TCRLA_Public/061012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, October 12, 2006, Vol. 7, Issue 203

                          Headlines

A R G E N T I N A

AGUAS ARGENTINA: Cop Asks for Suez to Leave in Fair Conditions
BANCO HIPOTECARIO: S&P LatAm Lifts Long Term Credit Rating to B+
BANCO PATAGONIA: S&P LatAm Raises Long Term Credit Rating to B+
CAJA DE VALORES: S&P LatAm Ups Long Term Credit Rating to B+
DELMADERA SA: Trustee Verifies Proofs of Claim Until Dec. 18

FIDEICOMISO FINANCIERO AVAL: Moody's Rates Debt Securities at B2
LUIS JOSE: Claims Verification Deadline Is Set for Oct. 27
RAMJET SRL: Verification of Proofs of Claim Is Until Oct. 18
SONFA SA: Deadline for Verification of Claims Is on Dec. 1
TEXTIL KOVIC: Seeks for Court Approval to Reorganize Business

B A H A M A S

COMPLETE RETREATS: Private Retreats Files Schedules
COMPLETE RETREATS: Distinctive Retreats Files Schedules
ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project
WINN-DIXIE: Major Creditors Approve Reorganization Plan
WINN-DIXIE: Says 17 Claimants Do Not Have Valid Claims to Vote

B E R M U D A

ALEA GROUP: Unit Inks Finance & Accounting Pact with Cambridge
FOSTER WHEELER: Enters Into Employee Amendment with 3 Executives
REFCO: Files Amended Plan and Disclosure Statement in New York
RENAISSANCE CAPITAL: Moody's Assigns Ba3 Issuer Ratings

B O L I V I A

GRAVETAL BOLIVIA: Moody's Affirms B3 Local Currency Rating

B R A Z I L

BANCO ITAU: Signs Up for Banco24Horas
BANCO NACIONAL: Grants BRL15-Mil. Financing to Editora Positivo
BANCO NACIONAL: Approves BRL2.1-Bil. Loan to Brasil Telecom
BANCO NACIONAL: Mulls US$3-Bil. Funding for Argentine Projects
BANCO PINE: Moody's Assigns D- Bank Financial Strength Rating

BRASIL TELECOM: Secures BRL2.1-Billion Loan from BNDES
COMPANHIA PARANAENSE: Raises BRL600 Million from Sale of Bonds
COMPANHIA DE SANEAMENTO: S&P Rates US$250 Mil. Sr. Notes at BB-
PETROLEO BRASILEIRO: In Talks to Buy Exxon's Okinawa Plant
SANTANDER BANESPA: Launches Dose Dupla Home Insurance Policy

USINAS SIDERURGICAS: Companhia Siderurgica to Sell Stake in Firm

C A Y M A N   I S L A N D S

ALNAMI INVESTMENTS: Last Shareholders Meeting Is on Nov. 2
AOTEAROA ENTERPRISES: Proofs of Claim Filing Is Until Nov. 3
JADE CAPITAL: Shareholders Convene for Final Meeting on Nov. 2
KIMCO CAYMAN: Proofs of Claim Filing Deadline Is on Nov. 3
MANHATTAN HORIZON: Last Shareholders Meeting Is Set for Nov. 2

NESS DISPLAY: Last Day to File Proofs of Claim Is on Nov. 3
ORION CO: Deadline for Proofs of Claim Filing Is Set for Nov. 3
PETERMAN PROPERTIES: Final Shareholders Meeting Is on Nov. 2
ROSSEAU HOLDINGS: Creditors Must File Proofs of Claim by Nov. 3
SEA FUNDING: Final Shareholders Meeting Is Set for Nov. 2

SEAGATE: Names Brian Dexheimer Chief Sales & Marketing Officer

C H I L E

BLOCKBUSTER INC: Moody's Assigns Loss-Given-Default Ratings
SHAW GROUP: Unit Prices JPY128.98 Billion Limited-Recourse Bonds

C O L O M B I A

BBVA COLOMBIA: Issues COP132 Billion Subordinated Bonds
ECOPETROL: Awards Sulfur Reduction Consultancy Project to Tehnip

C O S T A   R I C A

ARMSTRONG WORLD: Declares Expected Distributions to Creditors

C U B A

* CUBA: US to Sanction Violators of Trade Ban on Nation

D O M I N I C A

* DOMINICA: IMF Says Macroeconomic Performance Improved in 2006

E C U A D O R

PETROECUADOR: Moves Amazon Blocks Bid Submission Deadline

M E X I C O

CINEMARK: Century Acquisition Closing Cues S&P to Cut Ratings
DESARROLLADORA HOMEX: Names Rafael Matute to Board of Directors
DIRECTV INC: To Deliver Local HD Programming in 67 Markets
FORD MOTOR: Could be Next in Renault-Nissan's Quest for Alliance
MERIDIAN AUTOMOTIVE: Files Revised 4th Amended Plan in Delaware

NEWPARK RESOURCES: Restates Financial Results for 2003 to 2005
OPEN TEXT: Discloses Web Content Management Strategy with RedDot
UNIVISION COMMUNICATIONS: Grupo Television Selling 11% Stake

P A R A G U A Y

* PARAGUAY: To Receive US$650 Million in Remittances in 2006

P E R U

* PERU: Achuar Tribe Takes Over Oil Facility in Protest
* PERU: Reaffirms Commitment to Expand Free Trade with the US

P U E R T O   R I C O

ADELPHIA: Panel Balks at Noteholders' Plea to Unseal Record
ADELPHIA: Parties Balk at Bank Lenders' Case Conversion Plea
BCBG MAX: Moody's Assigns Loss-Given-Default Ratings
RENT-A-CENTER: High Debt Leverage Cues S&P to Lower Rating to BB

T R I N I D A D   &   T O B A G O

CADMUS COMMS: Moody's Affirms Ba3 Corporate Family Rating

V E N E Z U E L A

PEABODY ENERGY: Court Gives Final Approval on Excel Coal Buy
PETROLEOS DE VENEZUELA: Inks Joint Venture Pacts with Two Firms
UNIVERSAL COMPRESSION: Updates 3rd Quarter Guidance & Operations

* VENEZUELA: KfW Bankengruppe Mulls Higher Investments in Nation
* VENEZUELA: May Bill Firms US$326MM on Unpaid 2005 Taxes
* OPEC Crude Production Up 40,000 Barrels Per Day in September
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


AGUAS ARGENTINA: Cop Asks for Suez to Leave in Fair Conditions
--------------------------------------------------------------
Jean-Franois Cop, the budget minister of France, called for fair conditions
regarding the withdrawal of Suez SA -- the controlling firm of Aguas
Argentinas -- from Argentina, according to reports from the Buenos Aires
press.

Business News Americas relates that the relationship between Argentina and
France became somewhat strained during the lowest point of the negotiations
between Suez and Argentina regarding the future of Aguas Argentinas.

The report says that Minister Cop met with Argentine President Nestor
Kirchner and cabinet chief Alberto Fernandez to discuss the Aguas Argentinas
conflict and the Argentine debt to the Paris Club.  These are the two main
topics on the bilateral agenda of the two nations.

Minister Cop told news agency Tlam, "We spoke freely and I told President
Kirchner of our wish for the company to be able to leave the country under
fair conditions.  It is a good company; an emblematic company in our
country."

AYSA, a state-owned company that replaced Aguas Argentinas after the
latter's contract to Buenos Aires was revoked, said in a report that AYSA
must pay ARS2.82 billion, the investment needed to solve the problems with
water pressure and to replace pipes, BNamericas notes.

As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2006,
lenders of Aguas Argentinas SA sued Suez and Spanish affiliate Sociedad
General de Aguas de Barcelona SA before a federal court in Manhattan for
allegedly taking out hundreds of millions of dollars from Aguas Argentinas.
The complainants are seeking at least US$135 million in compensatory damages
and additional punitive damages.

However, Aguas Argentinas is demanding US$1.7 billion in compensation from
the Argentine government.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2006, Aguas Argentinas planned to seek compensation for damage that
it claims the Argentine authorities caused to the firm.  Aguas Argentinas
would also demand the repayment of its ARS144 million concession contract
guarantee.  The company said the government confiscated its assets when its
concession contract was cancelled in March.

The International Center for Settlement of Investment Disputes will evaluate
Aguas Argentina's demands, BNamericas states.

As previously reported, Aguas Argentinas stopped being Buenos
Aires' water and sewerage utility when its contract with Buenos
Aires was revoked on March 21, 2006.  It was replaced by AySA, a
state-run company.  The concessionaire's contract was rescinded
after negotiations to sell the company collapsed.

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

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


BANCO HIPOTECARIO: S&P LatAm Lifts Long Term Credit Rating to B+
----------------------------------------------------------------
After upgrading Argentina's rating, Standard & Poor's has increased the rate
given to the long-term credit of Banco Hipotecario to B+ from B.

The increase responds to the reduction on the level of debt, which made the
agency increased the rate given to the Argentine debt from B to B+.


BANCO PATAGONIA: S&P LatAm Raises Long Term Credit Rating to B+
---------------------------------------------------------------
After upgrading Argentina's rating, Standard & Poor's has increased the rate
given to the long term credit of Banco Patagonia to B+ from B.

The increase responds to the reduction on the level of debt, which made the
agency increased the rate given to the Argentine debt from B to B+.


CAJA DE VALORES: S&P LatAm Ups Long Term Credit Rating to B+
------------------------------------------------------------
After upgrading Argentina's rating, Standard & Poor's has increased the rate
given to the long term credit of Caja de Valores from BB-/B to B+/B.

The increase responds to the reduction on the level of debt, which made the
agency increased the rate given to the Argentine debt from B to B+.


DELMADERA SA: Trustee Verifies Proofs of Claim Until Dec. 18
------------------------------------------------------------
Stella Lia Alvarez, the court-appointed trustee for Delmadera S.A.'s
bankruptcy case, verifies creditors' proofs of claim until Dec. 18, 2006.

Under the Argentine bankruptcy law, Ms. Alvarez is required to present the
validated claims in court as individual reports.  Court No. 12 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
Delmadera and its creditors.

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

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

Delmadera was forced into bankruptcy at the request of Juan Cambariere, whom
it owes US$21,700.

Clerk No. 24 assists the court in the proceeding.

The debtor can be reached at:

          Delmadera S.A.
          California 645
          Buenos Aires, Argentina

The trustee can be reached at:

          Stella Lia Alvarez
          Cerrito 146
          Buenos Aires, Argentina


FIDEICOMISO FINANCIERO AVAL: Moody's Rates Debt Securities at B2
----------------------------------------------------------------
Moody's Latin America has assigned a rating of A1.ar (Argentine National
Scale) and of B2 (Global Scale, Local Currency) to the debt securities of
Fideicomiso Financiero Aval Rural III issued by Banco de Valores S.A. --
acting solely in its capacity as Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange signed by
agricultural producers in Argentina.  The bills of exchange are guaranteed
by Aval Rural S.G.R., which is a financial guarantor in Argentina.  Aval
Rural has a rating of A1.ar (Argentine National Scale) and of B2 (Global
Scale, Local Currency).

The rating assigned to this transaction is primarily based on the rating of
Aval Rural.  Therefore, any future change in the rating of the guarantor may
lead to a change in the rating assigned to this transaction.

Structure

Banco de Valores S.A. issued one class of debt securities denominated in US
dollars.  The rated securities will bear a 7.5% annual interest rate.

The rated securities will be repaid from cash flow arising from the assets
of the Trust, comprised of a pool of fixed rate bills of exchange
denominated in US dollars signed by agricultural producers and guaranteed by
Aval Rural S.G.R.  The bills of exchange will bear the same interest rate as
the rated securities.

Although the rated securities (and the bills of exchange) are denominated in
US dollars, they are payable in Argentine pesos at the exchange rate
published by Banco de la Nacion Argentina as of the day prior to the date
that the funds are initially deposited into the Trust account.  As a result,
the dollar is used as a currency of reference and not as a mean of payment.
For that reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on deposit in the
trust account are not sufficient to make payments to investors, the Trustee
is obligated to request Aval Rural to make payment under the bills of
exchange.  Aval Rural, in turn, will have five days to make this payment
into the trust account.  Under the terms of the transaction documents, the
trustee has up to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date on which
the funds are initially deposited by either Aval Rural, the exporter, or the
individual producers into the Trust account.

Rating Action

US$8,437,500 in Fixed Rate Debt Securities of "Fideicomiso Financiero Aval
Rural III", rated A1.ar (Argentine National Scale) and B2 (Global Scale,
Local Currency).


LUIS JOSE: Claims Verification Deadline Is Set for Oct. 27
----------------------------------------------------------
Oscar Adolfo Sanchez, the court-appointed trustee for Luis Jose Simionato
S.A.'s reorganization proceeding, will verify creditors' proofs of claim
until Oct. 27, 2006.

Mr. Sanchez will present the validated claims in court as individual reports
on Dec. 12, 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 Ramjet 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 Luis Jose's accounting and
banking records will follow on Feb. 23, 2007.

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

The debtor can be reached at:

          Luis Jose Simionato S.A.
          Jacinto Peralta Ramos 1070, Mar del Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Oscar Adolfo Sanchez
          Cordoba 4169, Mar del Plata
          Buenos Aires, Argentina


RAMJET SRL: Verification of Proofs of Claim Is Until Oct. 18
------------------------------------------------------------
Martin Casares, the court-appointed trustee for Ramjet S.R.L.'s bankruptcy
proceeding, will verify creditors' proofs of claim until Oct. 18, 2006.

Mr. Cesares will present the validated claims in court as individual reports
on Dec. 19, 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 Ramjet 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 Ramjet's accounting and banking
records will follow on March 7, 2007.

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

The debtor can be reached at:

          Ramjet S.R.L.
          Jose Ingenieros 3463, Beccar
          Buenos Aires, Argentina

The trustee can be reached at:

          Martin Cesares
          Centenario 566, San Isidro
          Buenos Aires, Argentina


SONFA SA: Deadline for Verification of Claims Is on Dec. 1
----------------------------------------------------------
Lydia Albite, the court-appointed trustee for Sonfa S.A.'s bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 1, 2006.

Under the Argentine bankruptcy law, Ms. Albite is required to present the
validated claims in court as individual reports.  Court No. 3 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
Sonfa and its creditors.

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

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

Sonfa was forced into bankruptcy at the request of Paola Villafane, whom it
owes US$15,144.75.

Clerk No. 5 assists the court in the proceeding.

The debtor can be reached at:

          Sonfa S.A.
          12 de Octubre 1607
          Buenos Aires, Argentina

The trustee can be reached at:

          Lydia Albite
          Tacuari 119
          Buenos Aires, Argentina


TEXTIL KOVIC: Seeks for Court Approval to Reorganize Business
-------------------------------------------------------------
Court No. 13 in Buenos Aires is studying the merits of Textil Kovic S.A.'s
petition to reorganize its business after it stopped paying its obligations
on Oct. 5, 2006.

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

Clerk No. 25 assists the court in the case.

The debtor can be reached at:

          Textil Kovic S.A.
          Bacacay 3161/67
          Buenos Aires, Argentina




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


COMPLETE RETREATS: Private Retreats Files Schedules
---------------------------------------------------
Private Retreats, LLC, a debtor-affiliate in Complete Retreats, LLC's
bankruptcy case, filed its schedule of assets and liabilities in the U.S.
Bankruptcy Court for the District of Connecticut, disclosing:

A.   Real Property
        1 Central Park West, Trump Int #300, NY    US$1,570,000
        1 Central Park West, Trump Int #310, NY       1,370,000
        30 McKenzie Lane, Ketchum, Idaho              3,375,000
        Unit 2 The Inn at Silverlake, Park City, Utah 2,600,000
        Unit 6 The Inn at Silverlake, Park City, Utah 3,300,000
        Casa Dorada, Cabo San Lucas, MX                 103,300
        Esperanza #1802, Cabo San Lucas, MX             198,200
        St. James Place Unit 215, Beaver Creek, CO       80,000
        Trump Tower 1222, NY                            810,000
        Trump Tower 1622, NY                            850,000
        Unit 7A Rancho Manana, Scottsdale, AZ            65,000

B.   Personal Property
B.2  Bank Accounts
        Bank of America
           Acct# 003472505570                            69,586
           Acct# 003491034381                            13,222
           Acct# 003477035456                                 -
        Ledyard National Bank                               264
B.3  Security Deposits                                   35,000
B.9  Interests in Insurance Policies                    unknown
B.13 Stocks and Interests in Businesses                 unknown
        100% interests in:
           Olde Cypress I PR, LLC
           Olde Cypress II PR, LLC
           PR Esperanza III, LLC
           PR Esperanza, LLC
           PR Vegas III, LLC
           Private Retreats Belfair, LLC
           Private Retreats Belize, LLC
           Private Retreats Cabin 4, LLC
           Private Retreats Cabin 8, LLC
           Private Retreats Casa Dorada, LLC
           Private Retreats Colinas, LLC
           Private Retreats Deer Valley I, LLC
           Private Retreats Highpoint, LLC
           Private Retreats Hospitality, LLC
           Private Retreats Kamalani, LLC
           Private Retreats Pinecone 305, LLC
           Private Retreats Powell II, LLC
           Private Retreats Powell III, LLC
           Private Retreats Preserve Way, LLC
           Private Retreats Snake River I, LLC
           Private Retreats Snake River II, LLC
           Private Retreats Steamboat, LLC
           Private Retreats Steamboat II, LLC
           Private Retreats Stowe II, LLC
           Private Retreats Stowe III, LLC
           Private Retreats Summit, LLC
           Private Retreats Tahoe I, LLC
           Private Retreats Tahoe II, LLC
           Private Retreats Tahoe III, LLC
           Private Retreats Telluride I, LLC
           Private Retreats Teton I, LLC
           Private Retreats Tortola, LLC
           Private Retreats Tortuga, LLC
           Private Retreats Whitewing, LLC
           Private Retreats Yacht Club Mediterranean, LLC
           Private Retreats Yacht Club Tortola, LLC
B.16 Accounts Receivable
        Intercompany receivable
           Preferred Retreats, LLC                   23,114,031
           Distinctive Retreats, LLC                  1,807,944
           Concierge Villas                             509,753
           Town Clubs, LLC                               72,418
        Resort Options                                   28,136
B.25 Vehicles
        Golf carts                                       46,154
B.26 Boats, Motors and Accessories
        Boats                                           348,708
B.28 Office Equipment
        Furniture & fixtures                            805,782
B.30 Inventory
        Bedding, linens and robes                        30,676
        Consumables                                         930
        China                                             8,975
        Household items                                   3,552
B.35 Other Personal Property
        Legal                                            35,000
        Leasehold improvements                            1,734
        Development costs                                60,000
        Deposit on homes                                952,626
        Capitalized RE development costs              1,033,711

     TOTAL SCHEDULED ASSETS                        US$43,299,702

C.   Property Claimed as Exempt                               -

D.   Secured Claim
        Beal Bank, S.S.B. - Plano, TX              US$27,647,761

E.   Unsecured Priority Claims                                -

F.   Unsecured Non-priority Claims
        Bob Graham                                      475,000
        Bob McGrath                                     600,000
        Brad Moran                                      275,000
        Brian Colburn                                   275,000
        Bruce K. Benton                                 445,000
        Bruce White                                     445,000
        Calvin Chin                                     275,000
        Chris Creed                                     275,000
        Cindy Andrews                                   275,000
        Curtis Carter                                   275,000
        Dale Griffin                                    275,000
        Dan Bauer                                       392,000
        Dan Bauer                                       392,000
        Dan Shia                                        277,992
        David Alldian                                   275,000
        David Nadler                                    275,000
        Distinctive Retreats II, LLC                  2,546,232
        Dmitry Pugachevsky                              275,000
        Edward Darrin                                   275,000
        Ernest Thayer                                   275,000
        Garrett Dietz                                   275,000
        George Escarra                                  275,000
        Greg Silvers                                    275,000
        Harvey Allon                                    284,000
        Howard Sniderman                                275,000
        Ilan Reich                                      275,000
        Ira Stepanian                                   275,000
        J.T. Sims                                       392,000
        James Winner                                    275,000
        Jan Schipper                                    275,000
        Jane C. Bressler                                275,000
        Jani McCormick                                  445,000
        Janice Murphy                                   275,000
        Jim Richardson                                  275,000
        Joe Dughman                                     275,000
        John Hagins                                     275,000
        Katherine Roberts                               275,000
        Larry Langer                                    450,000
        Laura Caldwell                                  275,000
        Legendary Retreats, LLC                         652,454
        Luis Echarte                                    275,000
        Manny Rabinowitz                                275,000
        Mark Imperiale                                  275,000
        Martin Tyson                                    275,000
        Michael Karlin                                  275,000
        Nat'l Fairways                                  700,000
        Nitin Doshi                                     275,000
        Paul Abrams                                     275,000
        Paul Meighan                                    275,000
        Peter 'Buss' Pierce                             275,000
        Ralph Hamm                                      275,000
        Randy Gillies                                   275,000
        Richard Beusman                                 275,000
        Richard Shepard                                 275,000
        Rick Fox                                        275,000
        Robert Platek                                   275,000
        Robert Vanderhooft                              275,000
        Sandy Climan                                    445,000
        Scott Marks                                     275,000
        Stan Woodland                                   275,000
        Sue Pajakowski                                  275,000
        Thomas Dolan                                    275,000
        Thomas Irvin                                    275,000
        Todd Sutherland                                 275,000
        Tom White                                       445,000
        Tony Lacavera                                   275,000
        Vicki Johnson                                   275,000
        Wilbur Neil                                     275,000
        Others                                       52,873,629

     TOTAL SCHEDULED LIABILITIES                 US$104,208,068

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Distinctive Retreats Files Schedules
-------------------------------------------------------
Distinctive Retreats, LLC, a debtor-affiliate in Complete Retreats, LLC's
bankruptcy case, filed its schedule of assets and liabilities in the U.S.
Bankruptcy Court for the District of Connecticut, disclosing:

A.   Real Property
        10 Turtle Beach Lane, Kiawah Island, SC    US$3,625,000
        10040 E. Happy Valley Rd #400, Scottsdale, AZ 1,600,000
        125 Cory's Lane "America 3", Portsmouth, RI   1,375,000
        125 Cory's Lane "America", Portsmouth, RI     1,275,000
        1717 S. Ocean Blvd., Delray Beach, FL         4,400,000
        Penthouse #P208 Wailea Beach Villas, HI       4,350,000
        Plaza at Baldy Vista Condo Unit, Ketchum, ID  2,250,000
        Villa Etermidad - Los Cabos, B.C.S. Mexico    4,300,000
        Villa Paraiso - Los Cabos, B.C.S. Mexico      4,500,000

B.   Personal Property
B.2  Bank Accounts
        Bank of America
           Acct# 003472505758                           101,636
           Acct# 003472506346                           100,425
           Acct# 003477035498                            91,325
           Acct# 003472505664                                 -
B.3  Security Deposits                                  337,776
B.5  Collectibles
        Art                                             401,157
B.9  Interests in Insurance Policies                    unknown
B.13 Stocks and Interests in Businesses                 unknown
        100% interests in:
           DR Cerezas, LLC
           DR MGM I, LLC
           DR MGM II, LLC
           Private Retreats Nevis, LLC
           DR MGM IV, LLC
           DR Abaco, LLC
           DR MGM III, LLC
B.16 Accounts Receivable
        Intercompany receivable
           Preferred Retreats, LLC                   79,698,806
           Complete Retreats, LLC                     4,182,906
           Concierge Villas, LLC                        666,567
           Town Clubs, LLC                              583,782
B.25 Vehicles
        Autos                                            48,572
        Golf carts                                       43,728
B.28 Office Equipment                                   967,696
B.30 Inventory                                           78,616
B.35 Other Personal Property
        Fixed Asset                                     337,777
        Leasehold improvements                           51,976
        Deposit on homes                             14,396,430
        Capitalized RE development costs                295,433
        Outside Club memberships                        400,000

     TOTAL SCHEDULED ASSETS                      US$130,459,608

C.   Property Claimed as Exempt                               -

D.   Secured Claim
        Cabo Resort Investing, LLC                 US$3,000,000
        DG Capital, LLC                               2,850,000
        R.E. Loans, L.L.C. a.k.a Bar-K Loans          1,400,000
        The Patriot Group, LLC                       25,535,584

E.   Unsecured Priority Claims                                -

F.   Unsecured Non-priority Claims
        A. E. (Terry) Betteridge                        475,000
        Albert Crawford                                 475,000
        Alfred Guinn                                    475,000
        Andrew Sukawaty                                 475,000
        Anil Singh                                      475,000
        Aubrey Dan                                      475,000
        Barbara Parker                                  475,000
        Bill Warner                                     475,000
        Blair Frank                                     475,000
        Bob Wolff                                       475,000
        Brent Witte                                     475,000
        Bruce Earle                                     475,000
        Cal Staggers                                    475,000
        Carl Bufka                                      475,000
        Chad Carpenter                                  475,000
        Chris Gebelein                                  475,000
        Chris Madison                                   475,000
        Chris Stroup                                    475,000
        Crymes G. Pittman                               475,000
        David Hughes                                    475,000
        David Robertson                                 475,000
        David Schwartz                                  475,000
        Deana Goad                                      475,000
        Distinctive Retreats II, LLC                 20,999,929
        Donald Devorris                                 475,000
        Doug Wheat                                      475,000
        Douglas Durand                                  475,000
        Ed McDonough                                    475,000
        Eiich Kuwana                                    475,000
        Evan Stein                                      475,000
        Felix Furst                                     475,000
        Frank Levy                                      475,000
        Fred Gould                                      475,000
        Fred Slaughter                                  475,000
        Frederick & Deborah Bates                       475,000
        Geoffrey Logue                                1,000,000
        George Lengvari                                 475,000
        Gerhard Bette                                   475,000
        Gregory Mack                                    475,000
        Gregory Parker                                  475,000
        Guy Bond                                        475,000
        Harry Levitt                                    475,000
        J.R. Goergen                                    475,000
        James Chadwick                                  475,000
        James Mordy                                     475,000
        James Reid                                      475,000
        James Wolfe                                     475,000
        Jay Jensen                                      475,000
        Jay Meyer                                       475,000
        Jeffrey Leiden                                  475,000
        Jim Didion                                      475,000
        Jim Giltner                                     475,000
        Jim Gorton                                      475,000
        Jim Hirschmann                                  475,000
        Jimmy Hood                                      475,000
        Joan Ferrera                                    475,000
        Joel Lawson III                                 475,000
        John Dancu                                      475,000
        John Moon                                       475,000
        John Powers                                     475,000
        John Watrous                                    475,000
        Jospeh Amaturo                                  475,000
        Judee Donner                                    475,000
        Ken Leech                                       475,000
        Kenneth Mara                                    475,000
        Kevin Callahan                                  475,000
        Kevin Grant                                     500,000
        Kirk Kessel                                     475,000
        Larry Aiello                                    475,000
        Lawrence Nora                                   475,000
        Lawrence Shaia                                  475,000
        Legendary Retreats, LLC                       9,431,176
        Leonard Gordon                                  475,000
        Leonard Wheeler                                 475,000
        Luther Nussbaum                                 475,000
        Marcus Wedner                                   475,000
        Mark E. Watson III                              475,000
        Mark Hollingsworth                              475,000
        Mark Kress                                      475,000
        Mary E. Lee                                     475,000
        Melanie Pritt                                   475,000
        Michael Burke                                   475,000
        Michael Carpenter                               475,000
        Michael Giordano                                475,000
        Michael Kelly                                   475,000
        Michelle Tiller                                 475,000
        Mike Thoms                                      475,000
        Neal Hansen                                     475,000
        Nicolas Nierenberg                              475,000
        Norman Samet                                    475,000
        Patricia Sullivan                               477,250
        Paul Altieri                                    475,000
        Paul Mikos                                      475,000
        Peter Coors                                     475,000
        Peter Crnkovich                                 475,000
        Peter Starrett                                  475,000
        Philip Hempleman                                475,000
        Philip Hughes                                   475,000
        Private Retreats                              1,807,943
        Ram Gunabalan                                   475,000
        Randy Kella                                     475,000
        Randy Work                                      475,000
        Ray Hillenbrand                                 475,000
        Richard Korpan                                  475,000
        Richard Shirk                                   475,000
        Rick Kimball                                    475,000
        Robert Dolan                                    475,000
        Robert Fox                                      475,000
        Robert Franz                                    475,000
        Robert Pincus                                   475,000
        Robert Priddy                                   475,000
        Ron Rinard                                      475,000
        Ronald Kirk                                     475,000
        Sandy Poole                                     475,000
        Saulene 'Sunnie' Richer                         475,000
        Sid Banwart                                     475,000
        Stephen Kircher                                 475,000
        Stephen Watson                                  475,000
        Stephen Webster                                 475,000
        Steve Katznelson                                475,000
        Steven Gillis                                   475,000
        Steven Sembler                                  475,000
        Terence Hogan                                   475,000
        Theodore (Ted) Buzby                            475,000
        Theodore Spall                                  475,000
        Thomas Hillman                                  475,000
        Tig Krekel                                      475,000
        Tim Busch                                       475,000
        Tim Mullen                                    1,000,000
        Timothy Biltz                                   475,000
        Timothy McFadden                                475,000
        Timothy Nagle                                   475,000
        Todd Williams                                   475,000
        Tom Feo                                         475,000
        Tony Clark                                      475,000
        Tricia Faison                                   475,000
        Vickie Sanders                                  479,500
        William Bass                                    475,000
        William Green                                   475,000
        William Merchantz                               475,000
        William Taylor                                  475,000
        Yvonne Marsh                                    475,000
        Others                                      129,567,417

     TOTAL SCHEDULED LIABILITIES                 US$261,698,799

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

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project
---------------------------------------------------------
Isle of Capri Casinos, Inc., disclosed financial details associated with
revised agreements in connection with resort developer Eighth Wonder's
proposal to build an integrated resort complex on Sentosa Island in
Singapore.

Under the terms of the new agreements Isle of Capri will own a 13.8%
interest in Eighth Wonder's proposed Sentosa Island project.  Should Eighth
Wonder be the successful bidder in the Sentosa Island RFP, Isle of Capri's
equity contribution will be US$65 million.  Isle of Capri will also receive
a payment equal to 2% of casino gross revenues for a 15-year period.

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

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 26, 2005,
Standard & Poor's Ratings Services affirmed its ratings on Isle
of Capri Casinos Inc., including its 'BB-' corporate credit
rating.  At the same time, all ratings were removed from
CreditWatch with negative implications where they were placed on
Sept. 1, 2005.  S&P said the outlook is negative.

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
Gaming, Lodging & Leisure sector, the rating agency confirmed Isle of Capri
Casinos, Inc.'s Ba3 Corporate Family Rating.

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

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

Sr. Secured Term Loan     Ba2      Ba1     LGD2        18%

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

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


WINN-DIXIE: Major Creditors Approve Reorganization Plan
-------------------------------------------------------
Winn-Dixie Stores, Inc., and 23 of its debtor-affiliates inform
the U.S. Bankruptcy Court for the Middle District of Florida that their
major creditor groups voted in favor of their Joint Plan of Reorganization.

According to Kathleen M. Logan, president of the Debtors' voting
tabulation agent Logan & Company, Inc., majority of the holders of claims in
these Classes have accepted the Plan.

    Class 7 - AmSouth Bank Collateralized Letter of Credit Claim
    Class 8 - Thrivent Lutheran Leasehold Mortgage Claim
    Class 9 - NCR Purchase Money Security Interest Claim
    Class 12 - Noteholder Claims
    Class 13 - Landlord Claims
    Class 14 - Vendor/Supplier Claims
    Class 15 - Retirement Plan Claims
    Class 16 - Other Unsecured Claims
    Class 17 - Small Claims

Based on results of the tabulation of the properly executed and
timely ballots, the Classes accepted the Plan in these
percentages:

                     Percentage            Percentage Accepting
Class               Accepting             Excluding Insiders
-----
              No. Holders   Amt. Held    No. Holders   Amt. Held

   7               100%          100%          100%         100%
   8               100%          100%          100%         100%
   9               100%          100%          100%         100%
  12             98.19%        99.46%        98.19%       99.46%
  13             76.96%        80.47%        76.96%       80.47%
  14             92.82%        96.74%        92.82%       96.74%
  15             96.20%        97.46%        96.05%       97.31%
  16             77.78%        88.42%        76.67%       81.69%
  17             92.96%        91.79%        92.92%       91.69%

According to Ms. Logan, certain sub-classes within Classes 10 and 11 have
not accepted the Plan.  For the schedule of the tabulation for the Class 10
and Class 11 ballots received, see:

              http://ResearchArchives.com/t/s?133f

A list of the ballots not counted pursuant to the rules
established by the Court-approved Disclosure Statement is
available for download at:

              http://ResearchArchives.com/t/s?1340

Ms. Logan certifies that Logan & Company has retained the voted
ballots and will provide copies of the ballots upon request of the Court,
the Debtors, or the Office of the U.S. Trustee.

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


WINN-DIXIE: Says 17 Claimants Do Not Have Valid Claims to Vote
--------------------------------------------------------------
Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy
Procedure, 14 claimants ask U.S. Bankruptcy Court for the Middle
District of Florida to temporarily allow the full amount of their claims for
purposes of voting to accept or reject Winn-Dixie Stores, Inc., and its
debtor-affiliates' Joint Plan of
Reorganization.

Claimant                            Total Amount
--------                            ------------
Catamount LS-KY LLC                US$1,451,789
The Estate of Plunkett                1,104,476
James Girdzus, Jr.                      944,791
Brach's Confections, Inc.               705,700
Catamount Rockingham LLC                630,726
Catamount Atlanta LLC                   531,069
Robbie McMillan                         250,000
Vicky Lynn Whipple                      250,000
Anna Lopiccolo                          100,000
Big Pine LLC                             19,219
Hamilton County, Tennessee               15,431
Kentucky Taxing Authorities         not indicated
Shaun Kevin Johnson, et al.         not indicated

In addition, Wah Hong Go, a former store manager of Winn-Dixie
Store No. 318 in Miami-Dade County, Florida, relates that he
filed Claim No. 12015 against the Debtors for having been
terminated from employment unlawfully on the basis of his race
and national origin.

Pursuant to an order granting stay relief, Mr. Go's statutory
causes of action are to be liquidated in a court of competent
jurisdiction in Miami-Dade County.  His case remains pending in
the U.S. District Court for the Southern District of Florida.

Mr. Go says the Debtors did not send him a voting ballot because
his claim is disputed.  Accordingly, Mr. Go asks the Court that
his claim be provisionally allowed for voting purposes only and
that he receive a ballot for that purpose.

Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy
Procedure, eight claimants ask the Court to temporarily allow the full
amount of their claims for purposes of voting to accept or reject the
Debtors' Joint Plan of Reorganization.

Claimant                                      Total Amount
--------                                      ------------
Ocean 505 Associates & Grandecks Associates   US$342,417
LCH Opportunities LLC                            217,500
Muscogee County, Georgia                         152,825
City of Hampton, Virginia                         21,164
Bulloch County, Georgia                           10,834
CWCapital Asset Management LLC                not indicated
Harrison County, Mississippi                  not indicated
ORIX Capital Markets LLC                      not indicated

In addition, three claimants, who are presently not entitled to
vote on the Plan as evidenced by the Notice of Non-Voting Status
they received, ask the Court to allow them to participate in the
voting process.  The claimants are:

     * Jason L. Lodolce;
     * Ryan Malone; and
     * Jack Snipes.

The claimants assure the Court that allowing their claims for
voting purposes will not prejudice other claimants and will
enable an accurate and appropriate tabulation of votes on the
Plan.

                Debtors' Omnibus Response

The Debtors do not object to the Rule 3018 Motions filed by three claimants
and ask the Court to direct voting agent Logan &
Company, Inc., to count the ballots of:

    -- Deutsche Bank Trust Company Americas;
    -- Estate of Plunkett; and
    -- LCH Opportunities LLC.

The Debtors, however, contend that 17 claimants do not have valid claims or
there is no basis for issuing any additional
provisional ballots to the claimants, thus they ask the Court to
deny the claimants' Rule 3018 Motions and direct the Voting Agent not to
count the ballots of:

   -- Big Pine LLC;
   -- Brach's Confections, Inc.;
   -- Bulloch County, Ga.;
   -- City of Hampton, Va.;
   -- Kentucky Taxing Authorities;
   -- Hamilton County, Tenn.;
   -- Wah Hong Go;
   -- James Girdzus, Jr.;
   -- Harrison County, Miss.;
   -- Shaun Kevin Johnson, et al.;
   -- Jason L. Lodolce;
   -- Anna Lopiccolo;
   -- Ryan Malone;
   -- Robbie McMillan;
   -- Muscogee County, Ga.;
   -- Jack Snipes; and
   -- Vicky Lynn Whipple.

In addition, the Debtors assert that each of four claimants
should only be permitted to vote a single claim.  The Debtors ask the Court
to instruct the Voting Agent to not count the ballot submitted by these
claimants to the extent that it exceeds these amounts:

   Claimant                   Allowed Amount
   --------                   --------------
   Catamount Atlanta LLC         US$153,220
   Catamount LS-KY LLC            551,346
   Catamount Rockingham LLC       207,282
   Ocean 505 Associates           242,128

Furthermore, the Debtors ask the Court to permit ORIX and
CWCapital to vote the provisional ballots they were issued and to instruct
the Voting Agent to count the ballots to the extent they do not seek to
vote:

   (1) claims that are wholly duplicative of other claims; or

   (2) higher amounts than permitted by the cap imposed by
       Section 502(b)(6) of the Bankruptcy Code.

The Debtors reserve their right to object to the claims on any
basis, including validity, amount, or status as secured, priority unsecured
or non-priority unsecured.

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




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


ALEA GROUP: Unit Inks Finance & Accounting Pact with Cambridge
--------------------------------------------------------------
Cambridge Integrated Services has entered into a three-year contract with
Alea Group's unit, Alea North America, to provide finance and accounting
services, information management, and internal and external reporting
services for its insurance and reinsurance businesses.  This means that in
addition to traditional claims management services, companies can now have
their insurance/reinsurance accounting, financial reporting and state
filings managed by Cambridge as well.  In addition to Cambridge's own
onshore and offshore F&A team, the company will assume responsibility for
certain Alea employees to ensure continuity on the Alea account.

"We believe this arrangement is both creative and very unique in that it
provides a great deal of synergies and 'wins' for both Alea and Cambridge,"
said Mark Jones, SVP and Head of Alea's US Operations.

Commenting on the expanded services, Wesley O'Brien, President, Cambridge
Integrated Services, said, "We are pleased to have been selected by Alea and
believe the opportunity to provide F&A services to them and the
insurance/reinsurance industry as a whole is a real breakthrough.  By
applying our business process management approach to finance and accounting,
we can offer high quality specialized services to this critical market."

             About Cambridge Integrated Services

Headquartered in Greenwich, Connecticut, Cambridge Integrated Services, a
subsidiary of Cambridge Solutions Ltd., is one of the largest independently
owned property and casualty claims and risk management services providers.
Cambridge also offers a wide array of specialty risk management services
including outcomes management and audit consulting, managed care, special
investigations, structured settlements, and subrogation/recovery services.

                        *    *    *

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

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

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


FOSTER WHEELER: Enters Into Employee Amendment with 3 Executives
----------------------------------------------------------------
Foster Wheeler Ltd. has entered into amendments of its employment agreements
with three of its executive officers.  The amendments harmonize the
agreements with certain requirements of Section 409A of the Internal Revenue
Code of 1986 by providing that if the executive constitutes a "specified
employee," as defined and applied in Section 409A, as of his termination
date, certain post-termination payments due to the executive may not be paid
until after the first day following the sixth month anniversary of his
termination date.  Any payments delayed during this six-month period shall
be paid in the aggregate as soon as administratively practicable following
the sixth month anniversary of the termination date.

Foster Wheeler entered into employee amendments with:

   -- John T. La Duc,
   -- Brian K. Ferraioli, and
   -- Peter J. Ganz.

In addition, the agreements with John T. La Duc and Peter J. Ganz were
amended to reduce the maximum multiplier used to calculate their incentive
bonuses from a maximum of three times to a maximum of two times their target
percentage opportunity of base salary.

                    About Foster Wheeler

Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd.
-- http://www.fwc.com/-- offers a broad range of engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services.  Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries.

                        *    *    *

As reported in the Troubled Company Reporter on Aug 7, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

As reported in the Troubled Company Reporter on May 30, 2006,
Moody's Investors Service upgraded Foster Wheeler's corporate
family rating to B1 from B3 and assigned a Ba3 rating to the
Company's US$250 million senior secured bank revolving credit
facility.  The rating outlook is changed to Positive.


REFCO: Files Amended Plan and Disclosure Statement in New York
--------------------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered their Amended
Plan of Reorganization and accompanying Disclosure Statement to
the U.S. Bankruptcy Court for the Southern District of New York on Oct. 6,
2006.

Marc Kirschner, the Chapter 11 trustee for Refco Capital Markets, Ltd.; the
Official Committee of Unsecured Creditors; and the Additional Committee of
Unsecured Creditors are co-proponents of the Amended Plan.

The Amended Plan contemplates that on or prior to the Effective
Date, the RCM Chapter 11 Case will be converted to a case under
subchapter III of Chapter 7 of the Bankruptcy Code, unless the
Debtors and the RCM Trustee agree that there is a compelling
reason for the RCM Estate to be administered under Chapter 11.
In the event of a conversion to Chapter 7, the Plan will
constitute a settlement and compromise between the RCM Estate and the
Debtors' Estates, on one hand, and among the Estates of the various Debtors
and certain creditors, on the other hand, for which approval is sought
simultaneously with the confirmation of the Plan.

           Creditor Recovery Under Amended Plan

The Amended Plan separately classifies Claims against and
Interests in:

   * Refco and its 24 affiliates -- Contributing Debtors,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and Priority Tax Claims against the Contributing
Debtors, RCM, and FXA are not classified under the Plan.
Administrative and Priority Tax Claims will be paid in full in
cash.

The Amended Plan groups Claims against and Interest in the
Contributing Debtors into eight classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     Non-Tax Priority Claims        US$3,000,000     100.0%
    2     Other Secured Claims             US$700,000     100.0%
    3     Secured Lender Claims        US$704,000,000     100.0%
    4     Sr Subordinated Note Claims  US$397,400,000      83.4%
    5(a)  Contributing Debtors Gen.
             Unsecured Claims          US$522,700,000      23.0%
    5(b)  Related Claims                          -         0.0%
    6     RCM Intercompany Claims                 -         N/A
    7     Subordinated Claims                     -         0.0%
    8     Old Equity Interests                    -         0.0%

The Class 3 Secured Lender Claims against the Contributing
Debtors will be allowed and paid to the extent provided in the
Early Payment Order.

RCM will be entitled to an additional Claim if, at the conclusion of the
claims reconciliation process:

   (x) the total Allowed Contributing Debtors General Unsecured
       Claims are less than US$394,000,000; and

   (y) the Distributions to be made to Holders of Allowed
       Contributing Debtors General Unsecured Claims would
       result in a recovery for the Holders in excess of 35%
       from the sum of the Contributing Debtors Distributive
       Assets and the Contributing Debtors' portion of the RGL
       FXCM Distribution.

Specifically, RCM will be entitled to an additional Claim equal
to the positive difference between US$394,000,000 minus the amount of the
Allowed Contributing Debtors General Unsecured Claims.  The Additional RCM
Claim will participate pro rata in all Distributions from Contributing
Debtors Distributive Assets and the Contributing Debtors' portion of the RGL
FXCM Distribution to Holders of Allowed Contributing Debtors General
Unsecured Claims that exceed the 35% recovery threshold.  The Additional RCM
Claim, however, will not be subject to the 40% limit on Distributions set
forth in the Contributing Debtors General Unsecured Claim Distribution.

The Amended Plan groups Claims against FXA into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     FXA Non-Tax Priority Claims      US$165,000     100.0%
    2     FXA Other Secured Claims         US$120,000     100.0%
    3     FXA Secured Lender Claims    US$704,000,000       N/A
    4     FXA Sr Sub. Note Claims      US$397,400,000       N/A
    5(a)  FXA Gen. Unsecured Claims    US$140,700,000
                                    to US$180,700,000      35.0%
    5(b)  Related Claims                          -         0.0%
    6     FXA Convenience Claims        US$12,500,000      40.0%
    7     FXA Subordinated Claims                 -         0.0%

The Amended Plan provides that Class 5(a) FXA General Unsecured
Claims less than or equal to US$10,000, or greater than US$10,000 but, with
respect to which, Holder voluntarily reduces the Claim to US$10,000, will be
treated as Class 6 FXA Convenience Claims.

The aggregate amount of Distributions to Class 6 FXA Convenience
Claims is limited to US$5,000,000.  To the extent that the amount of Class
5(a) FXA General Unsecured Claims electing to receive a Class 6 FXA
Convenience Claim causes the aggregate amount to exceed the cap, the Holders
of Claims permitted to elect the treatment will be determined by reference
to the amount of the Claim, with the Claim in the lowest amount being
selected first and the next largest claim being selected thereafter until
the cap is reached.

The ranges of claims and recoveries for Holders of FXA General
Unsecured Claims are subject to material deviations and may be
significantly lower due to:

   (i) alleged administrative expenses incurred in trading
       activity post-bankruptcy; and

  (ii) a dispute with a related entity in Japan concerning
       ownership of a significant portion of FXA cash.

FXA has commenced a turnover action against Japan KK to require
it to turn certain cash assets over to FXA.

The Amended Plan groups RCM Claims into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     RCM Non-Tax Priority Claims       US$90,000     100.0%
    2     RCM Other Secured Claims     US$110,400,000     100.0%
    3     RCM FX/Unsecured Claims      US$985,600,000      37.6%
    4     RCM Securities Customer
             Claims                  US$2,793,800,000      85.4%
    5     RCM Leuthold Metals Claims    US$15,600,000     100.0%
    6     Related Claims                          -         0.0%
    7     RCM Subordinated Claims                 -         0.0%

Holders of Allowed Related Claims will be subordinated and will
receive no Distribution unless all Holders of Allowed RCM
FX/Unsecured Claims, Allowed RCM Securities Customer Claims and
Allowed RCM Leuthold Metals Claims have been paid in full.

To the extent that a Non-Debtor Affiliate has an Intercompany
Claim against RCM, the Claim will be resolved by:

   (a) the netting of the Claim against any Claim held by the
       Contributing Debtors or RCM against the Non-Debtor
       Affiliate; or

   (b) to the extent that a distribution is made by RCM on
       account of the Claim, the Contributing Debtors will
       reimburse RCM for payments from any amounts the
       Contributing Debtors receive directly or indirectly from
       any Non-Debtor Affiliate.

Holders of Claims under these classes are impaired and entitled
to vote on the Amended Plan:

   -- Class 4 Senior Subordinated Note Claims, Class 5(a)
      Contributing Debtors General Unsecured Claims, Class 5(b)
      Related Claims and Class 6 RCM Intercompany Claims,
      against one or more of the Contributing Debtors;

   -- Class 4 FXA Senior Subordinated Note Claims, Class 5(a)
      FXA General Unsecured Claims, Class 5(b) Related Claims,
      and Class 6 FXA Convenience Claims, against FXA; and

   -- Class 3 RCM FX/Unsecured Claims, Class 4 RCM Securities
      Customer Claims, Class 5 Leuthold Metals Claims and Class
      6 Related Claims, against RCM.

                BAWAG Proceeds Allocation

On October 5, 2006, the Court approved a partial allocation of
the proceeds of a settlement agreement among the Debtors, the
Creditors Committee and BAWAG P.S.K. Bank fur Arbeit und
Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft.

The BAWAG Allocation Order provides that US$100,000,000 of the
BAWAG Guaranteed Proceeds was indefeasibly allocated to Refco
Group Ltd., LLC, for payment to the Senior Secured Lenders.

The consideration given by BAWAG, aside from the US$100,000,000
already earmarked for RGL, will be allocated this way:

   * US$150,000,000 will be allocated to the Contributing
     Debtors for payment to the Holders of Senior Subordinated
     Note Claims;

   * US$56,250,000 -- plus 100% of up to US$150,000,000 in the
     form of the BAWAG Contingent Payment -- will be allocated
     to the Contributing Debtors for payment to the Holders of
     Allowed Contributing Debtors General Unsecured Claims;

   * US$200,000,000 will be allocated to RCM for payment to the
     Holders of RCM Securities Customer Claims and RCM
     FX/Unsecured Claims; and

   * the value of each release granted by BAWAG in favor of each
     of the Debtors and RCM would be allocated to each of the
     Debtors and RCM, as applicable, without any resulting
     transfer of Cash or other Distribution.

On September 21, 2006, BAWAG wired US$337,500,000 to the Debtors
and US$337,500,000 to the U.S. government.  The Debtors expect to receive
US$168,700,000 of the amount transferred by BAWAG to the U.S. government
prior to confirmation of the Plan.

The BAWAG Settlement Agreement provides that:

   -- any creditor who voluntarily elects to receive any portion
      of the BAWAG Proceeds must release BAWAG from all claims
      or actions arising from or related to the Debtors; and

   -- any portion of the BAWAG Proceeds that would have been
      allocated to any creditor that elects not to provide the
      required release must be returned to BAWAG.

The Amended Plan provides that Holders of Allowed Claims against
the Contributing Debtors and RCM can, if they affirmatively
elect, opt out of the BAWAG settlement and thereby return their
share of BAWAG Proceeds to BAWAG in lieu of agreeing to release
BAWAG from liability.

Opting out, however, will significantly reduce the aggregate
recoveries to be received by the Creditors under the Plan:

                                Estimated Plan   Estimated Plan
                                Recovery With    Recovery Minus
   Creditor Class               BAWAG Proceeds   BAWAG Proceeds
   --------------               --------------   --------------
   Senior Subordinated
      Note Claims                    83.4%            45.7%

   Contributing Debtors General
      Unsecured Claims               23.0%            12.2%

   RCM Securities
      Customer Claims                85.4%            80.6%

   RCM FX/Unsecured Claims           37.6%            30.9%

                US$140,000,000,000 Claim Pile

As of September 29, 2006, the Debtors' claims agent, Omni
Management Group, LLC, had received approximately 14,000 timely
filed proofs of claim in the Debtors' Chapter 11 cases asserting
more than US$140,000,000,000 in the aggregate, not including claims asserted
in unliquidated amounts.  The Debtors and their
professionals have been engaged in the process of evaluating the
proofs of claim to determine whether objections seeking
disallowance, reclassification or reduction of certain asserted
claims should be filed.  The Debtors expect to seek disallowance
of approximately US$130,000,000,000 of the claims.

             Administration of Refco Estates

The Joint Sub-Committee of the Official Creditors Committees will designate
an entity to serve as Plan Administrator for both
Reorganized Refco and Reorganized FXA.  The Joint Sub-Committee
will also select a trustee for the Litigation Trust to be
established under the Plan.

The Litigation Trust will be structured in a manner that provides for a
senior Tranche A and a junior Tranche B.  No Distributions of Litigation
Trust Interests will be made in respect of Tranche B until Tranche A has
been fully and indefeasibly paid.  However, Holders of Allowed Old Equity
Interests may receive recoveries directly from 10% of the IPO Underwriter
Claims Recovery in Tranche A.

The Litigation Trust will have an initial five-year term, which
may be extended for one or more one-year terms.  The Trust may be terminated
earlier than its scheduled termination if:

   -- the Bankruptcy Court has entered a final order closing all
      of or the last of the Chapter 11 cases and the RCM Chapter
      11 case to the extent the RCM Chapter 11 case was
      converted to Chapter 7;  and

   -- the Litigation Trustee has administered all the Trust
      assets and performed all other duties required under the
      Plan.

The RCM Trustee will retain his rights, powers and duties
necessary to carry out his responsibilities with respect to the
RCM Estate.

The Court will convene a hearing on October 16, 2006, at 10 a.m., to
consider whether the Amended Disclosure Statement contains adequate
information within the meaning of Section 1125 of the Bankruptcy Code.
Objections, if any, are due by Oct. 9.

A blacklined copy of the Debtors' Amended Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?132f

                       About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).  (Refco Bankruptcy News, Issue No. 44; Bankruptcy Creditors'
Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


RENAISSANCE CAPITAL: Moody's Assigns Ba3 Issuer Ratings
-------------------------------------------------------
Moody's Investors Service has assigned Ba3/Not-Prime long- and short-term
foreign currency and local currency issuer ratings to Renaissance Capital
Holdings Limited.  The outlooks for the ratings are stable.

According to Moody's, Renaissance Capital's issuer ratings are supported by
the company's relatively low risk profile, thanks to an adequate risk
management system and the owners' relatively low risk appetite.  The ratings
are also supported by strong and steady growing profitability, together with
the company's ability to hire and retain professionals.  An adequate
corporate governance system, as well as strong positions in investment
banking in the CIS, also support the ratings; they also incorporate
reasonable assurance that the company will be able to maintain its
competitive position.

However, the ratings are at the same time constrained by:

   (i) the high risk profile of the markets where the company
       operates;

  (ii) relatively undiversified earnings by region and
       instrument type (equity-related); and

(iii) a complex organisational structure consisting of a large
       number of individual entities in various jurisdictions.

In addition, the degree to which the company's risk management system will
be able to handle the growing complexities of products is a source of
potential risks and uncertainties.

Significant development of Renaissance Capital's franchise, improved
diversification and risk management systems and a lower risk profile
stemming from better risk management practices would be likely to drive the
ratings up, as would the maturing of Russia's financial markets.  At the
same time, significant problems arising from modelling errors, as well as
operational, legal or reputation risks are negative rating drivers, while
loss of franchise and increased risk appetite could also warrant a
downgrade.

Renaissance Capital Holdings Ltd. is the investment banking and asset
management segment of Renaissance group, which also includes consumer
finance and merchant banking.  Renaissance Capital Holdings reported total
consolidated assets of US$3.4 billion and total equity of US$510 million
under IFRS as of
June 30, 2006.

The Renaissance Capital group was founded in 1995 and is now a
leading Russian and Ukrainian investment bank with the holding
company (Renaissance Capital) located in Bermuda.  Renaissance
UK was created in 2000 in the UK for the group's trading
operations with non-CIS clients.




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


GRAVETAL BOLIVIA: Moody's Affirms B3 Local Currency Rating
----------------------------------------------------------
Moody's Investors Service today affirmed Gravetal's global local currency
rating of B3 and its national scale rating of Aa3.bo but changed its rating
outlook to negative reflecting the risk that the recent increase in leverage
caused by higher working capital needs may not be temporary, as well as the
company's tight liquidity position.

The drivers of the B3 rating are Gravetal's significant leverage, with a
Debt/EBITDA ratio of 9.4 times for the fiscal year ended in June, 2006,
tight liquidity position, the fact that soybean processing is a highly
volatile, commodity-oriented business, and the relatively small scale and
limited geographic concentration of Gravetal's operations. The rating also
recognizes Gravetal's important position in Bolivia's economy as one its
main exporters.  Gravetal, which exports all of its production, represents
around 6% of Bolivia's total exports. Because exports are concentrated in
the Andean Community markets, a tariff protection mechanism is of a key
importance to Gravetal as it establishes a considerable protective barrier
against competition as well as gives the company's returns some stability.

Despite the fact that the significant liquidity of inventories allows grain
companies in general to be more leveraged than other commodity-oriented
companies at the same rating level, Gravetal's leverage is high for the
rating category and increased again during the last fiscal year, with
Debt/EBITDA rising to 9.4 times and Retained Cash Flow/Net Debt falling to
6.3%.  Some of this increase in leverage reflects delay in payments from the
Bolivian Government that has caused receivables to spike. Moody's believes
that there is a risk that higher working capital needs could persist and
result in permanently higher leverage.

Gravetal has no committed credit facilities, only uncommitted local bank
credit lines and wide access to the Bolivian capital market, which is small
and less developed than in other countries, but still provides additional
financing sources to the company.  Current availability under bank credit
lines is 20% of peak working capital needs, a moderate level especially
considering the fact that the company finances working capital through
revolving short-term bank debt.  The long-term debt issuance that occurred
during the first quarter of the current fiscal year may liberalize
availability under bank lines, adding some financial flexibility to the
company's tight liquidity position.

The ratings would likely be downgraded if the increase in leverage proved to
be more than temporary such that Debt/EBITDA were not reduced below 8 times
or Retained Cash Flow/Debt were below the 8-10% range. Additionally, any
adverse change in the tariff protection mechanism that negatively impacts
Gravetal's operations and profitability could lead to a rating downgrade.

To return the rating outlook to stable, Gravetal needs to demonstrate
consistent debt reduction, such that Debt/EBITDA is less than 7 times and
Retained Cash Flow/Debt is higher than
10%, and an improved liquidity profile.

Gravetal Bolivia S.A. is a small family-owned soybean crusher, established
in Bolivia in year 1993, which exports 100% of its production, soybean oil
and soybean meal, to the Andean Community markets, mostly to Venezuela and
Colombia.  With an installed annual capacity of approximately 700 thousand
metric tons, Gravetal's total sales reached U$113 million as of the fiscal
year ended June 2006.




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


BANCO ITAU: Signs Up for Banco24Horas
-------------------------------------
Banco Itau Holding Financeira SA said in a statement that it has become a
member of the local ATM network Banco24Horas.

Business News Americas relates that Banco24Horas has about 43 financial
institutions as members.  It is administered by TecBan.  Banco24Horas is
available in 260 cities with 2,900 ATMs.

Banco24Horas will add 400 units into its network by the end of the year,
BNamericas reports.

Banco Itau currently has 51 thousand employees serving more than
16 million clients, through its network of 2,391 branches and 22
thousand ATMs.

                        *    *    *

As reported in the Troubled Company Reporter on March 9, 2006,
Standard & Poor's Ratings Services assigned a 'BB' currency
credit rating on Banco Itau S.A.

                        *    *    *

Fitch affirmed on Aug. 28, 2006, the ratings of the Itau Group
of banks and the National Long- and Short-term ratings of
BankBoston Banco Multiplo S.A. and its subsidiary, BankBoston
Leasing S.A. -- Arrendamento Mercantil (BankBoston Leasing).
This followed the conclusion of the agreement between Banco Itau
Holding Financeira with Bank of America Corp. to acquire BAC's
Brazilian operations (spearheaded by BKB) and its Latin American
subsidiaries.  Central Bank of Brazil approved the BKB
transaction on Aug. 22, 2006, and the acquisition of the local
subsidiaries of BAC is contingent on approval by the Chilean and
Uruguayan regulatory authorities.

The affected ratings of Banco Itau were:

   Banco Itau Holding Financiera

      -- Foreign currency IDR affirmed at 'BB+', Stable Outlook

      -- Short-term foreign currency rating affirmed at 'B'

      -- Local currency IDR affirmed at 'BBB-' (BBB minus),
         Stable Outlook

      -- Short-term local currency rating affirmed at 'F3'

      -- Individual rating affirmed at 'B/C'

      -- National Long-term rating affirmed at 'AA+(bra)',
         Stable Outlook

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

      -- Support rating affirmed at '4'


BANCO NACIONAL: Grants BRL15-Mil. Financing to Editora Positivo
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
BRL15-million financing to Editora Positivo Ltda.  The funds will be used
for the company's publishing investment plan directed to Programa Nacional
do Livro Didatico for 2007.  Consequently, Editora Positivo will expand its
product mix by increasing its share in the segment of regular didactic works
directed to public and private schools.  Total investments, budgeted at
BRL34 million, will allow the retention of 154 direct jobs.

The project of didactic nature comprises the launching of works with
comprehensive contents, for the areas of mathematics, geography, history,
Portuguese language and sciences, and in line with the pedagogic guidance
from the Ministry of Education and Culture or MEC. The time for creating a
didactic collection, which is generally composed of four books, varies
around 24 months.  Additionally, there is the own selection process of works
by MEC by means of the Programa Nacional, which takes in an average of
another 24 months, comprising:

   1) MEC's evaluation, for approval or rejection;

   2) if approved by MEC, the collection is listed into an
      official guide that follows to public schools in Brazil;

   3) after the selection by schools, MEC defines the
      collections that will be acquired by the federal
      government and distributed to public schools; and

   4) after such definition, the collection is printed and
      delivered.

Among the merits of a project financed by BNDES, it strengthens leading
companies in the domestic market for Education Systems.  Editora Positivo
will also diversify its products, focusing on the didactic sector.

In 2005, the didactic books accounted for 54% of gross sales for the
Brazilian publishing sector, of which those destined to the public area
represented 17.4% of sales for that year.  The other categories, like
general, religious, technical-scientific and professional works, amounted
to, respectively, 22%, 9% and 15% of total sales for the publishing segment
last year.

In recent years, the public sector has been consistently investing in
education, with the purpose of approximating the Brazilian education
indicators to those at more developed countries.  The number of students
benefited by Programa Nacional, which has been supplying public school
students with didactic books, is around 30 million for elementary education.

                        *    *    *

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: Approves BRL2.1-Bil. Loan to Brasil Telecom
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
BRL2.1-billion financing to Brasil Telecom S.A.  The loan is the highest
granted to the sector and one of the five biggest loans approved by the
bank.  The funds will be used for expanding the network infrastructure
(voice, data and image) and the company's information technology.

Brasil Telecom will invest BRL1.8 billion for the triennium 2006 to 2008.
From the financing by BNDES, 38% will be released by means of a consortium
of financial agents led by Banco do Brasil.  The investments will allow for
consolidating the company as a multiprovider of telecommunication services.

The investment plan of Brasil Telecom, a company that accounts for 6,800
direct jobs, is concentrated in two specific areas:

   -- information technology and
   -- data communication.

Additionally, with the signature of new concession agreements in 2006,
Brasil Telecom will have to accomplish the universalization and quality
targets established by Agencia Nacional de Telecomunicacoes or Anatel.

The project gives importance to two matters:

   -- the performance of significant funding in areas of low
      development, like the Center-West and South regions
      (Brasil Telecom will invest in public telephony network at
      localities with over 100 inhabitants and in individual
      telephony in localities with over 300 inhabitants); and

   -- a significant volume of acquisition of domestic technology
      equipment.

With this operation, it is expected that an increase in the participation of
that equipment in the project will happen. Accordingly, the bank approved a
subcredit in the amount of BRL100 million for the acquisition of goods with
domestic technology and associated services, in the ambit of International
Competition Line.

This line has recently gained new conditions expanding its scope of action,
with the objective of stimulating the sales of equipment with domestic
technology.  Consequently, companies manufacturing products developed in
Brazil, when participating to internal market competition, are able to
receive BNDES differentiated credit under competitive conditions like those
presented by foreign groups.  The bank also started to finance, in addition
to machinery and equipment, software and services, and has already approved
BRL250 million of funds destined to this line and directed to
telecommunication companies.

In the last two years, the bank has approved BRL3.7 billion to companies of
this sector, representing total investments of BRL9.4 billion, which was
used to expand the telephony network in length and the transmission of data.
BNDES disbursements for the period reached BRL3.5 billion.

Brasil Telecom S.A. is controlled by Brasil Telecom Participacoes S.A.,
which is the publicly-listed holding company for 10 fixed-line operating
companies located in the western, central, and southern regions of Brazil
and in the Federal District region.  Brasil Telecom Participacoes' local
currency long-term debt carries Fitch's BB+ rating.

                        *    *    *

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: Mulls US$3-Bil. Funding for Argentine Projects
--------------------------------------------------------------
Banco Nacional Desenvolvimento Economico e Social SA is considering the
funding of US$3 billion to Argentine infrastructure projects participated by
Brazilian firms, according to a press release from Brazil's development,
industry and foreign commerce ministry.

According to Business News Americas, Brazilian Minister Luiz Fernando Furlan
and representatives of Banco Nacional traveled to Argentina to talk with the
nation's government officials and executives and to come up with strategic
plans for Brazilian participation in the Argentina's infrastructure and
sanitation sectors for the coming five years.

Minister Furlan told BNamericas that his ministry is talking with Buenos
Aires officials to identify areas in which Brazilian companies can act in
the city's basic sanitation sector.

Loans could support expansion of Argentina's natural gas network, as well as
expansion of capital city Buenos Aires' metro and bus systems, BNamericas
says, citing Armando Mariante, the vice president of Banco Nacional.

Banco Nacional has been studying the financing package.  More concrete
information will be released in the coming months, BNamericas reports.

                        *    *    *

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 PINE: Moody's Assigns D- Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength rating of D- to
Banco Pine S.A.  Moody's also assigned long- and short-term foreign- and
local-currency deposit ratings of Ba3 and Not Prime, as well as long- and
short-term Brazil national scale deposit ratings of A3.br and BR-2.  The
outlook on all these ratings is stable.

Moody's D- bank financial strength rating for Banco Pine reflects its
business focus on the largely secured and low-risk lending segments of
middle-market and consignment loans, which ensures that both asset quality
and profitability are adequate relative to its peers'.  The rating
incorporates the high liquidity of Pine's loan portfolio, which is evidenced
by the marketability of its consumer operation, as well as by the
self-liquidating nature of receivables that largely backs its middle market
loan book.  The bank's BFSR is also supported by an agile operating
structure and by a flexible business model, which could accommodate future
diversification and expansion initiatives. The fast growth experienced by
the bank in the payroll-lending segment reflects such flexibility.

Despite efforts to diversify its funding sources, Banco Pine has a
relatively concentrated and expensive funding structure, sourced out of
wholesale depositors, as well as a rather small capital base Both the
funding structure and capital base constrain the ratings and expose the bank
to possible market volatility.  Moody's views such limitations as having the
potential to frustrate the growth of Pine's franchise and its profitability
because they could limit its ability to fund loan growth internally.

Moreover, the rating agency pointed out that Banco Pine's margins --
particularly in consumer credit -- could be squeezed by competitive market
conditions and by declining domestic interest rates.  In that regard,
improving profitability ratios would indicate management's ability to expand
operations within the bank's defined niche markets, even under such
competitive pressures.  Pine's success in diversifying funding sources and
thus, in protect its profits, would clearly be a positive factor for its
ratings.

Conversely, Pine's ratings might suffer from the effects of deteriorating
asset quality and weakening profitability -- both of which could derive from
overly aggressive lending practices or from tougher competition.

Moody's Ba3 global local-currency deposit rating reflects Pine's modest
participation in the deposits market, and translates, in Moody's view, into
a low probability of regulatory support.  In spite of a historically high
dividend payout, frequent capitalizations by the controlling shareholder --
Mr. Noberto Pinheiro -- have demonstrated commitment to, and support of, the
bank's expansion strategy.

Established in 1997, Banco Pine is headquartered in Sao Paulo, Brazil. As of
June 2006, the bank had total assets of approximately BRL2.25 billion
(US$1.04billion) and equity of BRL225 million (US$104 million).

These ratings were assigned to Banco Pine S.A.:

   -- Bank Financial Strength Rating: D-, with stable outlook;

   -- Global Local-Currency Rating: Ba3 long-term
      local-currency deposit rating, and Not Prime short-term
      local-currency deposit rating, with stable outlook;

   -- Foreign Currency Deposit Rating: Ba3 long-term
      foreign-currency deposit rating, and Not Prime short-term
      foreign-currency deposit rating, with stable outlook; and

   -- Brazilian National Scale Deposit Ratings: A3.br long-term
      deposit rating, and BR-2 short-term deposit rating; with
      stable outlook.


BRASIL TELECOM: Secures BRL2.1-Billion Loan from BNDES
------------------------------------------------------
Brasil Telecom S.A. secures BRL2.1-billion financing from Banco Nacional de
Desenvolvimento Economico e Social aka BNDES.  The loan is the highest
granted to the sector and one of the five biggest loans approved by the
bank.  The funds will be used for expanding the network infrastructure
(voice, data and image) and the company's information technology.

Brasil Telecom will invest BRL1.8 billion for the triennium 2006 to 2008.
From the financing by BNDES, 38% will be released by means of a consortium
of financial agents led by Banco do Brasil.  The investments will allow for
consolidating the company as a multiprovider of telecommunication services.

The investment plan of Brasil Telecom, a company that accounts for 6,800
direct jobs, is concentrated in two specific areas:

   -- information technology and
   -- data communication.

Additionally, with the signature of new concession agreements in 2006,
Brasil Telecom will have to accomplish the universalization and quality
targets established by Agencia Nacional de Telecomunicacoes or Anatel.

The project gives importance to two matters:

   -- the performance of significant funding in areas of low
      development, like the Center-West and South regions
      (Brasil Telecom will invest in public telephony network at
      localities with over 100 inhabitants and in individual
      telephony in localities with over 300 inhabitants); and

   -- a significant volume of acquisition of domestic technology
      equipment.

With this operation, it is expected that an increase in the participation of
that equipment in the project will happen. Accordingly, the bank approved a
subcredit in the amount of BRL100 million for the acquisition of goods with
domestic technology and associated services, in the ambit of International
Competition Line.

This line has recently gained new conditions expanding its scope of action,
with the objective of stimulating the sales of equipment with domestic
technology.  Consequently, companies manufacturing products developed in
Brazil, when participating to internal market competition, are able to
receive BNDES differentiated credit under competitive conditions like those
presented by foreign groups.  The bank also started to finance, in addition
to machinery and equipment, software and services, and has already approved
BRL250 million of funds destined to this line and directed to
telecommunication companies.

In the last two years, the bank has approved BRL3.7 billion to companies of
this sector, representing total investments of BRL9.4 billion, which was
used to expand the telephony network in length and the transmission of data.
BNDES disbursements for the period reached BRL3.5 billion.

Brasil Telecom S.A. is controlled by Brasil Telecom Participacoes S.A.,
which is the publicly-listed holding company for 10 fixed-line operating
companies located in the western, central, and southern regions of Brazil
and in the Federal District region.

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.


COMPANHIA PARANAENSE: Raises BRL600 Million from Sale of Bonds
--------------------------------------------------------------
Companhia Paranaense de Energia said in a statement that it has raised about
BRL600 million from the sale of five-year.

Companhia Paranaense told Business News Americas that 38 investment funds
purchased about BRL280 million of the debt.  Brazilian banks Banco do Brasil
and Banif plus Dutch bank ABN Amro -- the issue coordinators -- bought
BRL150 million.  Pension funds, insurance companies, other banks and one
company purchased the balance.

A spokesperson from Companhia Paranaense told Business News Americas that
the money will go to pay part of the firm's debt due first quarter 2007.

Companhia Paranaense has net debt of BRL2.5 billion, BNamericas says.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Paran and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitly postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *    *    *

Copel's BRL100,000,000 debentures due March 1, 2007, is rated
Ba3 by Moody's.


COMPANHIA DE SANEAMENTO: S&P Rates US$250 Mil. Sr. Notes at BB-
---------------------------------------------------------------
Standard & Poor´s Ratings Services assigned its 'BB-' rating to water
utility Companhia de Saneamento Basico do Estado de Sao Paulo's aka SABESP
upcoming senior unsecured notes.  The company will issue new notes with a
final maturity in 2016 in an amount up to US$250 million, but the final
principal amount will be subject to the actual amount of SABESP's 12% notes
due 2008 that is redeemed in the cash tender offer.

The ratings on SABESP are constrained by the poorly defined regulatory
framework for water utilities in Brazil.  One of the main uncertainties is
the concession ownership in metropolitan areas, which implies that SABESP
has no contracts with some cities in the Sao Paulo metropolitan region or
SPMR, including the city of Sao Paulo, its largest revenue contributor
(about 56%).

The company also faces significant maturities while executing a robust
capital expenditure program every year, which requires significant efforts
in funding and liability management.  Another negative factor is the
still-relevant currency mismatch -- about 23% of SABESP's total debt is
exposed to foreign currency risk, and no hedging instruments are in place,
although the level of external debt has been decreasing and is now mostly
composed of long-term financing from multilaterals. There is also a high
level of past-due receivables (due in part to SABESP's inability to
interrupt the services of municipalities, which are provided water on a
wholesale basis, as well as to cumbersome negotiations with the public
sector).

These weaknesses are partially compensated by SABESP's solid cash generation
despite massive capital expenditures and even during times of strong
economic volatility.  In addition, the company has a solid credit track
record in domestic and international capital markets, as well as with
multilaterals and development banks.  Other credit strengths include its
strategic importance as a regional provider of water and wastewater services
that incorporate its operation efficiency, demonstrated by the improvement
and expansion of its service coverage over the past few years.


PETROLEO BRASILEIRO: In Talks to Buy Exxon's Okinawa Plant
----------------------------------------------------------
Petroleo Brasileiro SA, the state-run oil firm of Brazil, told Bloomberg
News that the company is aiming to conclude negotiations with Exxon Mobil
Corp.'s TonenGeneral Sekiyu K.K. unit and Sumitomo Corp. regarding the
purchase of a stake in the two firm's refinery in Okinawa, Japan, this year.

Paulo Costa, the downstream director of Petroleo Brasileiro, told Bloomberg
that the company is currently holding talks with Exxon's TonenGeneral Sekiyu
K.K. unit and Sumitomo Corp. -- the shareholders of the plant.

Mr. Costa told Bloomberg that Petroleo Brasileiro aims to upgrade the plant
to boost export capacity for petroleum products and deliver the fuels to
other Asian countries.

Bloomberg relates that plans to acquire stake in a Japanese refinery was
part of Petroleo Brasileiro's efforts to tap increasing demand for petroleum
products in Asia.

Petroleo Brasileiro is looking for refineries it can buy in India and China
to benefit from rising fuel consumption in these nations, Bloomberg says,
citing Mr. Costa.

Petroleo Brasileiro is not interested in tapping Japan's retain market after
buying a stake in the plant, Bloomberg says, citing Mr. Costa.

Fuel demand in Japan is expected to decline in the coming years, partly due
to a decreasing population as well as the promotion of energy conservation
by households and manufacturers, Bloomberg states.

Meanwhile, Mr. Costa told Bloomberg, "We have possibilities to buy more
refineries in the US, Europe, and Asia."

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.


SANTANDER BANESPA: Launches Dose Dupla Home Insurance Policy
------------------------------------------------------------
Banco Santander Banespa posted in its Web site that it has launched the Dose
Dupla policy, a new home insurance product.

According to Business News Americas, the Dose Dupla is aimed at properties
with a value between BRL50,000 and BRL150,000.

                        *    *    *

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


USINAS SIDERURGICAS: Companhia Siderurgica to Sell Stake in Firm
----------------------------------------------------------------
Roger Agnelli, the chief executive officer of Companhia Vale do Rio Doce,
said in published reports that the company will sell part of its 23% stake
in Usinas Siderurgicas de Minas Gerais.

"We want to sell some of our shares to balance control of Usiminas (Usinas
Siderurgicas)," Mr. Agnelli told the press.

The other shareholders of Usinas Siderurgicas include:

          -- Nippon Steel, with 19.4% stake;
          -- Usminas Workers' Fund, with 13.2% stake;
          -- Votorantim, with 7.6% stake;
          -- Camargo Correa with 7.6% stake; and
          -- Bradesco, with 2.6% stake.

Companhia Vale would also assume a position as part of the controlling bloc
of shareholders of Usinas Siderurgicas, Dow Jones Newswires states, citing
Mr. Agnelli.

Mr. Agnelli told Dow Jones, "We expect to enter the control bloc very soon.
In actuality, we will be reducing our total stake in the company but, within
the same operation, we will be joining the bloc of controlling
shareholders."

Mr. Agnelli refused to tell Dow Jones the size of stake Companhia Vale plans
to keep.

Dow Jones underscores that Companhia Vale has been talking with Usinas
Siderurgicas for over three years on the former's joining the control group.

According to Business News Americas, Mr. Agnelli said, "Our talks with
Usiminas (Usinas Siderurgicas) have been ongoing for more than three years."

The sale of some of Companhia do Vale's stake would better guarantee funds
for the growth of Usinas Siderurgicas, reports say, citing Mr. Agnelli.

Mr. Agnelli told Dow Jones, "Our aim is to accelerate the growth process for
steel-maker Usiminas.  We are sure Usiminas is in a good position to
expand."

Dow Jones relates that Usinas Siderurugicas has been developing expansion
plans for several years.  It will decide whether to construct a new 5
million metric ton steel-slab plant by next year as part of its latest
development plan.  Construction works on the plant would require up to
US$3.5 billion investment.

Mr. Agnelli told BNamericas that Companhia Vale expects to disclose a final
decision soon.

Headquartered in Minas Gerais, Brazil, Usiminas is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries. Brazil consumes 80%
of its products and the company's largest export markets are the
U.S. and Latin America.

                        *    *    *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais S.A. -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  The
outlook on the corporate credit rating is stable.

                        *    *    *

Moody's Investors Service assigned on June 7, 2006, a Ba2
foreign currency rating to the proposed senior unsecured bonds
to be issued by Cosipa Commercial Ltd., a subsidiary of
Companhia Siderurgica Paulista -- Cosipa based on the Cayman
Islands, in the amount of approximately US$200 million with
bullet maturity in 2016, under the US$500 million Medium Term
Notes Program of Usinas Siderurgicas de Minas Gerais S.A. --
Usiminas and Cosipa.  Moody's said the rating outlook is stable.




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


ALNAMI INVESTMENTS: Last Shareholders Meeting Is on Nov. 2
----------------------------------------------------------
Alnami Investments Ltd.'s final shareholders meeting will be on Nov. 2,
2006, at:

          Cititrust (Cayman) Ltd.
          CIBC Financial Centre, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


AOTEAROA ENTERPRISES: Proofs of Claim Filing Is Until Nov. 3
------------------------------------------------------------
Aotearoa Enterprises Corp.'s creditors are required to submit proofs of
claim by Nov. 3, 2006, to the company's liquidator:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Aotearoa Enterprises' 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.


JADE CAPITAL: Shareholders Convene for Final Meeting on Nov. 2
--------------------------------------------------------------
Jade Capital Corp.'s final shareholders meeting will be at 10:00 a.m. on
Nov. 2, 2006, at:

          BNP Paribas Bank & Trust Cayman Ltd.
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Piccadilly Cayman Limited
          Attn: Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Ltd.
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands
          Tel: 345 945 9208
          Fax: 345 945 9210


KIMCO CAYMAN: Proofs of Claim Filing Deadline Is on Nov. 3
----------------------------------------------------------
Kimco Cayman Ltd.'s creditors are required to submit proofs of claim by Nov.
3, 2006, to the company's liquidator:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Kimco Cayman's shareholders agreed on Aug. 10, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


MANHATTAN HORIZON: Last Shareholders Meeting Is Set for Nov. 2
--------------------------------------------------------------
Manhattan Horizon Fund Ltd.'s final shareholders meeting will be at 11:00
a.m. on Nov. 2, 2006, at:

          PricewaterhouseCoopers
          20/F, Prince's Building
          Central, Hong Kong

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          John Toohey
          Attn: Luna Chan
                Iris Chan
          22/F, Prince's Building
          Central, Hong Kong
          Tel: (852) 2289-2516/(852) 2289-2532
          Fax: (852) 2525-3720


NESS DISPLAY: Last Day to File Proofs of Claim Is on Nov. 3
-----------------------------------------------------------
Ness Display Holdings Ltd.'s creditors are required to submit proofs of
claim by Nov. 3, 2006, to the company's liquidator:

          Don M. Ho
          M/s Don Ho & Associates
          P.O. Box 2681
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Krysten Lumsden
          P.O. Box 2681
          Grand Cayman, Cayman Islands
          Tel: (345) 945 3901
          Fax: (345) 945 3902


ORION CO: Deadline for Proofs of Claim Filing Is Set for Nov. 3
---------------------------------------------------------------
Orion Co.'s creditors are required to submit proofs of claim by Nov. 3,
2006, to the company's liquidators:

          Baraterre Ltd.
          Tarpumbay Ltd.
          P.O. Box N-3708
          Nassau, Bahamas

Creditors who are not able to comply with the Nov. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Orion Co.'s shareholders agreed on Sept. 14, 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:

          J.P. Morgan Trust Company (Cayman) Limited
          c/o P.O. Box 694
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626


PETERMAN PROPERTIES: Final Shareholders Meeting Is on Nov. 2
------------------------------------------------------------
Peterman Properties Ltd.'s final shareholders meeting will be at on Nov. 2,
2006, at:

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

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Royhaven Secretaries Ltd.
          Attn: Andrew G Leggatt
          c/o P O Box 707
          Grand Cayman, Cayman Islands
          Tel: (345) 945-4777
          Fax: (345) 945-4799


ROSSEAU HOLDINGS: Creditors Must File Proofs of Claim by Nov. 3
---------------------------------------------------------------
Rosseau Holdings Ltd.'s creditors are required to submit proofs of claim by
Nov. 3, 2006, to the company's liquidator:

          Commerce Corporate Services Ltd.
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 3 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Rosseau Holdings' 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.


SEA FUNDING: Final Shareholders Meeting Is Set for Nov. 2
---------------------------------------------------------
Sea Funding Corp.'s final shareholders meeting will be at 10:00 a.m. on Nov.
2, 2006, at:

          BNP Paribas Bank & Trust Cayman Ltd.
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Piccadilly Cayman Limited
          Attn: Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Ltd.
          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman, Cayman Islands
          Tel: 345 945 9208
          Fax: 345 945 9210


SEAGATE: Names Brian Dexheimer Chief Sales & Marketing Officer
--------------------------------------------------------------
In a move that further supports Seagate Technology's market-facing business
units, the company has established the position of chief sales and marketing
officer and named executive vice president, Brian Dexheimer, to the post.

Earlier this year, Seagate began reshaping portions of the company to better
anticipate and meet the needs of its expanding base of customers, resulting
in five market-facing business units: Enterprise Storage, Personal Storage,
Consumer Electronics Storage, Branded Solutions and New Business
Initiatives.  Mr. Dexheimer, who formerly held the title of executive vice
president, Sales, Marketing and Customer Service, will be responsible for
the direction and management of these units, providing vision, leadership
and focus at the most senior level.

"Throughout his 22 years at Seagate, Brian has been an integral part of our
growth and success," said Bill Watkins, Seagate chief executive officer.
"Brian's vision and strategic direction have been instrumental in driving
growth in our core markets, and in providing the company access to new
markets and significant revenue opportunities.  As one of the architects of
Seagate's new market-facing organization structure, Brian has shaped an
organization that will further leverage Seagate's strengths to address the
specific storage needs of targeted markets and customers."

A career veteran of the storage industry, Mr. Dexheimer came to Seagate with
the company's acquisition of Imprimis in 1989.  He has held a variety of
leadership positions, including vice president and general manager of
Seagate RSS (Removable Storage Solutions), senior vice president, Marketing
and Product Line Management for Desktop disc drives, and senior vice
president, Worldwide Sales and Marketing.

In May 2000, Mr. Dexheimer was promoted to executive vice president,
Worldwide Sales, Marketing and Customer Service, responsible for all sales,
marketing, product planning and customer service for Seagate.  In December
of 2005, he was named to the additional responsibilities of leading the
company's newly defined business units.

Mr. Dexheimer holds a Bachelor of Science degree in Business Administration
from The University of Portland and a Masters of Science degree in Business
Administration from Pepperdine University.

                  About Seagate Technology

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

                        *    *    *

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

Moody's confirmed these ratings:

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

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

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




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BLOCKBUSTER INC: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the the US and Canadian Retail sector, the rating agency
confirmed its B3 Corporate Family Rating for Blockbuster Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sr. Sec. Revolving
   Credit Facility      B3       B1       LGD2     25%

   US$100 million
   Senior Secured
   Term Loan A          B3       B1       LGD2     25%

   US$550 million
   Senior Secured
   Term Loan B          B3       B1       LGD2     25%

   US$300 million
   9% Sr. Sub. Notes    Caa3     Caa2     LGD5     86%

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

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

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

                     About Blockbuster

Blockbuster Inc. (NYSE: BBI, BBI.B) --http://www.blockbuster.com/--  
provides in-home movie and game entertainment, with more than 9,000 stores
throughout the Americas, Europe, Asia and Australia.  The company operates
in Puerto Rico, Argentina, Brazil and Chile.


SHAW GROUP: Unit Prices JPY128.98 Billion Limited-Recourse Bonds
----------------------------------------------------------------
The Shaw Group Inc. disclosed that its wholly-owned subsidiary, Nuclear
Energy Holdings, L.L.C., has priced its private offering of yen-denominated
JPY128.98 billion face amount of limited-recourse bonds being marketed to
investors in Japan and elsewhere outside the United States, to be used to
finance its previously announced acquisition of 20% of the Westinghouse
Acquisition Companies.

The bonds are to be issued in two tranches:

   -- a floating-rate tranche and
   -- a fixed-rate tranche;

and will mature March 15, 2013.

The JPY 78.00 billion (equivalent to approximately US$653 million)
floating-rate tranche is to be issued with a floating coupon rate of 0.70%
above the six-month Yen LIBOR rate.  Nuclear Energy has entered into a
separate hedging transaction that fixes the interest cost on the
floating-rate bonds.  The JPY50.98 billion (equivalent to approximately
US$427 million) fixed-rate tranche is to be issued with a coupon rate of
2.20%.  The bond transaction is expected to close on Oct. 13, 2006, subject
to customary closing conditions.

The limited-recourse bonds will be secured by the assets of and 100% of the
membership interests in NEH, its shares in the Westinghouse Acquisition
Companies, along with the corresponding Toshiba option, a US$36 million
letter of credit established by Shaw for the benefit of Nuclear Energy and a
letter of credit to secure the payment of bond interest.  The initial
Interest LC (previously estimated to be approximately US$91 million) will be
established at approximately US$113 million, which now includes an
approximately US$14 million withholding tax reserve.

Nuclear Energy will use the proceeds from the bond offering plus
approximately US$30 million of cash for the purchase of the 20% interest in
the Westinghouse Acquisition Companies.  Because of market conditions, the
effective interest rate on the bonds is slightly higher than previously
estimated.  Shaw expects the Westinghouse Acquisition Companies transaction
to occur in October 2006, subject to customary closing conditions.  Shaw
estimates its fees and expenses for the acquisition transaction, including
the bond offering, to approximate US$20 million.  In the event the
acquisition were not to occur, Nuclear Energy would repay the proceeds to
the bondholders and cancel the related transactions, and would incur certain
additional expenses.

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

                        *    *    *

As reported on the Troubled Company Reporter on Oct 06, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.




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


BBVA COLOMBIA: Issues COP132 Billion Subordinated Bonds
-------------------------------------------------------
BBVA said in a press release that it issued COP132 billion subordinated
bonds on Oct. 9.

Business News Americas underscores that BBVA Colombia initially planned to
issue COP75 billion worth of bonds.

As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2006,
BBVA Colombia said in a filing with Superfinanciera, the local financial
regulator, that it issued COP75 billion subordinated bonds on Oct. 9.  BBVA
Colombia said that the bonds would mature in five years, with yield a 5.35%
real yearly interest rate.  The firm could double the offer to COP150
billion depending on investor demand.  DCR, the local ratings agency, placed
an AA+ rating on the bonds.

BNamericas notes that the COP132 billion bonds BBVA Colombia issued matures
in five years, with a real annual interest rate of 5.25%.

According to BNamericas, investor demand increased 2.16 times the offer.

Ratings that DCR assigned on the bonds remained at AA+, BNamericas reports.

                        *    *    *

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: Awards Sulfur Reduction Consultancy Project to Tehnip
----------------------------------------------------------------
Ecopetrol, the state-owned oil firm of Colombia, has awarded the consultant
contract for a sulfur reduction project at its Barrancabermeja plant to the
Technip Italy SpA-Tipiel consortium, Business News Americas reports, citing
a project official.

The official told BNamericas that Ecopetrol signed the 39-month contract
with Technip.

BNamericas relates that the contract covers:

          -- project management,

          -- detailed engineering of the principal plants and
             the purchase of plant equipment, and

          -- project supervision.

According to BNamericas, the Hidrotratamiento de Combustibles de la Gerencia
Complejo Barrancabermeja project seeks to meet environmental regulations
regarding sulfur content reduction in gasoline and diesel.

The report says that five units make up the project.  Among them are the
diesel and gasoline desulfurization units and a hydrogen plant.

Meanwhile, the official told BNamericas that with regards to the tender
process for plant construction, Ecopetrol has moved the bidding deadline to
Nov. 9 from Oct. 10.  The company plans to award the contracts at the end of
the year, with works commencing early in 2007 and concluding in the fourth
quarter of 2009.

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


ARMSTRONG WORLD: Declares Expected Distributions to Creditors
-------------------------------------------------------------
Armstrong World Industries, Inc., which emerged from Chapter
11 on Oct. 2, disclosed the amount of the initial distributions it expects
to make to general unsecured creditors under its Chapter 11 plan.
Specifically, distributions to holders of allowed unsecured claims falling
in Class 6 will commence on Oct. 17, 2006, pursuant to its Court-approved
"Fourth Amended Plan of Reorganization, as Modified," dated Feb. 21, 2006.

Per US$10,000 of such claims, an initial distribution of 116 Common Shares
of reorganized Armstrong World Industries and approximately US$2,435 in cash
are expected.  The initial distributions exclude approximately US$11 million
of cash and 538,000 shares that are reserved from distribution due to
disputed unsecured claims in Class 6. A total of 19,418,520 shares and
approximately US$407 million of cash will be distributed to creditors in
Class 6 under the Plan.

Separately, in discharge of all of its present and future asbestos-related
personal injury claims, on Oct. 2 the company issued under the Plan
36,981,480 Common Shares to the Armstrong World Industries, Inc.  Asbestos
Personal Injury Settlement Trust and by Oct. 17 will distribute to the Trust
approximately US$738 million in cash, representing the portion of cash
distributions to which the Trust is entitled under the Plan.  All present
and future asbestos-related personal injury claims must be asserted against,
and will be resolved by, the Trust, and such claims may not be asserted
against the Company.

Under the Plan, payments to unsecured creditors having allowed claims of
US$10,000 or less (or who have reduced their claims to US$10,000) began on
Oct 2.  Those creditors receive distributions entirely in cash in an amount
equal to approximately 75% of their allowed claims.

The cash amount to be distributed to Class 6 creditors and the Trust
includes "Available Cash" as defined in the Plan and US$775 million of the
cash proceeds expected from US$800 million of term loans that the company is
arranging in lieu of issuing notes under the Plan.  These term loans are in
addition to a US$300 million revolving credit facility already established,
which is currently undrawn and will be available to support the company's
ongoing liquidity needs.

Moreover, Armstrong World's Common Shares have been approved for listing on
the New York Stock Exchange under the ticker symbol "AWI."  Trading on the
NYSE is expected to commence tomorrow on a "when issued" basis (AWI_wi), and
"regular way" trading is anticipated to begin on a date to be announced by
the New York Stock Exchange.

"We are pleased to return to the New York Stock Exchange, where
Armstrong first began trading on July 17, 1935," said F. Nicholas Grasberger
III, Armstrong's Senior Vice President and CFO.  "This is the renewal of a
long and rewarding relationship between Armstrong and the NYSE."

"We are pleased to welcome back Armstrong World Industries to our family of
NYSE-listed companies, resuming our 70-plus-year partnership with the
company," said NYSE Group, Inc. Chief Executive Officer John A. Thain.  "We
look forward to serving Armstrong World Industries and its shareholders, and
providing the company with superior market quality and brand visibility."

Copies of the Plan and related exhibits may be accessed at:
http://www.armstrongplan.com

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2006,
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.  S&P said 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 were 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.




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* CUBA: US to Sanction Violators of Trade Ban on Nation
-------------------------------------------------------
The administration of United States President George W. Bush disclosed that
it has created a new law enforcement task force to aggressively pursue
violations of the trade and travel sanctions on Cuba, the Associated Press
reports.

According to AP, the Cuban Sanctions Enforcement Task Force includes the
Federal Bureau of Investigation and security or law enforcement units of the
Treasury, Homeland Security and Commerce departments.

AP underscores that the task force's creation marks the latest move by the
Bush administration to intensify US-Cuba restrictions.

R. Alexander Acosta, an attorney in Miami, told AP that the task force will
focus on prosecuting criminal violators of the Cuba trade and travel ban,
particularly on money laundering and illegal travel.  The task force will
bring greater emphasis to existing Cuba sanction enforcement efforts that
are scattered among several federal agencies.

The report says that criminal violators can be sanctioned with:

          -- 10 years of imprisonment,
          -- US$1 million in corporate fines,
          -- US$250,000 in individual fines, and
          -- up to US$55,000 fine per violation in civil
             penalties.

The sanctions, under the US law, will be imposed until multiparty Cuban
elections are planned, political prisoners are released and the Castro
administration ends, AP states.

AP relates that the task force was formed as Cuba faces political
uncertainty resulting from the illness of President Fidel Castro, as well as
the coming US election, where Cuban-American voters in South Florida -- most
of them against President Castro -- form an important Republican Party
constituency.

Mr. Acosta told AP that now is an appropriate time to announce the task
force to inform people that the US government intends to enforce its laws
aggressively.

"The purpose of the sanctions is to isolate the Castro regime economically
and deprive the Castro regime of the US dollars it so desperately seeks,"
reports say, citing Mr. Acosta.

                        *    *    *

Moody's assigned these ratings on Cuba:

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




===============
D O M I N I C A
===============


* DOMINICA: IMF Says Macroeconomic Performance Improved in 2006
---------------------------------------------------------------
An IMF mission headed by Mr. Patrick Njoroge visited Dominica between Sept.
28 and Oct. 6, 2006, to conduct discussions for the seventh review of the
program supported by the Poverty Reduction and Growth facility or PRGF
arrangement.  The mission received excellent cooperation from the government
and benefited from very useful discussions with the Cabinet, the Financial
Secretary, other senior government officials, and representatives of the
wider community.  The discussions focused on recent economic performance,
fiscal policy, and implementation of structural reforms.

Macroeconomic performance has strengthened further in 2006.  Data confirm
that economic activity is expanding strongly and is more broad-based.
Domestic demand has remained buoyant; tax revenues and credit continue to
grow robustly.  Construction has also picked up strongly, pointing to a
rebound of private sector confidence.  Favorable indicators were noted for
activity in the financial sector, hotels and restaurants, real estate, and
transportation.  However, weaknesses have remained in non-banana
agricultural exports and manufacturing output, but an overall strengthening
of the export sectors is now apparent; banana production and visitor
arrivals have rebounded, and tourist receipts are substantially higher as
hotel visitors and student enrollment at the offshore schools have
increased.  On this basis, real GDP growth is expected to rise from 3-1/2
percent in 2005 to 4 percent in 2006.

Policy implementation has remained commendably strong.  All quantitative
targets for June 2006 under the program were met.  Fiscal performance has
been very good throughout FY 2005/06.  Revenue performance has been
exceptionally strong due in part to transitory factors and the buoyant
economy.  Noninterest current expenditures have been kept at about target,
despite higher outlays for utilities and gratuities for retirees.  Capital
spending has been in line with the target, despite slow project execution
earlier in the year.  The stance of the FY 2006/07 budget is welcome, which
is consistent with the medium-term sustainability of public finances and
debt, and, as has been the case thus far, the mission expects continued
strong implementation.  The mission also notes the government's efforts to
complete its debt restructuring effort, and its intention to continue to
engage the remaining creditors in good-faith negotiations.

Structural reforms have been advanced.  Key reforms include restoring social
security sustainability, amending the Electricity Supply Act and the related
legislation, implementing the Value Added Tax, improving public expenditure
management, streamlining of the public sector, and strengthening the
financial sector.  These reforms are expected to play an important role in
safeguarding the realized gains and bolstering the prospects for sustainable
private sector-led growth and poverty reduction.  The mission encourages the
government to complete the implementation of these reforms, as well as to
put in place those measures that have been delayed.

The mission notes the government's commitment to implementing its
medium-term strategy for growth and poverty reduction, as articulated in the
Growth and Social Protection Strategy.  It recommends close cooperation with
donors, to facilitate their timely support for these efforts.

Completion of the review by the Board in the next few months will make
available the last disbursement to Dominica under the program of about
SDR1.2 million or US$1.7 million.




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


PETROECUADOR: Moves Amazon Blocks Bid Submission Deadline
---------------------------------------------------------
The government of Ecuador said in a statement that the tender committee of
Petroecuador, the state-owned oil company of Ecuador, has moved the deadline
for the submission of bids for the eight marginal blocks in Amazon to Nov. 1
from Oct. 10.

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

Business News Americas relates that the tenders cover these areas in
Orellana y Sucumbios:

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

The areas have combined proven reserves of 116Mb of API grade 18-35 crude.
Each area would require minimum investment of US$150,000, BNamericas
reports.

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.




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


CINEMARK: Century Acquisition Closing Cues S&P to Cut Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Cinemark Inc. and
subsidiary Cinemark USA Inc., which are analyzed on a consolidated basis,
including lowering the corporate credit ratings to 'B' from 'B+', following
the closing of the company's debt-financed acquisition of Century Theatres
Inc., the ratings on which were withdrawn.  The ratings on Cinemark were
removed from CreditWatch, where they were placed with negative implications
on Aug. 8, 2006.

At the same time, Standard & Poor's lowered the ratings on
Cinemark USA Inc.'s senior subordinated notes and Cinemark Inc.'s senior
discount notes to 'CCC+' from 'B-'.  S&P is also
withdrawing the ratings on Cinemark USA Inc.'s US$100 million
revolving credit facility due 2010 and the US$260 million term loan due
2011, which it refinanced with its US$150 revolving credit facility due 2012
and US$1.12 billion term loan B due 2013 as part of this transaction.

The outlook is stable.  Pro forma for the Century acquisition, the Plano,
Texas-based movie exhibitor will have US$3.1 billion in debt, including
holding company notes and capitalized operating leases.

"The downgrade is based on the increase in credit risk arising
from high debt leverage of the newly combined company and our
concerns about longer term industry fundamentals," said Standard & Poor's
credit analyst Tulip Lim.

The ratings on Cinemark Inc. reflect the company's high lease-
adjusted leverage and financial risk, its participation in the
mature and highly competitive nature of the U.S. motion picture
exhibition industry, its exposure to the fluctuating popularity of Hollywood
films, the shortening windows between theatrical and DVD/video-on-demand
release, and competition from other exhibitors and alternative entertainment
sources.  These concerns outweigh the benefits of the combined companies'
quality theater circuits, above-average profit margins, experienced
management team, and the asset flexibility provided by its profitable
non-U.S. operations.


DESARROLLADORA HOMEX: Names Rafael Matute to Board of Directors
---------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. appointed Mr. Rafael Matute to the
Board of Directors.  Homex's Corporate Governance and Compensation Committee
unanimously agreed to formally invite Mr. Matute to join the Board during
its session held in April 2006.  Mr. Matute became the Board's tenth member
effective
Oct. 10, 2006.

Mr. Rafael Matute is the Executive Vice-President and Chief Financial
Officer of Wal-Mart de Mexico and has been a member of Wal-Mart de
Mexico'sBoard of Directors since 1998.  Commenting on the election, Mr.
Eustaquio de Nicolas, Chairman of the Board of Homex, stated, "We are
pleased that Rafael Matute has joined our Board. We are confident that Mr.
Matute's broad business and financial markets expertise, as well as his
counsel, judgment and independence, will prove invaluable as we continue to
expand Homex."

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

                        *    *    *

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


DIRECTV INC: To Deliver Local HD Programming in 67 Markets
----------------------------------------------------------
DIRECTV Inc. will offer local HD broadcast networks in 67 markets,
representing approximately 74% of U.S. TV households, by year-end when it
rolls out 25 more local HD markets in the fourth quarter.

Local news, sports and popular primetime programming from ABC, CBS, FOX and
NBC will be available in HD to customers who subscribe to any Total Choice
programming package that offers local channels.

The 25 local markets to receive HD programming from DIRECTV include:

   -- Albuquerque, N.M.;
   -- Mobile, Ala.;
   -- Buffalo, N.Y.;
   -- New Orleans;
   -- Des Moines, Iowa;
   -- Norfolk, Va.;
   -- Flint, Mich.;
   -- Oklahoma City, Okla.;
   -- Ft. Meyers, Fla.;
   -- Portland, Me.;
   -- Grand Rapids, Mich.;
   -- Providence, R.I.;
   -- Green Bay, Wisc.;
   -- Reno, Nev.;
   -- Greensboro, N.C.;
   -- Santa Barbara, Calif.;
   -- Greenville, S.C.;
   -- Spokane, Wa.;
   -- Harrisburg, Pa.;
   -- Springfield, Mo.;
   -- Jacksonville, Fla.;
   -- Toledo, Ohio;
   -- Little Rock, Ark.;
   -- Tulsa, Okla.; and
   -- Madison, Wisc.

"With 67 markets receiving local HD channels from DIRECTV by year end, we've
set the stage for our historic capacity expansion in 2007," said Dan
Fawcett, executive vice president, Programming Acquisition, DIRECTV, Inc.
"This will enable us to leapfrog the multichannel video industry in terms of
the sheer volume of HD programming available to our customers.  With more
than 44 million homes projected to have HD TV sets next year, we expect to
be the video provider of choice for those consumers, offering the best
lineup of HD programming, including local broadcast networks, sports,
special events, and national networks, as well as original and exclusive
programming."

With the launch of two new satellites -- DIRECTV 10 and DIRECTV 11 -- in
2007, DIRECTV will have the ability to deliver more than 1,500 local HD and
digital channels and 150 national HD channels, in addition to new advanced
programming services for customers.

DIRECTV currently offers standard-definition local channels in 142 markets,
covering nearly 94 percent of television households in the country, as well
as 42 HD local channel markets representing approximately 62 percent of U.S.
TV households.

                       About DIRECTV

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.


FORD MOTOR: Could be Next in Renault-Nissan's Quest for Alliance
----------------------------------------------------------------
Nissan Motor Co. Ltd and Renault could set their sights on Ford
Motor Company as they continue to look for a North American
partner, Reuters Reports.

Nissan spokeswoman Mia Nielsen had told Reuters that the Renault-Nissan
alliance could be extended to work with additional partners and that a North
American partner could make sense.

Renault-Nissan had sought to form a partnership with General
Motors Corp. in order to strengthen its position in North America.  GM
however, ended the talks after concluding that Renault-Nissan's alliance
framework would substantially disadvantage GM shareholders.

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

                        *    *    *

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

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

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

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


MERIDIAN AUTOMOTIVE: Files Revised 4th Amended Plan in Delaware
---------------------------------------------------------------
Meridian Automotive Systems, Inc., and its eight debtor-affiliates delivered
Oct. 6, 2006, to the U.S. Bankruptcy Court for the District of Delaware a
revised Fourth Amended Joint Plan of Reorganization and Disclosure
Statement.

The Revised Fourth Amended Plan provides for the issuance of New
Notes in an aggregate face amount of approximately US$98,000,000 on the
Effective Date.  The Fourth Amended Plan also revises the
treatment of Classes 3 and 4 Claims, discusses the determination
of the claims that the Prepetition First Lien Lenders and the
Prepetition Second Lien Lenders intend to file under Section
507(b) of the Bankruptcy Code, and reflects changes on the Exit
Term Loan Credit Facility.

In addition, the Plan addresses the issues raised by the Official Committee
of Unsecured Creditors in their Disclosure Statement Objection.

                   Treatment of Class 3
               Prepetition First Lien Claims

Each Holder of an Allowed Prepetition First Lien Claim will, on
the Effective Date, receive in full and complete settlement,
release and discharge of the Claim:

   (i) the Lien Avoidance Release;

  (ii) its Pro Rata share of the New Notes;

(iii) 95.5% of the shares of New Common Stock, or 100% of the
       New Common Stock if Class 4 does not accept the Plan; and

  (iv) its Pro Rata Share of the Prepetition First Lien Claim
       Trust Interests, which will entitle the Holder to a share
       of the net recoveries realized by the Litigation Trust.

On the Effective Date, each Prepetition Letter of Credit will be
returned to the issuer undrawn and marked canceled and the unpaid reasonable
fees and expenses of counsel and the financial advisor to the Prepetition
First Lien Agent incurred prior to the Effective Date will be paid be paid
within 10 days after the
Effective Date subject to the Debtors' prior receipt of invoices
and reasonable supporting documentation.

The Plan defines "Lien Avoidance Release" as the dismissal, with
prejudice, of the Lien Avoidance Action.

                   Treatment of Class 4
           Prepetition Second Lien Secured Claims

The treatment to be provided to Holders of Allowed Prepetition
Second Lien Claims will depend on whether the Class accepts or
rejects the Plan.

If Class 4 accepts the Plan, then each Holder of an Allowed
Prepetition Second Lien Claim will receive in full and complete
settlement, release and discharge of the Claim:

   (i) the Lien Avoidance Release;

  (ii) its Pro Rata share of 4.5% of the shares of New Common
       Stock;

(iii) its Pro Rata share of the New Warrants; and

  (iv) its Pro Rata Share of the Prepetition Second Lien Claim
       Trust Interests, which will entitle the Holder to a share
       of the net recoveries realized by the Litigation Trust.

Any Administrative Expense Claims that may be asserted by Holders of
Prepetition Second Lien Claims for adequate protection under the terms of
the DIP Order will be reduced, in an amount equal to the value of the New
Common Stock and New Warrants distributed to the Holders, if and as
determined by the Court in accordance with applicable law.

If Class 4 rejects the Plan, then each Holder of an Allowed
Prepetition Second Lien Claim will receive its Pro Rata Share of
the Prepetition Second Lien Claim Trust Interests.

Furthermore, the reasonable unpaid fees and expenses of counsel
and the financial advisor to the Prepetition Second Lien Agent
incurred prior to the Effective Date will be paid within 10 days
after the Effective Date subject to the Debtors' prior receipt of invoices
and reasonable supporting documentation.

            Determination of Section 507(b) Claims

According to Richard E. Newsted, Meridian's president and chief
executive officer, the Prepetition First Lien Lenders and the
Prepetition Second Lien Lenders intend to assert "superpriority"
claims under Section 507(b) of the Bankruptcy Code to the extent
of any diminution in the value of their valid, perfected and
unavoidable liens.  Mr. Newsted relates that the purpose of the
Section 507(b) Claims is to compensate the Prepetition Lenders
for the diminution in the value of their prepetition collateral,
which occurred as a result of insufficient adequate protection
provided by the Debtors.

To the extent that the Prepetition First Lien Lenders and the
Prepetition Second Lien Lenders can demonstrate that their
interests in prepetition Collateral have suffered a diminution in value from
and after the Petition Date, they may be able to
establish Section 507(b) Claims in the amount of the diminution.

The Court will determine whether the Section 507(b) Claims should be reduced
by the total amount, or a portion, of the adequate protection payments that
the Prepetition First Lien Lenders and the Prepetition Second Lien Lenders
have received under the DIP Order since the Petition Date.  In the case of
Prepetition Second Lien Lenders, the Court will also determine whether
Allowed Section 507(b) Claims should be reduced by the value of the New
Common Stock and New Warrants the Second Lien Lenders will receive if Class
4 accepts the Plan.

              Effect of Section 507(b) Claims

The amount of any Section 507(b) Claims in favor of the
Prepetition Lenders may be significant in determining how any
recoveries obtained by the Litigation Trust will be distributed,
Mr. Newsted acknowledges.

The Plan provides that after the payment of expenses incurred by
the Litigation Trust in prosecuting the Avoidance Actions and the Reserved
Actions, the remaining recoveries by the Litigation
Trust will be distributed as:

   (a) If Class 4 accepts the Plan:

       -- 30% of the proceeds will be used to pay the Section
          507(b) Claims held by the Prepetition First Lien
          Lenders;

       -- 70% of the proceeds will be used to pay the Section
          507(b) Claims held by the Prepetition Second Lien
          Lenders; and

       -- any remaining amounts will be distributed pro rata to
          the Holders of Prepetition First Lien Deficiency
          Claims, Prepetition Second Lien Claims, and General
          Unsecured Claims;

   (b) if Class 4 rejects the Plan, the net recoveries by the
       Litigation Trust will be distributed pro rata on account
       of the Section 507(b) Claims in favor of the Prepetition
       First Lien Lenders and the Prepetition Second Lien
       Lenders and thereafter will be distributed pro rata among
       the Holders of Prepetition First Lien Deficiency Claims,
       Prepetition Second Deficiency Claims, and General
       Unsecured Claims, after giving effect to the rights of
       the Prepetition Agents and the Prepetition Lenders under
       the Intercreditor Agreements.

The Plan defines "Prepetition Second Lien Deficiency Claim" as
that portion of the Prepetition Second Lien Claim that
constitutes an Unsecured Claim.

Mr. Newstead reports that the specific Reserved Actions and
Avoidance Actions that will be contributed to the Litigation
Trust will be identified prior to the Confirmation Date to ensure that they
are properly preserved for the benefit of the
Litigation Trust.

            Debtors Address Committee's Concerns

If the Court determines that the Prepetition Lenders hold
substantial Section 507(b) Claims, it is unlikely that the
Holders of General Unsecured Claims will receive any
distributions under the Plan, Mr. Newsted concedes.  It is still, however,
possible that the Holders of General Unsecured Claims will receive
distributions if the Prepetition Lenders are not successful in establishing
the Section 507(b) Claims.  Thus, the Debtors do not believe that Class 5
should be deemed to have
rejected the Plan pursuant to Section 1126(g) of the Bankruptcy
Code.

The Debtors have not taken a position regarding the amount or
validity of any Section 507(b) Claims that may be asserted by the
Prepetition Lenders.  The amount of the Section 507(b) Claims will be
determined by the Court after notice and a hearing, and the Committee will
have the opportunity to contest the allowance of any Section 507(b) Claims,
Mr. Newsted clarifies.

Nevertheless, Mr. Newsted notes, the Plan provides that the
Committee will be dissolved on the Effective Date and will not
continue to exist thereafter except for the limited purposes of
filing any remaining applications for payment of professional
fees and expenses, and completing any proceedings related to the
determination of the amount of any Administrative Expense Claims
asserted by the Holders of Prepetition First Lien Claims or
Prepetition Second Lien Claims under the terms of the DIP Order.

The Committee has asserted that the significant amount in
postpetition interest, fees and expenses paid to the Prepetition
Lenders as adequate protection under the DIP Order should be
disgorged or reapplied to reduce the principal obligations owed
to the Prepetition Lenders as of the Petition Date, because the
Plan is based on the assumption that the Prepetition Lenders are
undersecured for purposes of Section 506(b) of the Bankruptcy
Code.

The Debtors believe that the Committee's argument is flawed
because it disregards the possibility that the Prepetition
Lenders may hold substantial Section 507(b) Claims, which are
subject to the Court's determination, and that the Section 507(b) Claims may
exceed the total adequate protection payments received by the Prepetition
Lenders, in which case the payments would not be subject to
recharacterization or disgorgement under Section 506(b).

The Committee has argued that the reservation of 10% of the
shares of New Common Stock for issuance to certain members of the
Reorganized Debtors' management pursuant to the Management
Incentive Plan constitutes a "gift" that may violate the absolute priority
rule.

The Debtors disagree with the Committee's position and point out
that no shares of New Common Stock are being issued under the
Plan to their management members.  Furthermore, the Debtors
explain that any shares of New Common Stock to be issued in the
future to their members under the Management Incentive Plan will
be in the nature of incentive compensation for future services
and will not be issued in consideration for prepetition services
to the Debtors or on account of any Claims that the individuals
may hold against the Debtors.

The Debtors are not aware of any existing liabilities to the
Pension Benefit Guaranty Corporation for unfounded benefits or
other obligations under the Pension Plans, and intend to comply
with all of their obligations.  Mr. Newsted relates that the PBGC has
asserted these Claims against each of the Debtors:

   (a) A contingent claim for US$199,951 and additional
       unliquidated claims on account of minimum funding
       contributions under the Pension Plans;

   (b) Unliquidated claims on account of insurance premiums
       under the Pension Plans; and

   (c) Contingent claims totaling US$13,882,000 and US$3,118,500
       on account of unfunded benefit liabilities.

The Debtors believe that they are current on all of their
obligations under the Pension Plans.

The Plan discloses that the Debtors and their business
performance are and will be affected by further production
cutbacks by Ford, General Motors, DaimlerChrysler, and any
operational restructuring initiatives by the North American
automakers to the extent that the initiatives have a negative
impact on production levels.

                       Exit Facility

The Reorganized Debtors expect the Exit Facility, in the total
amount of up to US$180,000,000, to consist of:

   (i) a US$75,000,000 senior secured revolving line of credit;
       and

  (ii) a senior secured term loan in the principal amount of up
       to approximately US$75,000,000, plus a synthetic letter
       of credit facility of up to approximately US$30,000,000.

                       Other Matters

All prepetition employment contracts with any individual current
or former employee, officer, director or consultant relating to
employment, compensation, benefits, severance, and
indemnification will be rejected as of the Effective Date.

All obligations of the Debtors to indemnify any individuals other than the
Meridian Covered Persons pursuant to existing articles or certificates of
incorporation, by-laws, other constituent documents, contracts and
applicable statutes will be discharged on the Effective Date.

A full-text blacklined copy of the Revised Fourth Amended
Joint Plan of Reorganization if available for free at
http://ResearchArchives.com/t/s?1335

A full-text blacklined copy of the Revised Fourth Amended
Disclosure Statement is available for free at
http://ResearchArchives.com/t/s?1336

                      Plan Compendium

The Debtors also delivered to the Court a revised Plan Compendium for the
Fourth Amended Plan.  The seven Plan Compendium Exhibits are:

1. Certificate of Incorporation

Meridian's Certificate of Incorporation states that the company
is authorized to issue a total of 2,556,000 shares of Common
Stock with a par value of US$.01 per share.

A full-text blacklined copy of Meridian's Certificate of
Incorporation is available for free at:

              http://ResearchArchives.com/t/s?1337

2. Reorganized Meridian's By-Laws, a full-text blacklined copy
   of which is available for free at:

              http://ResearchArchives.com/t/s?1338

3. Agreement of Plan and Merger between the Michigan and Delaware
corporations of the company

Immediately after the consummation of the Merger, an aggregate
2,000,000 shares of Common Stock, par value US$0.01 per share, of the
Surviving Corporation will be issued to the Holders of
Prepetition First Lien Secured Claims and Prepetition Second Lien Claims.

In accordance with the Plan, the directors and officers of
Delaware Meridian as of the Effective Time will be the directors
and officers of the Surviving Corporation.

A full-text blacklined copy of the Agreement of Plan and Merger
is available for free at http://ResearchArchives.com/t/s?1339

4. Michigan Merger Certificate, a full-text blacklined copy of
   which is available for free at:

              http://ResearchArchives.com/t/s?133a

5. Delaware Merger Certificate, a full-text blacklined copy of
   which is available for free at:

              http://ResearchArchives.com/t/s?133b

6. Litigation Trust Agreement, a full-text blacklined copy of
   which is available for free at:

              http://ResearchArchives.com/t/s?133c

7. Warrant

"Subsequent Issuance" will mean any sale or issuance by
Reorganized Meridian of Common Stock, Convertible Securities or
Stock Purchase Rights after the Original Issue Date other than,
among others, any issuance of shares of Common Stock or Stock
Purchase Rights to officers and employees of the company or its
subsidiaries in accordance with any management incentive program.

Immediately after the issuance of any shares of Stock Purchase
Rights, the sum of (A) the total number of shares of Common Stock issued or
subject to Stock Purchase Rights pursuant to the
program, and (B) the maximum number of shares of Common Stock
that may be issued in the future under the program, will not
exceed 255,556 shares.

A full-text blacklined copy of the Warrant is available for free
at http://ResearchArchives.com/t/s?133d

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq.,  and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


NEWPARK RESOURCES: Restates Financial Results for 2003 to 2005
--------------------------------------------------------------
Newpark Resources, Inc., has filed its restated results for the years 2003
to 2005 on Form 10-K/A, which is available on Newpark's website at
http://www.newpark.com

Additionally, Newpark announced that it plans to file its 2006 first, second
and third quarter results on Form 10-Q on
Nov. 9, 2006, followed by a conference call on Nov. 13, 2006.

Paul Howes, President and Chief Executive Officer of Newpark, stated, "We
have spent the past six months dealing with our internal investigation, the
analysis and restatement of our financial results, and the analysis and
decision to shut down Newpark Environmental Water Solutions.  We are now
moving beyond those challenges and are entering the next stage.

"A critical part of us positioning Newpark for sustainable earnings growth
is assembling a strong new leadership team," added Howes. "We are extremely
pleased to have attracted Jim Braun as Vice President and Chief Financial
Officer and Mark Airola as General Counsel and Chief Administrative Officer.
Additionally, we are fortunate to have three strong segment presidents
running our business, Bruce Smith of Drilling Fluids, Sean Mikaelian of Mats
& Integrated Services, and Sammy Cooper of Environmental Services.  I am
also pleased that David Anderson has recently joined our Board.  All bring
significant technical skills and industry experience to Newpark.

"With our executive team essentially in place, we are now addressing our
strategic and operational growth plans.  We recently engaged CRA
International (Charles River Associates), a leading provider of economic and
financial expertise and management consulting services, to assist and advise
us as we evaluate our future strategies.  We believe that at the end of this
evaluation process, we will emerge as a stronger and more focused company.

"I would like to personally thank all the employees, customers and
stakeholders that have supported us. We look forward to reporting on our
progress as we move forward, including the upcoming filings of our 2006
quarterly results on November 9th and the conference call on November 13th,"
concluded Mr. Howes.

               Summary of the Net Financial Impact

Adjustments to previously reported consolidated net income are:

   -- an increase of US$641,000 for 2005;
   -- an increase of US$541,000 for 2004;
   -- a reduction of US$432,000 for 2003; and
   -- a net reduction of approximately US$12.7 million for the
      period from 1998 through 2002.

Adjustments to previously reported balance sheet figures as of Dec. 31, 2005
are:

   -- total assets were reduced by US$6.6 million;
   -- total liabilities were reduced by US$2.9 million; and
   -- total stockholders' equity was reduced by US$3.7 million.

                 About Newpark Resources, Inc.

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

                        *    *    *

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

As reported in the Troubled Company Reporter-Latin America on Sept. 28,
2006, in connection with Moody's Investors Service's implementation of its
new Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sectors this week, the rating
agency confirmed its B1 Corporate Family Rating for Newpark Resources, Inc.

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

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


OPEN TEXT: Discloses Web Content Management Strategy with RedDot
----------------------------------------------------------------
Open Text Corp. disclosed an expanded Web Content Management or WCM strategy
that includes the integration of RedDot Solutions' software with Open Text's
Livelink ECM -- Web Content Management Server.  The integration will create
a comprehensive offering that ties WCM into a customer's broader ECM
strategy to improve business processes, reduce costs and manage compliance.

Open Text will present an initial version of the solution at its LiveLinkUp
Phoenix 2006 global user conference in November, and plans to ship the first
version of the product in early 2007. Today, Open Text also unveiled a
product roadmap for further versions of the integrated product.

Open Text's strategy with RedDot is consistent with customers' changing WCM
needs.

"There's no question today that Web Content Management has to be factored
into a company's ECM strategy," said Mark R. Gilbert, Research Vice
President at Gartner, Inc.  "With more content and more sites to manage, Web
content will become increasingly tangled with the broader information
management demands in large organizations.  In order to be successful,
companies need solutions that can scale for the enterprise and they need
tighter integration with ECM capabilities."

"For customers, Web Content Management continues to grow in complexity,"
said Kirk Roberts, Executive Vice President of Products, Solutions and
Marketing at Open Text.  "The combination of RedDot's robust technology,
state-of-the-art ease of use and rapid deployment capability, with Open
Text's enterprise scaleable tools and advanced ECM suite creates a true
best-of-breed Web Content Management offering for our small, medium and
enterprise customers."

The integration will bring together the power of RedDot's easy-to-use WCM
and delivery capabilities with Open Text's Livelink ECM suite, using the
backend server capabilities of Livelink ECM - Web Content Management Server.

RedDot's products, including CMS, LiveServer and XCMS, are known for their
ease-of-use, fast implementation time and sophisticated contextual delivery
features.  RedDot customers find great success in managing multiple sites,
delivering personalized content and producing multi-lingual sites, all
within an environment where business users are empowered to create, manage
and deliver content.

RedDot's software will now be integrated with the ECM functionality in Open
Text's Livelink ECM suite, including document management, records
management, business process management and collaboration.  Livelink ECM --
Web Content Management Server will also enhance RedDot with powerful content
server capabilities, including advanced clustering, which can scale globally
and offer tight integration with leading enterprise application servers,
such as SAP NetWeaver, IBM WebSphere, BEA WebLogic and Oracle 10g.  The
solution also supports content integration with standard back-office ERP
applications.

Open Text's roadmap with RedDot includes:

   -- The first phase of integration will include the ability
      to access and publish content maintained in Open Text's
      broader Livelink ECM suite using RedDot.  Customers
      building websites using RedDot will also be able to
      integrate Livelink ECM collaboration features such as
      discussions or opinion polls in their website designs.
      Available in early 2007.

   -- The second phase includes a complete, single server
      platform with enterprise scale clustering and
      distribution, and simplified server configuration.

"This strategy will fuel RedDot's success across the globe and reinforces
our position as a leader in Web-centric ECM," said Daniel Kraft, Chief
Operations Officer, RedDot Solutions.  "We are excited to include new
functionality with our products and to provide the best solutions to
leverage content through the Web in a way that will improve customers'
business processes and provide an advantage in the marketplace."

                      About Open Text

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

                        *    *    *

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


UNIVISION COMMUNICATIONS: Grupo Television Selling 11% Stake
------------------------------------------------------------
Emilio Azcarraga, the chairperson of Mexico's Grupo Televisa, told Reuters
that the company will sell its 11% stake in Univision Communications Inc.

Having failed to buy Univision Communications, Grupo Televisa decided to
withdraw its participation in the company.

According to Reuters, Grupo Televisa offered US$12.1 billion for Univision
Communications in an auction held last month.  However, a group of private
equity companies and media mogul Haim Saban presented a US$12.3 billion
offer for Univision Communications.  Grupo Televisa refused to surpass the
group's bid.

Reuters relates that Grupo Televisa has a long-standing programming deal
with Univision Communications.  However, the two firm's relationship has
become unpleasant in the recent years, mainly due to constant disputes and
lawsuits.

Mr. Azcarraga told Reuters, "Our share sale will go ahead."

"We have been very careful with money and obviously our Televisa
shareholders are the most important to us," Mr. Azcarraga told Reuters when
he was asked about what his company planned to do with the funds from the
sale.

Mr. Azcarraga mentioned the possibility of a dividend, Reuters reports.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., -- http://www.univision.net/-- a Spanish-language
broadcaster, owns and operates more than 60 television stations
in the U.S. and Puerto Rico offering a variety of news, sports,
and entertainment programming.  The company had about US$1.4
billion in debt at March 31, 2006.

                        *    *    *

As reported in the Troubled Company Reporter on July 4, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured notes ratings on Univision Communications
Inc. to 'BB-' from 'BBB-', based on the company's agreement in
principle to a US$12.3 billion (excluding existing debt) LBO led
by investor group Madison Dearborn Partners LLC.

As reported in the Troubled Company Reporter on June 30, 2006,
Fitch downgraded Univision Communications Inc.'s IDR and senior
unsecured debt ratings to 'BB' from 'BBB-', and the ratings
remain on Rating Watch Negative.




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


* PARAGUAY: To Receive US$650 Million in Remittances in 2006
------------------------------------------------------------
Paraguay will receive about US$650 million in remittances from its
expatriates in 2006, the Inter-American Development Bank's Multilateral
Investment Fund or MIF disclosed.

The MIF based its estimate on the first survey carried out among Paraguayans
who receive money from relatives living abroad.  The poll's results were
presented at a conference attended by some 200 participants, including
government officials and executives from financial institutions and money
transfer operators.

Remittances have become a key source of income for many developing countries
with diasporas in industrialized nations.  According to the MIF, this year
Latin America and the Caribbean will receive more than US$60 billion from
its expatriates, mostly in the United States, Europe and Japan.

"The challenge for Paraguay and other countries in this region is to tap the
development potential of these flows," MIF Manager Donald F. Terry said.
"To achieve this, we have to offer people more options to get more out of
their money. One way to do it is to include these families in the formal
financial system, where they can have access to products and services such
as savings accounts, housing loans and microcredit."

In many Latin American and Caribbean countries remittances are mostly used
to cover everyday expenses such as food, health, clothing and housing.  But
in Paraguay a significant portion of these flows go to savings, businesses
and real estate investments.

However, only 18% of those polled said they have bank accounts.  "This is
one of the lowest levels of banked beneficiaries we've found in Latin
America," said Sergio Bendixen, president of Bendixen & Associates, the
polling firm that carried out the survey for the MIF. "A positive step for
Paraguay's government and financial industry would be to raise that
percentage."

Spain is the leading source of remittances to Paraguay, followed by the
United States, Argentina and Brazil.  "Paraguay's case is similar to those
of other Latin American countries, where migration to Spain has increased in
recent years.  The same trend can be found in Ecuador, Colombia, the
Dominican Republic and Peru," said the coordinator of the MIF's remittances
programs, Pedro de Vasconcelos.

Most Paraguayans who benefit from remittances have been receiving them for
one to five years.  Families in this group have incomes ranging from US$200
to US$700 a month, high school or university level education and 84 percent
of them are homeowners.

The survey was conducted in August and September 2006, with 3,377 interviews
and an error margin of 2 percent.

                 IDB, MIF and Remittances

The IDB is the leading source of long-term financing for economic and social
development projects in Latin America and the Caribbean. The MIF, an
autonomous fund administered by the IDB, promotes private sector development
in the region, with an emphasis on microenterprises and small businesses.

The MIF started studying remittances in the year 2000 to analyze their
impact in Latin American and Caribbean countries.  Until then remittances
had been largely overlooked by international institutions and national
governments.

Besides gauging the growing volume of these flows, the MIF also spotlighted
the huge fees migrants were paying to send money home.  Since then many more
competitors have entered the remittances market, offering their clients
cheaper transfers and additional services.  As a result, migrants and their
families have been able to keep billions of dollars that would have
otherwise gone to middlemen.

The MIF also finances projects to promote the inclusion of people who send
or receive remittance into the formal financial system, chiefly through
institutions focused on lower income clients, such as credit unions and
microfinance institutions.  The goal of these efforts is to expand these
families' access to products and services that can help them build assets.

                        *    *    *

Moody's assigned these ratings on Paraguay:

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

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

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




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


* PERU: Achuar Tribe Takes Over Oil Facility in Protest
-------------------------------------------------------
Amazon Watch is urging the Peruvian government to avoid violence after
hundreds of native Amazonians occupied Peru's largest oil refinery in protes
t at the toxic devastation of their ancestral lands.

The desperate move by 700 members of the Achuar ethnic group comes after
three decades of oil drilling on their once-pristine rainforest territories
in the Loreto region, near the Ecuador border.  Nearly one million barrels
of untreated toxic waste from the drilling is dumped directly into the
rainforest every day. The Achuar are now suffering a public health crisis.

The Peruvian government has sent in the army, reportedly with orders to use
force, and the Achuar have demanded assurances that their lives will not be
threatened.  Amazon Watch Executive Director Atossa Soltani said, "This is a
very volatile situation.  We urge the Peruvian government to resolve this
matter peacefully and meet the Achuar's demands, which are entirely
reasonable.  If any blood is spilt, it will be on the hands of the Peruvian
government and Pluspetrol, the oil company which runs the refinery."

The final straw came for the Achuar when representatives from the Peruvian
government failed to show for a scheduled meeting to discuss the
communities' grievances, which include the cessation within 12 months of the
dumping and the immediate provision of potable water and medical treatment.

In a statement, the Achuar said, "We demand a serious dialogue of equals
between the government and our indigenous authorities which legitimately
represent us in order to propose immediate measures for the cessation of the
contamination and to attend to our population which is sick from poisoning
from lead, cadmium and other toxins used in the oil operations."

The development placed Alan Garcia, the President of Peru, firmly in the
spotlight as he visited Washington D.C. to meet with President George Bush
earlier today to discuss a bilateral "free trade" pact with the U.S.

Pluspetrol says it can re-inject 20% of the toxic waste deep back into the
ground by 2009 rather than dumping it into the rainforest.  Pedro Gamio,
Peru's Under-Secretary of Energy and Mines, says the government is pushing
Pluspetrol for complete re-injection by 2009.  The Achuar want 100%
re-injection within one year and no new drilling on their lands, including
by US oil major ConocoPhilips, which owns major concessions in the area.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB      Nov. 18, 2004
   Long Term IDR       BB      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+     Dec. 14, 2005


* PERU: Reaffirms Commitment to Expand Free Trade with the US
-------------------------------------------------------------
Presidents George W. Bush and Alan Garcia, in a joint statement, underscored
the strong relationship between the United States and Peru, and reaffirmed
their commitment to strengthening democracy and expanding free trade in the
region as a means of improving the well-being of all citizens by securing
freedom and delivering the greatest possible economic benefits to the
largest number of people.  They pledged to continue working together toward
these and other shared objectives.

The two leaders agreed that democracies must strive to improve basic
services for all citizens, and emphasized the importance of expanding health
and education as a means of empowering citizens with the tools to fully
participate in society, providing opportunities for economic growth and
social development.  They further concurred that democracy and democratic
governance are the right and responsibility of all, and that an educated,
engaged citizenry is the foundation for strong democratic institutions.
They also agreed that all citizens should have the ability to participate
fully and fairly in a modern economy, under the protection of the rule of
law.

Both stressed the central role of initiatives such as the mutually
beneficial U.S.-Peru Trade Promotion Agreement or PTPA in strengthening
bilateral ties while leveling the trade playing field, spurring job
creation, and reducing poverty and inequality. In this regard, President
Bush reaffirmed his commitment to securing congressional approval of the
PTPA as quickly as possible.  Both Presidents noted that domestic capacity
building programs, such as President Bush's Center for Education Excellence
in Teacher Training and the Poverty Reduction and Alleviation Program
initiatives, and President Garcia's Sierra Exportadora and "Internal FTA"
programs, ensure that the opportunities derived from free and open markets
accrue to the broadest number of Peruvians.

Presidents Bush and Garcia reaffirmed their strong commitment to protect
their people and the hemisphere from the depredations of transnational
terrorist and criminal organizations, pledging to promote speedy extradition
of drug cartels' members.  Among the many ways our countries work together
to combat the scourge of narcotrafficking, based on the principle of shared
responsibility, are Peru's comprehensive efforts against drug trafficking
and illegal coca cultivation and U.S. programs that provide infrastructure
and training to develop a police presence east of the Andes and alternative
development to people in former coca growing areas, giving them hope for a
sustainable, legal livelihood to provide for their families.

The Presidents reaffirmed their commitment to a strong bilateral
relationship and to promoting prosperity and social justice for all people
of the Americas.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB      Nov. 18, 2004
   Long Term IDR       BB      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+     Dec. 14, 2005




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


ADELPHIA: Panel Balks at Noteholders' Plea to Unseal Record
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Adelphia
Communications Corp.'s chapter 11 case and several parties-in-interest filed
with the U.S. Bankruptcy Court for the Southern District of New York their
objection to the request of the ACC Senior Noteholders to unseal the full
record of the resolution process and the negotiations that led up to the
ACOM Debtors' Fifth Amended Plan of Reorganization.

       Statements Supporting ACC Senior Noteholders Request

Calyon New York Branch adopts and incorporates by reference the
legal arguments pertaining solely to the unseal request by
Aurelius Capital Management, LP; Catalyst Investment Management
Co., LLC; Drawbridge Global Macro Advisors LLC; Drawbridge Special
Opportunities Advisors, LLC; Elliot Associates, LP; Farallon Capital
Management LLC; Noonday Asset Management LP; and Perry Capital LLC, as
holders or investment advisors to holders of certain notes and debentures
issued by Adelphia Communications Corp.

The Official Committee of Equity Security Holders agrees that the Court
should unseal the record on plan issues and permit
adjudication of the intercreditor disputes.

Representing the Equity Committee, Gregory A. Blue, Esq., at
Morgenstern Jacobs & Blue, LLC, in New York, contends that the
time has come to unseal the full record of the resolution process and the
negotiations that led up to the ACOM Debtors' Fifth Amended Plan of
Reorganization.  The Supreme Court in Consol.  Rock, 312 U.S., has stated
unequivocally that "[a]nything short of voluntary and honest disclosure [of
financial information] obstructs the policy of Chapter 11 towards fair
settlement through a negotiation process between informed interested
parties."

              Objections To Noteholders' Request
              To Adjudicate Intercompany Disputes

Marc Abrams, Esq., at Willkie Farr & Gallagher LLP, in New York,
argues that the Court is not obligated to resume the resolution
process nor would doing so serve the interest of any stakeholder
because:

   (a) resumption of the resolution process is impractical,
       destructive of value, and a sub-optimal alternative to
       the proposed Fifth Amended Plan;

   (b) the Plan Agreement is a permissible and highly preferable
       alternative for resolving the intercreditor dispute;

   (c) the Debtors have complied in all respects with their
       neutrality obligations; and

   (d) whether the settlement contemplated by the Fifth Amended
       Plan is fair and reasonable or not are issues that can
       and will be addressed at a future confirmation hearing;
       it is not a basis to resume the resolution process now.

Representing the ACC II Committee, an ad hoc committee comprised
of holders of ACC Notes and Arahova Notes, Jeremy V. Richards,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub LLP, in Los Angeles,
California, asserts that there is no benefit to resume the Motion In Aid
Process.  The ACOM Debtors' Fifth Amended Plan of Reorganization embodies
the resolution of the disputed issues that are subject of the MIA Process.

"The idea that the MIA Process is a viable alternative to either
the Fifth Amended Plan or any other settlement plan is unrealistic and
untenable," Mr. Richards contends.  Unless the Court is prepared to accept
that the MIA Process requires that each and every disputed issue be
litigated to a final and non-appealable judgment, the MIA Process must
encompass the possibility of settlement.

Representing the Ad Hoc Committee of FrontierVision Noteholders,
Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, in New
York, contends that the settlement contained in the Fifth Amended Plan:

   (a) does not violate the rights of the ACC Senior
       Noteholders,
   (b) was negotiated at arm's-length, and
   (b) should be sent out for a vote by creditors.

Mr. Eckstein further argues that:

    -- the ACC Senior Noteholders are not successor to the Ad
       Hoc Committee of ACC Noteholders and does not have the
       right to litigate or settle the ACOM's intercompany
       claims;

    -- the ACOM Debtors and the Creditors Committee have
       standing to propose and solicit the Fifth Amended Plan;

    -- nothing in the Plan term sheet or Plan process has
       interfered with the due process rights of ACC Senior
       Noteholders; and

    -- the settlement does not "take" anything from anybody
       to benefit the FrontierVision Noteholders.

Representing the Ad Hoc Committee of Arahova Noteholders, Gerard
Uzzi, Esq., at White & Case LLP, in New York, asserts that the ACC Senior
Noteholders are not the ACC Senior Noteholders Committee.  The MIA Process
identified certain "Deemed Participants," who were automatically included in
the MIA Litigation.  The list included the ACC Senior Noteholders Committee,
represented by Hennigan, Bennett & Dorman LLP.  The individual bondholders
on the ACC Senior Noteholders Committee were not designated as Deemed
Participants.  Any other party-in-interest seeking to participate in the MIA
Litigation could file a "Participation Request."  The ACC Senior
Noteholders, however, did not file the necessary Participation Request.

Representing the Official Committee of Unsecured Creditors, David M.
Friedman, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York,
contends that unsealing the MIA record could severely mislead stakeholders
and thus, taint the confirmation process.

                  About Adelphia Communications

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

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


ADELPHIA: Parties Balk at Bank Lenders' Case Conversion Plea
------------------------------------------------------------
The Official Committee of Unsecured Creditors to Adelphia
Communications Corporation's chapter 11 case and several parties-in-interest
filed with the U.S. Bankruptcy Court for the Southern District of New York
their objection to the request of several bank lenders to terminate the
exclusive periods of the Debtor and its debtor-affiliates or to convert the
Debtors' cases to a liquidation proceeding under Chapter 7 of the Bankruptcy
Code.

As reported in the Troubled Company Reporter on Aug. 29, 2006
several bank lenders ask the Court to terminate the exclusive
periods of the Debtor and its debtor-affiliates to allow the banks to file
and solicit acceptance of a Chapter 11 plan or plans for the Debtors.

In the alternative, the Bank Lenders want the Debtors' cases
converted to a liquidation proceeding under Chapter 7 of the
Bankruptcy Code.

                         Objections

Several parties-in-interest filed with the Court their objections to several
bank lenders' request to terminate the Operating Company Debtors' exclusive
periods and to Calyon New York Branch and The Bank of New York's request to
convert the Obligor Debtors' cases to Chapter 7:

   (a) Highfields Capital Management and Tudor Investment
       Corp.;

   (b) W.R. Huff Asset Management Co., L.L.C;

   (c) the ACC II Committee, an ad hoc committee comprised of
       holders of ACC Notes and Arahova Notes, namely, Murray
       Capital Management, Inc.; Stark & Roth; Franklin Mutual
       Advisors, LLC; Citadel Limited Partnership; Avenue
       Capital Management; Citigroup Financial Products, Inc.;
       HBK Investments, L.P.; Varde Partners, Inc.; and Lionhart
       Investments, Ltd.;

   (d) the Official Committee of Unsecured Creditors;

   (e) the Ad Hoc Adelphia Trade Claims Committee;

   (f) the Ad Hoc Committee of FrontierVision Noteholders;

   (g) the Official Committee of Equity Security Holders;

   (h) JPMorgan Chase Bank, N.A.;

   (i) the Ad Hoc Committee of Arahova Noteholders;

   (j) the ACOM Debtors; and

   (k) the Ad Hoc Committee of FrontierVision Noteholders.

Generally, the parties assert that the Court should preserve the
ACOM Debtors' exclusivity at this critical juncture of their
Chapter 11 cases.  The Parties believe that terminating the
exclusivity will only cause further expense and delay, and
jeopardizes the consummation of the ACOM Debtors' Fifth Amended
Plan of Reorganization.

Representing the ACC II Committee, Jeremy V. Richards, Esq., at
Pachulski Stang Ziehl Young Jones & Weintraub LLP, in Los Angeles,
California, suggests that the exclusivity be maintained at least for the
limited purpose of allowing the Plan Proponents -- ACOM Debtors and the
Official Committee of Unsecured Creditors -- to seek confirmation of the
ACOM Debtors' Fifth Amended Plan of Reorganization by Oct. 31, 2006.

Representing the Official Committee of Unsecured Creditors, David M.
Friedman, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York,
contends that the Court should not terminate exclusivity because:

   (1) the Banks do not satisfy any of the factors for
       terminating exclusivity;

   (2) the ACOM Debtors did not "waive" exclusivity and Section
       1121(d) of the Bankruptcy Court provides for termination
       of unexpired exclusivity periods by the court for cause,
       not on the basis of an alleged waiver by a debtor; and

   (3) termination of exclusivity will be an expensive and
       litigious exercise in futility.

The Ad Hoc Adelphia Trade Claims Committee supports the Creditors
Committee's statements.

Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, in New
York, counsel for the Ad Hoc Committee of FrontierVision Noteholders,
contends that maintaining the Debtors' exclusivity to permit solicitation of
the Fifth Amended Plan without the confusion of competing plans presents the
best path to a solution of the Debtors' Chapter 11 cases.

On behalf of JPMorgan Chase Bank, N.A., James C. Tecce, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, in New York, asserts that any Chapter
11 plan proposed and confirmed in the ACOM Debtors'
Chapter 11 cases must reflect the salient terms of the
FrontierVision Stipulation dated July 27, 2006, which, among other things,
addresses the FrontierVision Lenders' rights to
post-effective date indemnification.

Although the Equity Committee agrees that the Court should
terminate exclusivity to allow parties to file competing plans of
reorganization, the Equity Committee believes that the Court
should not convert the Operating Company Debtors' cases to
Chapter 7.

Mr. Friedman, on the Creditors Committee's behalf, argues that the Debtors'
Chapter 11 cases should not be converted because:

   (1) there is no continuing loss to or diminution of the
       estates and there is absence of reasonable likelihood of
       rehabilitation;

   (2) the Banks cannot demonstrate that it is unreasonable to
       expect that a plan of reorganization will be confirmed;

   (3) the Banks cannot demonstrate that the Debtors have
       unreasonably failed to timely file a plan of
       reorganization, pursue confirmation, or otherwise
       prosecute their cases; and

   (4) conversion is not in the best interest of unsecured
       creditors.

The Arahova Noteholders Committee agrees with the Creditors
Committee's contentions.

Marc Abrams, Esq., at Willkie Farr & Gallagher LLP, in New York,
the ACOM Debtors' counsel, maintains that creditor dissatisfaction with
select terms of a proposed plan does not constitute cause to convert Chapter
11 cases to Chapter 7 if it will be detrimental to the estates.

                About Adelphia Communications

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

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


BCBG MAX: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the the US and Canadian Retail sector, the rating agency
confirmed its B1 Corporate Family Rating for BCBG Max Azria Group, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Asset-Based
   Revolver             Ba3      Ba2      LGD2     20%

   US$199.5 million
   Term Loan            B1       B1       LGD3     48%

   US$80 million
   Third Lien
   Term Loan            B3       B3       LGD5     76%

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

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

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

BCBG Max Azria Group, Inc., headquartered in Vernon, California,
is an apparel retailer and wholesaler.  It operates 80 retail
stores, 57 factory stores, and 102 partner shops in the United
States.  In addition, it distributes to over 400 wholesale doors
under the BCBGMaxAzria, TO THE MAX, maxime, dorothee bis, Herve
Leger, BCBGirls, Parallel, and maxandcleo brand names.  The Max
Rave acquisition will add a minimum of 450 stores currently under the G+G,
Rave, and RaveGirl name plates which will all be
converted to the Max Rave name plate.


RENT-A-CENTER: High Debt Leverage Cues S&P to Lower Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Plano, Texas-based Rent-A-Center Inc. to 'BB' from 'BB+'.  The outlook is
negative.  All ratings are removed from CreditWatch, where they were placed
with negative implications on Aug. 8, 2006.

At the same time, Standard & Poor's assigned its 'BB' bank loan rating to
Rent-A-Center Inc.'s proposed US$1.325 billion credit facility.  The rating
agency also assigned a recovery rating of '2' to the facility, indicating
the expectation for substantial (80%-100%) recovery of principal in the
event of a payment default.  The proposed loan comprises:

   -- a US$400 million revolving credit facility due in 2011,
   -- a US$200 million term loan A due in 2011, and
   -- a US$725 million term loan B due in 2012.

"The downgrade is due to an increase in debt leverage and a decline in cash
flow protection, as the acquisition of Rent-Way Inc. will be funded with
US$600 million of incremental debt," said Standard & Poor's credit analyst
Gerald Hirschberg.

The ratings on Rent-A-Center reflect the challenges of improving operations
for a mature store base, the vulnerability of its customer to changes in
disposable income, and weak operating trends. These factors are only
partially mitigated by the company's leading market position in the
industry.

Rent-A-Center is the largest operator in the retail rent-to-own industry.
The acquisition of Rent-Way will increase Rent-A-Center's market share to
about 45% (based on store count), compared with about 15% for Aaron Rents.




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


CADMUS COMMS: Moody's Affirms Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating of Cadmus
Communications Corp. and all other Cadmus ratings.  The company's credit
metrics remain weak for its rating following poor execution of a costly
equipment upgrade and plant consolidation, which pressured margins and
resulted in greater than expected cash consumption for its fiscal year ended
June 30, 2006.  Moody's anticipates, however, that Cadmus credit metrics
will return to levels more appropriate for its Ba3 corporate family rating
over the next year.  The outlook remains stable, notwithstanding the
rating's weak position.

Moody'as affirmed these ratings:

   -- Affirmed Ba3 Corporate Family Rating;
   -- Affirmed Ba3 Probability of Default Rating; and
   -- Affirmed B1 rating on 8.375% senior subordinated notes due
      2014, LGD 5, 73%.

The Ba3 corporate family rating reflects high financial risk, operations in
a competitive, mature industry with excess capacity, lack of scale, and some
execution risk.  The stable base of scientific, technical and medical
customers and high customer retention support the ratings.  The Ba3
corporate family rating also incorporates expectations for a return to
credit metrics more appropriate for the rating.

Cadmus faces high financial risk, including high leverage aggravated by
modest margins.  Restructuring charges and poor execution of a plant
consolidation pressured cash flow, and the company's EBITDA margin fell to
10% during fiscal year 2006, resulting in leverage over 6 times
debt-to-EBITDA (all metrics as per Moody's standard adjustments).

The stable outlook assumes material margin improvement to the 13% to 14%
range and positive free cash flow.  Moody's expects the combination of
EBITDA growth and repayment of debt with positive free cash flow to result
in a decline in leverage to the low to mid 4 times range.  Inability to
generate positive free cash flow in fiscal year 2007 and leverage remaining
in the high 4 times range or above for fiscal year 2007 could pressure the
rating down.  Upward ratings momentum is highly unlikely.

Headquartered in Richmond, Virginia, Cadmus Communications Corp. provides
end-to-end integrated graphic communications and content processing services
to professional publishers, not-for-profit societies, and corporations.  Its
annual revenue is approximately US$450 million.  It has operations in the
U.S., India and the Caribbean Rim.




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


PEABODY ENERGY: Court Gives Final Approval on Excel Coal Buy
------------------------------------------------------------
Peabody Energy Corp. disclosed that the Federal Court of Australia has
formally approved the company's acquisition of Excel Coal.  Excel
shareholders overwhelmingly approved the sale to Peabody last week, clearing
the way for Peabody to assume management of the company on Oct. 11.

"We can now move with full speed to implement a seamless integration of
Excel's high-quality assets and people into Peabody's organization," said
Peabody President and Chief Executive Officer Gregory H. Boyce. "With the
new operations and late-stage growth projects, we look forward to tripling
our Australian production at a time when demand from the world's largest
coal exporting country is growing dramatically."

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006
Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.  S&P
said the rating outlook is stable.


PETROLEOS DE VENEZUELA: Inks Joint Venture Pacts with Two Firms
---------------------------------------------------------------
Petroleos de Venezuela, through its subsidiary Corporacion Venezolana del
Petroleo, signed conversion contracts with Teikoku Oil de Venezuela and
Vinccler Oil & Gas conversion contracts for the joint venture companies --
Petroguarico and Petrocumarebo, increasing to 19 the total number of
subsidiaries that migrate to this form of company in accordance with the
provisions of the Organic Law of Hydrocarbons.

Eulogio Del Pino, President of CVP, disclosed that the signature that makes
the conversion to joint venture company official constitutes the completion
of the migration process from the old operating agreements to this new model
in accordance with current laws.

In this way, these joint venture companies are incorporated:

   -- Petroguarico, with Corporacion Venezolana having a 70%
      shareholding participation, and Teikoku Oil with a 30%
      shareholding participation in accordance with the
      executed agreement; and

   -- Petrocumarebo, with majority partner as Corporacion
      Venezolana with 60% shareholding participation, and
      Vinccler with 40% shareholding participation.

Petroguarico, which handles the East Guarico field located in Guarico state,
has an average oil production of 1.70 thousand barrels per day, and
Petrocumarebo has an average oil production of 1.68 TBD drilled from the
East and West Falcon fields in Falcon state.

In addition, the oil company Teikoku will operate by means of a gas license
in the Copa Macoya field within the area of East Guarico, with a maximum
production of 120 MCFGD (million cubic feet of gas per day), and, similarly,
the company Vinccler was granted a license for gas production in the Falcon
fields with a maximum production of 100 thousand cubic feet of gas per day.

The conversion contracts to joint venture companies were approved by
sovereign authorities of the country, such as the National Assembly, decrees
from the National Executive, and assignment of areas by the Ministry of
Energy and Petroleum.

Joint venture companies will set aside 1% of returns on investment before
income tax declarations for social, endogenous and sustainable development
projects that are part of the plan currently carried out by Petroleos de
Venezuela to drill oil in Venezuela.

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.


UNIVERSAL COMPRESSION: Updates 3rd Quarter Guidance & Operations
----------------------------------------------------------------
Universal Compression Holdings, Inc., expects to report earnings per diluted
share for the three months ended Sept. 30, 2006, within its previously
issued guidance of US$0.73 to US$0.77, including approximately US$0.06 per
diluted share of non-recurring benefits related to employee benefit
programs.  Without these benefits, updated earnings per diluted share
guidance would be US$0.67 to US$0.71.

In Universal's domestic contract compression segment for the quarter,
revenue is now expected to be US$101 million to US$102 million versus the
previous guidance of US$102 million to US$103 million and gross margins are
expected to be approximately 64% (before effect of the non-recurring
benefits) versus the previous guidance of approximately 65%. Fabrication
revenue is now expected to be in the range of US$55 million to US$58 million
versus the previous guidance of US$60 million to US$65 million.  Further,
selling, general and administrative expenses are expected to be modestly
higher for the quarter.  Guidance for both the international contract
compression segment and the aftermarket services segment is not being
revised at this time.

"Due to the high activity levels in our fabrication facilities during the
quarter, we experienced some unexpected delays in the production of new
units for third-party sales and for our contract compression fleet, delaying
revenue recognition in both the contract compression and fabrication
segments.  We also incurred higher-than-expected expenses related to our new
enterprise resource planning system, which is being implemented to support
our growth and strategic initiatives," said Stephen A. Snider, Universal's
Chairman, President and Chief Executive Officer.  "At Sept. 30, 2006, the
horsepower utilization of our domestic, international and total contract
compression fleet was approximately 89%, 91% and 90%, respectively, and our
fabrication backlog was US$268 million.  The outlook for domestic and
international markets continues to be positive as reflected by a strong
level of customer inquiries and orders for compression services and products
well into 2007 and beyond.  We plan to address our fourth quarter outlook at
the time of our third quarter earnings release and conference call in early
November."

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                        *    *    *

As reported in the Troubled Company Reporter-LatinAmerica on
Oct. 9, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors last week, the rating agency confirmed its
Ba2 Corporate Family Rating for Universal Compression Inc.

In addition, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan
   Due 2012              Ba2      Ba1      LGD3       36%

   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2010     Ba2      Ba1      LGD3       36%

   7.25% Sr. Unsec.
   Global Notes
   Due 2010              Ba3      B1       LGD5       88%


* VENEZUELA: KfW Bankengruppe Mulls Higher Investments in Nation
----------------------------------------------------------------
German bank KfW Bankengruppe, according to El Universal, has plans to
increase investments in Venezuela based on "a highly positive economic
development over the last few years."

Heinz Kolz, Vice-President of the German development bank, said that
potential areas for investment include production, agriculture,
manufacturing and food, El Universal says.

According to the Caracas-daily, the bank has funded private companies in
developing and emerging countries for more than 40 years.  The entity
invests in profitable and sustainable projects from the development view in
all the economic sectors ranging from agricultural industry, manufacturing,
services and infrastructure.

                        *    *    *

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


* VENEZUELA: May Bill Firms US$326MM on Unpaid 2005 Taxes
---------------------------------------------------------
An official from the Seniat tax agency told Dow Jones Newswires that
Venezuela could bill private oil companies up to US$326 million for unpaid
taxes in 2005.

According to Dow Jones, Jose Joaquin Cedillo, the head of the special tax
contributions office of Seniat, said that the audit includes 22 oil firms
that won oil field operating accords during three licensing rounds in the
1990s.  Tax officials have already billed half of the companies about
US$255.8 million.

Dow Jones underscores that Seniat billed the same firms about US$700 million
in 2005 for unpaid taxes from the years 2001 through 2004.

Seniat, says Dow Jones, accused the companies of paying a discounted income
tax rate and inflating tax deductions, among other irregularities.

Mr. Cedillo told reporters, "We didn't expect to bill these companies for
unpaid taxes in 2005, we thought they already knew how we work."

Dow Jones notes that a "previous, business-friendly administration"
attracted foreign oil investment in the 1990s during a period of low oil
prices by offering discounted tax rates.

However, Venezuela's President Hugo Chavez argued that the contracts signed
during the previous administration were illegal, deciding in 2005 to fine
the firms for underpaying taxes, Dow Jones states.

Seniat officials decided to delay an audit of the extra-heavy oil
partnerships along the Orinoco River belt until they work out new contract
agreements with the government, Mr. Cedillo told Dow Jones.

                        *     *     *

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


* OPEC Crude Production Up 40,000 Barrels Per Day in September
--------------------------------------------------------------
Crude production from OPEC's eleven members rose by 40,000 barrels per day
last month, to 29.95 million b/d in September from 29.91 million b/d in
August, a Platts survey of OPEC and oil industry officials showed Oct. 10.

Excluding Iraq, however, production from the ten members with quotas under a
notional 28 million b/d ceiling fell by 100,000 b/d to 27.81 million b/d in
September from 27.91 million b/d in August.

Only Saudi Arabia reduced output last month, production falling to 9.1
million b/d in September from 9.28 million b/d in August, the survey showed.

The biggest single increase -- 140,000 b/d -- came from Iraq, whose
September supply the survey estimated at 2.14 million b/d, compared with 2
million b/d in August.  Other smaller increases came from Venezuela, Algeria
and Libya.

Nigerian production was largely flat around 2.3 million b/d. Volumes from
Indonesia, Iran, Kuwait, Qatar and the UAE were also unchanged at August
levels.

John Kingston, Global Director of Oil at Platts, said, "These are the stark
realities OPEC is facing: It already is producing more than the world needs
to keep already high inventories from growing further.  The International
Energy Agency last month estimated that the world only needed 29.5 million
b/d of OPEC crude in the fourth quarter of 2006, and they are looking at
even lower demand for OPEC crude in the first quarter of next year.  These
are the numbers driving OPEC's current efforts to cut production.  OPEC is
currently talking about a 1 million b/d cut.  Whether an actual cut amounts
to anything like that volume remains to be seen."

Country    Sept    August    July      June      May       Quota
-------    ----    ------    ----      ----      ---       -----
Algeria    1.360    1.350    1.350     1.350     1.370     0.894
Indonesia  0.860    0.860    0.900     0.920     0.930     1.451
Iran       3.950    3.950    3.870     3.790     3.850     4.110
Iraq       2.140    2.000    2.060     2.120     1.960      N/A
Kuwait     2.540    2.540    2.540     2.540     2.540     2.247
Libya      1.720    1.710    1.700     1.690     1.670     1.500
Nigeria    2.300    2.300    2.200     2.350     2.300     2.306
Qatar      0.830    0.830    0.820     0.820     0.810     0.726
Saudi
Arabia     9.100    9.280    9.250     9.250     9.200     9.099
UAE        2.600    2.600    2.600     2.570     2.540     2.444
Venezuela  2.550    2.490     2.400    2.550     2.580     3.223
Total     29.950   29.910    29.690    29.950    29.750
OPEC-10   27.810   27.910    27.630    27.830    27.790   28.000


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 12, 2006
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Alternative Analysts' Forum:
      An Insider's Perspective on Distressed Debt Investing
         New York, NY
            Contact: http://www.nyssa.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
      Best Practices in E-Discovery and Records
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com
                     240-629-3300

October 25, 2006
   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy:
      Current Risks, Latest Decisions
      Review Risks, Examine Latest Decisions Affecting
      Directors, Advisors and Lenders of Troubled Companies
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com
                     240-629-3300

October 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Presentation with
      guest speaker Jeff Carhart of Miller Thomson
         Petroleum Club, Edmonton, AB
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 18, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         Washington Athletic Club, Seattle, WA
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Applying Lean Methodology to Manage
      Operational Turnarounds
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Meeting and Networking Reception
      100th Bomb Group & Banquet Facility
         Cleveland, OH
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      A View from the Bench: A Panel Discussion
      Recent Developments in Bankruptcy
         Sheraton at Four Seasons, Greensboro, NC
            Contact: http://www.turnaround.org/

October 25, 2006
   BEARD AUDIO CONFERECES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions, Review Risks, Examine Latest Decisions
      Affecting Directors, Advisors and Lenders of Troubled
      Companies
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event "The Latest in Fraud Investigations"
      with guest speaker Chad Cretney of
      PricewaterhouseCoopers
      Ernst & Young Tower
         Calgary, AB
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
         Davio's Northern Italian Steakhouse, Philadelphia, PA
            Contact: http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                         ***********


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

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

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

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

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

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


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