TCRLA_Public/061004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 4, 2006, Vol. 7, Issue 197

                          Headlines

A R G E N T I N A

AGUAS ARGENTINAS: Lenders File Lawsuit Against Suez & Agbar
COMPANIA GENERAL: Gran Tierra to Close Purchase of Firm's Assets
GRAN TIERRA: Closing Purchase of Assets from Compania General
PAMPA S MEAT: Verification of Proofs of Claim Is Until Dec. 11
PINNACLE ENT: S&P Affirms BB- Rating on US$250MM Secured Loan

PRODULAC SRL: Claims Verification Deadline Is Set for Oct. 20
PROLINE SA: Deadline for Verification of Claims Is on Dec. 20
TIMBERTECH SA: Trustee Verifies Proofs of Claim Until Nov. 20
VIDELUX SA: Claims Verification Deadline Is Set for Nov. 20

* ARGENTINA: S&P Raises Long-Term Currency Credit Ratings to B+

B A H A M A S

COMPLETE RETREATS: Panel Requests Rule 2004 Exam on R. McGrath
COMPLETE RETREATS: Court Approves Information Sharing Protocol
ISLE OF CAPRI: Moody's Assigns Loss-Given-Default Ratings
WINN-DIXIE: Wants to Assume Modified Cardtronics Agreement
WINN-DIXIE: Wants to Assume Six Negotiated Contracts

B A R B A D O S

SECUNDA INT'L: Discloses Results of Annual Reduction Offer

B E R M U D A

ALEA GROUP: Unit Completes Sale of Surplus Carrier to Hannover
CHUG SERVICES: Creditors Must File Proofs of Claim by Oct. 17
FLYING VP-BBB: Proofs of Claim Filing Deadline Is on Oct. 13
INTELSAT LTD: Promotes Linda Kokal to Sr. Vice Pres. & Treasurer
REFCO: Court Holds Oct. 5 Hearing on LLC's Pact with Lenders

SCOTTISH RE: Secures US$120 Million Funding to Improve Liquidity
SEA CONTAINERS: Late Filing Prompts NYSE to Suspend Co's Trading
ZINK (BERMUDA): McCabe Named Liquidator on Wind-Up Proceeding

B O L I V I A

INTERMEC INC: Fitch Affirms Low B Ratings with Stable Outlook

B R A Z I L

AAR CORP: Moody's Assigns Loss-Given-Default Ratings
AGCO CORP: Appoints Francisco Gros to Board of Directors
BANCO BRADESCO: Lists Shares in FTSE Latibex Brasil Stock Index
BANCO MERCANTIL: Gets US$20MM Loan from National City Bank
BANCO NACIONAL: Approves BRL55 Million Loan to Ajinomoto

BANCO FIBRA: S&P Affirms B+/B Counterparty Credit Rating
CENTRAIS ELECTRICAS: Plans to Raise US$478MM in Int'l Funding
CENTRAIS ELECTRICAS: Will Bid for Hydro Project Concessions
PARANA BANCO: S&P Affirms B/B Counterparty Credit Rating

C A Y M A N   I S L A N D S

ARIA INVESTMENTS: Last Shareholders Meeting Is Set for Nov. 3
CAYMAN MEDICAL: Calls Shareholders for Final Meeting on Oct. 31
EAST FUNDING: Shareholders Gather for Final Meeting on Nov. 2
FUTURE INVESTMENTS: Final Shareholders Meeting Is on Nov. 20
KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans

ORICO MILLENNIUM: Last Shareholders Meeting Is Set for Nov. 9
RBC LATIN: Proofs of Claim Must be Filed by Nov. 30
SEAGATE TECH: Inks Distribution Agreement with SED International
SEGOES SERVICES: Liquidators Get Court Ruling Against J. Kaweske
STOCKBRIDGE FUND: Final Shareholders Meeting Is Set for Nov. 2

UAM BOND: Creditors Must File Proofs of Claim by Nov. 30
UAM EQUITY: Last Day to File Proofs of Claim Is on Nov. 30
WINDHOEK AVIATION: Sets Final Shareholders Meeting on Nov. 9

C H I L E

GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.
GOODYEAR TIRE: USW to End Contract Extension on Thursday

C O L O M B I A

ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB

* COLOMBIA: Starts 2nd Round of Talks on Economic Pact with Cuba

C O S T A   R I C A

DENNY'S CORP: Closes US$62 Mil. Property Sale to National Retail

C U B A

* CUBA: Establishing Railroad Joint Venture with Venezuela
* CUBA: Starts 2nd Round of Talks on Economic Pact with Colombia

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Fraud Case to be Heard Daily in November

E C U A D O R

PETROECUADOR: Fourteen Firms Interested to Explore Amazon Region
PETROECUADOR: Gov't to Create Firm for Former Occidental Fields

G U A T E M A L A

AFFILIATED COMPUTER: Asks Dist. Court's "No Default" Declaration

H O N D U R A S

* HONDURAS: Launches International Tender for Fuel Supply

J A M A I C A

DOLE FOOD: Producers Group Accept Shareholdings Purchase Offer
KAISER ALUMINUM: VEBA Trust Mulls Public Offering of 2.5M Shares
KAISER ALUMINUM: Witmer Parties Disclose 1,071,216 Equity Stake
NATIONAL WATER: Sewage Service Charges Angers Eltham Residents

M E X I C O

EL POLLO: Further Extends Tender Offer Expiration Until Nov. 3
ENTRAVISION COMMS: Moody's Assigns Loss-Given-Default Ratings
FENDER MUSICAL: Moody's Puts LGD5 Rating on Secured Second Lien
FGX INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
FORD MOTOR: Awards Remanufacturing Contract to Aftermarket Tech

GATX CORP: Selling Majority of Aircraft Leasing Business
GENERAL MOTORS: Awards Remanufacturing Contract to ATC
GRUPO MEXICO: Antitrust Agency Probes Ferromex & Ferrosur
GRUPO MEXICO: Antitrust Agency to Rule on Merger in December
OPEN TEXT: Unit Buys Hummingbird's Common Shares for US$489 Mil.

STEELCASE INC: Moody's Confirms Ba1 Corporate Family Rating
WERNER LADDER: Panel Wants to Retain Neil Minihane as Consultant

N I C A R A G U A

* NICARAGUA: Comptroller Junks Gecsa's Request to Hire
* NICARAGUA: Plans to Construct US$18 Billion Waterway

P A N A M A

CHIQUITA BRANDS: Moody's Affirms Caa1 Rating on US$250 Mln Notes
CHIQUITA BRANDS: Mulls Sale of Shipping Business to Cut Debt

P U E R T O   R I C O

APARTMENT INVESTMENT: Uses SPSS Software to Boost Recruitment
DRESSER INC: Relocates Brazilian Plant to Sao Jose from Jacarei
PIER 1: Chairman & CEO Marvin Girouard to Retire in Feb. 2007
PILGRIM'S PRIDE: Offers to Buy All of Gold Kist's 10.25% Notes
PILGRIM'S PRIDE: Moody's Puts Ba2 Corp. Family Rating on Watch

RENT-A-CENTER: Plans on Refinancing Current Senior Debt
SPANISH BROADCASTING: Moody's Assigns Loss-Given-Default Rating

T R I N I D A D   &   T O B A G O

BRITISH WEST: S&P Eyes Airline for Effect of Closure in Trinidad
MIRANT CORP: Files Amended Post-Confirmation Quarterly Report

V E N E Z U E L A

CITGO PETROLEUM: Says Public Misinformed About 7-Eleven Contract
FERRO CORP: S&P Holds Low B Corp. Credit & Unsec. Debt Ratings
PETROLEOS DE VENEZUELA: Executes 7 MOU's with Russian Companies

* VENEZUELA: Establishing Railroad Joint Venture with Cuba
* VENEZUELA: Government Officially Raised Oil Income Tax to 50%
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


AGUAS ARGENTINAS: Lenders File Lawsuit Against Suez & Agbar
-----------------------------------------------------------
Lenders of Aguas Argentinas SA have sued Suez SA, the firm's
French controlling company, and Spanish affiliate Sociedad
General de Aguas de Barcelona SA aka Agbar before a federal
court in Manhattan for allegedly taking out hundreds of millions
of dollars from Aguas Argentinas, Dow Jones Newswires reports.

Aguas Lenders Recovery Group LLC -- a limited liability firm
that represents the interests of lenders owed payments, interest
and other charges by Aguas Argentinas SA -- filed the lawsuit
late last week.

According to Dow Jones, the lenders alleged that Aguas de
Argentinas was a "mere shell" and was dominated by Suez and
Agbar.  The lenders claimed that the controlling shareholders
lost the water concession -- Aguas Argentinas' most valuable
asset -- through gross undercapitalization and mismanagement,
while taking out management fees and other self-dealing
transactions from the company.

Dow Jones relates that the lenders said in the suit, "In the
end, Suez/Agbar left not only the citizens of Buenos Aires, but
also plaintiff and other creditors, literally and figuratively
'high and dry."

The complainants are seeking at least US$135 million in
compensatory damages and additional punitive damages, Dow Jones
states.

As reported in the Troubled Company Reporter-Latin America on
May 23, 2006, Aguas Argentinas was officially replaced by Agua y
Saneamiento Argentina SA aka AySA as the water and sewerage
provider of Buenos Aires.  The concessionaire stopped being
Buenos Aires' water and sewerage utility when its contract with
Buenos Aires was revoked on March 21, 2006, due to allegations
on non-compliance with investment goals and water safety
regulations.

As a result of the water concession's revocation, Aguas
Argentinas filed for reorganization in Buenos Aires' Court
No. 17.  Clerk No. 34 assists the court in the proceeding.

The court named Bilenca, Ghiglione y Sabor Contadores Publicos,
Anzoategui, Petrocelli y Asociados, Emilio Giacumbo and Rafael
Hernandez as trustees.


COMPANIA GENERAL: Gran Tierra to Close Purchase of Firm's Assets
----------------------------------------------------------------
Gran Tierra Energy Inc. will close at the end of October the
purchase of the first of several exploration and production
assets of Compania General de Combustibles, an Argentine oil
exploration firm, Business News Americas reports, citing Dana
Coffield -- the president and chief executive officer of Gran
Tierra.

The report says that Gran Tierra already owns 50% interests in
two minor properties in the northwest basin operated by Compania
General.  The properties are:

          -- Nacatimbay, and
          -- Ipaguazu.

Ms. Coffield told BNamericas that Gran Tierra signed in February
a letter of intent to buy Compania General's Argentine assets in
the northwest basin for US$37.8 million.  The closure of the
purchase, however, has taken longer than expected due to
regulatory and legal delays.

Gran Tierra had told BNamericas that the properties would add an
oil production of 760 barrels per day and about 8.5 million
cubic feet daily of natural gas production net before royalties
to the firm's operations.

According to BNamericas, the acquisition would increase Gran
Tierra's hydrocarbons output in Argentina to about 1,600 barrels
of oil equivalent per day and expand the firm's exploration
portfolio to 5,100 square kilometers of land.

Proven reserves in the Compania General assets are about 1.9
million of barrels of oil and liquids and about 23 millions of
cubic feet of gas, BNamericas reports.

                     About Gran Tierra

Gran Tierra Energy Inc., fka Goldstrike Inc., is an independent
international energy company involved in oil and natural gas
exploration and exploitation.

Gran Tierra's current activities in Argentina and Colombia have
been established via acquisitions.  The Company has also signed
a license contract in Peru and has offered to purchase a mix of
producing and prospective assets in Argentina.

                   About Compania General

Sociedad Comercial del Plata and its former subsidiary, Compania
General de Combustibles, concluded their restructuring
proceedings after a Buenos Aires commercial court handling the
proceedings has approved their debt agreements.  However, a
complaint filed by the General de la Camara Comercial
represented by Alejandra Gils Carbo and Manuel Garrido of the
Investigaciones Administrativas spurred a probe by the court for
possible fraud committed by the two companies during their
restructuring proceedings.  According to the claim, the acuerdos
preventivos were made by fictitious majorities and through
parallel businesses on which other companies, creditors banks
and offshore societies would be included.  Another part of the
claim is the transfer of Sociedad Comercial's 81% stake in
Compania General to Explore Acquisition Explorations, made in
the midst of the concurso, not normally allowed except when it
is beneficial to creditors.


GRAN TIERRA: Closing Purchase of Assets from Compania General
-------------------------------------------------------------
Gran Tierra Energy Inc. will close at the end of October the
purchase of the first of several exploration and production
assets of Compania General de Combustibles, an Argentine oil
exploration firm, Business News Americas reports, citing Dana
Coffield -- the president and chief executive officer of Gran
Tierra.

The report says that Gran Tierra already owns 50% interests in
two minor properties in the northwest basin operated by Compania
General.  The properties are:

          -- Nacatimbay, and
          -- Ipaguazu.

Ms. Coffield told BNamericas that Gran Tierra signed in February
a letter of intent to buy Compania General's Argentine assets in
the northwest basin for US$37.8 million.  The closure of the
purchase, however, has taken longer than expected due to
regulatory and legal delays.

Gran Tierra had told BNamericas that the properties would add an
oil production of 760 barrels per day and about 8.5 million
cubic feet daily of natural gas production net before royalties
to the firm's operations.

According to BNamericas, the acquisition would increase Gran
Tierra's hydrocarbons output in Argentina to about 1,600 barrels
of oil equivalent per day and expand the firm's exploration
portfolio to 5,100 square kilometers of land.

Proven reserves in the Compania General assets are about 1.9
million of barrels of oil and liquids and about 23 millions of
cubic feet of gas, BNamericas reports.

                     About Gran Tierra

Gran Tierra Energy Inc., fka Goldstrike Inc., is an independent
international energy company involved in oil and natural gas
exploration and exploitation.

Gran Tierra's current activities in Argentina and Colombia have
been established via acquisitions.  The Company has also signed
a license contract in Peru and has offered to purchase a mix of
producing and prospective assets in Argentina.

                     Going Concern Doubt

As reported in the Troubled Company Reporter-Latin America on
July 27, 2006, Deloitte & Touche LLP expressed substantial doubt
about the ability of Gran Tierra Energy Inc. fka Goldstrike Inc.
to continue as a going concern after auditing the Company's
financial statements for the year ending Dec. 31, 2005.  The
auditing firm said that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and generate
profitable operations from the company's oil and natural gas
interests in the future.  The company incurred a US$2.2 million
net loss for the period ended Dec. 31, 2005, negative cash flows
from operations of US$1.9 million, and, as of Dec. 31, 2005, had
an accumulated deficit of US$2.2 million.


PAMPA S MEAT: Verification of Proofs of Claim Is Until Dec. 11
--------------------------------------------------------------
Maria E. Cappelletti, the court-appointed trustee for Pampa s
Meat S.A.'s bankruptcy proceeding, will verify creditors' proofs
of claim until Dec. 11, 2006.

Under the Argentine bankruptcy law, Ms. Cappelletti is required
to present the validated claims in court as individual reports.
Court No. 22 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Pampa s Meat and its
creditors.

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

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

Pampa s Meat was forced into bankruptcy at the request of Inpaco
S.A., which it owes US$11,000

Clerk No. 44 assists the court in the proceeding.

The debtor can be reached at:

          Pampa s Meat S.A.
          Carlos Pellegrini 755
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria E. Cappelletti
          Avenida Pedro Goyena 1674
          Buenos Aires, Argentina


PINNACLE ENT: S&P Affirms BB- Rating on US$250MM Secured Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating and
'1' recovery rating following Pinnacle Entertainment Inc.'s
proposed US$250 million senior secured bank facility add-on.
Proceeds from the proposed add-on will be used to improve
overall financing flexibility, in particular as it relates to
Pinnacle's agreement to acquire the entities that own The Sands
and Traymore sites in Atlantic City.

The corporate credit rating on the Las Vegas-based casino owner
and operator is 'B+' and the outlook is stable.  Total debt
outstanding at June 30, 2006, was about US$637 million.

Despite the expectation for continued good operating performance
over the intermediate term, Pinnacle is in the midst of an
aggressive expansion phase aimed at enhancing its portfolio of
casino assets. As a result, cushion needs to be maintained in
its overall financial profile to accommodate this growth
strategy.  An outlook revision to negative is possible if debt
leverage, over the next several years, increases materially
above 6x as a result of operating weakness or the pursuit of
additional debt-financed growth opportunities.  An outlook
revision to positive would be considered if steady operating
performance continues creating further cushion to absorb
additional growth opportunities.


PRODULAC SRL: Claims Verification Deadline Is Set for Oct. 20
-------------------------------------------------------------
Osvaldo L. Weiss, the court-appointed trustee for Produlac
S.R.L.'s bankruptcy case, will verify creditors' proofs of claim
until Oct. 20, 2006.

Mr. Wiess will present the validated claims in court as
individual reports on Dec. 1, 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 Produlac 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 Produlac's accounting
and banking records will follow on Feb. 16, 2007.

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

The trustee can be reached at:

          Osvaldo L. Weiss
          Roque Saenz Pena 651
          Buenos Aires, Argentina


PROLINE SA: Deadline for Verification of Claims Is on Dec. 20
-------------------------------------------------------------
Jorge Gerchkovich, the court-appointed trustee for Proline
S.A.'s bankruptcy case, will verify creditors' proofs of claim
until Dec. 20, 2006.

Under the Argentine bankruptcy law, Mr. Gerchkovich is required
to present the validated claims in court as individual reports.
Court No. 24 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 Proline and its
creditors.

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

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

Proline was forced into bankruptcy at the request of Carmen
Garigola, whom it owes US$2,561.71.

Clerk No. 48 assists the court in the case.

The debtor can be reached at:

          Proline S.A.
          Galicia 2946
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Gerchkovich
          Araoz 1056
          Buenos Aires, Argentina


TIMBERTECH SA: Trustee Verifies Proofs of Claim Until Nov. 20
-------------------------------------------------------------
Elsa Andrade, the court-appointed trustee for Timbertech S.A.'s
bankruptcy case, will verify creditors' proofs of claim until
Nov. 20, 2006.

Under the Argentine bankruptcy law, Ms. Andrade is required to
present the validated claims in court as individual reports.
Court No. 13 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 Timbertech and its
creditors.

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

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

Timbertech was forced into bankruptcy at the request of Juan
Carlos Oliva S.A., which it owes US$11,934.

Clerk No. 26 assists the court in the case.

The debtor can be reached at:

          Timbertech S.A.
          Uruguay 1067
          Buenos Aires, Argentina

The trustee can be reached at:

          Elsa Andrade
          Billinghurst 2407
          Buenos Aires, Argentina


VIDELUX SA: Claims Verification Deadline Is Set for Nov. 20
-----------------------------------------------------------
Juan Carlos Caro, the court-appointed trustee for Videlux S.A.'s
bankruptcy case, will verify creditors' proofs of claim until
Nov. 20, 2006.

Under the Argentine bankruptcy law, Mr. Caro is required to
present the validated claims in court as individual reports.
Court No. 7 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 Videlux and its
creditors.

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

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

Videlux was forced into bankruptcy at the behest of Obra Social
de los Empleados de Comercio y Actividades Civiles, which it
owes US$30,756.63.

Clerk No. 13 assists the court in the proceeding.

The debtor can be reached at:

          Videlux S.A.
          Cortina 938
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan Carlos Caro
          Rivadavia 6747
          Buenos Aires, Argentina


* ARGENTINA: S&P Raises Long-Term Currency Credit Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term local
and foreign currency credit rating on the Republic of Argentina
to 'B+' from 'B'.  Standard & Poor's also affirmed its 'B'
short-term ratings on The Republic of Argentina.  The outlook on
the long-term ratings is stable.

At the same time, Standard & Poor's raised its foreign and local
currency ratings on the city of Buenos Aires and the province of
Mendoza to 'B+' from 'B'.  The outlook on Buenos Aires remains
positive and the outlook on Mendoza is stable.

"The upgrade on Argentina reflects improvement in the country's
external liquidity, combined with a falling debt burden,"
explained Standard & Poor's credit analyst Joydeep Mukherji.
Net external debt may decline toward 95% of current account
receipts in 2006 from more than 120% in 2005.  Total public
sector debt may fall to less than 60% of GDP during the course
of 2007 from nearly 80% in 2005.

"The upgrades on Buenos Aires and Mendoza are due to the
sovereign upgrade and based on the strong links between
different levels of government in Argentina," said Standard &
Poor's credit analyst Sebastian Briozzo.  The impact of the
sovereign upgrade, if any, on private sector entities' rated in
Argentina will be assessed over the next few days.

Impressive current account and fiscal surpluses, combined with
rapid and broad-based GDP growth in recent years, have
strengthened the sovereign's financial profile.  The threat of
economic disruption caused by the acrimonious process of debt
rescheduling has also abated.

The stable outlook on Argentina is based on the expectation of
favorable economic performance in 2006 and in 2007, with
continued good GDP growth and fiscal and current account
surpluses.

Creditworthiness could improve if Argentina manages to sustain
GDP growth with stability, breaking with its record of volatile
economic performance.  Fiscal performance is key to reducing the
country's historically volatile growth path.  Sustainable and
stable growth depends on maintaining fiscal primary surpluses
even as the economy decelerates from its recent above-trend GDP
growth rates.  It also depends on greater regulatory certainty,
steps to avoid a possible energy shortage, and on improving the
business climate for long-term investment.

The greater use of discretionary government intervention in
markets in recent years (such as price controls, subsidies, and
export taxes) may have been partly inevitable due to the
difficult circumstances of the recent economic crisis.  However,
the continuation, or deepening, of such policies could have a
negative impact on investment over the long-term, constraining
GDP growth and Argentina's sovereign rating.




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

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


COMPLETE RETREATS: Court Approves Information Sharing Protocol
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut
approved uniform information procedures proposed by the Official
Committee of Unsecured Creditors in Complete Retreats LLC and
its debtor-affiliates' chapter 11 cases.

The Court ruled that the Committee will not be required to share
the Debtors' confidential information with its constituents, and
directed the Debtors to assist the Committee in identifying any
confidential information provided to the Committee, its agent,
and the Debtors' professionals and agents.

The Court further ruled that the Committee is authorized, but
not required, to enter into ad hoc confidentiality agreements
from time to time with other constituencies for the purpose of
sharing certain confidential information with those
constituencies on terms mutually acceptable to the Debtors and
the Committee.

The Committee tells the Court that the information procedures
were designed to protect the Debtors' Confidential Information
and prevent its dissemination to the general public.

To properly perform its duties, the Committee must have access
to the Debtors' proprietary documents and information, William
F. Govier, Esq., at Bingham McCutchen LLP, in Hartford,
Connecticut, relates.

The Committee believes that the sharing of all information
without limitations would be detrimental to the Debtors'
businesses and ability to maximize value.  Furthermore,
providing creditors unlimited access to the Debtors'
confidential information will allow competitors to use that
Information, including business plans, trade secrets, or other
proprietary information, to the disadvantage of the Debtors.

The Committee and the Debtors have already engaged in
discussions regarding the status of the bankruptcy cases and a
plan to reorganize the Debtors' businesses, according to Mr.
Govier.  Subsequently, the Debtors have provided certain
confidential information to the Committee.

Over the course of future discussions with the Debtors, the
Committee anticipates that it will receive additional
Confidential Information of a highly sensitive nature.

                  Information Procedures

To facilitate communication and assist in the transfer of
information, the Debtors and the Committee will enter into a
confidentiality agreement, which, with certain limited
exceptions, prohibit the Committee members from disseminating
the Debtors' proprietary information -- Confidential
Information.

The Committee will also enter into separate confidentiality
agreements with other creditors in its discretion from time to
time on terms mutually acceptable to the Debtors.

To insure the highest permitted degree of transparency and
disclosure, the Committee has instructed its counsel to
establish a Web site to make certain non-Confidential
Information available to general unsecured creditors.  The Web
site may be accessed at http://wwww.bingham.com/tannerhaley

The Web site contains a compendium of information to assist and
educate general unsecured creditors by providing, among other
things:

   (a) the Petition Dates;

   (b) the case numbers;

   (c) the Debtors' contact information;

   (d) the names of the Debtors' counsel and restructuring
       advisor, as well as the names of the Committee members
       and the Committee's counsel and financial advisor;

   (e) the last date and time by which creditors must submit
       proofs of claim;

   (f) the voting deadline with respect to any Chapter 11 plan
       filed in the bankruptcy cases;

   (g) access to the claims docket as and when established by
       the Debtors and any claims and noticing agent retained in
       the bankruptcy cases;

   (h) a general overview of the Chapter 11 process;

   (i) proof of claim forms;

   (j) various pleadings and orders;

   (k) the Debtors' Schedules of Assets and Liabilities,
       Statements of Financial Affairs, and monthly operating
       reports;

   (l) frequently asked questions materials, press releases,
       announcements and reports; and

   (m) any other information that the Committee, in its sole
       discretion, deems appropriate, subject to certain
       restrictions and limitations.

The Committee has also established an e-mail address to allow
unsecured creditors to submit questions and comments in
connection with the bankruptcy cases.  The e-mail address is
tannerhaley@bingham.com

The Committee said it would respond to any inquiries from
general unsecured creditors as promptly as practicable.
However, the Committee clarifies that it is not obligated to
provide individualized legal advice to general unsecured
creditors.

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


ISLE OF CAPRI: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed Isle of Capri Casinos, Inc.'s Ba3 Corporate
Family Rating.

Additionally, Moody's upgraded its probability-of-default
ratings and assigned loss-given-default ratings on these debts:

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

Sr. Secured Term Loan     Ba2      Ba1     LGD2        18%

7% Sr. Sub. Notes         B2       B1      LGD5        76%

9% Sr. Sub. Notes         B2       B1      LGD5        76%

Moody's current long-term credit ratings are opinions about
expected credit loss, which incorporate both the likelihood of
default and the expected loss in the event of default.

The LGD rating methodology will disaggregate these two key
assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as its research has shown that credit losses
on bank loans have tended to be lower than those for similarly
rated bonds.

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

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

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- a developer and owner of
gaming and entertainment facilities, operates 16 casinos in 14
locations.  The Company owns and operates riverboat and dockside
casinos in Biloxi, Vicksburg, Lula and Natchez, Miss.; Bossier
City and Lake Charles (two riverboats), La.; Bettendorf,
Davenport and Marquette, Iowa; and Kansas City and Boonville,
Mo.  The Company also owns a 57% interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,
Colorado.  Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and
a 2/3 ownership interest in casinos in Dudley, Walsal and
Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Florida.


WINN-DIXIE: Wants to Assume Modified Cardtronics Agreement
----------------------------------------------------------
Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code and
Rules 6006 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 allow them to assume their Modified Agreement with
Cardtronics.

As part of their store operations, the Debtors provide automatic
teller machines on store premises for use by their customers.
The ATMs are provided to the Debtors under the terms of an
agreement dated Jan. 10, 2001, between Winn-Dixie Stores,
Inc., and Cardtronics, assignee of XtraCash ATM, Inc.

Under the Prepetition Agreement, Cardtronics is compensated for
providing the ATMs through transaction or surcharge fees that
are charged to, and paid by, the users of the machines.  The
Debtors are paid for allowing Cardtronics to place the machines
on store premises.

The Debtors' payment rights have included an initial up-front
license fee of US$24,000,000, and through the term a portion of
the transaction fees plus monthly maintenance fees and
advertising fees.

As a result of prepetition store closures, the Debtors were
obligated as of their bankruptcy filing to rebate to Cardtronics
nearly US$2,500,000 of the license fee.  Cardtronics filed Claim
No. 11170 alleging license rebate fees of US$2,493,379, less a
set-off of US$500,116 for maintenance fees owed to the Debtors.
Since their bankruptcy filing, the Debtors have become obligated
to rebate to Cardtronics an additional amount of about
US$5,500,000.

D.J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, relates that due to the significant license rebate
obligation owed to Cardtronics, the Debtors carefully considered
the option of rejecting the Prepetition Agreement under Section
365(a) of the Bankruptcy Code.

After investigating the possibility of obtaining ATM services
from alternative providers, Mr. Baker says, the Debtors
concluded that they would be best served by negotiating with
Cardtronics for assumption of the Prepetition Agreement on
agreed terms that would include contractual modifications and
license rebate concessions.

Negotiations between the parties resulted in the fourth
amendment of the Prepetition Agreement.  In general terms, the
amendment provides:

    -- exclusive rights for Cardtronics to provide ATMs at the
       Debtors' stores;

    -- an extended contract term, continuing through
       Jan. 31, 2016;

    -- increased transaction fees intended to reflect market,
       but not exceeding US$1.75 per transaction without mutual
       consent;

    -- payment to the Debtors of 50% of the incremental
       transaction fee increase over US$1.00, in lieu of
       previous transaction fee payment rights;

    -- elimination of maintenance fee payments;

    -- implementation of service level standards to be followed
       by the Debtors, with penalties for non-compliance;

    -- a new liquidated damages formula that will apply to
       future tore closures, replacing the current license fee
       rebate formula;

    -- conversion of the ATM communication protocol from the
       current dial up platform to the Debtors' frame network;
       and

    -- the right for Cardtronics to remove 25 of the 50 lowest
       performing ATMs.

The Postpetition Amendment also requires the Debtors to move to
assume the modified Prepetition Agreement with the assumption to
be effective as of the effective date of the Debtors' Joint Plan
of Reorganization.

In conjunction with the assumption of the Modified Agreement,
the parties have agreed that:

   (a) the Debtors will pay a US$1,000,000 cure as an
       administrative expense claim; and

   (b) the balance of the Debtors' obligation to Cardtronics
       will be added to the amount of Claim No. 11170, resulting
       in an aggregate claim of US$6,700,000, to be treated as a
       non-priority unsecured claim and classified as Class 14-
       Vendor/Supplier Claim under the Plan.

Mr. Baker says that the terms of the Postpetition Amendment
resolve all other claims by and between the parties under the
Prepetition Agreement.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The company
completed in August the sale of its 12 stores in the Bahamas.
The Company, along with 23 of its U.S. subsidiaries, filed for
chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No.
05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case
Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 54; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: Wants to Assume Six Negotiated Contracts
----------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Middle District
of Florida to assume six contracts.  The Debtors also ask the
Court to fix the cure amounts for each of the Contracts.

As part of their restructuring, the Debtors have reviewed
certain contracts and analyzed the consequences and costs of
assumption or rejection.  The Contracts are:

    -- a product purchase agreement with Nature's Finest
       Candles,  also known as RD Candle Company, dated
       Oct. 2, 2003;

    -- a service agreement with T. K. Keith Company, dated
       June 1, 2001;

    -- an agency agreement with Western Union North America,
       effective as of May 1, 2003;

    -- product purchase agreements dated May 6, 2004 and
       Feb. 18, 1998, with Rug Doctor LP;

    -- sales agreement with Boise Office Supply, now known as
       Office Max, dated Aug. 26, 2003; and

    -- an IT-hardware lease with Xerox Special Information
       Systems, a business unit of Xerox Corp.

Having determined that the Contracts are necessary in their
business operations, the Debtors negotiated with counterparties
as to the terms of the assumption of the Contracts, Cynthia C.
Jackson, Esq., at Smith Hulsey & Busey, in Jacksonville,
Florida, relates.

According to Ms. Jackson, the Counterparties have agreed to
these terms:

     Counterparty          Negotiated Terms
     ------------          ----------------
     Nature's Finest       waives right to payment of cure;
                           Claim No. 31458 asserting US$56,062
                           will be disallowed in its entirety

     T.K. Keith            waives right to payment of cure;
                           Claim No. 519 asserting US$7,544 and
                           Claim No. 6233 asserting US$5,708
                           will be disallowed in their entirety

     Western Union         agrees that all defaults under the
                           contract have been cured or waived

       Rug Doctor          waives right to cure payment; Claim
                           No. 34105 asserting US$146,343 will
                           be disallowed and expunged in its
                           entirety; Claim No. 6451 asserting
                           US$509,790 will be allowed as
                           prepetition non-priority unsecured
                           claim for US$446,000

     Office Max            Claim No. 35197 asserting US$131,977
                           will be allowed in the reduced amount
                           of US$71,977, which will be paid as
                           cure on the effective date of the
                           Debtor's Joint Plan of Reorganization

     Xerox SIS             Claim No. 8096 asserting US$188,478
                           will be allowed as prepetition non-
                           priority unsecured claim in the
                           reduced amount of US$112,800 and paid
                           as cure upon assumption of the
                           contract; waives right to payment of
                           any additional cure.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The company
completed in August the sale of its 12 stores in the Bahamas. The
Company, along with 23 of its U.S. subsidiaries, filed for
chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No.
05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case
Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 54; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


SECUNDA INT'L: Discloses Results of Annual Reduction Offer
----------------------------------------------------------
Secunda International Ltd. disclosed results for its previously
announced cash tender offer to purchase up to US$3,800,000
aggregate principal amount of its outstanding US$125,000,000
Senior Secured Floating Rate Notes due 2012 (CUSIP No.
81370FAB4).  The offer is done on a pro rata basis, at a
purchase price in cash equal to 100% of the principal amount
plus accrued and unpaid interest, if any, to the date of
purchase pursuant to the Offer to Purchase dated Aug. 1, 2006.

The Annual Reduction Offer expired at 5:00 p.m., New York City
time, on Sept. 29, 2006.  As of the Expiration Time, no Notes
were tendered pursuant to the Annual Reduction Offer.

The Annual Reduction was required pursuant to the provisions of
the Indenture governing the Notes, which requires the company to
make an offer, on a pro rata basis, to registered holders of the
Notes to purchase Notes in an aggregate principal amount of up
to US$3,800,000 at a purchase price in cash equal to 100% of the
principal amount plus accrued and unpaid interest, if any, to
the date of purchase.

The complete terms and conditions of the Annual Reduction Offer
are described in the Offer to Purchase of the Company dated
Aug. 1, 2006, copies of which may be obtained by contacting the
information agent for the offer at:

          D.F. King and Co., Inc.
          Tel: (212) 269-5550 (collect)
               (800) 758-5378 (U.S. toll-free)

Secunda currently has an outstanding offer to Holders of the
Notes to purchase for cash, any and all of the Notes, on the
terms and subject to the conditions set forth in the Offer to
Purchase and Consent Solicitation Statement dated June 27, 2006,
as amended and supplemented by the Offer to Purchase Supplement
dated Aug. 14, 2006, including (without limitation) the
Financing Condition and the Supplemental Indenture Condition
described.  As of 5:00 p.m., New York City time, on
Aug. 25, 2006, the company had received tenders and consents
representing 100% of the outstanding aggregate principal amount
of the Notes.  On Sept. 12, 2006, the company extended the
Tender Offer, and the Tender Offer is now scheduled to expire at
5:00 p.m., New York City Time, on Oct. 3, 2006 unless extended
or earlier terminated.  The Settlement Date for the Tender Offer
will be promptly after the Expiration Time and is expected to be
the business day following the Expiration Time.  In addition,
the company may, in its sole discretion, purchase any Notes that
have been tendered (and not validly withdrawn) at any time on or
after Sept. 21, 2006, until the Expiration Time.  If the company
completes the Tender Offer and repurchase 100% of the aggregate
outstanding amount of the Notes pursuant to the Tender Offer,
the Annual Reduction Offer will be of no force and effect.

Headquartered in Nova Scotia, Secunda International Limited
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/ operator with locations in the UK and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 30, 2006, Standard & Poor's Ratings Services held its 'B-'
long-term corporate credit and senior secured debt ratings on
offshore support vessel provider Secunda International Inc. on
CreditWatch with positive implications, where they were placed
Sept. 29, 2005.




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


ALEA GROUP: Unit Completes Sale of Surplus Carrier to Hannover
--------------------------------------------------------------
Alea Group Holdings (Bermuda) Ltd. disclosed that its
subsidiary, Alea North America Insurance Company, has completed
sale of its Delaware excess and surplus lines carrier, Alea
North America Specialty Insurance Company aka ANASIC to
Insurance Corporation of Hannover, a member company of
Praetorian Financial Group, Inc.  On completion, the Group
received US$34.6 million in cash.  Any realized gain from the
sale will be accounted for in the Group's consolidated income
statement for the year ending Dec. 31, 2006.

                        *    *    *

On Feb. 1, 2006, A.M. Best Co. downgraded the financial strength
rating to B from B++ and the issuer credit rating to "bb" from
"bbb" of the insurance and reinsurance operating subsidiaries of
Alea Group Holdings (Bermuda) Ltd. (collectively referred to as
Alea Group or Alea).

Subsequently, A.M. Best withdrew all ratings and assigned an
NR-4 (Company Request) to the Alea Group companies.

The downgrade followed significant deterioration in the
company's consolidated risk-adjusted capitalization as a result
of worse than anticipated performance in 2005 due to run-off
charges, catastrophe losses and further adverse reserve
development.  A.M. Best believed that the company is likely to
continue to be affected by high expenses related to the
transition of Alea Group into run off and the continuing
possibility of adverse reserve development.


CHUG SERVICES: Creditors Must File Proofs of Claim by Oct. 17
-------------------------------------------------------------
Chug Services (Bermuda), Ltd.'s creditors are given until
Oct. 17, 2006, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.

Creditors are required to send by the Oct. 17 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Fraser.

A final general meeting will be held at the liquidator's place
of business on Nov. 6, 2006, at 9:30 a.m., or as soon as
possible.

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

Chug Services' shareholders agreed on Sept. 27, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


FLYING VP-BBB: Proofs of Claim Filing Deadline Is on Oct. 13
------------------------------------------------------------
Flying VP-BBB Ltd.'s creditors are given until Oct. 13, 2006, to
prove their claims to Robin J. Mayor, the company's liquidator,
or be excluded from receiving any distribution or payment.

Creditors are required to send by the Oct. 13 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. Mayor.

A final general meeting will be held at the liquidator's place
of business on Nov. 3, 2006, at 9:30 a.m., or as soon as
possible.

Flying VP-BBB's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.

Flying VP-BBB's shareholders agreed on Sept. 26, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


INTELSAT LTD: Promotes Linda Kokal to Sr. Vice Pres. & Treasurer
----------------------------------------------------------------
Intelsat Ltd. promoted Linda J. Kokal to Senior Vice President
and Treasurer.  Ms. Kokal's areas of responsibility and
oversight include treasury, risk management, and financial
planning and analysis.  She joined Intelsat's finance department
in April 2006 as Vice President and Treasurer and played an
integral role in the capital structuring related to the merger
with PanAmSat.

"Linda has proven herself to be an invaluable member of
Intelsat's new finance team.  With this promotion we are
delighted to recognize the solid leadership and integration
process expertise she brings to our company," said Jeff
Freimark, Executive Vice President and Chief Financial Officer
of Intelsat.

Prior to joining Intelsat, Ms. Kokal was Vice President,
Treasury and Risk Management at MCI. In that position she was
responsible for treasury operations, debt management, and risk
management.  Her prior experience includes senior financial
positions at Digex, PSINet, e.spire Communications, and GTE.

Ms. Kokal received a Bachelor's degree in Finance from the
University of Florida and a MBA from Duke University.

                      About Intelsat

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

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

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


REFCO: Court Holds Oct. 5 Hearing on LLC's Pact with Lenders
------------------------------------------------------------
Albert Togut, the Chapter 7 trustee for Refco, LLC, seeks the
U.S. Bankruptcy Court for the Southern District of New York's
authority to enter into a separate settlement agreement with
Bank of America, N.A., as agent, and the lenders under the
August 2004 credit agreement entered into by Refco Group Ltd.,
LLC.

The Chapter 7 Lender Settlement is part of a global compromise
and settlement reached among various parties, including:

   (a) the Chapter 11 Debtors;

   (b) Marc Kirschner, the Chapter 11 trustee for Refco Capital
       Markets, Ltd.;

   (c) various claimants in the Chapter 11 cases;

   (d) the official committees of unsecured creditors; and

   (e) the Prepetition Secured Lenders.

As previously reported, the Chapter 11 Lender Settlement
provides for an early payment of the Senior Secured Loans, and
the use of a portion of the proceeds under the BAWAG Settlement
to satisfy RGL's primary obligations in respect of the Credit
Agreement.  The Chapter 11 Debtors will pay US$642,000,000, plus
US$1,693,276 in interest, to the Lenders.

The Chapter 7 Settlement resolves an unliquidated claim -- Claim
No. 292 -- filed by BofA, on the Lenders' behalf, against the
Chapter 7 estate.  The Lenders have asserted claims aggregating
US$642,000,000 against Refco LLC under the Loan Documents, "plus
interest, fees and other obligations."

The Chapter 7 Settlement provides that:

   -- On the Trigger Date, BofA and the Lenders will be
      permanently enjoined from asserting any rights or claims
      against Refco LLC's estate, including any and all claims
      under the Loan Documents or asserted in the Banks' Claim;

   -- On the Trigger Date, BofA, the Lenders and certain
      related parties will be fully released from any and all
      claims held or potentially assertable by the Refco LLC
      Trustee related to the Loan Documents;

   -- The Refco LLC Trustee waives any and all defenses to the
      releases granted.  The releases will become final
      regardless of whether a Qualifying Plan becomes effective.
      The Refco LLC Trustee is also permanently enjoined from
      seeking recovery against the Lender Releasees with respect
      to the Released Claims; and

   -- The Banks' Claim will be disallowed and expunged in its
      entirety.

Under the Chapter 11 Lender Settlement, the Trigger Date will
occur on the earlier of:

   (i) the payment date of the Senior Secured Loans; and

  (ii) the date -- Other Trigger Date -- on which BofA notifies
       Refco Group, Inc., the RCM trustee, and the Creditors
       Committees in writing that a Trigger Date has occurred.

Although Refco LLC's estate will not receive any cash under the
Chapter 7 Settlement, approval of the settlement is beneficial
to the Chapter 7 estate, Scott E. Ratner, Esq., at Togut, Segal
& Segal, LLP, in New York, says.

Mr. Ratner explains that the Refco LLC Trustee has not
identified any claims that could be asserted against the Lender
Releasees on behalf of Refco LLC's estate.  BofA and the Lenders
will also be releasing and waiving claims they may possess
against Refco LLC relating to the obligations due under the Loan
Documents.  In addition, the Chapter 7 Settlement may assist in
facilitating a comprehensive, global settlement in the Chapter
11 Debtors' cases, which will reduce or eliminate the claims
against Refco LLC's estate.

"Thus, both the direct and indirect benefits of the settlement
to the Chapter 7 Debtor's estate and its creditors are
meaningful and real," Mr. Ratner tells Judge Drain.

The Court will hold a hearing on Oct 5. to consider Refco LLC's
request.

                      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).


SCOTTISH RE: Secures US$120 Million Funding to Improve Liquidity
----------------------------------------------------------------
Scottish Re Group Ltd. disclosed that subject to finalization of
customary treaty terms, it has completed a reinsurance
transaction with an independent third party that will provide
the company with additional liquidity of up to US$120 million.

"On Sept. 11, 2006, we announced our plans to raise between
US$150 million to US$250 million to reduce near term liquidity
pressure under a combination of reinsurance arrangements and
credit facilities" said Paul Goldean, President and Chief
Executive Officer.  "I am pleased to report the completion of
this reinsurance transaction which represents an important step
forward towards addressing the company's near term liquidity
requirements."

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

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

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

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


SEA CONTAINERS: Late Filing Prompts NYSE to Suspend Co's Trading
----------------------------------------------------------------
Sea Containers Ltd. has been advised by the New York Stock
Exchange or NYSE that its common shares (ticker symbol SCRA and
SCRB) and its Senior Notes will be suspended from trading on the
NYSE and NYSE Arca prior to the market opening on Oct. 3, 2006.
The NYSE submitted an application to the U.S. Securities and
Exchange Commission to delist these securities.

The suspension applies to these NYSE listed securities of Sea
Containers Ltd:

   -- Class A Common Shares (SCRA),
   -- Class B Common Shares (SCRB),
   -- 10-3/4% Senior Notes Due 2006 (SCR06),
   -- 7-7/8% Senior Notes Due 2008 (SCR08),
   -- 12-1/2% Senior Notes Due 2009 (SCR 09) and
   -- 10-1/2% Senior Notes Due 2012 (SCR 12);

and, these NYSE ARCA listed securities:

   -- Class A Common Shares (SCRA) and
   -- Class B Common Shares (SCRB).

Sea Containers received written notification from the NYSE on
Sept. 29, 2006, that the decision was reached because Sea
Containers has not filed its 2005 annual report on Form 10-K
with the Securities and Exchange Commission within six months
following the due date of the filing.  The NYSE also noted that
Sea Containers has not yet filed its quarterly reports on Form
10-Q during 2006.  These conditions subjected Sea Containers'
securities to the NYSE's suspension and delisting procedures.

Sea Containers has informed the NYSE that, due to its focus on
its proposed restructuring and potential reorganization and the
fact that the company remains uncertain as to when it will be
able to file its annual report, the company is not in a position
to contest the involuntary suspension and proposed delisting of
its common shares and its Senior Notes.  The company expects
these securities to be delisted from the NYSE upon approval by
the Securities and Exchange Commission.

                    About Sea Containers

London-based Sea Containers -- http://www.seacontainers.com/--  
engages in passenger and freight transport and marine container
leasing.  The Bermuda registered company is primarily owned by
U.S. shareholders and its common shares have been listed on the
New York Stock Exchange (SCRA and SCRB) since 1974.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

                        *    *    *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

The downgrades were due to the increased probability of a
payment default following Sea Containers' disclosure that it is
unable to confirm whether it will pay the US$115 million
principal amount of 10-3/4% senior unsecured notes due
October 2006.


ZINK (BERMUDA): McCabe Named Liquidator on Wind-Up Proceeding
-------------------------------------------------------------
Zink (Bermuda) Ltd.'s sole shareholder passed a resolution on
Sept. 28, 2006, under Bermuda's Companies Act 1981, placing the
company in a voluntary winding-up proceeding.  Edward T. McCabe
was named liquidator for the case.

The company can be reached at:

          Zink (Bermuda) Ltd.
          181 Bancroft Ave., Reading
          Massachusetts, U.S.A.




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


INTERMEC INC: Fitch Affirms Low B Ratings with Stable Outlook
-------------------------------------------------------------
Fitch affirmed Intermec, Inc.'s ratings:

   -- Issuer Default Rating 'BB-'
   -- Secured bank facility 'BB+'
   -- Senior unsecured debt 'BB-'

The Rating Outlook is Stable.

The ratings reflect Intermec's:

   -- strong credit protection measures driven by limited
      outstanding debt and solid operating performance;

   -- potential for earnings growth and margin expansion arising
      from the monetization of its radio frequency
      identification patent portfolio through its Rapid Start
      License Program, despite slower-than-anticipated industry
      rollouts to date of RFID products based on Gen 2
      standards; and

   -- broad product and patent portfolios, which Fitch believes
      should enable Intermec to capitalize on the solid market
      growth for Automated Information and Data Collection
      products and services, especially RFID.

Fitch's rating concerns consist of:

   -- strong competition from traditional bar code companies and
      new entrants, which include larger, better capitalized
      companies intent on capitalizing on the expected strong
      growth of the AIDC market;

   -- the extent to which the transition to RFID could
      potentially cannibalize Intermec's existing bar code
      business;

   -- risks of rapid technological change in the AIDC industry
      as RFID standards evolve or alternate technologies emerge,
      both of which are mitigated by Intermec's significant
      product and patent portfolios, supply chain expertise
      cultivated through years of bar code technology
      deployments and ability to leverage existing customer
      relationships.

As a result of solid operating performance and minor debt
reduction in the past year, leverage (total debt/operating
EBITDA), excluding volatile intellectual property settlements,
declined to 1.4x for the latest 12 months ended July 2, 2006
from 1.8x in the corresponding year-ago period.

Interest coverage (operating EBITDA/gross interest expense),
excluding IP settlements, improved to 8x in the LTM period from
4.1x in the corresponding year-ago period.

Fitch expects a slight improvement in these metrics near-term
due to continued operating profit growth rather than debt
reduction since Fitch believes Intermec is unlikely to call its
last remaining debt issue prior to maturity on March 15, 2008.

Intermec's liquidity at July 2, 2006, consisted of approximately
US$323 million of cash and cash equivalents and a US$50 million
asset-based revolving credit facility that expires Sept. 2007.

As of July 2, 2006, no borrowings were outstanding under the
facility, but Intermec had borrowing capacity of only US$18.2
million due to outstanding letters of credit.

In addition, Fitch estimates Intermec generated free cash flow
of approximately US$45 million for the LTM ended July 2, 2006,
excluding non-recurring cash flow attributable to discontinued
operations, IP settlements and RSLP origination fees, compared
with nearly US$28 million in 2005.

Lastly, Intermec has US$8.2 million of assets, primarily excess
real estate, available for sale.  Fitch believes Intermec has
more than sufficient liquidity and financial flexibility to meet
operational requirements and satisfy its remaining US$100
million debt maturity in March 2008.

As of July 2, 2006, total debt was US$100 million, down slightly
from US$108.5 million as of July 3, 2005.  Intermec redeemed an
US$8.5 million industrial revenue bond upon maturity in July
2005, reducing total debt to US$100 million.  Intermec's sole
remaining outstanding debt issue, consisting of US$100 million
of 7% senior unsecured notes, matures on March 15, 2008.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                        *    *    *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.

Moody's Investors Service upgraded the corporate family rating
of Intermec Inc. to Ba2 from B1 and its senior unsecured rating
to Ba3 from B2.  Moody's said the rating outlook is stable.




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


AAR CORP: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate
Family Rating for AAR Corp.  Additionally, Moody's revised 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
   ----------           -------  -------  ------   ----------

   6.875% Notes
   Payable due
   2007                    B2       B1     LGD4        55%

   2.875% Conv.
   Notes Payable
   due 2024                B2       B1     LGD4        55%

   Sr. Unsecured
   Notes Shelf           (P)B2    (P)B1    LGD4        55%

   Sr. Subordinated
   Notes Shelf           (P)Caa1  (P)B3    LGD6        97%

   Preferred Stock
   Shelf                 (P)Caa3  (P)B3    LGD6        97%

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%).

AAR CORP -- http://www.aarcorp.com/-- a Chicago suburb near
O'Hare International Airport, employs approximately 3,500 people
at more than 40 locations around the world.  In Latin America,
the company has a sales office in Rio de Janeiro, Brazil.


AGCO CORP: Appoints Francisco Gros to Board of Directors
--------------------------------------------------------
AGCO Corp. appointed Francisco Gros, president and CEO of
Fosfertil, a Brazilian chemical, fertilizer and logistics
company, to its board of directors effective Oct. 1, 2006.

Mr. Gros' distinguished career has spanned more than 30 years
and his leadership experience includes positions as president
and CEO, Petroleo Brasileiro S.A. aka Petrobras; president and
CEO of the Brazilian Development Bank aka BNDES; president and
CEO of Aracruz Celulose S.A.; twice-elected governor, Central
Bank of Brazil; chairman of the board, Perez Companc S.A.; and,
chairman of the board of Morgan Stanley Latin America.

"We are very pleased to have Francisco join AGCO's Board of
Directors," said Martin Richenhagen, chairman and CEO of AGCO.
"His extensive executive experience in Brazilian business and
banking, along with his experience in the Brazilian government,
make him a valuable addition and brings an additional
perspective to our board.  Brazil represents a tremendous
opportunity for growth in agricultural production.  The
appointment of Mr. Gros demonstrates our commitment to
maintaining our leadership position in the region's agricultural
equipment industry."

Mr. Gros replaces Dr. Wolfgang Sauer, who resigned from the AGCO
board of directors in April, 2006.

                         About Agco

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America ion
Sept. 28, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Automotive and Equipment
sector, the rating agency confirmed its Ba2 Corporate Family
Rating for AGCO Corp.

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

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

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

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


BANCO BRADESCO: Lists Shares in FTSE Latibex Brasil Stock Index
---------------------------------------------------------------
Banco Bradesco SA said in a statement that it has joined the
FTSE Latibex Brasil, a new stock index.

Business News Americas relates that the FTSE Latibex was
launched by Spain's Bolsas e Mercados Espanhois and the FTSE
Group in September in response to investors' growing interest in
Brazilian blue chips.

According to BNamericas, the FTSE Latibex trades Brazilian
stocks in euros.  It is made up of 13 firms.

Banco Bradesco represents 20.06% of the FTS Latibex, BNamericas
reports.

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

                        *    *    *

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

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

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

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

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

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

   -- Support rating affirmed at '4';

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

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


BANCO MERCANTIL: Gets US$20MM Loan from National City Bank
----------------------------------------------------------
Ohio-based National City Bank, along with Overseas Private
Investment Corp., has given Banco Mercantil do Brasil a US$20
million medium-term loan.

According to a statement, Banco Mercantil will use the loan for
the expansion of its car financing activities.

Banco Mercantil told Business News Americas that the loan terms
-- especially the tenor and amortization schedule -- are in line
with its strategy of diversifying sources of funding.

Elizabeth K. Johnston -- National City Bank's vice president and
regional manager for Latin America, International Markets and
Financial Institutions division -- told BNamericas, "National
City is constantly striving to find markets that matter most to
our customers and shareholders, and the countries of Central and
South America represent a tremendous opportunity for long-term
growth."

                        *    *    *

Moody's Ratings Service placed these ratings on Banco Mercantil
do Brasil SA:

          -- B1 long-term bank deposit rating; and
          -- E+ bank financial strength rating.


BANCO NACIONAL: Approves BRL55 Million Loan to Ajinomoto
--------------------------------------------------------
Banco Nacional Desenvolvimento Economico e Social S.A. aka BNDES
approved a financing of BRL55 million to Ajinomoto
Interamericana Industria e Comercio Ltda. for the implementation
of a new plant in Limeira, for the manufacturing of amino acids
mainly used by the pharmaceutical industry.

The future manufacturing plant will produce amino acids of L-
glutamine type and BCAA (leucine, valine and isoleucine) chain.

BNDES granted the financing under the Support Program for the
Development of the Pharmaceutical Productive Chain or Profarma
Production line.

Ajinomoto will start to produce amino acids in Brazil that will
be used by the pharmaceutical sector.  The project is expected
to generate 107 direct jobs.

Ajinomoto's new plant will produce active and intermediary
principles based on sugar cane molasses, a renewable raw
material in which Brazil has irrefutable competitive advantages.
Part of the production will be used for exports, contributing to
a reduction in the balance of trade deficit for the
pharmaceutical sector.

Founded in 1977, Ajinomoto Interamericana already has a plant in
Limeira, dedicated to the production and trading of monosodium
glutamate, seasoning, sweeteners, soft drinks and soups, and
amino acids.

Ajinomoto's investments in Brazil follow in line with the global
head office strategy in Japan, which consists in the expansion
of the group's share, at a global level, in the market segments
in which it operates in the areas of food, chemical and
pharmaceutical products based on amino acids.

Ajinomoto Co. Inc. Group has 106 plants, with 59 in Japan and 47
distributors in 14 different countries.

In Brazil, the group has three plants installed in the State of
Sao Paulo, at the Municipalities of Limeira, Laranjal Paulista
and Valparaiso.  The plants employ about 1,500 workers and
supply products to the domestic and international markets.

Its Brazilian operations also export to over 60 countries.  The
main raw materials used are sugar cane derivatives, among them
the molasses, syrup and sugar.

                        *    *    *

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.


BANCO FIBRA: S&P Affirms B+/B Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B'
counterparty credit rating on Banco Fibra S.A. At the same time,
it affirmed its 'B+' rating on Banco Fibra's US$50 million
senior unsecured debt. The outlook on the counterparty credit
rating is stable.

"The ratings on Banco Fibra incorporate the bank's low (but
improving) profitability when compared with that of the
industry; the challenge to build a diversified funding base
given the natural concentration and wholesale nature of its
deposits; its exposure to the fierce competition affecting most
banks operating in the midsize companies segment; and potential
higher delinquency ratios in the future given expected increase
in the consumer finance loans, with higher credit risk," said
Standard & Poor's credit analyst Beatriz Degani.

These risk factors are tempered by:

   -- the bank's strong asset quality indicators;

   -- its good track record and expertise in the corporate and
      middle-market segments;

   -- adequate liquidity and provisioning metrics to face
      economic downturns and cover unexpected losses; and

   -- the benefits in terms of  ownership with the implicit
      support from the shareholder.

Banco Fibra is a commercial midsize bank with total assets of
Brazilian reais BRL10.3 billion (US$4.7 billion) as of June
2006.  Despite its relatively small market share, Banco Fibra is
among the top banks operating in the small corporates and
middle-market companies segment. Banco Fibra is the financial
arm of a large traditional conglomerate in Brazil, owned by the
Steinbruch family, with important operations in the textile
(Vicunha T^xtil; not rated), steel (Companhia Siderurgica
Nacional; BB/Stable/--), and gas (CEGAS; not rated) sectors. We
consider the bank's operations as strategic to the group (the
bank represents about 30% of the group's assets), and Standard &
Poor's incorporates the benefits of belonging to the group.

Banco Fibra's credit operations are still fairly concentrated in
its core business of low corporate and middle-market, segments
in which we believe Banco Fibra has the necessary know-how,
agility, and customer service to face the fierce competition and
sustain its position as a present player.  While fierce
competition from larger banks should pressure margins further,
Standard & Poor's believes the bank will be able to gradually
replace low corporate operations with middle market credits,
strengthening its niche strategy and sustaining its margins.

Banco Fibra's operations in the retail market, previously
incipient, have been accelerated with the Steinbruch Group's
acquisition of Portocred-a consumer finance business in the
South of Brazil-in February 2006.  Standard & Poor's expects
Banco Fibra to significantly increase its retail operations,
diversifying its portfolio mix.  This movement should also
improve Banco Fibra's profitability given the higher spreads of
this segment and the expectations that although it is entering a
riskier market, the bank will keep delinquency ratios under
control.

The stable outlook reflects our expectation that the bank will
be able to successfully implement its growth strategy into the
middle-market and retail segments and still sustain its good
asset quality indicators at a rate of less than 4% overall and
maintain a BIS ratio of more than 15%.  Standard & Poor's also
expects profitability to improve to an adjusted ROA of about 2%
during 2006.

The outlook could be revised to negative or the ratings could be
lowered if:

   -- there is a significant deterioration in Banco Fibra's
      asset quality ratios (vis-a-vis the market average
      levels);

   -- the bank's liquidity and funding are pressured; or

   -- it fails to show more robust profitability levels.

Conversely, the outlook could be revised to positive or there
could be an eventual elevation of the ratings in the longer
term, depending on the bank's capacity to deliver the expected
results of its growth lending strategy in a consistent manner
during a longer period of time. Such a positive rating action
would also depend on the bank sustaining its adequate liquidity
position and capitalization levels.


CENTRAIS ELECTRICAS: Plans to Raise US$478MM in Int'l Funding
-------------------------------------------------------------
Jose Saraiva, Centrais Electricas Brasileiras SA's chief
financial officer, said in reports that the company is in the
final stages of talks to raise about US$478 million in
international funding to increase generation in southern Brazil.

Business News Americas relates that Eletrosul -- the southern
subsidiary of Centrais Electricas -- would develop the projects,
which require US$80 million investment.

Mr. Saraiva told BNamericas that Centrais Electricas is in final
talks for a 15-year, US$430-million loan from French bank PNB
Paribas and a Chinese development bank for the construction of
the 350-megawatt coal-fired Candiota III power plant.

According to BNamericas, Mr. Saraiva said that the funding would
cover 100% of Candiota's construction costs.  CGTEE, the thermo
generation unit of Centrais Electricas, will construct Candiota
in southern Brazil.

Mr. Saraiva told BNamericas, "We are discussing the rates of the
loan."

BNamericas notes that Mr. Saraiva said that costs of the loan
should be similar to Centrais Electricas' last international
funding.

Mr. Saraiva told BNamericas that last year, Centrais Electricas
raised about US$300 million in bonds and a US$150-million loan
from a consortium led by the Andean Development Corporation at a
cost below 1.2 percentage points over Libor.

Centrais Electricas is also requesting EUR38 million from KfW, a
German development bank, to fund the construction of four hydro
projects, which have combined capacity of 53 megawatts,
BNamericas states.

                        *    *    *

On Feb. 28, 2006, Standard & Poor's assigned these ratings to
Centrais Electricas Brasileiras SA:

     * Long-Term Foreign Issuer Credit, BB; and
     * Long-Term Local Issuer Credit, BB+.


CENTRAIS ELECTRICAS: Will Bid for Hydro Project Concessions
-----------------------------------------------------------
Jose Saraiva, Centrais Electricas Brasileiras SA's chief
financial officer, told reporters that the firm will bid for the
30-year concessions of four new hydro projects the Brazilian
government has lined up for the Oct. 10 auction.

Business News Americas relates that Mr. Saraiva said, "We will
bid alone or in partnership with private Brazilian and foreign
companies."

According to BNamericas, the projects being auctioned include:

          -- 382-megawatt Maua,
          -- 261-megawatt Dardanellos,
          -- 50-megawatt Cambuci, and
          -- 80-megawatt Barra do Pomba.

Mr. Saraiva told BNamericas, "We are finalizing the group's
budget proposal for next year and these projects should be
included."

Subsidiaries of Centrais Electricas will bid in the transmission
and generation tenders the government is preparing for 2006,
BNamericas notes, citing Mr. Saraiva.

Mr. Saraiva told BNamericas that Centrais Electricas has
reaffirmed its strategy to boost generation and transmission
operations.  The firm also plans to increase investment budget
to BRL5.2 billion for 2007 from BRL4.9 billion this year.

BNamericas emphasizes that Mr. Saraiva said, "We have most of
Brazil's transmission assets and control a significant portion
of Brazil's [90,000 megawatts] installed capacity, and we want
to continue growing."

Mr. Saraiva, according to the report, said that most of the
money for Centrais Electricas' investments will come from cash
flow, although the firm will seek funding from BNDES -- the
national investment bank -- and tap into international markets.

Centrais Electricas would decide to invest if it could determine
that returns on investment are guaranteed, BNamericas says,
citing Mr. Saraiva.  Initial estimates indicated that the Oct.
10 auction will provide returns.

BNamericas relates that Mr. Saraiva stated, "Eletrobras
(Centrais Electricas) is big group with presence in all 27
states in Brazil.  We have competitive advantages... we can
reduce our costs significantly [but] Eletrobras only invests
when return on investment rates are above its financing costs."

Financing costs have been decreased by low inflation, declining
interest rates and country risks.  This means lower rates of
return are acceptable, Mr. Saraiva told BNamericas.

                        *    *    *

On Feb. 28, 2006, Standard & Poor's assigned these ratings to
Centrais Electricas Brasileiras SA:

     * Long-Term Foreign Issuer Credit, BB; and
     * Long-Term Local Issuer Credit, BB+.


PARANA BANCO: S&P Affirms B/B Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B'
counterparty credit rating on Parana Banco S.A.  The outlook is
stable.

"The ratings on Parana Banco incorporate the intrinsic risks to
a very small bank with high product concentration in an
environment marked by fierce competition; the bank's challenge
to further diversify its funding base and become less dependent
on the group's resources; and the potential margin pressures in
the medium-to-long term that could affect profitability," said
Standard & Poor's credit analyst Daniel Araujo.  In addition,
the bank faces the challenge of increasing the scale of its
operations while maintaining adequate asset quality.  These
risks are tempered by the bank's good profitability levels,
adequate operating efficiency, and improved asset quality
ratios.

Parana Banco is a niche bank with assets of BRL734 million
(US$340 million) as of June 2006-less than 1% of total bank
assets in the Brazilian banking industry.  Parana Banco's niche
is payroll discount lending, representing about 98% of its
credit operations, primarily to public-sector employees.  The
bank is a relevant part of a broader conglomerate (J.
Malucelli), with operations in different sectors and
concentrated in the South of Brazil.  Standard & Poor's does not
assign ratings to any company in the J. Malucelli group, and the
ratings assigned to the bank do not incorporate potential
support from shareholders.

The bank is confronted with competitive pressures from both new
entrants in the payroll discounting lending, viewed as very
attractive by larger players, and banks already well positioned
in this market. Nonetheless, Parana Banco should continue to
benefit from its positive track record in its niche and the
potential market expansion in the segment, with still-
satisfactory margins in the short-term. Nevertheless,
profitability tends to decline as other players fight for market
share and there is more pressure on margins.  Even though the
bank managed to grow its portfolio by 67% in 2005, it still has
the challenge to increase the volume of its operations
(considering its small size) and find alternatives to compensate
for the gradual decline in bank spreads expected in the medium
to long term. The bank showed no growth in total loans
(including ceded loans) during the first half of 2006.  Standard
& Poor's expects Parana Banco's distribution and funding
capacities to drive the pace of expansion.

One of the main challenges for Parana Banco in the medium term
is to further diversify its funding base and become less
dependent on the group's resources-related companies' deposits
represented approximately one-third of total deposits as of June
2006.  Moreover, as the portfolio increases, Parana Banco is
also challenged to maintain adequate liquidity levels.  The
ratio of liquid assets to deposits is expected to range from 20%
to 30% (it was 29% in June 2006).  Liquidity is reinforced by
the bank's capacity to generate attractive loan portfolios that
can be sold to other banks to generate more cash.  In 2005, the
bank generated and ceded BRL107 million related to the INSS-
related portfolio (loans to retirees) through its agreement with
Banco Bradesco.  To support growth, the bank has the alternative
of funding through credit receivable funds (known as FIDCs) and
small foreign issues.

The stable outlook reflects our expectations that Parana Banco
will maintain its core competencies in the medium term, with
profitability and asset-quality indicators at adequate levels.
The outlook may be revised to positive or ratings may be raised
if the bank shows superior growth in its niche operations in
payroll-discount loans with:

   -- consistent returns,
   -- improving liquidity,
   -- a stable and more diversified funding base, and
   -- less dependence on the Group's resources.

Meanwhile, the ratings may be lowered or the outlook may be
revised to negative if:

   -- there is a significant worsening in asset quality (with
      NPLs to total loans higher than 5%);

   -- profitability levels drop drastically; and

   -- funding and liquidity become problematic to support the
      bank's operations.




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


ARIA INVESTMENTS: Last Shareholders Meeting Is Set for Nov. 3
-------------------------------------------------------------
Aria Investments' final shareholders meeting will be at 10:00
a.m. on Nov. 3, 2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Linburgh Martin
          Attn: 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


CAYMAN MEDICAL: Calls Shareholders for Final Meeting on Oct. 31
---------------------------------------------------------------
Cayman Medical and Surgical Centre Ltd.'s final shareholders
meeting will be at 10:00 a.m. on Oct. 31, 2006, at:

          Woodward Terry & Company
          Suite #10, 2nd Floor, Jack and Jill Bldg.
          P.O. Box 822, George Town
          Grand Cayman, Cayman Islands,

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


EAST FUNDING: Shareholders Gather for Final Meeting on Nov. 2
-------------------------------------------------------------
East Funding Corp.'s final shareholders meeting will be
on Nov. 2, 2006, at:

          Maples Finance Ltd.
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Ltd.
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


FUTURE INVESTMENTS: Final Shareholders Meeting Is on Nov. 20
------------------------------------------------------------
Future Investments International Ltd.'s final shareholders
meeting will be at 10:00 a.m., on Nov. 20, 2006, at:

          The Harbour Trust Co. Ltd.
          One Capital Place, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Peter D. Anderson
          P.O. Box 897 GT, One Capital Place
          3rd Floor, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7576
          Fax: (345) 949-8295


KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the for the U.S. Consumer Products, Beverage,
Toy, Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency assigned its
B1 Corporate Family Rating for Knoll Inc., and upgraded its Ba3
rating on the company's US$200 million senior secured revolver
and US$250 million senior secured term loan to Ba2.
Additionally, Moody's assigned an LGD2 rating to both loans,
suggesting noteholders will experience a 27% loss in the event
of a default.

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

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

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

Headquartered in East Greenville, Pennsylvania, Knoll Inc.,
(NYSE:KNL) -- http://www.knoll.com-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.


ORICO MILLENNIUM: Last Shareholders Meeting Is Set for Nov. 9
-------------------------------------------------------------
Orico Millennium Funding Corp.'s final shareholders meeting will
be on Nov. 9, 2006, at:

          Caledonian House
          69 Dr. Roy's Drive, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Griffin Management Ltd.
          Caledonian Bank & Trust Ltd.
          Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands


RBC LATIN: Proofs of Claim Must be Filed by Nov. 30
---------------------------------------------------
RBC Latin American Fixed Income Fund's creditors are required to
submit proofs of claim by Nov. 30, 2006, to the company's
liquidator:

          Jonathan Hartman
          RBC Asset Management Inc.
          77 King Street West, 37th Floor
          Toronto, Ontario
          Canada M5W 1P9

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


SEAGATE TECH: Inks Distribution Agreement with SED International
----------------------------------------------------------------
SED International, Inc., disclosed the addition of Seagate
Technology to its vendor line card.  Effective Oct. 1, 2006, SED
became a Seagate Authorized Distributor for the United States
and Latin America.  This adds the Seagate branded products to
its storage offerings, which already included the Maxtor brand.

"We are very excited about this new partnership," said Jeanie
Diamond, CEO and Chairman of the Board.  "Our relationship with
Seagate dates back to the 1980's and we are very proud to once
again partner with such a dynamic company.  Seagate is one of
the most respected brands in the world and a true leader in our
industry.  This provides our customers with more options and
solutions to meet the demands of our customers.  At a time when
the storage segment is exploding, we view this partnership as an
extremely important addition to our company."

"The addition of SED as a Seagate authorized distributor extends
Seagate's reach to a new set of resellers who will now be able
to take advantage of Seagate's cutting-edge hard drive
technology and capabilities, product breadth, and best-in-class
service and support and programs to strengthen their business,"
said Jeff Loebbaka, senior vice president of Global Channel
Sales and Corporate Marketing at Seagate.  "By offering both
Seagate and Maxtorbranded drives, SED will be able to give
resellers more choice across a broader range of value
propositions."

                 About SED International, Inc.

Headquartered in Atlanta, Georgia, SED International, Inc., --
http://www.sedonline.com/-- founded in 1980 is a provider of
wireless communications, computer hardware, and consumer
electronics to channel partners throughout the United States and
Latin America.   It has additional sales offices and
distribution centers in Dallas, Texas; Miami, Florida; City of
Industry, California; Buenos Aires, Argentina; and Bogota,
Columbia.

                   About Seagate Technology

Headquartered in Scotts Valley, California, and registered in
Cayaman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.  The company is registered in the Cayman Islands.

                        *    *    *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SEGOES SERVICES: Liquidators Get Court Ruling Against J. Kaweske
----------------------------------------------------------------
RSM Cayman Islands, the Official Liquidators of Segoes Services
Ltd., told the Cayman Net News that John Kaweske, one of the
directors of Segoes Services, was ordered by the court to pay
about US$3.9 million for assets diverted from the company.

Cayman Net notes that RSM Cayman seeks to bring Segoes Services'
assets into the estate for distribution to creditors.

According to Cayman Net, the latest court ruling brings the
total amount of judgments against Mr. Kaweske and related
parties -- including his wife Camila Ueoka and his mother Pamela
Kaweske -- to about US$7 million in respect of the assets
diverted.

RSM Cayman told Cayman Net that they have been taking and will
continue to take steps to identify assets against which to
enforce the judgments.

Cayman Net underscores that RSM Cayman are taking steps to
register the judgment against Ms. Ueoka in Uruguay.  The
liquidators also aim to freeze assets estimated to be in excess
of US$1million identified there.

Half of the assets are held within a Uruguayan firm, and the
other half are within an account in Ms. Ueoka's name, Cayman Net
state, citing RSM Cayman.

Segoes Services Ltd., fka Segoes Securities Ltd., was put into
joint provisional liquidation on April 29, 2005.  Messrs.
Kenneth M. Krys and Christopher Stride, partners of RSM Cayman
Islands, were appointed as Joint Provisional Liquidators.


STOCKBRIDGE FUND: Final Shareholders Meeting Is Set for Nov. 2
--------------------------------------------------------------
Stockbridge Fund Ltd.'s final shareholders meeting will be
at 10:00 a.m. on Nov. 2, 2006, at the company's registered
office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Q&H Nominees Ltd.
          Attn: Greg Link
          P.O. Box 1348
          Grand Cayman, Cayman Islands
          Tel: (345) 949 4123
          Fax: (345) 949 4647


UAM BOND: Creditors Must File Proofs of Claim by Nov. 30
--------------------------------------------------------
UAM Bond Series 1 - Trinity Fund (For Global Equity)'s creditors
are required to submit proofs of claim by Nov. 30, 2006, to the
company's liquidator:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Co. Ltd.
          P.O. Box 30464, Harbour Place
          Grand Cayman, Cayman Islands
          Tel: 345 945 2187
          Fax: 345 945 2197

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


UAM EQUITY: Last Day to File Proofs of Claim Is on Nov. 30
----------------------------------------------------------
UAM Equity Series 1 - Trinity Fund (For Global Equity)'s
creditors are required to submit proofs of claim by
Nov. 30, 2006, to the company's liquidator:

          Jane Fleming
          Melanie Harbron
          Queensgate Bank & Trust Co. Ltd.
          P.O. Box 30464, Harbour Place
          Grand Cayman, Cayman Islands
          Tel: 345 945 2187
          Fax: 345 945 2197

Creditors who are not able to comply with the Nov. 30 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


WINDHOEK AVIATION: Sets Final Shareholders Meeting on Nov. 9
------------------------------------------------------------
Windhoek Aviation, Ltd.'s final shareholders meeting will be on
Nov. 9, 2006, at:

          Caledonian House
          69 Dr. Roy's Drive, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Griffin Management Ltd.
          Caledonian Bank & Trust Ltd.
          Caledonian House
          P.O. Box 1043, George Town
          Grand Cayman, Cayman Islands




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


GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.
------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell its global
tire fabric operations to Hyosung Corp., pending government and
regulatory approvals.

The transaction is also subject to certain closing conditions.

Goodyear and its affiliates will receive approximately US$80
million for their tire fabric manufacturing plants and assets,
which include operations in Decatur, Alabama; Utica, New York;
Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-
closing adjustments.  The facilities, which employ about 1,000
people, produce and treat fabric that is used in Goodyear's
tires.

In addition, Goodyear and Hyosung, a multinational corporation
with substantial tire reinforcement operations, would, upon
closing, sign a multi-year supply agreement.  Goodyear
anticipates purchases of approximately US$350 million to
US$400 million in the first year.  The tiremaker said it
believes that this agreement could provide it with significant
cost savings and improved cash flow. The asset transaction is
not expected to result in a material gain or loss.

"As Goodyear drives for improved profitability, we are focusing
more activity and investment on our core business of providing
innovative consumer and commercial tires for our customers,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.

"Our fabric associates manufacture outstanding products and have
made important contributions to Goodyear over the decades. We
thank them for these contributions," he said.

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968.  It has operations in its home country as
well as in China and the United States.

Goodyear is one of the world's largest tire companies. The
company manufactures

                      About Hyosung Corp.

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968.  It has operations in its home country as
well as in China and the United States.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world including Chile, Colombia and Guatemala in
Latin America.  Goodyear employs more than 80,000 people
worldwide.  It has marketing operations in almost every country
around the world including Chile, Colombia and Guatemala in
Latin America.  Goodyear employs more than 80,000 people
worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating.


GOODYEAR TIRE: USW to End Contract Extension on Thursday
--------------------------------------------------------
The United Steelworkers of America delivered the required notice
to the Goodyear Tire and Rubber Company and that unless a
tentative agreement is reached; the contract will terminate on
Oct. 5, 2006, at 1:00 p.m.

As a three-year master contract approached its July 22, 2006
termination date, both sides entered into a day-to-day extension
agreement that provided both the company and the USW the option
of terminating the agreement upon delivering a 72-hour notice.

"We've been telling the company that we would stay at the
bargaining table as long as progress was being made," said USW
executive vice president Ron Hoover. "There's no sense
continuing these talks if Goodyear is intent on gutting our
contract and closing our plants."

"It's a sad situation and a poor reflection on this company that
we are forced to take this action after all we have done for
them," Mr. Hoover added.

In 2003, the union agreed to a contract that provided the
company with much needed financial flexibility by agreeing to
wage, pension and health care concessions.  In addition, each
local union worked closely with local plant management to
increase productivity and enhance efficiencies.

The master contract between the USW and Goodyear covers 14,000
workers at 12 U.S. plants in Akron, Ohio; Gadsden, Ala.;
Buffalo, N.Y., St. Marys, Ohio; Lincoln, Neb.; Topeka, Kan.;
Tyler, Texas; Danville, Va.; Marysville, Ohio; Union City,
Tenn.; Sun Prairie, Wis.; and Fayetteville, N.C.

The USW represents more than 850,000 workers in the U.S. and
Canada.  Some 70,000 are employed in the tire and rubber
industry.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world including Chile, Colombia and Guatemala in
Latin America.  Goodyear employs more than 80,000 people
worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating.




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


ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc. (D/--/--), based on
preliminary terms and conditions.

At the same time, Standard & Poor's assigned a '2' recovery
rating, indicating the likelihood of a substantial (80%-100%)
recovery of principal in the event of a payment default.

The bank facility is comprised of:

   * a US$300 million five-year revolving credit facility;

   * a US$300 million five-year delayed draw term loan A; and

   * a US$500 million seven-year delayed-draw term loan B
     (collectively referred to as the senior credit facility).

The bank loan ratings also assume that other conditions
precedent to the bank facility becoming effective are satisfied;
the ratings are subject to review once final documentation is
received.

"We expect to assign our 'BB' corporate credit rating to the
building products company when Armstrong, the borrower, and its
major U.S. subsidiaries, the guarantors, emerge from Chapter 11
bankruptcy protection, which we expect will occur on
Oct. 2, 2006," said Standard & Poor's credit analyst.

"We expect the outlook to be stable."

Armstrong and its major U.S. subsidiaries entered voluntary
bankruptcy protection in Dec. 2000 to resolve mounting asbestos-
litigation costs and to resolve its asbestos claims.

Proceeds from the senior credit facility will be used to fund
the company's plan of reorganization, which includes
contributions to a Section 524(g) asbestos personal injury
trust.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.


* COLOMBIA: Starts 2nd Round of Talks on Economic Pact with Cuba
----------------------------------------------------------------
Colombia has launched second round of negotiations with Cuba
regarding the expansion and promotion of the Agreement of
Economic Complementation, Prensa Latina reports.

Prensa Latina relates that the accord was signed in the
framework of the Latin American Integration Association.

Alex Martinez -- the Cuban Trade Adviser to Bogota, Colombia
-- told Prensa Latina that during the negotiation, which will
run until Friday, the two countries will analyze issues like
access to markets, rules and proceedings.

According to Prensa Latina, Mr. Martinez said that the first
round of talks held on Sept. 18 to 20 were about solution to
controversies and technical obstacles to trade, plus health
measures.

Prensa Latina underscores that representatives from Colombia and
Cuba expressed satisfaction for the positive results and good
work carried out by technicians in the first round of
negotiations.

Mr. Martinez told Prensa Latina that third and fourth rounds of
talks are necessary to attain the expansion and strengthening of
the Agreement of Economic Complementation between Cuba and
Colombia.

The increase in bilateral trade ties was agreed between Jorge
Humberto Botero -- the Colombian Trade, Industry and Tourism
Minister -- and Raul de la Nuez, the Cuban Foreign Trade
Minister, during the former's visit to Cuba in April.  The two
officials signed a Joint Declaration establishing, among other
aspects, a general framework of talks for broadening and
deepening trade relations, Prensa Latina states.

                        *    *    *

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




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


DENNY'S CORP: Closes US$62 Mil. Property Sale to National Retail
----------------------------------------------------------------
Denny's Corp. has completed and closed the transaction to sell
to National Retail Properties, Inc., certain of its franchisee-
operated Denny's restaurant properties.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Denny's entered into an agreement to sell 66 franchisee operated
restaurant properties to National Retail Properties, Inc., a
real estate investment trust, for gross proceeds of
approximately US$67 million.

Denny's disclosed that a total of 60 properties were included in
the closing, for a cash purchase price of approximately US$62
million.  The sale of up to an additional 6 properties may
close, subject to certain conditions, under the terms of the
master purchase agreement for the transaction.

The net cash proceeds of the asset sales have been applied to
reduce the outstanding balance on the company's first lien term
loan.  During the third quarter, Denny's prepaid approximately
US$80 million on the loan, bringing its total long-term debt
balance down to approximately US$470 million as of
Sept. 27, 2006.

Nelson J. Marchioli, president and chief executive officer,
said, "The completion of this transaction and the resulting debt
reduction are significant milestones in Denny's continuing
efforts to strengthen its balance sheet.  Denny's has endured a
heavy debt burden for many years, which restricted its ability
to grow.  Over the last five years we have successfully reduced
our outstanding debt balances by approximately US$160 million.
While pleased with this progress, we will continue to pursue
further debt reduction as an effective way to enhance value for
our shareholders.  These actions will ensure greater financial
flexibility to invest in and expand the Denny's brand."

Denny's also disclosed that it has 13 franchisee-operated
properties remaining for sale.  It expects that it will take up
to twelve months to complete the sales.

Headquartered in Spartanburg, South Carolina, Denny's Corp.
-- http://www.dennys.com/-- is America's largest full-service
family restaurant chain, consisting of 543 company-owned units
and 1,035 franchised and licensed units, with operations in the
United States, Canada, Costa Rica, Guam, Mexico, New Zealand and
Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 11, 2006
Denny's Corp.'s balance sheet at June 28, 2006 showed US$500.3
million in total assets and US$758.2 million in total
liabilities, resulting in a US$257.9 million stockholders'
deficit.




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


* CUBA: Establishing Railroad Joint Venture with Venezuela
----------------------------------------------------------
Venezuela and Cuba have plans to form a new joint venture that
would develop railroads in both countries, El Universal says,
citing Cuban Transportation Minister Carlos Manuel Pazo.

The new firm will buy buses from Belarus as part of a government
agreement on bilateral cooperation in the transportation area,
Efe news agency reported, citing the transport minister.

In 2005, Cuban-Venezuelan trade was more than US$3.5 billion.
Trade between the two nations was about US$1.2 billion the first
quarter of 2006, El Universal says.

                        *    *    *

Moody's assigned these ratings on Cuba:

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


* CUBA: Starts 2nd Round of Talks on Economic Pact with Colombia
----------------------------------------------------------------
Cuba has began the second round of negotiations with Colombia
regarding the expansion and promotion of the Agreement of
Economic Complementation, Prensa Latina reports.

Prensa Latina relates that the accord was signed in the
framework of the Latin American Integration Association.

Alex Martinez -- the Cuban Trade Adviser to Bogota, Colombia --
told Prensa Latina that during the negotiation, which will run
until Friday, the two countries will analyze issues like access
to markets, rules and proceedings.

According to Prensa Latina, Mr. Martinez said that the first
round of talks held on Sept. 18 to 20 were about solution to
controversies and technical obstacles to trade, plus health
measures.

Prensa Latina underscores that representatives from Colombia and
Cuba expressed satisfaction for the positive results and good
work carried out by technicians in the first round of
negotiations.

Mr. Martinez told Prensa Latina that third and fourth rounds of
talks are necessary to attain the expansion and strengthening of
the Agreement of Economic Complementation between Cuba and
Colombia.

The increase in bilateral trade ties was agreed between Jorge
Humberto Botero -- the Colombian Trade, Industry and Tourism
Minister -- and Raul de la Nuez, the Cuban Foreign Trade
Minister, during the former's visit to Cuba in April.  The two
officials signed a Joint Declaration establishing, among other
aspects, a general framework of talks for broadening and
deepening trade relations, Prensa Latina states.

                        *    *    *

Moody's assigned these ratings on Cuba:

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




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


BANCO INTERCONTINENTAL: Fraud Case to be Heard Daily in November
----------------------------------------------------------------
The Banco Intercontinental SA fraud case will be heard on a
daily basis -- except holidays -- in November, DR1 Newsletter
reports.

DR1 relates that the Dominican Republic's First Joint Tribunal
of the National District ordered the former executives of Banco
Intercontinental to stand trial for irregularities that
allegedly amounted to DOP77 billion.

The defendants in the case include:

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

With the scheduling of the fraud case on the court's agenda, the
case will now proceed in a regular manner.  Judges Antonio
Sanchez Mejia, Pilar Rufino Diaz and Giselle Mendez will meet
every Friday, except on Oct. 22, DR1 states.

Banco Intercontinental 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.




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


PETROECUADOR: Fourteen Firms Interested to Explore Amazon Region
----------------------------------------------------------------
Petroecuador, the state-owned oil company of Ecuador, said in a
statement that 14 groups have purchased bidding rules for the
eight marginal exploration and production contracts in the
Amazon region.

Business News Americas relates that the tenders cover the areas:

          -- Armadillo,
          -- Chanangue,
          -- Eno-Ron,
          -- Frontera-Tapi-Tetete,
          -- Ocano-Pena Blanca,
          -- Pucuna,
          -- Puma, and
          -- Singue.

Project documents obtained by BNamericas show that the eight
areas have combined proven reserves of 116 million barrels.  The
blocks feature API grade 18-35 crude and have a combined total
area of 53,320 hectares.

According to BNamericas, each of the contracts will need a
minimum investment of US$150,000.

BNamericas notes that Petroecuador will receive and open
technical bids for the concessions on Oct. 10.  Firms' economic
bids will be opened on Oct. 20.

Petroecuador will award the contracts between Oct. 30 and Nov.
11.  It will sign contracts on Nov. 11-24, BNamericas states.

PetroEcuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in PetroEcuador's dealings.


PETROECUADOR: Gov't to Create Firm for Former Occidental Fields
---------------------------------------------------------------
Galo Chiriboga, the head of the state-run oil firm Petroecuador,
disclosed that the government will create a new company to run
the oilfields stripped from Occidental Petroleum Corp., EFE News
reports.

According to EFE News, Mr. Chiriboga said that the new state-
owned company will be called Rio Napo Operations.  It will
operate Block 15.

EFE News relates that Rio Napo will also extract crude from the
Eden-Yuturi and Limoncocha oilfields.

Mr. Chiriboga told EFE News that Rio Napo's entire capital will
be taken from Petroecuador.

Rio Napo will have US$1 million in start-up capital, as proposed
by the policy commission formed when the joint-venture contract
with Occidental was revoked, financial daily Dinero states.

PetroEcuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in PetroEcuador's dealings.




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


AFFILIATED COMPUTER: Asks Dist. Court's "No Default" Declaration
----------------------------------------------------------------
Affiliated Computer Services, Inc., received a letter from
persons claiming to hold certain of its senior notes advising
the company that it was purportedly in default of its covenants
under that certain Indenture dated June 6, 2005, between the
company and The Bank of New York Trust Company, N.A., as the
Trustee.

The letter alleged that the company's failure to file its
Form 10-K by Sept. 13, 2006, was a default under the terms of
the Indenture.

The company disclosed that its position is that no default has
occurred under the Indenture and has filed a lawsuit against the
Trustee in the U.S. District Court, Northern District of Texas,
Dallas Division, seeking a declaratory judgment affirming its
position.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                        *    *    *

Standard & Poor's Ratings Services lowered in June 2006 its
corporate credit and senior secured ratings to BB from BB+ for
Affiliated Computer Services Inc.  The ratings remain on
CreditWatch with negative implications, where they were placed
Jan. 27, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  Fitch said the rating outlook is
negative.




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


* HONDURAS: Launches International Tender for Fuel Supply
---------------------------------------------------------
The Honduran presidential Web site posted that the government
has launched an international tender to supply 100% of the
nation's fuel requirements.

Business News Americas relates that the Honduran government aims
for the process to guarantee the long-term supply of low-priced
fuels through a competitive process.

According to BNamericas, Honduras' oil administrative commission
will accept offers until Nov. 1.

BNamericas notes that Honduras' forecasted import product
requirements for the middle of 2006 through the middle of 2007
are:

          -- 6.39 million barrels of fuel oils,
          -- 4.95 million barrels of diesel,
          -- 2.25 million barrels of premium unleaded gasoline,
          -- 992,749 barrels of liquefied petroleum gas, and
          -- 561,132 barrels of regular unleaded gasoline.

The report says that supporters of the plan argue that the
tender will break a private monopoly business and lower fuel
prices.  Meanwhile, opponents stated the tender will create a
state monopoly, going against international trade accords.

Sarai Silva -- the head of the Honduran Association of Petroleum
Distributors, told BNamericas in September that the tender is an
opportunity for Honduras to correct and above all generate
competition at the import level as this part has practically
been managed by an oligopoly of four companies."

"Direct imports would go against the principals of commercial
treaties signed with the US," BNamericas states, citing Mr.
Henry Arevalo Fuentes -- the president of Dippsa, a local oil
importer and distributor.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

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




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


DOLE FOOD: Producers Group Accept Shareholdings Purchase Offer
--------------------------------------------------------------
The Jamaica Producers Group Ltd. has accepted Dole Food Co.'s
offer to buy its 65% shareholdings in JP Fruit Distributors Ltd.
at a price of US$2.76 billion, the Jamaica Observer reports.

The Jamaica Producers said in a press release that the JPG Board
decided to accept Dole Food's offer after extensive
deliberations.

According to the statement, details of the accord are currently
being finalized with Dole.

The Observer relates that the Jamaica Producers disclosed last
week that it was considering a buyout offer from Dole Food.
Under the offer obligations, the Jamaica Producers had two
choices:

          -- to accept the bid, or
          -- to buy back Dole Food's interest in the JF Fruit.

The report says that Dole Food has a 35% stake in JP Fruit.

                About Jamaica Producers Group

Jamaica Producers Group Ltd. cultivates, distributes and markets
bananas and other fresh produce.  It manufactures and
distributes juices.  It is the largest grower of bananas in
Jamaica, controlling about 80% of the island's production.  It
is also a major marketer of the fruit in Britain.  The company
has had a partnership with Dole Food Co. since 1994 when
Producers sold 35% of JP Fruit Distributors Ltd. to Dole Food.

                     About Dole Food Co.

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 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 Ba3 Corporate Family Rating for Dole Food
Co., Inc.

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

   Issuer: Dole Food Company, Inc.

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

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

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

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

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


KAISER ALUMINUM: VEBA Trust Mulls Public Offering of 2.5M Shares
----------------------------------------------------------------
Kaiser Aluminum Corp. has filed a registration statement with
the Securities and Exchange Commission relating to a proposed
secondary public offering of 2,517,955 shares of common stock to
be sold by the Union VEBA Trust, a voluntary employees'
beneficiary association trust that provides benefits to eligible
retirees represented by certain unions.

The proposed maximum offering price is US$38.50 per share for a
maximum aggregate offering price of US$111,482,448.  UBS
Investment Bank and Bear, Stearns & Co., Inc., are acting as
joint book-running managers.

The Union VEBA Trust intends to grant underwriters a 30-day
option to purchase up to an additional 377,693 shares of common
stock at the public offering price to cover any over-allotments.
Kaiser will not receive any proceeds from the offering.

On the July 6, 2006 effective date of its 2nd Amended Plan of
Reorganization, Kaiser issued 20,000,000 new shares of common
stock, including 8,809,900 shares to the Union VEBA Trust, in
accordance with the terms of the Plan.  As of Sept. 15, 2006,
Kaiser has also issued 525,660 shares of stock to its employees
and directors under its equity incentive plan.

The Union VEBA Trust currently owns 42.9% of the outstanding
Kaiser common stock.  After completion of this offering, the
Union VEBA Trust will hold 30.7% of Kaiser common stock, or
28.8% if the underwriters exercise their over-allotment option
in full.

Kaiser's common stock is traded on the Nasdaq Global Market
under the symbol "KALU."  On Sept. 26, 2006, the last reported
sales price of its common stock on the Nasdaq was US$39.30 per
share.  As of Sept. 15, 2006, there were about 225 common
stockholders of record.  The company's common stock is subject
to certain transfer restrictions that potentially prohibit or
void transfers by any person or group that is, or as a result of
the transfer would become, a 5% stockholder.

Jack A. Hockema, Kaiser's chief executive officer, notes that
the Form S-1 filed by Kaiser with the SEC in connection with the
offering has not yet become effective.  The securities may not
be sold and offers to buy may not be accepted before the time
the registration statement becomes effective.

A full-text copy of Kaiser's preliminary prospectus is available
free of charge at http://researcharchives.com/t/s?12ce

Copies of the prospectus for the offering may also be obtained
from:

   * UBS Investment Bank
     Prospectus Department
     299 Park Avenue
     New York, NY 10171

   * Bear, Stearns & Co., Inc.
     Prospectus Department
     383 Madison Avenue
     New York, NY 10179

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No.
02-10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts.  Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


KAISER ALUMINUM: Witmer Parties Disclose 1,071,216 Equity Stake
---------------------------------------------------------------
Witmer Asset Management reports in a regulatory filing with the
U.S. Securities and Exchange Commission dated Sept. 29, 2006,
that it beneficially owns 1,071,216 shares of Kaiser Aluminum
Corporation's common stock.  Witmer has shared dispositive and
voting power over the shares, which accounts to 5.2% of Kaiser's
outstanding common stock.

Charles H. Witmer also reported that he is deemed to be the
beneficial owner of 5.4% of outstanding Kaiser common stock.
Mr. Witmer has shared voting and dispositive power over
1,090,216 shares of common stock, and sole voting and
dispositive power over 10,000 shares.

In addition, Meryl B. Witmer reported that she beneficially owns
1,090,216 shares of Kaiser common stock.  Ms. Witmer has shared
voting and dispositive power over the shares.  Ms. Witmer's
shares represent 5.3% of Kaiser's total outstanding common
stock.

Kaiser's outstanding shares total 20,516,803 as of
July 31, 2006.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corp. -- filed for
chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No.
02-10429), and has sold off a number of its commodity businesses
during course of its cases.  Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts.  Lazard
Freres & Co. serves as the Debtors' financial advisor.  Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors.  The Debtors' Chapter 11 Plan
became effective on July 6, 2006.  On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


NATIONAL WATER: Sewage Service Charges Angers Eltham Residents
--------------------------------------------------------------
Eltham Acres residents held demonstrations against Jamaica's
National Water Commission's decision to charge consumers for
sewage services, Radio Jamaica reports.

The residents received a letter from the National Water
Commission informing them that they will now be billed for the
sewage service, RJR News Center says, citing George Moodie --
the chairperson of the Ensom City Community Development
Committee.

However, the residents told Radio Jamaica that the charge could
work out to be twice their water bill.

With the sewage plant in the community malfunctioning it is
unfair for the residents to be paying the new rates, Mr. Moodie
told Radio Jamaica.

According to Radio Jamaica, Mr. Moodie said, "Now they are using
some fool-fool tankers to draw sewage now and then and take it
elsewhere.  So now more or less we as citizens would have to pay
for that kind of service."

The National Water was forced to charge the rates so that the
system can be upgraded, Radio Jamaica states, citing Charles
Buchanan, the Communications Manager at the National Water.

"The residents who have been benefiting from the service for
years have not been paying for the sewage services and as a
consequence them not having the charge and are not paying for
the sewage services has led to the particular challenges we have
had in terms of maintenance and ongoing operation.  With
statements being made for sewage services it will place the NWC
(National Water) in a better condition to continuously maintain
and effectively operate the system," Mr. Buchanan told Radio
Jamaica.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.




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


EL POLLO: Further Extends Tender Offer Expiration Until Nov. 3
--------------------------------------------------------------
El Pollo Loco, Inc., and EPL Intermediate, Inc., disclosed that
in connection with the previously announced tender offer and
consent solicitation (the "Offer") by El Pollo Loco for its 11-
3/4% Senior Notes Due 2013 and by Intermediate for its 14-1/2%
Senior Discount Notes Due 2014, the companies are further
extending the expiration time of the Offer to 5:00 p.m., New
York City time, on Nov. 3, 2006.

As of June 26, 2006, El Pollo Loco had received tenders and
consents for US$125,726,000 in aggregate principal amount of the
11-3/4% Notes, representing 100% of the outstanding 11-3/4%
Notes and Intermediate had received tenders and consents for
US$39,342,000 in principal amount at maturity of the 14-1/2%
Notes, representing 100% of the outstanding 14-1/2% Notes.

As previously announced, the requisite consents to adopt the
proposed amendments to the indentures governing the Notes have
been received, and supplemental indentures to effect the
proposed amendments described in the Offer to Purchase and
Consent Solicitations Statement, dated May 15, 2006, have been
executed.  However, the amendments will not become operative
until the Notes are accepted for payment pursuant to the terms
of the Offer.

The Offer is subject to the satisfaction of certain conditions,
including consummation of the Common Stock Offering, El Pollo
Loco entering into a new credit facility, a requisite consent
condition, minimum tender condition, condition that each of the
Offers be consummated and that each of El Pollo Loco and
Intermediate receives consents from a majority of holders of
each of the 11-3/4% Notes and the 14-1/2% Notes and other
general conditions.

Except as stated, all other provisions of the Offer with respect
to the Notes are as set forth in the Offer to Purchase.  The
company reserves the right to further amend or extend the Offer
in its sole discretion.

Requests for documents may be directed to:

           Global Bondholder Services Corporation
           Information Agent
           Tel: (866) 937-2200

Additional information concerning the Offer may be obtained by
contacting:

           Merrill Lynch, Pierce, Fenner & Smith Incorporated
           Dealer Manager and Solicitation Agent
           Tel: (212) 449-4914 (collect)
                (888) ML4-TNDR (U.S. toll-free)

                    About El Pollo Loco

El Pollo Loco -- http://www.elpolloloco.com/-- pronounced "L
Po-yo Lo-co" and Spanish for "The Crazy Chicken," is the United
States' leading quick-service restaurant chain specializing in
flame-grilled chicken and Mexican-inspired entrees.  Founded in
Guasave, Mexico, in 1975, El Pollo Loco's long-term success
stems from the unique preparation of its award-winning "pollo"
-- fresh chicken marinated in a special recipe of herbs, spices
and citrus juices passed down from the founding family.

                        *    *    *

As reported in the Troubled Company Reporter on May 23, 2006,
Standard & Poor's Ratings Services expects to raise its
corporate credit rating on El Pollo Loco Inc. to 'B+' from 'B'
upon the successful completion of the company's planned IPO.
S&P said the outlook is stable.  Standard & Poor's also assigned
a 'B+' rating, same as the expected corporate credit rating, to
the company's planned US$200 million senior secured bank loan.
A recovery rating of '2' is also assigned to the loan,
indicating the expectation for substantial recovery of principal
in the event of a payment default.

Moody's Investors Service upgraded El Pollo Loco, Inc.'s
corporate family rating to B1 from B3 and assigned B1 ratings to
the company's proposed US$200 million senior secured credit
facility following the company's proposed initial public
offering of shares of its common stock and planned refinancing
of its existing debt.  At the same time, the SGL-2 Speculative
Grade Liquidity rating was affirmed.  Moody's said the outlook
remains stable.


ENTRAVISION COMMS: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US advertising and broadcasting sector, the
rating agency confirmed its Ba3 Corporate Family Rating for
Entravision Communications Corporation.

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

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

   Secured Revolver       Ba3      Ba3     LGD3        32%

   Secured Term Loan      Ba3      Ba3     LGD3        32%

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 Santa Monica, California, Entravision
Communications -- http://www.entravision.com/-- is a
diversified Spanish-language media company utilizing a
combination of television, radio and outdoor operations to reach
approximately 75% of Hispanic consumers across the United
States, as well as the border markets of Mexico.  Entravision is
the largest affiliate group of both Univision television network
and Univision's TeleFutura network, with television stations in
20 of the nation's top 50 Hispanic markets in the United States.
Entravision owns and operates one of the nation's largest groups
of primarily Spanish-language radio stations, consisting of 54
owned and operated radio stations in 21 U.S. markets.
Entravision's outdoor advertising operations consist of
approximately 11,100 advertising faces located primarily in Los
Angeles and New York.


FENDER MUSICAL: Moody's Puts LGD5 Rating on 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.


FGX INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the 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 FGX International Limited.

Additionally, Moody's revised 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$15 million
   First Lien
   Revolver             B2       B1        LGD3     35%

   US$150 million
   First Lien
   Term Loan            B2       B1        LGD3     35%

   US$50 million
   Second Lien
   Term Loan            B3       Caa1      LGD5     84%

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

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

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

Based in Smithfield, Rhode Island, FGX International Limited --
http://www.fgx.com/-- is a designer and marketer of non-
prescription reading glasses, sunglasses and costume jewelry
with a portfolio of brands including Foster Grant and
Magnivision.  The company has international locations in the
United Kingdom, Canada, China and Mexico.


FORD MOTOR: Awards Remanufacturing Contract to Aftermarket Tech
---------------------------------------------------------------
Aftermarket Technology Corp. disclosed that its Drivetrain
Segment has been awarded two new transmission remanufacturing
programs with Ford Motor and General Motors to ramp up in the
second half of 2007.

The remanufacturing program for Ford is for their new family of
six-speed, front wheel drive transmissions.  The transmissions
are used in various Ford vehicle offerings including the new
Ford Edge and Lincoln MKZ, the Ford 500, the Mercury Montego,
and the Ford Fusion.

In January 2006, Aftermarket Technology had been awarded the
remanufacturing program for Ford's newest six-speed, rear wheel
drive platform -- the 6R -- used in the Explorer, Mountaineer,
Expedition and the F-150 light truck.

These key wins, representing the future of Ford's automatic
transmission programs, maintain Aftermarket Technology's
position as Ford's primary remanufacturing supplier.

The remanufacturing program for General Motors is for their
family of new six-speed, front wheel drive transmissions.  The
transmissions are used in various GM vehicle offerings including
GMC Acadia, Pontiac G6, Saturn Aura, Saturn Outlook, Buick and
various cross over vehicles. Winning this key remanufacturing
program for GM's six-speed, front wheel drive "world"
transmissions establishes ATC as a valued remanufacturing
supplier to GM.

The Ford and General Motor wins solidify and further diversify
the Company's Drivetrain business as outlined in the three-year
growth plan announced by the Company in February 2006.

Don Johnson, Aftermarket Technology's Chairman, President and
CEO said, "These six-speed transmission families are critical to
our customers' future.  We anticipate that they will be used in
approximately one in every four vehicles produced by Ford and GM
in North America over the next few years according to industry
forecasts."

"Ford and General Motor's selection of Aftermarket Technology's
Oklahoma City drivetrain operation for these programs was based
on our 'total value proposition' that includes our commitment to
industry-leading quality, on-time delivery, dedicated and in-
depth technical expertise, launch readiness, and the ongoing
competitive advantage we offered both customers."

                 About Aftermarket Technology

Headquartered in Downers Grove, Illinois, Aftermarket Technology
provides outsourced engineered solutions and supply chain
logistics services to the light and medium/heavy-duty vehicle
aftermarket and consumer electronics industries.

                    About General Motors

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

                      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.


GATX CORP: Selling Majority of Aircraft Leasing Business
--------------------------------------------------------
GATX Corp. has signed a definitive agreement to sell the
majority of its aircraft leasing business to a consortium of
investors including Macquarie Bank and affiliated investment
funds of Och Ziff Capital Management Group.  The transaction is
expected to close by yearend.

The consortium, Macquarie Aircraft Leasing Limited, will acquire
GATX's wholly owned aircraft and will seek to acquire assets
within the aircraft leasing joint ventures managed by GATX.
GATX anticipates that the majority of the employees at its
aircraft leasing business will accompany the assets to MALL.

The air assets subject to the agreement with MALL, including
GATX's joint venture investments, total approximately US$1.5
billion in net book value, or 21% of GATX's total assets. The
sale will result in an after-tax charge in the range of US$50 -
70 million to be taken by GATX in the third quarter. After the
required prepayment of air-specific debt and taxes, GATX expects
cash proceeds from the sale, assuming all assets contemplated in
the transaction are sold, to be approximately US$500 million.
GATX will determine the use of those proceeds upon completion of
the transaction.

Brian A. Kenney, president and CEO of GATX Corporation, stated,
"GATX has been in the commercial aircraft leasing business since
1968, building a valuable operating lease platform and portfolio
of aircraft.  We believe that the sale of this platform to MALL
will enable GATX to realize greater value for our shareholders
than we could realize from continuing to own the business, and
will position GATX to pursue opportunities in our higher return
rail and specialty businesses."

The sale is subject to customary closing conditions, third-party
consents and regulatory approvals.

Based in Chicago, Illinois, GATX Corp. -- http://www.gatx.com/
-- provides lease financing and related services to customers
operating rail, marine and other targeted assets. GATX is a
leader in leasing transportation assets and controls one of the
largest railcar fleets in the world.  Applying over a century of
operating experience and strong market and asset expertise, GATX
provides quality assets and services to customers worldwide.
GATX Corp. is the principal operating subsidiary GATX
Financial Corp.   At June 30, 2006, GATX Financial reported
total assets of US$6.1 billion.  In Brazil, GATX Air leases
several aircraft to each of the two leading airlines, VARIG and
TAM.  GATX Rail returned to Mexico almost a decade ago and has
been very much involved in the privatization of the Mexican
railway system.  GATX Air has been doing business in Mexico for
most of the last 20 years.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Moody's Investors Service placed the ratings of GATX Financial
Corp. (senior Baa3, short-term Prime-3) and affiliates on review
for possible upgrade following the firm's announcement that it
has agreed to sell a majority of its commercial aircraft leasing
business to a consortium of investors, including Macquarie Bank
and affiliated investment funds of Och Ziff Capital Management
Group.


GENERAL MOTORS: Awards Remanufacturing Contract to ATC
------------------------------------------------------
Aftermarket Technology Corp. disclosed that its Drivetrain
Segment has been awarded two new transmission remanufacturing
programs with Ford Motor and General Motors to ramp up in the
second half of 2007.

The remanufacturing program for Ford is for their new family of
six-speed, front wheel drive transmissions.  The transmissions
are used in various Ford vehicle offerings including the new
Ford Edge and Lincoln MKZ, the Ford 500, the Mercury Montego,
and the Ford Fusion.

In January 2006, Aftermarket Technology had been awarded the
remanufacturing program for Ford's newest six-speed, rear wheel
drive platform -- the 6R -- used in the Explorer, Mountaineer,
Expedition and the F-150 light truck.

These key wins, representing the future of Ford's automatic
transmission programs, maintain Aftermarket Technology's
position as Ford's primary remanufacturing supplier.

The remanufacturing program for General Motors is for their
family of new six-speed, front wheel drive transmissions.  The
transmissions are used in various GM vehicle offerings including
GMC Acadia, Pontiac G6, Saturn Aura, Saturn Outlook, Buick and
various cross over vehicles. Winning this key remanufacturing
program for GM's six-speed, front wheel drive "world"
transmissions establishes ATC as a valued remanufacturing
supplier to GM.

The Ford and General Motor wins solidify and further diversify
the Company's Drivetrain business as outlined in the three-year
growth plan announced by the Company in February 2006.

Don Johnson, Aftermarket Technology's Chairman, President and
CEO said, "These six-speed transmission families are critical to
our customers' future.  We anticipate that they will be used in
approximately one in every four vehicles produced by Ford and GM
in North America over the next few years according to industry
forecasts."

"Ford and General Motor's selection of Aftermarket Technology's
Oklahoma City drivetrain operation for these programs was based
on our 'total value proposition' that includes our commitment to
industry-leading quality, on-time delivery, dedicated and in-
depth technical expertise, launch readiness, and the ongoing
competitive advantage we offered both customers."

                 About Aftermarket Technology

Headquartered in Downers Grove, Illinois, Aftermarket Technology
provides outsourced engineered solutions and supply chain
logistics services to the light and medium/heavy-duty vehicle
aftermarket and consumer electronics industries.

                      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.

                    About General Motors

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

                        *    *    *

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

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

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

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


GRUPO MEXICO: Antitrust Agency Probes Ferromex & Ferrosur
---------------------------------------------------------
Ferromex -- Grupo Mexico SA de CV's railway unit -- and
Ferrocarril del Sureste or Ferrosur are under antitrust
investigation for possible acts of collusion, Dow Jones
Newswires reports.

If found guilty, the Federal Competition Commission -- Mexico's
antitrust agency -- would fine the two firms up to US$62
million.

Eduardo Perez Motta, the president of CFC, told Dow Jones,
"Some people say that Ferromex and Ferrosur are operating
together.  In our opinion they are separate companies."

The merger of Ferrosur and Ferromex is under appeal after it was
rejected by the antitrust agency.

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 MEXICO: Antitrust Agency to Rule on Merger in December
------------------------------------------------------------
The Federal Competition Commission, the antitrust agency in
Mexico, will decide on the merger between Grupo Mexico SA de
CV's Ferromex railway and Ferrosur, which is controlled by
Carlos Slim, Dow Jones Newswires reports, citing a top official.

According to Dow Jones, the official said the CFC ruling will be
followed by a separate opinion about the railway regulations.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2006, local press says that Ferromex asked CFC to
reconsider its decision to reject the company's merger with
Ferrosur.  As previously reported, CFC had rejected Grupo
Mexico's merger request after Kansa City Southern pointed out
that the move would hurt competition.

Dow Jones notes that the Ferromex and Ferrosur merger was
decided to better compete with US-based railroad Kansas City
Southern.

Eduardo Perez Motta, the president of CFC, told the press, "We
are in the appeals process, which is a right the company has.
They have requested that we reconsider."

All options are on the table, which include the ratification of
the merger.  However, they are yet subject to certain conditions
like the divestiture of assets, Mr. Motta told Dow Jones.

Dow Jones underscores that once CFC makes a ruling on the
Ferromex-Ferrosur appeal, it will issue an opinion on how
Mexico's railways should operate to boost competition in the
railway industry.

Disputes between railways over interconnection rates, haulage
rights, and trackage rights were hurting productivity and
leading to higher costs for clients, Dow Jones says, citing Mr.
Motta.

Mr. Motta told Dow Jones, "The sector isn't working because
there aren't good regulations in place.  There is a regulatory
black hole."

Dow Jones emphasizes that Mr. Motta expects CFC to issue its
opinion as soon as January 2007.

Among recommendations being considered are new rules that would
require revisions to the law and a dedicated regulatory body for
the railroad industry, Dow Jones states, citing Mr. Motta.

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.


OPEN TEXT: Unit Buys Hummingbird's Common Shares for US$489 Mil.
----------------------------------------------------------------
Open Text Corp.'s subsidiary 6575064 Canada Inc., acquired all
of the issued and outstanding common shares of Hummingbird Ltd.
at a cash price of US$27.85 per common share that, together with
the 764,850 common shares of Hummingbird owned by Open Text
prior to the transaction, represent all of the issued and
outstanding shares of Hummingbird.  The transaction is valued at
approximately US$489 million.

The transaction was completed pursuant to a plan of arrangement
under section 192 of the Canada Business Corporations Act and an
arrangement agreement made as of Aug. 4, 2006, which was amended
on Sept. 19, 2006, among 6575064 Canada Inc., Open Text and
Hummingbird.

Under the plan of arrangement Hummingbird's shareholders are
entitled to receive US$27.85 in cash for each Hummingbird common
share.  It is expected that Hummingbird's common shares will be
delisted from the Toronto Stock Exchange and will cease to trade
on the NASDAQ after the close of business on October 2, 2006.

The transaction was financed using approximately US$58 million
of Hummingbird's cash, US$25 million of Open Text's cash and by
borrowing US$390 million by way of a term loan under new US$465
million senior secured revolving and term credit facilities.
This credit facility was made available to Open Text and certain
of its subsidiaries, and arranged and agented, by a Schedule 1
Canadian chartered bank.  The US$75 million committed revolving
term credit facility replaces a smaller revolving credit
facility that has been terminated.  The US dollar term loan
contains floating and fixed interest rate options, may be
prepaid and has a 7-year term.  The multi-currency revolving
credit facility also contains floating and fixed interest rate
options, contains a letter of credit subfacility and has a 5-
year term.

                      About Open Text

Open Text Corp. -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 12, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Open Text Corp.  At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating, with a
recovery rating of '2', to the company's proposed US$490 million
senior secured bank facility, which consists of a US$75 million
five-year revolving credit facility and a US$415 million seven-
year term loan B.


STEELCASE INC: Moody's Confirms Ba1 Corporate Family Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Steelcase,
Inc. and its Ba1 rating on the company's US$250 million senior
unsecured notes.  Additionally, Moody's assigned an LGD4 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.

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

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

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

Headquartered in Grand Rapids, Michigan, Steelcase, Inc.,
(NYSE: SCS) -- http://www.steelcase.com/-- designs and
manufactures architecture, furniture and technology products.
Founded in 1912, Steelcase serves customers through a network of
more than 800 independent dealers and approximately 13,000
employees worldwide including Brazil and Mexico in Latin America


WERNER LADDER: Panel Wants to Retain Neil Minihane as Consultant
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Werner Holding Co. (DE), Inc., aka Werner
Ladder Company, and its debtor-affiliates, asks approval from
the U.S. Bankruptcy Court for the District of Delaware to retain
Neil J. Minihane as its consultant, nunc pro tunc to
Aug. 24, 2006.

Werner Holding Co. endeavors to shift their operations to a
lower cost environment in Mexico to remain competitive.  The
transition of operations from Chicago, Illinois, to Juarez,
Mexico, is integral to the Debtors' business plan.

On Aug. 24, 2006, Committee representatives and Mr. Minihane
traveled to Juarez.  As a result of the trip, the need to retain
a consultant became apparent.  The Committee says that it must
be able to assess the costs and benefits, and the appropriate
timing of the transition.  A consultant would assist the
Committee in its evaluation of the complex business, financial
and economic issues raised by the Debtors' transition of
operations to Mexico.

Mr. Minihane is an operations consultant with significant
expertise in transitions from the United States to Mexico, as
well as in restructurings and distressed situations.  The
Committee believes the consultant's retention is reasonable,
appropriate, and is in the estate's best interest.

Pursuant to an Engagement Letter dated Sept. 7, 2006 with the
Committee, Mr. Minihane agrees to:

   (a) review and analyze the Debtors' historical financial and
       operations data relating to their operations in Chicago,
       Illinois and Juarez, Mexico, including, profits and loss
       information and cash usage analyses relating to these
       facilities;

   (b) assess and periodically advise the Committee regarding
       the status and progress of the transition of the Debtors'
       operations from Chicago to Juarez, and provide
       suggestions or recommendations as may be appropriate or
       necessary;

   (c) advise and attend meetings of the Committee and its
       professionals, as appropriate;

   (d) advise and attend meetings with third parties, including
       the Debtors, as may be requested by the Committee, or
       otherwise necessary or appropriate to perform the
       services;

   (e) prepare and deliver to the Committee a written report on
       the status and progress of the transition of the Debtors'
       operations from Chicago to Juarez, and containing
       suggestions, recommendations and concerns relating to the
       transition;

   (f) be reasonably available for follow-up questions by the
       Committee concerning the report;

Mr. Minihane will be:

   (i) paid US$15,000 per week, for a period of four weeks, or
       as extended by Court order, commencing upon Court
       approval of the Application; and

  (ii) reimbursed for reasonable and necessary expenses relating
       to the services provided.

The Committee seeks the Court's permission to pay Mr. Minihane a
US$15,000 advance retainer upon Court approval of the
Application, and to pay 85% of the subsequent weekly payments,
on an interim basis, at the beginning of each week thereafter.
The Committee believes it is reasonable to allow Mr. Minihane to
receive interim compensation as services are performed because
he is just finishing up a current assignment and is not employed
by a large company.

Pursuant to the Engagement Letter, the parties agree that the
Debtors' estates will indemnify, hold harmless and defend
Mr. Minihane from and against any and all claims and liabilities
that he may become obligated for, unless the liability is
judicially determined to have arisen primarily from his gross
negligence or willful misconduct.

Mr. Minahe assures the Court that he does not hold or represent
an interest adverse to the Committee or the bankruptcy estates.
He is a "disinterested person" as that term is defined in
Section 101 (14) of the Bankruptcy Code.

                    About Werner Ladder

Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories.  The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq.,
and Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor,
LLP, represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
US$201,042,000 and total debts of US$473,447,000.  (Werner
Ladder Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


* NICARAGUA: Comptroller Junks Gecsa's Request to Hire
------------------------------------------------------
Gecsa, Nicaragua's state generator, did not receive the
comptroller general's approval to hire an 80-megawatt power
supply barge from Scotland's Optima Integrated Energy Services
without holding a bidding process, La Prensa reports.

Guillermo Arguello -- the comptroller general -- told La Prensa,
"We believe that a request that large should come backed up."

According to Business News Americas, the purpose of the seven-
year contract that cost US$60 million annually was to supply the
needed power during Nicaragua's energy crisis.

Meanwhile, Frenk Kelly -- the head of the state power firm Enel
-- told BNamericas that he would meet with Instituto
Nicaraguense de Energia, the nation's energy regulator, to
request that it act as a guarantor for the project.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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


* NICARAGUA: Plans to Construct US$18 Billion Waterway
------------------------------------------------------
Nicaragua's President Enrique Bolanos told Reuters that the
country wants to construct a US$18 billion waterway like the
Panama Canal to link the Atlantic and Pacific Oceans.

"It is not only feasible but it is necessary," President Bolanos
was quoted by Reuters as saying.

It would take 12 years to fund, design and build the canal,
Reuters says, citing President Bolanos.

Reuters notes that the canal would connect the Pacific with Lake
Nicaragua -- also known as Lake Cocibolca -- and then with the
river Escondido, which empties into the Caribbean at the port of
Bluefields.

The waterway would be able to handle large ships of up to
250,000 deadweight tonnage, and would be complementary to the
Panama Canal, President Bolanos told Reuters.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CHIQUITA BRANDS: Moody's Affirms Caa1 Rating on US$250 Mln Notes
----------------------------------------------------------------
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 Jan. 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, which 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 as follows: 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.  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.

These are the rating affirmed 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

     -- 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.


CHIQUITA BRANDS: Mulls Sale of Shipping Business to Cut Debt
------------------------------------------------------------
Chiquita Brands International Inc. told MarketWatch that it is
considering selling its shipping assets to decrease debt, as
concerns over spinach and food safety in the United States could
decrease its third quarter profits.

Chiquita Brands said in a statement that it has come up with
initiatives for the enhancement of financial flexibility and
reduction of debt.  Other than the suspension of its quarterly
dividend, the firm will also explore strategic alternatives for
the sale and long-term management of its shipping assets and
shipping-related logistics activities.

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

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

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

                  About Great White Fleet

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

               About Chiquita Brands International

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

                        *    *    *

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

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




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


APARTMENT INVESTMENT: Uses SPSS Software to Boost Recruitment
-------------------------------------------------------------
Apartment Investment Management Company aka Aimco has purchased
SPSS predictive analytics software to enhance its employee
recruitment and retention efforts.

Aimco is the nation's largest owner and operator of apartment
homes in the United States -- operating 1,320 properties,
including approximately 230,000 apartment units, serving nearly
one million residents each year.  Aimco employs about 6,500
employees in 47 states, the District of Columbia and Puerto
Rico.

"SPSS predictive analytics software will help Aimco increase
retention, reduce talent acquisition costs and maximize employee
productivity," said Aimco Senior Vice President of Talent
Management Terri Heredia.

Reducing employee turnover and keeping recruitment costs down
are essential functions of Human Resources.  Aimco is developing
three predictive models that enhance how HR can effectively
manage the people side of the business with bottom-line results.
First, the Candidate Success model identifies prospective high
performers in the recruiting process using data from current
successful employees.

Second, the Turnover model identifies points of failure in the
employee lifecycle to proactively address turnover at the
individual level. Third, the Resource Allocation model is a
business-driven demand model that predicts and validates
headcount needs and drives efficiency in operations.

"Employers know the never-ending challenge of recruiting and
retaining superior employees," said SPSS President and CEO Jack
Noonan.  "Aimco's deployment of predictive analytics
demonstrates how human resources organizations can improve not
only their operations but also the organizations they support."

                         About Aimco

Headquartered in Denver, Colorado, Aimco is a real estate
investment trust that owns and operates a geographically
diversified portfolio of apartment communities through 19
regional operating centers.  Aimco, through its subsidiaries,
operates 1,320 properties, including approximately 230,000
apartment units, and serves approximately one million residents
each year.  Aimco's properties are located in 47 states, the
District of Columbia and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on June 9, 2006,
Fitch affirmed these ratings for Apartment Investment and
Management Company:

  AIMCO:

    -- US$900 million preferred stock 'BB+'

  AIMCO Properties L.P.:

-- US$850 million bank credit facility 'BBB-'


DRESSER INC: Relocates Brazilian Plant to Sao Jose from Jacarei
---------------------------------------------------------------
Dresser, Inc. has relocated its Brazilian valve manufacturing
plant from Jacarei to a new facility in the strategically
located industrial area of Condomínio Empresarial do Vale in Sao
Jose dos Campos.  The new 56,000-square-foot (5,200-square-
meter) facility began manufacturing Dresser Masoneilan control
valves and Dresser Consolidated pressure relief valves earlier
this month.

This new Dresser facility is one of a network of global
manufacturing facilities dedicated to the manufacturing of
Dresser's Masoneilan control valves and Consolidated pressure
relief valves for the energy and process industries.

The facility provides manufacturing, assembly, testing,
distribution, service and repair capabilities using the "lean
manufacturing" techniques and processes.  It will be ISO 9000
registered and will also comply with all applicable ASME code
requirements.

The Dresser Masoneilan and Dresser Consolidated sales and sales
support staffs remain centrally located in their Sao Paulo -
Funchal office.

                       About Dresser

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

                        *    *    *

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

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


PIER 1: Chairman & CEO Marvin Girouard to Retire in Feb. 2007
-------------------------------------------------------------
Chairman and Chief Executive Officer of Pier 1 Imports, Inc.,
Marvin J. Girouard, has decided that he will retire from the
Company and the Board on Feb. 28, 2007.

"I am grateful to the Board for their support," Mr. Girouard
said.  "I feel that it is time for me to leave in the course of
a normal retirement and allow new leadership to emerge and
flourish.  I have enjoyed my 32 years of service, including
being President and Chief Operating Officer for 10 years, Chief
Executive Officer for over 8 years and Chairman of the Board for
7 years.  During that time I have been part of building the
business to US$2 billion in revenues, with over 1200 stores and
17,000 employees to become North America's largest specialty
retailer of imported decorative home furnishings and gifts.  I
am extremely proud of all Pier 1 associates throughout our
chain, and appreciate their support and hard work over the
years."

The Board's independent directors have hired a New York-based
retail executive search firm, Herbert Mines Associates, to
assist it in selecting a new Chief Executive Officer.

"Pier 1 has built an exceptional brand," said Harold D. "Hal"
Reiter, Chairman and Chief Executive Officer for Herbert Mines
Associates.  "Marvin leaves a rich legacy, and I expect there to
be strong interest in this position among qualified candidates."

In thanking Mr. Girouard for his contributions to the Company,
the Board of Directors expressed its commitment to a thoughtful
succession strategy.  "Our goal is for a smooth transition that
can allow our associates to keep their focus on serving our
customers and building shareholder value," said Executive
Committee members Jim Hoak and Tom Thomas.  "We understand the
Company's place in the community -- locally, nationally and
internationally -- and will consider each candidate's ability to
build on Pier 1's successful record for outstanding corporate
citizenship."

Based in Fort Worth, Texas, Pier 1 Imports, Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1
kids(R) stores in the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service downgraded Pier 1's corporate family
rating to B3 from B1 following continued degradation in same
store sales, which have resulted in modest operating results and
negative free cash flow.  The rating outlook is stable.


PILGRIM'S PRIDE: Offers to Buy All of Gold Kist's 10.25% Notes
--------------------------------------------------------------
Pilgrim's Pride Corp. disclosed that it intends to commence a
cash tender offer to purchase all of Gold Kist Inc.'s
outstanding 10.25% Senior Notes due March 15, 2014.

The tender offer will be on the terms and subject to the
conditions in its Offer to Purchase and Consent Solicitation
Statement, to be dated Sept. 29, 2006, and the related Consent
and Letter of Transmittal.

The company also disclosed that the tender offer will be
conducted in connection with its equity tender offer to purchase
all of the outstanding common shares of Gold Kist for US$20 per
share.

In conjunction with the tender offer, the company will also seek
consents to certain proposed amendments to certain provisions of
the indenture that governs the Notes 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 is conditioned upon, among other things, the
receipt of consents from the holders of a majority in aggregate
outstanding principal amount of the Notes and satisfaction of
the conditions to the equity tender offer.

The early consent period will expire at 5:00 p.m., Eastern
Daylight Time, on Oct. 13, 2006 and the tender offer will expire
at midnight, Eastern Daylight Time, Oct. 27, 2006.

Holders who validly tender and do not withdraw Notes and deliver
consents on the Consent Date are eligible to receive the total
consideration, which includes a consent payment of US$30 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 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 excluding, the date of payment for the Notes.

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. at Tel. Nos. 1-800-438-3242
(toll free) or 1-212-528-7581 (collect).  Requests for copies of
the related documents may be directed to Innisfree M&A
Incorporated, appointed information agent for the tender offer
and consent solicitation, at Tel. Nos. 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 Corporation
(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.


PILGRIM'S PRIDE: Moody's Puts Ba2 Corp. Family Rating on Watch
--------------------------------------------------------------
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

   * whether or not a transaction will in fact occur;

   * the strategic fit of Gold Kist into Pilgrim's Pride's
     existing business portfolio;

   * the integration challenges Pilgrim's Pride may face in
     integrating Gold Kist's operations; and,

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

These are the ratings placed on review for possible downgrade:

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

Headquartered in Pittsburgh, Texas, Pilgrim's Pride is a major
US chicken processor and producer of value-added chicken
products.


RENT-A-CENTER: Plans on Refinancing Current Senior Debt
-------------------------------------------------------
Rent-A-Center, Inc., anticipates refinancing its current senior
debt by entering into a new US$1,322.5 million senior credit
facility, consisting of US$922.5 million in term loans and a
US$400 million revolving credit facility.  The company
anticipates completing the transaction in the fourth quarter of
2006, and intends to utilize the proceeds of the new senior debt
to repay its existing senior debt, currently US$357.2 million
outstanding, finance the proposed acquisition of Rent-Way, Inc.,
and for general corporate purposes.

                    About Rent-A-Center

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

                        *    *    *

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

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


SPANISH BROADCASTING: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US advertising and broadcasting sector, the
rating agency affirmed its B3 corporate family rating on Spanish
Broadcasting System, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Secured Revolver        B1      B1      LGD3        47%

   Secured Term Loan       B1      B1      LGD3        47%

   10 3/4% Series B
   cum. exch. pref.
   stk.                   Caa1     B3      LGD6        99%

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%).

Spanish Broadcasting System, Inc. ---
http://www.spanishbroadcasting.com/-- is the largest Hispanic-
controlled radio broadcasting company in the United States.  SBS
owns and operates 20 radio stations located in the top Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco
and Puerto Rico, including the #1 Spanish-language radio station
in America, WSKQ-FM in New York City, as well as 3 of the Top 4
rated radio stations airing the Tropical, Regional Mexican,
Spanish Adult Contemporary and Hurban format genres and the
highest billing Latino-formatted stations in each of the three
largest U.S. Hispanic markets.  The Company also produces live
entertainment concerts and events throughout the U.S. and Puerto
Rico.




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


BRITISH WEST: S&P Eyes Airline for Effect of Closure in Trinidad
----------------------------------------------------------------
Standard & Poor's is monitoring British West Indies Airways aka
BWIA for any impact of its closure in Trinidad & Tobago, The
Nation Newspaper reports.

Caribbean Airlines will be launched in January 2007 and will
resume BWIA's operations after the latter shuts down in December
2006.

According to The Nation, S&P isn't skeptical about the Caribbean
Airlines' ability to perform better than BWIA.  However, S&P is
cautious about the transition.

Richard Francis, an S&P analyst on Wall Street, told the
Barbados Business Authority in New York, "We are waiting to see
what happens.  Until we know the full details of what's being
proposed for Caribbean Airlines, we can only hope that it fares
well."

The Nation notes that the Trinidad government is underwriting
BWIA losses while the nation is flush with cash from increasing
oil prices and its diversified energy sector.  Mr. Francis,
however, doubted that the move would have any immediate impact
on Trinidad's A- credit rating.

Mr. Francis told The Nation, "One of the concerns we have about
Trinidad and Tobago is the public expenditure, which has been
growing quite rapidly in the past year or two.  Of course, the
revenues have increased as well -- but the worry is about the
public sector enterprises of which BWIA was but one."

The Nation underscores that Mr. Francis said that the energy
sector's being capital intensive and not labor intensive could
be a "potential trouble" for the nation.  With unemployment
fairly high in the country, there was the tendency in times of a
windfall to spend large amount of money to generate jobs.  The
government is tempted to put money into state companies
including the Caribbean Airlines.

"These are enterprises that don't necessarily make money, but
often lose or waste money.  That was the case with BWIA, and it
was probably the reason why the government decided to
restructure BWIA and recast it as Caribbean Airlines.  I don't
really know," Mr. Francis told The Nation.

The report says that before BWIA's closure was disclosed, S&P
had called on the Trinidad government to make up its mind about
what to do with the airline and other state companies that were
costing the nation tens of millions of dollars per year.

The Nation emphasizes that Air Jamaica, BWIA and LIAT -- three
of the four major state airlines in the Caribbean -- have
incurred significant losses in recent years.  However, they are
considered very important for the region's economy, particularly
in its tourism industry.

Mr. Francis, says The Nation, believes it is much too early to
say that the closure of BWIA and the launching of Caribbean
Airlines is the right decision.

Mr. Francis told The Nation, "It is hard to say whether it is a
step in the right direction without having details of the plans.
It could be a sign of a step in the right direction but, from
what we have heard, it may simply be a case of replacing one
company with another company.  I don't know if it is just a
change in name or a change in the way it is run.  Usually, the
private sector tends to run these types of companies better than
the public sector, for obvious reasons.  There is the tendency
for government-run companies to over-staff and cave in to wage
negotiations and not necessarily look at the bottom line, which
has a significant contingent liability for the government."

"Honestly, our main concerns is (are) the government's spending
in general which has been increasing very substantially, well
into the double digits.  The public-sector enterprises are just
a part of that.  We have a stable outlook on Trinidad and Tobago
right now and it balances some of these questions about spending
and the public enterprises and the rapid rise in spending with
the improving external indicators," Mr. Francis told The Nation.

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: Files Amended Post-Confirmation Quarterly Report
-------------------------------------------------------------
On Aug. 30, 2006, Mirant amended its Post-Confirmation
Quarterly Operating Report ending March 31, 2006, to reflect
changes in the Cash Receipts from Other Sources, net; Total Cash
Receipts, net; Other Disbursements; and Total Disbursements this
Quarter.

                         Mirant Corporation
           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.3751745682                 US$0
    Add: Total Deposits Not Credited
    Subtract: Outstanding Checks
    Other Reconciling Items
    Month End Balance Per Books                                0
    Number of Last Check Written
    Cash: Currency on Hand
                                                   -------------
Total Cash - End of Month                                      0

Cash In:
Investment Accounts
                                                   -------------
Total Cash Investments                                         0
                                                   -------------
Total Cash                                                  US$0
                                                   -------------

Angela Nagy, Mirant's vice president and assistant controller,
notes the Company was transferred to a trust effective
Jan. 3, 2006.

                         Mirant Corporation
              Post Confirmation Quarterly Operating Report
                 For the Quarter Ending March 31, 2006

Beginning of Quarter Cash Balance:                US$349,848,503

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            (349,848,503)
                                                   -------------
Total Cash Receipts                             (US$349,848,503)
                                                   -------------
Cash Disbursements:
    Payments Made Under The Plan:
       Administrative
       Secured Creditors
       Priority Creditors
       Unsecured Creditors
       Additional Plan Payments
    Other Payments Made this Quarter:
       General Business
       Other Disbursements                                     0
                                                   -------------
Total Disbursements this Quarter                               0
                                                   -------------
Cash Balance End of Quarter                                 US$0
                                                   -------------

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.




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


CITGO PETROLEUM: Says Public Misinformed About 7-Eleven Contract
----------------------------------------------------------------
Citgo Petroleum Corp. said in its Web site that in the last few
days, the public has been inundated with inaccurate and
misleading information about the company.

The most recent example was how Citgo's decision to allow its
supply accord with 7-Eleven to expire at the end of September.
It was misrepresented as a reaction by 7-Eleven to the remarks
recently made by Venezuela's President Hugo Chavez at the United
Nations General Assembly in New York.

In reality, a final decision about the contract was made about
three months ago, upon mutual agreement after many months of
deliberation.  The 7-Eleven contract did not fit within Citgo's
strategy to balance its sales volumes with its own refinery
production.  Citgo and 7-Eleven had informed the media of the
decision long before the UN speech.

A boycott was also called against Citgo products, ignoring the
implications that action would have on American businesses and
the general public.  These calls, which run against the
principles of a free-market economy, are being pushed aside in
search of political or economic gain.

Citgo said that these facts clearly demonstrate its commitment
to US consumers and the energy market:

          -- Citgo is incorporated in the US and is, therefore,
             a US company, extremely proud of a heritage that
             goes back nearly a century;

          -- Citgo was purchased by Petroleos de Venezuela S.A.
             in 1990, giving the company access to the largest
             crude oil reserves in the Western Hemisphere;

          -- Venezuela has been a reliable supplier of crude oil
             and refined products to the US market throughout
             the years;

          -- Citgo's policy includes maintaining and
             strengthening its relationship with its customers,
             in order to ensure that we continue to provide
             quality energy products that benefit the US
             consumer.  This is in alignment with the global
             energy policy of Petroleos de Venezuela;

          -- While Citgo is a major Venezuelan investment in the
             US, several American oil and gas companies either
             have significant investments in Venezuela or
             purchase Venezuelan crude oil to satisfy the needs
             of their customers.  This list includes
             ChevronTexaco, ConocoPhillips, Valero and others;

          -- Citgo has about 4,000 employees in the US and,
             through a network of more than 13,000 independently
             owned retail locations, Citgo indirectly employs
             another 100,000 people who work hard every day to
             help their neighbors get where they want to go;

          -- Many dealers selected Citgo because of the fact
             that its crude oil supply comes from its own
             hemisphere and that is precisely one of its key
             strengths.  Most of its competitors, on the other
             hand, buy their oil from countries where ongoing
             conflicts pose a tangible threat to security of
             supply;

          -- Citgo is committed to safe and environmentally
             responsible operations and the company will be
             investing US$1.2 billion in this key area in the
             coming years; and

          -- Citgo is proud to sponsor many important activities
             in the communities where it does business:

             * After hurricanes Katrina and Rita, its employees
               in many locations spent countless hours
               volunteering to help and the company donated in
               excess of two million dollars.  Citgo was
               instrumental in ensuring extra cargoes of
               gasoline from Petroleos de Venezuela -- roughly
               totaling one million barrels -- to alleviate fuel
               shortages in the US.  Citgo's efforts in this
               area have been recognized by several US
               government officials;

             * CITGO relaunched its heating oil program on
               Sept. 21 and plans to distribute 100 million
               gallons of heating oil at a 40% discount in 18
               states.  This will potentially benefit 1.2
               million people, including members of more than
               200 Native American tribes;

             * Citgo recently donated US$5 million to expand the
               Southwest Louisiana Center for Health Services
               in Lake Charles, which serves the uninsured and
               other people in need; and

             * Citgo is the largest corporate sponsor of the
               Muscular Dystrophy Association and is proud of
               its 21-year relationship with this organization,
               to which it has contributed over US$83 million.

Citgo said in the statement that it is clear that it remains
committed to its employees, customers, marketing and retail
partners and the general public throughout the US.

As reported at the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.

Citgo carries Fitch's BB- Issuer Default Rating.  Fitch also
rates the Company's US$1.15 billion senior secured revolving
credit facility maturing in 2010 at 'BB+', its US$700 million
secured term-loan B maturing in 2012 at 'BB+', and its senior
secured notes at 'BB+'.


FERRO CORP: S&P Holds Low B Corp. Credit & Unsec. Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30 and Dec. 31, respectively.

The rating agency could lower the ratings if there are material
negative surprises arising from disclosures in any of the
financial statements or additional meaningful delays in the
filings.

"Still, in recent months the company has finalized a new credit
facility and strengthened transparency with regard to current
results," said Standard & Poor's credit analyst Wesley E. Chinn.

"Moreover, the company plans to use proceeds from a pending sale
of its specialty plastics business to reduce debt."

The ratings on Ferro reflect:

   * its aggressive debt leverage;
   * cyclicality of its markets;
   * vulnerability to raw material costs;
   * lackluster operating margins and return on capital; and
   * delays in the filing of the 10-K and 10-Qs for 2005 and
     10-Qs for 2006.

These negatives are partially offset by:

   * satisfactory liquidity under a new credit facility;
   * improving earnings; and
   * a likely debt reduction from planned asset sales.

The filing delays caused by the lengthy accounting investigation
and restatement process, as well as still-limited transparency
on business conditions and operating results, which have
resulted from this review work, are a significant credit quality
negative.

Standard & Poor's expects that any deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed in a timely manner and will
not hamper Ferro's ability to strengthen profitability and its
financial condition.

Price increases, initiatives to reduce overhead and procurement
costs, improved conditions in the electronic materials market,
and restructured polymer additives operations should contribute
to a modest strengthening of operating margins and earnings in
2006 from weak levels.  But the raw material and energy cost
environment remains challenging.

An earnings rebound would benefit the weak funds from operations
to total debt ratio, taking into account capitalized operating
leases, an accounts receivable securitization program, and
meaningful unfunded pension and other postretirement
obligations.

That measure would also be bolstered by likely debt reduction
using proceeds from the pending sale of the specialty plastics
business, which generated revenues of US$270 million in 2005.
This divestiture, coupled with other asset sales, could
eventually generate total net proceeds of roughly US$200
million.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, France, Germany, Indonesia, Italy,
Japan, Mexico, Netherlands, Portugal, Spain, Taiwan, Thailand,
the United Kingdom, the United States, and Venezuela.


PETROLEOS DE VENEZUELA: Executes 7 MOU's with Russian Companies
---------------------------------------------------------------
Petroleos de Venezuela aka PDVSA executed this seven memoranda
of understanding with Russian companies to evaluate and identify
potential projects in the area of hydrocarbons and other
associated sectors through the use of last generation
technologies that represent significant economic and social
benefits.

"We are currently expanding the cooperation horizon.  We are
taking one step more towards the construction of a multipolar
world," Hugo Chavez, President of the Bolivarian Republic of
Venezuela highlighted during the closing ceremony of the First
Russian-Venezuelan Business Gathering that took place on the
Miraflores Palace.

The national head of state described the gathering as successful
for in addition to these seven energy agreements, another 11
agreements were executed in the agricultural, construction and
production areas.

Pres. Chavez informed that Venezuela will open a 500-million
Dollar fund to leverage such agreements and turn them into
economically profitable projects.

The Ministry of Energy and Petroleum and President of Petroleos
de Venezuela, Rafael Ramirez, underlined the execution of a
memorandum of understanding with the Russian company VSP
Environment, which will allow the recovery of 13 thousand open
pits and the improvement of a minimum of five million and a
maximum of 10 million of crude barrels yearly in Petroleos de
Venezuela's facilities.

Moreover, this memorandum will allow achieving the goals of the
Oil Sowing Plan (2006-2012), which estimates to place production
to 5,847,000 daily barrels by 2012.

Mr. Ramirez said that the gathering, with over 80 Russian
businessmen, makes possible strategic alliances in the national
oil industry sector, which will allow Petroleos de Venezuela to
contract production assets and inputs (rocker arms, reducing
boxes, screw pumps, rods, mechanical pumps, etc.) and cementing
(pumping units, valves, mixers, etc.) in Venezuela.

                   Gas Offensive in Motion

Both Pres. Chavez and Minister Ramirez emphasized that
negotiations with Russia will allow the progress of the
scientific-technical development of the national oil and gas
industry.

In this sense, the Venezuelan Chief of State remembered the
participation of the Lukoil and Gazprom companies in the
quantification and certification process of the Orinoco Oil Belt
reserves, "the largest hydrocarbon reservoir in the planet,"
Pres. Chavez stated.

Similarly, Pres. Chavez highlighted the existence of a "gas
offensive in motion" with the participation of Russian companies
in Off Shore areas, which will allow Venezuela to have a more
privileged position in the list of countries with the largest
gas reserves worldwide.

                     Executed Agreements

   1) Memorandum of Understanding with the Russian company
      V.S.P. Environment to recover open pits and improve
      hydrocarbon facilities owned by Petroleos de Venezuela.

   2) Memorandum of Understanding between PDVSA and
      OAO IZHENEFTEMASH, through which areas for the
      coordination of businesses related to production and
      cementing equipment will be studied.

   3) Memorandum of Understanding between the Regional Public
      Organization Institute of Electrophysics Problems and
      Petroleos de Venezuela to analyze joint projects related
      to seismic exploration of oil and gas reservoirs, fluvial
      and maritime exploration, and the use of Russian
      technology in air geophysics to search for reservoirs.

   4) Memorandum of Understanding between Petroleos de
      Venezuela and Zao Bureau of Constructors of Moscow to
      exchange information and technical cooperation intended
      to the production of pumps and buster devices, well
      cementing equipment, thermo-technical devices, creation
      of technical means for well injection processes,
      production of turbo-borers and cut engines, drilling,
      pumping and compression pipes, among other equipment.

   5) Memorandum of Understanding with Volgaburmash to produce
      drilling bits.

   6) Memorandum of Understanding with Generation Industrial
      Group to manufacture furnaces, water, crude and emulsions
      heaters and pre-heaters, crude treating units, industrial
      vapor and heating production boilers.

   7) Petroleos de Venezuela and the company Reducer Enterprise
      signed a Memorandum of Understanding to produce machinery,
      tools, rocker arms and control stations.

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

                        *    *    *

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


* VENEZUELA: Establishing Railroad Joint Venture with Cuba
----------------------------------------------------------
Venezuela and Cuba have plans to form a new joint venture that
would develop railroads in both countries, El Universal says,
citing Cuban Transportation Minister Carlos Manuel Pazo.

The new firm will buy buses from Belarus as part of a government
agreement on bilateral cooperation in the transportation area,
Efe news agency reported, citing the transport minister.

In 2005, Cuban-Venezuelan trade was more than US$3.5 billion.
Trade between the two nations was about US$1.2 billion the first
quarter of 2006, El Universal says.

                        *    *    *

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


* VENEZUELA: Government Officially Raised Oil Income Tax to 50%
---------------------------------------------------------------
The Venezuelan government increased Tuesday from 34% to 50% the
oil income tax for four operating projects at the Orinoco oil
belt, El Universal reports.

The four multibillion-dollar projects produce around 620,000
barrels per day of heavy crude that is upgraded to synthetic
oil.  The companies operating these ventures are:

       -- Exxon Mobil,
       -- Chevron,
       -- ConocoPhillips,
       -- BP,
       -- France's Total SA and
       -- Norway's Statoil.

"Taxpayers involved in the exploitation of hydrocarbons and
related activities, such as refining and transportation, or the
procurement or acquisition of hydrocarbons and by-products for
exploitation will be levied a proportional rate of 50 percent,"
El Universal relates, citing the resolution published in the
Official Gazette.

The raising of oil taxes is part of the current administration's
move to gain majority control in the country's hydrocarbons
sector.

While the effective date of the new legislation was not
disclosed, parliamentarians claimed that the new legislation
would be in force as of FY2007, El Universal says.

                        *    *    *

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


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

                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Alpargatas SAIC          ALPA     (262.27)     646.43
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Blount International     BLT         (123)     465
Bombril                  BOBR3    (554.69)     488.38
Bombril-Pref             BOBR4    (554.69)     488.38
CableVision System       CVC      ((5,362)   9,715
Centennial Comm          CYCL      (1,062)   1,436
CIC                      CIC    (1,883.69)  22,312.12
Choice Hotels            CHH         (118)     280
Telefonica Holding       CITI   (1,481.31)     307.89
Telefonica Holding       CITI5  (1,481.31)     307.89
Domino's Pizza           DPZ         (609)     395
Foster Wheeler           FWLT         (38)   2,224
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Paranapanema SA          PMAM3    (214.08)   2,847.86
Paranapanema-PREF        PMAM4    (214.08)   2,847.86
TEKA                     TEKA3    (180.22)     557.47
TEKA-PREF                TEKA4    (180.22)     557.47




                        ***********


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

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

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

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