TCRLA_Public/061003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 3, 2006, Vol. 7, Issue 196

                          Headlines

A R G E N T I N A

AGROGANADERA ARANDUROGA: Claims Verification Is Until Oct. 26
ALPARGATAS SAIC: Creditors Have Until Oct. 29 to Choose Option
COPY BLACK: Verification of Proofs of Claim Is Until Nov. 16
CORMILLOT COMUNICACIONES: Verification of Claims Ends on Nov. 29
CORPORACION MEDICA: Trustee Verifies Claims Until Nov. 15

CURTIEMBRE BECAS: Asks for Court Approval to Reorganize Business
GUARDIANES SRL: Verification of Proofs of Claim Is Until Nov. 15
QUEBECOR WORLD: Earnings Concern Prompts S&P to Cut Rating to B+

* PROVINCE OF NEUQUEN: S&P Rates US$125MM Amortizing Notes at B+

B A H A M A S

COMPLETE RETREATS: Panel Requests Rule 2004 Exam on R. McGrath
COMPLETE RETREATS: Wants Bermuda Cliffs' Chap. 11 Case Dismissed
COMPLETE RETREATS: Taps O'Connor as Ordinary Course Professional
WINN-DIXIE: Wants Court to Approve Deutsche Bank Stipulation

B E R M U D A

REFCO: Chapter 7 Trustee Wants Rogers Funds Claims Disallowed
REFCO INC: Settlement with Creditors Worries Administrator
TRENT COMPANY: Creditors Must File Proofs of Claim by Oct. 16
WARNER CHILCOTT: Waives Exclusive License for Ovcon(R) Pills
WARNER CHILCOTT: S&P Raises Corporate Credit Rating to B+ from B

B O L I V I A

* BOLIVIA: Contract Renegotiations with BG Group In Progress
* BOLIVIA: State Oil Firm Needs US$800 Million to Meet Contracts

B R A Z I L

ADVANCED MEDICAL: Lowers 2006 Revenue & Adjusts EPS Outlook
BANCO BRADESCO: Paying Interests on Own Capital on Nov. 1
BANCO DO BRASIL: Allocates BRL7B for Agribusiness Sector in Oct.
BANCO NACIONAL: Investing BRL17.6M in Petrochem. Sector by 2007
BOMBARDIER RECREATIONAL: Moody's Puts LGD4 Rating to Term Loan

BRASKEM: Completed Note Issuance Results to Reduces Cost Capital
COMPANHIA SIDERURGICA: Casa de Pedra to Become Independent Body
NOVELIS INC: Expects Improved Financial Performance in 2007

C A Y M A N   I S L A N D S

CAYMAN ISLANDS SENTOSA: Last Shareholders Meeting Is on Oct. 23
CAYMAN MEDICAL: Filing of Proofs of Claim Is Until Oct. 31
CX B-HLW: Shareholders Convene for a Final Meeting on Oct. 20
EMPEROR LTD: Final Shareholders Meeting Is Scheduled for Oct. 20
FUTURE INVESTMENTS: Proofs of Claim Filing Is Until Oct. 31

GLOBAL EMERGING: Last Shareholders Meeting Is Set for Oct. 20
SCL NAUTILUS: Shareholders to Have Final Meeting on Oct. 20
STOCKBRIDGE FUND: Creditors Must File Proofs of Claim by Nov. 2
SUNI ASSET: Shareholders Gather for a Final Meeting on Oct. 20
SYNTHESIS GLOBAL: Final shareholders Meeting Is Set for Oct. 20

C H I L E

COEUR D'ALENE: CEO Dennis Wheeler Implements Rule 10b5-1 Plan

C O L O M B I A

DRUMMOND CO: Will Launch Construction Works on Second Rail Line

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Alvarez Renta to Repay Embezzled Funds
REPUBLIC BANK: Fitch Affirms B Issuer Default Ratings

E C U A D O R

* ECUADOR: President Assures Country Will Pay Foreign Debts

G U A T E M A L A

* GUATEMALA: Insurance Sector Posts GTQ129MM First Half Profits

H A I T I

* HAITI: Ambassador Urges Donors to Live Up to Promised Aid

J A M A I C A

DYOLL INSURANCE: Halts Real Estate & Property Management Plans
SUGAR CO: Richard Harrison to Remain Chief Executive Officer

M E X I C O

BALLY TOTAL: Asks US Federal Court to Junk Shareholders' Suit
CHURCH & DWIGHT: Elects Mathhew Farrel as New VP Finance & CFO
FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
FINANCIERO BANORTE: Will Install New Backup Data Center
FORD MOTOR: Executive Says Jaguar Brand Not For Sale

GRUPO MEXICO: Asarco Closes Buy of 55% of Copper Basin Railway
GRUPO TMM: Closes Securitization of US$200 Million 2007 Notes
GRUPO TMM: Purchases New Anchor Handler Tug Supply Vessel
HILLMAN COS: Moody's Puts LGD2 Rating on US$275MM Sr. Sec. Loans
MERIDIAN AUTOMOTIVE: Sells Grand Rapids Property for US$675,000

MERIDIAN AUTOMOTIVE: Wants Flex-N-Gate Settlement Pact Approved
PAPELES INDUSTRIALES: Fitch Puts BB- Rating on US$320MM Notes
PAPELES INDUSTRIALES: Moody's Rates US$320MM Sr. Notes at Ba3
VISTEON CORP: Lowers Sales Expectation for Second Half of 2006

P A N A M A

CHIQUITA BRANDS: Asks Lenders to Waive Sr. Unsecured Facility
CHIQUITA BRANDS: Moody's Affirms B2 Corporate Family Rating

P A R A G U A Y

* PARAGUAY: IMF Completes First-Review of Stand-By Arrangement

P E R U

YPF SA: Parent to Spend US$300MM on Peruvian Plant Upgrade

P U E R T O   R I C O

ADELPHIA: Court Okays ABIZ & ACOM Debtors' Pact with Dominion
GLOBAL HOME: Court Sets November 15 as Claims Bar Date
GLOBAL HOME: Panel Wants Basham Ringe as Special Mexican Counsel
PEP BOYS: Declares US$0.675 Per Share Quarterly Dividend
PILGRIM'S PRIDE: Commences Offer on Gold Kist's 10-1/4% Notes

PILGRIM'S PRIDE: Moody's Reviews Low B Ratings & May Downgrade
SUNSET BRANDS: June 30 Stockholders' Deficit Tops US$500,000

T R I N I D A D   &   T O B A G O

BRITISH WEST: Starts Accepting Voluntary Separation Applications
MIRANT CORP: Board Authorizes US$100M Share Repurchase Program
MIRANT: MAGi Files Amended Post-Confirmation Quarterly Report

U R U G U A Y

* URUGUAY: Will Seek to Expand Commercial Ties with U.S.

V E N E Z U E L A

BANCO OCCIDENTAL: Controller to Buy Corp Group's Venezuelan Unit
SUPERIOR ENERGY: Offers to Buy Warrior Energy for US$175 Million

* BOND PRICING: For the Week of Sept. 25 -- Sept. 29, 2006


                          - - - - -


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


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

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

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

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

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

The debtor can be reached at:

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

The trustee can be reached at:

          Marcelo Fabian Francisco
          Uruguay 328
          Buenos Aires, Argentina


ALPARGATAS SAIC: Creditors Have Until Oct. 29 to Choose Option
--------------------------------------------------------------
Alpargatas SAIC and its subsidiaries Alpargatas Textil S.A.,
Alpargatas Calzado S.A., Alpaline S.A., Textil Catamarca S.A.,
Calzado Catamarca S.A. and Confecciones Textiles S.A., ask
unsecured creditors:

    -- who voted against the debtors confirmed Plan of
       Reorganizatoin at the meeting of holders of notes issued
       in series;

    -- who did not attend the meeting;

    -- with admitted or provisionally admitted claims that have
       not accepted the plan;

    -- with admitted or provisionally admitted claims that
       accepted the Plan in general but chose no options; and

   -- following a petition for revision of claims or the late
      filing of proofs of claim,

that during a thirty-day term from Sept. 29, 2006, they must be
able to choose one or more options they deem convenient among
those included in the Plan that was submitted by the debtors to
the Court.

The debtors state that:

   i) those creditors following a petition for revision of
      claims or the late filing of proofs of claims will be
      subject to a final decision in their respective
      processes, and

  ii) the creditors with final decision in a petition for    
      revision of claims or late filing of proofs of claims
      that have chosen Option C, shall be subject to a maximum
      amount of US$50,000,000 in unsecured claims that can be
      assigned to the option, and consequently they must
      specify another alternative option.

Legitimated Creditors interested in choosing a specific option
should inform of their decision in writing at the Court in the
respective file, specifying if their claim has been admitted or
is under a petition for revision of claims or under a later
filing of proofs of claims, in the last cases, mentioning the
name of the filings.

If the Legitimated Creditors are beneficial owners of notes
issued in series and have not received the verification to their
name (on an individual basis) because the relevant claim is
comprised within the globally verified claims under the Trustee
of the notes, they must prove their capacity with these
documents:

   a) i) if the Notes are deposited with an Argentine
         securities depository system, the creditor must submit
         a certificate issued in his name by that entity as         
         stated in Section 4, paragraph e) of Decree No. 677/01;
         or

     ii) if the Notes are deposited with a non-Argentine
         securities depository system, the Beneficial owner must
         deliver a certificate issued by the depository system
         evidencing the Notes held by the respective
         intermediary bank or financial institution and a
         certificate issued by such Participant which evidences
         the Beneficial Owner's holding of such Notes.  If the
         Beneficial Owner is a legal person, its legal
         representative must provide sufficient evidence of his
         authority to act as such.

   b) if such Beneficial Owner will be represented by another
      person, the attorney-in-fact must submit

      i) the certificate/s and/or instruments mentioned in
         (a) above; and

     ii) a power of attorney granted by the Beneficial Owner,
         as applicable, with express powers to choose the
         Options.

  c) All documents must be delivered with signatures attested by
     a public notary whose signature has been authenticated by
     the Association of Public Notaries -- Colegio Publico de
     Escribanos -- of the corresponding jurisdiction, if the
     public notary is from a jurisdiction in Argentina other
     than the City of Buenos Aires.  All documents executed
     outside Argentina must be delivered with signatures
     attested by a public notary and legalized by either the
     "Apostille" of the Hague Convention of 1961 or by the
     pertinent Argentine Consulate and the Ministry of Foreign
     Affairs and Cult of the Argentine Republic.  In addition,
     all documents executed in a language other than Spanish
     must be translated into Spanish by an Argentine public
     translator whose signature has been legalized by the
     Association of Public Translators of its jurisdictions
     -- Colegio de Traductores Publicos.

Legitimated Creditors who won't be able to choose among the
options presented in the Plan will be be included in Option A.

Honorable Gerardo D. Santicchia of the National Commercial Court
of First Instance No. 19, with assistance from Maria Fernanda
Mazzoni of Clerk's Office No. 7, confirmed the plan on
July 7, 2006.  The Court gave a supplementary decision on
Aug. 29, 2006, and a resolution on Sept. 15, 2006.

The Plan is available in Spanish at the Court.  It will be
available in Spanish and in English at
http://www.reestructuracion.com.arand at the corporate  
headquarters of Alpargatas at:

          841 Azara Street
          Buenos Aires, Argentina

and at the offices of the legal counselors at:

          Richards, Cardinal, Tutzer, Zabala & Zaefferer
          Attn: Ricardo Matias Richards
                Guido Barbarosch
                Gustavo Bethular
          13th floor, 1050 Leandro N. Alem Avenue
          Buenos Aires, Argentina

                      About Alpargatas

Created in 1883, Alpargatas S.A.I.C. is a group of companies
textile sector of Argentina.  The shares of the company are
located between creditors who capitalized their credits in 2000
and minor shareholders in the Buenos Aires stock market, with
participations of no more than 20%.

Alpargatas filed for the local equivalent of the United States'
Chapter 11 bankruptcy in December 2001 and presented its debt
restructuring offer in court in March 2004.  


COPY BLACK: Verification of Proofs of Claim Is Until Nov. 16
------------------------------------------------------------
Adriana R. Esnaola, the court-appointed trustee for Copy Black
S.A.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Nov. 16, 2006.

Under the Argentine bankruptcy law, Mr. Garcia is required to
present the validated claims in court as individual reports.  
Court No. 1 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 Copy Black and its
creditors.

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

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

Copy Black was forced into bankruptcy at the behest of Rithner
Portedus y Cia. S.A.C.I., which it owes US$9,858.40.

Clerk No. 1 assists the court in the proceeding.

The debtor can be reached at:

          Copy Balck S.A.
          Tucuman 320
          Buenos Aires

The trustee can be reached at:

          Adriana R. Esnaola
          Parana 489
          Buenos Aires, Argentina


CORMILLOT COMUNICACIONES: Verification of Claims Ends on Nov. 29
----------------------------------------------------------------
Nestor Agustin Iribe, the court-appointed trustee for Cormillot
Communicaciones S.A.'s bankruptcy case, will verify creditors'
proofs of claim until Nov. 29, 2006.

Under the Argentine bankruptcy law, Mr. Iribe is required to
present the validated claims in court as individual reports.  
Court No. 4 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 Cormillot
Communicaciones and its creditors.

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

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

Cormillot Communicaciones was forced into bankruptcy at the
request of ATC S.A., which it owes US$19,041.40.

Clerk No. 8 assists the court in the proceeding.

The debtor can be reached at:

          Cormillot Communicaciones S.A.
          Cuba 3684
          Buenos Aires, Argentina  

The trustee can be reached at:

          Nestor Agustin Iribe
          Corrientes 1250
          Buenos Aires, Argentina


CORPORACION MEDICA: Trustee Verifies Claims Until Nov. 15
---------------------------------------------------------
Clorinda Paula Donato, the court-appointed trustee for
Corporacion Medica San Martin S.A.'s bankruptcy case, will
verify creditors' proofs of claim until Nov. 15, 2006.

Under the Argentine bankruptcy law, Ms. Donato is required to
present the validated claims in court as individual reports.  
Court No. 4 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 Corpopracion Medica
and its creditors.

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

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

Corporacion Medica was forced into bankruptcy at the behest of
Rodolfo Oscar Ortola, whom it owes US$39,791.92.

Clerk No. 7 assists the court in the proceeding.

The debtor can be reached at:

          Corporacion Medica San Martin S.A.
          Godoy Cruz 3046
          Buenos Aires

The trustee can be reached at:

          Clorinda Paula Donato
          Maipu 42
          Buenos Aires, Argentina


CURTIEMBRE BECAS: Asks for Court Approval to Reorganize Business
----------------------------------------------------------------
Court No. 4 in Buenos Aires is studying the merits of Curtiembre
Becas S.A.'s petition to reorganize its business after it
stopped paying its obligations on Apr. 14, 2006.

The petition, once approved by the court, will allow Curtiembre
Becas to negotiate a settlement plan with is creditors in order
to avoid a straight liquidation.

Clerk No. 8 assists the court in the case.

The debtor can be reached at:

          Curtiembre Becas S.A.
          Cordoba 1432
          Buenos Aires, Argentina


GUARDIANES SRL: Verification of Proofs of Claim Is Until Nov. 15
----------------------------------------------------------------
Yolanda Tello de Candussi, the court-appointed trustee for
Guardianes S.R.L.'s reorganization proceeding, will verify
creditors' proofs of claim until Nov. 15, 2006.

Ms. de Candusi will present the validated claims in court as
individual reports on Feb. 7, 2007.  A court in San Miguel de
Tucuman will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Guardianes and its creditors.

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

A general report that contains an audit of Guardianes'
accounting and banking records will follow on April 11, 2007.

On Oct. 24, 2007, Guardianes' creditors will vote on a
settlement plan that the company will lay on the table.

The debtor can be reached at:

          Guardianes S.R.L.
          Barrio La Pila, Delfin Gallo
          Ingenio La Esperanza, Dpto. Cruz Alta
          Tucuman, Argentina

The trustee can be reached at:

          Yolanda Tello de Candussi
          Uruguay 328
          Buenos Aires, Argentina


QUEBECOR WORLD: Earnings Concern Prompts S&P to Cut Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the
ratings on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflect concerns that
earnings and credit measures at Quebecor World may weaken
further in the medium term due to a challenging pricing
environment, operating losses in the company's European
division, inefficiencies related to the installation of new
printing presses, and intense competition," said Standard &
Poor's credit analyst Lori Harris.

"Furthermore, the company is expected to be a borrower in the
near term, increasing debt levels to fund negative discretionary
cash flow at a time when the cushion in credit facility
covenants has narrowed," Ms. Harris added.

In addition, unfavorable shifts in product mix and higher energy
costs are adding to the company's challenges and are expected to
result in margins well below historical levels.  Free cash flow
will continue to be negatively affected by the significant
reduction in earnings and increased investments being made in
the company's manufacturing platform.

The ratings on Quebecor World reflect:

   * the company's highly leveraged financial profile;
   * its weakness in revenues, earnings, and free cash flow
     despite restructuring efforts;

   * challenges within the European operations; and

   * difficult industry conditions.

   * Quebecor World remains the world's second-largest printer,
     supported by its product and global diversity.

To resolve its CreditWatch listing, Standard & Poor's will meet
with management and review Quebecor World's overall financial
policies, as well as its operating and financial strategies.

The company has global facilities in India, France and
Argentina.


* PROVINCE OF NEUQUEN: S&P Rates US$125MM Amortizing Notes at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Argentina's Province of Neuquen's US$125 million
secured amortizing notes due 2014.

                        Ratings Assigned

Province of Neuquen

Class                      Rating             Amount (mil. US$)
Secured amortizing
notes due 2014            B+/raAAA                    125

This is the first cross border-structured transaction secured by
a portfolio of assets originated in Argentina to be issued in
the capital markets since the Argentine economic, financial, and
sovereign crisis of 2002.  The preliminary ratings are based on
information as of Sept. 29, 2006.  Subsequent information may
result in the assignment of final ratings that differ from the
preliminary ratings.

The preliminary ratings are based on theses transaction
characteristics:

   -- The solid credit enhancement protection that includes
      overcollateralization and a debt service reserve account
      equivalent to the next scheduled debt service payment.  In
      addition, there will be an extraordinary event prepayment
      account and a trigger event prepayment account to cover
      any liquidity short fall in case of a prepayment event;

   -- The underlying assets' source of repayment is derived from
      a pool of highly rated private oil
      producers/concessionaries.  These entities that are
      currently paying royalties to the Province will pay
      directly to the Argentine onshore trust for the benefit
      of the noteholders.  Consequently, repayment for this
      transaction depends on the evolution and performance of
      the royalties or oil production and not on the Province's
      willingness or capability to pay debt;

   -- The strength of the underlying collateral provided by oil
      royalties to be assigned to an onshore Argentine trust to
      be held at Citibank N.A.;

   -- The adequate financial characteristics of Neuquen, which
      is based mainly on strong royalty revenues, solid fiscal
      performance, a track record of good management, and
      an adequate debt maturity profile;

   -- The weak business risk profile of Neuquen's hydrocarbon
      industry, which results from a challenging institutional
      and regulatory environment, and disappointing reserve
      replacement performance in the past years due mainly to
      low investments.  

These factors are somewhat balanced by:

   -- a large reserve base,

   -- the importance of Neuquen's hydrocarbon industry's
      production to the country,

   -- Neuquen's strategic location,

   -- the existence of adequate infrastructure to support the
      industry, and the low geological complexity of the basin;
      and

   -- the high penetration that oil and natural gas have over
      the country's energy matrix.

The Province expects an initial issuance of US$125 million with
an expected final maturity of up to eight years.  Payments will
be made quarterly and interest-only for the first five payments.  
Principal amortization will begin with the sixth quarterly
payment.  The Province also expects to do add-ons to the first
series or to issue new series to complete the US$250 million
program within 12 months after closing.

Neuquen, a province located in southern Argentina with a
population of 500,000 and a gross geographic product per capita
above the Argentinean average (US$9,300 compared with US$7,000),
plans to raise up to US$250 million in the capital market for
long-term investments in the Province through the issuance of
structured notes.  The notes will be secured by certain oil
royalties paid to the Province by three oil and gas producers
from three predetermined areas.  These royalties represent 12%
of the oil production value at the wellhead of the dedicated
concessionaires.  The areas to be assigned for this transaction
are the most important producing areas of the Province:

   -- El Trapial (operated by Chevron),
   -- Puesto Hernandez (operated by Petrobras), and
   -- Entre Lomas (operated by Petrolera Entre Lomas - Petrobras
      Group).

These areas account for approximately 45% of proven oil reserves
and 44% of oil production in the Province.  




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


COMPLETE RETREATS: Panel Requests Rule 2004 Exam on R. McGrath
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete
Retreats LLC and its debtor-affiliates' chapter 11 cases seeks
permission from the U.S. Bankruptcy Court for the District of
Connecticut to:

   (a) serve document requests and a notice of deposition on
       Robert L. McGrath, the Debtors' former president and
       chief executive officer; and

   (b) issue subpoenas or other process to compel the production
       of documents and the attendance of Mr. McGrath at an oral
       examination.

The Committee asks the Court to direct Mr. McGrath to:

   (a) respond to the document requests and subpoenas within 30
       days of service or a shorter period as may be required by
       subpoena, court order or the parties' agreement; and

   (b) submit to an oral examination upon reasonable notice.

A thorough examination of the Debtors' acts, conduct, assets,
operations and business is crucial to the Committee's
investigation, Jonathan B. Alter, Esq., at Bingham McCutchen
LLP, in Hartford, Connecticut, relates.

The Committee anticipates that it will obtain considerable
informal discovery and information from the Debtors on a
cooperative basis.  The Committee, however, believes that the
Court's authorization to conduct formal discovery at this time
is essential for it to fulfill its responsibilities to the
Debtors' unsecured creditors and complete its investigation in a
timely fashion.

The Committee seeks discovery of these topics within the scope
of Bankruptcy Rule 2004(b) from Mr. McGrath:

   (a) The nature, ownership, use, sale or other disposition of
       the Debtors' property or assets;

   (b) The Debtors' purchase of property or assets;

   (c) The Debtors' management and operation, including the
       marketing of any or all of the Debtors to members,
       investors and third parties;

   (d) The negotiation of, and entry into, contracts by and
       between the Debtors and third parties, including
       contracts with vendors, service providers and members;

   (e) Any proposed or actual sale, use, transfer or other
       disposition of the Debtors' property or assets;

   (f) Any income, bonuses, compensation or transfer received or
       derived from the Debtors;

   (g) Any information regarding any accounts, whether foreign
       or domestic, into which the Debtors' assets were
       deposited or caused to be deposited by the Debtors;

   (h) The distribution of the Debtors' property or property
       that the Debtors claim to be exempt from distribution
       under applicable law;

   (i) Any dividends or other distributions, including the
       granting of memberships from or by the Debtors;

   (j) Any claim on property held or administered by the
       Debtors;

   (k) Any agreement or transaction between or among the Debtors
       and Mr. McGrath or any entity with which Mr. McGrath is
       affiliated concerning the ownership, sale, use or
       disposition of the Debtors' property or assets;

   (l) All representations made by or on behalf of the Debtors
       to third parties;

   (m) All information concerning the financial condition of the
       Debtors during relevant timeframes prior to the Petition
       Date;

   (n) All information concerning the Debtors' efforts with
       regard to financing and the obtaining of credit;

   (o) All information concerning lawsuits involving the
       Debtors;

   (p) All information concerning distributions to companies
       owned or controlled by the Debtors' employees, managers
       or shareholders;

   (q) All information relating to any consideration obtained by
       Mr. McGrath, any entity or individual with whom Mr.
       McGrath is related or affiliated and any entity with
       which the person or entity is related or affiliated, of
       any interest in property or asset that the Debtors might
       have acquired in connection with their business; and

   (r) All information relating to the use of the Debtors'
       funds, assets or property for purposes other than for the
       Debtors' benefit.

                  About Complete Retreats

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


COMPLETE RETREATS: Wants Bermuda Cliffs' Chap. 11 Case Dismissed
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the
Honorable Alan H.W. Shiff of the U.S. Bankruptcy Court for the
District of Connecticut to dismiss the bankruptcy case of
Bermuda Cliffs, LLC.

Nicholas H. Mancuso, Esq., at Dechert LLP, in Hartford,
Connecticut, relates that Bermuda Cliffs was formed pursuant to
the Delaware Limited Liability Company Act and in contemplation
of a business prospect in Bermuda, but that business never
materialized.  Mr. Mancuso notes that Bermuda Cliffs was never
capitalized by any Tanner & Haley entity, no operating agreement
was ever executed for it, and the Debtors never used Bermuda
Cliffs for any purpose.  Bermuda Cliffs' bankruptcy petition
disclosed that it had no assets or operations.

Mr. Mancuso informs the Court that Larry Langer, then a manager
and officer of the Debtors, amended Bermuda Cliffs' certificate
of formation to change its name to Arthrr, LLC, on
Feb. 28, 2005.  In addition, before the Debtors' bankruptcy
filing, Mr. Langer executed an operating agreement pursuant to
which he was the exclusive managing member.  Mr. Mancuso says
under the operating agreement, Mr. Langer capitalized the
company with his own funds for the eventual purpose of
conducting his own business in Arizona.

Mr. Langer currently remains the sole member and manager of
Arthrr.  Mr. Langer has resigned from the Debtors effective as
of Aug. 28, 2006.

According to Mr. Mancuso, the Debtors have never been involved
in any of Arthrr's operations and were unaware of the name
change and subsequent capitalization and use of Arthrr by Mr.
Langer before the Debtors' bankruptcy filing.

On Sept. 8, 2006, Mr. Langer sent a letter to the Debtors
confirming that:

   (i) no Tanner & Haley entity has ever had any member interest
       or other interest in Arthrr;

  (ii) Arthrr has never had any member interest or other
       interest in any Tanner & Haley entity; and

(iii) no current or prior asset of Arthrr was transferred to
       Arthrr directly or indirectly from any Tanner & Haley
       entity.

Moreover, Mr. Mancuso says, counsel for Arthrr has informed the
Debtors that the filing of Bermuda Cliffs' bankruptcy petition
has caused Arthrr to be in default under certain agreements,
none of which the Debtors are a party to or are even aware of,
and has otherwise significantly restricted its ability to
conduct business.

Thus, Mr. Mancuso asserts, Bermuda Cliffs' bankruptcy case
should be dismissed because:

   (1) Arthrr has no connection with the Debtors.  Arthrr does
       not contain any assets that are the property of the
       Debtors' estates, and it is not an affiliate of any of
       the Debtors;

   (2) Arthrr and the Debtors are not responsible for the
       obligations of each other;

   (3) The administration of Bermuda Cliffs' case would
       inevitably lead only to confusion and delay the course of
       the other Debtors' cases, especially if Arthrr's
       creditors assert that their claims cannot be treated
       alongside of those of the other Debtors.

The Debtors reserve any and all claims that they may have
against Mr. Langer, whether related to Arthrr, Bermuda Cliffs,
or otherwise.

                  About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Taps O'Connor as Ordinary Course Professional
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for authority
to employ O'Connor Davies Munns & Dobbins, LLP as an "ordinary
course" professional pursuant to Sections 105, 327, 328, and 330
of the Bankruptcy Code.

O'Connor Davies was the Debtors' prepetition accountant and tax
advisor.  The Debtors owe the firm approximately US$93,550 for
prepetition services rendered and expenses incurred.

The Debtors inform the Court that O'Connor Davies possesses
information and certain work papers necessary to complete their
2005 financial statements and to allow them to file their 2005
tax returns, and critical to the Debtors' efforts to fully
investigate certain prepetition transactions.

Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford,
Connecticut, relates that O'Connor Davies initially refused to
turn over the Records and to provide postpetition services to
the Debtors until its prepetition claims were paid.

While the Debtors believe that they may be able to compel the
firm to turn over the Records through litigation, that
litigation would be costly and time-consuming, Mr. Daman says.

Moreover, Mr. Daman continues, the Debtors believe that any firm
they retain to replace O'Connor Davies would necessarily be at
an informational disadvantage, especially without access to the
Records, and that the costs of familiarizing a replacement firm
with the Debtors' business and financial affairs would be
substantial.

The Debtors negotiated with O'Connor Davies to try to reach a
consensual resolution and executed an engagement letter with
O'Connor Davies, dated Sept. 8, 2006.

Pursuant to the Engagement Letter, O'Connor Davies would turn
over the Records at the Debtors' request and would provide
postpetition accounting services and prepare federal and state
tax returns on the Debtors' behalf.

Accordingly, the Debtors ask the Court to approve the settlement
agreement.

The firm's hourly rates are:

          Designation               Hourly Rates
          -----------               ------------
          Partners                  US$325 to US$375
          Senior Managers           US$300 to US$325
          Senior Staff              US$200 to US$225
          Junior Staff              US$125 to US$150

If the Court approves the Debtors' request, the Debtors would
pay O'Connor Davies US$9,335, or 10% of its prepetition claim.  
In addition, in the event the Debtors' general unsecured
creditors receive a distribution greater than 10% of their
allowed unsecured claims under a plan of reorganization, the
Debtors would pay the firm an additional amount so that its
total percentage recovery on account of its unsecured claim is
the same as that of other general unsecured creditors of the
same class.  Mr. Daman emphasizes that O'Connor Davies would not
be entitled to any additional distributions on account of its
prepetition claim.  Finally, the Debtors have agreed to waive
any preference claims against O'Connor Davies under Section 547
of the Bankruptcy Code.

Mr. Daman reports that the Debtors paid the firm US$58,550
within the 90 days prior to their bankruptcy filing.  The
Debtors believe that O'Connor Davies provided "new value" to
them.  Therefore, the Debtors assert that the firm would have a
strong defense to any preference action brought against it.

The Debtors propose to pay O'Connor Davies, without prior
application to the Court, 100% of the fees and expenses incurred
upon the submission to and approval by the Debtors of an
appropriate invoice setting forth the nature of the services
rendered and expenses actually incurred.  The Debtors will file
with the Court statements detailing the amounts of fees and
expenses paid to the firm, and will serve those monthly
statements on the United States Trustee and counsel to the
Official Committee of Unsecured Creditors.

If O'Connor Davies' fees and disbursements exceed US$35,000,
then payments to the firm would be subject to the prior Court
approval.  "This US$35,000 threshold or any other threshold
established for [O'Connor Davies] would be independent of the
US$110,000 aggregate threshold or any other threshold
established by the Court for other 'ordinary course'
professionals," Mr. Daman says.

Although O'Connor Davies has an unsecured claim against the
Debtors on account of prepetition services rendered to the
Debtors in the ordinary course of their business, Mr. Daman
relates, the Debtors do not believe that the firm represents or
holds any interest adverse to the Debtors or to their estates
with respect to the matters on which it is to be employed, and
thus, it meets the special counsel retention requirement of
Section 327(e) of the Bankruptcy Code.

                  About Complete Retreats

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WINN-DIXIE: Wants Court to Approve Deutsche Bank Stipulation
------------------------------------------------------------
Pursuant to Rules 2002 and 9019 of the Federal Rules of
Bankruptcy Procedure, Winn-Dixie Stores, Inc., and its debtor-
affiliates ask the U.S. Bankruptcy Court for the Middle District
of Florida to approve their stipulation with Deutsche Bank Trust
Company Americas.

Deutsche Bank, formerly known as Bankers Trust Company, acts as
Pass-Through Trustee under an amended and restated Pass-Through
Trust Agreement (Winn-Dixie Pass-Through Certificates, Series
1999-1) dated Feb. 1, 2001, and as an Indenture Trustee under
15 indentures.

In the transaction contemplated by the Pass-Through Trust
Agreement, certain of the Debtors sponsored the issuance of over
US$402,000,000 in securities denominated of which approximately
US$245,200,000 remains outstanding as of Sept. 19, 2006.

The securities represent undivided interests in a pool of notes
issued pursuant to the Indentures that are secured by:

    -- mortgages on 15 properties each owned by a special
       purpose entity and leased under separate leases to the        
       Debtors under a guaranty agreement;

    -- assignments of the 15 Leases; and

    -- a Residual Value Surety Bond issued by Centre Reinsurance
       (U.S.) Limited to assure the residual value of the leased
       premises at the end of the Lease terms.

After the Petition Date, Deutsche Bank timely filed 14 proofs of
claim relating to the properties leased to the Debtors:

  Claim No.    Facility Location
  ---------    -----------------
    8869       Miami Florida Dairy
    8870       Orlando Florida Distribution Center
    8871       Sarasota Florida Distribution Center
    8872       Jacksonville Florida Corporate Headquarters
    8873       Miami Florida Distribution Center
    8874       Bartow Florida Egg Plant
    8875       Fitzgerald Georgia (Deep South/Chek Beverage)
    8876       Hammond Louisiana Distribution Center
    8877       Atlanta Georgia Distribution Center
    8878       Montgomery Alabama Perishables Distribution
               Center
    8879       Montgomery Alabama Pizza Plant
    8880       Greenville South Carolina Distribution Center
    8882       Clayton North Carolina Distribution Center
    8883       Charlotte North Carolina Distribution Center

Deutsche Bank also filed Claim No. 8868 asserting guarantee
claims in connection with the properties.

On Dec. 20, 2005, Deutsche Bank filed Claim Nos. 12795, 12796,
12797, and 12798 to amend Claim Nos. 8877, 8879, 8880, 8881, and
8883.  The Court, however, sustained the Debtors' 11th Omnibus
Claims Objection, disallowing the Amended Claims, among others.

Following discussions between the parties, Deutsche Bank advised
the Debtors that the Claims that related to the Leases that were
rejected by the Debtors -- Claim Nos. 8868, 8871, 8874, 8877,
8879, 8880, 8882, and 8883 -- totaled approximately
US$52,200,000.

In addition, Deutsche Bank filed Claim No. 8881 for claims
associated with a dairy in Highpoint, North Carolina.

On June 30, 2006, the Debtors filed their 2nd Omnibus Motion to
Assume Non-Residential Property Leases, seeking to assume
several of the Leases.

Deutsche Bank objected to the Assumption Motion, arguing, among
other things, that the proposed cure amounts should be increased
to reflect additional items.

To resolve their dispute with respect to the allowance and
treatment of Deutsche Bank's Claims, the parties agree that:

   (1) Claim 8871 will be allowed as a Class 13-Landlord Claim
       for US$51,500,000.  This is intended as a global
       settlement of several claims;

   (2) Claim Nos. 8868, 8870 to 8880, 8882, and 8883 will be
       disallowed and expunged with prejudice;

   (3) Deutsche Bank will withdraw its objection to the
       Assumption Motion;

   (4) the Highpoint Claim will not be affected by the
       stipulation;

   (5) Deutsche Bank will be precluded from asserting any
       administrative claims with respect to the leases that are
       subject of the stipulation;

   (6) Deutsche Bank waives and releases all claims it may have
       against the Debtors or any of them through September 19,
       2006, provided that the stipulation will not limit the
       fees and expenses that it is entitled to recover pursuant
       to Section 12.3 of the Debtors' proposed Joint Plan of
       Reorganization; and

   (7) if the Plan is not confirmed, the claims disallowed by
       the agreement will be deemed reinstated.

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




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


REFCO: Chapter 7 Trustee Wants Rogers Funds Claims Disallowed
-------------------------------------------------------------
Albert Togut, the Chapter 7 trustee for the estate of Refco,
LLC, asks the U.S. Bankruptcy Court for the Southern District of
New York to disallow six claims:

   Claimant                                 Claim No.
   --------                                 ---------
   Rogers Raw Material Fund, L.P.              251
   Rogers International Raw Material Fund      252
   Beeland Management Company, L.L.C.          253
   Walter Thomas Price                         254
   Allen Goodman                               255
   James B. Rogers, Jr.                        491

                    Rogers Funds Claims

The Rogers Funds assert claims against Refco LLC for customer
net equity under Section 766(h) of the Bankruptcy Code;
commodities fraud under 7 U.S.C. Section 6b; aiding and abetting
under 7 U.S.C. Section 6b; common law fraud; contribution;
negligence; conversion; breach of fiduciary duty; and breach of
contract.

Mr. Togut contends that the Rogers Funds are attempting to
recover from Refco LLC what they elected not to recover from
Refco Capital Markets, Ltd.

The Rogers Funds' claims against LLC, however, include little or
no factual or explanatory information and merely incorporate by
reference the Rogers Funds' complaint against RCM -- which does
not allege any wrongdoing or breach of duty by Refco LLC - to

support a laundry list of legal theories against Refco LLC, Mr.
Togut points out.

The Rogers Funds filed an adversary case against RCM to recover:

   (1) US$341 million in government securities that the Rogers
       Funds transferred to RCM on October 7, 2005 -- Securities
       Transfers; and

   (2) US$22.8 million in cash that was transferred on
       Oct. 11, 2005, from Refco LLC to RCM -- Excess Margin
       Transfer.

The Rogers Funds allege that they authorized only that the
Transferred Property be transferred to and maintained in
segregated accounts at Refco LLC, and that their assets were
wrongfully -- and without their knowledge or consent -- diverted
to RCM.

The Rogers Funds have been sued by their investors for damages
related to the Refco situation.

In July 2006, the Rogers Funds agreed to compromise their claims
against RCM.  Under the RCM Settlement, the Rogers Funds will
have allowed Securities Customer Claims for US$362,883,523, and
allowed FX/Unsecured Claims for US$10,151,004.

Mr. Togut tells Judge Drain that except for the Excess Margin
Transfer, none of the Transferred Property ever were deposited
with or held by LLC; the assets, instead, were transferred
directly from the Rogers Funds' accounts at Harris N.A. and Man
Financial to RCM, where they are held today.  Moreover, the
Rogers Funds authorized the Excess Margin Transfer to RCM.

"There is no evidence of any conspiracy to defraud the Rogers
Funds, much less one involving LLC, and there is substantial
evidence that the corporate officers responsible for the Rogers
Funds knowingly assumed the risks presented by the transactions
they approved," Mr. Togut says.

Mr. Togut also argues that settlement of the Rogers Funds'
claims against RCM demonstrates that the Rogers Funds did not
become Refco LLC's customers with respect to the Securities
Transfers.  The Rogers Funds' treatment under the RCM settlement
can only be justified if they intended RCM to be their
stockbroker with respect to the Securities Transfers, which
means, a fortiori, that the Rogers Funds could not have been
commodities customers of Refco LLC as to that same property.

Likewise, the Rogers Funds' agreement to allow the Securities
Transfers to be treated as "Assets in Place" -- as securities
customer property -- under the RCM Settlement is wholly
consistent with the Rogers Funds' treatment as securities
customers of RCM, and wholly inconsistent with the claim that
the Rogers Funds were commodities customers of Refco LLC with
respect to the same property, Mr. Togut adds.

                  Beeland, et al., Claims

Beeland, et al., assert claims against Refco LLC based on
potential liability that they may incur in connection with
investor actions filed against each.  The claims are identical
to those filed by the Rogers Funds.

Beeland is the general partner and commodity pool operator for
the Rogers Funds.  Mr. Price is the CEO and Mr. Goodman is the
chief financial officer of Beeland.  Mr. Rogers is a majority
member of Beeland.

Mr. Togut contends that like the Rogers Funds Claims, the
Beeland, et al., Claims include the same laundry list of
alternative theories for Refco LLC's purported liability to the
claimants.  Mr. Togut denies that the claimants are entitled to
any rights of contribution or indemnity against Refco LLC.

                      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 INC: Settlement with Creditors Worries Administrator
----------------------------------------------------------
Marc Kirschner -- the court-appointed administrator of Refco
Capital Markets, Refco Inc.'s unit in Bermuda -- is worried that
a US$10 million lawsuit filed by a group of online foreign
exchange traders would crumble the firm's multibillion-dollar
settlement with creditors, Dow Jones Newswires reports.

Dow Jones underscores that the traders are retail clients of
Refco who have been pushed aside by bigger entities in a battle
to retrieve assets lost in Refco's collapse in 2005.

Under the Chapter 11 plan Refco filed in September, foreign
exchange client would get just 26 cents of every dollar they're
owed, Dow Jones says.  

The traders demanded in their lawsuit the return of US$10.6
million, Dow Jones notes.  They also sought for a court order
that would designate US$83 million in assets held by Refco
Capital Markets as their property.

According to Dow Jones, Mr. Kirschner requested US Bankruptcy
Judge Robert Drain to set an accelerated trial schedule, which
would resolve the lawsuit by Oct. 31.

Dow Jones emphasizes that Refco Capital Markets, which holds at
least US$2.4 billion in cash and other assets, reached a
settlement with creditors in September.

Mr. Kirschner said in a court document that the settlement with
creditors could fail unless his request is granted.

Paul J. Battista, the legal representative of the foreign
exchange traders, told Dow Jones that the judge denied the
schedule request and instead set a trial for the traders'
lawsuit on Dec. 12.

The clients said in the court document that Mr. Kirschner's
request for a rapid trial was outrageous and unreasonable.

Mr. Kirschner's assertion that the entire settlement will fail
is nothing but a "red herring", Dow Jones states, citing the
clients.

                       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)


TRENT COMPANY: Creditors Must File Proofs of Claim by Oct. 16
-------------------------------------------------------------
Trent Company Ltd.'s creditors are given until Oct. 16, 2006, to
prove their claims to Mark W.R. Smith, the company's liquidator,
or be excluded from receiving any distribution or payment.

Creditors are required to send by the Oct. 16 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Mr. Smith.

Amerex Futures' shareholders agreed on Sept. 20, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Mark W.R. Smith
         Deloitte & Touche
         Corner House, Church & Parliament Streets
         P.O. Box HM 1556
         Hamilton HM FX, Bermuda


WARNER CHILCOTT: Waives Exclusive License for Ovcon(R) Pills
------------------------------------------------------------
Warner Chilcott Ltd., formerly Galen Holdings PLC, has
unilaterally waived the exclusivity provision of the license for
Barr Pharmaceuticals, Inc.'s generic version of Warner
Chilcott's OVCON(R) 35 Tablets oral contraceptive.  

The waiver makes the license non-exclusive and, as a result,
Barr Laboratories, Inc., a subsidiary of Barr Pharmaceuticals,
intends to launch its generic version of OVCON 35 oral
contraceptive in October 2006.  The Company expects to launch
the first generic version of OVCON 35 oral contraceptive under
the tradename Balziva.

"Today's action by Warner Chilcott paves the way for Barr to
launch the first generic version of OVCON 35," said Bruce L.
Downey, Barr's CEO and Chairman.  "Following the launch of our
Balziva product in October, we will manufacture and market a
generic oral contraceptive portfolio that is the largest in the
industry, totaling 24 products."

In March 2004, the Company granted Warner Chilcott an option to
acquire an exclusive license under Barr's Abbreviated New Drug
Application or ANDA for OVCON 35 oral contraceptive.  In April
2004, Barr received approval from U.S. Food and Drug
Administration to manufacture and market a generic version of
OVCON 35 oral contraceptive.  In May 2004, Warner Chilcott
exercised its option to acquire an exclusive license for Barr's
generic version of OVCON 35 oral contraceptive option and was
granted a five-year exclusive license to sell the product under
Barr's ANDA.  Under a related supply agreement, Barr had been
manufacturing OVCON 35 for Warner Chilcott, but does not
anticipate further product orders from Warner Chilcott at this
time.

OVCON 35 is a regimen of oral contraceptives that contains 0.4
mg of norethindrone and 0.035 mg of ethinyl estradiol and is
indicated for the prevention of pregnancy in women who elect to
use this product as a method of contraception.  The product is
supplied in 21-day and 28-day regimens.

OVCON 35 had annual sales of approximately US$95 million for the
twelve months ending July 2006, based on industry sources.

                         About Barr

Barr Pharmaceuticals, Inc. is a holding company whose principal
subsidiaries, Barr Laboratories, Inc. and Duramed
Pharmaceuticals, Inc., develop, manufacture and market generic
and proprietary pharmaceuticals.

                   About Warner Chilcott

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a  
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is
stable.


WARNER CHILCOTT: S&P Raises Corporate Credit Rating to B+ from B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Warner
Chilcott Corp.  The corporate credit rating was raised to 'B+'
from 'B'.

At the same time, the ratings were removed from CreditWatch,
where they were placed with positive implications on
June 13, 2006, following the company's announcement that it was
planning an IPO, with the bulk of proceeds to be used for debt
reduction.  The rating outlook is stable.

"The ratings upgrade reflect the completion of the IPO, in which
the specialty pharmaceutical company raised more than US$1
billion and plans to use the majority of the proceeds to reduce
debt by US$633 million," said Standard & Poor's credit analyst
Arthur Wong.

Nevertheless, the company will remain highly leveraged, with
debt to EBITDA at roughly 4.5x, and Standard & Poor's believes
that the company will remain financially aggressive.  These risk
factors are partially offset by the company's diverse product
portfolio and solid positions in the women's health and
dermatology categories.

Rockaway, New Jersey-based Warner has built -- largely through
Acquisitions -- solid franchises in both the women's health and
dermatology markets, and the company's portfolio is relatively
diversified.  Women's health, consisting of oral contraceptives
and hormone replacement therapy, accounts for more than 50% of
Warner's annual sales.

The company's Ovcon, Estrostep, and Loestrin 24 brands compete
in the branded oral contraceptives market.  Warner recently
cancelled an agreement with generic drug maker Barr
Pharmaceuticals, which would have allowed Barr to sell a generic
version of Ovcon 35.  The drug generated US$95 million in high-
margin sales for Warner for the 12 months ended July 31, 2006.  
Warner hopes to largely offset lost sales with a new chewable
version of Ovcon 35, as well as continued sales of the original
product.  

The company also recently launched Loestrin 24, low estrogen
oral contraceptive that produces a shorter, lighter menstrual
flow.

Warner's EBITDA operating margin is high, at more than 50%, and
many of the company's products boast gross margins of more than
90%.  Still, since its buyout in early 2005, the company has
been highly leveraged.

Annualized debt to EBITDA, pro forma for the IPO-related
reduction of debt and the Dovonex acquisition, will be greater
than 4.5x, and funds from operations to total debt will be
roughly 11%.




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


* BOLIVIA: Contract Renegotiations with BG Group In Progress
------------------------------------------------------------
BG Group fka British Gas is close to resolving the new terms of
its operating contract with the Bolivian government, The
Observer reports.

President Evo Morales declared the nationalization of the
nation's hydrocarbons sector on May 1 and gave foreign companies
until Oct. 28 to renegotiate their contracts.  

The Observers says that BG Group has invested EUR100 million in
Bolivia.  The UK firm has stakes in six Bolivian gas fields and
holds a 25% stake in a pipeline supplying Brazil.  

Jose Ponte, BG's regional spokesman, was quoted by The Observer
as saying that the company hoped to make further investments in
Bolivia once the current dispute is resolved.

                       About BG Group

BG Group -- http://www.bg-group.com/-- focuses its operations  
on building and supplying natural gas markets around the world.  
It operates in 20 countries over five continents.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: State Oil Firm Needs US$800 Million to Meet Contracts
----------------------------------------------------------------
Bolivia's state-owned oil firm, Yacimientos Petroliferos
Fiscales Bolivianos, said in reports it can fulfill natural gas
supply commitments to Brazil and Argentina but needs US$800
million over three years to meet new demands for fuel.

"At this point in time we are in a condition to meet all
existing natural gas contracts for the domestic and export
markets," Yacimientos Petroliferos director Juan Carlos Ortiz
was quoted by Reuters as saying.

The state firm's statement was given as a result of Bolivia's
Hydrocarbons Chamber's claim that gas output had already reached
its maximum output.  The group also said that the foreign
investment needed to expand production was unlikely due to the
uncertainty following President Evo Morales' nationalization of
the oil industry, the Associated Press reports.

Mr. Ortiz, according to AP, called those criticisms "imprecise,
incomplete, and distorted."  

The director also hinted that Bolivia's biggest customers,
Brazil and Argentina, might provide the investment his company
needed to grow, AP says.

"When the demand raises, and that won't happen in the next 36
months, Bolivia will be ready to meet that increase in demand
... (but) who makes these investments will be decided during the
meetings for new exploration and exploitation contracts," Mr.
Ortiz said according to Reuters.

Mr. Ortiz replaced Jorge Alvarado as Yacimientos Petroliferos'
head after the latter was accused of fraud.  The director, a
former Petroleos Brasileiro executive, is expected to smoothen
price negotiations between Brazil and Bolivia.  The strain in
the two countries' relations reached its peak after Bolivia's
hydrocarbons ministry ordered to strip Brazil's state oil firm
the right to export fuel from its Bolivian refineries.  The
decree was latter suspended.

Under a contract signed in 1999, Bolivia sells 30 million cubic
meters of gas per day to Brazil through 2019 at US$5 per million
British thermal units.  When the hydrocarbons sector was
nationalized on May 1, Bolivia has sought to increase that price
in line with international markets.   

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ADVANCED MEDICAL: Lowers 2006 Revenue & Adjusts EPS Outlook
-----------------------------------------------------------
Advanced Medical Optics, Inc., revised guidance for 2006
adjusted earnings per share or EPS in the range of US$1.90 to
US$1.95, compared to prior guidance of US$2.05 to US$2.21.  
Advanced Medical now expects 2006 revenue to be in the range of
US$1,010 million to US$1,020 million, compared to prior guidance
of US$1,020 million to US$1,040 million.

For 2007, the company expects revenue to be approximately
US$1,100 million, compared to prior guidance in the range of
US$1,100 million and US$1,120 million, and adjusted EPS to be
approximately US$2.60.

The company attributed the reduction in guidance to a slower-
than-expected shift in its sales mix to premium-priced products,
which is expected to cause gross profit margins to be below the
previously targeted range.  This change in timing with respect
to the company's shift in 2006 sales mix is due primarily to:

   -- Slower adoption of refractive implants by surgeons outside
      the United States, which is expected to cause AMO 2006
      global refractive implant sales to be US$45 million to
      US$50 million, compared to the prior guidance of US$50
      million to US$60 million;

   -- Softer-than-expected domestic laser vision correction
      procedure volumes; and

   -- Government reimbursement pressures in Japan and parts of
      Europe, and recent strikes by European surgeons who use
      the company's cataract products.

"Recent market conditions have made it difficult for us to move
as quickly as we had planned to improve our sales mix and
deliver the full level of 2006 margin expansion previously
projected," said Jim Mazzo, Advanced Medical Optics chairman,
president and chief executive officer.  "While we are
disappointed by this near-term change in our outlook, we are
experiencing significant progress toward achievement of our key
metrics and remain confident in our ability to deliver our 2007
guidance."

The company is now targeting its 2006 adjusted gross margin to
be approximately 66% and 2006 adjusted operating margin to be
approximately 22%.  For 2007, the company continues to believe
its strategy of improved product mix and productivity is intact,
and expects adjusted gross margin and adjusted operating margin
to be approximately 69% and 25%, respectively.

Mr. Mazzo continued, "AMO's strategy to achieve sustained,
profitable growth through focus on technologically superior
products that command premium pricing remains sound.  Our U.S.
refractive implant sales continue to build momentum, our
international LVC expansion is growing our global market share
and beginning to deliver custom procedure fees, our flagship
Tecnis lens is experiencing favorable sales, our
phacoemulsification installed base is expanding and our global
eye care sales are returning to sustainable growth.  Moreover,
our operating costs remain in line, our balance sheet is
healthy, our cash flow is growing and we are set to enter 2007
with the strongest pipeline of new products since our spin-off."

Advanced Medical expects its third-quarter 2006 revenue to total
approximately US$255 million, with 48% comprising
cataract/implant sales, 32% comprising eye care sales and 20
percent comprising LVC sales.  The company also said that it
expects total debt outstanding to be approximately US$900
million at the end of the third quarter and adjusted cash from
operations for the nine months ended Sept. 29, 2006 to exceed
US$70 million.

                About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://wwwamo-inc.com/-- develops, manufactures   
and markets ophthalmic surgical and contact lens care products.  
AMO employs approximately 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries.  
The company's Latin American operations are in Brazil and Puerto
Rico.

                        *    *    *

As reported in the Troubled Company Reporter on June 12, 2006,
Moody's Investors Service affirmed Advanced Medical Optics,
Inc.'s existing ratings, following the company's announcement
that it is issuing, through a Rule 144A offering, up to US$500
million of convertible senior subordinated notes due 2026.

The affirmed ratings include the Company's B1 Corporate Family
Rating; B1 rating on US$300 million Sr. Secured Revolver due
2009; and B3 rating on US$350 million Convertible Senior
Subordinated Notes due 2024. The rating outlook remains stable.


BANCO BRADESCO: Paying Interests on Own Capital on Nov. 1
---------------------------------------------------------
Banco Bradesco S.A., in conformity with the system for monthly
payment to stockholders, will pay on Nov. 1, 2006, Interests on
Own Capital for the month of October 2006, BRL0.032775000 per
common stock and BRL0.036052500 per preferred stock to the
stockholders registered in the company's records on
Oct. 2, 2006.

The payment, net of the withholding income tax of 15%, except
for legal entity stockholders exempted from the referred
taxation, which will receive for the stated amount, will be made
through the net amount of BRL0.027858750 per common stock and
BRL0.030644625 per preferred stock, as follows:

   -- credit in the current account informed by the stockholder;

   -- the stockholders who do not inform their banking data or
      do not hold a current account in a Financial Institution
      must go to a Bradesco Branch on their preference having
      their identification document and the "Notice For Receipt
      of Earnings from Book-Entry Stocks", sent by mail to those
      having their address updated in the company's records; and

   -- to those with stocks held on custody with the CBLC --
      Brazilian Clearing and Depository Corporation, the payment
      of interests will be made to the depository, which will
      transfer them to the respective stockholders through the
      depository agents.

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

                        *    *    *

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

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

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

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

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

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

   -- Support rating affirmed at '4';

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

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


BANCO DO BRASIL: Allocates BRL7B for Agribusiness Sector in Oct.
----------------------------------------------------------------
Banco do Brasil said in a statement that it will make BRL7
billion available for agribusiness in October to fund the
2006-07 harvest.

Business News Americas relates that Banco do Brasil increased
its funding by 37% to BRL12 billion in the first four months of
the current harvest that started on July 1, compared with the
same period in 2005.

Jose Carlos Vaz -- Banco do Brasil's agribusiness executive
manager -- told BNamericas that Banco do Brasil expects lending
to agribusiness to increase to BRL33 billion during the current
harvest, which runs until July next year, from BRL27 billion in
the last harvest.

BNamericas notes that Mr. Vaz said large agricultural producers
pay 4.5% annual interest and family farmers pay 8.75% on Banco
do Brasil agricultural loans, compared to the benchmark interest
rate Selic at 14.25%.

According to the report, Banco do Brasil loans to the
agricultural sector represents over 50% of the federal
government's BRL60-billion 2006-07 farm plan.

Banco do Brasil told BNamericas that it leant about BRL5 billion
to agribusinesses from July-September.  Some BRL1.2 billion went
to small-scale farmers -- about 40% higher compared with the
first three months of the previous harvest.

BNamericas underscores that Banco do Brasil rolled over BRL5
billion worth of farm loans from the 2004-05 and 2005-06
harvests.  The bank expects to renegotiate by Oct. 31 an
additional BRL1 billion in agricultural loans.

The report says that lending to coffee growers increased over
80% to BRL840 million in September, compared with the same month
in 2005.

According to BNamericas, the agricultural sector of Brazil has
undergone several crises over the past two years due to:

          -- drought in southern Brazil,
          -- low international commodity prices, and
          -- strong local currency.

Mr. Vaz told BNamericas, "The worst part of the crisis has
passed and we'll probably see full recovery within three years,
with some sectors in some regions recovering as soon as 2007."

Mr. Vaz said that some commodity prices have started to increase
while average supply costs for producers have decreased since
the last harvest, BNamericas states.

                        *    *    *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counterparty credit ratings on Banco
do Brasil S.A. to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BANCO NACIONAL: Investing BRL17.6M in Petrochem. Sector by 2007
---------------------------------------------------------------
Banco Nacional Desenvolvimento Economica e Social aka BNDES
President Demian Fiocca met with businessmen from the national
petrochemical industry to discuss perspectives to that sector,
which will face a new cycle of expansion, with investments of
BRL17.6 billion forecasted for the period from 2007 to 2010.

Pres. Fiocca, along with directors Wagner Bittencourt, Elvio
Gaspar, AIB superintendents, Roberto Zurli, of SAE, Ernani
Torres, and the AIB/DEINQ Department Head, Cynthia Moreira,
highligted that the Bank will continue supporting that sector's
growth in the first and second generation segments and will
operate more effectively in the so-called third generation,
composed by the clients for petrochemical inputs.

The third stage of the chain is formed by a large number of
enterprises, a great diversity and a significant capacity to
generate employment.  

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.


BOMBARDIER RECREATIONAL: Moody's Puts LGD4 Rating to Term Loan
--------------------------------------------------------------
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 B1 Corporate Family Rating for Bombardier Recreational
Products Inc., confirmed its Ba2 rating on the Company's US$250
million secured revolver and its B1 rating on the Company's
US$880 million secured term loan.  

Additionally, Moody's assigned an LGD2 rating to the US$250
million secured revolver, suggesting noteholders will experience
a 25% loss in the event of a default and an LGD4 rating to the
US$880 million secured term loan, suggesting noteholders will
experience a 51% 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 Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately-held  
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The Company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude
E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and
karts.  The company has a sales office in Sao Paulo, Brazil.


BRASKEM: Completed Note Issuance Results to Reduces Cost Capital
----------------------------------------------------------------
Braskem S.A. concluded three new transactions, including:

   -- the issuance of US$275 million 8.00% Notes due 2017;

   -- the acceptance for purchase of an aggregate amount of
      US$184.6 million of its US$275 million 12.50% Notes due
      2008, corresponding to 67.1% of the outstanding principal
      amount of these notes; and

   -- the issuance of unsecured non-convertible debentures in an
      aggregate principal amount of R$500 million, which
      debentures bear interest at a rate of 103.5% of the CDI
      rate and will mature in September 2011.

These transactions are part of Braskem's financial strategy to
improve its debt profile and to reduce its cost of capital.

According to Paul Altit, Braskem's Chief Financial Officer and
Director of Investor Relations, "Braskem completed three
important transactions during the third quarter of 2006.  In
addition to the issuance of notes and the repurchase of a
portion of its outstanding notes, Braskem completed the issuance
of unsecured non-convertible debentures in an aggregate
principal amount of BRL500 million with a five-year tenor and
that bear interest at a rate of 103.5% of the CDI rate. These
related transactions are consistent with Braskem's strategy to
optimally manage its indebtedness, with the objective of
aligning its debt profile with its cash flow and reduce its cost
of indebtedness. Excluding the convertible debentures that are
held by Braskem's controlling shareholder and that mature in
July 2007, Braskem's average annual debt amortization will be
less than U.S.$ 200 million, which we believe is reasonable in
light of Braskem's cash generation capacity."

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

                        *    *    *

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

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


COMPANHIA SIDERURGICA: Casa de Pedra to Become Independent Body
---------------------------------------------------------------
Companhia Siderurgica Nacional aka CSN told Dow Jones Newswires
that it will make its Casa de Pedra iron ore mine into an
independent entity.

Jose Marcos Treiger -- the director of investor relations --
told Dow Jones that the spin-off could start to be finalized at
the beginning of 2007.

CSN would still maintain a majority stake in the new entity,
Estado says, citing Mr. Treiger.  

Dow Jones relates that Juraez Salibe -- the mining director of
CSN -- said in July that the firm would sell a 20% stake in the
mine through an initial public offering.

According to Dow Jones, analysts said that the value of Casa de
Pedra in a spin-off would be between US$3.5 billion and US$4
billion.

CSN has hired an investment bank for the operation, Mr. Treiger
told Dow Jones.

Dow Jones notes that Casa de Pedra is expected to produce 16
million metric tons of iron ore in 2006.  CSN is carrying out a
US$1.5-billion expansion of the mine, which will boost
production to 53 million tons a year by 2010.

The project, says Dow Jones, will also expand export facilities
at the Sepetiba port near Rio de Janeiro to accommodate the
increased output.

However, CSN and Companhia Vale do Rio Doce are battling over
Casa de Pedra before the Justice Ministry Antitrust Division or
Cade, Dow Jones says.  The two firms are arguing on the right
for the sale of excess iron ore from the mine.

Dow Jones underscores that Cade had ruled that Companhia Vale
must sell its Ferteco mining unit or give up its preferential
right to iron ore from the Casa de Pedra mine.  Companhia Vale
gained the preferential right to iron ore from the CSN mine as
part of a divestment of shares the two firms held in each other.

Companhia Vale stated in September that it was studying Cade's
order, according to Dow Jones.  The company said it might be
more open to selling Ferteco.  

Companhia Vale told Dow Jones that it won't relinquish the
preferential right without compensation from CSN.

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

                        *    *    *

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


NOVELIS INC: Expects Improved Financial Performance in 2007
-----------------------------------------------------------
Novelis Inc. said it would be providing guidance for 2006 and
2007 as part of the strategic and financial update.

                        Highlights

   -- The company continues to generate solid cash flow.  
      Novelis expects total free cash flow for 2006 to be
      between US$150 million and US$200 million, and believes
      it will remain in that range for 2007 as the company
      improves its risk mitigation program.

   -- The company anticipates a return to positive earnings
      before taxes in 2007.  For the full year of 2006, Novelis
      expects to post a loss before taxes of between US$240
      million and US$285 million.  For the full year of 2007,
      the company anticipates earnings before taxes of between
      US$35 million and US$100 million.  This expected upswing
      is due primarily to the elimination of half of the
      company's can sheet price ceiling exposure, expected
      increases in rolled product shipments, and expected
      corporate cost reductions.

   -- The company estimates that shipments for 2006 will be
      between 3,140 and 3,170 kilotons.  In 2007, shipments are
      forecasted to grow by 3 to 4 percent compared to 2006.

   -- For 2006, Novelis estimates capital expenditures of
      between US$110 million and US$115 million.  For 2007, the
      company expects that its capital expenditure run rate will
      return to traditional investment levels of between US$165
      million and US$175 million.

   -- Longer term, the company will target:
   
         -- an annual growth rate of 7 to 10 percent for
            regional income less corporate costs;

         -- annual returns on invested capital exceeding 12%;

         -- annual free cash flow surpassing US$400 million; and

         -- a debt-to-EBITDA ratio of between 2.5x and 3.0x.

Novelis said that all forward estimates assume an average price
for primary aluminum of US$2,500 per metric ton on the London
Metal Exchange.

"We believe that we are nearing the end of a difficult
transition period," said William T. Monahan, Chairman and
Interim Chief Executive
Officer.  "The fundamentals of our business remain strong, and
we are pleased with our future outlook as the result of the
actions we have taken, and will continue to take, to enhance
shareholder value."

The company reiterated that it is on track to file its Form 10-Q
for the second quarter by Oct. 20, 2006, and to be current with
its filings once it files its third-quarter report during the
fourth quarter.

The company also noted that its previously reported commitments
for backstop financing facilities totaling US$2.855 billion from
Citigroup Global Markets Inc. have been extended to
Oct. 31, 2006.  In the event that Novelis is not able to file
its quarterly report on Form 10-Q for the second quarter of 2006
by the deadlines defined in the notice of default and in its
Credit Agreement waiver, the backstop financing facilities would
provide the funding necessary to retire the Senior Notes and, if
needed, replace the Company's existing term loan and revolving
credit facility.

In addition, Novelis announced that it will be requesting an
amendment to its US$1.8 billion Credit Agreement to modify
certain financial covenants and other provisions contained in
the Agreement. Specifically, Novelis will request that the
lenders under the Credit Agreement temporarily relax the
interest coverage covenant, leverage ratio covenant, and fixed
charges covenant among other things.

                     About Novelis Inc.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

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

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?1221

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2, and senior
unsecured notes to B2 from B1.  Moody's also downgraded Novelis
Corp.'s bank term loan rating to Ba3 from Ba2.




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


CAYMAN ISLANDS SENTOSA: Last Shareholders Meeting Is on Oct. 23
---------------------------------------------------------------
Cayman Islands Sentosa Investor Services Ltd.'s shareholders
will convene for a final meeting at 10:00 a.m. on Oct. 23, 2006,
at:

          ASH Loong & Co.
          101 Cecil Street
          #16-05 Tong Eng Building
          Singapore

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

The liquidator can be reached at:

          Anthony Loong Sie Hock
          c/o ASH Loong & Co., 101 Cecil Street
          #16-05 Tong Eng Building
          Singapore 069533


CAYMAN MEDICAL: Filing of Proofs of Claim Is Until Oct. 31
----------------------------------------------------------
Cayman Medical and Surgical Centre Ltd.'s creditors are required
to submit proofs of claim by Oct. 31, 2006, to the company's
liquidator:

          Kent Rankin
          P.O. Box 236, George Town
          Grand Cayman, Cayman Islands
          British West Indies

Creditors who are not able to comply with the Oct. 31 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Woodward Terry & Company
          Suite #10 2nd Floor, Jack & Jill Building
          19 Fort Street
          c/o P.O. Box 822, George Town
          Grand Cayman, Cayman Islands
          Tel: 345-945-2800
          Fax: 345-945-2727


CX B-HLW: Shareholders Convene for a Final Meeting on Oct. 20
-------------------------------------------------------------
CX B-HLW Company Ltd.'s final shareholders meeting will be at
10:00 a.m. on Oct. 20, 2006, at:

          HSBC Financial Services (Cayman) Limited
          Strathvale House, North Church Street
          P.O. Box 1109
          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 liquidators can be reached at:

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


EMPEROR LTD: Final Shareholders Meeting Is Scheduled for Oct. 20
----------------------------------------------------------------
Emperor Ltd.'s final shareholders meeting will be at 10:00 a.m.
on Oct. 20, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


FUTURE INVESTMENTS: Proofs of Claim Filing Is Until Oct. 31
-----------------------------------------------------------
Future Investments International Ltd.'s creditors are required
to submit proofs of claim by Oct. 31, 2006, to the company's
liquidators:

          Peter D. Anderson
          William E.J. Walmsley
          P.O. Box 897 GT, Third Floor
          One Capital Place, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7576
          Fax: (345) 949-8295

Creditors who are not able to comply with the Oct. 31 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Future Investments' 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.


GLOBAL EMERGING: Last Shareholders Meeting Is Set for Oct. 20
-------------------------------------------------------------
Global Emerging Fund's final shareholders meeting will be at
10:00 a.m. on Oct. 20, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


SCL NAUTILUS: Shareholders to Have Final Meeting on Oct. 20
-----------------------------------------------------------
SCL Nautilus Ltd.'s final shareholders meeting will be at 9:00
a.m. on Oct. 20, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          Walker House
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands


STOCKBRIDGE FUND: Creditors Must File Proofs of Claim by Nov. 2
--------------------------------------------------------------
Stockbridge Fund Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidator:

          Q&H Nominees Ltd.
          P.O. Box 1348
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Greg Link
          P.O. Box 1348
          Grand Cayman, Cayman Islands
          Tel: (345) 949 4123
          Fax: (345) 949 4647


SUNI ASSET: Shareholders Gather for a Final Meeting on Oct. 20
--------------------------------------------------------------
Suni Asset Holding's final shareholders meeting will be at 10:00
a.m. on Oct. 20, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          Walker House
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands


SYNTHESIS GLOBAL: Final shareholders Meeting Is Set for Oct. 20
---------------------------------------------------------------
Synthesis Global Currencies Fund's final shareholders meeting
will be at 9:30 a.m. on Oct. 20, 2006, at the company's
registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          Walker House
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands




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


COEUR D'ALENE: CEO Dennis Wheeler Implements Rule 10b5-1 Plan
-------------------------------------------------------------
Coeur d'Alene Mines Corp. disclosed that Dennis E. Wheeler,
Chairman, President and Chief Executive Officer of the company,
has entered into a Rule 10b5-1 plan with a securities brokerage
firm pursuant to which he may publicly sell over a one-year
period up to 500,000 shares of the company's common stock that
may be acquired by him in the future upon the exercise of
previously granted stock options.

Mr. Wheeler has served as the company's Chief Executive Officer
since 1986 and is entering into the plan in order to diversify
his securities holdings.

SEC rules permit a person who is not in possession of material
non-public information regarding an issuer to enter into a so-
called Rule 10b5-1 plan that calls for the purchase or sale of
shares of the issuer in the future even though the person might
be in possession of material non-public information regarding
the issuer at the time of the purchase or sale.  Transactions
under the plan will be disclosed publicly through Form 4 filings
with the SEC.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is
the world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                        *    *    *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poors' B- rating.




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


DRUMMOND CO: Will Launch Construction Works on Second Rail Line
---------------------------------------------------------------
Augusto Jimenez -- the president of Drummond Co. Inc.'s
Colombian unit -- told Business News Americas that it will start
in Jan. 7 works on a second rail line for its operations in
Colombia.

BNamericas relates that the works in the rail line will take
about 18 months.  

The project will allow Drummond to transport about 70Mt per year
to the port, BNamericas says, citing Mr. Jimenez.

Mr. Jimenez told BNamericas, "We will start port expansion soon
to be able to update it for the same rail line."

According to BNamericas, Mr. Jimenez said that the project is
part of the Drummond's expansion plan to produce 50Mt by 2010.  
To reach the goal, the firm bought four new mines, including the
El Descanso mine.

BNamericas notes that Drummond expects to end 2006 with a 26Mt
production at the La Loma mine the El Cesar department.

Reports say that Drummond will spend up to US$1.1 billion over
the next five years for the expansion of operations in Colombia.

Drummond Co. Inc. runs coalmines in Alabama and Colombia, mining
both steaming coal for sale to electric utilities, and coking
coal.  The firm's real estate arm is involved in the
construction of commercial and residential developments.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 2, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Drummond Co. Inc.  At the same time, Standard &
Poor's assigned its 'BB-' rating to Drummond's proposed $700
million senior secured bank credit facility due 2011.  Standard
& Poor's also assigned its 'BB-' rating to Drummond's proposed
$400 million senior unsecured notes due 2016.   S&P said the
rating outlook is stable.  

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 2, 2006
Moody's Investors Service assigned Ba3 ratings to each of
Drummond C., Inc.'s proposed offerings of US$400 million senior
unsecured notes due 2016, US$500 million five-year senior
secured revolving credit facility and US$200 million five-year
senior secured term loan A.  




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


BANCO INTERCONTINENTAL: Alvarez Renta to Repay Embezzled Funds
--------------------------------------------------------------
The National District's 1st Collegiate Court in the Dominican
Republic upheld the jury's verdict in the case Miami Judge Jose
Martinez heard against Luis Alvarez Renta, the former financial
adviser of Banco Intercontinental SA, forcing the latter to
repay the Dominican Central Bank US$176 million for funds
presumably taken out before Banco Intercontinental's collapse,
Clave Digital reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, a federal jury in Miami found Mr. Renta liable
of civil racketeering and illegal money transfers in a
conspiracy to plunder Banco Intercontinental during its final
months in 2003.  Eric Raful, Mr. Renta's lawyer, filed a motion
to the Dominican court to postpone court proceedings on the
fraud case, as his client was subpoenaed by the Florida South
District Federal Court to appear in a hearing on Oct. 11.  Mr.
Raful said, "The purpose of this hearing is to determine if
Alvarez Renta has totally complied with the requirements of the
Court Order dated May 9, 2006, and, otherwise, to determine if
consequently, she (he) must be declared in civil contempt."  

Dominican Today relates that Antonio Sanchez Mejia -- the court
president judge -- ruled to formally opened the criminal trial
on the Banco Intercontinental fraud case against the indicted
ex-bankers:

          -- Ramon Baez Figueroa,
          -- Vivian Lubrano de Castillo,
          -- Jesus Troncoso Ferrua, and
          -- Luis Alvarez Renta.

Mr. Mejia said that starting arguments had already been
concluded, and properly ruled, Dominican Today says.

According to Dominican Today, the court asked Daniel German
Villalona, the prosecutor, to read the indictment against the
defendants.  However, Mr. Mejia -- along with judges Giselle
Mendez and Pilar Rufino -- postponed the hearing for Friday, due
to:

          -- the indictment's extensive documentation, which
             will require a long time to be read; and
   
          -- the absence of Mr. Lubrano's legal representative.

Baninter collapsed in 2003 as a result of a massive fraud
that drained it of about US$657 million in funds.  As a
consequence, all of its branches were closed.  The bank's
current and savings accounts holders were transferred to the
bank's new owner -- Scotiabank.  The bankruptcy of Baninter was
considered the largest in world history, in relation to the
Dominican Republic's Gross Domestic Product.  It cost Dominican
taxpayers DOP55 billion and resulted to the country's worst
economic crisis.


REPUBLIC BANK: Fitch Affirms B Issuer Default Ratings
-----------------------------------------------------
Fitch has revised the Rating Outlook on Republic Bank Dominican
Republic's foreign currency and local currency Issuer Default
ratings to Positive from Stable.  Fitch also affirms both IDRs
at 'B'.  Fitch has also affirmed Republic Bank (DR)'s other
international and national ratings, as stated below.  These
actions follow Fitch's recently announced revision of the
Dominican Republic's outlook to positive.

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.

Republic Bank (DR)'s IDR ratings reflect, should it be required,
the potential support the bank would receive from its parent,
Republic Bank Limited.  The individual rating also reflects the
constraints imposed by weak asset quality, accumulated losses
and the volatility of the operating environment.  As of December
2005, Republic Bank (DR) ranked sixth out of 12 commercial
banks, with a 3% market share by total assets.  In September
2003, RB acquired 99.8% of the shares of Republic Bank (DR).  
Republic Bank is a leading bank in Trinidad & Tobago but also
has operations in Guyana, Grenada, Barbados, St. Lucia, and the
Cayman Islands and offers banking services throughout the
Caribbean.

Fitch has also affirmed these ratings:

   -- Short-term foreign currency affirmed at 'B';
   -- Short-term local currency affirmed at 'B';
   -- Individual affirmed at 'E';
   -- Support affirmed at '4';
   -- Long Term National Rating affirmed at 'A+(dom)'; and
   -- Short Term National Rating affirmed at 'F1(dom)'.




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


* ECUADOR: President Assures Country Will Pay Foreign Debts
-----------------------------------------------------------
"External debt is totally asphyxiating our country but that
doesn't mean that the obligations don't need to be honored,"
Ecuadorian President Alfredo Palacio told investors during a
meeting at the Council of the Americas, a pro-business group in
New York, Bloomberg News reports.

The president, whose term ends in January 2007, made the
statement to ease investors concerns of a default after he said
that Ecuador must renegotiate its debts.  

"He may not be well versed on what signals to send, but he's not
looking to default," Gianfranco Bertozzi, a Latin America
economist with Lehman Brothers Holdings Inc. told Bloomberg.  
"He has shown no signs of wanting to default during his
presidency."

The Lehman Brothers economist added that what the president
could have meant was that he was considering a transaction in
which the government would sell new debt to buy back old debt
with higher interest rates, Bloomberg relates.

Ecuador, which defaulted on US$6.5 billion of debt in 1999, has
a bond due in 2012 with a 12% interest rate that has a buyback
option in November.

                        *    *    *

Fitch assigned these ratings on Ecuador:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B-      Aug. 29, 2005
   Long Term IDR       B-      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005




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


* GUATEMALA: Insurance Sector Posts GTQ129MM First Half Profits
---------------------------------------------------------------
Superintendencia de Bancos, Guatemala's financial system
regulator, told Business News Americas that the insurance
sector's net profits increased 51.8% to GTQ129 million in first
half of 2006, from GTQ84.8 million in the same period of 2005.

According to BNamericas, the insurance industry's average return
on equity increased to 29.5% in the first half of 2006, compared
with the 21.8% recorded in the first half of last year.

BNamericas relates that the sector's written premiums rose 8% to
GTQ1.32 billion in the first half of this year, compared with
the same period in 2005.  Net written premiums increased 7% to
GTQ908 million.

Eduardo Recinos, the director of El Salvador-based Fitch Ratings
insurance companies, told BNamericas that growth was due to
group life and health insurance, reflecting current trends of
selling insurance through mass distribution channels.

BNamericas notes that Mr. Recinos said the insurance industry's
loss ratio rose to 61% in June 2006, from 64% in June 2005.  It
reflected lower expenses related to reserves as well as a
decline in auto claims.

The insurance sector's combined underwriting result increased
21% to GTQ167 million in the first half of 2006, compared with
the same period in 2005, BNamericas says.  Net gains from
investments grew 5% to GTQ74.8 million.

Financial investments in the sector grew 12% to GTQ2.10 billion
in June 2006, over the same month in 2005.  Meanwhile, reserves
increased 17% to GTQ1.87 billion, BNamericas states.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

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

Fitch also rated Guatemala's senior unsecured bonds:

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




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


* HAITI: Ambassador Urges Donors to Live Up to Promised Aid
-----------------------------------------------------------
Leo Merores, Haiti's ambassador to the United Nations, urged the
nation's donors to fulfill the support they promised for the
nation's stability and economic growth, Hard Beat News reports.

Hard Beat relates that Ambassador Merores said, "In the long-
term, the financial aid from the international community will
facilitate the consolidation of democracy and will help us to
establish the basis for sustainable development."  

According to the report, the ambassador thanked the
international assistance Haiti has received, saying that with
the continued assistance, the country will attain its goals.

Heard Beat notes that Amnesty International, the global right
organization, recently asked Haitian authorities to exert more
effort to resolve gun violence in the nation, after Bruner
Esterne -- the head of the Grand Ravine Community Council for
Human Rights -- was killed in the country on Sept. 21.

Ambassador Merores told Hard Beat that the new democratically
elected government was working with all concerned to achieve
social cohesion and political reconciliation.

The Haitian government had launched a program that would
generate jobs to provide relief to the suffering masses in the
nation and eliminate the roots of gang recruitment, Hard Beat
states, citing Ambassador Merores.

                        *    *    *

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




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


DYOLL INSURANCE: Halts Real Estate & Property Management Plans
--------------------------------------------------------------
Dyoll Group has held back plans to enter into real estate
development and property management for the rest of 2006, the
Jamaica Gleaner reports.

The Gleaner relates that Dyoll Group's board set in 2005 to
reconstruct the entity stripped of its insurance arm.

According to the report, insurance was Dyoll Group's mainstay.  
However, it lost its assets as a result of the devastation
caused by Hurricane Ivan in Jamaica and the Cayman Islands two
years ago.

Damien King, the acting chairperson of Dyoll Group, told The
Gleaner that the US$150 million cash windfall that will ensue
from the sale of property owned by St. Ann-based Drax Hall Ltd.
will not take place until later this year.

"The obstacles we are faced with are sufficiently minor and it
is likely to be overcome this year," The Gleaner says, citing
Mr. King during Dyoll Group's annual general shareholders
meeting at Medallion Hall Hotel, St. Andrew, on Sept. 29.

The Gleaner underscores that Dyoll Group, was ordered by a local
court to sell land owned by Drax Hall to recover a US$1 million
loan issued in February as well as the interest accrued that
made up the majority of the US$85 million accounts receivable
held on its balance sheet up to the end of June 2006.

Dyoll Group sold 51% stake in Dyoll/Wataru Coffee for US$25
million, enabling the firm to lessen its accounts payables from
to US$39 million during the quarter ending June 2006, from US$54
million as of March 2006, The Gleaner notes.  The company
increased its cash balance by almost US$3 million to US$15.7
million in June.  

The Gleaner relates that Dyoll Group is awaiting the sale of
Drax Hall land to proceed.

Mr. King told The Gleaner, "We are trying to move from a vision
to a plan.  But the difficulty lies in the length of time to
realize the Drax Hall asset."

According to The Gleaner, Dyoll Group must get into an income
earning position soon to counterbalance the US$5 million its
spends quarterly, before its cash position declines further.

The Gleaner emphasizes that Dyoll Group used US$2 million from
the sale of the coffee interest, which resulted to a US$300,000
loss.  However, it did little effect on the US$80 million
accumulated deficit incurred over the 21 months to June 30.

Dyoll Group will increase capital through a private placement
and debt financing to re-establish it as a real estate
development and property management firm, The Gleaner states.  
Dyoll Group has hired real estate expert like Coldwell Banker's
Andrew Issa on to the board.  However, those plans are not
likely to have any real effect before next year.

Once Dyoll Group is ready to implement its plan it will focus on
rental property to set up an income stream in the first stages
of the redevelopment plan, Mr. King told The Gleaner.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in Mar. 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
levelled on the company as a result of the hurricane Ivan.  
Kenneth Tomlison was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


SUGAR CO: Richard Harrison to Remain Chief Executive Officer
------------------------------------------------------------
Dr. Richard Harrison, the director-general in the ministry of
agriculture, will remain in the Sugar Co. of Jamaica as its
chief executive officer, the Jamaica Gleaner reports, citing
Roger Clarke -- the minister of agriculture and lands in
Jamaica.

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2006, Dr. Harrison was appointed to head the Sugar Co.
for three months, after Livingstone Morrison left his post as
the firm's chief executive officer.

Minister Clarke told The Gleaner that Robert Levy -- the Sugar
Co.'s newly appointed chairperson -- the board of directors and
Donovan Stanberry, the permanent secretary in the ministry,
agreed on the appointment of Dr. Harrison as the chief of the
firm.

Minister Clarke explained to The Gleaner, "In discussion with
the chairman and our permanent secretary and other members of
the board, they are of the opinion that we should give him an
opportunity to go on some more because he has been doing quite a
bit since he has been there."

The Gleaner notes that Minister Clarke said, "We feel that he
could fit the bill."

Minister Clarke did not tell The Gleaner on how much longer Dr.
Harrison would be allowed to continue as the Sugar Co.'s chief
executive officer.  However, he said, "At least, we are giving
him an opportunity because based on how he has been operating he
seems up to the task."

The workers of the Sugar Co. seemed to understand and respect
Dr. Harrison's management style, The Gleaner says, citing
Minister Clarke.

Allan Rickards, the chairperson of the All-Island Jamaica Cane
Farmers Association, told The Gleaner that he was satisfied with
the decision to keep Dr. Harrison in the position.

"He (Dr. Harrison) is not clueless about the sector, having been
permanent secretary in (Ministry of) agriculture," The Gleaner
states, citing Mr. Rickards.

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




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


BALLY TOTAL: Asks US Federal Court to Junk Shareholders' Suit
-------------------------------------------------------------
Bally Total Fitness Holding Corp. has asked US District Judge
John Grady to dismiss a shareholders' lawsuit, Bloomberg News
reports.

Bloomberg underscores that shareholders sued Bally Total,
claiming that the company's top executives misled them about the
firm's finances.  The federal court rejected their first attempt
as they failed to prove that the Bally Total officials had the
requisite intent to deceive.

The revised complaint filed in August brought no new reasons for
allowing the case to proceed, Bloomberg relates, citing Bally
Total's lawyers, former Chief Executive Lee Hillman and the
accounting firm Ernst & Young LLP.

Former Bally total executives John Dwyer and Paul Toback have
also asked for the lawsuit's dismissal, according to Bloomberg.

Bloomberg notes that Michael Faris -- one of Bally Total's legal
representatives -- said that the court gave the shareholders the
opportunity to amend their complaint.  The new complaint,
according to him, contained more 'conclusory', vague and
imprecise accusations like the first complaint that the court
rejected.

According to the report, the shareholders' action unified the
eight lawsuits filed after Bally Total said in April 2004 that
Mr. Dwyer, its chief financial officer, had resigned and that
the US Securities and Exchange Commission was conducting an
investigation on its bookkeeping.

Bally Total then issued revised financial statements, which
reported a reduced net income for the August 1999 to April 2004
period.  The net income disclosed was US$553 million, the
shareholders' lawyers told Bloomberg.

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

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

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


CHURCH & DWIGHT: Elects Mathhew Farrel as New VP Finance & CFO
--------------------------------------------------------------
Church & Dwight Co., Inc., has elected Matthew T. Farrell, Vice
President Finance and Chief Financial Officer.  He replaces Zvi
Eiref, who will retire after serving as the company's Chief
Financial Officer for a total of 20 years.

Mr. Farrell was Executive Vice President, and Chief Financial
Officer of Alpharma, Inc., a leading international specialty
pharmaceutical company.  Prior to 2002, he had been Vice
President, Investor Relations & Communications for Ingersoll-
Rand Ltd, a major diversified industrial manufacturer.
Previously, he served AlliedSignal Inc. (now Honeywell
International), in various financial management positions from
1994 to 2000, including Vice President and Chief Financial
Officer of AlliedSignal's Specialty Chemicals unit.  Mr. Farrell
began his career in 1978 with KPMG Peat Marwick where he served
as an audit partner prior to joining AlliedSignal.

Mr. Eiref held the post of Chief Financial Officer for Church &
Dwight, initially from 1979 to 1988, and returned to the Company
in 1995 from Chanel, Inc., where he had been Senior Vice
President, Finance.

James Craigie, Church & Dwight's President & Chief Executive
Officer, said, "Zvi has been an important member of our
management team, contributing greatly to its financial
strategies and growth during the last decade.  During that
period, the Company made four major acquisitions that changed
its business model, and helped achieve consistent double-digit
gains in sales and earnings.  He has also been a great aid to me
personally since I arrived here some two years ago. Fortunately,
Zvi will remain with the Company until year-end, to provide us
with his experience and counsel, while supporting Matt in his
transition period.

"We are pleased to have Matt join our team.  He brings us a
broad base of financial management experience gained while
working with some of America's largest international companies.  
At Alpharma, Matt played a key role in the company's successful
turnaround during the last four years. We look forward to his
contributions to this Company's future growth and progress."

Mr. Farrell received his undergraduate degree in accounting from
Manhattan College, New York.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium   
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.

                        *    *    *

As reported in the troubled Company reporter-Latin America on
Sept. 29, 2006, 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 Church &
Dwight Company, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2     23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2     23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4     59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5     85%


FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
---------------------------------------------------------------
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 Fender Musical Instruments
Corp., upgraded its B2 rating to B1, on the Company's US$50
million 1st lien senior secured revolver; its B2 rating to B1 on
the Company's US$170 million secured term loan; and affirmed its
Caa1 rating on the Company's US$100 million secured 2nd lien.  

Additionally, Moody's assigned an LGD3 rating to the US$50
million 1st lien secured revolver, suggesting noteholders will
experience a 34% loss in the event of a default, an LGD3 rating
to the US$170 million senior secured term loan, suggesting
noteholders will experience a 34% loss in the event of a
default, and an LGD5 rating on the Company's US$100 million
secured 2nd lien, suggesting noteholders will experience an 84%
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%).

Fender Musical Instruments Corp. -- http://www.fender.com/-- is  
the world's foremost manufacturer of guitars, basses, amplifiers
and related equipment.  The FMIC family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  FMIC also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
England, France, Germany, Japan, Mexico, Spain and Sweden.


FINANCIERO BANORTE: Will Install New Backup Data Center
-------------------------------------------------------
Grupo Financiero Banorte S.A. de C.V. will deploy a new backup
data center for the protection of its financial data network,
according to a report by Infochannel.

Business News Americas relates that the site for the backup
center will be 40 kilometers from the main data center with a
private virtual Internet provider network from Telmex linking it
to the main architecture.

US computer firms Sun Microsystems and StorageTek will provide
the hardware, BNamericas states.  IBM will supply Ebusiness
solutions.  Japanese firm Hitachi will provide TagmaStore, its
storage system.

BNamericas notes that Financiero Banorte expects about three
million transactions per day.  About 20% of the transactions
will be carried out online.

Financiero Banorte has about 987 branch offices, 3,000 automatic
tellers, 50 office buildings and four corporate headquarters.  
All of them will be linked to the new backup center, BNamericas
reports.

Grupo Financiero Banorte S.A. de C.V. is a holding company that
operates, through its subsidiaries, in the Mexican banking
industry.  The company's main activities include commercial,
personal and investment banking, securities trading, insurance,
pension funds, leasing and credit financing.  Its two main
subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as
credit and debit cards, insurance products, savings accounts and
mortgage financing.  As of Dec. 31, 2005, Grupo Financiero
Banorte run a total of 986 offices and over 2,800 automated
teller machines across Mexico.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Fitch upgraded the individual and Issuer Default
Ratings of Mexico's Grupo Financiero Banorte and Banco Mercantil
del Norte as:

Grupo Financiero Banorte and Banco Mercantil del Norte:

   -- Foreign & local currency IDR to 'BBB' from 'BBB-';
   -- Short-term local currency to 'F2' from 'F3'; and
   -- Individual to 'C' from 'C/D'.

The Ratings Outlook is Stable.

At the same time, Banorte's national-scale long-term rating was
upgraded to 'AA+(mex)' from 'AA(mex)', while subordinated
debentures BANORTE 02D were upgraded to 'AA(mex)' from 'AA-
(mex)'.

These ratings were affirmed:

   GFNorte

      -- Short-term foreign currency IDR 'F3'; and
      -- Support '5'.

   Banorte

      -- Short-term foreign currency IDR 'F3';
      -- Short-term national-scale rating 'F1+(mex)'; and
      -- Support '3'.


FORD MOTOR: Executive Says Jaguar Brand Not For Sale
----------------------------------------------------
Lewis Booth, head of Ford of Europe and the Premier Automotive
Group, or PAG, the organization under which all of Ford's
European brands are grouped, told industry analysts that the
company has no plans to sell its Jaguar luxury car brand at the
moment, The Associated Press relates.

According to the report, Mr. Booth revealed that Jaguar's status
could change as the company reviews all its assets.

As reported in the Troubled Company Reporter on Aug. 30, Sir
Anthony Bamford, JC Bamford Excavators Ltd.'s Chairman of the
Board, was looking at the possibility of buying the Jaguar brand
from Ford.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford said that the brand has potential although Jaguar needs
to cut ties with Land Rover for him to consider his plans
further.

Jaguar is part of the Premier Automotive Group, which includes
other brands like Volvo, Land Rover and Aston Martin.  In Ford's
second quarter results, the segment incurred US$180 million net
loss.  The Company's management said the decline in earnings in
the PAG segment primarily reflected unfavorable currency
exchange related to the expiration of favorable hedges,
adjustments to warranty accruals for prior model-year vehicles,
mainly at Land Rover and Jaguar, and lower market share at Volvo
associated with new model changeovers, offset partially by
favorable product and market mix and lower overhead costs.  Mr.
Booth also serves as an executive vice president for PAG.

                   European Restructuring

Ford of Europe President and CEO John Fleming disclosed early
this month that Ford's strategic overhaul will not lead to a big
revamp in its profitable European operations, Reuters reports.

"We will continue to do what we always do -- we continue to
refine our weight and get efficiencies year over year -- but not
a major reorganization," Mr. Fleming said.

Reuters says the company has reduced the number of European
assembly plants to seven from 11 and cut 9,300 jobs since 2000
while increasing output.  Ford's plants now operate at over 100
percent capacity, and employs around 66,000 staff including
joint ventures.

In August 2006, sales of Ford brand vehicles in 21 European
countries decreased 400 units to 95,300 vehicles and year-to-
date sales increased 17,000 units to nearly 1.14 million units.

In 2005, Ford of Europe earned US$129 million.  

As reported in the Troubled Company Reporter on Sept. 18, Ford
disclosed plans to further reduce its capacity and work force,
and ramp up new product introductions as it accelerates its
North America "Way Forward" turnaround plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about US$5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

                      About Ford Motor

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

                        *    *    *

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

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

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

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


GRUPO MEXICO: Asarco Closes Buy of 55% of Copper Basin Railway
--------------------------------------------------------------
Asarco LLC, Grupo Mexico SA de CV's subsidiary in the United
States, has purchased a 55% controlling interest of US Copper
Basin Railway for US$11.45 million from Rail Partners II,
Noticias Financieras reports.

According to Noticias Financieras, a US bankruptcy-court judge
signed off the acquisition.

Noticias Financieras relates that Asarco already held a 45%
interest in Copper Basin.  The recent purchase gave Asarco
complete control on Copper Basin.

Asarcao, says Noticias Financieras, expects to control key long-
term transportation costs.

                    About Copper Basin

Copper Basin Railway runs a railroad between Asarco's Ray Mine
and Hayden Smelter in Arizona, as well as a 37-mile segment
between Ray and Union Pacific interchange at Magma, in south-
central Arizona.

                       About Asarco

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,   
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  Lehman Brothers Inc.
provides the ASARCO with financial advisory services and
investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP
give legal advice to the Official Committee of Unsecured
Creditors and David J. Beckman at FTI Consulting, Inc., gives
financial advisory services to the Committee.  When the Debtor
filed for protection from its creditors, it listed $600 million
in total assets and US$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation
proceeding. The Court appointed Michael Boudloche as
Encycle/Texas, Inc.'s Chapter 7 Trustee.  Michael B. Schmidt,
Esq., and John Vardeman, Esq., at Law Offices of Michael B.
Schmidt represent the Chapter 7 Trustee.

                     About Grupo Mexico

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

                        *    *    *

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

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


GRUPO TMM: Closes Securitization of US$200 Million 2007 Notes
-------------------------------------------------------------
Grupo TMM, S.A., disclosed the closing of a US$200 million
securitization facility with Deutsche Bank AG, London.

Under the terms of the Transaction, the company will make equal
monthly payments of principal and interest of approximately
US$3.2 million from October 2006 to September 2010, a balloon
payment of US$40 million in October 2010 and equal monthly
payments of principal and interest of approximately US$4.2
million from October 2010 to the final maturity on
Sept. 25, 2012.

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

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

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

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

                        *    *    *

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


GRUPO TMM: Purchases New Anchor Handler Tug Supply Vessel
---------------------------------------------------------
Grupo TMM, S.A., has closed the purchase and taken delivery of a
new anchor handler tug supply vessel.  The AHTS is a newly built
150-ton bollard pull anchor handler.  The purchase price of the
vessel was US$30.7 million, of which US$25.4 million was
financed.

"During 2006, the company has significantly increased its owned
offshore fleet, reducing the operating cost and at the same time
building equity in these vessels," Javier Segovia, president of
Grupo TMM, said.  "The company's offshore fleet in now comprised
of 24 vessels working to support the increasing demand of
offshore exploration and production activities in the Gulf of
Mexico under the umbrella of Mexico's Navigation Law."

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

                        *    *    *

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


HILLMAN COS: Moody's Puts LGD2 Rating on US$275MM Sr. Sec. Loans
----------------------------------------------------------------
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 The Hillman Companies, Inc.  
The rating agency upgraded to Ba3 its B2 rating on the Company's
US$40 million senior secured revolver; and also to Ba3 its B2
rating on the Company's US$235 million secured term loan.  
Additionally, Moody's assigned its LGD2 rating to the company's
US$40 million senior secured revolver and US$235 million senior
secured term loan, suggesting noteholders will experience a 23%
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%).

The Hillman Companies, Inc., manufactures key making equipment
and distributes key blank, fasteners, signage and other small
hardware components.  The Company sells and markets to hardware
stores, home centers and mass merchants in the United States,
Canada, Mexico and South America.


MERIDIAN AUTOMOTIVE: Sells Grand Rapids Property for US$675,000
---------------------------------------------------------------
At Meridian Automotive Systems, Inc., and its debtor-affiliates'
behest, the Honorable Mary F. Walrath of the U.S. Bankruptcy
Court for the District of Delaware authorized the sale of real
property at 5312 and 5214-5292 Kraft Avenue SE, in Grand Rapids,
Michigan, to Theo Mol for US$675,000 cash, free and clear of all
liens, claims, interests or encumbrances.  

Any Liens on the Property will transfer and attach to the Net
Proceeds of the Sale with the same validity and priority as the
Liens had with respect of the Property before to the Sale.

The Property consists of 27 acres of vacant land zoned for
industrial use and is subject to a prior recorded mortgage by
State Street Bank and Trust.  The Debtors have never used the
Property.  The Debtors listed the Property for sale with NAI
West Michigan four years ago.

In April 2006, the Debtors received a written offer of
US$750,000 for the Property from Third Coast Development
Partners, LLC, but the offer never resulted in a sale.  In
August 2006, the Debtors received and accepted Mr. Mol's
US$675,000 offer.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, tells the Court that the Debtors
have not received any other offer or inquiry with respect to the
Property.  In addition, there have been no objections to the
Proposed Sale.

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


MERIDIAN AUTOMOTIVE: Wants Flex-N-Gate Settlement Pact Approved
---------------------------------------------------------------
Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, Meridian Automotive Systems, Inc., and its debtor-
affiliates ask the U.S. Bankruptcy Court for the District of
Delaware to approve their settlement with Flex-N-Gate Corp.

The Debtors used to supply Ford Motor Company with rear bumper
systems and hitchplates.  In December 2003, Ford decided to move
production of the Bumper Systems and Hitchplates to Flex-N-Gate
Corporation.  From discussions with Ford, the Debtors were made
to understand that they would continue producing and supplying
the Hitchplates until June 2004, Robert S. Brady, Esq., at Young
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware,
relates.  Flex-N-Gate issued a six-month purchase order to the
Debtors in December 2003, which priced the Hitchplates at
US$19.115 per unit.

On Nov. 23, 2005, the Debtors filed a complaint against Flex-
N-Gate in the United States District Court for the Eastern
District of Michigan seeking payment of US$2,200,000 for 111,945
Hitchplates that they supplied to Flex-N-Gate from January
through April 2004, plus the value of certain raw material,
inventory and work in progress.  Flex-N-Gate denied all of the
Debtors' allegations and asserted various defenses to the
Complaint.

Mr. Brady notes that Flex-N-Gate and certain of its affiliates
timely filed several claims against the Debtors that total more
than US$5,100,000.  The Debtors objected to the Claims and asked
the Court to expunge or reduce them to the amounts reflected in
their books and records.

The Settlement Agreement is the result of several months of
negotiations between the Debtors and Flex-N-Gate and resolves
the Litigation and Flex-N-Gate's Claims, Mr. Brady informs the
Court.

The salient terms of the Settlement Agreement include:

    -- Flex-N-Gate will pay US$980,000 into escrow and effect a
       set-off for certain of its Claims;

    -- The Debtors will dismiss the Litigation with prejudice
       and Flex-N-Gate's Claims will be disallowed and expunged
       in their entirety; and

    -- The Debtors and Flex-N-Gate will release each other with
       respect to the Litigation, except for any causes of
       action or claims which the Debtors may have against Flex-
       N-Gate or its affiliates under Chapter 5 of the
       Bankruptcy Code.

According to Mr. Brady, the Settlement Agreement will enable the
Debtors to resolve the Litigation consensually without the
burdens and contingencies associated with prosecuting and
defending a lawsuit.

Mr. Brady further relates that effecting the set-off will allow
the Debtors to recover almost US$1,000,000 while at the same
time fully resolving Flex-N-Gate's Claims without further
expense to their estates.

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)


PAPELES INDUSTRIALES: Fitch Puts BB- Rating on US$320MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned a foreign and local currency issuer
default rating of 'B+' to Papeles Industriales de Michoacan,
S.A. aka PIMSA.  The Rating Outlook is Stable.  Fitch has also
assigned a 'BB-' issue rating to the company's proposed US$320
million senior guaranteed notes due in 2016, as well as a
recovery rating of 'RR3', which indicates above average recovery
prospects in the event of a default.  Papeles Industriales was
recently formed when Kimberly-Clark de Mexico, S.A. de C.V.'s
spun-off and divested control of its paper and notebooks
division.

Papeles Industrial's ratings are supported by:

   -- the strong name recognition of the company's key brands;

   -- the dominant market position and pricing power the company
      enjoys in notebooks;

   -- integrated production facilities that limits the company's
      exposure to volatile pulp prices; and

   -- an extensive distribution network that acts as a barrier
      to entry against new market participants.

The ratings are constrained by Papeles Industriales'
vulnerability to downturns in the Mexican economy and/or the
global paper industry, as well as the company's high leverage,
which resulted from the acquisition financing.

Papeles Industriales is the leading manufacturer of printing and
writing paper in Mexico with a market share of 31%.  The paper
and office division represented 67% of Papeles Industrial's
revenues and 63% of its EBITDA in 2005.  The company has a
dominant position in notebooks and notepads with an estimated
market share of 81%.  This division accounted for 22% of the
company's revenues in 2005 and 33% of its EBITDA. Several of the
company's products, particularly Scribe notebooks, enjoy strong
name brand recognition within Mexico.  Papeles Industrial
operates five production facilities in Mexico with an installed
capacity of 470,300 tons of paper, 315 million notebooks and
242,550 tons of pulp.

Like all companies in the paper industry in Mexico, Papeles
Industrial's financial results are vulnerable to adverse changes
in the Mexican economy and within the paper industry globally.
The company is also exposed to foreign exchange risks, as it
earns the vast majority of its revenues from the domestic market
and about 40% of its input costs are linked to the U.S. dollar.  
The company supplies one of its pulp mills with bagasse fiber.  
The price of bagasse is linked to the price of crude oil, both
of which have risen over the past couple of years.  Continued
cost pressure could force the company to import more pulp in the
future, or switch to another source of pulp fiber.

Papeles Industrial's EBITDA operating margins have historically
been above average for the industry, averaging about 21% between
2003 and 2005 due to its vertical integration, strong market
positions and extensive distribution network within Mexico.  In
the past three years, the company's revenues have grown
steadily, boosted primarily by volume growth in notebooks and a
more profitable sales mix.  Despite this growth, the company's
EBITDA fell to US$80 million in 2005 from US$90 million in 2003,
while its EBITDA margin fell to 19% from 23%.  The decline in
profitability over this time period was primarily a result of
rising energy and fiber costs.  For the first six months of
2006, revenues declined to MXN2.6 billion from MXN2.7 billion
during the same period in 2005, while operating EBITDA fell to
MXN422 million in the first half of 2006 from MXN618 million
during the same period in 2005.  The pressure the company faces
from rising production costs was compounded by weak paper
prices.  This led to the company generating only MXN709 million
of operating EBITDA in the 12 months ended June 30, 2006.

Papeles Industriales is controlled by Controladora Celulosico
Papelero S.A.P.I. de C.V., which is 60% owned by Trust, which is
in turn 51% owned by Impulso de Desarrollos Estrategicos, S.A.
de C.V. and 49% owned by the Eton Park Fund.  Kimberly-Clark de
Mexico has retained a 40% interest in Papeles Industrial via
Contoladora Celulosico that it intends to divest within five
years.  This 40% equity stake is valued at US$50 million.  As
part of the spin-off, Kimberly Clark will receive approximately
US$310 million of debt proceeds from either the proposed bond or
a bank loan, plus US$75 million from Controladora Celulosico,
which represents the amount that the Trust will contribute to
Controladora Celulosico for its 60% stake in this holding
company. Under a shareholders agreement, Kimberly Clark's
remaining 40% equity interest in Papeles Industriales will be
bought out over the next five years with excess cash flow.  The
shareholders agreement requires Papeles Industriales' holding
company to repurchase Kimberly Clark's stakes in equal
increments in months 24, 36, 48 and 60.  These annual payments
are deferrable and the principal amount due would accrete at 9%
on a cumulative basis.  At the end of year five, all deferred
amounts would be paid by the new controlling shareholder
(Trust), not Papeles Industriales.

On a pro forma basis, Papeles Industrial will have US$320
million of debt and US$125 million of common equity.  The
company will also receive a US$35 million revolving credit line
from Citibank that it will use for working capital purposes.  
This line will need to be repaid annually at the end of the
working capital cycle.  Papeles Industriales' pro forma total
debt-to-last 12 months EBITDA ratio is 4.6x.  If the company's
EBITDA rebounds to US$80 million in the next 12 months, this
ratio would be 4.0x.  Should Papeles Industriales perform well,
its excess cash balance would essentially be used to help CCP
repurchase the shares from Kimberly Clark.  This would amount to
estimated share repurchases of about US$14.9 million in 2008,
US$16.2 million in 2009, US$17.6 million in 2010 and US$19.2
million in 2011.  On a pro forma basis, adding the US$50 million
obligation of the Trust to the company's capital structure, this
means that the company's adjusted leverage would be about 4.4x
with an annual EBITDA of US$85 million.  Conversely, if the
company performs poorly, the responsibility for repaying this
obligation effectively falls upon the Trust's two shareholders.
Under this stress scenario, which would likely occur if the
company continued to generate US$70 million of EBITDA, Papeles
Industriales' total debt-to-EBITDA ratio would be about 4.6x.


PAPELES INDUSTRIALES: Moody's Rates US$320MM Sr. Notes at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Papeles
Industriales de Michoacan, S.A. de C.V.'s proposed US$320
million senior unsecured guaranteed notes, a Ba3 rating to the
company's local currency US$35 million senior unsecured
revolving credit facility and a Ba3 corporate family rating.  
The outlook for the ratings is stable.  This is the first time
that Moody's has rated PIMSA's debt.  The ratings are subject to
review of the final debt documentation.

Mexico City based PIMSA is Mexico's largest producer of fine
printing and writing paper and notebooks. The company's
formation is the result of the recently announced purchase of
Kimberly-Clark de Mexico's industrial products division by a
consortium established by Impulso de Desarrollos Estrategicos,
S.A. de C.V. and the U.S.-based Eton Park Fund.

Following the close of the transaction, the consortium will own
60% of Papeles Industriales' parent, Controladora Celulosico
Papelero, S.A.P.I de C.V., while Kimberly-Clark will initially
own 40%, with the intention to sell its stake to the consortium
within 5 years of closing.  Moody's expects the transaction to
close in late October. Regulatory approval will likely occur in
the fourth quarter 2006.  All operating assets and rated debt
will be located at Papeles Industriales.

Ratings assigned are:

   -- Corporate family rating: Ba3;

   -- US$320 million 10-year senior unsecured guaranteed
      notes: Ba3; and

   -- US$35 million 5-year senior unsecured local currency
      revolving credit facility: Ba3.

The outlook for the ratings is stable.

Papeles Industriales' Ba3 corporate family rating is supported
by the company's Baa-type average profitability, the strength of
its Mexican consumer oriented notebook franchise and, to a
lesser extent, the solid market shares of its more office and
commercially oriented writing and printing paper business.  
Well-established third party distribution channels and an
experienced management team also underpin the rating.

These key strengths are offset by the company's small, single-B,
operating scale, modest diversification, declining operating
margins in the past years, seasonal working capital financing
needs of the notebook business, and a relatively high financial
leverage, which results in Ba-type credit metrics.  The
susceptibility of Papeles Industriales'scompetitive position and
margins to pulp and paper currency-sensitive imports also
impacts the rating.

The Ba3 ratings of the senior unsecured bonds and senior
unsecured credit facility are at the same level as the corporate
family rating, reflecting the preponderance of the senior
unsecured debt class in the capital structure.

The stable outlook reflects our expectation that

   i) operating performance will recover in the second half of
      2006 from the historically weak levels in recent
      quarters and support an average reported EBITDA margin
      of 18-21% going forward;

  ii) annual free cash flow will at least reach US$30-40
      million;
  
iii) cash reserves and revolver availability will support
      seasonal working capital financing needs of the notebook
      business; and

  iv) the transition towards the new standalone status will
      occur smoothly as operations are separated from
      Kimberly-Clark.

Papeles Industriales de Michoacan, S.A., headquartered in Mexico
City, is Mexico's largest manufacturer of fine printing and
writing paper and notebooks.  In fiscal 2005, sales and EBITDA
reached about US$434 million and US$81 million, respectively.


VISTEON CORP: Lowers Sales Expectation for Second Half of 2006
--------------------------------------------------------------
Visteon Corp. disclosed Tuesday that recent announcements of
lower North America vehicle production by its customers coupled
with changing vehicle mix, and other cost factors will challenge
its financial results for the remainder of 2006.

As a result, the company does not expect to meet the financial
guidance targets it had previously released in August.  The
company currently expects second half product sales to be about
10% lower than first half product sales of US$5.7 billion.  

Visteon will discuss actions to respond to lower customer
volumes, its three-year improvement plan and an update to its
outlook for 2006 when it releases third-quarter financial
results in late October.

                        About Visteon

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.




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


CHIQUITA BRANDS: Asks Lenders to Waive Sr. Unsecured Facility
-------------------------------------------------------------
Chiquita Brands International, Inc., has begun the process of
obtaining a temporary waiver from its lenders with respect to
compliance with certain financial covenants contained in its
Senior Credit Facility for the period ended Sept. 30, 2006.  
While Chiquita's fiscal third quarter has not yet been
completed, the company is seeking the waiver at this time to
provide additional flexibility in light of the current
challenging market environment facing the company, as discussed
in its news release of Sept. 25, 2006.  The temporary waiver, if
approved, will become effective upon receipt of consents from
holders of a majority of the outstanding principal amount of the
loans and commitments under the Senior Credit Facility, and will
remain effective for the period provided in the approved waiver.  
The company will evaluate and seek a more permanent waiver or
amendment, as appropriate, during the term of the temporary
waiver.

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 Affirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  

This action follows the company's announcement that its
operating performance continues to be negatively impacted by
lower pricing in key European and trading markets, as well as
excess fruit supply.

Operations are also suffering from the impact of recent e. coli
discoveries in US fresh spinach products, which have resulted in
an FDA advisory and industry-wide withdrawals of fresh spinach
product by most processors, and lower consumption of some salad
products.  Moody's notes that to date, there have been no
confirmed cases of chiquita products being traced to the e. coli
issue.  Continuing high fuel and other industry costs, as well
as unusually high costs to source fruit during shortages in late
2005/early 2006, have also pressured earnings and cash flow.  
Chiquita also announced its intention to eliminate its US$17
million annual cash dividends and to explore the sale of its
owned shipping assets, as well as the management of its
logistics needs, with asset-sale proceeds being used primarily
to reduce debt.  There also continues to be the uncertainty
concerning the longer-term impact on Chiquita's operations and
market position due to the structural changes occurring in key
European banana markets under the tariff-only system established
in January 2006.  Moody's believes that the net impact of these
challenges will result in weaker-than-expected debt protection
measures and financial flexibility.

Should Chiquita be successful in selling its shipping fleet
(consisting of 12 ocean-going vessels), it expects to lease back
those same vessels in order to meet its shipping needs.  Moody's
notes that as one of our standard analytic adjustments, we
capitalize lease payment streams and add them back as debt in
our leverage calculations.  For this reason, we would not expect
the sale of Chiquita's shipping fleet to result in any net
reduction in effective debt or leverage, and in fact could
increase effective debt and leverage depending upon the specific
terms of any ultimate transaction and other debt repayments that
occur with sale proceeds.

Chiquita's existing ratings reflect a company with a good
qualitative profile, but with credit metrics that have been
weakening due to a combination of leveraged acquisitions and
weaker than expected operating performance, resulting in an
overall B2 rating.  

The key rating factors currently influencing Chiquita's ratings
and negative outlook are:

   -- The company is one of the largest global producers and
      marketers of fresh fruit and vegetables, with good
      geographic and product market diversity;

   -- Its franchise strength and growth potential are considered
      moderate, with good market share and volume growth in some
      segments, partially offset by the low margin commodity
      nature of much of its business which, at times, can lead
      to earnings and cash flow volatility;

   -- Liquidity under stress has been weak over the past year,
      as evidenced by the occasional need to seek financial
      covenant relief; and

   -- Overall credit metrics had been relatively strong for its
      rating category, but have been weakening due to a
      combination of higher debt from leveraged acquisitions
      and weak operating performance.

Chiquita's ratings could be downgraded if its earnings and cash
flow remain weak -- conceivably due to the impact of the new EU
banana regulations being more negative than anticipated,
litigation costs increasing more than expected, or the company's
inability to successfully pass along higher energy costs.  
Specifically, Chiquita's ratings could be downgraded if three-
year average Debt/EBITDA (incorporating Moody's standard
analytic adjustments) rose above 5.5 times and was likely to
rise above 7 times on a lagging 12-month basis in a downturn,
and/or three year average EBIT/Interest fell below 1.5 times and
were likely to fall below 1 time on a lagging 12-month basis in
a downturn.  Given the negative outlook, a rating upgrade in the
near term is unlikely.  The rating outlook could stabilize if
the company successfully adapts to the new EU banana import
regulations, its litigation risk reduced, and it successfully
completes the integration of Fresh Express.  A stable outlook
would also require Chiquita to be able to sustain three-year
average Debt/EBITDA below 5 times and lagging 12-month
Debt/EBITDA below 6.5 times in a downturn, and to maintain
three-year average EBIT/Interest above 1.7 times, with lagging
12-month EBIT/Interest above 1.25 times in a downturn.

Moody's affirmed these ratings with a negative outlook:

   Chiquita Brands LLC (operating subsidiary)

      -- US$200 million senior secured revolving credit at
         Ba3 (LGD2, 26%);

      -- US$24.5 million senior secured term loan B at Ba3
         (LGD2, 26%);

      -- US$372.2 million senior secured term loan C at Ba3
         (LGD2, 26%);

   Chiquita Brands International, Inc. (holding company parent)

      -- US$250 million 7.50% senior unsecured notes due 2014 at
         Caa1 (LGD 5, 89%);

      -- US$225 million 8.875% senior unsecured notes due 2015
         at (LGD 5, 89%);

      -- Corporate family rating at B2; and

      -- Probability of default rating at B2.

With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is
one of the largest global producers and marketers of fresh fruit
and vegetables.




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* PARAGUAY: IMF Completes First-Review of Stand-By Arrangement
--------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the first review of Paraguay's economic performance under a
27-month, SDR65 million (about US$97 million) Stand-By
Arrangement, initially approved on May 31, 2006.

Completion of this review, which was undertaken on a lapse of
time basis, makes an amount of SDR31 million (about US$46
million) immediately available.  The authorities continue to
treat the arrangement as precautionary.

The Executive Board takes decisions under its lapse of time
procedure when it is agreed by the Board that a proposal can be
considered without convening formal discussions.

                        *    *    *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Curr Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issuer Rating, Caa1
     -- FC Curr Issuer Rating, Caa1
     -- Local Currency LT Debt, WR

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

     -- Foreign Currency LT Debt B-
     -- Local Currency LT Debt   B-
     -- Foreign Currency ST Debt C
     -- Local Currency ST Debt   C




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YPF SA: Parent to Spend US$300MM on Peruvian Plant Upgrade
----------------------------------------------------------
A company official of Repsol YPF -- the parent firm of YPF SA
-- told Dow Jones Newswires that the company will invest over
US$300 million to upgrade its La Pampilla plant in Lima, Peru,
by 2010.

Repsol said in its Web site that the plant has a refining
capacity of 102,000 barrels a day.  It supplies 45% of the
national market.

"That investment is essentially for the plant to reduce the
sulfur content in fuel," according to the company official, Dow
Jones says.

According to the report, Repsol has to lessen the sulfur content
in fuel as soon as 2010.

"At the La Pampilla Refinery investment is expected to be more
than US$300 million, and could be an additional US$50 million,"
Carlos Alfonsi -- the head of Repsol's Peruvian unit, told
Gestion.

                        *    *    *

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

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

Moody's affirmed these five ratings:

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

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

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

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

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




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


ADELPHIA: Court Okays ABIZ & ACOM Debtors' Pact with Dominion
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation between the Adelphia Business
Solutions, Inc., Debtors, the Adelphia Communications Corp.
Debtors and Dominion Virginia Power.

On Feb. 25, 2004, the ABIZ Debtors and the ACOM Debtors jointly
asked the Court to approve:

    -- a master reciprocal operational settlement agreement
       dated Dec. 3, 2003; and

    -- a global settlement agreement entered Feb. 21, 2004.

Pursuant to the Global Settlement Agreement, the ABIZ Debtors
sought to assume, with the ACOM Debtors to pay the applicable
cure amounts, certain executory contracts with Virginia Electric
and Power Company, doing business as Dominion Virginia Power,
including an Agreement of Purchase of Electricity dated
Jan. 29, 1999, between Virginia Electric and Power Company and
Hyperion Communications of Virginia, LLC.

Dominion objected to the cure amounts that the Debtors proposed
to pay to assume the executory contracts, including the Electric
Agreement, pursuant to the Global Settlement Agreement.

On November 4, 2004, the ABIZ Debtors filed their omnibus
objection to certain claims in which, among others, the ABIZ
Debtors sought to disallow Virginia Power's Claim No. 125200 for
US$442,412.

Dominion objected to the ABIZ Claim Objection.

To resolve Dominion's objections the ACOM Debtors, the ABIZ
Debtors and Dominion, in a stipulation, agree that:

    (1) the ACOM Debtors will pay Dominion a US$6,452 cure
        amount to assume the Electric Agreement;

    (2) Dominion's Objections will be resolved in its entirety
        upon the payment in full of the Cure Amount;

    (3) Dominion's Claim No. 125200 will be allowed as a general
        unsecured claim in the ABIZ Debtors' Chapter 11 cases
        for US$442,412, and will be treated and paid in
        accordance to the ABIZ Debtors' Third Amended Joint Plan
        of Reorganization;

    (4) Dominion will release:

        -- the ABIZ Debtors from any and all actions and claims
           through the Effective Date of the ABIZ Plan;

        -- the ACOM Debtors from any and all actions and claims,
           which relate to the Electric Agreement; and

    (5) the Stipulation will not affect:

        -- the parties' rights and defenses with respect to
           Claim Nos. 952, 953, and 955 to 961, which have been
           filed against the ACOM Debtors' estates; or

        -- Dominion's right to file administrative claims, if
           any, against the ACOM Debtors.

              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)


GLOBAL HOME: Court Sets November 15 as Claims Bar Date
------------------------------------------------------
The Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware set Nov. 15, 2006, as the deadline for all
creditors owed money by Global Home Products, LLC, and its
debtor-affiliates on account of claims arising prior to
April 10, 2006, to file their proofs of claim.

Creditors must file written proofs of claim on or before the
Nov. 15 Claims Bar Date and those forms must be delivered to:

              Clerk of the Bankruptcy Court
              District of Delaware
              824 Market Street, 3rd Floor
              Wilmington, DE 19801

All governmental units must file their proofs of claim by
Nov. 15, 2006.

The Administrative Claims Bar Date is also Nov. 15, 2006.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


GLOBAL HOME: Panel Wants Basham Ringe as Special Mexican Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Home
Products, LLC, and its debtor-affiliates' bankruptcy cases asks
the Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware for permission to retain Basham, Ringe y
Correa, S.C., as its special Mexican counsel, nunc pro tunc to
Aug. 1, 2006.

The Committee wants Basham Ringe to perform services relating to
the examination of prepetition liens and security interests
allegedly held by Wachovia Bank National Association and
Madeleine LLC.

Wachovia and Madeleine allegedly hold those liens in relation to
the Debtors' foreign business entities and their non-debtor
subsidiaries located in Mexico.

Basham Ringe will:

   a. assist the Committee in investigating the extent,
      validity, priority, and perfection of alleged liens and
      security interest of Wachovia and Madeleine allegedly
      secured by the assets or equity of the Debtors and their
      non-debtor foreign subsidiaries located in Mexico;

   b. assist in the preparation of applications, motions,
      complaints, answers, orders, agreements, and other legal
      papers if necessary; and

   c. perform other related legal services as may be required
      and that are in the interest of the Committee and
      creditors represented by the Committee.

Carlos Portilla discloses the Firm's hourly rates:

   Designation                     Hourly Rate
   -----------                     -----------
   Partners                        US$310 - US$350
   Off Counsel                         US$350
   Associates                      US$170 - US$250
   Legal Assistants                 US$67 - US$110

Mr. Portilla assures the Court that the Firm does not hold nor
represent any interest adverse to the Debtors' estates.

              About Basham, Ringe y Correa, S.C.

Basham, Ringe y Correa, S.C., is a Mexican law firm
knowledgeable about Mexican laws relating to the granting and
perfection of liens on assets located in Mexico.

The firm can be reached at:

          Basham, Ringe Y Correa SC
          Paseo De Los Tamarindos 400-A
          9 Piso Bosques De Las Lomas
          05120 Mexico, D.F., Mexico

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


PEP BOYS: Declares US$0.675 Per Share Quarterly Dividend
--------------------------------------------------------
The Pep Boys - Manny, Moe & Jack, approved the payment of the
next quarterly dividend of US$.0675 per share payable on
Oct. 23, 2006, to shareholders of record on Oct. 9, 2006.  The
annual dividend of US$.27 per share currently yields
approximately 2.1%.

                       About Pep Boys

The Pep Boys - Manny, Moe & Jack -- http://pepboys.com/-- has
593 stores and more than 6,000 service bays in 36 states and
Puerto Rico.  Along with its vehicle repair and maintenance
capabilities, the Company also serves the commercial auto parts
delivery market and is one of the leading sellers of replacement
tires in the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by US$120
million to US$320 million.  Proceeds from the additional US$120
million term loan will be used to refinance its convertible
notes which mature in June 2007.  At the same time, the rating
on the US$357.5 million asset-based revolver was raised to 'B+'
from 'B' to properly realign its ratings with the term loan and
to reflect Standard & Poor's increased comfort with the
collateral and terms securing this facility.  The 'B-' corporate
credit and other ratings were affirmed; the outlook is negative.


PILGRIM'S PRIDE: Commences Offer on Gold Kist's 10-1/4% Notes
-------------------------------------------------------------
Pilgrim's Pride Corp. has commenced a cash tender offer to
purchase all of Gold Kist Inc.'s outstanding 10-1/4% Senior
Notes due March 15, 2014, on the terms and subject to the
conditions set forth in its Offer to Purchase and Consent
Solicitation Statement, dated Sept. 29, 2006, and the related
Consent and Letter of Transmittal.  The tender offer is being
conducted in connection with Pilgrim's Pride's equity tender
offer to purchase all of the outstanding shares of Gold Kist
common stock for US$20 per share in cash.

In conjunction with the tender offer, Pilgrim's Pride is also
seeking consents to certain proposed amendments to certain
provisions of the indenture that governs the Notes.  The purpose
of the proposed amendments is to eliminate substantially all
restrictive covenants, eliminate or modify certain events of
default, and eliminate or modify certain other provisions of the
indenture.

The tender offer will cover all of the outstanding Notes and
will be made on the terms and subject to the conditions set
forth in the Offer to Purchase and Consent Solicitation
Statement dated Sept. 29, 2006.  Holders who desire to tender
their Notes must consent to the proposed amendments, and holders
may not deliver consents without tendering the related Notes.
The tender offer is conditioned upon, among other things,

   (i) the receipt of consents from the holders of a majority
       in aggregate outstanding principal amount of the Notes,

  (ii) the execution by the trustee for the Notes, Gold Kist
       Inc. and its subsidiary guarantors of a supplemental
       indenture implementing the proposed amendments described
       in the offer to purchase,

(iii) satisfaction of the conditions of the equity tender
       offer, and

  (iv) there not being any pending or threatened action, claim
       or proceeding that would reasonably be likely to prevent
       the transactions contemplated by the tender offer and
       consent solicitation or declare such transactions
       unlawful.

The consent period expires at 5:00 p.m., New York City time, on
Oct. 13, 2006, unless extended by Pilgrim's Pride.

The tender offer expires at midnight, New York City time, on
Oct. 27, 2006, unless extended.

Pilgrim's Pride reserves the right to extend, amend or terminate
the tender offer and consent solicitation at any time.  Notes
and related consents may be withdrawn up to 5:00 p.m., New York
City time, on the Consent Date, but not thereafter.  Notes
tendered and related consents delivered after 5:00 p.m., New
York City time, on the Consent Date may not be withdrawn or
revoked.

Holders who validly tender and do not withdraw Notes and deliver
consents prior to 5:00 p.m., New York City time, on the Consent
Date are eligible to receive the total consideration, which
includes a consent payment of US$30.00 per US$1,000 principal
amount of Notes.  Holders who validly tender Notes after 5:00
p.m. on the Consent Date, but on or prior to the Expiration
Date, will receive the tender consideration, which is the total
consideration less the consent payment.  In addition, holders
who tender and do not withdraw their Notes in the tender offer
will receive accrued and unpaid interest from the last interest
payment date up to, but not including, the date payment is made
for the Notes.

The total consideration for the Notes tendered and accepted for
purchase pursuant to the tender offer will be determined as
specified in the offer to purchase, on the basis of a yield to
the first redemption date for the Notes equal to the sum of

   (i) the yield (based on the bid side price) of the 2 5/8%
       U.S. Treasury Security due March 15, 2009, as calculated
       by Lehman Brothers Inc. in accordance with standard
       market practice on the price determination date, as
       described in the offer to purchase, plus

  (ii) a fixed spread of 50 basis points.

Lehman Brothers Inc. is acting as dealer manager for the tender
offer and as solicitation agent for the consent solicitation.  
Questions about the tender offer or the consent solicitation may
be directed to:

          Lehman Brothers Inc.
          Tel: 1-800-438-3242 (toll free)
               1-212-528-7581 (collect)

Requests for copies of the related documents may be directed to
the information agent for the tender offer and consent
solicitation, at:

         Innisfree M&A Inc.
         501 Madison Avenue, 20th Floor
         New York, New York 10022
         1-877-687-1874 (toll free)

                       About Gold Kist

Based in Atlanta, Georgia, Gold Kist Incorporated (NASDAQ: GKIS)  
-- http://www.goldkist.com/-- operates a fully integrated   
chicken production, processing and marketing business.  Gold
Kist's production operations include nine divisions located in
Alabama, Florida, Georgia, North Carolina and South Carolina.

                     About Pilgrim's Pride

Headquartered in Pittsburg, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,    
distributes and markets poultry processed products through  
retailers, foodservice distributors and restaurants in the
United States, Mexico and in Puerto Rico.  Pilgrim's Pride
employs approximately 40,000 people and has major operations in
Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North
Carolina, Pennsylvania, Tennessee, Virginia, West Virginia,
Mexico and Puerto Rico, with other facilities in Arizona,
Florida, Iowa, Mississippi and Utah.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2006, Standard & Poor's Ratings Services placed its
'BB' corporate credit rating and other ratings on Pilgrim's
Pride Corp. on CreditWatch with negative implications following
the company's unsolicited bid for Gold Kist Inc.

Moody's Investors Service affirmed on Aug. 23, 2006, the Ba2
senior unsecured, Ba3 senior subordinated, and Ba2 corporate
family ratings for Pilgrim's Pride Corp., but changed the
outlook to negative from stable.


PILGRIM'S PRIDE: Moody's Reviews Low B Ratings & May Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Ba3 senior unsecured, the
B1 senior subordinated, and the Ba2 corporate family ratings of
Pilgrim's Pride Corporation under review for possible downgrade.  
The review follows Pilgrim's announcement that it intends to
commence a cash tender offer to purchase all of the outstanding
shares of Gold Kist, Inc. for approximately US$1 billion, as
well as offer to acquire Gold Kist's US$130 million in 10.25%
senior notes.  The review for downgrade reflects the risk that
Pilgrim's Pride could take on a significant amount of debt in
order to fund the Gold Kist acquisition, significantly
increasing its leverage and weakening its debt protection
measures.

Moody's review will focus on

   (1) whether or not a transaction will in fact occur;

   (2) the strategic fit of Gold Kist into Pilgrim's Pride's
       existing business portfolio;

   (3) the integration challenges Pilgrim's Pride may face in
       integrating Gold Kist's operations; and

   (4) the capital structure, financial flexibility, leverage,
       and overall credit profile that Pilgrim's would exhibit
       should a transaction ultimately be consummated.

Ratings placed on review for possible downgrade are:

   -- Corporate family rating of Ba2;
   -- Probability of default rating of Ba2;
   -- Senior unsecured notes at Ba3 (LGD5, 82%); and
   -- Senior subordinated notes at B1 (LGD6, 95%).

Headquartered in Pittsburg, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,   
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the
United States, Mexico and in Puerto Rico.  Pilgrim's Pride
employs approximately 40,000 people and has major operations in
Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North
Carolina, Pennsylvania, Tennessee, Virginia, West Virginia,
Mexico and Puerto Rico, with other facilities in Arizona,
Florida, Iowa, Mississippi and Utah.


SUNSET BRANDS: June 30 Stockholders' Deficit Tops US$500,000
------------------------------------------------------------
Sunset Brands, Inc., has filed its financial statements for the
second quarter ended June 30, 2006, with the U.S. Securities and
Exchange Commission.

For the three months ended June 30, 2006, the Company reported a
US$2,734,500 net loss applicable to common shareholders on
US$3,711,107 of sales, compared with a US$4,499,165 net loss on
zero sales for the same period in 2005.

Preferred dividends of US$59,178 applicable to the Series B
Preferred stock were recorded for the three months ended
June 30, 2006.  No preferred dividends were recognized for the
quarter ended March 31, 2005.

At June 30, 2006, the Company's balance sheet showed
US$20,368,819 in total assets and US$20,889,302 in total
liabilities, resulting in a US$520,483 stockholders' deficit.

The Company's June 30 balance sheet showed strained liquidity
with US$2,563,076 in total current assets available to pay
US$14,429,605 in total current liabilities coming due within the
next 12 months.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?129d

                     Going Concern Doubt

As reported in the Troubled Company Reporter on June 27, 2006,
Hansen, Barnett & Maxwell in Salt Lake City, Utah, raised
substantial doubt about Sunset Brands, Inc.'s ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the years ended
Dec. 31, 2005, and 2004.  The auditor pointed to the Company's
losses from operations, negative cash flows, and working capital
and accumulated deficiencies.

                     About Sunset Brands

Based in Los Angeles, California, Sunset Brands, Inc. --
http://www.sunsetbrands.com/-- intends to capitalize on the   
growing demand for healthy foods.  The Company wants to become a
category leader in this field through expanded marketing of
existing products under brands owned or licensed by US Mills and
the introduction of new products.  US Mills, Inc., sells
natural, organic and specialty ready-to-eat cereals, hot
cereals, cookies and crackers.  US Mills sells five brands --
Uncle Sam Cereal, Erewhon, New Morning, Farina, and Skinner's
Raisin Bran -- in all 50 states, Canada, and Puerto Rico.




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


BRITISH WEST: Starts Accepting Voluntary Separation Applications
----------------------------------------------------------------
British West Indies Airlines aka BWIA started accepting
applications for voluntary separation packages from workers on
Oct. 1, Newsday reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, the four trade unions at BWIA signed the final
agreement for voluntary separation packages after they received
airline's management sent the proposal on their final decision
for voluntary separation packages.  It took two weeks of
negotiations for BWIA and the unions to agree on the separation
packages.

Unions at BWIA include:

     -- Aviation Communication and Allied Workers Union or
        ACAWU,
     -- Communication Transport and General Trade Union,
     -- Superintendents Association, and
     -- TT Pilots Association.

Peter Davies, the chief executive officer of BWIA, said in a
statement that the accords with the unions were a significant
milestone as the company makes its seamless transition to the
new Caribbean Airlines on Jan. 1, 2007.

The union's acceptance of the proposals will facilitate the
separation of all workers with enhanced benefits and the closure
of BWIA by Dec. 31, Newsday says, citing Mr. Davies.  

According to the press, Curtis John -- the head of ACAWU -- was
optimistic of Caribbean Airlines' success.

Newsday relates that BWIA has assured clients that as it makes
the transition to Caribbean Airlines, its workers would make
sure that daily operations continue.

Caribbean Airlines would honor all tickets purchased for travel
on BWIA, BWEE Frequent Flyer Miles and Club BWEE memberships,
BWIA told Newsday.

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.


MIRANT CORP: Board Authorizes US$100M Share Repurchase Program
--------------------------------------------------------------
The Board of Directors of Mirant Corp. has authorized a US$100
million share repurchase program.  The company intends, from
time to time until Sept. 30, 2007, as business conditions
warrant, to purchase common stock on the open market or in
negotiated transactions.

Aug. 21, 2006, marked the expiration of the company's recent
"Dutch auction" self tender offer, in which the company
repurchased 43,000,000 shares of common stock for an aggregate
of approximately US$1.23 billion.  As of Sept. 8, 2006, Mirant
had approximately 257 million shares of common stock (basic)
outstanding and approximately US$1 billion in cash and short-
term investments.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces  
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean include
three integrated utilities and assets in Jamaica, Grand Bahama,
Trinidad and Tobago and Curacao.  Mirant owns or leases more
than 18,000 megawatts of electric generating capacity globally.  
Mirant Corp. filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.

                        *    *    *

Moody's Investors Service downgraded in July 2006 the ratings of
Mirant Corp. and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  The rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corp.'s Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

Fitch Ratings placed in July 2006 the ratings of Mirant Corp.,
including the Issuer Default Rating of 'B+', and its
subsidiaries on Rating Watch Negative following its announced
plans to buy back stock and sell its Philippine and Caribbean
assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


MIRANT: MAGi Files Amended Post-Confirmation Quarterly Report
-------------------------------------------------------------
Mirant Americas Generation, LLC, filed on August 30, 2006, an
amended Post Confirmation Quarterly Report to correct entries in
the Cash Receipts from Other Sources, net; Total Cash Receipts,
net; Other Disbursements; and Total Disbursements this Quarter.

                  Mirant Americas Generation, LLC
           Post Confirmation Quarterly Bank Reconcilement
               For the Quarter Ending March 31, 2006

QUARTER ENDING:
Bank Reconciliations

    Balance Per Bank Statement at
       Bank of America, Acct. No. 3751381897           US$33,056
    Add: Total Deposits Not Credited
    Subtract: Outstanding Checks
    Other Reconciling Items
    Month End Balance Per Books                           33,056
    Number of Last Check Written
    Cash: Currency on Hand
                                                     -----------
Total Cash - End of Month                                 33,056

Cash In:
Investment Accounts
    Merrimac Funds                                             -
    Federated Investments                             13,729,575
                                                     -----------
Total Cash Investments                                13,729,575
                                                     -----------
Total Cash                                         US$13,762,631
                                                     -----------

                  Mirant Americas Generation, LLC
            Post Confirmation Quarterly Operating Report
               For the Quarter Ending March 31, 2006

Beginning of Quarter Cash Balance:                US$129,224,331

Cash Receipts:
    Cash Receipts During Current Quarter:
       Cash receipts from business operations
       Cash receipts from loan proceeds
       Cash receipts from contributed capital
       Cash receipts from tax refunds
       Cash receipts from other sources             (99,909,542)
                                                     -----------
Total Cash Receipts                                 (99,909,542)

Cash Disbursements:
    Payments made under the Plan:
       Administrative
       Secured Creditors
       Priority Creditors
       Unsecured Creditors                            15,552,158
       Additional Plan Payments
Other Payments made this Quarter:
       General Business
       Other Disbursements                                     0
                                                     -----------
Total Disbursements this Quarter                      15,552,158
                                                     -----------
Cash Balance End of Quarter                        US$13,762,631
                                                     -----------

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces   
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean include
three integrated utilities and assets in Jamaica, Grand Bahama,
Trinidad and Tobago and Curacao.  Mirant owns or leases more
than 18,000 megawatts of electric generating capacity globally.  
Mirant Corp. filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts. The Debtors emerged
from bankruptcy on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue
No. 105; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


* URUGUAY: Will Seek to Expand Commercial Ties with U.S.
--------------------------------------------------------
Uruguay's presidential Web site reported that the nation will
seek out alternatives to increase commercial relations with the
United States.

According to the statement, Uruguay has no plans to have a
typical free trade accord with US.

Uruguay's President Tabare Vazquez said in a statement that he
rejected a US proposal to begin free trade talks under a "fast-
track authority."  He said that the proposal limited his
nation's options and it didn't provide enough time for a serious
study of the issues.

President Vazquez told Dow Jones Newswires, "We have rejected
therefore this proposal, but we have not closed the
negotiation."

Dow Jones relates that US President George W. Bush's authority
to "fast track" trade deals expires in 2007.  This method
enables US representatives to negotiate an accord that can be
presented to the congress for a "yes-or-no vote" with no
amendments.

President Vazquez told Dow Jones that Uruguay will be meeting
the US on Oct. 2-3 to study the possibility of expanding the
scope of an existing bilateral investment treaty by examining
trade terms one by one.

The US has similar accords with nations in Africa and Cambodia,
Dow Jones says, citing President Vazquez.  According to him, a
deal could be signed in eight to 12 months.

                        *    *    *

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




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


BANCO OCCIDENTAL: Controller to Buy Corp Group's Venezuelan Unit
----------------------------------------------------------------
Banco Occidental de Descuento's controller has signed a purchase
accord with Chile's Corp Group to buy the latter's Venezuelan
banking unit for an undisclosed amount, Business News Americas
reports.

A group led by bank president Victor Vargas Irausquin controls
Banco Occidental.

Corp Group said in a statement that the sale of Corp Banca
Venezuela still needs the approval of Venezuelan regulators.

Claudio Chamorro, the studies manager of Corp Group, told
BNamericas, "The decision to sell Corp Banca Venezuela is in
line with the group's objective to focus on Chile.  This is a
definitive sale and the next step is for the regulator to
approve it."

                      About Corp Group

Corp Group operated in Venezuela for almost 10 years.  Corp
Banca Venezuela holds a 2% market share in the nation, and has
about US$1 billion in assets.

Fitch Ratings assigned these ratings on Banco Occidental de
Descuento:

          -- B- long-term issuer default rating;
          -- B short-term rating;
          -- B- local currency long-term issuer default rating;
          -- B local currency short-term rating;
          -- BBB(VEN) national long-term rating; and
          -- F3(VEN) national short-term rating.

Fitch said the outlook is negative.


SUPERIOR ENERGY: Offers to Buy Warrior Energy for US$175 Million
----------------------------------------------------------------
Superior Energy Services, Inc., has signed a definitive merger
agreement to acquire Warrior Energy Services Corp. for
approximately US$175 million in cash and 5.3 million shares of
common stock.

The transaction is subject to regulatory review and customary
closing conditions, and is expected to close late in the fourth
quarter of 2006.  Superior estimates the acquisition of Warrior
to be accretive to 2007 earnings per share.  In connection with
this transaction, Superior has secured a commitment for US$200
million in long-term debt.

Terence Hall, Superior's Chairman and Chief Executive Officer,
stated, "This accretive acquisition represents an important step
in our continuing strategy of significantly diversifying our
services footprint beyond the Gulf of Mexico.  It will
appreciably strengthen our foothold in the domestic onshore
market, bringing with it a seasoned management team with
extensive onshore oilfield services experience and over 570
skilled employees.  Once closed, we will be the leading North
American production enhancement company with an expansive
platform to introduce existing and new, highly technical well
intervention services and solutions in virtually all domestic
producing basins.  Additionally, we intend to use our cash flow
to help Warrior fund its capital expenditure program,
highlighted by orders for 32 coiled tubing spreads over the next
24 months."

                   About Warrior Energy

Warrior Energy Services Corp. is a natural gas and oil well
services company that provides wireline and well intervention
services to exploration and production companies.  Its wireline
services focus on cased-hole wireline operations, including
logging services, perforating, mechanical services, pipe
recovery and eventually plugging and abandoning the well.  
Warrior's well intervention services are primarily hydraulic
workover services, commonly known as snubbing services.  Warrior
has 25 operating bases in 10 states.

Operations are concentrated in the major onshore and offshore
natural gas and oil producing areas of the U.S., including
offshore in the Gulf of Mexico and onshore in Alabama, Colorado,
Louisiana, Mississippi, Montana, New Mexico, North Dakota,
Oklahoma, Texas, Utah and Wyoming.  Warrior also operates two
manufacturing and repair facilities that are located in Laurel,
Mississippi and Decatur, Texas which have a combined capacity to
manufacture approximately 20 wireline and four snubbing units
per year.  Warrior's management team averages more than 24 years
of industry experience.

                   About Superior Energy

Superior Energy Services, Inc. -- http://www.superiorenergy.com/  
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The Company uses its production  
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States,
Trinidad and Tobago, Australia, the United Kingdom, and
Venezuela, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Moody's Investors Service affirmed Superior Energy Services
Inc., LLC's ratings (Ba3 Corporate Family Rating and B1 rated
US$300 million senior unsecured notes guaranteed by Superior
Energy Services, Inc., and changed the rating outlook to
negative from stable following Superior's announcement that it
had signed a merger agreement to acquire Warrior Energy Services
Corp.

In May 2006, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Superior Energy Services Inc.
and assigned its 'BB-' senior unsecured rating to the US$300
million senior unsecured notes issued by Superior Energy and
guaranteed by Superior, due 2014.  The outlook is stable.


* BOND PRICING: For the Week of Sept. 25 -- Sept. 29, 2006
----------------------------------------------------------

Issuer                               Coupon   Maturity  Price
------                               ------   --------  -----
ABC Rail Product                     10.500%  01/15/04     1
ABC Rail Product                     10.500%  12/31/04     1
Adelphia Comm.                        3.250%  05/01/21     0
Adelphia Comm.                        6.000%  02/15/06     0
Adelphia Comm.                        7.500%  01/15/04    62
Adelphia Comm.                        7.750%  01/15/09    62
Adelphia Comm.                        7.875%  05/01/09    60
Adelphia Comm.                        8.125%  07/15/03    60
Adelphia Comm.                        8.375%  02/01/08    61
Adelphia Comm.                        9.250%  10/01/02    61
Adelphia Comm.                        9.375%  11/15/09    65
Adelphia Comm.                        9.500%  02/15/04    59
Adelphia Comm.                        9.875%  03/01/05    61
Adelphia Comm.                        9.875%  03/01/07    61
Adelphia Comm.                       10.250%  11/01/06    60
Adelphia Comm.                       10.250%  06/15/11    65
Adelphia Comm.                       10.500%  07/15/04    62
Adelphia Comm.                       10.875%  10/01/10    62
Allegiance Tel.                      11.750%  02/15/08    45
Allegiance Tel.                      12.875%  05/15/08    48
Amer & Forgn Pwr                      5.000%  03/01/30    66
Amer Color Graph                     10.000%  06/15/10    68
Ames Dept. Stores                    10.000%  04/15/06     0
Antigenics                            5.250%  02/01/25    64
Anvil Knitwear                       10.875%  03/15/07    69
Armstrong World                       6.350%  08/15/03    64
Armstrong World                       6.500%  08/15/05    64
Armstrong World                       7.450%  05/15/29    64
Armstrong World                       9.000%  06/15/04    66
Atlantic Mutual                       8.150%  02/15/28    61
ATA Holdings                         13.000%  02/01/09     4
Autocam Corp.                        10.875%  06/15/14    62
Avado Brands Inc                     11.750%  06/15/09     1
Bank New England                      8.750%  04/01/99     5
Bank New England                      9.500%  02/15/96    13
BBN Corp                              6.000%  04/01/12     0
Burlington North                      3.200%  01/01/45    58
Calpine Corp                          4.750%  11/15/23    48
Calpine Corp                          6.000%  09/30/14    39
Calpine Corp                          7.625%  04/15/06    73
Calpine Corp                          7.750%  04/15/09    75
Calpine Corp                          7.750%  06/01/15    37
Calpine Corp                          7.875%  04/01/08    73
Calpine Corp                          8.500%  02/15/11    50
Calpine Corp                          8.625%  08/15/10    50
Calpine Corp                          8.750%  07/15/07    74
Calpine Corp                         10.500%  05/15/06    73
Charter Comm Hld                     10.000%  05/15/11    75
Cell Therapeutic                      5.750%  06/15/08    70
Chic East Ill RR                      5.000%  01/01/54    56
CIH                                   9.920%  04/01/14    68
CIH                                  10.000%  05/15/14    68
CIH                                  11.125%  01/15/14    70
Clark Material                       10.750%  11/15/06     0
Collins & Aikman                     10.750%  12/31/11     3
Columbia/HCA                          7.050%  12/01/27    73
Columbia/HCA                          7.500%  11/15/95    72
Comcast Corp                          2.000%  10/15/29    40
Comprehens Care                       7.500%  04/15/10    65
Cray Research                         6.125%  02/01/11     5
Dal-Dflt09/05                         9.000%  05/15/16    30
Dana Corp                             5.850%  01/15/15    66
Dana Corp                             7.000%  03/15/28    69
Dana Corp                             7.000%  03/15/28    67
Dana Corp                             7.000%  03/01/29    67
Dana Corp                             9.000%  08/15/11    67
Delco Remy Intl                       9.375%  04/15/12    46
Delco Remy Intl                      11.000%  05/01/09    51
Delphi Trust II                       6.197%  11/15/33    57
Delta Air Lines                       2.875%  02/18/24    28
Rotech HealthCare                     9.500%  04/01/12    68
Delta Air Lines                       7.700%  12/15/05    27
Delta Air Lines                       7.900%  12/15/09    29
Delta Air Lines                       8.000%  06/03/23    29
Delta Air Lines                       8.300%  12/15/29    29
Delta Air Lines                       8.540%  01/02/07    73
Delta Air Lines                       9.250%  03/15/22    28
Delta Air Lines                       9.750%  05/15/21    27
Delta Air Lines                      10.000%  06/01/08    56
Delta Air Lines                      10.000%  08/15/08    28
Delta Air Lines                      10.000%  06/05/13    74
Delta Air Lines                      10.060%  01/02/16    73
Delta Air Lines                      10.080%  06/16/07    65
Delta Air Lines                      10.125%  05/15/10    28
Delta Air Lines                      10.375%  02/01/11    28
Delta Air Lines                      10.375%  12/15/22    29
Deutsche Bank NY                      8.500%  11/15/16    71
Dov Pharmaceutic                      2.500%  01/15/25    57
Dura Operating                        8.625%  04/15/12    44
Dura Operating                        9.000%  05/01/09     5
DVI Inc                               9.875%  02/01/04     8
Empire Gas Corp                       9.000%  12/31/07     1
Duty Free Int'l                       7.000%  01/15/04     0
Dyersburg Corp                        9.750%  09/01/07     0
Eagle-Picher Inc                      9.750%  09/01/13    74
Encysive Pharmac                      2.500%  03/15/12    73
Epix Medical Inc.                     3.000%  06/15/24    70
Exodus Comm Inc                      10.750%  12/12/09     0
Exodus Comm Inc                      11.625%  07/15/10     0
Fedders North AM                      9.875%  03/01/14    65
Federal-Mogul Co.                     7.375%  01/15/06    56
Federal-Mogul Co.                     7.500%  01/15/09    56
Federal-Mogul Co.                     8.160%  03/06/03    50
Federal-Mogul Co.                     8.330%  11/15/01    58
Federal-Mogul Co.                     8.370%  11/15/01    53
Federal-Mogul Co.                     8.800%  04/15/07    59
Finova Group                          7.500%  11/15/09    29
Ford Motor Co                         6.500%  05/01/18    75
Ford Motor Co                         6.625%  02/15/28    75
Ford Motor Co                         7.125%  11/15/25    74
Ford Motor Co                         7.400%  11/01/46    73
Ford Motor Co                         7.700%  05/15/97    72
Ford Motor Co                         7.750%  06/15/43    74
Golden Books Pub                     10.750%  12/31/04     0
GB Property Fndg                     11.000%  09/29/05    51
Graftech Intl                         1.625%  01/15/24    73
Graftech Intl                         1.625%  01/15/24    75
GST Network Fndg                     10.500%  05/01/08     0
Gulf Mobile Ohio                      5.000%  12/01/56    75
Cooper Standard                       8.375%  12/15/14    74
Gulf States Stl                      13.500%  04/15/03     0
HNG Internorth                        9.625%  03/15/06    36
Home Prod Intl                        9.625%  05/15/08    60
JTS Corp                              5.250%  04/29/02     0
Inland Fiber                          9.625%  11/15/07    66
Insight Health                        9.875%  11/01/11    34
Iridium LLC/CAP                      10.875%  07/15/05    25
Iridium LLC/CAP                      11.250%  07/15/05    28
Iridium LLC/CAP                      13.000%  07/15/05    27
Iridium LLC/CAP                      14.000%  07/15/05    28
Isolagen Inc.                         3.500%  11/01/24    73
K&F Industries                        9.625%  12/15/10    70
Kaiser Aluminum                       9.875%  02/15/02    33
Kaiser Aluminum                      12.750%  02/01/03    13
Kellstrom Inds                        5.500%  06/15/03     0
Kmart Corp                            8.540%  01/02/15    28
Kmart Corp                            8.990%  07/05/10     4
Kmart Corp                            9.350%  01/02/20    10
Kmart Funding                         8.800%  07/01/10    30
Liberty Media                         3.750%  02/15/30    63
Liberty Media                         4.000%  11/15/29    67
Lifecare Holding                      9.250%  08/15/13    71
Macsaver Financl                      7.400%  02/15/02     4
Macsaver Financl                      7.600%  08/01/07     3
Macsaver Financl                      7.875%  08/01/03     0
Merisant Co                           9.500%  07/15/13    65
Movie Gallery                        11.000%  05/01/12    65
MSX Int'l Inc.                       11.375%  01/15/08    70
Muzak LLC                             9.875%  03/15/09    61
New Orl Grt N RR                      5.000%  07/01/32    69
Pac-West-Tender                      13.500%  02/01/09    71
Northern Pacific RY                   3.000%  01/01/47    57
Northern Pacific RY                   3.000%  01/01/47    57
Northwest Airlines                    6.625%  05/15/23    53
Northwest Airlines                    7.248%  01/02/12    20
Northwest Airlines                    7.625%  11/15/23    53
Northwest Airlines                    7.875%  03/15/08    53
Northwest Airlines                    8.700%  03/15/07    54
Northwest Airlines                    8.875%  06/01/06    53
Northwest Airlines                    9.152%  04/01/10     7
Northwest Airlines                    9.179%  04/01/10    23
Northwest Airlines                    9.875%  03/15/07    53
Northwest Airlines                   10.000%  02/01/09    53
NTK Holdings Inc                     10.750%  03/01/14    69
Oakwood Homes                         7.875%  03/01/04     9
Oakwood Homes                         8.125%  03/01/09     9
Oscient Pharm                         3.500%  04/15/11    67
Outboard Marine                       9.125%  04/15/17     0
Outboard Marine                      10.750%  06/01/08     4
Overstock.com                         3.750%  12/01/11    74
Owens Corning                         7.000%  03/15/09    47
Owens Corning                         7.500%  05/01/05    51
Owens Corning                         7.500%  08/01/18    49
Owens Corning                         7.700%  05/01/08    51
Owens-Corning Fiber                   8.875%  06/01/02    48
PCA LLC/PCA Fin                      11.875%  08/01/09    25
Pegasus Satellite                     9.625%  10/15/49    11
Pegasus Satellite                     9.750%  12/01/06    11
Phar-mor Inc                         11.720%  09/11/02     0
Piedmont Aviat                       10.250%  01/15/49     1
Pixelworks Inc                        1.750%  05/15/24    71
Plainwell Inc                        11.000%  03/01/08     2
Pliant Corp                          13.000%  07/15/10    40
Primus Telecom                        3.750%  09/15/10    48
Primus Telecom                        8.000%  01/15/14    63
PSINET Inc                           10.500%  12/01/06     0
PSINET Inc                           11.000%  08/01/09     0
Nutritional Src                      10.125%  08/01/09    66
Radnor Holdings                      11.000%  03/15/10    10
Railworks Corp                       11.500%  04/15/09     1
Read-Rite Corp.                       6.500%  09/01/04    11
Rite Aid Corp                         6.875%  12/15/28    73
RJ Tower Corp.                       12.000%  06/01/13    21
Salton Inc                           12.250%  04/15/08    73
Solectron Corp                        0.500%  02/15/34    73
Diva Systems                         12.625%  03/01/08     1
Toys R Us                             7.375%  10/15/18    72
Tribune Co                            2.000%  05/15/29    66
Triton Pcs Inc.                       8.750%  11/15/11    74
Triton Pcs Inc.                       9.375%  02/01/11    73
Tropical Sportsw                     11.000%  06/15/08     7
United Air Lines                      7.270%  01/30/13    56
United Air Lines                      7.870%  01/30/19    54
United Air Lines                      8.700%  10/07/08    39
United Air Lines                      9.020%  04/19/12    56
United Air Lines                      9.350%  04/07/16    30
United Air Lines                      9.560%  10/19/18    61
United Air Lines                     10.020%  03/22/14    45
United Air Lines                     10.110%  02/19/49    44
US Air Inc.                          10.700%  01/01/49    22
US Air Inc.                          10.700%  01/15/49    23
US Air Inc.                          10.750%  01/01/49     0
US Air Inc.                          10.750%  01/15/49    24
USAutos Trust                         5.100%  03/03/11    75
Venture Holdings                      9.500%  07/01/05     1
Venture Holdings                     11.000%  06/01/07     0
Vesta Insurance Group                 8.750%  07/15/25     9
Werner Holdings                      10.000%  11/15/07    10
Westpoint Steven                      7.875%  06/15/05     0
Westpoint Steven                      7.875%  06/15/08     0
Winn-Dixie Store                      8.875%  04/01/08    66
Xerox Corp.                           0.570%  04/21/18    34
Ziff Davis Media                     12.000%  07/15/10    40


                        ***********


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 * * *