TCRLA_Public/060928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, September 28, 2006, Vol. 7, Issue 193

                          Headlines

A R G E N T I N A

ACXIOM CORP: Moody's Assigns Loss-Given-Default Rating
BOTICARIA SA: Verification of Proofs of Claim Is Until Nov. 2
CLINICA EMANUEL: Claims Verification Deadline Is on Nov. 22
L AMPHITRYON: Last Day for Verification of Claims Is on Nov. 30
MEGAVINIL SA: Claims Verification Deadline Is Set for Nov. 24

MICROOMNIBUS ESTE: Asks for Court Approval to Restructure Debts
REICA SA: Vegetti Named as Trustee for Bankruptcy Proceeding

* ARGENTINA: IDB Grants US$1.9M to Boost Cluster Competitiveness

A R U B A

BXG RECEIVABLE: Moody's Rates US$7.4 Mil. Class F Cert. at Ba2

B A H A M A S

WINN-DIXIE: Court Okays Assumption of 16 Store Leases
WINN-DIXIE: Rejects Store # 1059 Lease on Aug. 31
ISLE OF CAPRI: Moody's Assigns Loss-Given-Default Ratings
PINNACLE ENT: Moody's Assigns Loss-Given-Default Ratings

B A R B A D O S

SECUNDA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

B E R M U D A

REFCO: Chap. 11 Trustee Wants Court Nod on Winchester Settlement
REFCO: Inks Settlement Accord with BofA & Prepetition Lenders

B O L I V I A

PETROLEO BRASILEIRO: Starting New Round of Talks with Bolivia

B R A Z I L

AGCO CORP: Moody's Assigns Loss-Given-Default Rating
ALERIS INTERNATIONAL: Discloses Changes in Higher Management
ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating
AMERICAN AXLE: Moody's Assigns Loss-Given-Default Rating
DRESSER-RAND: Moody's Assigns Loss-Given-Default Rating

ELETROPAULO METROPOLITANA: Realizes BRL1.2B from Stock Sale
FIDELITY NATIONAL: Moody's Assigns Loss-Given-Default Rating
TRW AUTOMOTIVE: Fitch Affirms Low-B Ratings with Stable Outlook
TRANSAX INT'L: Retains North Bay Equity as Financial Advisor

C A Y M A N   I S L A N D S

ARIA INVESTMENTS: Creditors Must File Proofs of Claim by Oct. 18
BRITANNIA HOLDINGS: Proofs of Claim Filing Is Until Oct. 18
CHARLES GLOBAL: Last Day to File Proofs of Claim Is on Oct. 18
GRAND CENTRAL: Last Day to File Proofs of Claim Is on Oct. 19
JOHCM CUMULUS: Creditors Must Present Proofs of Claim by Oct. 19

JUMBO ASSET: Deadline for Proofs of Claim Filing Is on Oct. 19
KNOWLEDGE SERVICES: Proofs of Claim Filing Deadline Is Oct. 18
MH CAPITAL: Creditors Must Present Proofs of Claim by Oct. 19
MUE CAPITAL: Creditors Have Until Oct. 18 to File Claims
PROTON CAPITAL: Last Day for Proofs of Claim Filing Is Oct. 19

SANGONA INSURANCE: Final Shareholders Meeting Is Set for Oct. 18
SEAGATE TECHNOLOGY: Moody's Assigns Loss-Given-Default Rating
SILVER TOWER: Proofs of Claim Filing Deadline Is Set for Oct. 19
SUNI ASSET: Deadline Proofs of Claim Filing Is on Oct. 18
SYNTHESIS GLOBAL: Filing of Proofs of Claim Is Until Oct. 18

TRIBECA MORTGAGE: Proofs of Claim Must be Submitted by Oct. 19

C H I L E

SHAW GROUP: Refines Corp. Structure to Leverage Capabilities

C O L O M B I A

BANCOLOMBIA: Sees 30% Boost in Foreign Currency Business
UNIFI INC: Moody's Assigns Loss-Given-Default Rating

* COLOMBIA: Launches Trade Negotiations with Other Nations

C U B A

* CUBA: Imports Food Products from 37 US States Despite Embargo

D O M I N I C A N   R E P U B L I C

ITABO FINANCE: S&P Rates US$125 Million Sr. Notes Due 2016 at B

* DOMINICAN REPUBLIC: Fitch Affirms B Issuer Default Ratings
* DOMINICAN REPUBLIC: Minister Demands Price Cuts on Cement

E C U A D O R

DEL MONTE CORP: Moody's Assigns Loss-Given-Default Ratings

E L   S A L V A D O R

PAYLESS SHOESOURCE: Elects Scott Olivet to Board of Directors

G U A T E M A L A

BANCO INDUSTRIAL: Ready to Compete with International Firms
DOLE FOOD: Initiates Buy-Sell Process on Interest in JP Fruit
DOLE FOOD: Moody's Assigns Loss-Given-Default Ratings

* GUATEMALA: Launches Trade Negotiations with Other Nations

H A I T I

DYNCORP INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

H O N D U R A S

* HONDURAS: Launches Trade Negotiations with Other Nations

J A M A I C A

DIGICEL LIMITED: Moody's Assigns Loss-Given-Default Rating

M E X I C O

ALLIS-CHALMERS: Moody's Assigns Loss-Given-Default Rating
AXTEL SA: Acquiring Avantel for US$100MM This Week, Reports Say
BERRY PLASTICS: Apollo & Graham Complete BPC Holding Purchase
CINEMARK INC: Moody's Assigns Loss-Given-Default Ratings
DELTA AIR: Enters Partnership with American Express

DESARROLLADORA HOMEX: Launhes Operations in Puebla
DIRECTV INC: Joins Intel in Connecting TVs & PCs in the US
DRESSER INC: Moody's Assigns Loss-Given-Default Rating
FORD MOTOR: Moody's Assigns Loss-Given-Default Rating
GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal

GENERAL MOTORS: Funds Post-Retirement Benefits of Delphi Workers
GENERAL MOTORS: Moody's Assigns Loss-Given-Default Rating
GRUPO TMM: Redeems US$155,820,539 of Sr. Secured Notes Due 2007
MEGA BRANDS: Moody's Assigns Loss-Given-Default Ratings
MERIDIAN AUTOMOTIVE: Court Okays DIP Financing Amendments

NEWPARK RESOURCES: Moody's Assigns Loss-Given-Default Rating
SATELITES MEXICANOS: Judge Drain Approves Solicitation Process
SATELITES MEXICANOS: Court Sets Confirmation Hearing on Oct. 26
VISTEON CORP: Opens US$10 Million Technical Center in India
VISTEON CORP: Moody's Assigns Loss-Given-Default Rating

P A N A M A

CHIQUITA BRANDS: Landec to Expand Packaging Technology with Firm
CHIQUITA BRANDS: Moody's Assigns Loss-Given-Default Ratings
CHIQUITA BRANDS: S&P Places B+ Rating on Negative CreditWatch

P E R U

PRIDE INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

* PERU: Promotions Agency to Ink Concessions for Two Blocks

P U E R T O   R I C O

ADELPHIA: 12 Creditor Groups Balk at 2nd Disclosure Supplement
ADELPHIA COMMS: Broadcast Music Agrees to License Pact Rejection
BIOVAIL CORP: Moody's Assigns Loss-Given-Default Ratings
CENTENNIAL COMMS: Moody's Assigns Loss-Given-Default Rating
FIRST BANCORP: Files Amended Annual Reports for 2000-2004

MARGO CARIBE: Hires Horwath Velez as Independent Accounting Firm
PEP BOYS: Moody's Rates US$320MM Sr. Sec. Credit Facility at Ba3
SAFETY-KLEEN: Moody's Assigns Loss-Given-Default Rating
SUNCOM WIRELESS: Moody's Assigns Loss-Given-Default Rating

T R I N I D A D   &   T O B A G O

BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
BRITISH WEST: Unions Ink Voluntary Separation Packages
ROYAL CARIBBEAN: Moody's Assigns Loss-Given-Default Ratings

U R U G U A Y

* URUGUAY: Moody's Says Banking System Remains Weak

V E N E Z U E L A

ARVINMERITOR INC: Moody's Assigns Loss-Given-Default Rating
ARVINMERITOR INC: S&P Maintains Negative Watch on Ratings
CITGO PETROLEUM: Moody's Assigns Loss-Given-Default Rating
PETROLEOS DE VENEZUELA: Unit Closes Orimulsion Plant in Morichal

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


ACXIOM CORP: 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 Technology IT Services and Transaction
Processing sector, the rating agency revised its Corporate
Family Rating for Acxiom Corp. to Ba3 from Ba2.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$600 million
   Senior Secured
   Term Loan Facility
   due 2012               Ba2      Ba2    LGD3        33%

   US$200 million
   Senior Secured
   Revolving Credit
   Facility due 2011      Ba2      Ba2    LGD3        33%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


BOTICARIA SA: Verification of Proofs of Claim Is Until Nov. 2
-------------------------------------------------------------
Oscar Rey, the court-appointed trustee for Boticaria S.A.'s
bankruptcy proceeding, will verify creditors' proofs of claim
until Nov. 2, 2006.

Under the Argentine bankruptcy law, Mr. Rey is required to
present the validated claims in court as individual reports.
Court No. 10 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 Boticaria and its
creditors.

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

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

Boticaria was forced into bankruptcy at the request of Banca
Nazionale del Lavoro S.A., which it owes US$15,800.

Clerk No. 20 assists the court in the proceeding.

The debtor can be reached at:

          Boticaria S.A.
          Sarmiento 2378
          Buenos Aires, Argentina

The trustee can be reached at:

          Oscar Rey
          Juana Manso 1666
          Buenos Aires, Argentina


CLINICA EMANUEL: Claims Verification Deadline Is on Nov. 22
-----------------------------------------------------------
Carlos Alberto Llorca, the court-appointed trustee for Clinica
Emanuel S.A.'s bankruptcy case, will verify creditors' proofs of
claim until Nov. 22, 2006.

Under the Argentine bankruptcy law, Mr. Llorca is required to
present the validated claims in court as individual reports.
Court No. 5 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 Clinica Emanu-el and
its creditors.

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

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

Clinica Emanuel was forced into bankruptcy at the request of
Nancy Edit Reid, whom it owes US$8,190.05.

Clerk No. 9 assists the court in the proceeding.

The debtor can be reached at:

          Clinica Emanuel S.A.
          Avenida Nazca 2975
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Alberto Llorca
          Carlos Pellegrini 385
          Buenos Aires, Argentina


L AMPHITRYON: Last Day for Verification of Claims Is on Nov. 30
---------------------------------------------------------------
Luis Di Cesare Luis, the court-appointed trustee for L
Amphitryon S.R.L.'s reorganization proceeding, will verify
creditors' proofs of claim until Nov. 30, 2006.

Under the Argentine bankruptcy law, Mr. Luis is required to
present the validated claims in court as individual reports,
after which Court No. 23 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 L
Amphitryon and its creditors.

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

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

On Oct. 12, 2007, L Amphitryon's creditors will vote on a
settlement plan that the company will lay on the table.

Clerk No. 45 assists the court in the proceeding.

The debtor can be reached at:

          L Amphitryon S.R.L.
          Vidal 2016
          Buenos Aires, Argentina

The trustee can be reached at:

          Luis Di Cesare Luis
          Sarmiento 2333
          Buenos Aires, Argentina


MEGAVINIL SA: Claims Verification Deadline Is Set for Nov. 24
-------------------------------------------------------------
Ernesto Resnitzky, the court-appointed trustee for Megavinil
S.A.'s insolvency case, will verify creditors' proofs of claim
until Nov. 24, 2006.

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

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

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

Megavinil will negotiate a settlement plan with its creditors in
order to avoid a straight liquidation.

Court No. 3 approved Megavinil's petition to reorganize its
business after it ceased paying its obligations on
Aug. 23, 2006.  Clerk No. 5 assists the court in the proceeding.

The debtor can be reached at:

          Megavinil S.A.
          Medrano 1645
          Buenos Aires, Argentina

The trustee can be reached at:

          Ernesto Resnitzky
          Caracas 4330
          Buenos Aires, Argentina


MICROOMNIBUS ESTE: Asks for Court Approval to Restructure Debts
---------------------------------------------------------------
Court No. 8 in Buenos Aires is studying the merits of
Microomnibus Este S.A.'s petition to restructure its debts after
it stopped paying its debts on Sept. 11, 2006.

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

Clerk No. 16 assists the court in the case.

The debtor can be reached at:

          Microomnibus Este S.A.
          Zelada 7507
          Buenos Aires, Argentina


REICA SA: Vegetti Named as Trustee for Bankruptcy Proceeding
------------------------------------------------------------
Court No. 2 in Buenos Aires appointed Hector Jorge Vegetti to
supervise the bankruptcy proceeding of Reica S.A.  Under
bankruptcy protection, control of the company's assets is
transferred to Mr. Vegetti.

As trustee, Mr. Vegetti will:

   -- verify creditors' proofs of claim;

   -- prepare and present individual and general reports in
      court after the claims are verified; and

   -- administer Reica's assets under court supervision
      and take part in their disposal to the extent established
      by law.

Clerk No. 4 assists the court in this proceeding.

The trustee can be reached at:

          Hector Jorge Vegetti
          Montevideo 711
          Buenos Aires, Argentina


* ARGENTINA: IDB Grants US$1.9M to Boost Cluster Competitiveness
----------------------------------------------------------------
The Multilateral Investment Fund of the IDB approved a US$1.9
million financing to the province of Santa Fe, Argentina, to
increase the competitiveness of its central region's agri-food
and metalworking clusters.

The Santa Fe province's central region, led by the city of
Rafaela, is known for its entrepreneurial and innovative spirit.
The agribusiness and metalworking productive clusters define the
region's economy with 800 small and medium-sized industrial
enterprises and 1,500 milk-producing businesses.

The regional development agency Partnership for Development and
Competitive Innovation, Rafaela Agency (ACDICAR in Spanish) will
be in charge of the project and will match with its own
resources the funding provided.  The initiative will benefit
micro, small and medium-sized companies in the central
departments of Castellanos, Las Colonias, San Martin, San
Jeronimo and San Cristobal.

By diversifying regional production and exports, introducing new
technologies and know-how in supply chains and facilitating
public-private cooperation and business development, the project
will expand the province's presence in international markets.

The project will improve links among technological and
productive enterprises, create a co-financing facility for joint
innovation and strengthen the institutional framework for
competitiveness, enhancing capacity for public-private
cooperation.

ACDICAR was recently created by the municipality of Rafaela in
association with the city's trade and industrial center.  Its
purpose is to provide support for the development of the central
region's private sector through development funds and
instruments offered by international and national authorities.

The Multilateral Investment Fund is an autonomous fund,
administered by the IDB that provides grants, investments and
loans to promote private sector growth, labor force training and
small enterprise modernization in Latin America and the
Caribbean.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




=========
A R U B A
=========


BXG RECEIVABLE: Moody's Rates US$7.4 Mil. Class F Cert. at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Aaa rating to the senior
class of notes issued by BXG Receivables Note Trust 2006-B in
Bluegreen Corp.'s securitization of timeshare receivables.
Moody's also rated Classes B, C, D, E and F Aa2, A2, Baa1, Baa3
and Ba2.  The ratings were based on the levels of credit
enhancement provided by each of the subordinate classes, the
overcollateralization, the reserve fund, the quality of the
timeshare receivables, and the structure of the transaction.

These are the complete rating actions:

   * Issuer: BXG Receivables Note Trust 2006-B

     -- US$51.561 mil; Class A, 5.605% Timeshare Loan-Backed
        Notes, Series 2006-B, Aaa

     -- US$21.879 mil; Class B, 5.704% Timeshare Loan-Backed
        Notes, Series 2006-B, Aa2

     -- US$22.338 mil; Class C, 5.952% Timeshare Loan-Backed
        Notes, Series 2006-B, A2

     -- US$24.480 mil: Class D, 6.468% Timeshare Loan-Backed
        Notes, Series 2006-B, Baa1

     -- US$11.475 mil; Class E, 7.21%, Timeshare Loan Backed
        Notes, Series 2006-B, Baa3

     -- US$7.497 mil; Class F, 9.377%, Timeshare Loan Backed
        Notes, Series 2006-B, Ba2

Bluegreen specializes in drive-to timeshare developments in
regional locations.  Bluegreen owns or manages 29 resorts. The
resorts are in 9 states and in Aruba.  The locations of the core
resorts are:

              Gatlinburg, Tennessee;
              Pigeon Forge, Tennessee;
              North Myrtle Beach and Myrtle Beach,
              South Carolina;
              Branson, and Ridgedale Missouri;
              Gordonsville, Virginia;
              Wisconsin Dells, Wisconsin;
              Charleston, South Carolina;
              Orlando, Florida;
              near Miami Beach, Florida;
              Boyne Falls, Michigan;
              Ormond Beach, Florida;
              St. Aug.ine, Florida;
              Marathon, Florida;
              Hershey, Pennsylvania; and,
              Aruba.

There are 44 resorts in the Bluegreen Club.

Bluegreen, which has senior impled rating of from Moody's with a
stable outlook, markets to people with minimum household incomes
of US$40,000 a year.  It estimates that its customer's average
annual household income is approximately US$70,000, which is
less than the industry average.  The average outstanding loan
balance in the transaction as of the statistical cut-off date of
Aug. 15, 2006 was approximately US$11,106.  The weighted average
coupon was approximately 15%.The weighted average term to
maturity was 114 months and the weighted average age was 3.9
months.  Most of the loans have an original term of 10 years
with a minimum required down payment of 10% although, higher
down payments lead to a reduction on the interest rate charged
on the loan.

The resort concentrations in terms of percentages of the
aggregate collateral balance as of the statistical cut-off date
are not very high with the exception of the Fountains Resort in
Orlando which represents over 30% of transaction receivables.
By state of residence, the highest obligor concentration is in
North Carolina with 11.7%.  The concentration of foreign
borrowers stands at the statistical cut-off date at below 1.5%.

The Class F series 2006-B will be paid interest in each period
after all required interest and principal distributions have
been made on all the senior classes in all cases.  In contrast
to the 2005 securitization, there will be no cash accumulation
or delinquency triggers.  This is due to the strength of the
early amortization trigger and of the trigger event (which
includes a delinquency test), which lead to the direct
distribution of all collections to the notes.

The required reserve fund balance as a percentage of the
aggregate closing date collateral balance will be at closing 1%,
then until month 18 after closing 5% and will decrease by 0.75%
after that to reach a floor of 1.5%.

Bluegreen Corp., headquartered in Boca Raton, Florida, has been
in the timeshare business since 1994 and is among the top ten
sellers of timeshares in the United States.  Bluegreen is the
servicer in this transaction.




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


WINN-DIXIE: Court Okays Assumption of 16 Store Leases
-----------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida authorizes Winn-Dixie Stores, Inc.,
and its debtor-affiliates to assume the leases for Store Nos. 2,
81, 167, 218, 222, 243, 250, 279, 359, 375, 631, 777, 1537,
2211, 2267, and 2289, effective as of the effective date of
their Joint Plan of Reorganization.

The Court fixes the cure amounts for the assumed leases not
subject to cure objections by landlords.

Judge Funk orders the Debtors to pay on the Effective Date the
cure amounts due to landlords who filed cure objections.  If the
parties are unable to resolve the cure objections consensually,
the Debtors are directed to set the objections for hearing
before the Court.

The Debtors' request and the cure and assumption objections
filed by the landlords for Store Nos. 153, 231, 281, 426, 454,
460, 556, 698, 2258, 2301, 2311, and 2348 will be treated by a
separate Court order.

The Court continues the hearing on the Debtors' request with
respect to the leases of Store Nos. 637, 651, 656, 660, and 737
to Sept. 21, 2006.

Judge Funk clarifies that if the Effective Date does not occur,
the Court Order will be null and void.

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


WINN-DIXIE: Rejects Store # 1059 Lease on Aug. 31
-------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Winn-Dixie Stores, Inc.,
and its debtor-affiliates to reject their lease on Store No.
1059 as of Aug. 31, 2006.

Judge Funk directs the landlord, Windward Partners IV, LP, to
file any claims resulting from the rejection of the Store No.
1059 Lease by Sept. 30, 2006.

As reported in the Troubled Company Reporter on Aug. 28, 2006,
Winn-Dixie Stores, Inc., and Windward Partners IV, LP, were
parties to a lease dated July 29, 1994, for the Debtors' Store
No. 1059 located in Taylors, South Carolina.  Pursuant to the
Lease, Winn-Dixie pays Windward US$422,000 in rent each year.

In Aug. 2003, Winn-Dixie subleased the Premises to Pro-Fit
Management, Inc.  Under the Sublease, Pro-Fit is required to pay
Winn-Dixie monthly rent at graduated rates between US$100,000
and US$250,000 a year.

After Winn-Dixie's bankruptcy filing, Pro-Fit failed to pay the
rent so Winn-Dixie terminated the Sublease effective
Aug. 8, 2006.  However, Pro-Fit remained in possession of the
Premises.

According to Cynthia C. Jackson, Esq., at Smith Hulsey & Busey,
in Jacksonville, Florida, the Debtors no longer need the store
and that even when paid by Pro-Fit, the rent is not sufficient
to cover the payments due under the Lease.  Rejection of the
Lease will save the Debtors approximately US$422,000 a year.

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


ISLE OF CAPRI: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Isle of
Capri Casinos Inc.

   Cinemark Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver               Ba2      Ba1     LGD2       18%

   Senior Secured
   Term Loan              Ba2      Ba1     LGD2       18%

   7% Senior
   Subordinated Notes     B2       B1      LGD5       76%

   9% Senior
   Subordinated Notes     B2       B1      LGD5       76%

Moody's current long-term credit ratings are opinions about
expected credit loss that 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 our notching practices across
industries and will improve the transparency and accuracy of our
ratings as our 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).


PINNACLE ENT: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed its B2 Corporate Family Rating for Pinnacle
Entertainment, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Five Year
   Sr. Secured
   Revolver               B1       B1      LGD3       34%

   Six Year
   Sr. Secured
   Term Loan              B1       B1      LGD3       34%

   Delayed Draw
   Term Loan              B1       B1      LGD3       34%

   8.25% Sr.
   Sub. Notes            Caa1     Caa1     LGD5       87%

   8.75% Sr.
   Sub. Notes            Caa1     Caa1     LGD5       87%

Moody's current long-term credit ratings are opinions about
expected credit loss that 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 our notching practices across
industries and will improve the transparency and accuracy of our
ratings as our 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).




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


SECUNDA INTERNATIONAL: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its B2 Corporate
Family Rating for Secunda International Limited.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Flt Rt Gbl
   Nts due 2012           B2       B2     LGD 3       48%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).




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


REFCO: Chap. 11 Trustee Wants Court Nod on Winchester Settlement
----------------------------------------------------------------
Prior to filing for bankruptcy, Refco Capital Markets, Ltd.,
Winchester Preservation, LLC, and certain individual
beneficiaries entered into interrelated agreements, including:

   (i) loan agreements, notes, and pledge agreements between RCM
       and each of the Beneficiaries;

  (ii) a deposit agreement and a pledge agreement between RCM
       and Winchester; and

(iii) pledge agreements among RCM, each of the Beneficiaries,
       and Christiana Bank & Trust Company.

RCM loaned the Beneficiaries certain sums, and Winchester
deposited a sum equal to the principal amount of the loan into
an account held by RCM.

The Loan Documents provide that the deposit will be
automatically offset against the loan, upon the Beneficiaries'
demand to Winchester for redemption and Winchester's subsequent
demand to RCM for withdrawal of the deposit.  The offset is
subject to the Beneficiaries' payment to RCM of a sum equal to
the spread between interest accrued on the loan and interest
accrued on the deposit and a break fee.

When RCM filed for bankruptcy, the Beneficiaries demanded
redemption from Winchester, and Winchester subsequently demanded
withdrawal of the deposit from RCM.

Winchester and the Beneficiaries commenced an adversary
proceeding asserting, among other things, rights of set-off or
recoupment concerning the deposit account held by RCM.  Each of
the Claimants also filed a proof of claim against all of the
Debtors.

Marc Kirschner, the Chapter 11 trustee overseeing RCM's estate,
has determined that Winchester's and the Beneficiaries' right to
recoup the deposit against the Loan as provided for in the Loan
Documents is valid and likely would be upheld by the Court if
the issue were litigated.

After vigorous and arm's-length negotiations, the RCM Trustee,
Winchester, and the Beneficiaries entered into a settlement
agreement.

The RCM Trustee asks the U.S. Bankruptcy Court for the Southern
District of New York to approve the Settlement Agreement.

The terms of the Agreement are:

   (a) The Claimants' right to recoupment of the deposit against
       the loan will be honored;

   (b) The Claimants will pay RCM the interest spread and break
       fee due under the Loan Documents;

   (c) The parties will release one another from all claims and
       causes of action arising from the Loan Documents, except
       as expressly provided in the Agreement;

   (d) The Claimants will irrevocably withdraw all proofs of
       claim against RCM and the other Debtors;

   (e) All litigation between the parties will be discontinued
       with prejudice, including the Adversary Proceeding; and

   (f) The Claimants' objection to the RCM Trustee's settlement
       agreement with RCM securities customers and general
       unsecured creditors will be irrevocably withdrawn.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
New York, asserts the Agreement will benefit RCM's estate and,
in turn, its creditors, by efficiently collecting the net value
to RCM of the Loan Documents, rather than eroding that net value
by expending fees and costs in a litigation with little or no
chance of success.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO: Inks Settlement Accord with BofA & Prepetition Lenders
-------------------------------------------------------------
Refco Inc., and its debtor-affiliates and Marc Kirschner, the
Chapter 11 trustee for Refco Capital Markets, Ltd., ask the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement agreement with Bank of America, N.A., and a
syndicate of lenders under an Aug. 5, 2004, credit agreement.

The Settlement Agreement implements a key component of a global
plan being negotiated for the Refco estates, J. Gregory Milmoe,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York,
explains on the Debtors' behalf.

The Global Plan, Mr. Milmoe says, would call for pre-
confirmation payments to a group of the Debtors' secured
lenders.  The payments will help ensure the availability of
funds to pay other constituencies by:

   (1) cutting off the interest accruing on the secured lenders'
       claims in excess of US$6,000,000 per month or US$200,000
       per day;

   (2) minimizing the incurrence of additional professional fees
       by the Debtors, the Debtors' secured lenders, the
       Committees and others, which have already been
       substantial; and

   (3) resolving disputes over the use of cash collateral.

The specific terms of the Global Plan are currently being
negotiated, and a formal agreement has not yet been reached
among the various constituencies, Edwin E. Smith, Esq., at
Bingham McCutchen LLP, in New York, tells the Court on the RCM
Trustee's behalf.  The Motion is being filed with the
expectation that a formal agreement for a Global Plan will be
reached, Mr. Smith says.

           Refco's Obligations to BofA & Lenders

Refco Finance Holding, LLC, entered into the Credit Agreement in
connection with an Equity Purchase and Merger Agreement among
Refco Group Ltd., LLC; Refco Group Holdings, Inc.; Thomas H. Lee
and its affiliates; and certain other parties.  The Equity
Purchase Agreement required Refco Group to obtain
US$1,400,000,000 in financing through a term loan and a note
issuance.

The Equity Purchase Agreement contemplated a series of
transactions resulting in:

   (i) New Refco Group, Ltd., LLC, becoming the parent of Refco
       Group;

  (ii) THL and its co-investors acquiring a 56.7% interest in
       New Refco Group;

(iii) Phillip Bennett, CEO of the various Refco Entities,
       owning a 42.8% interest in New Refco Group; and

  (iv) Refco management owning the remaining 0.5% of New Refco
       Group.

RFH and Refco Group merged on Aug. 5, 2004, with Refco Group as
the surviving entity.

The Credit Agreement provided for up to US$800,000,000 in term
loans and a US$75,000,000 revolving credit facility.  New Refco
Group and certain of Refco Group's affiliates guaranteed Refco
Group's obligations under the Credit Agreement.

Refco Group and the Guarantors granted BofA, as administrative
agent for the Lenders, a security interest in substantially all
of Refco Group's and the Guarantors' assets pursuant to a
Security Agreement and certain Collateral Documents.

RFH and Refco Finance, Inc., also issued US$600,000,000 in 9%
Senior Subordinated Notes pursuant to a Senior Subordinated Note
Indenture dated Aug. 5, 2004, with Wells Fargo Bank, N.A.  The
Notes were guarantied by Refco Group and certain of Refco
Group's affiliates, but the Notes and the guaranties are
unsecured and subordinate to the claims arising from the Loan
Documents.

As of the Petition Date, there was approximately US$642,000,000
in principal outstanding under the Credit Agreement exclusive of
interest, fees, and other obligations.  Interest on the
principal is accruing at a rate of more than US$6,000,000 per
month.

BofA has filed proofs of claim against the Debtors based on
amounts due under the Loan Documents.  BofA also asserted claims
based on, among others things, fraud and misrepresentations of
the Debtors.  BofA said certain of the Debtors were potentially
employed in a joint scheme to defraud the Lenders in relation to
the Recapitalization.

On Jan. 24, 2005, the Refco estates paid US$150,000,000 to the
Lenders in partial satisfaction of amounts due under the Credit
Agreement.  BofA transferred the funds to certain of the
Lenders.

             Potential Claims Against BofA & Lenders

The Joint Subcommittee of the Official Committees of Unsecured
Creditors believes that the Debtors' estates hold potential
causes of action to (i) avoid their obligations to the Lenders,
and (ii) recover the Repayment as fraudulent conveyances.

The Joint Subcommittee, however, acknowledges that resolution of
the claims against BofA and the Lenders would be expensive and
time-consuming.  BofA and Lenders may assert significant
defenses like solvency, reasonably equivalent and fair value,
lack of grounds for collapsing transactions, lack of causation,
inability to avoid settlement payments and the like, Mr. Smith
tells Judge Drain.

                   Major Settlement Terms

The Debtors and the RCM Trustee filed with the Court a proposed
order, which sets out the settlement terms permitting the
payment of the Debtors' secured lenders.  The Proposed Order,
Mr. Smith relates, also provides the means by which the Debtors
can avoid contesting and, if unsuccessful, paying claims
asserted by BofA and the Lenders based on alleged fraud and
misrepresentations as well as contesting or paying claims for
indemnification, additional interest, and other amounts claimed
under contracts.

A full-text copy of the Proposed Order is available at no charge
at http://ResearchArchives.com/t/s?124c

The Proposed Order provides that BofA and the Lenders' claims
under the Loan Documents will be allowed in full as secured
claims in the cases of Refco Group and the debtor-Guarantors.
The claims will be secured by valid and perfected liens in
collateral, which will be worth more than the amount of the
secured claims.  The secured claims will not be subject to
avoidance.

On or before the later of Oct. 16, 2006, or a later date that
is agreed upon, the Debtors will pay BofA:

   * US$642,000,000, constituting the full outstanding principal
     amount due under the Loan Documents;

   * US$1,693,276, constituting the full amount of interest
     accrued and unpaid under the Loan Documents on the Petition
     Date;

   * all interest accrued on principal and interest payable
     under the Loan Documents from the Petition Date through the
     Payment Date, payable at the Post-Petition Interest Rate
     and compounded daily from the Petition Date through the
     Payment Date;

   * the lesser of US$13,500,000 and the fees and expenses that
     are reimbursable under the Loan Documents through
     Sept. 30, 2006.  The amount is subject to increase upon the
     occurrence of certain events, such as if the hearing on the
     Motion is contested or if BofA incurs additional fees as a
     result of being sued prior to Sept. 30; and

   * other fees and expenses payable under the Loan Documents
     incurred from Oct. 1, 2006, through the Payment Date.

The Post-Petition Interest Rate is the Base Rate in effect from
time to time plus the Applicable Rate applicable to Base Rate
Loans, as each term is defined in the Credit Agreement, but
without the additional 2% per annum default interest provided in
the Credit Agreement.

BofA and the Lenders are deemed to consent to their Liens being
primed in part by security interests and liens that secure
credit obligations incurred by the Debtors for the purpose of
funding or refinancing the funding of payments made to BofA
pursuant to the Proposed Order if the principal amount of the
credit obligation does not exceed US$200,000,000.

                      Qualifying Plan

The parties participating in the Settlement, including the
Debtors and the RCM Trustee, expect to execute a participating
party agreement by the Sept. 27, 2006, hearing on the Motion.
The parties will agree to:

   -- use their reasonable best efforts to ensure that a plan
      confirmed in the Chapter 11 Debtors' cases is a Qualifying
      Plan; and

   -- be bound by the terms and conditions of the Proposed
      Order, whether or not a plan is agreed upon or confirmed.

A list of the participating parties is available at no charge
at:

                http://ResearchArchives.com/t/s?124b

A Qualifying Plan, among others, implements the terms and
conditions of the Proposed Order, including the treatment of and
releases provided to BofA and the Lenders.  BofA's and the
Lenders' claims for indemnification and other amounts due under
the Credit Agreement will be estimated at US$0 for purposes of
allowance in the Debtors' cases.  Their unsecured claims,
including claims for fraud and misrepresentation, will also be
estimated at US$0.

                      Cash Collateral

Upon payment in full of amounts required to be paid on or before
the Payment Date, the Debtors will be authorized to use the
Lenders' cash collateral to pay allowed administrative expenses
and to make other payments under an effective Qualified Plan or
as permitted by the Court without any further consent of or
provision of adequate protection to BofA or the Lenders.

The Adequate Protection Motion currently before the Court will
be postponed to the date of the hearing on confirmation of a
plan.  BofA and the Lenders will not seek any additional
adequate protection.

                       BAWAG Proceeds

BofA has asserted, on the Lenders' behalf, a security interest
in, among other Refco assets, the cash proceeds of the Debtors'
settlement with BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse Aktiengesellschaft.

Mr. Milmoe relates that to the extent that Refco Group or any of
the Guarantors ever come into possession of the BAWAG Proceeds,
on or prior to the Payment Date, the Debtors may use these
proceeds to make the payments required under the Proposed Order.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


PETROLEO BRASILEIRO: Starting New Round of Talks with Bolivia
-------------------------------------------------------------
A spokesperson of Petroleo Brasileiro SA aka Petrobras --
Brazil's state energy firm -- told Business News Americas that
the company held a meeting with Yacimientos Petroleros Fiscales
Bolivianos aka YPFB, its Bolivian counterpart, on Tuesday on
starting the sixth round of negotiations for hydrocarbons
nationalization on Sept. 29.

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2006, Petrobras said that it closed a fifth round of
talks with YPFB to renegotiate the price of Bolivian gas
exports.  This round of meetings of the two firms deepened
discussions of mutually acceptable solutions regarding the
topic.  As part of Bolivian President Evo Morales' new
hydrocarbons nationalization policies, the Bolivian government
wanted to raise the price of gas exports to Brazil.

According to BNamericas, Petrobras will discuss with YPFB:

          -- natural gas export contracts;

          -- new service contracts for exploration, production
             and refining; and

          -- compensation payments to Petrobras for Bolivia's
             nationalization policy.

BNamericas relates that the negotiations will also help prepare
for an Oct. 9 meeting between Carlos Villegas -- Bolivia's
hydrocarbons minister -- and Silas Rondeau, the mines and energy
minister of Brazil.

Bolivia understands the importance of Brazil for the development
of its hydrocarbons sector.  Both countries must avoid conflict,
Minister Villegas told Agencia Boliviana de Informacion, state
news agency of Bolivia.

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 the country.

                        *    *    *

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.




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


AGCO CORP: 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 Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO
Corporation.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


ALERIS INTERNATIONAL: Discloses Changes in Higher Management
------------------------------------------------------------
Aleris International, Inc., disclosed several management
changes.

Scott McKinley has joined Aleris as Senior Vice President and
Treasurer responsible for global treasury operations, global
banking and credit rating agency relationships and Aleris'
corporate financial planning and analysis operation.  Mr.
McKinley replaces Sean Stack who now serves as Executive Vice
President and President, Aleris -- Europe.  Previously, Mr.
McKinley served as Vice President and Chief Financial Officer
for Lubrizol Corporation's Specialty Chemicals Segment (Noveon).
Mr. McKinley also previously held the position of Director,
Financial Planning and Analysis for BFGoodrich Performance
Materials and spent the first 15 years of his career at the
General Electric Company.

Michael Hobey has joined Aleris as Vice President, Corporate
Development.  He will be responsible for leading the Company's
corporate and business development initiatives in support of
Aleris's growth strategies.  Previously, he served as a Vice
President in the Global Industry Group of Citigroup's Investment
Banking Division.  Prior to joining Citigroup, Mr. Hobey worked
for the Boeing Company in St. Louis, Missouri.

Robert Pence has been promoted to Vice President, Global Tax.
Mr. Pence joined Aleris in April, 2005 as Director, Global Tax.
Prior to joining Aleris, Mr. Pence was a partner in KPMG's tax
practice.

                        About Aleris

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The Company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
Company operates 50 production facilities in North America,
Europe, Brazil, Mexico and Asia, and employs approximately 8,600
employees.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on Aug. 10, 2006,
Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ALLIANCE ONE: 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Alliance One International, Inc.,
and upgraded its B2 rating on the Company's US$300 million
senior secured revolver to B1.  In addition, Moody's assigned an
LGD3 rating to notes, suggesting noteholders will experience a
37% 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%).

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.

The company has worldwide operations in Argentina, Bangladesh,
Brazil, Bulgaria, Canada, China, France, Philippines, Malaysia,
and Singapore.


AMERICAN AXLE: 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 Automotive and Equipment sector, the rating
agency confirmed its Ba3 Corporate Family Rating for American
Axle & Manufacturing, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   American Axle & Manufacturing, Inc.:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Unsec. Term Loan       Ba3      Ba3    LGD 4       57%

   Sr. Unsecured Notes    Ba3      Ba3    LGD 4       57%


   American Axle & Manufacturing Holdings, Inc.:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sr. Convertible
   Notes                  Ba3      Ba3     LGD 4      57%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


DRESSER-RAND: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba3 Corporate
Family Rating for Dresser-Rand Group Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Revolving Credit
   Facility due 2009      Ba3      Ba1    LGD 2       18%

   Sr. Sec. Gtd.
   Term Loan due 2011     Ba3      Ba1    LGD 2       18%

   7.375% Sr. Sub.
   Gtd. Global Notes
   due 2014               B2       B1     LGD 5       73%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


ELETROPAULO METROPOLITANA: Realizes BRL1.2B from Stock Sale
-----------------------------------------------------------
AES Corp. raised about BRL1.2 billion from the sale of 13.8
billion shares in Eletropaulo Metropolitana Electricidade de Sao
Paulo SA, its distribution, according to a report by Gazeta
Mercantil.

Foreign investors purchased up to 70% of the shares.  Demand was
about 1.5 times the offer, Gazeta Mercantil says.

As reported in the Troubled Company Reporter-Latin America on
Sept. 13, 2006, AES Corp. planned to sell a 33% stake in
Eletropaulo to help reschedule a US$1.2 billion debt owed to
Banco Nacional de Desenvolvimento Economico e Social aka BNDES,
Brazil's state development bank.  The stake in Eletropaulo was
valued at BRL1.29 billion as of Sept. 1.

BNamericas states that AES Transgas Empreendimentos SA, another
AES Corp. unit based in Sao Paulo, sold the shares in blocks of
1,000 shares in Brazil and another 500 abroad as global
depositary receipts.

Brazil's securities regulator had said in a statement that
Transgas planned to sell 13.76 billion preferred B shares of
Eletropaulo in September through a public offering on domestic
and international markets.

The sale was aimed at paying off the US$582 million owed to
BNDES, Brazil's national development bank.

                       About AES Corp.

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

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

                      About Eletropaulo

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns. Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                        *    *    *

Standard & Poor's assigned on June 20, 2006, its B+ rating to
Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A.'s US$200 million senior unsecured
and unsubordinated euro bonds.  The outlook is stable.

Fitch Ratings affirmed on May 15, 2006, the international
local and foreign currency ratings of Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. and the rating of its USD200
million international bond issuance at 'B+'.  The long-term
national scale rating and the rating of the eighth and ninth
debenture issuances were also affirmed at 'BBB(bra)'.  Fitch
said all ratings maintain a Stable Outlook.


FIDELITY NATIONAL: 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 Technology IT Services and Transaction
Processing sector, the rating agency confirmed its Ba1 Corporate
Family Rating for Fidelity National Information Services, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   Unsecured Senior
   Global Notes
   due 2008               Ba1      Ba2    LGD6        95%

   US$1000 million
   Senior Secured
   Term Loan A
   Facility due 2011      Ba1      Ba1    LGD3        47%

   US$1800 million
   Senior Secured
   Term Loan B
   Facility due 2013      Ba1      Ba1    LGD3        47%

   US$400 million
   Senior Secured
   Revolving Credit
   Facility due 2011      Ba1      Ba1    LGD3        47%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


TRW AUTOMOTIVE: Fitch Affirms Low-B Ratings with Stable Outlook
---------------------------------------------------------------
Fitch Ratings affirmed the ratings of TRW Automotive Holdings
Inc. (NYSE: TRW):

  -- Issuer Default Rating 'BB'
  -- Senior secured bank lines 'BB+'
  -- Senior unsecured notes 'BB-'
  -- Senior subordinated unsecured Notes 'B+'

Fitch's ratings reflect TRW's strong diversity of OEM customers
and geographies, and the company's technology-driven products
that have allowed the company to weather an onerous industry
environment.

Despite significant production cutbacks by North American
manufacturers and industry cost challenges, TRW's operating
efficiency, a substantial book of business outside of North
America and continued healthy demand for TRW's products has
sustained margins through the industry turmoil.

The company's margins remain at the high end of the supplier
industry, providing a buffer in the event of further
deterioration in industry fundamentals.  Even in an adverse
economic and industry scenario through 2007, Fitch expects TRW
to remain safely cashflow positive, although debt reduction
could be limited in such a scenario.

The Rating Outlook is stable.

TRW's operating performance, balance sheet and credit metrics
have remained stable in an industry environment that has
precipitated several supplier bankruptcies due to price erosion,
increased commodity costs, volatile OEM production cadences and
lower OEM unit volume on market share losses.

The company has been able to avoid the perils faced by many
suppliers due to its lower relative dependence on the North
American operations of Ford and General Motors, geographic
diversity by which nearly two-thirds of total revenue is
generated outside of North America, and product line-up of
safety components and fuel-saving technologies which continue to
see strong demand.

At the end of 2Q06, the company had:

   * US$1.6 billion in secured bank debt,
   * US$1.0 billion in senior unsecured notes,
   * US$0.3 billion in senior subordinated unsecured notes, and
   * US$0.1 billion in short term debt and capital leases,

totaling US$3.0 billion of debt.

Less US$520 million of cash and marketable securities, net debt
was US$2.5 billion, representing a decrease of US$45 million
compared to year-end 2005.  The change in net debt includes a
premium paid of US$57 million related to the tender for GBP94.6
million in 10-7/8% bonds from its Lucas Industries Limited
subsidiary.

On a total adjusted debt basis, the 2Q06 debt level was US$3.7
billion down US$0.2 billion compared to US$3.9 billion at year
end 2005.  TRW was well within its covenant agreements on
capital expenditures, Interest Coverage and Leverage.

At the end of 2Q06, TRW had approximately US$833 million of
availability under its revolver after US$67 million in
outstanding LOCs.  Under the US securitization facility,
approximately US$233 million of receivables were eligible for
borrowings and only about US$121 million would have been
available for funding.

In addition, approximately EUR119 million and GBP25 million were
available under the European facilities.

As of June 30, TRW had nothing outstanding on any of its A/R
programs.  Including the cash and marketable securities balance
of US$520 million, total availability at the end of 2Q06 was
approximately US$1.7 billion.

While TRW's customer base and manufacturing footprint are one of
the more diverse in the Fitch supplier universe, the company is
not completely immune to changes in its larger customers'
production schedules.  However, sales to customers other than
Ford and General Motors accounted for more than 70% of 2005
revenues.

Clearly demonstrating limited exposure to the domestic OEs,
despite 4Q06 production cuts of 21%, 12% and 10% for Ford, GM
and Chrysler Group, respectively, TRW reduced its Street
guidance to a full year revenue range of US$13.0 to US$13.2
billion, down from a range of US$13.0 to US$13.3.  The less than
1% reduction in the top end of revenue guidance resulted in a 5%
to 6% reduction in the range of forecasted net income or roughly
US$10 to US$16 million.

Government continues to pressure the industry for increased
vehicular safety.  TRW manufactures the type of safety
components and systems, which have been the focus of recent
legislation.  For example, the Alliance of Automobile
Manufacturers and the Insurance Institute for Highway Safety
announced 'voluntary performance criteria' in front-to-side
collisions.

The criteria includes the use of a wide range of occupant
protection technologies and designs which affect front
structural components, side air bags, air bag curtains and side-
impact structures.

By Sept. 1, 2007, 50% of all vehicles sold by a manufacturer in
the U.S. are supposed to meet the front-to-side performance
criteria, and by Sept. 2009, manufacturers are to be 100%
compliant.

In another example, NHTSA has mandated direct tire pressure
monitoring systems, capable of detecting under-inflation.  The
phase-in period begins with 20% compliance of all vehicles sold
from Oct. 5, 2005 to Aug. 31, 2006, then 70% from Sept. 1, 2006
to Aug. 21, 2007; and then all vehicles thereafter.

Finally, in September NHTSA proposed a rule at the direction of
congress that outlines a federal mandate that all new vehicles
be equipped with electronic stability control by the 2012 model
year.  NHTSA studies have indicated a dramatic reduction in
crashes for vehicles equipped with ESC.

The company has more than 63,000 employees worldwide, and
significant presence in Brazil, China, Germany and Italy.


TRANSAX INT'L: Retains North Bay Equity as Financial Advisor
------------------------------------------------------------
Transax International Limited, in response to recent third party
interest it has received to acquire Transax's Brazilian
operations, it has retained the services of North Bay Equity
Partners to act as the company's exclusive financial advisor.

North Bay provides financial services and M&A advisory to
businesses and management teams operating in Latin America.
North Bay works with market-leading companies that possess
strong management teams, differentiated products, and sound
growth prospects.

The company advised that it has not set a definitive timetable
for its completion of its evaluation and further, that there can
be no assurances that the evaluation process will result in any
specific transaction.  The company also advised that it does not
intend to disclose developments regarding its evaluation of
strategic alternatives unless and until its Board of Directors
approves a definitive transaction.

Stephen Walters, President & CEO of Transax, commented, "Transax
continues to aggressively execute on its business model, nearly
tripling its revenues year over year.  Due to recent unsolicited
interest expressed to us, we have decided to retain North Bay to
help us evaluate various strategic business options in an effort
to best recognize the greatest shareholder value possible."

North Bay can be reached at:

          1680 Michigan Avenue
          Suite 700
          Miami Beach, Florida 33139
          Tel: 305 777 2212
          Fax: 305 777 2209

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information
management systems to hospitals, physicians and health insurance
companies.  The Company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.

                        *    *    *

Transax International Limited's balance sheet at June 30, 2006
showed a US$3,717,316 total stockholders' deficit from total
assets of US$2,196,551 and total liabilities of US$5,913,867.

Transax International's balance sheet at June 30, 2006, also
showed negative working capital with US$1,085,530 in total
current assets and US$4,943,668 in total current liabilities.




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


ARIA INVESTMENTS: Creditors Must File Proofs of Claim by Oct. 18
----------------------------------------------------------------
Aria Investments' creditors are required to submit proofs of
claim by Oct. 18, 2006, to the company's liquidators:

          Susan Lo Yee Har
          Tricor Services Limited
          28 Three Pacific Place, 1 Queen's Road East
          Hong Kong

          Mr. Linburgh Martin
          Close Brothers (Cayman) Limited
          P.O. Box 1034, 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.

Aria Investments' 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.

Parties-in-interest may contact:

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


BRITANNIA HOLDINGS: Proofs of Claim Filing Is Until Oct. 18
-----------------------------------------------------------
Britannia Holdings Ltd.'s creditors are required to submit
proofs of claim by Oct. 18, 2006, to the company's liquidators:

          Maricorp Services Ltd.
          P.O. Box 2075
          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.

Brittania Holdings' shareholders agreed on Sept. 1, 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:

          Roger Nelson
          c/o Nelson & Company, Attorneys-at-Law
          31 The Strand, P.O. Box 2075
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9710
          Fax: (345) 945-2188


CHARLES GLOBAL: Last Day to File Proofs of Claim Is on Oct. 18
--------------------------------------------------------------
Charles Global Investments 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.

Charles Global's shareholders agreed on Aug. 30, 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


GRAND CENTRAL: Last Day to File Proofs of Claim Is on Oct. 19
-------------------------------------------------------------
Grand Central CDO I Ltd.'s creditors are required to submit
proofs of claim by Oct. 19, 2006, to the company's liquidators:

          Phillipa White
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


JOHCM CUMULUS: Creditors Must Present Proofs of Claim by Oct. 19
----------------------------------------------------------------
Johcm Cumulus Fund's creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


JUMBO ASSET: Deadline for Proofs of Claim Filing Is on Oct. 19
--------------------------------------------------------------
Jumbo Asset Finance Limited's creditors are required to submit
proofs of claim by Oct. 19, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


KNOWLEDGE SERVICES: Proofs of Claim Filing Deadline Is Oct. 18
--------------------------------------------------------------
Knowledge Services 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.

Knowledge Services' shareholders agreed on Aug. 30, 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


MH CAPITAL: Creditors Must Present Proofs of Claim by Oct. 19
-------------------------------------------------------------
MH Capital Limited's creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

MH Capital'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.


MUE CAPITAL: Creditors Have Until Oct. 18 to File Claims
--------------------------------------------------------
Mue Capital One Holdings Inc.' creditors are required to submit
proofs of claim by Oct. 18, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the 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.

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


PROTON CAPITAL: Last Day for Proofs of Claim Filing Is Oct. 19
--------------------------------------------------------------
Proton Capital Inc.'s creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Proton Capital'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.


SANGONA INSURANCE: Final Shareholders Meeting Is Set for Oct. 18
----------------------------------------------------------------
Sangona Insurance Ltd.'s final shareholders meeting will be at
10:00 a.m. on Oct. 18, 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: Chris Rowland
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7500
          Fax: (345) 949-8258


SEAGATE TECHNOLOGY: 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 Technology Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Seagate
Technology.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   Senior Notes
   due 2009               Ba1      Ba1    LGD 4       56%

   US$600 million
   Senior Notes
   due 2011               Ba1      Ba1    LGD 4       56%

   US$600 million
   Senior Notes
   due 2016               Ba1      Ba1    LGD 4       56%

   US$230 million
   6.8% Convertible
   Senior Notes
   due 2010               Ba1      Ba1    LGD 4       56%

   US$60 million
   5.75% Convertible
   Subordinated
   Debentures
   due 2012               Ba2      Ba2    LGD 6       96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


SILVER TOWER: Proofs of Claim Filing Deadline Is Set for Oct. 19
----------------------------------------------------------------
Silver Tower Specialised Financing Limited's creditors are
required to submit proofs of claim by Oct. 19, 2006, to the
company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SUNI ASSET: Deadline Proofs of Claim Filing Is on Oct. 18
---------------------------------------------------------
Suni Asset Holding'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.

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


SYNTHESIS GLOBAL: Filing of Proofs of Claim Is Until Oct. 18
------------------------------------------------------------
Synthesis Global Currencies Fund'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.

Synthesis Global's shareholders agreed on Aug. 1, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


TRIBECA MORTGAGE: Proofs of Claim Must be Submitted by Oct. 19
--------------------------------------------------------------
Tribeca Mortgage Fund I's creditors are required to submit
proofs of claim by Oct. 19, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Tribeca Mortgage'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.




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


SHAW GROUP: Refines Corp. Structure to Leverage Capabilities
------------------------------------------------------------
The Shaw Group Inc. has realigned its corporate structure to
position the company to more fully leverage its growing
leadership position and its distinctive, vertically integrated
capabilities, technology and ingenuity.  The new structure will
enhance Shaw's current resources and position the company to
achieve excellence in execution and continue to capitalize on
its entrepreneurial culture for the benefit of its clients,
employees and shareholders.

The company will now be organized into four operating groups:

   * Energy and Chemicals Group -- Led by Abe Fatemizadeh, this
     operating unit will oversee the Company's expanding book
     of work in the process industry and will continue to
     develop Shaw's portfolio of state-of-the-art technologies.
     Shaw E&C will also focus on new areas of interest for the
     company including alternative energy-related business
     opportunities.

   * Power Group -- Richard F. Gill, Executive Vice President
     and Chairman of Shaw's Executive Committee, will
     lead this operating unit on an interim basis.  This group
     will oversee Shaw's premier capabilities in the Nuclear
     and Fossil Fuel power generating markets, as well as
     leverage the company's leadership position in the
     expanding clean air emissions industry.  Shaw's Maintenance
     group will now be aligned within this operating unit
     under the continued leadership of Ron McCall.

   * Environmental and Infrastructure Group -- Ron Oakley will
     continue to manage this significant group and will focus on
     maximizing Shaw's leading position in the Federal markets,
     including the Department of Defense, Department of Energy,
     and Homeland Security, as well as government and commercial
     emergency response, infrastructure and environmental
     projects.

   * Pipe Fabrication and Manufacturing Group -- David L.
     Chapman, Sr. will continue to lead Shaw's Fabrication and
     Manufacturing group.  Shaw Fabrication and Manufacturing
     will focus on expanding the company's current capabilities
     to meet the dramatically growing global demand for premier
     piping products.

These Group Presidents will report directly to J.M. Bernhard,
Jr., Chairman and Chief Executive Officer of The Shaw Group.
They will oversee Shaw's strategic initiative to maximize its
broad portfolio of resources and capabilities and develop
synergies that will best position the company to enhance
relationships with existing clients and other industry
participants, and target global opportunities in current and
developing markets.

The company also announced that Tim Barfield, President of Shaw,
will no longer serve as Chief Operations Officer as operational
responsibilities will now flow to the Group Presidents.  This
will allow Mr. Barfield to more fully focus on Shaw's corporate
development and strategy, specifically the growth of the company
through mergers and acquisitions, project development, and other
strategic transactions; including increasing Shaw's scope in
targeted projects to comprise development, ownership and
operation.

Mr. Bernhard said, "As we approach the 20th Anniversary of the
founding of Shaw, I am amazed at our success and the tremendous
foundation we have built for the future.  I believe Shaw is
uniquely positioned to capitalize on unprecedented opportunities
in each of our core markets and is primed for additional
impressive growth. This refined structure will further our
objective of being the world's leading solutions-based company
that develops, designs, builds, maintains and operates programs
and facilities for our clients.  Ultimately, I feel confident
that these measures will result in Shaw being a more rewarding
place for our employees to work and a stronger investment for
our shareholders."

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.




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


BANCOLOMBIA: Sees 30% Boost in Foreign Currency Business
--------------------------------------------------------
Mauricio Guzman, the treasury head of Bancolombia, told Business
News Americas that the firm expects to raise its monthly foreign
currency business by 30% to US$2.2 billion in one year.

BNamericas relates that on Sept. 1, Bancolombia became the first
bank from the Latin American region to use FX transactional
trading and data solutions EBS.

BNamericas states that EBS:

          -- allows clients to use foreign exchange to take
             positions and cover assets,

          -- provides precious metals transactional trading and
             data solutions, and

          -- help exporters and importers negotiate their flows.

Mr. Guzman said in a statement, "Access to the EBS platform will
enable us to strengthen our foreign currency business by
boosting our volume and market share as well as adding
liquidity.  It will also help us to increase our participation
in our customers' treasury operations.  EBS will allow
Bancolombia to offer local exporters and importers good prices
and coverage for their currency flows not in US dollars."

According to BNamericas, 30% of Bancolombia's monthly US$1.7
billion traded in foreign currency belongs to its corporate and
institutional clients.  Bancolombia uses the rest for its own
coverage and currency risk management.  Bancolombia will
initially use EBS' spot and prime products.

BNamericas underscores that EBS allows over 2,000 traders on 800
dealing floors worldwide to trade an average of US$145 billion
in spot foreign exchange transactions daily.

A group comprising the world's largest foreign exchange market
making banks launched EBS in September 1993, BNamericas states.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
April 28, 2006, that Moody's Investors Service upgraded
Bancolombia's bank financial strength ratings to D+ from D with
a stable outlook.

Moody's added that the action concludes the review for possible
upgrade that was announced on Oct. 13, 2005.  Moreover,
Bancolombia's Ba3/Not Prime long- and short-term foreign
currency deposit ratings were affirmed.  Moody's said the
outlook on all ratings is stable.


UNIFI 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B3
Corporate Family Rating for Unifi, Inc., and its Caa1 rating on
the Company's US$190 million senior secured notes due 2014.  In
addition, Moody's assigned an LGD4 rating to notes, suggesting
noteholders will experience a 61% 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 Greensboro, North Carolina, Unifi, Inc. --
http://www.unifi-inc.com/-- is a diversified producer and
processor of multi-filament polyester and nylon textured yarns
and related raw materials.  The Company adds value to the supply
chain and enhances consumer demand for its products through the
development and introduction of branded yarns that provide
unique performance, comfort and aesthetic advantages. Key Unifi
brands include, but not limited to: Sorbtek(R), A.M.Y.(R),
Mynx(TM) UV, Reflexx(R), MicroVista(R) and Satura(R).  Unifi's
yarns and brands are readily found in home furnishings, apparel,
legwear and sewing thread, as well as industrial, automotive,
military and medical applications.

The company operates in Latin America through its subsidiaries
UNIFI Latin America S.A. and UNIFI do Brasil Ltda, which are
headquartered in Colombia and Brazil, respectively.


* COLOMBIA: Launches Trade Negotiations with Other Nations
----------------------------------------------------------
Colombia has started the IV Free Trade Treaty round of talks
with El Salvador, Honduras and Guatemala in Tegucigalpa, Prensa
Latina reports.

According to Prensa Latina, the negotiations are aimed at
progress on different issues of each committee.

The Colombian Ministry of Trade, Industry and Tourism said in a
press note that during the meeting, the countries will discuss:

          -- trade access for agriculture and industry,
          -- technical obstacles to trade, and
          -- health measures.

Colombia presented its initial trade offer in August while El
Salvador, Honduras and Guatemala presented their offer a few
days ago, Prensa Latina relates.

                        *    *    *

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




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


* CUBA: Imports Food Products from 37 US States Despite Embargo
---------------------------------------------------------------
Cuba has imported food products from companies in 37 states in
the United States despite a five-decade ban the United States
imposed on the country, All Headline News reports.

According to All Headline, it is estimated that about millions,
if not more than a billion dollars, now pour into Cuba through
trade.

As reported in the Troubled Company Reporter-Latin America on
June 20, 2006, the US House of Representatives approved an
amendment on the food trade ban allowing the country's farmers
to sell their agricultural products to Cuba.  Representative
Jerry Moran, R-Kan. proposed the amendment to the 2007
Transportation-Treasury-Housing appropriations bill, with the
support of the National Farmers Union or NFU.  Tom Buis, the
president of NFU, said that Representative Moran's amendment to
stop the Treasury Department's policy of imposing cash advance
payments for food sales to Cuba from being implemented passed
unanimously.

"The impression in the United States is that Cuba is stagnant --
locked into some rigid communist ideology and structure.  Cuba
is totally different, hundreds of companies do business with
Cuba," Kirby Jones -- a representative of the US-Cuba Trade
Association, which represents dozens of US companies in Cuba --
told CBS.

Three years ago Fidel Castro's Cuba bought US$1.7 million in
poultry from the US.  Now they are buying about US$57 million of
poultry and up to 50% of that comes out of Alabama, All Headline
says, citing Ron Sparks -- Alabama's Commissioner of
Agriculture.

"The Cuban dictator has spent a considerable amount of money
making agricultural purchases to try to influence the Congress
to get what he really wants, which is mass US tourism," Lincoln
Diaz-Balart -- a Florida congressman -- told All Headline.

                        *    *    *

Moody's assigned these ratings on 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
===================================


ITABO FINANCE: S&P Rates US$125 Million Sr. Notes Due 2016 at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
special-purpose financing entity Itabo Finance S.A.'s US$125
million senior notes due 2016.  The outlook is positive.

Itabo Finance will issue the bonds and on-lend the funds to
Empresa Generadora de Electricidad Itabo S.A., an energy company
operating in the Dominican Republic, to repay outstanding debt
obligations and for corporate purposes.  The notes will be
structured as 10-year bullet maturity, and will be supported by
Itabo.  Security will consist of the issuer's shares and a debt-
service reserve account.

"The rating reflects the challenges that Itabo faces in
operating in the Dominican Republic's electric industry, which
is characterized by an inefficient and highly subsidized
distribution sector whose long-term operational and financial
sustainability remain uncertain," said Standard & Poor's credit
analyst Luis Manuel Martinez.

The rating also incorporates Itabo's high off-taker risk,
evidenced by the distribution companies' failure to fully meet
their payment obligations with the generators during the
country's latest economic crisis, as well as historically low,
albeit improving, plant availability, which has exposed Itabo to
spot market energy purchases in recent years.

In addition, the rating takes into consideration the
historically weak regulatory framework in the Dominican
Republic, although regulatory risk is moderating, as well as the
sector's dependence on a developing Dominican economy that may
be affected by external shocks.  The rating also reflects the
company's shift in financial policy toward a more aggressive use
of debt.

These challenges are partially offset by Itabo's ownership in
the country's lowest-cost thermal power plant, which provides
first order of dispatch after hydro generators, as well as by a
diversified portfolio of U.S. dollar-denominated long-term
energy sales contracts that limits the company's exposure to
spot market volatility and allows a pass-through of fuel costs.
In addition, Itabo benefits from a public-private ownership
structure that provides The AES Corp.'s technical, managerial,
and operating expertise, and aligns the company's strategy with
the sector's long-term sustainability objectives.

"The positive outlook reflects our expectations that Itabo's
commercial strategy will result in improved cash generation
driving the company's debt to EBITDA below 2.7x within the next
two years," said Mr. Martinez.

However, an upgrade would follow not only an improvement in the
company's financial risk profile, but also the operational
strengthening of the country's distribution electric sector by
achieving efficiency targets to reduce energy losses and improve
cash collections.  Conversely, increased off-taker risk coupled
with a failure by the government to provide requisite support to
the electric sector, or a deterioration of Itabo's financial
risk profile could result in a negative rating action.


* DOMINICAN REPUBLIC: Fitch Affirms B Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has today revised the Rating Outlook on the
Dominican Republic's foreign currency and local currency Issuer
Default ratings to Positive from Stable.  Fitch also affirms
both IDRs at 'B'.

The Outlook revision reflects the continued strength of the
economic recovery and the expectation that the government will
have more success in implementing its structural reform agenda
now that it has a majority in Congress.  Since the new Congress
took office on Aug. 16, 2006, the Progressive Bloc coalition
(led by the president's party, Partido de la Liberacion
Dominicana) now has a majority in both houses of Congress, which
should enhance govern ability during the second half of this
administration.

According to Theresa Paiz Fredel, Director and lead analyst,
"The Dominican Republic's ratings continue to be supported by
the country's comparably low external and public debt burdens
and a manageable debt service profile."  Nevertheless, in spite
of achieving macroeconomic stability, a still fragile liquidity
position that can be exacerbated by a loss of confidence and
ensuing capital flight constrains the ratings to current levels
at this time.  In this respect, continued progress under the IMF
program could be important for minimizing sudden shifts in
confidence and avoiding another liquidity crunch.

The vigorous pace of economic growth continued in the first half
of 2006, reaching 11.7%, while inflation continued to decline.
A favorable balance of payments performance, underpinned by
remittances, tourism receipts, as well as reduced debt service
outflows as a result of the debt restructurings and a reversal
of capital flight, has led to a steady recuperation of foreign
reserves and an improvement in the country's liquidity position.
The country's liquidity ratio has increased to 157% in 2006 from
47% in 2004.  Scheduled amortizations for the non-financial
public sector are almost entirely with official creditors this
year and are covered by substantial commitments from
multilateral and bilateral sources as well as treasury deposits.
However, external amortizations will increase in 2007 as
restructured bonds begin to amortize, potentially putting
downward pressure on the country's liquidity ratio going
forward.  While the authorities achieved a significant fiscal
adjustment last year, with the consolidated public sector
deficit declining to 3.3% of GDP in 2005 from 6.6% of GDP in
2004, the pace of adjustment is expected to slow reflecting the
cost of the ongoing electricity sector crisis and the recent
banking system bailout.

The country's external and public debt ratios compare favorably
with other speculative grade sovereigns, returning to pre-crisis
levels following the increase in debt in 2003 related to the
bailout of several local banks and currency weakness.  As a
proportion of current external receipts, the Dominican
Republic's net external debt is forecast to reach 35% in 2006,
slightly lower than pre-crisis levels, and equivalent to the
median for sovereigns rated in the 'B' category.  After peaking
at 50% in 2003, Fitch expects consolidated public sector debt to
reach a projected 32.5% of GDP by the end of 2006, similar to
pre-crisis levels and lower than most similarly rated
sovereigns.  Continued currency stability and the strong
economic rebound, combined with a low government financing
requirement and low net multilateral disbursements, will
contribute to the improvement in debt ratios this year.

Looking ahead, future ratings upgrades could be underpinned by a
further strengthening of international liquidity and/or progress
on the implementation of the country's structural reform agenda.
Fulfillment of the structural performance criteria required by
the IMF program would bolster the government's efforts to
improve the country's institutional framework in order to avoid
the recurrence of the type of crisis that occurred in 2003.
Furthermore, the implementation of DR-CAFTA could improve the
country's export prospects, which in turn could strengthen the
Dominican Republic's balance of payments performance in the
future.


* DOMINICAN REPUBLIC: Minister Demands Price Cuts on Cement
-----------------------------------------------------------
Francisco Javier Garcia, the Dominican Republic's Industry and
Commerce Minister, asked local cement manufacturers to reduce
prices, DR1 Newsletter reports.

According to DR1, Minister Garcia believes the prices of cement
are too high.

Dominican Today relates that Minister Garcia warned that the
government will ratify massive cement imports if producers do
not adjust cement prices realistically.

Minister Garcia said through a filing with Secretaria De Estado
De Industria y Comercio, "We will be compelled to authorize
imports and hence force a decline in the product's price.  The
price at which producers are selling this important construction
item is well above realistic levels.  There is no justification
for the recent trend."

The government would consider exonerating imports from taxes, so
that cement comes to the local market at adequate and reasonable
prices, Minister Garcia told Dominican Today.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


DEL MONTE CORP: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba3 Corporate Family Rating for Del Monte Corp.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Del Monte Corp. is a wholly owned subsidiary of Del Monte Foods
Company.

Headquartered in San Francisco, Calif., Del Monte Foods Co.
-- http://www.delmonte.com/-- produces and distributes
processed vegetables, fruit and tomato products, and pet
products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.




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


PAYLESS SHOESOURCE: Elects Scott Olivet to Board of Directors
-------------------------------------------------------------
Payless ShoeSource, Inc., has elected D. Scott Olivet to its
Board of Directors, with a term to expire in 2009.

Mr. Olivet is the Chief Executive Officer and Director of
Oakley, Inc.  He has served in such capacity since October 2005.

From August 2001 to September 2005, he served as Nike Inc.'s
Vice President, Nike Subsidiaries and New Business Development
where he led, developed and executed the company's multi-
branding strategy including the Cole Haan, Converse, Hurley,
Starter and Bauer-Nike Hockey brands. Prior to Nike, Mr. Olivet
served as Gap. Inc.'s Senior Vice President of Real Estate,
Store Design and Construction, responsible for the Gap, Banana
Republic and Old Navy brands from 1998 to 2001.  He worked with
Bain & Company from 1984 to 1998, serving as a partner and head
of the firm's worldwide practice in organizational effectiveness
and change management from 1993 to 1998.

"We are pleased that Scott Olivet has joined the Payless
ShoeSource Board of Directors," said Matthew E. Rubel, Chief
Executive Officer and President of Payless ShoeSource, Inc.  "He
is widely respected for his long career of successful retail and
brand leadership. He applies a high degree of rigor and analysis
to his strategic thinking, which extend across multiple
retailing disciplines."

With the addition of Mr. Olivet, the Payless ShoeSource Board of
Directors now consists of ten directors, including nine
independent directors.

Headquartered in Topeka, Kansas, Payless ShoeSource, Inc., --
http://www.payless.com/-- is a family footwear specialty
retailer with 4,605 retail stores, as of fiscal yearend January
28, 2006 (fiscal 2005), including 22 stores not open for
operations. The Company's Payless ShoeSource retail stores in
the United States, Canada, the Caribbean, Central America, South
America and Japan sold 182 million pairs of footwear, in fiscal
2005. The Company operates its business in two segments --
Payless Domestic and Payless International. The Payless Domestic
segment includes retail operations in the United States, Guam
and Saipan. The Payless International segment includes retail
operations in Canada; Puerto Rico; the United States Virgin
Islands; Japan; the South American Region, which includes
Ecuador, and the Central American Region, which includes Costa
Rica, Guatemala, El Salvador, the Dominican Republic, Honduras,
Nicaragua, Panama and Trinidad and Tobago.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 19, 2006,
Moody's Investors Service affirmed the ratings of Payless
ShoeSource, Inc. (corporate family rating of Ba3) and changed
the outlook to stable from negative.  The change in outlook was
prompted by the company's success in executing the restructuring
plan announced in August 2004, which has resulted in improved
operating performance and credit metrics.




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


BANCO INDUSTRIAL: Ready to Compete with International Firms
-----------------------------------------------------------
Luis Prado, the international banking director of Banco
Industrial SA, told Business News Americas that the firm is
ready to compete with international banks due to its acquisition
of Banco de Occidente, which made the former the largest bank in
Guatemala.

As reported in the Troubled Company Reporter-Latin America on
Jan. 20, 2006, Corporacion BI, owner of Banco Industrial, won in
a bidding to acquire Banco de Occidente.

Mr. Prado told BNamericas, "Thanks to the transaction, Banco
Industrial is by far the largest bank in the Guatemalan market
and is able to compete with any international financial
institution that enters the system."

The purchase of Banco de Occidente will give Banco Industrial
scale benefits.  It will also increase its market share lead
even more, compared to its closest rivals.  It will help
maintain a leadership position in the long term, BNamericas
says, citing Mr. Prado.

Super Intendencia de Bancos de Guatemala, the banking regulator
of the nation, told BNamericas that Banco Industrial, together
with Banco Occidental had a loan market share of 22% as of
July 31, 2006.

BNamericas notes that Mr. Prado believes Banco de Occidente is
the best option for foreign banks seeking to enter the
Guatemalan market.

According to BNamericas, analysts expect to see consolidation in
Guatemala's fragmented banking industry.  The nation is an
attractive market for international enterprises due to:

          -- size of the economy,
          -- positive outlook, and
          -- low levels of access to financial services, among
             others.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2006, Standard & Poor's Ratings Services assigned
these ratings to Banco Industrial S.A.:

   -- long-term foreign issuer credit rating: BB-;
   -- long-term local issuer credit rating: BB-;
   -- short-term foreign issuer credit rating: B; and
   -- short-term local issuer credit rating: B.


DOLE FOOD: Initiates Buy-Sell Process on Interest in JP Fruit
-------------------------------------------------------------
Dole Food Company, Inc., pursuant to pre-existing agreements,
initiated a buy-sell process under which it will either buy the
65% of JP Fruit Distributors Ltd. it does not already own, or
else will sell the 35% of JPFD that it does own.

JPFD imports and sells fresh produce in the United Kingdom.  The
owner of the 65% interest in JPFD, Jamaica Producers Group Ltd.,
is required either to accept Dole's offer to buy JPG's 65%
interest or, alternatively, to accept Dole's offer to sell its
35% interest in JPFD. Dole expects that the offers will be
considered by the JPG Board on Oct. 2, 2006.  Dole is
considering expressions of interest by potential partners with
respect to the ownership and operation of JPFD, if Dole ends up
as the buyer.

Dole Food Company Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion.  Dole grows and
sources from independent growers and transports bananas grown
primarily in Colombia, Costa Rica, Ecuador, Guatemala and
Honduras for markets principally in North America, Europe, the
Mediterranean and selected Asian markets.

                        *    *    *

As reported in the Troubled Company reporter-Latin America on
Sept. 2, 2006, Moody's placed these ratings under review for
possible downgrade:

   Dole Food Company, Inc.

     * Corporate family rating at B1

     * US$225 million senior secured 7-year term loan at Ba3

     * US$50 million senior secured 7-year pre-funded letter of
       credit facility at Ba3

     * Senior unsecured notes at B3

     * Senior unsecured shelf at (P)Caa1

     * Senior subordinated shelf at (P)Caa2

     * Junior subordinated shelf at (P)Caa2

   Solvest, Ltd.

     * US$750 million senior secured 7-year term loan at Ba3

     * US$50 million senior secured 7-year pre-funded letter
       of credit facility at Ba3.


DOLE FOOD: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba3 Corporate Family Rating for Dole Food Company, Inc.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

   Issuer: Dole Food Company, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan C Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Solvest, Ltd., is a wholly owned subsidiary of Dole Food
Company, Inc.

Dole Food Company Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion.  Dole grows and
sources from independent growers and transports bananas grown
primarily in Colombia, Costa Rica, Ecuador, Guatemala and
Honduras for markets principally in North America, Europe, the
Mediterranean and selected Asian markets.


* GUATEMALA: Launches Trade Negotiations with Other Nations
-----------------------------------------------------------
Guatemala has started the IV Free Trade Treaty round of talks
with El Salvador, Colombia and Honduras in Tegucigalpa, Prensa
Latina reports.

According to Prensa Latina, the negotiations are aimed at
progress on different issues of each committee.

The Colombian Ministry of Trade, Industry and Tourism said in a
press note that during the meeting, the countries will discuss:

          -- trade access for agriculture and industry,
          -- technical obstacles to trade, and
          -- health measures.

Colombia presented its initial trade offer in August while El
Salvador, Honduras and Guatemala presented their offer a few
days ago, Prensa Latina relates.

                        *    *    *

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
=========


DYNCORP INTERNATIONAL: 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 Services - Contractor sector, the rating
agency confirmed its B1 Corporate Family Rating for Dyncorp
International LLC.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$90 million
   Sr. Sec.
   Revolver due 2010      Ba3      Ba2    LGD2        21%

   US$341 million
   Senior Secured
   Term Loan B
   due 2011               Ba3      Ba2    LGD2        21%

   US$292 million
   9.5% Senior
   Subordinated Notes
   due 2013                B3      B3     LGD5        77%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).




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


* HONDURAS: Launches Trade Negotiations with Other Nations
----------------------------------------------------------
Honduras has started the IV Free Trade Treaty round of talks
with El Salvador, Colombia and Guatemala in Tegucigalpa, Prensa
Latina reports.

According to Prensa Latina, the negotiations are aimed at
progress on different issues of each committee.

The Colombian Ministry of Trade, Industry and Tourism said in a
press note that during the meeting, the countries will discuss:

          -- trade access for agriculture and industry,
          -- technical obstacles to trade, and
          -- health measures.

Colombia presented its initial trade offer in August while El
Salvador, Honduras and Guatemala presented their offer a few
days ago, Prensa Latina relates.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

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




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


DIGICEL LIMITED: 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 Telecommunications sector, the rating agency
confirmed its B1 Corporate Family Rating for Digicel Limited.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$450 million
   9.25% Senior Notes
   Due 2012               B3       B3      LGD 5      79%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).




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


ALLIS-CHALMERS: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its B3 Corporate
Family Rating for Allis-Chalmers Energy Inc.

Moody's also affirmed its B3 rating on the company's 9% Senior
Unsecured Guaranteed Global Notes Due 2014, and assigned the
debentures an LGD4 rating suggesting a projected loss-given
default of 54%.

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 Houston, Texas, Allis-Chalmers Energy Inc. --
http://www.alchenergy.com/-- provides oilfield services and
equipment to the oil and gas exploration and development
companies primarily in Texas, Louisiana, New Mexico, Colorado,
and Oklahoma; offshore in the United States Gulf of Mexico; and
offshore and onshore in Mexico.  The company offers directional
drilling, compressed air drilling, casing and tubing, rental
tools, and production services.


AXTEL SA: Acquiring Avantel for US$100MM This Week, Reports Say
---------------------------------------------------------------
Axtel, SA de CV, could close a deal this week on the acquisition
of Avantel -- its competitor -- for US$100 million, sources
close to the process told El Financiero.

Business News Americas relates that Tomas Milmo -- the head of
Axtel -- disclosed in May that as part of an expansion drive,
the company was keen on acquiring either Avantel or Alestra, and
even both.

According to reports, the sources said that the deal was
practically done.  Axtel and Avantel were currently finalizing
details.

The sources reportedly said that Axtel would absorb Avantel
debts of up to US$350 million.

Avantel, says BNamericas, has made US$2 billion investments.
However, its income steadily declined to US$410 million in 2005
from US$700 million in 2000.  This year's income is expected at
US$385 million.

BNamericas notes that Gerardo Gonzalez -- the telecoms regulator
board member -- said that Avantel's misfortune is due to poor
choices in technology upgrades and the decrease in revenues from
the long distance market.

Miguel Caldron, Avantel's marketing director, told BNamericas in
February that his firm, in the face of the fading long distance
market, has been migrating to become a high-tech IP telephony
niche player.

BNamericas underscores that Manuel Guerena -- a telecoms analyst
at Standard & Poor's Mexico -- is holding back judgment on the
rumor, saying that there were stories of mergers and
acquisitions throughout the whole telecoms industry.  He
believed that the upcoming convergence law mainly fueled the
rumors, which is still pending approval from the Mexican
congress.

Mr. Guerena told BNamericas that there have been rumors on:

          -- Telefonica's interest in buying a fixed line
             company,

          -- talks of mergers amongst cable firms, and

          -- Telmex considering buying cable operator
             Multivision.

"There is nothing concrete.  This industry, particularly because
of the convergence bill, is very unsettled.  In this industry
everyone is talking with everyone.  They need to talk in order
to get interconnection," Mr. Guerena told BNamericas.

Axtel, S.A. de C.V. provides local and long distance
telecommunications services, data transmission and Internet
services in Mexico, to both residential and business customers.
The company has 600,000 installed lines.  Axtel posted net
profits of MXP306 million (US$29 million) for 2005 compared
to a loss of MXP79.6 million in 2004.

                        *    *    *

As reported in the Troubled Company Reporter on June 21, 2006,
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Monterrey, Mexico-based
telecommunications service provider Axtel S.A. de C.V. to 'BB-'
from 'B+'.  The outlook was revised to stable from positive.
The rating on Axtel's US$162 million senior notes due 2013 was
also raised to 'BB-' from 'B+'.


BERRY PLASTICS: Apollo & Graham Complete BPC Holding Purchase
-------------------------------------------------------------
Berry Plastics Group, Inc., an affiliate of the private equity
firms Apollo Management, L.P. and Graham Partners have completed
their previously announced acquisition of BPC Holding
Corporation, parent of Berry Plastics Corporation, from Goldman
Sachs Capital Partners and JPMorgan Partners.  Mr. Ira Boots
will remain President and Chief Executive Officer and the
existing senior management team will continue to lead Berry
Plastics.

"We are very excited about being acquired by Apollo Management
and Graham Partners.  Servicing our customers while meeting the
needs of our employees, owners and investors will remain our
focus.  The management skills and packaging sector knowledge
provided by Apollo Management and Graham Partners, coupled with
the strength of Berry Plastics, will set the trend in leveraged
buyouts," said Mr. Boots.  "We are grateful for the past
successes achieved by Berry Plastics under the leadership of Joe
Gleberman, Goldman Sachs Capital Partners, and Mat Lori, CCMP
Capital Advisors, LLC."

                   About Apollo Management

Apollo Management, L.P., founded in 1990, is among the most
active and successful private investment firms in the United
States in terms of both number of investment transactions
completed and aggregate dollars invested.  Since its inception,
Apollo has managed the investment of an aggregate of
approximately US$13 billion in equity capital in a wide variety
of industries, both domestically and internationally.

                   About Graham Partners

Graham Partners is a middle market industrial private equity
firm based in suburban Philadelphia with over US$850 million
under management.  Graham Partners is sponsored by the privately
held Graham Group of York, Pennsylvania, an industrial and
investment concern with global interests in plastics, packaging,
machinery, building products and outsource manufacturing.
Graham Partners seeks to acquire industrial companies that
participate in growing manufacturing niches where Graham can
leverage its unique combination of operating resources and
financial expertise.

                    About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corp. --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide and more than 6,800 employees.  The company has
25 manufacturing facilities worldwide and more than 6,800
employees and 25 manufacturing facilities in the United States,
Mexico, Canada, Europe and China.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Berry Plastics to 'B' from 'B+' following successful
completion of the acquisition of the company by private equity
firms, Apollo Management L.P. and Graham Partners.  Standard &
Poor's removed the ratings from CreditWatch, where they were
placed with negative implications on Aug. 3, 2006.  The outlook
is stable.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.


CINEMARK INC: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed its B1 Corporate Family Rating for Cinemark
Inc.

   Cinemark Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   9-3/4% Sr.
   Disc. Notes
   due March 2014        Caa1      B3     LGD 6       92%


   Cinemark USA, Inc:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   9% Sr.
   Sub Notes
   due Feb 2013           B3       B2     LGD 5        74%

   Sr. Secured RC         Ba2      Ba2    LGD 2        27%

   Sr. Secured TL         Ba2      Ba2    LGD 2        27%

   Sr. Secured RC
   due Sept 2010          Ba3      Ba1    LGD 2        11%

   Sr. Secured TL
   due March 2011         Ba3      Ba1    LGD 2        11%

Moody's current long-term credit ratings are opinions about
expected credit loss that 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 our notching practices across
industries and will improve the transparency and accuracy of our
ratings as our 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).


DELTA AIR: Enters Partnership with American Express
---------------------------------------------------

Delta Air Lines entered into a new partnership with American
Express to give clients automatic savings on Delta travel and
additional discounts for purchases at any OPEN Savings partner
using their American Express Business Credit Card, under the
Delta SkyMiles program.

SkyMiles Business Credit Cardholders receive:

          -- automatic savings of 5% on all Delta flights
             purchased directly from Delta, and

          -- automatic savings of up to 25% on other business
             services.

Jeff Robertson, the managing director of the SkyMiles Program,
said, "Delta is pleased to expand our relationship with American
Express and offer our customers an opportunity to save money for
their small business while earning miles at the same time.  Our
partnership with American Express continues to add to the
multiple benefits offered to our SkyMiles members worldwide."

OPEN Savings eliminates the need for offer codes, coupons or
program enrollment and provides automatic savings for all
American Express Business Credit Cardholders.  Cardholders will
receive ongoing discounts upon use of their Credit Card at any
OPEN savings partner.  Program discounts and savings will appear
on the Cardmember's monthly statement and can be tracked at
www.opensavings.com.

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.


DESARROLLADORA HOMEX: Launhes Operations in Puebla
--------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V., launched a new development
in the City of Puebla to help strengthen the firm's growing
presence in the center of Mexico as well as reaffirm its
leadership position in the country.

The expansion into Puebla demonstrates the Homex's
diversification strategy with the goal of becoming the leader in
the 30 most attractive housing markets in Mexico.  Homex is
operating in 27 cities and 18 states.

Puebla is one of the fastest-growing and most attractive cities
in Mexico; and along with Mexico City, State of Mexico, Nuevo
Leon and Jalisco, it generates approximately 50% of Mexico's
gross domestic product.  The new development of Homex will be in
Atlisco, which is considered one of the best places to live in
Puebla due to its location and weather.  The community will
consist of 2,500 homes in its first stage, including affordable
entry and middle-income level homes with a price range between
MXN195,000 and MXN520,000.

Monica Lafaire -- Homex vice president of regional offices --
said, "We are thrilled to enter to the city of Puebla with a
well-balanced product offer to expand our culture of successful
communities.  Through this development, Homex aims to improve
the quality of life of more than 2,000 families, offering a
Homex home providing access to parks, schools, commercial areas,
public transportation and day care facilities among others."

                        *    *    *

Desarrolladora Homex -- http://www.homex.com.mx-- is a
vertically integrated home development company focused on
affordable entry-level and middle-income housing in Mexico.  It
is one of the most geographically diverse homebuilders in the
country.  Homex is the largest homebuilder in Mexico, based on
revenues, number of homes sold and net income.

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Desarrolladora Homex S.A.B. de
C.V.  S&P also said that it affirmed its 'BB-' rating on Homex's
US$250 million, 7.5% senior unsecured notes due 2015.  The
outlook on Homex remains stable.


DIRECTV INC: Joins Intel in Connecting TVs & PCs in the US
----------------------------------------------------------
DIRECTV, Inc., and Intel Corp. unveiled details around the
world's first digital set-top box with integrated digital media
adapter or DMA functionality verified to work with Intel Viiv
technology.  Through the integrated DMA, the DIRECTV digital
set-top box will allow customers to access and enjoy their
pictures and music on their TVs directly from Intel Viiv
technology-based PCs.

In a keynote at the Intel Developer Forum, Intel President and
CEO Paul Otellini retraced the two companies' partnership that
was first announced in January at the Consumer Electronics Show.
He also detailed plans for DIRECTV's new set-top box, the
DIRECTV PlusŪ HD DVR, which marks the first time a major service
provider has endorsed an integrated DMA deployment in the home
through a set-top box, which could be deployed to customers
virtually overnight via a software download starting in
December.  Mr. Otellini reinforced that the DIRECTV Plus HD DVR
is in the final stages of Intel Viiv technology testing and
verification.

Delivering the ability to record and view 200 hours of standard
definition content or 50 hours of MPEG 4 high-definition
programming, the new DIRECTV PlusŪ HD DVR receiver verified with
Intel Viiv technology will enable consumers to access and enjoy
new experiences that combine the best of the TV with the best of
the PC.

"With a simple software download, DIRECTV Plus HD DVR customers
nationwide can enjoy on their TV favorite photos and music
albums that have been tucked away on their PCs," said Kevin
Corbett, vice president of Intel's Digital Home Group and
general manager of the company's Content Services Group.
"Having the nation's leading satellite television service
provider with a 15 million and growing customer base introduce
the world's first Intel Viiv technology-verified set-top box is
a significant milestone, accelerating the number of connected
digital homes."

"Intel Viiv technology delivers the power, simplicity and
functionality to connect these products in an easy and seamless
fashion so DIRECTV customers can enjoy their favorite digital
content in the living room," said Romulo Pontual, chief
technology officer at DIRECTV.  "Our strategic relationship with
Intel, and joint commitment to an industry standards-based
approach for securely delivering a premium TV experience on
multiple devices, will ensure that DIRECTV customers have the
flexibility to view content when, where and how they want it."

The two companies expect this capability to accelerate the
adoption of connected digital homes by providing a substantial
footprint of interoperable set-top boxes and PCs.

               About the Intel Developer Forum

IDF is the premier global technology forum for hardware and
software developers to confer on Intel-based platforms,
technologies and solutions, and the new usage models they
enable.

                       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.


DRESSER 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its B1 Corporate
Family Rating for Dresser, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Term
   Loan C due 2009        B1       Ba1    LGD 2        14%

   Sr. Unsec. Term
   Loan due 2010          B2       B1     LGD 3        46%

   9.375% Sr. Sub.
   Global Notes
   due 2011               B3       B3     LGD 5        79%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


FORD MOTOR: 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 Automotive and Equipment sector, the rating
agency confirmed its B3 Corporate Family Rating for Ford Motor
Company.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   Ford Motor Company:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sr. Unsec.
   Revolving
   Credit Facility        B3       B3     LGD3       48%

   Sr. Unsec.
   Notes, IRB's           B3       B3     LGD3       48%

   Sr. Unsec. Shelf     (P)B3    (P)B3    LGD3       48%


   Ford Motor Company Capital Trust II:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   6.5% Trust
   Preferred             Caa2     Caa2    LGD6        92%


   Ford Motor Company Capital Trust III:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Trust
   Preferred
   Shelf                (P)Caa2  (P)Caa2    LGD6        92%


   Ford Motor Company Capital Trust IV:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Trust
   Preferred
   Shelf                (P)Caa2  (P)Caa2    LGD6        92%


   Ford Holdings, Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sr. Unsec.
   Notes                  B3       B3      LGD3       48%

   Sr. Unsec.
   Shelf                (P)B3    (P)B3     LGD3       48%


   Ford Capital B.V.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sr. Unsec.
   Notes                  B3       B3      LGD3       48%

   Sr. Unsec.
   Shelf                (P)B3    (P)B3     LGD3       48%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal
---------------------------------------------------------------
General Motors Corp. has demanded a "multibillion-dollar"
contribution from Nissan Motor Co. and Renault SA in
consideration for its possible agreement to a three-way tie up
with the French and Japanese auto companies, believing it would
be the loser in the deal should the merger go ahead, Adam Sage
of The Times reports.

Brian Akre, a GM spokesman, said in the report that the proposed
alliance would lead to "disproportionate synergies".

Contesting Mr. Akre's view, Renault-Nissan chairman Carlos Ghosn
told The Times that the deal would benefit all three companies
through overall savings of US$10 billion a year.

The source said Renault agreed to continue talks until the
middle of next month, the deadline set by both sides for a
decision.

Monica Langley and Joseph B. White at The Wall Street Journal
earlier reported that talks between the three automakers have
made little progress over the past three months because GM has
reportedly raised concerns over the benefits that it would be
realizing from the deal.  GM, Nissan and Renault had agreed to
conduct a 90-day study of the benefits of a possible alliance
after GM shareholder Kirk Kerkorian, who owns a 9.9% stake in
the company, broached the idea early this year.

Patrick Pelata, who heads the Renault-Nissan negotiation panel,
said in an interview with The New York Times that GM is
skeptical of the advantages touted by Renault and Nissan as a
result of a partnership because of its past experiences with
other auto companies.

                    About General Motors

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

                        *    *    *

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

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

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

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


GENERAL MOTORS: Funds Post-Retirement Benefits of Delphi Workers
----------------------------------------------------------------
Delphi Corp. disclosed results of the Hourly Special Attrition
Plan reached on March 22, 2006 and the Hourly Special
Supplemental Attrition Plan reached on June 2, 2006 between the
UAW, General Motors and Delphi.  Approximately 12,400 Delphi
employees, representing roughly 85% of the retirement-eligible
UAW workforce, elected to retire by Jan. 1, 2007.  Approximately
1,400 employees elected the buyout option.

Nearly all of Delphi's U.S. hourly employees represented by the
UAW were eligible for the buyout program, with approximately
14,600 of those employees eligible to participate in the
retirement and pre-retirement program.  Certain eligible U.S.
hourly employees accepted a lump sum incentive of US$35,000 to
retire while other eligible employees under the program elected
buyout packages ranging from US$40,000 to US$140,000.

Under the proposed program, GM has agreed to assume the
financial obligations related to the lump sum payments to be
made to eligible Delphi U.S. hourly employees accepting normal
or voluntary retirement incentives.  Additionally, GM will fund
certain post-retirement employee benefit obligations related to
Delphi employees who transition to GM under the plan for
purposes of retirement as well as half of employee buyout costs.

                      About Delphi Corp.

Based in Troy, Mich., Delphi Corp. -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The Company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  The Company filed for chapter 11 protection on
Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm.
Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, represent the
Debtors in their restructuring efforts.  Robert J. Rosenberg,
Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at
Latham & Watkins LLP, represents the Official Committee of
Unsecured Creditors.  As of Aug. 31, 2005, the Debtors' balance
sheet showed US$17,098,734,530 in total assets and
US$22,166,280,476 in total debts.

                   About General Motors

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

                        *    *    *

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

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

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


GENERAL MOTORS: 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 Automotive and Equipment sector, the rating
agency confirmed its B3 Corporate Family Rating for General
Motors Corporation.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sr. Sec.
   Revolving
   Credit Facility
   (US)                   B2       Ba3    LGD1         9%

   Sr. Sec.
   Revolving Credit
   Facility (Canada)      B2       Ba3    LGD1         9%

   Sr. Unsec. Credit
   Facility
   (remaining)           Caa1     Caa1    LGD4        59%

   Sr. Unsec.
   Notes (fixed rate)    Caa1     Caa1    LGD4        59%

   Sr. Unsec.
   Notes
   (variable rate)       Caa1     Caa1    LGD4        59%

   Sr. Unsec. Notes      Caa1     Caa1    LGD4        59%

   Sr. Unsec Shelf     (P)Caa1  (P)Caa1   LGD4        59%

   Subordinate Shelf   (P)Caa3  (P)Caa2   LGD6        97%

   Preferred Shelf      (P)Ca   (P)Caa2   LGD6        97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


GRUPO TMM: Redeems US$155,820,539 of Sr. Secured Notes Due 2007
---------------------------------------------------------------
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 Oct. 2006 to Sept. 2010, a balloon payment
of US$40 million in Oct. 2010 and equal monthly payments of
principal and interest of approximately US$4.2 million from
Oct. 2010 to the final maturity on Sept. 25, 2012.

Using part of the proceeds, 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 the
facility, and provided the funding for the Transaction.  The
Bank of New York is the trustee for the certificates issued
under the facility.  Axis Capital Management acted as financial
advisor to the Company.

Javier Segovia, president, 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)
(MEXVALORIS: 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.


MEGA BRANDS: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Ba3 Corporate Family Rating to B1 for

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans
facilities:

   Issuer: MEGA Brands Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Revolving
Credit Facility
Due 2010                  Ba3      Ba2     LGD2       24%

Sr. Sec. Term Loan A
Due 2010                  Ba3      Ba2     LGD2       24%

   Issuer: Mega Blocks US

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Revolving
Credit Facility
Due 2010                  Ba3      Ba2     LGD2       24%

   Issuer: Mega Blocks Finco

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Term Loan B
Due 2012                  Ba3      Ba2     LGD2       24%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc.
-- http://www.megabloks.com/-- distributes a range of toys,
puzzles, and craft-based products worldwide.  The company has
offices in Mexico.


MERIDIAN AUTOMOTIVE: Court Okays DIP Financing Amendments
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware permits
Meridian Automotive Systems, Inc., and its debtor-affiliates to
amend the DIP Credit Facility, as modified by representations
made by the Debtors' counsel at last week's hearing.

Judge Walrath authorizes the Debtors to increase, by 0.25%, the
interest rate accruing on all borrowings under the DIP Credit
Facility.

The modified Amended DIP Credit Facility provides that:

    -- The Global EBITDAR for the Global Entities for each
       rolling 12-fiscal month period ending on the last day of
       each fiscal month will not be less than US$40,000,000;

    -- Each Eurodollar Loan will bear interest at a rate per
       annum equal to the Adjusted LIBO Rate for such Interest
       Period in effect for such Borrowing plus 4.00%; and

    -- The Maturity Date of the DIP Facility is extended to the
       earlier of:

          (a) Dec. 31, 2006, provided that it will be
              automatically extended to Feb. 15, 2007, if the
              Borrower will have timely paid to the Agent for
              the ratable benefit of the lenders, an extension
              fee in an amount equal to 0.25% multiplied by the
              Total Commitment as of the Scheduled Termination
              Date; and

          (b) the Consummation Date, if any.

A full-text copy of the Court-approved Amended DIP Credit
Facility is available at no charge at
http://ResearchArchives.com/t/s?127c

In connection with their Fourth Amended Joint Plan of
Reorganization and in light of recent Original Equipment
Manufacturer production cutback and their delayed emergence from
bankruptcy, the Debtors proposed to amend their Revolving Credit
and Guaranty Agreement dated June 30, 2005.

The Debtors wanted to ensure that they would have sufficient
working capital for the duration of their Chapter 11 cases.

Credit Suisse, Cayman Islands Branch, serves as Administrative
Agent while General Electric Capital Corporation serves as
Collateral Agent under the DIP Credit Facility.

Specifically, pursuant to Sections 105(a) and 363(b) of the
Bankruptcy Code and the Final DIP Order, the Debtors asked the
Court for permission to:

    (a) amend the DIP Credit Facility to allow for a contingent
        increase to the interest rate on certain borrowings; and

    (b) pay certain fees to the Administrative Agent and DIP
        Lenders in connection with an Amended DIP Credit
        Facility.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the DIP Lenders have
agreed to waive the Borrowing Base limitations of the current
DIP Credit Facility and allow the Debtors to borrow up to the
full US$75,000,000 Total Commitment.

The Debtors covenant that they will not permit cumulative Global
EBITDAR for the Global Entities for each following 12-fiscal
month period ending on the last day of each fiscal month to be
less than US$35,000,000.

The Maturity Date of the DIP Facility is extended to the earlier
of:

    (a) Dec. 31, 2006, provided that it will be automatically
        extended to March 31, 2007, if the Borrower will have
        timely paid to the Agent for the ratable benefit of the
        lenders, an extension fee in an amount equal to 0.25%
        multiplied by the Total Commitment as of the Scheduled
        Termination Date; and

    (b) the Consummation Date, if any.

The Borrower will pay a US$187,500 fee to the Agent for
distribution to the Lenders.

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: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its B1 Corporate
Family Rating for Newpark Resources, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan B            B2       B2     LGD 4       59%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


SATELITES MEXICANOS: Judge Drain Approves Solicitation Process
--------------------------------------------------------------
The Honorable Robert D. Drain, of the U.S. Bankruptcy Court for
the Southern District of New York, approved the Solicitation and
Tabulation Procedures to be used in connection with Satelites
Mexicanos, S.A. de C.V.'s solicitation of votes for its Chapter
11 Plan of Reorganization.

The Court finds that the Debtor's procedures for soliciting and
tabulating votes on its First Amended Plan of Reorganization
provide for a fair and equitable voting process and are
consistent with the requirements of the Bankruptcy Code and the
Bankruptcy Rules.

Judge Drain sets Sept. 13, 2006, as the record date for purposes
of determining the creditors entitled to vote on the Plan.  The
record date for purposes of making distributions under the Plan
will be set at the time of the confirmation hearing on the Plan.

Holders of claims in Class 2 Senior Secured Note Claims and
Class 4 Existing Bond Claims; and holders of allowed interests
in Classes 6A and 6B Existing Preferred Stock Interests, and
Classes 7A and 7B Existing Common Stock Interests, may vote on
the Plan.

Judge Drain says ballots need not be provided to the holders of
claims in Class 1 Priority Non-Tax Claims, Class 3 Other Secured
Claims, and Class 5 General Unsecured Claims, because the Plan
provides that those classes are unimpaired and, therefore,
conclusively presumed to accept the Plan pursuant to Section
1126(f) of the Bankruptcy Code.

Ballots must be returned to Kurtzman Carson Consultants, Inc.,
the Debtor's notice and balloting agent, no later than
Oct. 20, 2006. Late votes will not be counted.

Voting creditors are deemed to have voted the full amount of
their claim or interest.

Judge Drain allows the Senior Secured Notes Claims in Class 2
for US$203,388,000 and the Existing Bonds Claims in Class 4 for
US$320,000,000, solely for voting purposes.  Each interest in
Classes 6A and 6B and Classes 7A and 7B is also temporarily
allowed for voting purposes.

The Debtor said its Plan has the support of:

   -- Servicios Corporativos Satelitales, S.A. de C.V.;

   -- Loral Skynet Corporation and Loral SatMex, Ltd.;

   -- Principia S.A. de C.V.;

   -- the beneficial holders of more than 67% of the 10-1/8%
      Unsecured Senior Notes due Nov. 1, 2004; and

   -- the beneficial holders of more than 67% of the Senior
      Secured Floating Rate Notes due June 30, 2004.

                 About Satelites Mexicanos

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SATELITES MEXICANOS: Court Sets Confirmation Hearing on Oct. 26
---------------------------------------------------------------
The Honorable Robert D. Drain, of the U.S. Bankruptcy Court for
the Southern District of New York, will convene a hearing on
Oct. 26, 2006, at 10:00 a.m., to consider confirmation of
Satelites Mexicanos, S.A. de C.V.'s First Amended Plan of
Reorganization.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the Debtor asked Judge Drain to convene a hearing to consider
confirmation of its Chapter 11 Plan of Reorganization seven days
after the Voting Deadline.

The Confirmation Hearing may be continued from time to time by
the Court or the Debtor without further notice other than
announcement of adjournments in open court or as indicated in
any notice of agenda of matters scheduled for hearing filed with
the Court.

However, the Debtor will provide notice of any continuance to
counsel for the ad hoc committee of holders of its Senior
Secured Floating Rate Notes due June 30, 2004; and the ad hoc
committee of holders of its 10-1/8% Unsecured Senior Notes due
Nov. 1, 2004.

Moreover, confirmation of the Plan will not occur later than
Dec. 11, 2006, without the consent of the Ad Hoc Committees.

Judge Drain authorized the Debtor to publish the Confirmation
Hearing Notice, on one occasion, by Sept. 25, 2006, in The New
York Times (National Edition) and in Reforma, a Mexican
newspaper.

Any objections to confirmation of the Plan must be filed with
the Court by Oct. 20, 2006.

                 About Satelites Mexicanos

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


VISTEON CORP: Opens US$10 Million Technical Center in India
---------------------------------------------------------
Global automotive supplier Visteon Corp. opened a US$10 million
Visteon Technical and Services Center in Chennai, India.  The
110,000 square-foot facility is set to become Visteon's center
of excellence for automotive embedded software, providing
support to Visteon globally, including joint ventures and
aftermarket business.  The Indian arm of Visteon software
development accounts for more than 50% of the global software
development within Visteon.

The new center will build on the strong capability of the India
software team to develop and validate electronic modules for
audio products (radios, satellite digital radios, media
players), instrument clusters, body control modules, adaptive
lighting products, electronic climate controls, powertrain
electronics and engine control modules, center displays and
other products.

The center will also provide business process outsourcing
support in the areas of supplier management, finance operations
and environmental engineering.  Visteon Technical and Services
Center will be fully supported by two other existing Visteon
entities: Visteon Powertrain Control Systems India Private Ltd.,
and Visteon Automotive Systems India Private Ltd.

"The new technical and service center demonstrates our
continuous commitment to India," said Bob Pallash, senior vice
president of Visteon Corp. and president of Asia Pacific
Customer Group.  "This development center will play a crucial
role in further driving our success worldwide.  With the Indian
automotive sector poised for unprecedented growth, our Indian
operations are a critical asset in further developing Visteon's
competitive edge."

Located at Olympia Tech Park, an information technology park in
the business district of Chennai, Visteon Technical and Services
Center occupies four floors of the "Fortius" building.  The new
facility is expected to accommodate more than 700 software
professionals and 250 business process professionals.  The
Chennai software operation has been growing steadily since its
inception in 1998 and currently has 450 full time employees,
including 400 software engineers and 50 business process
employees.

"This new center is another symbol of our expansion in the
country and emphasizes Visteon's strengths and world-class
capabilities to deliver services globally and meet the unique
requirements of customers in India," said A. Viswanathan,
managing director, Visteon India.  "The employees deliver
remarkable quality, innovation and performance standards.  With
its world-renowned IT skills and excellent automotive knowledge,
India is fast emerging as an excellent base for prototyping,
testing, validating and producing auto-components for the global
market."

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.

                     About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.

                        *    *    *

As reported in the Troubled Company Reporter on Sept 13, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Van Buren Township, Michigan-based Visteon
Corp., and removed the rating from CreditWatch with negative
implications where it was placed on Aug. 21, 2006.  Visteon, a
global manufacturer of automotive components, has total debt of
about US$2.3 billion.  The rating outlook is negative.


VISTEON CORP: 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 Automotive and Equipment sector, the rating
agency confirmed its B2 Corporate Family Rating for Visteon
Corporation.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sec. Term Loan          B1      Ba2    LGD 2       22%

   8.25% Sr.
   Unsecured Notes         B3     Caa1    LGD 6       91%

   7.00% Sr.
   Unsecured Notes         B3     Caa1    LGD 6       91%

   Shelf Sr. Unsec.      (P)B3  (P)Caa1   LGD 6       91%

   Shelf Subordinated   (P)Caa2 (P)Caa1   LGD 6       97%

   Shelf Preferred      (P)Caa3 (P)Caa1   LGD 6       97%

   Visteon Capital
   Trust I
   Shelf trust
   Preferred            (P)Caa2 (P)Caa1   LGD 6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).




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


CHIQUITA BRANDS: Landec to Expand Packaging Technology with Firm
----------------------------------------------------------------
Landec Corp. said in its first quarter 2007 report that among
its primary objectives for the fiscal year 2007 include the
expansion of its banana packaging technology with Chiquita
Brands International Inc.

One of the growth opportunities Landec had in the fiscal year
2007 is the increase of the revenues and gross profits of Apio
Tech -- Landec's food subsidiary -- by increasing the sales of
Landec's banana packaging technology to Chiquita and
commercializing new uses of Apio's BreatheWay packaging
technology.

Chiquita's collaboration with Core Mark is going well.  Chiquita
has disclosed that they are currently supplying over 4,000
convenience stores with Chiquita(R) Brand bananas using Landec's
proprietary BreatheWay packaging technology.

Chiquita has at least one client identified in each targeted
commercial market segment, which includes:

          -- convenience stores,
          -- coffee chains,
          -- quick serve restaurants, and
          -- drug stores.

After Chiquita's initial focus on non-traditional markets,
Landec expects that Chiquita will turn its attention to uses of
the banana packaging technology for domestic retail grocery
applications.

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: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for Chiquita Brands LLC.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans
facilities:

   Issuer: Chiquita Brands LLC

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2012      B1       Ba3     LGD2        26%

Gtd. Sr. Sec.
Term Loan C Due 2012      B1       Ba3     LGD2        26%

Gtd. Sr. Sec.
Revolving Credit
Facility Due 2010         B1       Ba3     LGD2        26%

   Issuer: Chiquita Brands International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Global Notes
Due 2014                  B3      Caa1     LGD5        89%

Sr. Global Notes
Due 2015                  B3      Caa1     LGD5        89%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Cincinnati, Ohio-based 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.


CHIQUITA BRANDS: S&P Places B+ Rating on Negative CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit and other ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. on CreditWatch with negative
implications, meaning that the ratings could be lowered or
affirmed following the completion of our review.  Total debt
outstanding at the company was about US$992 million as of
June 30, 2006.

"The CreditWatch placement follows the company's announcement
that third quarter operating performance is expected to be
significantly impacted by continued weak banana prices in
European and trading markets, excess fruit supply, and lower
sales/higher costs in its Fresh Express business because of
recent industry health concerns related to E-coli tainted
spinach," said Standard & Poor's credit analyst Alison Sullivan.
In response, the company has suspended its dividend, resulting
in a US$17 million annual cash savings.  In addition, the
company also announced that it is exploring strategic
alternatives for its shipping assets and shipping-related
logistics activities to reduce debt and enhance flexibility.
Performance to date has been weak as profitability has been
adversely affected by lower European prices, increased tariffs
on European bananas, higher industry costs (including fuel and
freight costs) and more expensive alternative sourcing
arrangements for fruit resulting from supply shortages caused by
the active 2005 hurricane season.  As a result, credit measures
have weakened further.  Lease-adjusted debt to EBITDA increased
to about 5x for the 12 months ended June 30, 2006 from about 4x
at Dec. 31, 2006.

Standard & Poor's had previously expected Chiquita to reduce
leverage under 5x by the end of 2006.  Given expected ongoing
challenging industry conditions, the rating agency believes
Chiquita will be challenged to meet prior expectations.

Standard & Poor's will review Chiquita's operating and financial
plans with management before resolving the CreditWatch listing.




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


PRIDE INTERNATIONAL: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba1 Corporate
Family Rating for Pride International, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr.
   Unsec. Global
   Notes due 2014         Ba2      Ba2    LGD5        71%

   Sr. Sec.
   Revolving Credit
   Facility due 2009      Ba1      Baa2   LGD2        13%

   Multiple Seniority
   Shelf (Sr. Unsec.)   (P)Ba2   (P)Ba2   LGD5        71%

   Multiple Seniority
   Shelf (Subordinate)  (P)Ba3   (P)Ba2   LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)B1    (P)Ba2   LGD6        97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


* PERU: Promotions Agency to Ink Concessions for Two Blocks
-----------------------------------------------------------
Perupetro, the hydrocarbons promotions agency of Peru, said in a
statement that it will sign with US oil firm Burlington
Resources the exploration and production concessions for blocks
123 and 124 in the nation's northern jungle on Sep 29.

The blocks will require an investment of about US$50 million
each, Business News Americas reports.

                        *    *    *

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


ADELPHIA: 12 Creditor Groups Balk at 2nd Disclosure Supplement
--------------------------------------------------------------
Adelphia Communications Corp. and its debtor-affiliates' Second
Disclosure Statement Supplement, explaining their Fifth Amended
Plan of Reorganization, was objected to by twelve groups of
creditors and other parties-in-interest:

     1. the Olympus Parent Noteholders:

        -- Silver Point Capital Fund, L.P.,
        -- Silver Point Capital Offshore Fund, Ltd.,
        -- Redwood Master Fund, Ltd., and
        -- Goldman Sachs & Co.;

     2. certain administrative agents:

        -- Bank of America, N.A., as the Century Cable
           Administrative Agent;

        -- Bank of Montreal, as the Olympus Administrative
           Agent; and

        -- Wachovia Bank National Association, as the UCA
           Administrative Agent;

     3. the Ad Hoc Committee of Certain Non-Agent Lenders;

     4. the Official Committee of Equity Security Holders of
        Adelphia Communications Corp.;

     5. Calyon New York Branch;

     6. Bank of New York, as lender under each of the
        Credit Agreement prior to Debtor's filing for chapter 11
        protection: Century Credit Agreement, the FrontierVision
        Credit Agreement, the Olympus Credit Agreement and the
        UCA Credit Agreement;

     7. Class action plaintiffs in a lawsuit pending before the
        United States District Court for the Southern District
        of New York captioned In re Adelphia Communications
        Corp. Securities & Deriv. Litigation, 03 MD 1529;

     8. the Ad Hoc Committee of Non-Agent Secured Lenders;

     9. the holders of the Term Note issued by Ft. Myers
        Acquisition Limited Partnership in the outstanding
        principal amount of US$108,000,000 and secured by an
        interest in Olympus Communications, L.P. -- the Ft.
        Myers Noteholders;

    10. ACC Senior Noteholders, namely:

        -- Aurelius Capital Management, LP,
        -- Catalyst Investment Management Co., LLC,
        -- Drawbridge Global Macro Advisors LLC,
        -- Drawbridge Special Opportunities Advisors LLC,
        -- Elliott Associates, LP,
        -- Farallon Capital Management LLC,
        -- Noonday Asset Management LP, and
        -- Perry Capital LLC;

    11. Wilmington Trust Company; and

    12. Diana G. Adams, the United States Trustee for Region 2.

Generally, the parties complain that the Second Disclosure
Statement Supplement fails to provide "adequate information"
required under Section 1125 of the Bankruptcy Code.

The parties also assert that the Second Supplement relates to an
unconfirmable plan because the Fifth Amended Plan violates the
"best interests" test, thus the Supplement should not be
approved.

Representing the Non-Agent Committee, Richard L. Wynne, Esq., at
Kirkland & Ellis LLP, in New York, notes that the Plan
Proponents themselves admit that the Plan as currently filed is
non- confirmable because the ACOM Debtors have insufficient
funds to consummate the Plan.  He contends that it begs the
question of why the plan process should proceed in the face of
substantial litigation over a Plan that is insufficiently funded
and ultimately cannot be confirmed or consummated.

Representing Calyon Bank, Andrew P. Brozman, Esq., at Clifford
Chance US LLP, in New York, argues that there are two
fundamental failures in the Second Supplement:

    (1) The liquidation analysis is predicated only upon a
        hypothetical liquidation of the Debtors as an aggregate
        whole, bereft of any information as to a Debtor by
        Debtor analysis or even an "ACC Debtors" by "Subsidiary
        Debtors" analysis.  The analysis, consequently, is
        flawed as it is useless since no creditor of any
        particular Debtor can discern whether the Plan for that
        Debtor is preferable to a Chapter 7 liquidation; and

    (2) The Plan operates for voting and confirmation purposes
        on the fiction of creditor classes transcending
        individual Debtor boundaries.  At the same time however,
        the Plan contemplates confirmation on a Debtor by Debtor
        basis.  The Second Supplement provides no information as
        to the financial attributes of each Debtor in relation
        to what creditors in what class assert how much in
        claims against each Debtor.  Accordingly, there exists
        no information whether any creditor may stand, or how it
        may intelligently exercise voting rights, in relation to
        the confirmation process of any Debtor.

Representing the Olympus Parent Noteholders, Robert J.
Rosenberg, Esq., at Latham & Watkins LLP, in New York, asserts
that the Debtors and the Official Committee of Unsecured
Creditors should inform them and the Court whether a legal or
economic basis exists for the Olympus Parent Noteholders'
recoveries to be dramatically reduced as proposed in the Fifth
Amended Plan.

The Ft. Myers Noteholders note that:

     -- no indication is given to the basis for a "give up" of
        US$10,000,000;

     -- no discussion is provided as to the fact that they,
        unlike other noteholders and parties-in-interest, are
        secured creditors with substantial rights not recognized
        in the Plan; and

     -- no disclosure as to why the treatment for the Ft. Myers
        Noteholders differs, in materially adverse ways, from
        the treatment provided to other noteholders, who do not
        have the benefit of liens and other structural
        protections.

The Equity Committee contends that the Supplement contains
inadequate disclosure concerning the Contingent Value Vehicle.
It fails to disclose that the Equity Committee's claims against
numerous defendant banks cannot be transferred to the CVV absent
the Equity Committee's consent, Peter D. Morgenstern, Esq., at
Morgenstern Jacobs & Blue, LLC, says.

The Administrative Agents' objections to the Disclosure
Statement based on inadequate information relate to:

    (a) exclusivity and the Court's prior Government Settlement
        Order that prohibit the Debtors from filing a plan of
        reorganization that withholds payment of principal and
        interest to the Bank Lenders;

    (b) partial payment of the Bank Lenders' claims;

    (c) treatment of third-party claims and rights of non-
        debtors;

    (d) voting-related issues; and

    (e) certain other significant provisions.

Martin J. Bienenstock, Esq., at Weil, Gotshal & Manges LLP, in
New York, representing the ACC Senior Noteholders, argues that,
among others, the Second Statement and the Plan are premature
because:

     -- the exclusivity has not been terminated;

     -- the alleged US$1,080,000,000 to be "transferred" for the
        benefit of the ACC Creditors is a phony foundation of
        the Plan; and

     -- the Plan procedures order is controlling.

Representing the Ft. Myers Noteholders, Lee S. Attanasio, Esq.,
at Sidley Austin LLP, in New York, contends that the Second
Supplement fails to disclose the means by which the Plan
Proponents intend to confirm the Plan.

The Court has authorized the ACC Senior Noteholders and the Ft.
Myers Noteholders to file their objections under seal.  Judge
Gerber finds that the Disclosure Statement Objections contain
certain sensitive and confidential information related to
discussions in the Monitor process and settlement discussions
that have not been made public in accordance with Rule 408 of
the Federal Rules of Evidence.

Representing the Class Action Plaintiffs, John H. Drucker, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in New York,
argues that the Second Supplement should not be approved unless
and until, among others:

     -- the Plan Proponents provide additional and appropriate
        disclosure with regard to the intent and scope of the
        exculpation and third party release provisions contained
        in the Plan.  The Second Supplement only repeats
        verbatim the language in the Plan and provides no
        additional disclosure necessary for creditors to be able
        to make an informed decision to reject or accept the
        Plan;

     -- there is additional and appropriate disclosure, so that
        creditors may determine whether in fact the "exculpation
        provisions" of the Plan are disguised third party
        releases, and whether those exculpation provisions are
        intended to provide for releases on account of any acts
        or omissions prior to the Debtor's filing for chapter 11
        protection;

     -- the Plan Proponents correct the ambiguous and
        inconsistent language of the Plan regarding exclusions
        from the otherwise proposed third party releases;

     -- there is additional and appropriate disclosure with
        regard to the Plan section relating to the Government
        Settlement.  No explanation has been provided for what
        is implied by that Section, stating that if the Plan is
        confirmed, the Court is adding its authority and
        approval to the efforts of third parties to redirect the
        distribution of the Restitution Fund under the
        Government Settlement to non-victims;

     -- with respect to the distribution and so-called "death
        trap" provisions of the Plan, the Plan Proponents
        provide additional and appropriate disclosure as to why:

         * the holders of Claims in the Class of ACC Existing
           Securities Law Claims, Class ACC-7, are identified as
           receiving no distribution on account of their Claims,
           rather than identified as receiving that distribution
           to which they would be entitled in accordance with
           the order of priority provided under the Bankruptcy
           Code; and

         * it is appropriate to provide for no distribution to
           the Class ACC-7 in the event the Class rejects the
           Plan, but provide a distribution of a subordinated
           interest in the CVV in the event the class votes in
           favor of the Plan.  That subordinated interest in the
           CVV is no more than what the Class would be entitled
           to from a distribution of the assets of the estate in
           accordance with the priorities provided for under the
           Bankruptcy Code;

     -- there is additional and appropriate disclosure as to
        why, the Plan, in what is a liquidating Chapter 11 plan,
        the ACOM Debtors should be entitled to a "discharge," in
        apparent contravention of Section 1141(d)(3)(B), which
        prohibits the discharge of a debtor in the circumstances
        where a debtor does not engage in business after
        consummation of the Plan;

     -- there is additional disclosure regarding the basis for
        the "deemed consent" contained in Plan; and

     -- the Court denies the Plan Proponents' request for a
        "presumption that, in the event there is a class of
        creditors for which no votes are cast accepting or
        rejecting the Plan, [that] class [will] be deemed to
        have accepted the Plan."

Representing the U.S. Trustee, Tracy Hope Davis, Esq., in New
York, asserts that the Disclosure Statement should provide
sufficient information regarding the amount of administrative
claims and expenses incurred to date by the Settlement Party Fee
Claims and the Indenture Trustees' professionals, which are to
be paid in accordance with the Plan.  Due to the complex debt
structure, it is anticipated that the estimates for those claims
will be substantial, she contends.

                   JPMorgan's Statement

JPMorgan Chase Bank, N.A., administrative agent under the Second
Amended And Restated Credit Agreement dated Dec. 19, 1997,
informs the Court that it is currently reviewing the Plan with
the ACOM Debtors and the Creditors Committee to ensure it
accurately reflects the agreement embodied in the FrontierVision
Stipulation dated July 27, 2006, providing terms and conditions
for withdrawal of JPMorgan's appeal from Sale Order.

          About Adelphia Communications Corp.

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06- 10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases. (Adelphia Bankruptcy News, Issue Nos. 148; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ADELPHIA COMMS: Broadcast Music Agrees to License Pact Rejection
----------------------------------------------------------------
Adelphia Communications Corp. and Broadcast Music, Inc., in a
stipulation, agreed that:

    (1) BMI's objection to the Debtor's notice to reject its
        Cable Systems Local Origination Music License Agreement,
        as amended, dated Jan. 1, 2000, with BMI is withdrawn
        with prejudice;

    (2) The Debtor rejected the License Agreement effective
        July 31, 2006; and

    (3) By Sept. 10, 2006, or ten days after Court approval of
        the Stipulation, whichever date is later, the Debtor
        will report and pay any and all license fees due
        pursuant to the terms of the Agreement for the period
        from Jan. 1, 2006, through and including July 31, 2006.

              About Adelphia Communications Corp.

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06- 10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases. (Adelphia Bankruptcy News, Issue Nos. 148; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


BIOVAIL CORP: 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 Ba3 Corporate Family Rating for
Biovail Corp. and its B1 rating on the company's

US$400 million issue of second priority senior secured notes.
Additionally, Moody's assigned an LGD4 rating to those bonds,
suggesting noteholders will experience a 67% 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%).

Biovail Corp. -- http://www.biovail.com/-- is a specialty
pharmaceutical company, engaged in the formulation, clinical
testing, registration, manufacture and commercialization of
pharmaceutical products utilizing advanced drug-delivery
technologies.

Biovail operates R&D, manufacturing and clinical research
facilities in the U.S., Canada, Puerto Rico and Ireland. It
markets its products directly in North American through its
marketing divisions Biovail Pharmaceuticals Inc. and Biovail
Pharmaceuticals Canada.


CENTENNIAL COMMS: 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 Telecommunications sector, the rating agency
confirmed its B2 Corporate Family Rating for Centennial
Communications Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   10% Senior Notes
   due 2013              Caa2     Caa1    LGD 5       89%

   US$350 million
   FRN Senior Notes
   due 2014              Caa2     Caa1    LGD 5       89%


Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


FIRST BANCORP: Files Amended Annual Reports for 2000-2004
---------------------------------------------------------
First BanCorp has filed its amended annual report on Form 10-K
for the year ended Dec. 31, 2004, with the U.S. Securities and
Exchange Commission.  In addition to the Corporation's
consolidated financial statements for 2004, the amended report
also includes financial statements that restate previously
reported financial results for 2000, 2001, 2002 and 2003.

For fiscal year 2004, net income decreased by approximately
US$1.55 million or 0.87% of previously reported amounts.

The net cumulative effect of the restatement through
Dec. 31, 2004, was a decrease in First BanCorp's retained
earnings and legal surplus of approximately US$17.1 million,
which includes a cumulative decrease of approximately US$9.1
million for the 2004, 2003 and 2002 periods and approximately
US$8.0 million related to periods prior to 2002.  Of the US$17.1
million approximately US$15.1 million represent non-cash
adjustment related to derivatives and broker placement fees.

Refer to enclosed Exhibits of Restated Results For The Years
Ended Dec. 31, 2004, 2003 and 2002 for relevant financial
information.

"This filing culminates a painstakingly diligent accounting
review and significant milestone on First BanCorp's path back to
normal course financial reporting," said Luis Beauchamp,
President and Chief Executive Officer of First BanCorp.  "We
deeply appreciate the dedication, professionalism and support of
our employees, shareholders, directors, customers and outside
advisors who have participated and contributed to this
exhaustive process."

              Restatement of Financial Statements

The financial statements for the years ended 2000-2004 have been
restated primarily as a result of First BanCorp's previously-
reported Audit Committee review of the accounting treatment of
certain mortgage-related transactions and pass-through trust
certificates that First BanCorp entered into with Doral
Financial Corp. and R&G Financial Corp. between 1999 and 2005
and of interest rate swaps that hedge the interest rate risk
related to the fixed interest rate mainly on the Corporation's
outstanding brokered certificates of deposit and certain medium-
term notes.

          Recharacterization of Mortgage Loans and
               Pass-Through Trust Certificates

On Dec. 13, 2005, First BanCorp concluded that a substantial
portion of mortgage-related transactions that First BanCorp
entered into with Doral and R&G since 1999 did not qualify as
true sales for accounting purposes mainly because these
transactions included unlimited recourse provisions.

The mortgage-related transactions with Doral and R&G were
reflected in First BanCorp's previously issued financial
statements as purchases of residential mortgages, commercial
mortgage loans and pass-through trust certificates.  This
restatement reflects the recharacterization of approximately
US$3.8 billion in mortgage-related transactions as of
Dec. 31, 2004, as commercial loans secured by mortgage loans and
pass-through trust certificates.  This recharacterization of the
mortgage-related transactions with Doral and R&G did not impact
the Corporation's retained earnings as of Dec. 31, 2004.

                    Interest Rate Swaps

As previously announced, First BanCorp uses derivative
instruments in the normal course of business, primarily to
reduce its exposure to market risk (principally interest rate
risk) stemming from various assets and liabilities.  As part of
the restatement process, the Corporation reviewed its accounting
for derivative instruments and concluded that it had incorrectly
accounted for interest rate swaps that mainly hedge brokered
certificates of deposit, and certain medium-term notes, using
the short-cut method under SFAS 133.  As a result, First BanCorp
corrected its previous accounting for these transactions.

The net cumulative non-cash pre-tax effect of eliminating the
fair value adjustment to brokered CDs and medium-term notes, of
recognizing changes in the fair value of the interest rate
swaps, and of amortizing of broker placement fees as a result of
the misapplication of the short-cut method of accounting under
SFAS 133 at Dec. 31, 2004, is a decrease in retained earnings of
approximately US$26.3 million (US$15.1 million after deferred
tax effects).

       Other Accounting Adjustments and Reclassifications

First BanCorp also identified other accounting errors that
require additional adjustments and reclassifications. The
cumulative effect of all these other adjustments was an increase
in pre-tax income of approximately US$862,000 through
Dec. 31, 2004.

"In the aggregate, these adjustments have a minimal effect on
our stockholder's equity, and result in a decrease in 2004 net
income of less than one percent," said Fernando Scherrer,
Executive Vice President and Chief Financial Officer of First
BanCorp.  "Moving forward, we expect to file the quarterly
reports for the interim periods on Form 10-Q and the annual
report on Form 10-K for the year ended Dec. 31, 2005, in the
first quarter of 2007.  Thereafter, First BanCorp expects to
file its quarterly reports for the corresponding quarters of
2006."

            Implementation of Long-Haul Method of
             Accounting for Interest Rate Swaps

First BanCorp previously announced that, on April 3, 2006, it
adopted the long-haul method of effectiveness testing under
Statement of Financial Accounting Standards No. 133, "Accounting
for Derivative Instruments and Hedging Activities", for
substantially all of the interest rate swaps that hedge the
brokered CDs and medium-term notes issued by its subsidiary,
FirstBank.  Prospectively, changes in the value of FirstBank's
brokered CDs and medium-term notes should substantially offset
the changes in the value of the interest rate swaps.  Management
does not expect additional significant non-cash losses other
than those previously reported as having been recognized through
March 31, 2006, as a result of the misapplication of the short-
cut method.

With the implementation of the long-haul method with respect to
the brokered CDs and medium-term notes on April 3, 2006, First
BanCorp expects that the unrealized cumulative loss that it has
recognized will reverse over the remaining lives of the swaps.
FirstBank intends to hold the swaps until they mature because,
economically, these transactions have satisfied and continue to
satisfy their intended results.

  Audit Committee Investigation and Management Reassessment

Counsel to the Audit Committee recently informed the Board of
Directors that the Committee's investigation has been completed.
The investigation did not find any additional significant
accounting issues other than those previously disclosed by
management.  However, the Audit Committee's investigation found
evidence of misconduct and false representations by certain
former members of senior management as discussed in the 10-K.

Management has concluded its review and reassessment of
additional accounting matters.  Adjustments as a result of this
management's review and reassessment will have no significant
financial impact on the operations and stockholder's equity of
the Corporation.

In connection with the preparation of the restated financial
statements included in this Amended Annual Report on Form 10-K/A
for the fiscal year ended Dec. 31, 2004, the Corporation re-
evaluated its internal control over financial reporting as of
Dec. 31, 2004. As a result of its re-evaluation, management has
concluded that, as of Dec. 31, 2004, the Corporation did not
maintain effective internal control over financial reporting
because of the material weaknesses in the Corporation's internal
control over financial reporting.  The Corporation's independent
registered public accounting firm has issued an adverse opinion
on management's assessment of internal control over financial
reporting.  The report issued by the Corporation's independent
registered public accounting firm, which is included in the
Corporation's Amended Annual Report on Form 10-K, describes an
additional material weakness that is not identified as a
material weakness in management's report on internal control
over financial reporting.  Management fully considered the view
of the Corporation's independent registered public accounting
firm in completing its assessment of internal control over
financial reporting.

The disclosures included in Item 9A "Controls and Procedures",
management's report on internal control over financial reporting
and the opinion of the Corporation's independent registered
public accounting firm set forth in the Amended Annual Report on
Form 10-K are incorporated by reference into the press release.

              Enhanced Governance and Controls

Based on the findings of the Audit Committee's review, First
BanCorp has undertaken a number of procedures and instituted a
number of controls to help ensure the proper collection,
evaluation and disclosure of the information to be included in
the Corporation's SEC reports and has implemented additional
tools and procedures to address any material weaknesses.

"A significant aspect of our restatement process has been the
strong actions taken by management and the Board together to
strengthen our governance and day-to-day policies and procedures
to further create a culture of accountability," said Fernando
Rodriguez Amaro, Chair of the Audit Committee of First BanCorp's
Board of Directors.  "First BanCorp comes out of this review a
stronger company with an even sharper focus on transparency,
disclosure and controls as we deliver excellent commercial
banking services," said Luis Beauchamp.

Key initiatives instituted by management and the Board of
Directors include, among others:

   * Board Membership Changes:

     In September 2005, Luis M. Beauchamp and Aurelio Aleman
     were elected to the Board of Directors.  In November 2005,
     the Board of Directors elected Fernando Rodriguez Amaro as
     a new independent director to serve as an additional
     financial expert on the Audit Committee, and thereafter
     appointed him Chairman of that Committee as of
     Jan. 1, 2006.  Also, in the first quarter of 2006, the
     Board appointed Jose Menendez Cortada as the Lead
     Independent Director of the Board.

   * Corporate Governance Review:

     With the assistance of outside consultants and outside
     counsel, the Corporate Governance Committee of the Board
     re-evaluated the Corporation's corporate governance and
     made recommendations to the full Board for changes.  This
     effort is expected to result in improved Board Committee
     oversight and in an alignment of their responsibilities
     with the industry's best governance practices.

   * Risk Management Program, Restructured Compliance Program
     and Enhancement of the Communication of Information to the
     Audit Committee:

     Management and the Board reviewed First BanCorp's risk
     management program, with the assistance of outside
     consultants and counsel, resulting in a realignment of
     risk management functions and the adoption of an
     enterprise-wide risk management process.  The appointment
     of a senior manager officer as Chief Risk Officer, the
     appointment of this officer to the Risk Management Council
     with reporting responsibilities to the CEO and the Audit
     Committee, and the establishment of an Asset/Liability
     Risk Committee of the Board are important elements of the
     enhanced risk management program.

   * Ethical Training of Employees and Directors:

     The Corporation has designed and begun to offer enhanced
     corporate compliance seminars to every employee and
     director.  Through the corporate compliance training
     program, First BanCorp is emphasizing the importance of
     compliance with the Corporation's policies and procedures
     and control systems, including the new policy regarding
     full and complete documentation of agreements and
     prohibiting oral and side agreements, the Corporation's
     Code of Ethics and Code of Conduct, the Corporation's
     various legal compliance programs, and the availability of
     mechanisms to report possible unethical behavior, such as
     the Audit Committee's whistleblower hotline.

                       Other Matters

The Corporation is currently in discussions with the Staff of
the Enforcement Division of the Securities and Exchange
Commission to resolve the formal investigation commenced by the
SEC on Oct. 21, 2005.  The Corporation expects that any
settlement with the SEC will include a monetary penalty to be
paid by the Corporation. Any agreements with the SEC staff will
be subject to the final approval of the Commissioners of the
SEC.  No assurances can be given that the Corporation will reach
an agreement with the SEC on the resolution of the
investigation.  The investigation may have a material adverse
effect on the Corporation's business, results of operations,
financial condition and liquidity.  In addition, the findings of
the investigation may affect the course of the civil litigation
pending against the Corporation.

            Summary of Key Results of the Restatement
                   Ended Dec. 31, 2004:

                        (In thousands)

         2000-2004 Cumulative Decrease of Retained Earnings
                      and Legal Surplus

Pre-tax restatement adjustments:
Accounting for derivative instruments and
broker placement fees                             US$(26,333)
Accounting for investment securities                    3,483
Accounting for fees, costs, premiums
and discounts on loans                                (2,430)
Other adjustments                                        (191)
Total pre-tax restatement adjustments                 (25,471)
Income tax impact of restatement
adjustments and re-evaluation of
income taxes on previously reported amounts             8,387
Total retained earnings and legal surplus impact   US$(17,084)


                          Net Income
                        (In thousands)

                        As
                     Previously    As
                     Reported   Restated   US$ Change   % Change

2004                US$178,878  US$177,325   US$(1,553)  (0.87)%
2003                US$152,338  US$119,894  US$(32,444)  21.30)%
2002                US$107,956  US$132,862   US$24,906    23.07%

                  Earnings per Share - Diluted 2002 to 2004

                         As
                     Previously
                     Reported  As Restated   Change

2004                US$3.34      US$3.30      (US$0.04)
2003                US$2.98      US$2.18      (US$0.80)
2002                US$2.01      US$2.63       US$0.62


            Exhibits of Restated Results For The Year
                      Ended December 31, 2004

                Regulatory Capital Ratios 2002 - 2004

                                As
                              Previously     As
                              Reported   Restated      Change

Dec. 31, 2004

Total Capital

First BanCorp                   14.89%    12.83%       (2.06)%
FirstBank                       12.28%    10.60%       (1.68)%

Tier 1 Capital

First BanCorp                   13.57%    11.62%       (1.95)%
FirstBank                       11.03%    9.44%        (1.59)%

Leverage Ratio

First BanCorp                    9.25%     9.26%         0.01%
FirstBank                        7.50%     7.51%         0.01%


                                As
                              Previously     As
                              Reported   Restated      Change


Dec. 31, 2003

Total Capital

First BanCorp                   15.22%    13.78%      (1.44)%
FirstBank                       13.49%    12.23%      (1.26)%

Tier 1 Capital

First BanCorp                   13.65%    12.24%      (1.41)%
FirstBank                       12.00%    10.78%      (1.22)%

Leverage Ratio

First BanCorp                    8.35%     8.41%        0.06%
FirstBank                        7.38%     7.44%        0.06%


                                As
                              Previously     As
                              Reported   Restated      Change

Dec. 31, 2002

Total Capital

First BanCorp                   13.75%    13.55%      (0.20)%
FirstBank                       12.50%    12.39%      (0.11)%

Tier 1 Capital

First BanCorp                   11.90%    11.76%      (0.14)%
FirstBank                       10.68%    10.63%      (0.05)%

Leverage Ratio

First BanCorp                    7.35%     7.85%        0.50%
FirstBank                        6.62%     7.12%        0.50%


               Exhibits of Restated Results For The
                   Year Ended Dec. 31, 2004

The effect of the recharacterization of the mortgage bulk
purchases is as follows:

                         (In thousands, US$)

                     Year  As Reported As Restated    Change


Residential real
estate loans,
mainly secured by
first mortgages      2004  $4,674,450  $1,312,747   $(3,361,703)
                     2003  $2,867,160  $1,011,337   $(1,855,823)

Commercial Loans     2004  $3,207,110  $6,803,112    $3,596,002
                     2003  $2,832,635  $4,697,342    $1,864,707

Securities Available
for Sale             2004  $1,544,703  $1,320,970     $(223,733)
                     2003  $1,219,138  $1,220,849       $1,711


              Exhibits of Restated Results For The
                  Year Ended Dec. 31, 2004

The composition of loans receivable for 2004 and 2003, as
restated, is as follows:

                          Dec. 31, 2004      Dec. 31, 2003
                           As restated (1)    As restated (1)

                                (Dollars in Thousands)

Residential real estate
loans, mainly secured
by first mortgages          US$1,312,747        US$1,011,337


Commercial loans:

Construction loans               398,453           328,175
Commercial mortgage loans        690,900           683,766
Commercial loans               1,871,851         1,623,964

Secured loans to local
Financial institutions
collateralized by real
estate mortgages               3,841,908         2,061,437

Commercial loans               6,803,112         4,697,342
Finance Leases                   212,234           159,696
Consumer Loans                 1,359,998         1,160,829
Loans Receivable               9,688,091         7,029,204

Allowance for Loan Losses       (141,036)         (126,378)
Loans Receivable, net          9,547,055         6,902,826
Loans held for sale                9,903            11,851

Total Loans                 US$9,556,958        US$6,914,677


First BanCorp (NYSE: FBP) is the parent Corp. of FirstBank
Puerto Rico, a state chartered commercial bank with operations
in Puerto Rico, the Virgin Islands and Florida; of FirstBank
Insurance Agency; and of Ponce General Corp..  First
BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations.

                        *    *    *

As reported in the Troubled Company Reporter on March 22, 2006,
Fitch Ratings affirmed the ratings and Outlook for First Bancorp
and FirstBank Puerto Rico: long-term Issuer Default Rating
'BB'/short-term 'B'.  The Rating Outlook remains Negative.


MARGO CARIBE: Hires Horwath Velez as Independent Accounting Firm
----------------------------------------------------------------
Margo Caribe, Inc.'s Audit Committee approved on Sept. 25, 2006,
the engagement of Horwath Velez & Co. PSC as the company's
independent registered public accounting firm to audit the
company's consolidated financial statements for the fiscal year
ending Dec. 31, 2006 and to review the unaudited interim
consolidated financial statements for the first three quarters
of 2006.

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2006, Deloitte & Touche LLP, its former independent
registered public accounting firm, had resigned and the client-
auditor relationship between the company and Deloitte had
ceased.

Deloitte's reports on the company's financial statements for the
company's two most recent fiscal years did not contain an
adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope, or
accounting principles, except that Deloitte's report dated
Sept. 6, 2006, relating to the financial statements and
financial statement schedule of the company, appearing in the
company's Annual Report on Form 10-KSB for the year ended
Dec. 31, 2005, included an explanatory paragraph relating to the
uncertainty concerning the company's ability to continue as a
going concern.

In addition, Deloitte noted material weaknesses to the Margo
Caribe's internal controls after auditing the company's
financial reports for the year ended Dec. 31, 2005.  The
material weaknesses noted by Deloitte were the following:

   1) Margo Caribe did not maintain a sufficient complement of
      personnel to maintain an appropriate accounting and
      financial reporting structure commensurate with its
      activities;

   2) the company's limited number of personnel does not allow
      for an appropriate level of segregation of duties;

   3) the company does not have an appropriate fraud detection
      program to address the risk that the financial statements
      may be materially misstated as a result of fraud; and

   4) the company did not maintain adequate controls and
      procedures to assure the identification and reporting of
      certain transactions with related parties.

Headquartered in Vega Alta, Puerto Rico, Margo Caribe, Inc.
-- http://www.MargoCaribe.com-- and its subsidiaries primarily
engage in the production, distribution, and sale of various
tropical plants to the interior and exterior landscapers,
wholesalers, and retailers in Puerto Rico and the Caribbean.
The company also manufactures and distributes a line of planting
media and aggregates; distributes lawn and garden products,
including plastic and terracotta pottery, planting media, and
mulch; and provides landscaping design and installation
services.  In addition, Margo Caribe distributes fertilizers,
pesticides, and various outdoor products.  The company
manufactures potting soils, professional growing mixes, river
rock, gravel, and related aggregates.


PEP BOYS: Moody's Rates US$320MM Sr. Sec. Credit Facility at Ba3
----------------------------------------------------------------
Moody's Investors Service took a number of rating actions in
relation to Pep Boys:

   -- assigned a Ba3 rating to Pep Boys' Inc.'s new US$320
      million senior secured credit facility;

   -- affirmed the B1 corporate family rating; and

   -- applied Moody's new Probability of Default and Loss
      Given Default rating methodology to all of the
      company's long term ratings.

The outlook on all ratings remains negative.

These ratings were assigned:

   -- Probability of default rating at B1; and

   -- US$320 million senior secured credit facility due
      2011 at Ba3 (LGD 2, 29%).

These ratings were affirmed:

   -- Corporate family rating at B1;

   -- US$200 million senior subordinated notes due 2014
      at B3 (LGD 5, 82%);

   -- US$200 million senior secured credit facility at
      Ba2 (LGD 2, 24%) (to be withdrawn at closing of
      the new term loan); and

   -- Medium Term Notes at B2 (LGD 4, 61%);

This rating was downgraded:

   -- US$119 million senior guaranteed unsecured convertible
      notes due 2007 to B2 (LGD 4, 61%) from B1
      (to be withdrawn upon closing of the new term loan).

Pep Boys' B1 corporate family rating combines a franchise that
has many Ba qualitative characteristics with credit metrics that
for the LTM period ended July 31, 2006 remain weak due to the
poor second half 2005 performance.  This includes debt/EBITDA of
7.2 times for the LTM period, although it does reflect
improvement for the first half of 2006, with debt/EBITDA on a
run-rate for the year of around 6 times. Moody's expects metrics
to improve and be more consistent with its existing rating by
the end of the first quarter of 2007, with debt/EBITDA to be
maintained below 6x beginning with that period.  The company's
ability to improve its credit metrics in the near term is a key
rating factor.

The assignment of Ba3 ratings on the new US$320 million senior
secured facility, as well as the rating actions taken in
relation to its various debt securities, reflects Moody's new
methodology for assigning ratings to individual securities and
bank facilities rather than a change in the characteristics of
any debt security or bank facility or in the company's
fundamental credit profile.

Proceeds of the new US$320 million senior secured facility will
be used to repay the existing $200 million senior secured credit
facility and existing US$119 million in convertible notes that
mature in June 2007. The new facility has a collateral package
consisting of a pool of mortgaged properties with an advance
rate representing 50% of loan to appraised value of the pool.
Release and replacement provisions are conservative, ensuring
that the pool will remain "in balance" with this 50% construct.

Moody's has applied its new Probability-of-Default (PD) and
Loss-Given-Default (LGD) rating methodology to Pep Boys.
Moody's 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 disaggregates these two key assessments in
long-term ratings. The LGD rating methodology also enhances the
consistency in Moody's notching practices across industries and
improves the transparency and accuracy of our ratings as our
research has shown that credit losses on bank loans tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) 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 (or LGDAs) are assigned to
individual rated debt issues-loans, bond, 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%-
9%) to LGD6 (loss anticipated to be 90%-100%).

The negative outlook reflects the challenges that remain for Pep
Boys to successfully complete its transformation, and credit
metrics that are very weak for the B1 category.

Given the negative outlook, upward rating momentum is unlikely.
A stable outlook could result if Pep Boys can reduce leverage to
a sustainable level of less than 6 times and continue to
generate positive free cash flow.  A downgrade could result if
it appears evident that leverage will not reduce to below 6
times by the end of the first quarter of 2007.

Headquartered in Philadelphia, Pennsylvania, The Pep Boys -
Manny, Moe & Jack operate about 593 stores in 36 states and
Puerto Rico with annual revenues of approximately US$2.3
billion.


SAFETY-KLEEN: 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 Services - Contractor sector, the rating
agency revised its Corporate Family Rating for Safety-Kleen
HoldCo, Inc. to B2 from B1.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Senior Secured
   Revolver due 2012      B1       Ba3    LGD 2       27%

   US$230 million
   Senior Secured
   Term Loan B
   due 2013               B1       Ba3    LGD 2       27%

   US$65 million
   Senior Secured
   Pre-Funded Letter
   Of Credit due 2013     B1       Ba3    LGD 2       27%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


SUNCOM WIRELESS: 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 Telecommunications sector, the rating agency
confirmed its Caa3 Corporate Family Rating for Suncom Wireless,
Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 million
   Senior Secured
   Term Loan
   due 2009               B2       B2     LGD 1        3%

   US$714 million
   8.5% Senior Notes
   due 2013              Caa2     Caa2    LGD 3       37%

   US$340 million
   9.375% Senior
   Subordinate
   Notes due 2011         Ca       Ca     LGD 5       83%

   US$391 million
   8.75% Senior
   Subordinate
   Notes due 2011         Ca       Ca     LGD 5       83%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).




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


BRISTOW 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba2 Corporate
Family Rating for Bristow Group Inc.

Moody's also confirmed its Ba2 rating on the company's 6.125%
Senior Unsecured Guaranteed Global Notes Due 2013, and assigned
the debentures an LGD4 rating suggesting noteholders will
experience a 59% 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 Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.


BRITISH WEST: Unions Ink Voluntary Separation Packages
------------------------------------------------------
The trade unions at British West Indies Airlines aka BWIA have
signed the final agreement for voluntary separation packages,
the Trinidad & Tobago Express reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, the BWIA management sent the four unions the
proposal on their final decision for voluntary separation
packages late last week.  It took two weeks of negotiations for
BWIA and the unions to agree on the separation packages.

Curtis John -- the head of the Aviation, Communication and
Allied Workers' Union -- told The Express, "We just came from
signing the VSEP (voluntary separation) document and it is
almost ready for implementation because once you sign, what I
think they would need to do now is to source the funds to pay to
the workers.  They (BWIA employees) now have to apply for the
VSEP anytime from today.  The company will send out the forms
where they will apply for VSEP.  What is important is that the
company will determine when a employee will be released so that
it possible to see people start leaving in the next two weeks,
maybe within the next week.  But I think a lot of decisions will
be taken by the end of October."

According to The Express, about 1,800 workers will get their
voluntary separation payment in one lump sum package.

The voluntary separation payment packages would surpass all the
other voluntary separation payments by very far, The Express
notes, citing Mr. John.

Mr. John told The Express that the accord made on the separation
packages included:

          -- a consolidation of the cost of living allowance
             with the basic salary;

          -- a 20% increase in salary, which will form the base;
             and

          -- an applied 30% enhancement.

BWIA continued preparations for shutdown, The Express states.

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: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Royal
Caribbean Cruises Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Unsecured
   Notes
   6.75%-8.75%
   2006-2027              Ba1      Ba1    LGD 4       55%

   US$550
   Sr. Unsecured
   7% 2013                Ba1      Ba1    LGD 4       55%

   US$350
   Sr. Unsecured
   7.25% 2016             Ba1      Ba1    LGD 4       55%

   Zero Coupon
   Convertible
   Notes                  Ba1      Ba1    LGD 4       55%

   Sr. Unsecured
   Shelf                  Ba1      Ba1    LGD 4       55%

   Preferred
   Shelf                  Ba3      Ba2    LGD 6       97%

Moody's current long-term credit ratings are opinions about
expected credit loss that 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 our notching practices across
industries and will improve the transparency and accuracy of our
ratings as our 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).




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


* URUGUAY: Moody's Says Banking System Remains Weak
---------------------------------------------------
In its annual report on the credit worth of Uruguayan's banks,
Moody's Investors Service concludes "the Uruguayan banking
system remains weak because of a lack of financial
intermediation and because of the strong influence of public
sector banks."

The report's author, Analyst Maria Andrea Manavella, says that
the outlook for the banks' average E Bank financial strength
rating remains stable at the lowest level of Moody's ratings
scale, reflecting the banks' still-poor stand-alone
creditworthiness.  "Moody's low bank financial strength ratings
for Uruguayan banks still incorporate the very negative effects
of the 2002 crisis," she adds, "which continues to weigh on the
banks' overall health."

"The Uruguayan system has nevertheless been experiencing a slow
recovery, along with the rest of the banking systems in the
Latin American region," the analyst explains, "but financial
intermediation remains weak, despite gradually improving
macroeconomic conditions".

"In spite of a small uptick in lending, credit demand is
generally still poor and operating expenses are high, so the
banks' core profitability is likely to remain pressured," she
adds. The system's core profits were modestly positive for the
first half of 2006, but the earning quality remains weak, in
Moody's opinion.

Ms. Manavella explains that the banks' earnings were highly
influenced by financial income derived from investments of the
liquidity surplus, aided by rising international interest rates.
Declining provisions and lower cost of funding also supported
banks' results. "However," the analyst says, "Uruguayan banks
are struggling to reduce their heavy operating expenses and
bolster their modest fee incomes."

Still, Moody's believes that the banking system's future
prospects are encouraging for the long term.  "We expect a
moderate improvement in lending in the future --an improvement
based on good macroeconomic conditions," Ms. Manavella states,
"which should help the corporate sector to boost its
investments, and the retail sector to increase consumption as it
pays its old debts."

The analyst points out that "asset quality and nonperforming
loans coverage for the system remained affected by the massive
problem debts of the government-owned banks, which offset
improvements due to the efforts of the private sector banks.

The Central Bank has made efforts to strengthen the regulatory
framework, both in terms of credit quality and capital
requirements, thereby seeking to improve the banks' operations.
"Moody's views such efforts positively," Ms. Manavella says,
"but we expect further improvements, especially in the quality
of information."




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


ARVINMERITOR 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 Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for
ArvinMeritor, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Sec. Revolving
   Credit Facility        Ba1     Baa3    LGD 2       18%

   Secured Term Loan      Ba1     Baa3    LGD 2       18%

   8-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   8-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6.8% Senior Notes      Ba3     Ba3     LGD 4       64%

   6-5/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   7-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   Shelf Sr. Unsecured   (P)Ba3  (P)Ba3   LGD 4       64%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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%).


ARVINMERITOR INC: S&P Maintains Negative Watch on Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
automotive components supplier ArvinMeritor Inc. on CreditWatch
with negative implications reflecting concerns over ARM's
ability to return currently weak credit metrics to levels
acceptable for the rating in light of worsening industry
fundamentals, as partly evidenced by the recent production cuts
by Chrysler.  In addition, the rating agency remaina concerned
about prospective raw material challenges and the widely
expected weakening of the commercial truck segment in 2007.

The company's short-term rating of 'B-1' and recovery rating of
'1' were affirmed and are not on CreditWatch.  The company has
made very significant strides in improving its term debt
structure and liquidity so we do not believe that ARM's near-
term liquidity prospects will be significantly diminished from
previous expectations during fiscal 2007. Term debt maturities
are minimal through 2011, availability under ARM's US$980
million revolving credit facility is believed to be substantial
and ARM continues to actively seek to sell selected remaining
non-core assets with some additional proceeds anticipated.

For the rating, funds from operations to adjusted debt is
expected to be about 20%; actual for fiscal 2005 (September
year-end) was around 9%, taking into account US$724 million of
tax-adjusted debt-like unfunded postretirement obligations at
the end of the fiscal year. In fiscal 2006, Standard & Poor's
expects improvement in FFO along with lower debt and post
retirement obligations, so measures should improve in 2006 over
2005, but into 2007 more severe industry conditions, along with
a weak commercial truck market, may leave credit measures still
below the levels expected for the current rating.

Standard & Poor's plans to meet with ARM management to review
the outcome of fiscal 2006 and prospects for fiscal 2007 in
light of these increasing challenges.  ARM is expected to report
fiscal year end results in mid-November and we currently plan to
resolve the CreditWatch by early December at the latest.


CITGO PETROLEUM: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba1 Corporate
Family Rating for CITGO Petroleum Corporation.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2010      Ba1    Baa3     LGD3        31%

   Sr. Sec. Gtd.
   Term Loan
   Due 2012               Ba1    Baa3     LGD3        31%

   Pollution Control
   Rev. Bonds
   Ser. 1995 due 2025     Ba1    Baa3     LGD3        31%

   Pollution Control
   Rev. Bonds Ser. 2003
   Due 2031               Ba1    Baa3     LGD3        31%

   Pollution Control
   Rev. Bonds Ser.
   1998 due 2028          Ba1    Baa3     LGD3        31%

   Pollution Control
   Rev. Bonds Ser. 2002
   Due 2032               Ba1 --> Baa3, LGD 3, 31%

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 Houston, Texas, CITGO Petroleum Corporation
refines and markets petroleum products, including jet fuel,
diesel fuel, heating oils, and lubricants.  The company markets
CITGO branded gasoline through 14,000 independent retail outlets
in the US, mainly east of the Rockies.  CITGO Petroleum owns oil
refineries in Illinois, Louisiana, and Texas, and 41% of the
LYONDELL-CITGO Refinery in Houston, which produces light fuels.
The company owns or operates 859,000 barrels per day of refining
capacity.  It also owns asphalt refineries in Georgia and New
Jersey, and a 142-mile crude oil pipeline.  CITGO Petroleum is
the operating subsidiary of PDV America, itself a subsidiary of
Venezuela's PDVSA.


PETROLEOS DE VENEZUELA: Unit Closes Orimulsion Plant in Morichal
----------------------------------------------------------------
Bitor, a subsidiary of state-run oil firm Petroleos de
Venezuela, has closed its Morichal orimulsion plant, according
to a statement from Venezuela's energy and oil ministry.

Business News Americas relates that the ministry is stopping
production of orimulsion.

Orimulsion is an extra-heavy crude emulsion produce through the
use of water in power plants.

The ministry said in the statement that orimulsion is not an
appropriate use of Venezuelan extra-heavy crude.  Upgrading the
crude and mixing it with lighter ones is more valuable than
producing orimulsion.

The statement says that Bitor has also been terminating existing
supply agreements.

Sinovensa -- a joint venture between Petroleos de Venezuela and
China National Petroleum -- will stop production of orimulsion
on Dec. 31 and will be restructured as a joint firm under the
new hydrocarbons law.  It will produce extra-heavy crude and
lighter crude mixes, BNamericas reports.

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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

Oct. 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

Oct. 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 25, 2006
   BEARD AUDIO CONFERECES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions, Review Risks, Examine Latest Decisions
      Affecting Directors, Advisors and Lenders of Troubled
      Companies
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Oct. 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Oct. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

Oct. 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

Oct. 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 31 - Nov. 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

Nov. 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

Nov. 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

Nov. 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

Nov. 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

Nov. 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

Nov. 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

Nov. 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

Nov. 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

Nov. 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

Nov. 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

Nov. 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

Nov. 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

Nov. 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

Nov. 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

Nov. 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

Nov. 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

Nov. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

Nov. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

Nov. 30-Dec. 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

Dec. 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Dec. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Dec. 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Jan. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

Jan. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

Jan. 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

Feb. 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

Feb. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

Feb. 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                        ***********


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

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

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

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

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

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


           * * * End of Transmission * * *