TCRLA_Public/061010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 10, 2006, Vol. 7, Issue 201

                          Headlines

A R G E N T I N A

ATMOSFERICOS LA: Deadline for Claims Verification Is on Nov. 10
BANCO DE GALICIA: Evaluadora Puts D Ratings on US$12.4MM Notes
BIOCROM SA: Seeks for Court Approval to Reorganize Business
BONGOSCAR SA: Asks for Court Approval to Restructure Debts
DROGUERIA PREFARM: Enters Bankruptcy on Court Orders

FRIGORIFICO DOINA: Trustee Verifies Proofs Claims Until Nov. 27
HEBOS SA: Deadline for Verification of Proofs of Claim Is Dec. 7
IRSA: Issuing US$200 Million Obligaciones Negociables
MARTA HARFF: Claims Verification Deadline Is Set for Nov. 24
PLASTIMIL SRL: Verification of Proofs of Claim Is Until Nov. 27

SANCOR COOP: S&P Assigns D Ratings on US$94.8-Million Notes
TECNOSER SRL: Deadline for Verification of Claims Is on Nov. 13
UNION RECIBIDORES: Last Day for Claims Verification Is on Nov. 3

B A H A M A S

COMPLETE RETREATS: Preferred Retreats Files Schedules
COMPLETE RETREATS: Wants to Conduct Rule 2004 Exam on 8 Parties
WINN-DIXIE: Posts US$361.3 Mil. Net Loss for Year Ended June 28
WINN-DIXIE: Court Okays Assumption of 62 Pacts with IBM Entities

B A R B A D O S

DIGICEL: Secures Telecommunications Contract from PGA Tours

B E L I Z E

* BELIZE: City Council Secures US$3-Million Loan from Scotiabank

B E R M U D A

BERMUDA COMMERCIAL: Fitch Downgrades Individual Rating to C

B O L I V I A

PETROLEO BRASILEIRO: Reaches Interim Gas Price Pact with Bolivia

* BOLIVIA: Raises Contract Price for Natural Gas by 2.1%

B R A Z I L

AGCO CORP: Reduces Outlook for 2006 Net Sales & Adjusted EPS
AMERICAN AXLE: Attrition Program Cues S&P to Affirm BB Rating
BANCO BRADESCO: To Increase Capital Stock by BRL1.2 Billion
BANCO NACIONAL: Grants US$200-Million Loan to Daimler Chrysler
BANCO NACIONAL: Increases Number of Third Quarter 2005 Loans

BROWN SHOE: Reports US$15.1M Net Income in Quarter Ended July 29
GOL LINHAS: Reports Traffic Statistics for September 2006
PETROLEO BRASILEIRO: Unit Raises US$500MM in Global Notes
PETROLEO BRASILEIRO: LatAm's Second Most Sustainable Company
SPANSION: Moody's Affirms B3 Corporate Family Rating

C A Y M A N   I S L A N D S

AMERICAN MASTERS: Last Day for Proofs of Claim Filing Is Nov. 2
BEA LTD: Creditors Have Until Nov. 2 to File Proofs of Claim
BLANCHFLOWER INVESTMENTS: Proofs of Claim Filing Is Until Nov. 2
BRE/SATELLITE I: Creditors Must File Proofs of Claim by Nov. 2
BRE/SATELLITE II: Proofs of Claim Must be Submitted by Nov. 2

BRE/SATELLITE III: Proofs of Claim Filing Is Until Nov. 2
BRE/SATELLITE IV: Last Day to File Proofs of Claim Is on Nov. 2
CT FIXED: Deadline for Proofs of Claim Filing Is on Nov. 2
KOFOO INC: Proofs of Claim Filing Deadline Is Set for Nov. 2
MERRILL LYNCH QA: Filing of Proofs of Claim Is Until Nov. 2

C O L O M B I A

ARMSTRONG WORLD: Bankruptcy Exit Prompts S&P to Raise Ratings
BANCOLOMBIA: Denies Sale Rumors
BANCOLOMBIA: Sold COP580 Bil. Mortgage Loans to Titularizadora
BBVA COLOMBIA: Issues COP75 Bil. Subordinated Bonds on Oct. 9
ECOPETROL: Setting Up Joint Venture with Glencore by End of Oct.

C O S T A   R I C A

SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1M

* COSTA RICA: Experts Urges Real Estate Investment in Nation

D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Itabo Unit Places US$125 Million Corporate Bonds
BANCO INTERCONTINENTAL: Alvarez Renta Has 30 Bank Accounts
BANCO INTERCONTINENTAL: Planned Sector Probe Won't Affect Case

E C U A D O R

PETROECUADOR: 19 Firms Present Proposal for Amazonian Oil Fields

J A M A I C A

NATIONAL WATER: Parish Council Blames Firm on Water Problems

M E X I C O

COREL CORP: Moody's Assigns Loss-Given-Default Rating
EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan
GENERAL MOTORS: Jerome York Resigns from Board of Directors
GERDAU SA: Denies Purchase Talks with Sicartsa

LG.PHILIPS: Court Approves Pepper Hamilton as Special Counsel
PETROLEO BRASILEIRO: Asserts Interest in Producing Oil in Mexico
SATELITES MEXICANOS: Can Hire Ordinary Course Professionals
STEELCASE INC: Declares US$0.12 Per Share Cash Dividend
TV AZTECA: Telemundo Counters Firm's Charges in US Federal Court

TV AZTECA: Won't Withdraw Suit to Shut Down Quinceanera Show

N I C A R A G U A

PETROLEOS DE VENEZEULA: Sends Discounted Fuel to Nicaragua

P A N A M A

CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility

P U E R T O   R I C O

BURGER KING: Repays Additional US$35 Million in Debt
ELBA RODRIGUEZ: Case Summary & Seven Largest Unsecured Creditors
OCA INC: Iowa Unit Files Schedules of Assets & Liabilities

V E N E Z U E L A

PEABODY ENERGY: Moody's Rates US$900 Million Senior Notes at Ba1
PETROLEOS DE VENEZUELA: Halts Gasoline Export to Cuba & the U.S.

* LatinFinance Ranks LatAm Countries According to Sustainability
* BOND PRICING: For the week of October 2 -- October 6, 2006


                         - - - - -


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


ATMOSFERICOS LA: Deadline for Claims Verification Is on Nov. 10
---------------------------------------------------------------
Jorge Raul Lopez Aranguren, the court-appointed trustee for
Atmosfericos La Nueva S.A.'s insolvency case, will verify
creditors' proofs of claim until Nov. 10, 2006.

Mr. Aranguren will present the validated claims in court as
individual reports on Dec. 28, 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 Atmosfericos La Nueva 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 Atmosfericos La
Nueva's accounting and banking records will follow on
March 14, 2007.

Atmosfericos La Nueva will negotiate a settlement plan with its
creditors in order to avoid a straight liquidation.

The debtor can be reached at:

          Atmosfericos La Nueva S.A.
          Calle 48 Numero 857, La Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Raul Lopez Aranguren
          Calle 12 Numero 718, La Plata
          Buenos Aires, Argentina


BANCO DE GALICIA: Evaluadora Puts D Ratings on US$12.4MM Notes
--------------------------------------------------------------
Evaluadora Latinoamericana assigned D ratings on Banco de
Galicia y Buenos Aires' debts:

   -- Obligaciones Negociables simples for US$11,600,000,
      included under the US$200,000,000 program

   -- Obligaciones Negociables for US$888,000 (originally for
      US$12,000,000)

The rating action was done based on the company's balance sheet
at June 30, 2006.


BIOCROM SA: Seeks for Court Approval to Reorganize Business
-----------------------------------------------------------
Court No. 17 in Buenos Aires is studying the merits of Biocrom
S.A.'s petition to reorganize its business after it stopped
paying its obligations on June 10, 2006.

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

Clerk No. 34 assists the court in the case.

The debtor can be reached at:

          Biocrom S.A.
          Luis Viale 963
          Buenos Aires, Argentina


BONGOSCAR SA: Asks for Court Approval to Restructure Debts
----------------------------------------------------------
Court No. 9 in Buenos Aires is studying the merits of Bongoscar
S.A.'s petition to restructure its debts after it stopped paying
its obligations on May 17, 2006.

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

Clerk No. 17 assists the court in the case.

The debtor can be reached at:

          Bongoscar S.A.
          Carlos Encina 633
          Buenos Aires, Argentina


DROGUERIA PREFARM: Enters Bankruptcy on Court Orders
----------------------------------------------------
Drogueria Prefarm S.A. enters bankruptcy protection after a
court in Buenos Aires ordered the company's liquidation.  The
order transfers control of the company's assets to a court-
appointed trustee who will supervise the proceedings.

Under Argentine bankruptcy law, the trustee will:

   -- verify creditors' proofs of claim;

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

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

After the verification phase, the court will determine if the
validated claims are admissible, taking into account the
trustee's opinion and the challenges and objections raised by
Drogueria Prefarm and its creditors.

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

The debtor can be reached at:

          Drogueria Prefarm S.A.
          Dorrego 1940
          Buenos Aires, Argentina


FRIGORIFICO DOINA: Trustee Verifies Proofs Claims Until Nov. 27
---------------------------------------------------------------
Estudio Susana L. Prisant y Asociados, the court-appointed
trustee for Frigorifico Doina S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Nov. 27, 2006.

Estudio Susana will present the validated claims in court as
individual reports on Feb. 12, 2007.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Frigorifico Doina 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 Frigorifico Doina's
accounting and banking records will follow on March 26, 2007.

Esudio Susana is also in charge of administering Frigorifico
Doina's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

          Frigorificao Doina S.A.
          Viamonte 367
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Susana L. Prisant y Asociados
          Hipolito Yrigoyen 1349
          Buenos Aires, Argentina


HEBOS SA: Deadline for Verification of Proofs of Claim Is Dec. 7
----------------------------------------------------------------
Estudio Rego-Saavedra, the court-appointed trustee for Hebos
S.A.'s reorganization proceeding, will verify creditors' proofs
of claim until Dec. 7, 2006.

Under the Argentine bankruptcy law, Estudio Rego-Saavedra is
required to present the validated claims in court as individual
reports.  Court No. 15 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
Hebos and its creditors.

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

Estudio Rego-Saavedra will also submit a general report that
contains an audit of Hebos' accounting and banking records.  The
report submission dates have not been disclosed.

On Sept. 18, 2007, Hebos' creditors will vote on a settlement
plan that the company will lay on the table.

Clerk No. 29 assists the court in the proceeding.

The debtor can be reached at:

          Hebos S.A.
          Callao 420
          Buenos Aires, Argentina  

The trustee can be reached at:

          Estudio Rego-Saavedra
          Uruguay 660
          Buenos Aires, Argentina


IRSA: Issuing US$200 Million Obligaciones Negociables
-----------------------------------------------------
IRSA aka Inversiones y Representaciones Sociedad Anonima will be
issuing Obligaciones Negociables for up to US$200 million.  The
directors of the company have called for a general assembly on
Oct. 31 to discuss the issuance.

The notes will be simple, not convertible into shares and with
or without guarantee for third ones.

The maximum amount in circulation at any stage of the program
would be up to US$300,000,000 or its equivalent in any other
currency.

Created in 1943, Inversiones y Representaciones S.A. aka IRSA is
a leading company with activities in the business of offices,
commercial centers and hotels.  It is the only company in the
industry whose shares are listed on the Bolsa de Comercio de
Buenos Aires and The New York Stock Exchange.  Through its
subsidiaries, IRSA manages an expanding top portfolio of
shopping centers and office buildings, primarily in Buenos
Aires.  The company also develops residential subdivisions and
apartments (specializing in high-rises and loft- style
conversions) and owns three luxury hotels. Additionally, IRSA
owns a 11.8% stake in Banco Hipotecario, Argentina's largest
mortgage supplier in the country which shareholder's equity
amounted to ARS2,247.6 million.

                        *    *    *

Moody's assigned these ratings on IRSA on July 30, 2001:

   -- local currency issuer rating: B3; and
   -- foreign currency issuer rating: Caa1


MARTA HARFF: Claims Verification Deadline Is Set for Nov. 24
------------------------------------------------------------
Estudio Debenedetti & Asociados, the court-appointed trustee for
Marta Harff S.A.'s bankruptcy proceeding, will verify creditors'
proofs of claim until Nov. 24, 2006.

Estudio Debenedetti will present the validated claims in court
as individual reports on Feb. 13, 2007.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Marta Harff 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 Marta Harff's
accounting and banking records will follow on March 27, 2007.

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

The debtor can be reached at:

          Marta Harff S.A.
          Peru 1646
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Debenedetti & Asociados
          Rodriguez Pena 617
          Buenos Aires, Argentina


PLASTIMIL SRL: Verification of Proofs of Claim Is Until Nov. 27
---------------------------------------------------------------
Jorge Alberto Testa, the court-appointed trustee for Plastimil
S.R.L.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Nov. 27, 2006.

Under the Argentine bankruptcy law, Mr. Testa is required to
present the validated claims in court as individual reports.  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 Plastimil and its creditors.

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

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

The debtor can be reached at:

          Plastimil S.R.L.
          Rondeau 2570
          Buenos Aires, Argentina  

The trustee can be reached at:

          Jorge Alberto Testa
          Maipu 459
          Buenos Aires, Argentina


SANCOR COOP: S&P Assigns D Ratings on US$94.8-Million Notes
-----------------------------------------------------------
Standard & Poor's ratings services assigned these ratings to
SanCor Coop:

   -- Obligaciones Negociables Serie 2, for US$19,000,000,
      issued under the Obligaciones Negociables program for up
      to US$300,000,000

      * Last due: Jan. 27, 2004
      * Rate: D

   -- Obligaciones Negociables Serie 3 for US$75,800,000,
      included under the emission for up to US$300,000,000

      * Last due: Jan. 27, 2004
      * Rate: D

The rating action was based on the company's financial status at
June 30, 2006.

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


TECNOSER SRL: Deadline for Verification of Claims Is on Nov. 13
---------------------------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for
Tecnoser S.R.L.'s bankruptcy proceeding, will verify creditors'
proofs of claim until Nov. 13, 2006.

Mr. Haimovici will present the validated claims in court as
individual reports on Nov. 26, 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 Tecnoser 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 Tecnoser's accounting
and banking records will follow on March 9, 2007.

The trustee can be reached at:

          Claudio Jorge Haimovici
          Sarmiento 3843
          Buenos Aires, Argentina


UNION RECIBIDORES: Last Day for Claims Verification Is on Nov. 3
----------------------------------------------------------------
Jose Luis Abuchdid, the court-appointed trustee for Union
Recibidores de Granos y Anexos de la Republica Argentina's
reorganization proceeding, will verify creditors' proofs of
claim until Nov. 3, 2006.

Mr. Abuchdid will present the validated claims in court as
individual reports on Dec. 18, 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 Union Recibidores 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 Union Recibidores'
accounting and banking records will follow on March 2, 2007.

On Aug. 24, 2007, Union Recibidores' creditors will vote on a
settlement plan that the company will lay on the table.

The trustee can be reached at:

          Jose Abuchdid
          Avenida de los Incas 3624
          Buenos Aires, Argentina




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


COMPLETE RETREATS: Preferred Retreats Files Schedules
-----------------------------------------------------

A.   Real Property                                            -

B.   Personal Property
B.1  Cash On Hand
        Petty cash                                     US$1,628
B.2  Bank Accounts
        Bank of America
           Certificate of deposit                       311,426
           Acct# 003472506126                            77,301
           Acct# 003472506090                             1,200
           Acct# 003472506537                                 -
B.3  Security Deposits                                  509,406
B.5  Collectibles
        Art                                              99,084
B.9  Interests in Insurance Policies                    unknown
B.13 Stocks and Interests in Businesses                 unknown
        100% interests in:
           Preferred Brokerage, LLC
           P180, LLC
           Preferred Europe, Ltd.
           Preferred Retreats Design Group, LLC
           Preferred Retreats Travel Company, LLC
           T&H Villas
           Preferred Aviation, LLC
           Town Clubs, LLC
B.16 Accounts Receivable
        Town Clubs, LLC                               2,997,826
        Trade                                           576,819
        Concierge Villas, LLC                           425,578
        Preferred Brokerage, LLC                        349,794
        Private Retreats, LLC                           110,999
        Thinc Beyond                                     78,621
        Resort Options                                   70,432
        Complete Retreats, LLC                            1,750
B.25 Vehicles
        Autos                                            24,687
        Golf carts                                       42,352
B.27 Aircraft and accessories
        1/4 share of an Avanti P-180                  1,256,308
B.28 Office Equipment
        Computer equipment                              690,442
        Furniture & fixtures                          1,745,255
        Computer software                               710,912
B.30 Inventory
        Bedding, linens and robes                       981,539
        Consumables                                     146,412
        China                                           146,101
        Kitchen appliances                               93,796
        Household items                                 411,060
        Art and decorations                              66,197
        Electronics                                      34,611
        Landscaping                                       6,439
        Kitchen package                                  62,170
        Silver                                            6,104
        Glass                                            11,186
        Others                                           43,750
B.35 Other Personal Property
        Rents                                         1,994,046
        Insurance                                       348,236
        HOA Dues                                        187,034
        A&K Tours                                        51,550
        Promotions                                      378,734
        Air                                             136,985
        Annual dues                                      72,530
        Property management fees                         29,666
        Legal                                           430,000
        Airline miles                                   217,837
        Sentient                                         85,545
        Innkeeper                                        45,679
        Golf                                              7,858
        Ski and fitness passes                           13,553
        Fixed assets                                    675,812
        Member reservations deposits                  1,118,204
        Leasehold improvements                          536,575
        Acquisitions in progress                         65,033
        Investment - Blue Sea Properties              1,629,098
        Capitalized RE development costs                107,183
        Outside Club memberships                        115,870
        Others                                           59,473

     TOTAL SCHEDULED ASSETS                      [US$20,397,686]

C.   Property Claimed as Exempt                               -

D.   Secured Claim
        The Patriot Group, LLC - Darien, CT        US$25,535,584

E.   Unsecured Priority Claims
        Blaine County Treasurer & Tax Collector           6,445
        Clark County Treasurer                            5,828
        Collier County Tax Collector                         87
        Kauai County Real Property Tax Collector            287
        County of Maui                                      391
        Eagle County Office of the Assessor                  87
        Eagle County Treasurer                            2,932
        Idaho State Tax Commission                           21
        Placer County Tax Collector                         267
        Routt County Treasurer                            2,948
        San Miguel County Treasurer                         424
        San Pedro Town Council                            1,148
        Town of Stowe                                       644
        Town of Westport Tax Collector                      148
        Vermont Department of Taxes                         434

F.   Unsecured Non-priority Claims
        Aberkrombie & Kent, Inc.                        766,356
        Arizona Commercial Printing                     176,849
        Avantair                                        214,148
        Concierage Villas                               294,522
        Deer Valley Lodging                             263,058
        Distinctive Retreats II, LLC                  1,163,518
        Distinctive Retreats, LLC                    79,698,806
        Elevation Vacations, LLC                        236,039
        Fontainebleau Resorts                           209,055
        Higgs & Johnson                                 193,090
        Intagio                                         656,004
        Katalina Group                                  166,418
        Legendary Retreats                            6,360,622
        National Carribean Insurance Co.                179,489
        Piper Rudnick Gray Cary                         448,203
        Piper Rudnick LLP                               186,098
        Private Retreats, LLC                        23,114,031
        TMC Luxury Charters, LLC                        396,668
        Towne Clubs                                     605,274
        Others                                        6,480,847

     TOTAL SCHEDULED LIABILITIES                [US$147,366,770]

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: Wants to Conduct Rule 2004 Exam on 8 Parties
---------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Connecticut for
authority pursuant to Rule 2004 of the Federal Rules of
Bankruptcy Procedure to examine eight individuals:

     Larry Andreini           former equityholder
     William Elliot           former equityholder
     Geoffrey Logue           former equityholder
     Larry Langer             current equityholder
     Tom Fulton               current equityholder
     Lisa Nier-Coulson        current equityholder
     Bill Randon              former officer/employee
     Peter Falk               former officer/employee

The Debtors also ask the Court to direct the Deponents to
produce certain documents.

Specifically, the Debtors seek discovery on a number of topics
including:

   -- the nature, ownership, use, sale, or other disposition of
      any property or other assets of the Debtors or any of
      their non-debtor affiliates;

   -- claims made by each Deponent to assets owned by the
      Debtors or any of their non-debtor affiliates;

   -- contracts and settlement agreements between each Deponent
      and the Debtors;

   -- income, bonuses, compensation, or transfers of any kind
      and for any purpose received or derived by each Deponent
      from any or all of the Debtors; and

   -- information concerning financing, lawsuits, the Debtors'
      financial condition, and others.

According to the Debtors, it is necessary to conduct formal
discovery at this time to fulfill their responsibilities and to
timely complete their investigation, including with respect to
the potential recovery of assets for the benefit of their
estates.

                  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.


WINN-DIXIE: Posts US$361.3 Mil. Net Loss for Year Ended June 28
---------------------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates reported net
sales of US$7,193,853,000 for the fiscal year ended
June 28, 2006.  This is a 2.7% increase over net sales for the
fiscal year ended June 29, 2005.

According to Winn-Dixie's Form 10-K filed with the U.S.
Securities and Exchange Commission, in fiscal 2006 identical
store sales increased 5.9% as compared to fiscal 2005, which is
an improvement over the prior year negative identical store
sales trends.

The company disclosed that its gross margin decreased by 20
basis points for fiscal 2006 as compared to fiscal 2005,
resulting primarily from more aggressive pricing and promotional
programs and increased warehouse and delivery costs, partially
offset by improved shrink results.

Winn-Dixie's cash on hand and liquidity have improved since the
beginning of the fiscal year, primarily as a result of asset
sales and inventory liquidations, which were partially offset by
operating losses, according to Peter L. Lynch, Winn-Dixie
president and chief executive officer.

As of June 28, 2006, Winn-Dixie had US$312,000,000 of available
liquidity, comprised of US$147,600,000 of borrowing availability
under the DIP Credit Facility and US$164,400,000 of certain cash
equivalents.  The company had no outstanding borrowings on its
revolving loan and has US$40,000,000 outstanding on its fixed
term loan.

Winn-Dixie believes it has sufficient liquidity through
borrowing availability, available cash, trade credit and cash
flows from operating activities to fund its cash requirements
for existing operations and limited capital expenditures through
the effective date of a plan of reorganization, which is
expected to occur as soon as late October 2006.

"We expect that identical sales in fiscal 2007 will be positive,
but anticipate the growth to be smaller than the 5.9% increase
experienced in 2006.  We anticipate our fiscal 2007 other
operating and administrative expenses as a percentage of sales
to remain flat as compared to fiscal 2006," Mr. Lynch says.  

According to Mr. Lynch, the company anticipates additional
improvement in sales related to improved in-store execution and
customer service, the introduction of additional merchandising
initiatives, and brand marketing initiatives.  The majority of
store remodeling activity is not anticipated to begin until the
second half of fiscal 2007 and thus is not expected to result in
substantial sales increases in fiscal 2007.  

Winn-Dixie has no plans to open new stores in fiscal 2007 other
than two stores closed due to Hurricane Katrina that are
scheduled to reopen.

Because of its Chapter 11 filing, Winn-Dixie does not expect to
hold an annual meeting of shareholders in 2006.

              Winn-Dixie Stores, Inc. and Subsidiaries
                    Consolidated Balance Sheets
                         At June 28, 2006
                          (In thousands)

                             Assets

Current assets:
   Cash and cash equivalents                          US$187,543
   Marketable securities                                  14,308
   Trade and other receivables, net                      152,237
   Insurance claims receivable                            46,162
   Income tax receivable                                  40,427
   Merchandise inventories, net                          477,885
   Prepaid expenses and other current assets              35,653
   Assets held for sale                                   44,710
                                                      ----------
Total current assets                                     998,925

Property, plant and equipment, net                       496,830
Other assets, net                                         99,220
                                                      ----------
TOTAL ASSETS                                        US$1,594,975
                                                      ==========

            Liabilities And Shareholders' (Deficit) Equity

Current liabilities:
   Current borrowings under DIP Credit Facility        US$40,000
   Current portion of long-term debt                         232
   Current obligations under capital leases                3,617
   Accounts payable                                      229,951
   Reserve for self-insurance liabilities                 74,905
   Accrued wages and salaries                             80,495
   Accrued rent                                           43,942
   Accrued expenses                                       95,107
   Liabilities related to assets held for sale             9,206
                                                      ----------
Total current liabilities                                577,455

Reserve for self-insurance liabilities                   151,131
Long-term debt                                               164
Long-term borrowings under DIP Credit Facility                 -
Obligations under capital leases                           5,369
Other liabilities                                         24,990
                                                      ----------
Total liabilities not subject to compromise              759,109

Liabilities subject to compromise                      1,117,954
                                                      ----------
Total liabilities                                      1,877,063

Shareholders' (deficit) equity:

Common stock US$1 par value                              141,858
Additional paid-in-capital                                34,874
Accumulated deficit                                    (438,015)
Accumulated other comprehensive loss                    (20,805)
                                                      ----------
Total shareholders' (deficit) equity                   (282,088)
                                                      ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY            US$1,594,975
                                                      ==========

              Winn-Dixie Stores, Inc. and Subsidiaries
                Consolidated Statements of Operations
                      Year ended June 28, 2006
                          (In thousands)

Net sales                                           US$7,193,853
Cost of sales                                          5,327,407
                                                      ----------
Gross profit on sales                                  1,866,446

Other operating and administrative expenses            2,008,449
Impairment charges                                        15,601
Restructuring (gain) charge, net                         (7,699)
                                                      ----------
Operating loss                                         (149,905)

Interest expense, net                                     11,968
                                                      ----------
Loss before reorganization items and income taxes      (161,873)
Reorganization items, net gain                         (251,180)
Income tax (benefit) expense                             (9,621)
                                                      ----------
Net earnings from continuing operations                   98,928

Discontinued operations:
   Loss from discontinued operations                   (142,966)
   Loss on disposal of discontinued operations         (320,846)
   Income tax benefit                                          -
                                                      ----------
Net loss from discontinued operations                  (463,812)
                                                      ----------
Cumulative effect of changes in accounting principle     (3,583)
                                                      ----------
Net loss                                            (US$361,301)
                                                      ==========

              Winn-Dixie Stores, Inc. and Subsidiaries
               Consolidated Statements of Cash Flows
                      Year ended June 28, 2006
                          (In thousands)

Cash flows from operating activities:
   Net loss                                         (US$361,301)
   Adjustments to reconcile net loss to net cash
      (used in) provided by operating activities:
      (Gain) loss on sales of assets, net              (112,748)
      Reorganization items, net gain                   (251,180)
      Depreciation and amortization                      111,336
      Impairment charges                                  23,292
      Deferred income taxes                                    -
      Stock compensation plans                             2,391
      Change in operating assets and liabilities:
         Trade, insurance and other receivables           20,875
         Merchandise inventories                         307,602
         Prepaid expenses and other current assets        37,637
         Accounts payable                                 61,274
         Reserve for self-insurance liabilities            6,027
         Lease liability on closed facilities            415,993
         Income taxes payable/receivable                 (8,990)
         Defined benefit plan                           (13,501)
         Other accrued expenses                           15,722
                                                      ----------
         Net cash (used in) provided by operating
         activities before reorganization items          254,429

   Cash effect of reorganization items                  (55,027)
                                                      ----------
Net cash provided by (used in) operating activities      199,402

Cash flows from investing activities:
   Purchases of property, plant and equipment           (30,538)
   Decrease in investments and other asset                 6,592
   Sales of assets                                       167,630
   Purchases of marketable securities                    (9,120)
   Sales of marketable securities                         14,158
   Other                                                     683
                                                      ----------
Net cash provided by (used in) investing activities      149,405

Cash flows from financing activities:
   Gross borrowings on DIP Credit Facility               698,542
   Gross payments on DIP Credit Facility               (903,545)
   Gross borrowings on revolving credit facility               -
   Gross payments on revolving credit facility                 -
   Principal payments on long-term debt                    (194)
   Debt issuance costs                                     (721)
   Principal payments on capital lease obligations       (1,610)
   Dividends paid                                              -
   Swap termination receipts/payments, net                     -
   Other                                                     858
                                                      ----------
Net cash (used in) provided by financing activities    (206,670)

Increase (decrease) in cash and cash equivalents         142,137
Cash and cash equivalents classified
   as assets held for sale                              (16,735)
Cash and cash equivalents at beginning of year            62,141
                                                      ----------
Cash and cash equivalents at end of year              US$187,543
                                                      ==========

The Form 10-K filed by Winn-Dixie with the SEC is available free
of charge at http://ResearchArchives.com/t/s?1305

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


WINN-DIXIE: Court Okays Assumption of 62 Pacts with IBM Entities
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
authorized Winn-Dixie Stores, Inc., and its debtor-affiliates to
assume 62 leases and contracts with IBM Corp., IBM Credit
LLC, and Ascential Software Corp.

As reported in the Troubled Company Reporter on Sept. 5, 2006,
the Debtors lease computer hardware and obtain various software,
maintenance, and support services vital to their information
technology needs from the IBM Entities.

According to Cynthia C. Jackson, Esq., at Smith Hulsey & Busey,
in Jacksonville, Florida, the Debtors have negotiated with the
IBM Entities as to the terms of the assumption of the Leases and
Contracts.  The parties agreed that:

   (1) The Debtors will move to assume the Leases and Contracts
       under Section 365 of the Bankruptcy Code;

   (2) If they have not done so, the Debtors will return to the
       IBM Entities 26 leased servers used in stores that have
       been closed by the Debtors.  Any of the Leases and
       Contracts that separately govern the returned servers
       will be terminated by agreement of the parties.  IBM
       Credit will be granted an unsecured claim for US$66,883
       on account of the servers;

   (3) Claim No. 13235 asserted by IBM Corp. for US$2,535,561
       against the Debtors for non-payment of prepetition sums
       due under the Leases and Contracts will be allowed, while
       Claim No. 2058, asserting US$2,279,605, will be
       disallowed;

   (4) Claim No. 13245 filed by IBM Credit for US$1,659,098 will
       be deemed amended to include the US$66,883 account for
       the servers, and will be allowed in the increased amount
       of US$1,725,981.  Claim No. 4215, asserting
       US$14,052,843, will be disallowed;

   (5) Claim No. 9926 filed by Ascential for US$131,052 will be
       allowed in its Court-reduced amount of US$48,158;

   (6) The Debtors will pay any delinquent postpetition amounts
       owed under the Leases and Contracts to the IBM Entities,
       as applicable, within 10 days following approval of the
       assumption;

   (7) The IBM Entities will facilitate assumption of the Leases
       and Contracts by agreeing that:

       (a) the Debtors will not be required to pay the
           prepetition claims as cure under Section 365(b)(1)(A)
           of the Bankruptcy Code;

       (b) the requirements of Section 365 as they relate to any
           prepetition defaults will be waived in full by the
           IBM Entities;

       (c) the prepetition claims will not have administrative
           expense status as a result of the assumption of the
           Leases and Contracts or for any other purpose; and

       (d) the prepetition claims will retain the status of
           prepetition unsecured non-priority claims; and

   (8) The waiver of cure payments will not negate the impact of
       assumption on any claims held by the Debtors against the
       IBM Entities.  To avoid doubt, upon assumption of the
       Lease and Contracts, the Debtors will waive all rights
       they may otherwise have to preference claims or other
       claims or rights under Sections 544, 545, 547, 548 or 553
       of the Bankruptcy Code against the IBM Entities.

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




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


DIGICEL: Secures Telecommunications Contract from PGA Tours
-----------------------------------------------------------
The International Federation of PGA Tours has selected Digicel
Ltd. to be its wireless communications provider for the
prestigious World Golf Championships-Barbados World Cup, being
held at the Sandy Lane Country Club from Dec. 5 to Dec. 10 and
involving some of the globe's top golf stars.

As a result of its partnership with Digicel, the 2006 PGA tour
will be the first ever World Golf Championships event to employ
all wireless technology, eliminating the traditional and costly
requirement of trenching multimillion dollar golf courses for
underground telecommunications cabling.

Taking advantage of Digicel's advanced GSM and Fixed Wireless
Broadband technologies, Barbados World Cup officials,
administrators and media centers will be provided internet,
voice, fax and data services. Digicel will also introduce its
latest innovation, the Digicel GSM desk phone, which looks and
functions like a standard fixed line phone, but carries a SIM
card.  The Digicel GSM desk phone also features powerful signal
receptors ensuring reliable, crystal voice clarity.

Errol McGlothan, Digicel Marketing Director for its Eastern
Caribbean markets, says that being selected by a major
international sporting event, such as the PGA, represents a
historic milestone for the five-year old company and it is a
tremendous honor to be recognized as a preferred provider.  He
believes that the selection is a strong endorsement of the
quality and reliability of Digicel's cutting-edge technology and
services.

"The entire Digicel family is very excited about this
opportunity, as it is the first wireless tournament for the
World Golf Championships as well as the first time the
tournament is being hosted in Barbados.  We expect this to bring
fantastic global exposure to this beautiful island and we are
committed to providing the very best technology possible.  We
are working closely with the PGA and the Barbados Tourism
Authority to ensure a very successful staging of the World Cup
of Golf," said Mr. McGlothan.

Digicel is providing all telecommunications services for the
event, including hardware and software support for the wireless
telecommunications.  The company's personnel will also provide
24-hour technical and customer support for the entire duration
of the tournament.

According to Jack Warfield, Vice President of the World Golf
Championships, the International Federation of PGA Tours is
delighted to be breaking new ground in Barbados with Digicel in
its first completely wireless telecommunications solution in the
World Cup's 53-year history.

"Cabling has traditionally been a time and resource-intensive
part of our event build-out," said Mr. Warfield.  "Digicel's
network will eliminate a significant amount of preparation time,
dislocation and expense and this is sure to be a win-win
solution for both Digicel and the Tour."

Digicel Limited is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, and Curacao among others.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Limited and affirmed Digicel's existing B3 senior
unsecured and B1 Corporate Family Ratings.  The outlook has been
changed to stable from positive.

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Limited's proposed add-on offering of US$150 million 9.25%
senior notes due 2012.  These notes are an extension of the
US$300 million notes issued in July 2005.  In addition, Fitch
also affirms Digicel's foreign currency Issuer Default Rating
and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the Rating Outlook is Stable.




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


* BELIZE: City Council Secures US$3-Million Loan from Scotiabank
----------------------------------------------------------------
Zenaida Moya, the Belize City mayor, told The Reporter that
Scotiabank has lent the City Council US$3 million to be used as
emergency funds.

The Reporter underscores that the City Council described the
accord with Scotiabank as an overdraft facility, valid for three
years.

Mayor Moya told The Reporter that the credit facility puts the
City Council in a position where it can fund its recurrent
operational expenses and meet payments on some debts.  The
credit facility provides the best option for the City Council,
which was faced with a US$9 million debt acquired from the
previous City Council.

The 15% interest rate on the loan will only apply to money used
from the US$3 million, The Reporter notes, citing Mayor Moya.

According to The Reporter, Mayor Moya said that the credit
facility is similar to a bank overdraft.  The money won't be
used up immediately for any particular propose.  The money will
be deposited in the bank until a portion of it is needed for
City Council business.  The Council then repays only the used
portion.  If the facility is not used then there is no interest
to repay.

The Reporter relates that City Council hopes to pay back money
used through revenue collections as well as a pending renewal on
its sanitation contracts with Belize Maintenance Ltd. and
Sanitation Enterprise Ltd.

The report says that Manuel Esquivel -- the former prime
minister of Belize -- and Nestor Vasquez, a veteran accountant
assisted with the loan negotiation.  

Messrs. Esquivel and Vasquez, who are also members of a finance
committee at the City Hall, told The Reporter that Scotiabank
ratified the loan after examining the City Council's financial
books.  

Scotiabank expressed confidence that the new council's financial
management is on target, The Reporter states, citing Messrs.
Esquivel and Vasquez.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

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

                        *    *    *

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




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


BERMUDA COMMERCIAL: Fitch Downgrades Individual Rating to C
-----------------------------------------------------------
Fitch downgraded Bermuda Commercial Bank's short-term rating
to 'F2' from 'F1' and its Individual Rating to 'C' from 'B/C.'

Fitch also placed both ratings on Rating Watch Negative.  
BCB's Support rating remains unchanged at '5'.

Fitch believes that the legal issues and investigations
surrounding John Deuss, owner of BCB's largest shareholder and
also the bank's former Chairman, put strain on BCB's business
reputation.  While the bank's balance sheet remains highly
liquid with satisfactory capacity to meet its financial
obligations, the company's overall funding flexibility and
margin of safety have been reduced.

As a result, Fitch lowers the short-term rating one notch to
'F2.'  The downgrade of the individual rating to `C' reflects
BCB's narrow franchise, which is largely limited to the
processing business, as well as the legal problems surrounding
the controlling shareholder.  Fitch has placed both ratings on
Rating Watch Negative, since there is near-term potential for
further adverse events and publicity.

Fitch views positively the fact that the resignations of Mr.
Deuss, former Chief Operating Officer Timothy Ulrich, and former
Director Tineke Deuss have now been made permanent.  In Fitch's
view, BCB's management team headed by Senior Vice President
Dominique Smith is experienced and capable of handling day to
day transactions.




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


PETROLEO BRASILEIRO: Reaches Interim Gas Price Pact with Bolivia
----------------------------------------------------------------
Petroleo Brasileiro SA told Petrolworld that it has reached a
provisional natural gas price agreement with Bolivia.

According to Petrolworld, the new accord was based on the
current contract.

Brazil's official news agency relates that Petroleo Brasileiro
will pay Bolivia US$3.76 per million British Thermal Unit of
natural gas, a small increase from US$3.68.  

The Brazilian news agency notes that Petroleo Brasileiro and
Bolivia will consider quarterly price adjustments.

The price mechanism based on quarterly adjustments is referred
to a basket of commodities' prices in the international market,
Petroleo Brasileiro told Petrolworld.

Petroleo Brasileiro has been unable to reach an agreement with
Bolivia on term changes to the original contract, which involves
the daily supply of up to 26 million cubic meters of gas equal
to 50% of Brazil's domestic consumption.  Petroleo Brasileiro
insisted that there was no need to review the price adjustment
mechanism in the original contract, Petrolworld states.

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

                        *    *    *

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

                        *    *    *

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

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

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


* BOLIVIA: Raises Contract Price for Natural Gas by 2.1%
--------------------------------------------------------
The price of the natural gas imported from Bolivia, which
supplies distributors in the Southern, Southeastern, and
Midwestern Brazilian regions, had its commodity rate readjusted
by 2.1%, from US$3.68/million BTU to US$3.76/million BTU as of
Oct. 1.

As determined by the agreement update clause, readjustments are
made quarterly and are based on the variation in the
international quote for a fuel oil basket.

With the increase, the average sales price, including the
transportation tariff, went from US$5.39/million BTU to
US$5.47/million BTU, a 1.48% hike.

For volumes above 16 million m3/day purchased by Petroleo
Brasileiro from Yacimientos Petroliferos, the commodity price
was readjusted based on the same percentage, from S$4.52/million
BTU to US$4.61/million BTU, which corresponds to US$6.31/million
BTU in the city-gate.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


AGCO CORP: Reduces Outlook for 2006 Net Sales & Adjusted EPS
------------------------------------------------------------
AGCO Corp. has reduced its outlook for 2006 net sales and
adjusted earnings per share.  The company now expects sales to
decline 2 to 3 percent versus 2005 and for 2006 adjusted
earnings per share to be approximately US$1.00.  Sales and
operating income in AGCO's North American operations are now
expected to be lower than previously forecasted due to continued
efforts to reduce dealer inventories, softening market
conditions, and lower than anticipated margins.  Weaker than
expected market conditions in the East Asia Pacific region also
contributed to the reduced sales and earnings outlook.

Third quarter 2006 sales are now expected to be approximately 6
percent below third quarter 2005 levels, and third quarter 2006
net income is now expected to be break-even to a slight loss.

Benefiting from the company's focus on reducing seasonal working
capital requirements, 2006 free cash flow is now expected to be
approximately US$120 million.

                         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%


AMERICAN AXLE: Attrition Program Cues S&P to Affirm BB Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings on American Axle & Manufacturing Inc. and parent
company American Axle & Manufacturing Holdings Inc.  

The affirmation follows the company's announcement that it will
offer a costly special attrition program that will initially
raise debt levels but should also rapidly and permanently reduce
the company's cost structure.

The ratings outlook is negative.  The company has about
US$1.1 billion million of debt, including the present value of
operating leases and US$425 million of underfunded employee
benefit liabilities.

American Axle's special attrition program will be offered to all
6,000 of its United Auto Worker employees at the company's five
master agreement facilities in the U.S.  The program includes a
range of early retirement incentives, buy-outs, and educational
assistance.  American Axle will undertake additional
restructuring actions to align its production capacity and cost
structure with current business conditions.

Total costs for the attrition program and restructuring actions
will range between US$150 million and US$250 million in 2006.  A
significant portion of these costs will be cash charges, causing
debt levels to rise, depending on the level of acceptance by the
company's UAW employees.

Credit protection measures have been satisfactory for the
ratings, but they will weaken this year as retirement incentives
and buyout payments are made near year-end with little-to-no
offsetting savings.  Nevertheless, American Axle should see a
meaningful reduction in its labor costs in 2007, resulting in
higher earnings and cash flow even if currently difficult
industry conditions persist.


BANCO BRADESCO: To Increase Capital Stock by BRL1.2 Billion
-----------------------------------------------------------
Banco Bradesco S.A.'s board of director's submitted a proposal
to increase the capital stock by BRL1,200,000,000 through the
issuance of 21,818,182 new book-entry registered stocks, with no
par value, of which 10,909,152 are common stocks and 10,909,030
are preferred stocks, at the price of BRL55.00 per stock.

Banco Bradesco clarifies that the stockholders are entitled to
exercise their preemptive rights in the period from
Oct. 19, 2006 to Nov. 21, 2006, in the proportion of
2.226746958% on the stockholding position held as of
Oct. 5, 2006, on the same type of stocks.

The stockholders whose stocks are deposited at CBLC -- Brazilian
Clearing and Depositary Corporation, must exercise their rights
at the respective depositor Brokerage Houses until
Nov. 16, 2006.
  
Those not intending to exercise their preemptive rights to the
subscription may negotiate them at the BOVESPA -- Sao Paulo
Stock Exchange based on the market price until Nov. 10, 2006,
through Bradesco S.A. Corretora de Titulos e Valores Mobiliarios
or another brokerage house of their preference.
  
The subscription Reports will be available to the stockholders
at Banco Bradesco's branches from Oct. 19, 2006, to
Nov. 21, 2006.  The stockholders who want to their rights must
hand in the filled Report at Bradesco's branches until
Nov. 21, 2006.

Regardless of the date of delivery of the subscription report,
the payment of 100% of the amount of the subscribed stocks will
take place on Dec. 7, 2006, the same date for the payment of
Complementary Interest on Own Capital and Dividends, and the
stockholder must make an option for one of the forms provided
for in the subscription report, as:

   -- compensation of credit of Complementary Interest on Own
      Capital and Dividends previously mentioned.  In this case,
      the exercise of the subscription right of the stocks will
      not result in any disbursement of resources on the account
      of the stockholders enrolled in the bank's registrations
      as of Oct. 5, 2006;

   -- debit in the checking account held in Banco Bradesco S.A.;
      and

   -- check to the order of the referred Banco Bradesco;

In the event of remainders of stocks, after the term for the
exercise of the preemptive right has elapsed, they will be sold
by means of an auction to be held on the Sao Paulo Stock
Exchange, according to the conditions stated in the Board of
Director's proposal and relevant legislation.

These deliberations are still subject for approval by the
Central Bank of Brazil.

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 NACIONAL: Grants US$200-Million Loan to Daimler Chrysler
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a financing equivalent to a maximum of US$200 million
to Daimler Chrysler do Brasil Ltda.  The funds, granted in the
ambit of BNDES-Exim pre-Shipment financing line, will be used
for the exports of trucks, chassis and platforms for buses,
diesel motors, hoists and buses.

In Brazil, the company operates three plants, with 13,200
employees. These plants are:

   -- the Juiz de Fora plant for car manufacturing,

   -- the Sao Bernardo do Campo plant, which produces trucks,
      chassis, platforms for buses and motors, and  

   -- the Campinas plant, which provides services and
      manufactures parts.  

The Sao Bernardo plant has a product development center that is
certified by ISO-9001.

Daimler exports buses, trucks and motors to over 70 countries.  
Last year, the main destination markets were the United States,
Germany, Latin American countries, like Argentina, Chile, Mexico
and Ecuador, and new Middle East markets, like Egypt, Katar and
Iran.

                        *    *    *

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 NACIONAL: Increases Number of Third Quarter 2005 Loans
------------------------------------------------------------
Banco Nacional Desenvolvimento Economico e Social SA said in a
statement that it has increased the number of new loans issued
to 18.2% in the third quarter of 2006, compared with the same
quarter in 2005.

Demian Fiocca, the president of Banco Nacional, told Business
News Americas that loans issued in 2006 will surpass the BRL47
billion granted in 2005.

BNamericas states that Banco Nacional issued about BRL13.23
billion in loans during the third quarter of 2006.

Banco Nacional granted BRL31.48 billion in new loans during the
first nine months of 2006, about 1% higher compared with the
same period in 2005, BNamericas relates.

                        *    *    *

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.


BROWN SHOE: Reports US$15.1M Net Income in Quarter Ended July 29
----------------------------------------------------------------
Brown Shoe Company, Inc., filed its third quarter financial
statements for the three months ended July 29, 2006, with the
U.S. Securities and Exchange Commission.

The company earned US$15.1 million of net income on US$579.3
million of net revenues for the three months ended
July 29, 2006, compared to US$4 million of net income on
US$551.4 million of net revenues in 2005.

At July 29, 2006, the company had US$50 million of borrowings
outstanding and US$18.1 million in letters of credit outstanding
under the Credit Agreement.  Total additional borrowing
availability was approximately US$281.9 million at
July 29, 2006.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1306

                  About Brown Shoe Company

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear  
company with global operations.  The company operates the 900+
store Famous Footwear chain, which sells brand name shoes for
the family.  It also operates 300+ specialty retail stores in
the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the company's e-commerce subsidiary.  
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

The company currently maintains offices in Brazil, Italy, China,
Hong Kong and Taiwan.

                        *    *    *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on specialty footwear retailer and wholesaler
Brown Shoe Co. Inc.  The rating was removed from CreditWatch,
where it was placed with negative implications on March 16,
2005.  S&P said   the outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' rating to
Brown Shoe's proposed US$150 million senior unsecured notes due
2012.  These notes, to be offered pursuant to Rule 144A with
registration rights, are rated one notch below the corporate
credit rating due to the substantial amount of priority debt in
the capital structure (including borrowings from the company's
US$350 million secured revolving credit facility) relative to
total assets.  Pro forma for the transaction, total funded debt
reaches about US$307 million.

Moody's Investors Service assigned a B1 rating to Brown Shoe
Company, Inc.'s US$150 million guaranteed senior unsecured notes
due 2012, a Ba3 senior implied rating, a B2 issuer rating, and
an SGL-2 Speculative Grade Liquidity Rating.  Moody's said the
outlook is stable.


GOL LINHAS: Reports Traffic Statistics for September 2006
---------------------------------------------------------
GOL Linhas Aereas Inteligentes released preliminary passenger
statistics for the month of September 2006.  System-wide
passenger traffic (RPK) and capacity (ASK) increased 47% year-
over-year.  GOL's system load factor for the month of September
2006 was 76%.

Domestic passenger traffic and capacity for September increased
41%. GOL's domestic load factor for the month was 76%.  
International passenger traffic and capacity increased 150%.  
International load factor was 72%.  Yield per passenger
kilometer increased 4% versus September 2005, and average stage
length (passenger trip) increased 9%.

Operating Data    September 2006*   September 2005*   Change (%)

Total System
ASK (mm)             1,728.4           1,178.1         46.7%
RPK (mm)             1,305.5             890.0         46.7%
Load Factor             75.5%             75.5%        +0.0 p.p.

Domestic Market
ASK (mm)             1,562.5           1,111.7         40.6%
RPK (mm)             1,185.5             842.0         40.8%
Load Factor             75.9%             75.7%        +0.2 p.p.

International Market
ASK (mm)               165.9              66.4        149.8%
RPK (mm)               120.0              48.0        150.0%
Load Factor             72.3%             72.3%        +0.0 p.p.

GOL passenger flows and load factors during the first week of
October are at expected levels.  During 2Q06, planned capacity
additions facilitated an increase in ASKs of approximately 46%
versus 3Q05.  On Sept. 30, GOL received aircraft PR-GTF, the
sixth new Boeing 737-800 to be incorporated into the company's
fleet this year since the first was received in July.

Since Sept. 29, GOL has mobilized resources to assist the
families of the 154 victims of the accident that downed Flight
1907.  The company maintains its normal operations.

Headquartered in Sao Paulo, Brazil, Gol Linhas Areas
Inteligentes S.A. -- http://www.voegol.com.br-- through its
subsidiary, Gol Transportes Aereos S.A., provides airline
services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay.
The company's services include passenger, cargo, and charter
services.  As of March 20, 2006, Gol Linhas provided 440 daily
flights to 49 destinations and operated a fleet of 45 Boeing 737
aircraft.  The company was founded in 2001.

                        *    *    *

On March 21, 2006, Moody's Rating Services assigned a Ba2 rating
on Gol's Long-Term Corporate Family Rating.

On June 14, 2006, Fitch Ratings assigned a rating of 'BB' to GOL
Linhas' outstanding US$200 million 8.75% perpetual
bond.  In addition, Fitch assigned:

   -- National Scale Rating of 'AA-(bra)' with Stable Outlook,
      and

   -- Local Currency Issuer Default Rating of 'BB+'- with
      Stable Outlook.


PETROLEO BRASILEIRO: Unit Raises US$500MM in Global Notes
---------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras disclosed that through
its wholly-owned subsidiary Petrobras International Finance
Company closed the placement at the international capital market
of US$500 million in Global Notes.

The bonds have a yield to investor of 6.185%, a 10-year maturity
term, and represent PIFCo's lowest placement cost for equivalent
term, the rate being 1.55% superior to the American Treasury
Security with similar term.  The global notes were offered by
99.557% of the face value, with coupon of 6.125% p.a.

The operation represents Petrobras' first issue after receiving
the investment grade classification by Moody's and its main
purposes were to keep the presence of the company at the capital
market, to establish a new cost referential which reflects the
current financing conditions of the company, and to access a new
base of investors associated to the high grade market.  
Moreover, the company improved its covenants to reflect its
investment grade condition.

Petrobras has received tender offers of nearly US$1.3 billion
and the pricing occurred on Sept. 29, 2006.  The wide selling of
bonds recognizes Petrobras' credit quality in international
capital markets, with approximately 85% of the bonds being
placed in "investment grade" markets.

The issue's strategy is aligned to the buyback of old bonds,
recently effected by the Company, which were issued with higher
coupons.

The operation was conducted by Morgan Stanley & Co. Incorporated
and UBS Securities.

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

                        *    *    *

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

                        *    *    *

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

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

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


PETROLEO BRASILEIRO: LatAm's Second Most Sustainable Company
------------------------------------------------------------
Among the big Latin American oil/gas companies, Shell and
Petrobras are the most effective at sustainability, social,
ethical and governance programs, according to a study by
Management & Excellence and LatinFinance.

The Biggest and Best Six in Latin America are:

    1) Shell: 90.26%
    2) Petrobras: 79.94%
    3) Repsol: 79.08%
    4) Chevron: 77.08%
    5) Pemex: 53.58%
    6) Enap: 44.99%

Delivering record financial results in 2004 and 2005, Latin
America's oil companies have attracted international investors
in droves.  Last year, Mexico's Pemex, the world's 11th largest
oil company in terms of reserves, reported record revenues of
US$86.1 billion.

The big players are investing hundreds of millions of dollars in
sustainability and social projects that are designed to ensure
their long-term success and acceptance.  In Venezuela, Chevron
joined forces with local giant PDVSA, investing US$3.6 billion
in the Hamaca facility.  The investments have paid off in
cleaning up oil's image in Latin America.  Twice Chevron
received the Orden El Brillante award in Venezuela and last
September was awarded additional drilling rights off the coast.

But sustainability investments have gone far beyond construction
and modernization.  Petrobras has invested over US$120 million
in social programs over the last two years alone.  It spends
US$12 million on educating largely underprivileged children in
Brazil.  Shell, which has been in Brazil for over 93 years,
helped restore the famous Christ the Redeemer statue in Rio de
Janeiro.  Chile's state-owned ENAP published its first detailed
social responsibility report last year and runs a Casa Abierta
program for local communities at one of its main refineries.

Plagued by regular environmental pollution scandals, Latin
America's biggest oil companies are cleaning up their acts and
being transparent about good and bad news alike.  Pemex reports
399 mostly smaller oil spills for 2005, but reduced its air
emissions from 1,000 tons to 700 tons over the last four years.  
Spain's Repsol experienced over 1,300 spills last year while
investing over US$400 million in environmental projects.

Petrobras does best among the purely Latin American companies in
corporate governance, doing justice to its large international
investor pool.  The company is one of very few Latin companies
to maintain a Board nomination committee.

The study is the first on the most sustainable and socially
responsible oil/gas companies in Latin America, scoring the
companies according to their compliance with nearly 300
international and national sustainability, social, ethics,
governance and transparency standards.

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

                        *    *    *

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

                        *    *    *

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

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

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


SPANSION: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Spansion
LLC's proposed US$400 million senior secured term loan while
affirming the B3 corporate family rating.  The rating on the
company's US$250 million senior unsecured note due 2016 was
lowered to Caa1, reflecting the insertion of secured debt into
the capital structure.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B3, and a loss given default of LGD 2 for the new bank
facility which has first priority lien on all domestic assets
and stock pledge of all domestic subsidiaries and 65% of foreign
subsidiaries (excluding Spansion Japan), as well as a second
lien on domestic accounts receivables.  

The rating outlook is stable.

Spansion's B3 corporate family rating reflects:

   * the high degree of business risk inherent to the capital
     intensive, volatile, and technologically evolving flash      
     memory market;

   * the strong exposure to the cell phone market which makes it    
     vulnerable to changes in demand as well as component
     pricing, although unit and bit demand remain strong and
     blended average selling prices are relatively stable;

   * its fairly limited financial flexibility although near term
     flexibility will be supported by the proceeds from the
     US$400 million term loan;

   * Spansion's limited ability to weather sustained market
     weakness or technological or manufacturing missteps; and,

   * the significantly larger financial resources and business  
     diversity of some of its key competitors.

The rating also considers:

   * Spansion's strong position in the NOR flash memory market,
     although this traditional, US$8 billion market directed
     primarily at the cell phone and embedded end markets is
     mature and slow growing;

   * Spansion's proprietary flash architecture called MirrorBit,
     which effectively doubles the density of each memory cell,
     gaining increased market acceptance as electronic devices
     require greater data density at lower cost per bit;

   * strong customer relationships among a range of end market
     customers including all of the top cell phone, consumer
     electronics, and automotive OEM's; and,

   * the company's success so far operating as a stand alone
     entity and in successfully migrating its business
     operations from former parent AMD.

Rating assigned:

   * US$400 million senior secured term loan due 2012 at Ba3
     (LGD2, 23%)

Rating lowered:

   * US$250 million senior unsecured note due 2015 to Caa1
     (LGD4, 65%) from B2 LGD3, 43%);

Ratings affirmed:

   * Corporate family rating B3;
   * Probability-of-default rating B3;
   * Speculative Grade Liquidity rating SGL-2.

Spansion Technology Inc., -- http://www.spansion.com/--
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has operations in France, and Japan, and sales
offices in Brazil and Mexico.




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


AMERICAN MASTERS: Last Day for Proofs of Claim Filing Is Nov. 2
---------------------------------------------------------------
American Masters Market Neutral Protected 4 Ltd.'s creditors are
required to submit proofs of claim by Nov. 2, 2006, to the
company's liquidators:

          Mark Wanless
          Steven Wilderspin
          Maples Finance Jersey Ltd.
          2nd Floor Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE

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

American Masters' shareholders agreed on Sept. 20, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


BEA LTD: Creditors Have Until Nov. 2 to File Proofs of Claim
------------------------------------------------------------
Bea Ltd.'s creditors are required to submit proofs of claim by
Nov. 2, 2006, to the company's liquidator:

          Buchanan Ltd.
          P.O. Box 1170, George Town
          Grand Cayman, Cayman Islands

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

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

Parties-in-interest may contact:

          Timothy Haddleton
          P.O. Box 1170, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


BLANCHFLOWER INVESTMENTS: Proofs of Claim Filing Is Until Nov. 2
----------------------------------------------------------------
Blanchflower Investments Ltd.'s creditors are required to submit
proofs of claim by Nov. 2, 2006, to the company's liquidator:

          Buchanan Ltd.
          P.O. Box 1170, George Town
          Grand Cayman, Cayman Islands

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

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

Parties-in-interest may contact:

          Timothy Haddleton
          P.O. Box 1170, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


BRE/SATELLITE I: Creditors Must File Proofs of Claim by Nov. 2
--------------------------------------------------------------
Bre/Satellite I Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidator:

          Robert L. Friedman
          c/o Walkers
          Walker House, P.O. Box 265 GT
          Mary Street, George Town
          Grand Cayman, Cayman Islands

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

Bre/Satellite's shareholders agreed on Sept. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Jonathan Culshaw
          c/o Walkers, Walker House
          P.O. Box 265 GT, Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 6341
          Fax: (345) 814 8341


BRE/SATELLITE II: Proofs of Claim Must be Submitted by Nov. 2
-------------------------------------------------------------
Bre/Satellite II Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidator:

          Robert L. Friedman
          c/o Walkers
          Walker House, P.O. Box 265 GT
          Mary Street, George Town
          Grand Cayman, Cayman Islands

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

Bre/Satellite's shareholders agreed on Sept. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Jonathan Culshaw
          c/o Walkers, Walker House
          P.O. Box 265 GT, Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 6341
          Fax: (345) 814 8341


BRE/SATELLITE III: Proofs of Claim Filing Is Until Nov. 2
---------------------------------------------------------
Bre/Satellite III Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidator:

          Robert L. Friedman
          c/o Walkers
          Walker House, P.O. Box 265 GT
          Mary Street, George Town
          Grand Cayman, Cayman Islands

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

Bre/Satellite's shareholders agreed on Sept. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Jonathan Culshaw
          c/o Walkers, Walker House
          P.O. Box 265 GT, Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 6341
          Fax: (345) 814 8341


BRE/SATELLITE IV: Last Day to File Proofs of Claim Is on Nov. 2
---------------------------------------------------------------
Bre/Satellite IV Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidator:

          Robert L. Friedman
          c/o Walkers
          Walker House, P.O. Box 265 GT
          Mary Street, George Town
          Grand Cayman, Cayman Islands

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

Bre/Satellite's shareholders agreed on Sept. 19, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Jonathan Culshaw
          c/o Walkers, Walker House
          P.O. Box 265 GT, Mary Street, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 6341
          Fax: (345) 814 8341


CT FIXED: Deadline for Proofs of Claim Filing Is on Nov. 2
----------------------------------------------------------
CT Fixed Income, Ltd.'s creditors are required to submit proofs
of claim by Nov. 2, 2006, to the company's liquidators:

          Ian Wight
          Stuart Sybersma
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

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

CT Fixed's shareholders agreed on Sept. 20, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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


KOFOO INC: Proofs of Claim Filing Deadline Is Set for Nov. 2
------------------------------------------------------------
Kofoo, Inc.'s creditors are required to submit proofs of claim
by Nov. 2, 2006, to the company's liquidator:

          Griffin Management Ltd.
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043
          Grand Cayman, Cayman Islands

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

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

Parties-in-interest may contact:

          Janeen Aljadir
          Caledonian Bank & Trust Ltd.
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043
          Grand Cayman, Cayman Islands
          Tel: (345) 949-4943
          Fax: (345) 949-8062


MERRILL LYNCH QA: Filing of Proofs of Claim Is Until Nov. 2
-----------------------------------------------------------
Merrill Lynch QA Equity Arbitrage Master Fund Ltd.'s creditors
are required to submit proofs of claim by Nov. 2, 2006, to the
company's liquidators:

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

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

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




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


ARMSTRONG WORLD: Bankruptcy Exit Prompts S&P to Raise Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2, 2006.  The outlook is stable.

The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed.  The bank loan rating was assigned
on Sept. 28, 2006, based on the assumption that Armstrong would
exit bankruptcy as well as satisfy other conditions.

"Significant liquidity and a reasonable capital structure should
give Armstrong time to continue addressing the cost and demand
challenges it faces in a number of businesses," said Standard &
Poor's credit analyst John Kennedy.

"We expect the company to remain free cash flow positive and
sufficiently profitable to maintain the ratings.  We could
revise the outlook to negative if Armstrong's weak flooring
products and cabinet businesses continue to further compress
overall margins and dampen cash.  We could revise the outlook to
positive if the company is able to significantly improve its
performance in these business units, increase its cash flow, and
reduce debt levels beyond our current expectations."

Armstrong has leading positions in ceiling systems and vinyl and
wood flooring; a fair balance between residential and commercial
end markets and between new construction and remodeling
activities; and adequate liquidity upon emergence from
bankruptcy.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of  Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

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.


BANCOLOMBIA: Denies Sale Rumors
-------------------------------
Bancolombia has denied reports on a planned sale, Business News
Americas reports.

According to a report by La Republic on Friday, the 3%
Bancolombia stock increase on the local exchange on Thursday was
the result of strong sale rumors.

Reports say that HSBC, Citigroup and Deutsche Bank are
considering the purchase of Bancolombia.

Superfinanciera, the local financial regulator, requested a
formal reply from Bancolombia regarding the sale, BNamericas
relates.

Bancolombia said in a fling with Superfinanciera that its major
shareholders have no agreement or sale intentions.  Bancolombia
also denied any ongoing talks for a sale.

                        *    *    *

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

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


BANCOLOMBIA: Sold COP580 Bil. Mortgage Loans to Titularizadora
--------------------------------------------------------------
Bancolombia has sold mortgage loans to Titularizadora Colombiana
amounting to approximately COP580 billion.  These mortgage loans
will be secured by Titularizadora through the issuance of
securities TIPS E-8 in October 2006.  The purpose of this
transaction is to transfer to capital markets a portion of the
Bank's mortgage loans, the total value of which in August 2006
was COP1,863,601,000,000.

Bancolombia, in response to a request of the Superintendence of
Finance of Colombia, informs that after consulting with its
major shareholders, there is currently no agreement, pending
negotiations or intention to sell the control of the Bank.

                        *    *    *

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

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


BBVA COLOMBIA: Issues COP75 Bil. Subordinated Bonds on Oct. 9
-------------------------------------------------------------
BBVA Colombia said in a filing with Superfinanciera, the local
financial regulator, that it issued COP75 billion subordinated
bonds on Oct. 9.

BBVA Colombia told Business News Americas that the bonds will
mature in five years, with yield a 5.35% real yearly interest
rate.  It could double the offer to COP150 billion depending on
investor demand.

DCR, the local ratings agency, placed an AA+ rating on the
bonds, BNamericas relates.

                        *    *    *

As reported in the Troubled Company Reporter on March 13, 2006,
Moody's Investors Service assigned a 'Ba3' long-term foreign
currency deposit rating on BBVA Colombia.  Moody's changed the
outlook to stable from negative.


ECOPETROL: Setting Up Joint Venture with Glencore by End of Oct.
----------------------------------------------------------------
Ecopetrol, the state-run oil firm of Colombia, will form a joint
venture with Swiss firm Glencore by the end of October to revamp
the Cartagena plant, according to a report by state news service
Servicio de Noticias del Estado.

Glencore acquired a 51% stake in the plant in August for about
US$631 million, Business News Americas says.

Servicio de Noticias relates that the joint venture will be
based in Cartagena.  It will start with an initial COP10-billion
investment from Ecopetrol and Glencore.

According to the report, Ecopetrol and Glencore will define the
revamp project's details in the first half of 2006.  Ecopetrol
will continue running the plant until the expansion is completed
in 2010.

The restoration involves increasing the plant's capacity to
140,000 barrels per day from 80,000 barrels per day, BNamericas
reports.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.




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


SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1M
-------------------------------------------------------------
Samsonite Corp. reported a US$2 million net loss on US$257.5
million of net revenues for the three months ended July 31,
2006, compared to US$2.3 million of net income on US$236.5
million of net revenues in 2005.

At July 31, 2006, the company's balance sheet showed US$615.7
million in total assets and US$642.4 million in total
liabilities, resulting in a US$45.1 million stockholders'
deficit.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?130b

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Moody's Investors Service placed the long-term ratings of
Samsonite Corp., under review for possible upgrade:

      * B1 corporate family rating
      * B1 on the senior unsecured notes
      * B3 on the 8.875% subordinated notes

Samsonite Corp. -- http://www.samsonite.com-- manufactures,  
markets and distributes luggage and travel-related products.  
The company's owned and licensed brands, including Samsonite,
American Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and
Timberland, are sold globally through external retailers and 284
company-owned stores.  Executive offices are located in London.  
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


* COSTA RICA: Experts Urges Real Estate Investment in Nation
------------------------------------------------------------
Financial experts are pointing to Costa Rica in earning returns
on real estate investments.

Costa Rica has used its educated populace and beauty to attract
investors and end-users when retirement portfolios are not deep
enough to sustain a desired lifestyle in popular destinations
like US states Florida and California.

Costa Rica is quickly becoming a popular destination for people
of all backgrounds to invest, live, and retire.  American
retirees continue to seek a peaceful address without ultra-high
prices, and investors find Costa Rica real estate as a great
investment vehicle in addition to being a fun destination to
spend free time.     

Large commercial real estate brokers in the US are masterminding
investment strategies for their clients with Costa Rica in mind.  
Giant tracts of land, Like the 7,000 hectare ocean view plot in
Guanacaste that is listed exclusively with EstateRealty.com are
hard to come by.

Tim Schmidt, a representative of EstateRealty.com, said, "We
showcase land deals that are permitted for development, knowing
that investors prefer something that is ready to go, rather than
simply a proposal which could face years of red tape on the way
to approval."

One of several exclusive land listings in EstateRealty.com's
database of development projects, land deals that are becoming
logical purchases for investment groups.  Most of the time,
multi-million dollar land parcels are transformed into the
region's most attractive housing communities.  These communities
reap massive rewards for the principals.

Guanacaste, which is in the northwest corner of Costa Rica's
pacific coast, is where the Four Seasons Resort Hotel is
located.  It has plans for a J.W. Marriot as well.

"The presence of major players like the Four Seasons and J.W.
Marriot indicates that clearly the area is exploding, and anyone
in position to get in the game at the development level, should
take a serious look at this area," Brad Markin, a land owner and
co-founder of EstateRealty.com, said.

                        *    *    *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


AES DOMINICANA: Itabo Unit Places US$125 Million Corporate Bonds
----------------------------------------------------------------
Itabo -- a unit of AES Dominicana Group -- has issued US$125
million corporate bonds in the international capital markets,
Dominican Today reports.

According to Dominican Today, the bonds have a matures in seven
years, at a yearly interest rate of 10.875% per semester,
payable as of the next month of March 2007.

Dominican Today relates that Fitch Ratings and Standard & Poor
placed a B rating on the bonds with a positive outlook.

The success of the issuance would show that foreign investors
consider AES Corp. as a trustworthy operator, BNamericas notse.  
It also indicates the investors' confidence in the nation's
economic growth.

AES Dominicana has issued about US$285 million in the
international capital market during the past twelve months,
contributing large amounts of resources to the Dominican energy
sector, Dominican Today states.

                    About AES Dominicana

AES Dominicana is a special-purpose financing entity of AES
Corp. in the Dominican Republic.  It manages two of AES Corp.'s
wholly owned generating facilities, Andres and DPP.  Andres is
incorporated under the laws of the Netherlands, and it owns a
304 MW gas-fired, combined-cycle plant outside of Santo Domingo.
The facility also includes an LNG regasification terminal.  AES
Dominicana also includes Itabo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 21, 2006, Standard & Poor's Ratings Services' 'B-' rating
on AES Dominicana Energia Finance S.A.'s US$160 million senior
notes due 2015 reflects the challenges of operating in the
electric sector in the Dominican Republic, and a legacy
liquefied natural gas contract that could be burdensome, offset
by the contractual nature of the revenue stream, and continued
support of the electricity sector by the Dominican government.
S&P said the outlook is stable.


BANCO INTERCONTINENTAL: Alvarez Renta Has 30 Bank Accounts
----------------------------------------------------------
The monetary authorities of the Dominican Republic found out
that Alvarez Renta, the former consultant of Banco
Intercontinental SA, has about 30 bank accounts, DR1 Newsletter
reports.

DR1 relates that Mr. Renta is being investigated for alleged
asset laundering in the Banco Intercontinental fraud case, along
with the bank's former executives.

Dr1 emphasizes that Dominican central bank authorities, the
BanInter Liquidation Commission and the Banking Superintendence
filed a petition with the Attorney General's Department
requesting the seizure of Listin Diario shares and other assets
related to Mr. Renta, Ramon Baez Figueroa, Marcos Baez Cocco,
Vivian Lubrano de Castillo, Luis Alvarez Renta and Jesus Maria
Troncoso Ferrua.  

According to Clave, efforts to identify the property and
resources of Mr. Renta extended to three states in the United
States, as well as to Switzerland and Panama.

The initiative is aimed at bringing about the implementation of
a US court ruling that sentenced Mr. Renta to pay the Banco
Intercontinental Liquidation Commission about US$176.9 million,
DR1 says, citing Fidel Pichardo Baba, the central bank legal
consultant.

Dr1 underscores that the authorities in the Dominican Republic
expect to apply the ruling from the US in the nation.

Assets in Panama are being tracked down through the Panamanian
Banking Superintendence, DR1 notes.  Meanwhile, authorities have
located assets in the US state of Colorado that allegedly belong
to Mr. Renta but are under the name of corporations.  

The Swiss bank accounts are empty, Mr. Baba told DR1.

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.


BANCO INTERCONTINENTAL: Planned Sector Probe Won't Affect Case
--------------------------------------------------------------
Carlos Salcedo, the legal representative of the central bank of
the Dominican Republic, told Dominican Today that the continuing
process of the Banco Intercontinental SA fraud case won't be
affected if the government would launch a new investigation to
spot other frauds.

Radhames Jimenez, the justice minister, affirmed to Dominican
Today that other people who the Justice Ministry considers had
responsibility in the handling of the banking crisis must be
investigated.

Those who the probe determines are responsible could be
indicted, Dominican Today relates, citing Mr. Salcedo.  That
would be the object of a separate probe and a separate
accusation against those who might be responsible.

Minister Jimenez admitted to Dominican Today that in the banks'
bankruptcy cases there are sectors that the Justice Ministry has
not filed charges.

Minister Jimenez told Dominican Today, "Because I understand
that in a crime of that magnitude there must not be cover-up and
all the ones who had some level of participation must face the
law.  In these cases all those who took part are not there.  
There are still people who in one way of (or) another had
collateral participation and they are still walk about and have
not been taken in account neither by the Justice Ministry and
nor I believe by the affected institutions."

Meanwhile, Ramon Baez Figueroa, the former president of Banco
Intercontinental, had told Dominican Today that more than one
million people were weakened by the banking crisis due to the
previous authorities' mismanagement.  He said that in the
judicial process of other people who handled the crisis, the
members of the Monetary Board and Jose Lois Malkun -- the former
central bank governor -- must also be present.

"If today is spoken of more than one million poor it's because
the authorities paid left and right to people they shouldn't
have and that was what generated the crisis," Dominican Today
notes, citing Mr. Figueroa.

Carlos Salcedo can be reached at:

          Central Bank of the Dominican Republic
          Oficina Principal
          Calle Pedro Henriquez Urena
          Esquire Leopoldo Navarro, Santo Domingo
          Republica Dominicana
          Apartado Postal 1347
          Phone: (809) 221-9111
          S.W.I.F.T BCRDDOSX

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: 19 Firms Present Proposal for Amazonian Oil Fields
----------------------------------------------------------------
A spokesperson from Petroecuador, the state-run oil company of
Ecuador, confirmed to Prensa Latina that the company received
proposals from 19 companies, which also bought terms of the oil
tender for eight marginal exploration and production contracts
in the Amazon region.

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, Petroecuador said that 14 groups purchased bidding
rules for the contracts covering the areas:

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

Petroecuador will award the contracts between Oct. 30 and Nov.
11.  It will sign contracts on Nov. 11-24, BNamericas states.
With the exploitation of the fields, the Ecuadorian government
hopes to boost output by almost 30,000 barrels per day, from
185,000 barrels per day.

Prensa Latin relates that the tender started on Sept. 15.  

However, an official source told Prensa Latina that Ecuador has
moved the deadline of bidding to Nov. 1.  

As previously reported by the Troubled Company Reporter,
Petroecuador was set to receive and open technical bids for the
concessions on Oct. 10.  The opening of firms' economic bids was
on Oct. 20.  

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.




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


NATIONAL WATER: Parish Council Blames Firm on Water Problems
------------------------------------------------------------
The Clarendon Parish Council has criticized the National Water
Commission of Jamaica for failure to repair several water mains
throughout sections of the parish, Radio Jamaica reports.

Milton Brown -- the mayor of May Pen -- told Radio Jamaica that
the council has been receiving several complaints from the
residents regarding water going to waste.  While this is
happening, there are other instances in which communities are
without water.

Some residents in Sandy Bay recently had to hold protests
against the National Water to supply them with piped water,
Radio Jamaica states, citing Mayor Brown.

                        *    *    *

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
===========


COREL CORP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Caa1 Corporate Family Rating for
Corel Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B3       B3      LGD3       33%

   US$90 Million
   Senior Secured
   First Lien
   due 2012               B3       B3      LGD3       33%

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-
umeric 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 Ottawa, Ontario, Corel Corp. (NASDAQ:CREL)
(TSX:CRE) -- http://www.corel.com/-- is a packaged software   
company with an estimated installed base of over 40 million
users.  The company provides productivity, graphics and digital
imaging software.  Its products are sold in over 75 countries
through a scalable distribution platform comprised of original
equipment manufacturers, Corel's international websites, and a
global network of resellers and retailers.  The company's
product portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.


EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
Epicor Software Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 Million
   Senior Secured
   Revolving Credit
   Facility due 2009      B1       Ba3     LGD2       27%

   US$100 Million
   Senior Secured
   First Lien
   due 2012               B1       Ba3     LGD2       27%

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-
umeric 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 Irvine, California, Epicor Software Corp.
-- http://www.epicor.com/www/-- is a provider of enterprise  
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in
Australia, Canada, China, Germany, Hong Kong, Indonesia, Italy,
Japan, Korea, Malaysia, Mexico, Singapore, Taiwan, and the
United Kingdom, among others.


GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan   
----------------------------------------------------------
Investor Kirk Kerkorian has ditched plans to raise his stake in
General Motors Corporation following the collapse of alliance
talks between GM and Renault-Nissan, BBC News Reports.

The three automakers had agreed to conduct a 90-day study of the
benefits of a possible alliance after Mr. Kerkorian, who owns a
9.9% stake in GM, broached the idea early this year.

According to BBC News, Mr. Kerkorian was displeased over GM's
termination of the negotiations prior to the end of the 90-day
period and without first obtaining an independent review from
its Board of Directors.  Sarah Karush at the Associated Press
reported last week that Mr. Kerkorian had considered increasing
his stake in GM by much as 12%.

GM ended negotiations after concluding that the alliance
framework required by Renault-Nissan would substantially
disadvantage GM shareholders.  GM also asked Renault and Nissan
to pay a premium as part of a potential alliance.  Renault-
Nissan was unwilling to pay for this premium saying that payment
for this additional compensation was contrary to the spirit of
any successful partnership.

Jerome York, Mr. Kerkorian's representative to GM, resigned from
the automaker's board after negotiations with Renault-Nissan
ended.  In a letter dated October 6 filed with the Securities
and Exchange Commission, Mr. York expressed his reservations
over the ability of GM's current business model to successfully
compete in the marketplace with Asian auto manufacturers.

GM, however, remains committed and focused in its turnaround
program.  The Company maintains that it is making real progress
in its efforts. According to GM, these actions are already
yielding significant improvement in its results including more
than $9 billion in yearly cost savings on a running rate basis
by the end of 2006, and record revenues in the first two
quarters of this year.

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 Brazil, 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.

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 $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 $4.5 billion being proposed by General Motors Corporation,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GENERAL MOTORS: Jerome York Resigns from Board of Directors
-----------------------------------------------------------
General Motors Corp. has received Jerome B. York's resignation
from the GM Board of Directors, effective Oct. 6, 2006.

Under the direction of the GM Board, the Company remains focused
on its North America turnaround, where GM is making real
progress, progress that is well ahead of what some skeptics
thought possible.  Over the past 12 months, GM has implemented
several fundamental moves -- in health care, manufacturing
capacity, hourly attrition, salaried and executive headcount and
benefits, asset sales and liquidity enhancements, acceleration
of key product launches, introduction of the industry's best
warranty, and completely revamping its marketing strategy.  
These actions are already yielding very significant and needed
improvement in our results -- more than US$9 billion in yearly
cost savings on a running rate basis by the end of 2006, and
record revenues in the first two quarters of this year, to name
but two significant ones.

General Motors is focused on several other key matters, as well:

   * the successful resolution of Delphi and closing the GMAC
     transaction in the fourth quarter;

   * on the acceleration of the GM Europe turnaround; and

   * continued profitable growth, especially in Asia and South
     America.

With respect to the comments on the Renault-Nissan alliance
study in Tracinda's 13D filing, the decision to end the equity
alliance discussions was unanimously approved by the GM Board,
which consists of 12 directors, 11 of whom are independent of
management.  The management of all three companies and receipt
of advice on the proposal by two prominent financial advisers
made this decision after a comprehensive process that included
joint synergy evaluation.

The GM Board concluded that the alliance framework required by
Renault-Nissan would substantially disadvantage GM shareholders.  
This structure included the potential joint projects, which GM
agreed could yield significant aggregate synergies, but which
were highly skewed to Renault-Nissan.  The structure also
included the requirement to sell a substantial equity stake in
GM at no premium, along with preferential rights, which could
have had the practical effect of foreclosing GM from entering
equity alliances with other OEMs.  Renault-Nissan made it clear
they were unwilling to pay any premium in any of these areas.

Through its support and actions, the GM Board has indicated the
best way to drive value is to continue to remain focused and
vigilant in the Company's stated turnaround program.

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 Brazil, 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.

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.  Moody's said the rating outlook is negative.


GERDAU SA: Denies Purchase Talks with Sicartsa
----------------------------------------------
Gerdau SA told news agency AE-Setorial that there are no
purchase negotiations between the company and Sicartsa, a
Mexican rebar producer owned by Grupo Villacero.

According to AE-Setorial, Frederico Gerdau Johannpeter -- the
vice president of Gerdau -- said, "If they [the Mexican company]
wanted to sell something, a bank would be offering the company."

Julio Villareal, the president of Grupo Villacero, told the
press that his company was negotiating with some firms,
including Gerdau, on a strategic alliance for Sicartsa.

Business News Americas notes that Mr. Villareal also mentioned
these firms as Sicartsa suitors:

          -- Arcelor Mittal,
          -- Nucor
          -- Commercial Metals, and
          -- Ternium.

"In this quarter, we should define the strategic alliance," Mr.
Villareal told the press.

When asked about a possible official offer for Sicartsa, Mr.
Johannpeter told AE-Setorial, "We have our doors opened, we
examine everything."

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

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

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

                        *    *    *

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

                        *    *    *

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


LG.PHILIPS: Court Approves Pepper Hamilton as Special Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Jeoffrey L. Burtch, Esq., the Chapter 7 trustee overseeing
the liquidation of LG.Philips Displays USA Inc., permission to
employ Pepper Hamilton LLP as his special counsel, nunc pro tunc
to May 26, 2006.

As reported on the Troubled Company Reporter on July 24, 2006,
the Trustee told the Court that when the case was converted to
chapter 7, a Motion for Rejection of Unexpired Leases and
Executory Contracts that the Debtor had previously filed was
still pending with respect to the proposed rejection of a group
of executory contracts among the Debtor, Delafoil Ohio, Inc.,
and various third parties.

Pepper Hamilton will represent the chapter 7 trustee him on all
matters relating to the Debtor's lease agreements with Delafoil
Ohio.

David B. Stratton, Esq., a partner at Pepper Hamilton, told the
Court that he and Adam Hiller, Esq., will primarily handle the
Debtor's case.  Mr. Stratton's billing rate is US$540 per hour
and Mr. Hiller's is US$350 per hour.

The Firm's other professionals likely to be engaged in the case
and their hourly rates are:

        Professional           Hourly Rate
        ------------           -----------
        Partners               US$320 - US$690
        Associates             US$210 - US$345
        Paraprofessionals       US$80 - US$190

Mr. Stratton disclosed that Pepper Hamilton holds a US$215,209
administrative claim against the Debtor's estate for services
and expenses incurred before and after the Debtor's bankruptcy
filing.  Mr. Stratton said that the Firm intends to apply
the US$264,587 retainer it received from the Debtor to its
administrative claim.  In addition, the Firm was holding
US$450,287 to fund severance and consulting obligations to the
Debtor's employees and affiliates in Mexico.

To the best of the Trustee's knowledge, Pepper Hamilton holds no
interest adverse to the Debtor or the Chapter 7 estate and is
disinterested as defined in Section 101(14) of the Bankruptcy
Code.

Headquartered in San Diego, California, LG.Philips Displays USA,
Inc., is an indirect American affiliate of LG.Philips Displays
Holding B.V.  The company manufactures cathode ray tubes that
are incorporated into television sets and computer monitors.  
The company filed for chapter 11 protection on Mar. 15, 2006
(Bankr. D. Del. Case No. 06-10245).  Adam Hiller, Esq., at
Pepper Hamilton LLP represents the Debtor in its restructuring
efforts.  Scott L. Hazan, Esq., at Otterbourg, Steindler,
Houston & Rosen, P.C., and Bonnie Glantz Fatell, Esq., at Blank
Rome LLP represented the Official Committee of Unsecured
Creditors.  The Court converted the Debtor's case to a chapter 7
liquidation on May 25, 2006.  Jeoffrey L. Burtch, Esq.,  serves
as the Debtor's chapter 7 trustee, and is represented by Cooch &
Taylor.  When the Debtor sought protection from its creditors,
it listed debts of more than US$100 million and assets between
US$50 to US$100 million.


PETROLEO BRASILEIRO: Asserts Interest in Producing Oil in Mexico
----------------------------------------------------------------
Mexico's president-elect, Felipe Calderon, and Petrobras'
President, Jose Sergio Gabrielli de Azevedo, discussed a few
possibilities to boost the Petroleo Brsileiro S.A. aka
Petrobras' activities in Mexico.

Mr. Gabrielli reasserted Petrobras' interest in working in
Mexico as a deepwater oil and gas producer, in addition to
developing projects outside of the country in partnership with
Pemex, the Mexican national oil company.  He considered the
meeting "quite positive."

The Brazilian company's operation in Mexico is currently limited
to a gas production service-rendering agreement, and to an
agreement of cooperation with the Mexican national oil company.

One of the themes that were discussed was deepwater oil
exploration and production, an activity Petrobras is a leader in
and in which it already performs in the American side of the
Gulf of Mexico, and in other countries. Pres. Calderon also
showed interest in getting to know the Brazilian experience in
using ethanol and biodiesel as fuels.

Mexico's president-elect also asked for details about the
current Brazilian oil industry legislation, regarding the impact
recent changes have had on Petrobras' activities and management,
as well as about several types of shared production agreements
practiced around the world.

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

                        *    *    *

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

                        *    *    *

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

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

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


SATELITES MEXICANOS: Can Hire Ordinary Course Professionals
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
granted authority to Satelites Mexicanos, S.A. de C.V., to
employ professionals to provide services in the ordinary course
of business.

The Court directed the Ordinary Course Professionals to serve on
the Office of the U.S. Trustee for Region 2 and the Debtor, and
file with the Court:

    (i) an affidavit certifying that the professional does not
        represent or hold any interest adverse to the Debtor or
        to the estate with respect to the matter on which it is
        to be employed; and

   (ii) a completed retention questionnaire.

On Sept. 22, 2006, 16 Ordinary Course Professionals filed
affidavits and completed questionnaires with the Court:

     1. Vinson & Elkins L.L.P.;
     2. Despacho Acuna Y Asociados, S.C.;
     3. Gerardo Ayala Aranda;
     4. Biaggi & Messina;
     5. Bufete Hernandez Romo;
     6. Bufete Yllanes Ramos, S.C.;
     7. Galaz, Yamazaki, Ruiz Urquiza, S.C.;
     8. Garcia & Bodan (Nicaragua);
     9. Jose Carlos de Magalhaes Advogados Associados;
    10. Rizo, Armida Y Asociados, S.C.;
    11. SCI, S.A. de C.V.;
    12. Thompson & Knight Abogados, S.C.;
    13. Tozzini, Freire, Teixeira e Silva Advogados;
    14. Villegas, Cassis Y Asociados, S.C.;
    15. Garcia Y Garcia Abogados; and
    16. Telecomm Strategies, Inc.

The Ordinary Course Professionals advise the Court that they may
have performed services in the past and may perform services in
the future to certain parties-in-interest on matters unrelated
to the Debtor's Chapter 11 case.  The firms, however, assured
the Court that they do not perform services for any parties in
connection with the Debtor's case.

Timothy F. Foarde, Esq., a partner at Vinson & Elkins, L.L.P.,
in New York, reports that the Debtor owes his firm US$32,073 for
services prior to the filing for chapter 11 protection.

Matthew S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,
informs the Court that the Debtor will employ two more Ordinary
Course Professionals:

    1. Chevez, Ruiz, Zamarrita y Cia., S.C., as Mexican Tax Law
       advisor; and

    2. Consultora Federal de Comunicaciones, as consultant on
       corporate affairs in Argentina.

As reported in the Troubled Company Reporter on Aug. 30, 2006
the Debtor proposes to pay each Ordinary Course Professional,
without a prior application to the Court, 100% of its fees and
disbursements incurred up to either:

    (a) US$50,000 per month; or
    (b) US$500,000 during the pendency of the Chapter 11 case.

Ordinary Course Professionals seeking more than US$50,000 in a
single month while the Debtor is in Chapter 11, or US$500,000
during the pendency of the Chapter 11 case will be required to
file a fee application for the full amount of their fees.

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

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

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

On August 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


STEELCASE INC: Declares US$0.12 Per Share Cash Dividend
-------------------------------------------------------
The Board of Directors of Steelcase Inc. today declared a
quarterly cash dividend of US$0.12 per share to be paid on or
before Oct. 23, 2006, to shareholders of record as of
Oct. 13, 2006.  This dividend rate is the highest since
Steelcase became publicly traded in 1998.

The Steelcase Board of Directors also approved an increase of
the company's share repurchase program by US$100 million.  This
increase is in addition to the approximately 2.2 million shares
remaining under previous authorizations.  Steelcase has
approximately 149 million shares outstanding.

"Steelcase has steadily strengthened its cash position while
continuing to make the necessary investment in our business,"
said James P. Hackett, president and CEO.  "We're confident we
have sufficient cash flows to invest in our growth strategies
while increasing our cash dividend and our share repurchase
program to return value to our shareholders."

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, 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.


TV AZTECA: Telemundo Counters Firm's Charges in US Federal Court
----------------------------------------------------------------
Telemundo has filed charges against TV Azteca in the US federal
court in Miami for the latter's wrongful use of force to halt
the production of the reality show "Quineanera" in Mexico,
Reuters reports.

As previously reported in the Troubled Company Reporter-Latin
America on Oct. 2, 2006, the production of Telmundo show
Quinceanera was stopped abruptly when a delegation from TV
Azteca de C.V. -- along with police officers, reporters,
cameramen, lawyers and security guards -- came into their
studio, accompanying a court clerk carrying a judge's order to
temporarily stop work and impound the equipment.  TV Azteca had
sued Nostromo Producciones and Alan Tacher Feingold -- the host
of Quinceanera -- in August for breach of contract, saying that
the two violated the February 2005 accords to work exclusively
for TV Azteca unless they obtain permission.  TV Azteca alleged
that Nostromo was producing La Academia -- TV Azteca's hit
talent reality show -- in 2005 when it abandoned the production
on Nov. 30.  Rival Telemundo said that it was not aware of the
lawsuit.  Telemundo, however, admitted that it knew of an
earlier similar suit TV Azteca had tried to file in Miami.

Telemundo filed a counterclaim, seeking unspecified damages for
wrongful use of force, Reuters states.  

TV Azteca is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito, an Internet portal for North
American Spanish speakers.

                        *    *    *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.


TV AZTECA: Won't Withdraw Suit to Shut Down Quinceanera Show
------------------------------------------------------------
TV Azteca is firm in its decision to halt the production of
Telemundo's Quinceanera reality show, as part of its legal
dispute with Nostromo production company and Alan Tacher, the
show's host, World Screen reports.

As previously reported in the Troubled Company Reporter-Latin
America on Oct. 2, 2006, the production of Telmundo show
Quinceanera was stopped abruptly when a delegation from TV
Azteca de C.V. -- along with police officers, reporters,
cameramen, lawyers and security guards -- came into their
studio, accompanying a court clerk carrying a judge's order to
temporarily stop work and impound the equipment.  TV Azteca had
sued Nostromo Producciones and Alan Tacher Feingold -- the host
of Quinceanera -- in August for breach of contract, saying that
the two violated the February 2005 accords to work exclusively
for TV Azteca unless they obtain permission.  TV Azteca alleged
that Nostromo was producing La Academia -- TV Azteca's hit
talent reality show -- in 2005 when it abandoned the production
on Nov. 30.  Rival Telemundo said that it was not aware of the
lawsuit.  Telemundo, however, admitted that it knew of an
earlier similar suit TV Azteca had tried to file in Miami.

According to a statement by Telemundo, TV Azteca has used
unjustified force and intimidation, which shuttered the
production of the show at Foros Ajusco.

TV Azteca said in a statement in September, "The process, a
common practice in both US and Mexico, was conducted in a
peaceful manner by the public authorities and in the presence of
legal teams representing Nostromo, Foros Ajusco and TV Azteca."

"The company reiterates that its decision to demand contract
fulfillment from Mr. Tacher and Nostromo is well within its
legal rights and includes an obligation to protect its
intellectual property and other rights.  Telemundo was aware of
Tacher and Nostromo's contractual obligations as detailed in a
July 28 letter from TV Azteca that was delivered to Telemundo.  
However, TV Azteca noted that these proceedings are not against
Telemundo.  Don Browne, president of Telemundo, confirmed the TV
Azteca position that there is no conflict between the companies
during a recent press conference in Mexico," a TV Azteca
statement says.

TV Azteca is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito, an Internet portal for North
American Spanish speakers.

                        *    *    *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.




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


PETROLEOS DE VENEZEULA: Sends Discounted Fuel to Nicaragua
----------------------------------------------------------
Petroleos de Venezuela SA, the state-run oil firm of Venezuela,
has fulfilled its promise of delivering discounted diesel fuel
to Nicaragua on Oct. 7, Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
Oct. 6, 2006, Dionision Marenco -- the mayor of Managua,
Nicaragua -- said that Petroleos de Venezuela SA would be
sending about 304,000 liters of diesel to Nicaragua on Oct. 7.   
Mayor Marenco said that the diesel would be apportioned among
three transportation cooperative groups based in Managua, in
possession of over 50% of public transportation vehicles in the
capital city.  The fuel would be sold at preferential prices, as
long as fares be lowered to US$0.14 from US$0.17.  As agreed,
Nicaragua would first pay 60% of the price for the diesel.  The
remaining 40% will be repaid within 25 years, at a 1% interest
rate.  It would have two years of grace.

The deal between Petroleos de Venezuela and the Nicaraguan
mayors gives Nicaraguan municipalities access to 10 million
barrels of oil or oil derivatives yearly at preferential terms,
Reuters says.

According to Reuters, Nicaragua has suffered an energy crisis
due to increasing world oil prices.  It has been experiencing
daily power cuts.

Mr. Ortega told Reuters that the fuel would go straight to a
power plant so that the country can start resolving this
problem.

Reuters relates that Venezuela's President Hugo Chavez sent the
diesel fuel to show his support for Daniel Ortega, Nicaragua's
leftist leader, before a Nov. 5 presidential election.

Critics told Reuters that President Chavez was trying to
influence Nicaragua's electorate behind Mr. Ortega with the oil
deal.  He also sent cheap fertilizer to Sandinista-affiliated
cooperatives.

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.




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


CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility
----------------------------------------------------------------
Chiquita Brands International, Inc., and Chiquita Brands LLC,
its main operating subsidiary, entered into Waiver Letter No. 1
with the lenders under the credit agreement dated as of
June 28, 2005, on Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

Chiquita sought to obtain a waiver from its lenders to provide
additional flexibility in light of the current challenging
market environment facing the Company.  The Company will
evaluate and seek a more permanent waiver or amendment during
the term of the temporary waiver.

A full-text copy of Waiver Letter No. 1 to the Credit Agreement,
among Chiquita and certain financial institutions as lenders,
and Wachovia Bank, National Association, as administrative
agent, is available for free at
http://researcharchives.com/t/s?1323

                       About Chiquita

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
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 followed 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.

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

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




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


BURGER KING: Repays Additional US$35 Million in Debt
----------------------------------------------------
Burger King Holdings Inc. has retired an additional US$35
million in debt, using cash generated from operations.  Since
the company's IPO on May 18, the company has retired a total of
US$435 million in debt, reducing its debt level by more than
30%.

On May 26, approximately US$350 million of the US$392 million in
net proceeds raised in the IPO was used to retire debt.  On
Monday, July 31, the company retired an additional US$50 million
in debt, also using cash generated from operations.

Chief Financial Officer Ben Wells said, "Our operational cash
flow continues to be strong and has enabled us to pay down US$85
million in debt during the first four months of our 2007 fiscal
year.  This reduced debt level strengthens our balance sheet and
gives us greater flexibility in financial markets.  
Additionally, our deleveraging will increase cash flow for
investment spending, which, in the long term, will benefit our
shareholders and investors."

                      About Burger King

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--   
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide.
Approximately 90% of BURGER KING restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *    *    *

As reported in the Troubled Company Reporter on June 23, 2006,
Fitch assigned initial ratings for Burger King Corp., the
world's second largest fast food hamburger restaurant chain.
Fitch assigned the Company its 'B+' Issuer Default Rating.
Fitch also rated the Company's US$150 million revolving credit
facility maturing June 2011; and US$967 million aggregate
remaining term loan A and B outstandings maturing June 2011 and
June 2012, respectively, at 'BB/RR2'.  Fitch said that the
Outlook on all Ratings is Positive.

                        *    *    *

On Sept. 8, 2006, Standard & Poor's Ratings Services raised the
corporate credit and senior secured debt ratings on Miami-based
quick-service operator Burger King Corp. to 'BB-' from 'B+'.


ELBA RODRIGUEZ: Case Summary & Seven Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Elba Rivera Rodriguez
        P.O. Box 52106
        Toa Baja, PR 00950

Bankruptcy Case No.: 06-03755

Type of Business: The Debtor is a shareholder of Boulevard
                  Pharmacy Corp., which filed for chapter 11
                  protection on December 14, 2005 (Bankr. D.
                  P.R. Case No. 05-13064).

Chapter 11 Petition Date: October 5, 2006

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  Winston Vidal Law Office
                  P.O. Box 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114

Total Assets:   US$109,629

Total Debts:  US$1,477,200

Debtor's Seven Largest Unsecured Creditors:

  Entity                          Nature of Claim   Claim Amount
  ------                          ---------------   ------------
Banco Popular de Puerto Rico       Bank Loan        US$1,356,572
Division Department de Quiebras
P.O. Box 362708
San Juan, PR 00936-2708

Luis Ernesto Franco                Trade Debt          US$66,300
P.O. Box 192201
San Juan, PR 00919

Cooperativa Ahorro y               Bank Loan           US$20,825
Credito de Arecibo
P.O. Box 1056
Arecibo, PR 00613-1056

Banco Santander Puerto Rico        Bank Loan           US$17,693
P.O. Box 362589
San Juan, PR 00936-2589

Cooperativa Ahorro y               Bank Loan            US$9,266
Credito Pepiniana
P.O. Box 572
San Sebastian, PR 00685

Citi Card                          Trade Debt           US$1,281

Jose A. Torres Ortiz               Trade Debt               US$1


OCA INC: Iowa Unit Files Schedules of Assets & Liabilities
----------------------------------------------------------
Orthodontic Centers of Iowa, Inc., OCA Inc.'s debtor-affiliate,
delivered its schedules of assets and liabilities to the U.S.
Bankruptcy Court for the Eastern District of Louisiana,
disclosing:

     Name of Schedule              Assets           Liabilities
     ----------------              ------           -----------
  A. Real Property              
  B. Personal Property            US$132,033
  C. Property Claimed
     as Exempt
  D. Creditors Holding                             US$92,225,022
     Secured Claims                                
  E. Creditors Holding
     Unsecured Priority Claims                          US$1,935
  F. Creditors Holding                                 US$15,606
     Unsecured Nonpriority
     Claims
                                  --------          -----------
     Total                        US$132,033       US$92,242,563

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  Three debtor-affiliates also filed for bankruptcy
protection on June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).
William H. Patrick, III, Esq., at Heller Draper Hayden Patrick &
Horn, LLC, represents the Debtors.  Patrick S. Garrity, Esq.,
and William E. Steffes, Esq., at Steffes Vingiello & McKenzie
LLC represent the Official Committee of Unsecured Creditors.  
Carmen H. Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B.
Cheatham, Esq., at Adams and Reese LLP represent the Official
Committee of Equity Security Holders.  When the Debtors filed
for protection from their creditors, they listed US$545,220,000
in total assets and US$196,337,000 in total debts.




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


PEABODY ENERGY: Moody's Rates US$900 Million Senior Notes at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corp.'s proposed US$900 million senior notes
issue.  At the same time Moody's affirmed Peabody's Ba1
corporate family rating and the Ba1 senior unsecured rating on
its existing notes.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of Ba1, and a loss given default of LGD 4 for the senior
unsecured notes.  Moody's also affirmed Peabody's SGL-1
Speculative Grade Liquidity rating.  The rating outlook remains
negative.

The proceeds of the US$900 million senior notes, along with
drawings under the revolver and term loan, are being used to
fund Peabody's acquisition of Australian coal miner, Excel
Corporation, for US$1.9 billion, including assumption of debt
and fees.

The Ba1 corporate family rating reflects Peabody's

   1) currently low leverage ratio and good earnings ratios,

   2) diversified low-cost operations,

   3) extensive and geographically diversified reserves of high
      quality coal,

   4) strong management, and

   5) portfolio of long-term coal supply agreements with a large
      number of electricity generation customers.

However, the rating also reflects the US$1.9 billion increase in
debt to be incurred to fund the Excel acquisition, which will
increase the company's pro forma June 30, 2006 debt to EBITDA
ratio to 3.2x from 2.1x based on an annualization of Excel's
most recent six month EBITDA. The rating also considers the
volatile nature of the coal mining business, and operating and
development cost pressures that could constrain Peabody's free
cash flow.

Moody's last rating action on Peabody was in September 2006 when
it assigned a Ba1 senior unsecured rating to the revolver and
term loan A, and raised the senior unsecured rating to Ba1.

Peabody Energy Corp., headquartered in St. Louis, Missouri, is
the world's largest private-sector coal company with revenues in
2005 of US$4.6 billion.


PETROLEOS DE VENEZUELA: Halts Gasoline Export to Cuba & the U.S.
----------------------------------------------------------------
Due to continuing refinery problems, Venezuela's state-owned oil
firm Petroleos de Venezuela S.A., suspended its gasoline exports
to Cuba and the United States for the month of October,
operators and ship agents told Reuters.

Reports say Petroleos de Venezuela encountered electrical
problems in its 54,000 bpd catalytic cracker in the El Palito
refinery and operational problems in its Puerto La Cruz
refinery.  

"We are expecting close to zero exports from Venezuela this
month," a term buyer told Reuters.  "It is not surprising that
there would be no gasoline exports in October because the export
flow has been slowing down in the past few months."

Meanwhile, shipments to small gasoline cargoes from Curacao to
the Dominican Republic, Haiti and Jamaica will continue, a ship
broker told Reuters.

Venezuela exported in July around 51,000 bpd of gasoline to the
US, which was in need of about nine million bpd.  The country
also exports four cargoes of gasoline to Cuba on a monthly
basis.

"It is not surprising to hear about the export problems after
PDVSA bought gasoline in the open market late last week," an oil
trader told Reuters, referring to the 300,000 barrels of
gasoline that Petroleos de Venezuela bought from BP Plc to make
up for its mid-October lifting.

The suspended shipment of gasoline to Cuba was confirmed by a
source close to Petroleos de Venezuela, however, the reported
stoppage of shipment to the US was refuted by a company
statement from Asdrubal Chavez, the executive marketing director
of the state firm, Bloomberg reports.

Mr. Chavez said in a statement, "The shutdowns in our refinery
circuit haven't affected deliveries to our clients."

Bloomberg underscores that Petroleos de Venezuela will restart
operations of its El Palito catalytic cracker, which makes
gasoline components, within days.  

The refinery outages have increased since a 2002-2003 protest
aimed at ousting President Hugo Chavez that resulted to
Petroleos de Venezuela to dismiss more than half of its workers,
former managers of Petroleos de Venezuela told Bloomberg.  

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.


* LatinFinance Ranks LatAm Countries According to Sustainability
----------------------------------------------------------------
Brazil is Latin America's leader in corporate governance due to
a strong private sector and recent laws for shareholder rights,
although it is still weak in corruption, education and GDP per
capita, among other areas.  Chile scores best overall except
under environmental performance and Argentina compensates weak
economic data with strengths in educational and social
performance.  These are among the results of the 2006 edition of
the annual study and ranking of Latin America's most sustainable
nations, covering over 50 areas of mainly public sector
performance released by the Madrid-based sustainability rating
agency Management & Excellence and LatinFinance in Miami.

The ranking is the only one of its kind assessing economic,
political, social, corruption, environmental and legal data of
eight of Latin America's largest countries.

Among the surprises is Argentina's overall performance, passing
Mexico despite its high debt.  Argentina benefits not only from
the best educational performance, but from good numbers in human
rights, political liberties, life expectancy and quality of
life.

    POSITION      COUNTRY          SCORE

    1             Chile            69%
    2             Argentina        55%
    3             Mexico           53%
    4             Venezuela        49%
    5             Brazil           48%
    5             Colombia         48%
    7             Ecuador          35%
    8             Peru             31%

Chile is best in most areas, with the lowest corruption, best
economic data, lowest poverty levels and low human rights
abuses, but highest pollution.  Mexico slipped behind Argentina
this year despite having the best economic numbers and ambitious
reforms in corporate governance, due to weaknesses in education
and corruption.

Brazil did not benefit very much from its strong private sector
in this study of mainly public performance data.  Its literacy
and GDP per capita, for example, are among the lowest in the
study.

Venezuela benefited in some of its key economic numbers from
high oil prices and relatively low corruption perception while
Colombia improved its performance in corruption, thus putting it
in 5th place with Brazil.


* BOND PRICING: For the week of October 2 -- October 6, 2006
------------------------------------------------------------

Issuer                               Coupon   Maturity  Price
------                               ------   --------  -----
ABC Rail Product                     10.500%  01/15/04     1
ABC Rail Product                     10.500%  12/31/04     1
Adelphia Comm.                        3.250%  05/01/21     0
Adelphia Comm.                        6.000%  02/15/06     1
Adelphia Comm.                        7.500%  01/15/04    63
Adelphia Comm.                        7.750%  01/15/09    65
Adelphia Comm.                        7.875%  05/01/09    65
Adelphia Comm.                        8.125%  07/15/03    66
Adelphia Comm.                        8.375%  02/01/08    66
Adelphia Comm.                        9.250%  10/01/02    61
Adelphia Comm.                        9.375%  11/15/09    69
Adelphia Comm.                        9.500%  02/15/04    63
Adelphia Comm.                        9.875%  03/01/05    65
Adelphia Comm.                        9.875%  03/01/07    65
Adelphia Comm.                       10.250%  06/15/11    70
Adelphia Comm.                       10.250%  11/01/06    63
Adelphia Comm.                       10.500%  07/15/04    65
Adelphia Comm.                       10.875%  10/01/10    66
Allegiance Tel.                      11.750%  02/15/08    47
Allegiance Tel.                      12.875%  05/15/08    48
Amer & Forgn Pwr                      5.000%  03/01/30    67
Amer Color Graph                     10.000%  06/15/10    69
Antigenics                            5.250%  02/01/25    64
Anvil Knitwear                       10.875%  03/15/07    72
Archibald Candy                      10.000%  11/01/07     0
Armstrong World                       6.350%  08/15/03    68
Armstrong World                       6.500%  08/15/05    68
Armstrong World                       7.450%  05/15/29    66
Armstrong World                       9.000%  06/15/04    66
ATA Holdings                         13.000%  02/01/09     4
Autocam Corp.                        10.875%  06/15/14    62
Avado Brands Inc                     11.750%  06/15/09     1
Bank New England                      8.750%  04/01/99     5
Bank New England                      9.500%  02/15/96    13
BBN Corp                              6.000%  04/01/12     0
Burlington North                      3.200%  01/01/45    58
Calpine Corp                          4.750%  11/15/23    48
Calpine Corp                          6.000%  09/30/14    39
Calpine Corp                          7.625%  04/15/06    72
Calpine Corp                          7.750%  04/15/09    72
Calpine Corp                          7.750%  06/01/15    37
Calpine Corp                          7.875%  04/01/08    72
Calpine Corp                          8.500%  02/15/11    49
Calpine Corp                          8.625%  08/15/10    48
Calpine Corp                          8.750%  07/15/07    73
Calpine Corp                         10.500%  05/15/06    72
Cell Therapeutic                      5.750%  06/15/08    70
Charter Comm Hld                     10.000%  05/15/11    75
Chic East Ill RR                      5.000%  01/01/54    56
CIH                                   9.920%  04/01/14    70
CIH                                  10.000%  05/15/14    69
CIH                                  11.125%  01/15/14    71
Clark Material                       10.750%  11/15/06     0
Collins & Aikman                     10.750%  12/31/11     3
Columbia/HCA                          7.050%  12/01/27    72
Columbia/HCA                          7.500%  11/15/95    72
Comcast Corp                          2.000%  10/15/29    41
Comprehens Care                       7.500%  04/15/10    65
Cooper Standard                       8.375%  12/15/14    74
Cray Research                         6.125%  02/01/11     5
Dal-Dflt09/05                         9.000%  05/15/16    31
Dana Corp                             5.850%  01/15/15    65
Dana Corp                             6.500%  03/01/09    71
Dana Corp                             6.500%  03/15/08    72
Dana Corp                             7.000%  03/01/29    69
Dana Corp                             7.000%  03/15/28    69
Dana Corp                             9.000%  08/15/11    69
Dana Corp                            10.125%  03/15/10    72
Delco Remy Intl                       9.375%  04/15/12    42
Delco Remy Intl                      11.000%  05/01/09    52
Delphi Trust II                       6.197%  11/15/33    70
Delta Air Lines                       2.875%  02/18/24    30
Delta Air Lines                       7.700%  12/15/05    29
Delta Air Lines                       7.900%  12/15/09    30
Delta Air Lines                       8.000%  06/03/23    31
Delta Air Lines                       8.300%  12/15/29    31
Delta Air Lines                       9.250%  03/15/22    31
Delta Air Lines                       9.250%  12/27/07    29
Delta Air Lines                       9.750%  05/15/21    31
Delta Air Lines                      10.000%  06/01/08    56
Delta Air Lines                      10.000%  06/05/13    74
Delta Air Lines                      10.000%  08/15/08    32
Delta Air Lines                      10.060%  01/02/16    73
Delta Air Lines                      10.080%  06/16/07    65
Delta Air Lines                      10.125%  05/15/10    29
Delta Air Lines                      10.375%  02/01/11    30
Delta Air Lines                      10.375%  12/15/22    29
Deutsche Bank NY                      8.500%  11/15/16    72
Diamond Triumph                       9.250%  04/01/08    71
Diva Systems                         12.625%  03/01/08     1
Dov Pharmaceutic                      2.500%  01/15/25    57
Dura Operating                        8.625%  04/15/12    38
Dura Operating                        9.000%  05/01/09     4
Duty Free Int'l                       7.000%  01/15/04     0
DVI Inc                               9.875%  02/01/04     8
Dyersburg Corp                        9.750%  09/01/07     0
Eagle-Picher Inc                      9.750%  09/01/13    74
Empire Gas Corp                       9.000%  12/31/07     1
Encysive Pharmac                      2.500%  03/15/12    73
Epix Medical Inc.                     3.000%  06/15/24    70
Exodus Comm Inc                      10.750%  12/12/09     0
Exodus Comm Inc                      11.625%  07/15/10     0
Fedders North AM                      9.875%  03/01/14    66
Federal-Mogul Co.                     7.375%  01/15/06    57
Federal-Mogul Co.                     7.500%  01/15/09    58
Federal-Mogul Co.                     8.160%  03/06/03    50
Federal-Mogul Co.                     8.330%  11/15/01    58
Federal-Mogul Co.                     8.370%  11/15/01    53
Federal-Mogul Co.                     8.800%  04/15/07    59
Finova Group                          7.500%  11/15/09    29
Ford Motor Co                         6.500%  08/01/18    75
Ford Motor Co                         6.625%  02/15/28    74
Ford Motor Co                         7.125%  11/15/25    75
Ford Motor Co                         7.400%  11/01/46    73
Ford Motor Co                         7.500%  08/01/26    75
Ford Motor Co                         7.700%  05/15/97    72
Ford Motor Co                         7.750%  06/15/43    74
GB Property Fndg                     11.000%  09/29/05    51
Golden Books Pub                     10.750%  12/31/04     0
Graftech Intl                         1.625%  01/15/24    73
GST Network Fndg                     10.500%  05/01/08     0
Gulf Mobile Ohio                      5.000%  12/01/56    75
Gulf States Stl                      13.500%  04/15/03     0
HNG Internorth                        9.625%  03/15/06    38
Home Prod Intl                        9.625%  05/15/08    60
Inland Fiber                          9.625%  11/15/07    65
Insight Health                        9.875%  11/01/11    31
Iridium LLC/CAP                      10.875%  07/15/05    25
Iridium LLC/CAP                      11.250%  07/15/05    27
Iridium LLC/CAP                      13.000%  07/15/05    29
Iridium LLC/CAP                      14.000%  07/15/05    25
Isolagen Inc.                         3.500%  11/01/24    74
JTS Corp                              5.250%  04/29/02     0
K&F Industries                        9.625%  12/15/10    70
Kaiser Aluminum                       9.875%  02/15/02    33
Kaiser Aluminum                      12.750%  02/01/03     9
Kellstrom Inds                        5.500%  06/15/03     0
Kmart Corp                            8.540%  01/02/15    28
Kmart Corp                            8.990%  07/05/10     4
Kmart Corp                            9.350%  01/02/20    10
Kmart Funding                         8.800%  07/01/10    30
Kmart Funding                         9.440%  07/01/18    18
Liberty Media                         3.750%  02/15/30    60
Liberty Media                         4.000%  11/15/29    67
Lifecare Holding                      9.250%  08/15/13    71
Macsaver Financl                      7.400%  02/15/02     4
Macsaver Financl                      7.600%  08/01/07     3
Macsaver Financl                      7.875%  08/01/03     0
Merisant Co                           9.500%  07/15/13    64
Movie Gallery                        11.000%  05/01/12    66
MSX Int'l Inc.                       11.375%  01/15/08    70
Muzak LLC                             9.875%  03/15/09    64
New Orl Grt N RR                      5.000%  07/01/32    69
Northern Pacific RY                   3.000%  01/01/47    58
Northern Pacific RY                   3.000%  01/01/47    58
Northwest Airlines                    6.625%  05/15/23    55
Northwest Airlines                    7.248%  01/02/12    20
Northwest Airlines                    7.625%  11/15/23    56
Northwest Airlines                    7.875%  03/15/08    53
Northwest Airlines                    8.700%  03/15/07    54
Northwest Airlines                    8.875%  06/01/06    54
Northwest Airlines                    9.152%  04/01/10     7
Northwest Airlines                    9.179%  04/01/10    23
Northwest Airlines                    9.875%  03/15/07    58
Northwest Airlines                   10.000%  02/01/09    56
NTK Holdings Inc                     10.750%  03/01/14    70
Nutritional Src                      10.125%  08/01/09    66
Oakwood Homes                         7.875%  03/01/04     9
Oakwood Homes                         8.125%  03/01/09     5
Oscient Pharm                         3.500%  04/15/11    67
OSU-DFLT10/05                        13.375%  10/15/09     0
Outboard Marine                       9.125%  04/15/17     0
Outboard Marine                      10.750%  06/01/08     4
Overstock.com                         3.750%  12/01/11    74
Owens Corning                         7.000%  03/15/09    52
Owens Corning                         7.500%  05/01/05    53
Owens Corning                         7.500%  08/01/18    53
Owens Corning                         7.700%  05/01/08    53
Owens-Corning Fiber                   8.875%  06/01/02    48
Pac-West-Tender                      13.500%  02/01/09    65
PCA LLC/PCA Fin                      11.875%  08/01/09    25
Pegasus Satellite                     9.625%  10/15/49    11
Pegasus Satellite                     9.750%  12/01/06    11
Pegasus Satellite                    12.375%  08/01/06    11
Pegasus Satellite                    13.500%  03/01/07     0
Phar-mor Inc                         11.720%  09/11/02     0
Piedmont Aviat                       10.250%  01/15/49     1
Piedmont Aviat                       10.250%  01/15/49     3
Pixelworks Inc                        1.750%  05/15/24    71
Plainwell Inc                        11.000%  03/01/08     2
Pliant Corp                          13.000%  07/15/10    40
Primus Telecom                        3.750%  09/15/10    47
Primus Telecom                        8.000%  01/15/14    62
PSINET Inc                           10.500%  12/01/06     0
PSINET Inc                           11.000%  08/01/09     0
Radnor Holdings                      11.000%  03/15/10    12
Railworks Corp                       11.500%  04/15/09     1
Read-Rite Corp.                       6.500%  09/01/04     6
Rite Aid Corp                         6.875%  12/15/28    73
RJ Tower Corp.                       12.000%  06/01/13    20
Rotech HealthCare                     9.500%  04/01/12    70
Salton Inc                           12.250%  04/15/08    70
Solectron Corp                        0.500%  02/15/34    73
Toys R Us                             7.375%  10/15/18    72
Tribune Co                            2.000%  05/15/29    65
Triton Pcs Inc.                       8.750%  11/15/11    73
Tropical Sportsw                     11.000%  06/15/08     7
United Air Lines                      7.270%  01/30/13    56
United Air Lines                      7.870%  01/30/19    54
United Air Lines                      8.700%  10/07/08    39
United Air Lines                      9.020%  04/19/12    56
United Air Lines                      9.200%  03/22/08    49
United Air Lines                      9.350%  04/07/16    33
United Air Lines                      9.560%  10/19/18    61
United Air Lines                     10.020%  03/22/14    49
United Air Lines                     10.110%  01/05/06     3
United Air Lines                     10.110%  02/19/49    41
US Air Inc.                          10.700%  01/01/49    22
US Air Inc.                          10.700%  01/15/49    23
US Air Inc.                          10.750%  01/01/49     0
US Air Inc.                          10.750%  01/15/49    24
USAutos Trust                         5.100%  03/03/11    75
Venture Holdings                      9.500%  07/01/05     1
Venture Holdings                     11.000%  06/01/07     0
Vesta Insurance Group                 8.750%  07/15/25     9
Werner Holdings                      10.000%  11/15/07    10
Westpoint Steven                      7.875%  06/15/05     0
Westpoint Steven                      7.875%  06/15/08     0
Wheeling-Pitt St                      6.000%  08/01/10    70
Winn-Dixie Store                      8.875%  04/01/08    66
Winstar Comm Inc                     12.750%  04/15/10     0


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, and Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at 240/629-
3300.


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