partners, Inc. is the
depositary and information agent for the offer.

Questions regarding the tender offer and consent solicitation
should be directed to:

          Morgan Stanley
          Tel: 800-624-1808 (US toll-free)
               212-761-5746 (collect)

Requests for copies of the Offer to Purchase and Consent
Solicitation Statement and the related Consent and Letter of
Transmittal to:

          MacKenzie Partners
          Tel: 800-322-2885 (US toll-free)
               212-929-5500 (collect)

This press release does not constitute an offer to purchase, a
solicitation of an offer to purchase or a solicitation of
consents with respect to the notes nor is this release an offer
or solicitation of an offer to sell new securities. Neither the
Dresser Board of Directors nor any other person makes any
recommendation as to whether holders of notes should tender
their notes, and no one has been authorized to make such a
recommendation. Holders of notes must make their own decisions
as to whether to tender their notes, and if they decide to do
so, the principal amount of notes to tender.

                       About Dresser

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

                        *    *    *

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

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


NBTY INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. natural product processors sector last
week, the rating agency upgraded its probability-of-default
ratings and assigned loss-given-default ratings on NBTY Inc.'s
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125mm Gtd. Sr.
   Sec. Revolver (2008)   Ba2     Baa3    LGD2        13%

   US$120mm Gtd. Sr.
   Sec. Term
   Loan A (2010)          Ba2     Baa3    LGD2        13%

   US$200mm 7.125% Gtd.
   Sr. Sub. Notes (2015)  B1      Ba3     LGD4        66%

In addition, Moody's confirmed the company's Ba2 Corporate
Family Rating at Ba2.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Bohemia, New York, NBTY Inc. -- http://www.nbty.com/--  
together with its subsidiaries, engages in the manufacture,
marketing, and retail of nutritional supplements in the United
States and worldwide.  The company offers approximately 22,000
products, including vitamins, minerals, herbs, sports nutrition
products, diet aids, and other nutritional supplements under
various company's and third-party brands.  NBTY was founded in
1971 under the name Nature's Bounty Inc. and changed its name to
NBTY Inc. in 1995.


RENT-A-CENTER: Elects Leonard Roberts to Board of Directors
-----------------------------------------------------------
Rent-A-Center, Inc., named Leonard H. Roberts to its Board of
Directors.  Mr. Roberts served as the Executive Chairman of the
Board of Directors of RadioShack Corp. from 2005 until
May 18, 2006, and had previously served as Chairman of the Board
and Chief Executive Officer from 1999 to 2005, President from
1993 to 1999, and a director since 1997 of RadioShack.  From
1990 to 1993, Mr. Roberts was Chairman and Chief Executive
Officer of Shoney's, Inc., and from 1985 to 1990 was the
President and Chief Executive Officer of Arby's, Inc. Mr.
Roberts is Chairman of Students in Free Enterprise, a member of
the Executive Board of Directors for the National Center For
Missing and Exploited Children, a trustee of Texas Christian
University, and a director of Texas Health Resources, TXU
Corporation and J.C. Penney, Inc.

"Len brings a wealth of experience and leadership within the
retail industry and we are extremely pleased to welcome him to
our board," stated Mark E. Speese, Chairman of the Board and
Chief Executive Officer of the Company.  "His unique perspective
in retail marketing will be very valuable in helping to guide
Rent-A-Center as we continue to execute our strategic plan and
grow our business."

"I am delighted to be appointed to the Board of Directors of
Rent-A-Center," said Mr. Roberts. "The Rent-A-Center management
team has established the leading name in its industry.  I am
pleased to become part of this dynamic organization and lend my
support to the continuation of exciting growth under the
leadership of Mark Speese," he concluded.

Mr. Roberts was appointed by the Board of Directors to replace
Richard K. Armey, former House Majority Leader, who resigned
from the Board of Directors on Sept. 21, 2006.  Mr. Roberts will
serve the remainder of Mr. Armey's term, which expires at the
Company's 2008 annual meeting of stockholders.

"We appreciate Dick's dedicated service as a member of our Board
of Directors, serving since 2004," commented Mr. Speese.  
"Dick's political experience and insight have been very valuable
to the Company."

                    About Rent-A-Center

Based in Plano, Texas, Rent-A-Center, Inc. (Nasdaq:RCII)
-- http://www.rentacenter.com/-- operates the largest chain of
consumer rent-to-own stores in the U.S. with 2,751 company
operated stores located in the U.S., Canada, and Puerto Rico.
The company also franchises 297 rent-to-own stores that operate
under the "ColorTyme" and "Rent-A-Center" banners.

                        *    *    *

As reported in the Troubled Company Reporter on June 29, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' rating to
Rent-A-Center Inc.'s US$725 million credit facility.  It also
assigned a recovery rating of '4' to the facility, indicating
the expectation for marginal recovery of principal in the event
of a payment default.  The loan comprised a US$400 million
revolving credit facility due in 2011, a US$200 million term
loan A due in 2011, and a US$125 million term loan B due in
2012.  The corporate credit rating on Rent-A-Center Inc. is
'BB+' with a negative outlook.

As reported in the Troubled Company Reporter on June 23, 2006,
Moody's Investors Service assigned a Ba2 rating to the bank loan
of Rent-A-Center, Inc., and affirmed the Ba2 corporate family as
well as the senior subordinated note issue at Ba3.  The
continuation of the positive outlook reflected Moody's opinion
that ratings could be upgraded over the medium-term once the
company establishes a lengthier track record of sales
improvement and Moody's becomes more comfortable with the
company's financial policy.


SIMMONS BEDDING: Buying Simmons Canada from SCI for CDN$130MM
-------------------------------------------------------------
Simmons Bedding Company entered into a definitive agreement
pursuant to which a subsidiary of the Company will acquire all
of the securities of Simmons Canada Inc. from SCI Income Trust.

The Company disclosed that under the proposed transaction SCI
will receive approximately CDN$130 million as consideration for
the sale of Simmons Canada, and immediately following the sale
of Simmons Canada, SCI will redeem all of SCI's outstanding
units for CDN$16.25 per unit in cash.  The proposed transaction
provides SCI's unitholders with a premium of approximately 30%
over the Sept. 20 closing price of CDN$12.46 per unit on the
Toronto Stock Exchange.

The Company sold its Canadian manufacturing rights in 1990 as
part of a Canadian management led buyout and currently does not
own any units of SCI or any equity interest in Simmons Canada.

The Board of Directors of Simmons Canada, as administrator of
SCI, established a committee of independent directors to review
the terms of the proposed transaction.  The Special Committee
retained legal counsel and CIBC World Markets Inc. as financial
advisor. The Special Committee recommended that the Board of
Directors approve the transaction.  The Board of Directors of
Simmons Canada has determined that the proposed transaction is
in the best interests of SCI and has unanimously approved the
proposed transaction.  They further agreed to support the
transaction and recommend to unitholders of SCI that they
approve the proposed transaction.  SCI has agreed to not
complete its reorganization into a modern trust-on-partnership
structure pending approval of the proposed transaction by its
unitholders.

A special meeting of SCI unitholders, which represents more than
66-2/3% of the units voted, will be held on Nov. 14, 2006 to
approve the transaction.  The Board of Directors of Simmons
Canada has set a record date of Oct. 16, 2006 for the special
meeting.

The Company plans to finance the acquisition from proceeds from
its completed sale of Sleep Country USA, cash flows from
operations, and availability under its revolving loan from its
existing senior credit facility.

Scotia Capital, Inc., acted as financial advisor to the Company
on the transaction.

                   About Simmons Canada Inc.

Simmons Canada Inc., the operating company wholly owned by SCI
Income Trust, -- http://www.simmonscanada.com/-- is a leading  
manufacturer of mattresses and foundations in Canada.  The
company manufactures five nationally-known brand names of
mattresses, Beautyrest(R) (now featuring Evolution the Non-Flip
Pocket Coil(R)), BackCare(R), Beautysleep(R), Dreamscapes and
sang(TM) as well as manufacturing and distributing the Obus
Forme(TM) line of mattresses and foundation under license.  
Simmons Canada also contracts the manufacture of Hide-A-Bed(R)
convertible sofas and other upholstery products and high quality
furniture.  Simmons Canada supplies its products to a broad
range of customers, including national department store chains,
specialty sleep stores, furniture buying groups, independent
furniture retailers as well as to the hospitality industry.  
Simmons Canada services its customers from factories in
Vancouver, Calgary, Toronto and Montreal.

               About Simmons Bedding Company

Based in Atlanta, Simmons Bedding Company or Simmons US, a
subsidiary of Simmons Company, -- http://www.simmons.com/--  
manufactures and markets a broad range of products including
Beautyrest(R), BackCare(R), Beautyrest Black(TM), Natural
Care(TM) Latex, BackCare Kids(R) and Deep Sleep(R).  Simmons US
operates 17 conventional bedding manufacturing facilities and
two juvenile bedding manufacturing facilities across the United
States and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on May 26, 2006
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating to Altanta, Georgia-based Simmons
Bedding Co.'s proposed US$490 million senior secured term loan D
due 2011.  Standard & Poor's also raised its rating on the
company's existing US$75 million revolving credit facility to
'BB-' from 'B+', and assigned a '1' recovery rating to the
facility.  The outlook is negative.


ZALE CORP: U.S. SEC Terminates Investigation
--------------------------------------------
The U.S. Securities and Exchange Commission has notified Zale
Corp. that its investigation of the company has been terminated
with no enforcement action being recommended.

"Although we are clearly focused on the business at hand, we are
pleased to put this matter behind us," commented Betsy Burton,
President and Chief Executive Officer.  "I would like to thank
our shareholders, customers and employees for continuing to
demonstrate their confidence in our organization throughout this
process. We remain deeply committed to adhering to the highest
standards of corporate governance."

As reported in the Troubled Company Reporter on April 12, 2006,
the SEC initiated a non-public investigation relating to various
accounting and other matters related to the Company, including
accounting for extended service agreements, leases, and accrued
payroll.

Subpoenas issued in connection with the SEC investigation asked
for materials relating to these accounting matters as well as to
executive compensation and severance, earnings guidance, stock
trading, and the timing of certain vendor payments.  Zale
asserted that its accounting complied with generally accepted
accounting principles.

This report concludes the TCR's coverage of Zale Corp, unless
and until circumstances change that warrant reporting in the
TCR.

Headquartered in Irving, Texas, Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is North America's largest specialty  
retailer of fine jewelry operating approximately 2,345 retail
locations throughout the United States, Canada and Puerto Rico.  
Zale Corporation's brands include Zales Jewelers, Zales Outlet,
Gordon's Jewelers, Bailey Banks & Biddle, Peoples Jewellers,
Mappins Jewellers and Piercing Pagoda.  Through its ZLC Direct
organization, Zale also operates online at http://www.zales.com/
and http://www.baileybanksandbiddle.com/




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


BRITISH WEST: Gov't to Spend Over US500MM to Start New Airline
--------------------------------------------------------------
"My understanding is that it will cost the government of
Trinidad and Tobago a little over US$300 million to shut the
airline (British West Indies Airlines aka BWIA) down and another
US$250 million to start the new entity (Caribbean Airlines),"
Radio Jamaica reports, citing Curtis John -- the leader of the
Aviation, Communication and Allied Workers Union.  

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, the trade unions representing the 1,800 workers
of BWIA would sign the Voluntary Separation from Employment
Packages with the airline's management.  The employees have
received a very favorable Voluntary Separation from Employment
Package proposal from the government, getting a 50% increase in
their basic salaries for the period 2001-2006.  They were
initially offered a 30% raise.

Radio Jamaica relates that the union said that it is satisfied
with the separation payment packages.  Under the deal, the
workers could re-apply for jobs at Caribbean Airlines.

The new entity will start with a clean state, Mr. John told
Radio Jamaica.

"BWIA was losing about US$1 million per week.  The government is
willing to put that into the new entity and start the new entity
with a clean slate so that all the foreign contracts that BWIA
had will now be history," Radio Jamaica states, citing Mr. John.

British West Indies aka 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.  The
government approved a substantial capital injection for the
creation of Caribbean Airlines.


ROYAL CARIBBEAN: Redeeming Zero Coupon Convertible Notes
--------------------------------------------------------
Royal Caribbean Cruises Ltd. has called for the redemption of
all of its outstanding Zero Coupon Convertible Notes due
May 18, 2021.  The redemption date is Oct. 10, 2006.  The
redemption price is US$503.85 per Zero.  Notices of redemption
are being mailed to holders of the Zeros in accordance with the
terms of the indenture.

Royal Caribbean Cruises Ltd. is a global cruise vacation company
that operates Royal Caribbean International and Celebrity
Cruises, with a combined total of 29 ships in service and five
under construction.  The company also offers unique land-tour
vacations in Alaska, Canada and Europe through its cruise-tour
division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1
rating on Royal Caribbean's US$700 million senior unsecured
notes issuance and affirmed all existing long-term ratings.




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


PETROLEO BRASILEIRO: Launches First Service Station in Uruguay
--------------------------------------------------------------
Petroleo Braileiro S.A. aka Petrobras inaugurated on
Sept. 26, 2006, in Montevideo, the first of its 89 service
stations in Uruguay, marking the company's entry in the fuel and
lubricant distribution sector in the country.  By early 2007,
the company will invest approximately US$5 million in changing
the service stations' image.

Petrobras has been in Uruguay since 1996, when it started
marketing the Lubrax lubricant line.  In December 2004, it also
started distributing natural gas in the interior of the country,
after acquiring 55% of the shares for Conecta S.A. Later, in
2006, it acquired 66% of the capital of Gaseba Uruguay, the
natural gas distribution utility in Montevideo. The company was
then renamed to Montevideo Gas.

In mid-2006, with the acquisition of 100% of Shell's assets in
Uruguay, Petrobras went on to control, through Petrobras Uruguay
Distribuicion S.A., a network of 89 stations with an annual
sales volume of 227,000 m3 (227,000,000 liters).  The company
also has facilities to market aviation fuel at the Carrasco
international Airport and to sell fuel and lubricants at the
Montevideo harbor.

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.




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


PETROLEOS DE VENEZUELA: Launches Cigma Gas Complex Construction
---------------------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of
Venezuela, has started constructing the Cigma natural gas-
processing complex project in Sucre, Business News Americas
reports.

Petroleos de Venezuela said in a statement that the Cigma
complex will include:

          -- natural gas liquefaction,
          -- industrialization, and
          -- petrochemicals plants.

According to the statement, the Cigma complex will process crude
from the Orinoco oil belt, PVDSA said in a statement.

BNamericas relates that Cigma will take up 6,300 hectares of
land and 11,000 hectares offshore.  It will be a storage of
natural gas and a processing center to supply the Gasoducto del
Sur pipeline into Brazil, Argentina, Uruguay and Paraguay.  It
will also supply the Gasoducto Transoceanico pipeline into
Central America and the Caribbean.

The report says that the Cigma complex will require an
investment of about US$13 billion.  Of this amount, US$2.3
billion will be used in social projects in Sucre.

Works on the complex will include:

          -- marine platforms,
          -- a 150-kilometer pipeline to transport gas offshore,
             and
          -- a liquids extraction plant.

Petroleos de Venezuela expects that the plant will be ready by
2010.  Construction of the storage and shipment terminal will
also be completed by 2008, BNamericas states.

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: Supplying Half of Carribean's Oil Needs
---------------------------------------------------------------
State-oil firm Petroleos de Venezuela SA is supplying 201,000
barrels per day of oil to the Caribbean region -- approximately
half of the 417,000 bpd of oil that the countries consume, El
Universal reports.

Petroleos de Venezuela's oil supplies to Caribbean countries are
offered on favorable terms under the PetroCaribe initiative.

According to a survey conducted by former Petroleos de Venezuela
managers, PetroCaribe member countries such as Jamaica,
Dominican Republic, Saint Vincent and the Grenadines, Haiti and
Dominica are given discounts of US$14.71 per barrel, while
discounts to Cuba amount to US$7.40 per barrel, El Universal
relates.

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: Introduces New Industrial Complex
----------------------------------------------
The placing of the foundational stone of the Industrial Complex
Gran Mariscal Ayacucho aka CIGMA, located in the Valdez
Municipality of Sucre state, by the president of the Bolivarian
Republic of Venezuela, Hugo Chavez, represents a historical step
within the Venezuelan energy industry, since this development
will be the entry door of all gas coming from North Paria and
the Deltana Platform.

"CIGMA will be the most important Gas Industrial Complex in
Latin America" the head of the government explained, and also
emphasized that "the Project will take place along with the
integral development of the Eastern region, and will be the
commanding post for promotion of areas such as Guiria and
Macuro, which will become new prosperous, driving cities without
rings of slums."

The Industrial Complex Gran Mariscal de Ayacucho will house
liquefaction, industrialization and petrochemical plants, and
will facilitate the processing of crudes from the Orinoco Oil
Belt.  Total investment will be 13,000 million Dollars, out of
which 2,300 million Dollars will be intended for social projects
in the Sucre state, president Chavez highlighted.

The minister of Energy and Petroleum and president of PDVSA,
Rafael Ramirez, underlined that the benefits for the area will
be extraordinary for "we will not repeat the same model that
swooped down on Venezuela during the 20th century.  We will work
with a revolutionary and Bolivarian vision to develop our
hydrocarbons, in perfect balance with the social needs for
progress to achieve the diversification of the region and our
production model. It is our commitment.  The new PDVSA will be
an instrument at the service of the highest interests of the
Venezuelan State and our people."

                        Delta Caribe

CIGMA is framed in the Delta Caribe Project for gas development,
which was defined by Minister Ramirez as "the realization of the
Oil Sowing Plan that the Bolivarian Government has proposed as
an integral alternative for exploitation of our hydrocarbons."

Free gas development plans will help satisfying the increasing
demand of domestic and international markets.  The main
objective of CIGMA is to create the viability of projects along
this regional entity, guaranteeing social value benefits to
regions where their activities are developed, and implementing
strategies that allow increasing contributions to the national
treasury.

CIGMA, which is planned as the new industrial development area
in Venezuela, will cover 6,300 hectares in solid ground and
approximately 11,000 hectares offshore.  This important and
significant complex will function as a gathering and
conditioning center for the production of natural gas from the
Northeastern region of the country, from where the resource will
be transported towards the 12,515 kilometers of the Great
Southern Gas Pipeline running to Brazil, Argentina, Uruguay and
Paraguay, and also towards the Transoceanic Gas Pipeline for the
brother countries in Central America and the Caribbean.

                   Platform for development

The complex envisages engineering works such as sea production
platforms, which will be built in Venezuelan territory, a gas
pipe that will transports gas 150 kilometers offshore and a
liquid extraction plant, with a total investment of 4,500
million Dollars.

Regarding social development, the CIGMA Project anticipates a
contribution of 2,300 million Dollars in Sucre state.  
Currently, social projects being implemented in influential
areas of Sucre state, specifically in the cities of Carupano,
Cumana and Guiria, are intended to strengthen and consolidate
production sectors such as fishing, cattle breeding and
agriculture.  Social programs being developed by the Bolivarian
Government in the area are also receiving support.

                        *    *    *

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


* VENEZUELA: Trinidad Business Sector Mulls Gas Importation
-----------------------------------------------------------
The South Trinidad Chamber of Industry and Commerce is pushing
for the importation of gas from Venezuela in light of growing
concerns regarding Trinidad and Tobago's natural gas reserves,
the Trinidad & Tobago Express reports.

"The reality for us in Trinidad and Tobago is that we have
limited oil and gas reserves by global standards," Rampersad
Motilal, president of the Chamber, was quoted by the Express as
saying.  The business head wants the nation to "make early
progress on the issue of the import of gas from Venezuela."

In addition, the business leader noted that the time has arrived
for the country to develop a national priority policy to
strengthen the capability of long-term gas supply by accessing
other sources of gas, the Express relates.

"There is an estimated 38 trillion cubic feet of gas in the
Plataforma Deltana region, Venezuela, just off Trinidad's
southeast coast and very close to existing infrastructure in
Trinidad," Mr. Motilal said, "while some progress is being made
towards the management of reservoirs, we need to initiate
discussions to bring about a strong and consistent policy with
Venezuela."

                        *    *    *

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


* PricewaterhouseCoopers Launches Valuation Services in the U.S.
----------------------------------------------------------------
PricewaterhouseCoopers disclosed the launch of a U.S. valuation
practice that offers a full range of valuation services.  
Valuation assessments provide critical input for a variety of
corporate initiatives, including:

   -- evaluating and structuring transactions;
   -- managing accounting, financial reporting and tax matters;
   -- resolving value-related issues surrounding disputes; and
   -- assessing strategic and tactical options that support
      business decision-making.

By finding issues early and embedding applied valuation skills
with financial reporting, tax, strategic and industry expertise,
PwC believes it has created a service for non-audit clients that
is truly distinctive in the market.

PwC has organized its valuation services into two teams. The
Transaction Services Accounting and Valuation Advisory practice
offers services that help companies meet financial reporting and
tax valuation requirements, especially those related to M&A
transactions.  John Glynn, a New York partner, former SEC
professional accounting fellow, and PwC's representative to the
Appraisal Issues Task Force will lead this practice.  Mark
Haller, a Chicago-based partner and leader of PwC's Economics
and Strategy practice will head the firm's Business Analytics
team that offers applied valuation analysis and advisory
services that help companies make business decisions.

"As financial reporting moves to a fair value model, companies
must deal with fair value issues every day, and nowhere are
these issues more complex than when companies do deals", Glynn
noted. "By getting involved early and considering a company's
clearly defined business needs and goals, we help clients get
valuation right the first time, and think through the financial
reporting and tax consequences of transactions and other
initiatives.  We can offer this because our practice brings
together professionals with technical accounting, tax and
valuation expertise."

In describing his part of the practice, Haller notes that his
team specializes in analyses that help companies make better
business decisions.  "We apply analytical approaches often
dependent on value assessment and relative value modeling to
help our clients to make important choices on strategic and
tactical matters.  Our work adds quantitative support that
refines and sometimes even can alter a client's assumptions on
issues such as new market entry and competitive threats, dispute
resolution, changing and emerging business models, internal
investment choices, product pricing, product rationalization and
extension, and customer value assessment.  Our rigorous analysis
produces the detailed information companies need to make
important decisions with greater speed."

With the U.S. launch, PwC can deliver valuation services
worldwide through a team of over 1,550 dedicated valuation
professionals.

The Transaction Services group of PricewaterhouseCoopers
-- http://www.pwc.com/ustransactionservices-- offers a deal  
process that helps clients bid smarter, close faster, and
realize profits sooner on mergers, acquisitions, sales and
financing transactions. Dedicated deal teams operate from 16
U.S. cities and 126 locations in North America, Latin America,
Europe and Asia.

Business Analytics is part of PricewaterhouseCoopers Advisory
-- http://www.pwc.com/advisory-- which brings together  
experienced, credentialed valuation specialists along with a
broader group of quantitatively trained, strategically savvy,
and industry focused professionals who help clients execute
strategy and make decisions on important issues, supported by
hard facts and insightful analysis.

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries work
collaboratively across our network using Connected Thinking to
develop fresh perspectives and practical advice.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------  

                                Total  
                                Shareholders  Total     
                                Equity        Assets    
Company                 Ticker  ($MM)          ($MM)     
-------                 ------  ------------  -------  
Alpargatas SAIC          ALPA     (262.27)     646.43
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Blount International      BLT        (123)     465
Bombril                  BOBR3    (554.69)     488.38
Bombril-Pref             BOBR4    (554.69)     488.38
CableVision System      CVC      (2,468)      12,832
Centennial Comm         CYCL    (1,062)     1,436  
CIC                      CIC    (1,883.69) 22,312.12
Choice Hotels           CHH        (118)         280
Telefonica Holding       CITI   (1,481.31)     307.89
Telefonica Holding       CITI5  (1,481.31)     307.89
Domino's Pizza          DPZ       (609)       395
Foster Wheeler          FWLT        (38)       2,224
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Paranapanema SA          PMAM3    (214.08)   2,847.86
Paranapanema-PREF        PMAM4    (214.08)   2,847.86
TEKA                     TEKA3    (180.22)     557.47
TEKA-PREF                TEKA4    (180.22)     557.47


                         ***********


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.

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