TCRLA_Public/061018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 18, 2006, Vol. 7, Issue 207

                          Headlines

A R G E N T I N A

COMARCOM SAICI: Deadline for Verification of Claims Is on Dec. 1
CYNDEX SA: Last Day for Verification of Claims Is on Dec. 26
FABRICACIONES TEXTILES: Asks for Court OK to Restructure Debts
GRUPO H: Seeks for Court Approval to Reorganize Business
LUZ Y FUERZA: Liquidation May Spur Foreign Investors' Departure

ORGANIZACION DE SEGURIDAD: Claims Verification Is Until Dec. 4
PHILCO ARGENTINA: Newsan Launching GSM Models Under Firm's Brand
SOCIEDAD COOPERATIVA: Individual Reports Due in Court on Oct. 23

* ARGENTINA: Increasing Gas Import Volumes from Bolivia

B A H A M A S

COMPLETE RETREATS: Creditors Committee Hires Kramer as Advisor
COMPLETE RETREATS: Seeks Okay on First Insurance Premium Pact
WINN-DIXIE: Court Approves Pact Resolving Anderson News' Claim
WINN-DIXIE: Court Approves Rejection of 26 Contracts & Leases
WINN-DIXIE: Judge Funk Defers Ruling on Joint Plan

B A R B A D O S

SECUNDA INTERNATIONAL: S&P Revises Outlook on B- Ratings to Pos.

B E R M U D A

FOSTER WHEELER: Closes on New US$350MM Credit Facility
FOSTER WHEELER: Moody's Ups Rating on US$350MM Credit to Ba1
GLOBAL CROSSING: Says Blog Site Has Become Source of Information
GLOBAL CROSSING: ICG Commerce Provides Procurement Services
REFCO INC: Case Summary & 53 Largest Unsecured Creditors

REFCO: Judge Drain Gives Tentative Nod on Disclosure Statement
SEA CONTAINERS: Provides Update on Chapter 11 Filing

B O L I V I A

* BOLIVIA: Will Increase Gas Export Volumes to Argentina

B R A Z I L

BANCO NACIONAL: Okays BRL161-Million Loan to Elektro
BANCO NACIONAL: Will Fund US$10B Madeira Hydroelectric Complex
DRESSER RAND: Arkansas Circuit Court Rules in Favor of El Dorado
DRESSER-RAND: Claims No Exposure to LSB Industries' Jury Verdict
DURA AUTOMOTIVE: Unit Won't Pay US$17.250MM Interest Due Oct. 16

DURA AUTOMOTIVE: S&P Lowers Corp. Credit & Sr. Note Ratings to D
GOL LINHAS: Starts Flight Operations to Chapeco, Brazil
HAYES LEMMERZ: Completes Sale of Suspension Machining Unit
NOVELIS INC: Completes Amendment to US$1.8 Bil. Credit Agreement
PETROLEO BRASILEIRO: Starting Natural Gas Production in Manati

PETROLEO BRASILEIRO: Will Bid in Colombian Natural Gas Auction
PETROLEO BRASILEIRO: Will Refinance US$12-Billion Debt
SANMINA-SCI: Inks US$600 Million Term Loan Credit Agreement
SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt Rating to B/RR5
SANMINA-SCI: Moody's Rates US$600MM Sr. Unsec. Term Loan at Ba2

SANTANDER BANESPA: Picks IBM to Increase Transaction Capacity

C A Y M A N   I S L A N D S

AURORA GREEN: Shareholders Gather for Final Meeting on Nov. 2
DIGICEL LTD: Increases SIM Card Memory
EQUALT FEEDER: Last Shareholders Meeting Is Scheduled for Nov. 2
LAMONA TRADING: Sets Final Shareholders Meeting for Nov. 3
LONGHORN CDO: Moody's Reviews Rating on US$11MM Class C Notes

MELODY SHARE: Liquidator Presents Wind Up Accounts on Nov. 2
MEMBERSHIP I: Invites Shareholders for Final Meeting on Nov. 2
ML S: Schedules Final Shareholders Meeting on Nov. 3
PARMALAT: Court Permits Citibank to Pursue Actions from Oct. 31
PARMALAT GROUP: Regains Sequestered Newlat & Carnini Units

POINT FIFTY: Shareholders Convene for Final Meeting on Nov. 2
PRESIDENT HEALTHCARE: Finals Shareholders Meeting Is on Nov. 3
REFCO OFFSHORE: Last Day to File Proofs of Claim Is on Nov. 3
STAGE SEGREGATED: Final Shareholders Meeting Is Set for Nov. 2

C H I L E

COEUR D'ALENE: Starts Construction of US$29MM Tailings Facility

C O L O M B I A

BRIGHTPOINT INC: Unit Completes Acquisition of Tri Teknologies
HEXION SPECIALTY: Tenders Offer to Holders of US$625-Mil. Notes
MILLICOM INT'L: Colombia Movil Installs New Infrastructure

* COLOMBIA: Fitch Affirms BB+ Ratings on Series 2001 Notes

C O S T A   R I C A

COVANTA ENERGY: Moody's Assigns Loss-Given-Default Ratings

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Will Import 5,000 Tons of Brown Sugar

E C U A D O R

PETROECUADOR: Petrocomercial to Distribute Liquefied Petroleum

G U A T E M A L A

GOODYEAR TIRE: Moody's Affirms B1 Corporate Family Rating

H A I T I

* HAITI: Donors Discussing Financial Aid to Nation on Nov. 29

M E X I C O

BURGER KING: Moody's Assigns Loss-Given-Default Rating
GREENBRIER COS: Forms Railcar Manufacturing Venture with GIMSA
GRUPO FINANCIERO: Afore Banorte Reduces Commission to 2.38%
MERIDIAN AUTO: Wants Foreign Unit Financing Period Extended
MERIDIAN AUTO: Wants to Sell Michigan Property for US$2.45 Mil.

NORTEL: Opens Customer Service Center of Excellence in Mexico
ODYSSEY RE: Files Annual Report for Year Ended Dec. 31, 2005
OPEN TEXT: Discloses Integration Plan Following Hummingbird Buy
SWIFT & COMPANY: Moody's Assigns Loss-Given-Default Ratings
TV AZTECA: Azteca America Names M. Crespo VP & Director of Sales

P A N A M A

SOLO CUP: Completes Review of Accounting Issues
SOLO CUP: Reports US$670.3MM Net Sales for Quarter Ended July 2

P A R A G U A Y

* PARAGUAY: UN Mandates More Gov't Investments in Agriculture

P E R U

CA INC: Adopts New Stockholder Protection Rights Agreement

* PERU: Protesters Return Complexes Seized from Plustpetrol

P U E R T O   R I C O

ADELPHIA COMMS: Gets US Patent Infringement Suit from Rembrandt
CONSOLIDATED CONTAINER: Amends 2006 & 2005 Financial Statements
CONSOLIDATED CONTAINER: Has US$106.7MM Equity Deficit at June 30
NBTY INC: Discloses Preliminary Unaudited Net Sales Results
PILGRIM'S PRIDE: Gets Consents for Gold Kist 10-1/4% Sr. Notes

T R I N I D A D   &   T O B A G O

BRITISH WEST: Launches Caribbean Airlines
HILTON HOTELS: Moody's Assigns Loss-Given-Default Rating

U R U G U A Y

HIPOTECARIO DEL URUGUAY: Will Grant US$18-Million Loan in 2007

V E N E Z U E L A

CITGO PETROLEUM: Boycott Damaging Dealers Not Hugo Chavez
CITGO PETROLEUM: Launches Ad Campaign to Counter Bad Publicity
CITGO PETROLEUM: Petro Express to Stop Selling Firm's Gas
TIMKEN CO: Plans to Exit Seamless Steel Tube Manufacturing in UK

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


COMARCOM SAICI: Deadline for Verification of Claims Is on Dec. 1
----------------------------------------------------------------
Gloria Clara Kreimer, the court-appointed trustee for Comarcom SAICI y A's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 1,
2006.

Under the Argentine bankruptcy law, Ms. Kreimer is required to present the
validated claims in court as individual reports.  Court No. 8 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
Comarcom and its creditors.

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

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

Clerk No. 16 assists the court in the case.

The trustee can be reached at:

          Gloria Clara Kreimer
          Lavalle 1672
          Buenos Aires, Argentina


CYNDEX SA: Last Day for Verification of Claims Is on Dec. 26
------------------------------------------------------------
Juan Gianazzo, the court-appointed trustee for Cyndex S.A.'s bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 26, 2006.

Under the Argentine bankruptcy law, Mr. Gianazzo is required to present the
validated claims in court as individual reports.  Court No. 19 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
Cyndex and its creditors.

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

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

Cyndex was forced into bankrupty at the behest of Jorge Traba, whom it owes
US$63,405.56.

Clerk No. 37 assists the court in the case.

The debtor can be reached at:

          Cyndex S.A.
          Paraguay 4661
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan Gianazzo
          Avenida de Mayo 1370
          Buenos Aires, Argentina


FABRICACIONES TEXTILES: Asks for Court OK to Restructure Debts
--------------------------------------------------------------
A court in Buenos Aires is studying the merits of Fabricaciones Textiles
Argentinas S.A.'s petition to restructure its debt after defaulting on its
obligations.

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

The debtor can be reached at:

          Fabricaciones Textiles Argentinas S.A.
          Emperado 2551
          Buenos Aires, Argentina


GRUPO H: Seeks for Court Approval to Reorganize Business
--------------------------------------------------------
Court No. 24 in Buenos Aires is studying the merits of Grupo H S.A.'s
petition to reorganize its business after it defaulted on its obligations.

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

Clerk No. 47 assists the court in the proceeding.

The debtor can be reached at:

          Grupo H S.A.
          Tte. Gral. Juan Domingo Peron 315
          Buenos Aires, Argentina


LUZ Y FUERZA: Liquidation May Spur Foreign Investors' Departure
---------------------------------------------------------------
Daniel Marcu, a representative of local consultancy Marcu y Asociados, told
Business News Americas that the request for Luz y Fuerza ART's liquidation
could encourage foreign players to leave the local workers' compensation
insurer market.

According to BNamericas, foreign players in the sector include:

          -- BBVA,
          -- Mapfre,
          -- HSBC,
          -- Australia's QBE Insurance Group,
          -- US insurer Liberty Mutual, and
          -- Berkley Corp.

BNamericas relates that Luz y Fuerza, which had 0.73% market share with
ARS12.8 million in premiums at the end of March, was the first company
belonging to the workers' compensation insurance sector that filed for
liquidation.

The Argentine government's delay to send a bill to congress this year to
reform the sector has added uncertainty to an already unprofitable market,
BNamericas says, citing Mr. Marcu.

Mr. Marcu told BNamericas, "ARTs (workers' compensation insurers) are
already withdrawing from the SME (small to medium-sized enterprise) market
and have begun hiking rates and they will probably raise them an additional
50% in 2007."

According to BNamericas, Mr. Marcu said that half of the 25 existing
workers' compensation insurers reported negative technical results, which
have been compensated by good investment gains.  However, there will come a
time when the situation will become unsustainable.

BNamericas underscores that market observers target Responsabilidad Patronal
ART -- owned by a pool of local medical associations and commands 3% market
share with ARS51 million in premiums -- as the possible next company to file
for liquidation.

The report says that disagreements between Confederacion General del Trabajo
de la Republica Argentina -- the general workers' union -- and Union
Industrial Argentina, the industrials' association, has delayed the reform
bill for the workers' compensation industry.  The new law would disallow
fired workers to apply for compensation from both their insurers and
Argentine justice department.

Mr. Marcu told BNamericas, "I do not understand why a government that is so
concerned with keeping inflation in line -- and has the political power to
get almost anything approved in congress -- has delayed the ART bill so
long."

BNamericas notes that Luz y Fuerza said that it requested for liquidation
due to the increasing number of lawsuits in the workers' compensation
insurance sector.

Civil liability work accident lawsuits against firms in the sector will
increase 80% to 12,500 this year, compared with last year.  It will also
rise over 27,000 by next year, BNamericas says, citing UART, an association
in the workers' compensation insurance.

Mr. Marcu told BNamericas, "Current conditions represent a golden
opportunity for a mid-sized company to boost its market share, but I would
rule out for the moment further consolidation in the market."

As reported in the Troubled Company Reporter-Latin America on Oct. 13, 2006,
Federacion Argentina de Trabajadores de Luz y Fuerza, a power sector union
in Argentina, sought for the liquidation of Luz y Fuerza ART, its workers'
compensation insurance business, before Superintendencia de Seguros de la
Nacion, the local insurance regulator, Business News Americas reports.
Local press said that Luz y Fuerza's proposed liquidation was due to the
increasing number of lawsuits in the workers' compensation insurance market.
UART, an association on the workers' compensation insurance business, told
BNamericas that civil liability work accident lawsuits against the sector
would increase 80% to 12,500 in 2006.


ORGANIZACION DE SEGURIDAD: Claims Verification Is Until Dec. 4
--------------------------------------------------------------
Jorge Mencia, the court-appointed trustee for Organizacion de Seguridad
Integral S.A.'s bankruptcy case, will verify creditors' proofs of claim
until Dec. 4, 2006.

Under the Argentine bankruptcy law, Mr. Mencia is required to present the
validated claims in court as individual reports.  Court No. 8 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
Organizacion de Seguridad and its creditors.

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

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

Organizacion Seguridad was forced into bankruptcy at the request of Jaime
Daniel Reyes, whom it owes US$29,826.00.

Clerk No. 15 assists the court in the case.

The debtor can be reached at:

          Organizacion de Seguridad Integral S.A.
          Zapata 100
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Mencia
          Rodriguez Pena 350
          Buenos Aires, Argentina


PHILCO ARGENTINA: Newsan Launching GSM Models Under Firm's Brand
----------------------------------------------------------------
Newsan, a electronics manufacturer in Argentina, will initially launch GSM
models on the local market under the Philco Argentina brand, Business News
Americas reports.

Infobae relates that Newsan will begin making mobile telephones from its
factory in southern Tierra del Fuego by the end of this year.  The company
invested about ARS8 million in the project.  Newsan plans to produce 360,000
phones annually.

                       About Newsan

Newsan produces electronics under the Noblex Argentina and Sanyo brands.
Its factory is in the Argentine city of Ushuaia.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Sept. 13,
2006, a court in San Fernando del Valle de Catamarca approved Philco
Argentina SA's petition to reorganize its business.  Ricardo A. Paolini was
appointed as trustee who will supervise Philco Argentina's insolvency case.


SOCIEDAD COOPERATIVA: Individual Reports Due in Court on Oct. 23
----------------------------------------------------------------
Ernesto A. Rebossio, the court-appointed trustee for Sociedad Cooperativa
Domingo Faustino Sarmiento Ltda.'s bankruptcy proceeding, will file
individual reports in court on
Oct. 23, 2006.

The individual reports are based on creditors' proofs of claim that Mr.
Rebossio verified until Sept. 8, 2006.  A court in Concepcion del Uruguay,
Entre Rios will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Sociedad Cooperativa 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 Sociedad Cooperativa's accounting
and banking records will follow on
Dec. 6, 2006.

Ms. Nadales is also in charge of administering Sociedad Cooperativa's assets
under court supervision and will take part in their disposal to the extent
established by law.

The debtor can be reached at:

          Sociedad Cooperativa Domingo Faustino Sarmiento Ltda.
          Posadas y Juan Lacava, Concepcion del Uruguay
          Entre Rios, Argentina

The trustee can be reached at:

          Ernesto A. Rebossio
          3 de Febrero 70 Concepcion del Uruguay
          Entre Rios, Argentina


* ARGENTINA: Increasing Gas Import Volumes from Bolivia
-------------------------------------------------------
Enarsa, the state-run oil firm of Argentina, will sign on
Oct. 19 an accord with Yacimientos Petroliferos Fiscales Bolivianos, its
Bolivian counterpart, to boost gas export volumes to Argentina, the
hydrocarbons ministry of Bolivia said in a statement.

The statement says that under the new contract, Bolivia will supply
Argentina about 27.7 million cubic meters of gas per day over 20 years.
Bolivia would start ramping up its current 7.7 million cubic meters per day
of gas export to Argentina starting in 2007 and reach the full amount
established in the contract by 2010.

Business News Americas relates that the increased gas supply would provide
Bolivia with US$17 billion based on the US$5/MBTU export price established
in the June bilateral accord.

According to BNamericas, the accord to boost gas supply would pave the way
for the tender to construct a GNEA gas pipeline between the two nations as
well as a liquids separation plant in Bolivia.

BNamericas underscores that the increased gas also would help meet
Argentina's increasing gas demand, which averages about 120 million cubic
meters per day and could rise 9.5% yearly in the coming years.

The US$5/MBTU export price set in the June agreement will be effective until
the end of 2005, when a new price will be implemented based on a formula
derived from global market prices, BNamericas states.

                        *    *    *

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

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

Moody's affirmed these five ratings:

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

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

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

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

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




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


COMPLETE RETREATS: Creditors Committee Hires Kramer as Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete Retreats LLC and
its debtor-affiliates' chapter 11 cases obtained permission from the U.S.
Bankruptcy Court for the District of Connecticut to retain Kramer Capital
Partners, LLC, as its financial advisor, nunc pro tunc to Aug. 7, 2006.

The Court directed Kramer Capital Partners LLC to render
professional services to the Creditors Committee consistent with
the Committee's powers and duties as defined by Section 1103 of
the Bankruptcy Code.

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Joel S. Lawson III, chair of the Creditors Committee, told the
Court that Kramer is particularly well suited for the type of
representation required by the Committee.  The principals and
professionals of Kramer have extensive experience working with
financially troubled entities in complex financial
reorganizations, both in Chapter 11 cases and in out-of-court
restructuring situations.

As the Committee's financial advisor, Kramer will:

   (a) evaluate the Debtors' assets and liabilities;

   (b) analyze the Debtors' financial and operating statements;

   (c) analyze the Debtors' business plans and forecasts;

   (d) evaluate the Debtors' liquidity, DIP financing, cash
       collateral usage and adequate protection, and the
       prospects for any exit financing in connection with any
       plan of reorganization and any budgets;

   (e) provide specific valuation or other financial analyses;

   (f) assess the financial issues and options concerning the
       sale of the Debtors or their assets and structure a plan
       of reorganization; and

   (g) provide testimony in Court on the Committee's behalf.

The Debtors will pay Kramer:

   (1) a US$100,000 monthly advisory fee; and

   (2) upon the effective date of a confirmed Chapter 11 plan or
       the closing of any other Transaction, a US$500,000
       transaction fee, payable in either cash or in the
       securities or consideration received by the unsecured
       creditors of the Debtors.

Kramer will also be reimbursed for its out-of-pocket expenses,
provided that the amount will not exceed US$25,000 in the aggregate for any
one monthly period without the prior written consent of the Committee.

Furthermore, the Debtors will indemnify and will hold harmless
Kramer and its affiliates from and against all losses, claims or
liabilities in connection with Kramer's provision of services to
the Committee or any transactions contemplated.

Derron S. Slonecker, a managing director at Kramer, disclosed
that the firm provides services, or has in the past provided
services, to entities, which may be creditors of the Debtors or
have interests adverse to the Debtors or the Committee in matters unrelated
to the Debtors or their bankruptcy cases.

A five-page list of the Interested Parties that Kramer currently
represents in matters unrelated to the Debtors' bankruptcy cases
is available for free at http://researcharchives.com/t/s?1129

Kramer will not be representing any of the Interested Parties in
the Chapter 11 cases, Mr. Slonecker assured the Court.  Moreover, Kramer's
representation of the Parties has not resulted in the firm having knowledge
of any facts or information that would adversely affect the Parties' rights,
obligations or treatment in the bankruptcy cases or in any related
proceedings.

Aside from the Interested Parties, Kramer does not hold or
represent any interests materially adverse to those of the
Committee and is disinterested as defined in Section 101(14) of
the Bankruptcy Code, Mr. Slonecker said.

                   About Complete Retreats

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


COMPLETE RETREATS: Seeks Okay on First Insurance Premium Pact
-------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for authority to execute a
Premium Finance Agreement and Disclosure Statement with First Insurance
Funding Corp. for the financing of coverage
essential for the operation of its business operations, including umbrella,
general liability, and property insurance policies.

In the ordinary course of business, the Debtors maintain
insurance coverage for themselves and their properties.  To
reduce the burden of funding the premiums of their insurance
policies, the Debtors have in the past routinely entered into
various financing agreements.

Pursuant to the FIFC Premium Finance Agreement, FIFC will provide financing
to the Debtors for the purchase of three Policies:

Policy                                 Effective      Policy
Number      Insurance Company             Date        Premium
------      -----------------          ---------      -------
NHA036341   RSUI Indemnity Company     8/29/2008      US$36,000
                                       FIN TXS/FEES         0
                                       ERN TXS/FEES         0

GL000302-02 Aspen Specialty Insurance  8/29/2008       56,330
                                       FIN TXS/FEES     2,906
                                       ERN TXS/FEES     1,800

7522791     Lexington Insurance Co.    8/29/2006      293,149
                                       FIN TXS/FEES    15,032
                                       ERN TXS/FEES     7,500

The premium to be financed pursuant to the Premium Finance
Agreement is US$302,563, which is in addition to the US$110,154 cash down
payment delivered upon purchase of the Policies.  By virtue of the Premium
Finance Agreement, the Debtors will be obligated to pay FIFC US$313,059,
which includes a financing charge of US$10,495 in nine monthly installments
of US$34,784 each.

The Premium Finance Agreement provides FIFC with various rights
to act against the Policies.

To secure the repayment of the indebtedness due under the Premium Finance
Agreement, the Debtors would grant FIFC a security interest in, among other
things, the unearned premiums of the Policies.  The Debtors would appoint
FIFC as their attorney-in-fact with the irrevocable power to cancel the
Policies and to collect the unearned premium in the event that they are in
default of their obligations under the Premium Finance Agreement.

To grant adequate protection to FIFC, the parties also agree that the
Debtors would be authorized and directed to timely make all payments due
under the Premium Finance Agreement and FIFC would be authorized to receive
and apply those payments to the
indebtedness owed by the Debtors to FIFC as provided in the
Premium Finance Agreement.

The parties further agree that if the Debtors do not make any of
the payments due under the Premium Finance Agreement as they
become due, the automatic stay would automatically lift and be
vacated to enable FIFC and any insurance companies providing the
coverage under the Policies to take all steps necessary and
appropriate to:

   -- cancel the Policies,
   -- collect the collateral, and
   -- apply that collateral to the indebtedness owed to FIFC by
      the Debtor;

provided that in exercising those rights, FIFC and insurance
companies would be required to comply with the notice and other
relevant provisions of the Premium Finance Agreement.

The Debtors believe that the terms of the Finance Agreement are
commercially fair and reasonable.  Without the Policies, the
Debtors would be forced to cease operations and would be in
default under their postpetition credit agreements, Jeffrey K.
Daman, Esq., at Dechert LLP, in Hartford, Connecticut, asserts.

                   About Complete Retreats

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


WINN-DIXIE: Court Approves Pact Resolving Anderson News' Claim
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
approved a stipulation between Winn-Dixie Stores Inc. and its
debtor-affiliates, and Anderson News LLC.

As reported in the Troubled Company Reporter on Sept. 21, 2006,
the Debtors and Anderson News LLC were parties to a supply and
service contract dated July 29, 2004, under which Anderson
provides the Debtors with magazines, similar merchandise, and
services relating to the merchandise.

After the Debtors filed for bankruptcy protection, they scheduled Claim No.
35573 to Anderson for US$6,059,171.  Anderson subsequently served a
reclamation demand upon the Debtors for US$3,803,745.

Pursuant to a Court order dated Feb. 23, 2005, many of the goods
delivered to the Debtors after their bankruptcy filing were
returned to Anderson with the returned goods applied to reduce its
prepetition claim.

In September 2005, Anderson signed an agreement with the Debtors
indicating that it originally had a substantial claim against the Debtors
but the return of certain goods postpetition resulted in a net reclamation
claim and net prepetition claim of zero.

Pursuant to the Agreement, Anderson opted into the Court-approved
stipulation between the Debtors and certain trade vendors regarding
reconciliation and treatment of trade vendors'
reclamation claims.  Anderson is deemed to be a participating
reclamation vendor.

Anderson further gave the Debtors 21 days of credit in exchange
for the consideration set forth in the Participating Vendor
Stipulation.

In June 2006, the Debtors sought to disallow the Anderson Claim
in their Omnibus Motion.

To resolve their dispute, the parties agree that:

   (1) the Anderson Claim is disallowed in its entirety.
       Anderson has no other or further claim against the
       Debtors arising before their bankruptcy filing due to the
       postpetition return of goods to Anderson for credit
       against Anderson's prepetition claim;

   (2) Anderson, as a participating reclamation vendor, is fully
       bound by the terms of the Participating Vendor
       Stipulation.  Thus, any preference claims against
       Anderson have been waived;

   (3) The entry of the agreement and approval of the Court is
       without prejudice to:

          -- Anderson's entitlement to continue to receive
             payment in the ordinary course for the postpetition
             sale of goods and services to the Debtors;

          -- Anderson's right to seek allowance and payment of
             an administrative expense for any sales of goods
             and services arising postpetition if for any reason
             it is not continued to be paid in the ordinary
             course of business by the Debtors; and

          -- the Debtors' right to oppose Anderson's request for
             administrative expense payments; and

   (4) All claims between the parties are resolved other than
       the claims arising out of the postpetition sale of goods
       and services by Anderson to the Debtors.

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


WINN-DIXIE: Court Approves Rejection of 26 Contracts & Leases
-------------------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida authorizes Winn-Dixie Stores, Inc., and its
debtor-affiliates to reject 26 executory contracts and
unexpired leases effective as of Oct. 5, 2006.

As reported in Troubled Company Reporter on Sept. 25, 2006, the
Contracts are for goods and services that are no longer
necessary to the Debtors' businesses.

A list of the 26 Rejected Contracts are available for free at
http://ResearchArchives.com/t/s?122a

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


WINN-DIXIE: Judge Funk Defers Ruling on Joint Plan
--------------------------------------------------
The Honorable Jerry A. Funk of the U.S. Bankruptcy Court for the
Middle District of Florida heard arguments for and against the
confirmation of Winn-Dixie Stores, Inc., and its debtor-
affiliates' Joint Plan of Reorganization during an eight-hour
hearing on Oct. 13, 2006.

The Debtors stepped Judge Funk through the 13 requirements of
Section 1129(a) of the Bankruptcy Code necessary to confirm their Plan.

The Debtors maintain that the Plan meets the 13 statutory
requirements of Section 1129(a):

A. The Plan complies with Sections 1122 and 1123, therefore
   satisfying the requirements of Section 1129(a)(1):

       a. The Plan is dated and identified with the name of the
          Debtors in accordance with Rule 3016(a) of the Federal
          Rules of Bankruptcy Procedure;

       b. The Plan classifies all Claims and Interests in
          satisfaction of the requirements of Sections 1122 and
          1123(a)(1);

       c. Each Claim within each Class provided for under the
          Plan is substantially similar to all other Claims
          within the Class in satisfaction of the requirements
          of Sections 1122 and 1123(a)(l);

       d. The Plan specifies the Classes of Claims and Interests
          that are impaired and those that are not impaired, and
          the treatment of the Claims, in satisfaction of the
          requirements of Sections 1123(a)(2) and 1123(a)(3);

       e. The Plan provides the same treatment for each Claim or
          Interest of a particular Class, unless the Holder of
          Claim or Interest has agreed to a less favorable
          treatment of that particular Claim or Interest in
          writing, therefore satisfying Section 1123(a)(4);

       f. The Plan provides adequate means for implementation of
          the Plan in satisfaction of the requirements of
          Section 1123(a)(5);

       g. The New Winn-Dixie Charter and New Winn-Dixie By-laws
          prohibit the issuance of nonvoting equity securities
          in a manner that satisfies the requirements of Section
          1123(a)(6);

       h. The provisions of the Plan and the New Winn-Dixie
          Charter and New Winn-Dixie By-laws regarding the
          manner of selection of officers and directors of the
          debtors are consistent with the interests of Claim and
          Interest holders and with public policy, thereby
          satisfying Section 1123(a)(7);

       i. The Plan impairs and leave unimpaired, as the case may
          be, each Class of Claims and Interests, in accordance
          with Section 1123(b)(1);

       j. Pursuant to Section 1123(b)(2), the Plan provides that
          each Debtor will be deemed to have rejected each
          prepetition executory contract or unexpired lease to
          which it is a party, unless the contract or lease (a)
          was previously assumed or rejected, by a final order
          of the Court, (b) previously expired by its own terms,
          (c) subject to any pending motion to assume or reject
          filed by the Debtors on or before the Confirmation
          Date; and

       k. The Plan provides for the satisfaction of default
          claims associated with each executory contract and
          unexpired lease to be assumed pursuant to the Plan, in
          accordance with Section 1123(d).

B. As proponents of the Plan, they complied with the applicable
   provisions of the Bankruptcy Code, thus have satisfied the
   requirements of Section 1129(a)(2):

       a. They are proper debtors pursuant to Section 109 and
          are, collectively, proper proponents of the Plan
          pursuant to Section 1121(a);

       b. They have complied with applicable provisions of the
          Bankruptcy Code, except as otherwise provided or
          permitted by Court orders;

       c. They have complied with the applicable provisions of
          the Bankruptcy Code, the Bankruptcy Rules and the
          the Solicitation Procedures Order in transmitting
          notices and solicitation materials and in soliciting
          and tabulating votes on the Plan; and

       d. The Debtors, and each of their respective affiliates,
          agents, directors, officers, employees, investment
          bankers, financial advisors, attorneys, and other
          professionals have participated in "good faith" and in
          compliance with all applicable provisions of the
          Bankruptcy Code.

C. The Plan is proposed in good faith and not by any means
   forbidden by law, and complies with the requirements of
   Section 1129(a)(3).  The Court has examined the totality of
   the circumstances surrounding the formulation of the Plan and
   determined that it has been proposed with the legitimate and
   honest purpose of reorganizing the Debtors' business affairs
   and maximizing the returns available to Claim holders.

   Consistent with the overriding purpose of Chapter 11, the
   Plan is designed to allow the Debtors to reorganize by
   providing the Reorganized Debtors with capital structures
   that will allow them sufficient liquidity and capital
   resources to satisfy their obligations, to fund necessary
   capital expenditures, and to otherwise conduct their
   businesses.

D. As required by Section 1129(a)(4), any payment made or
   promised by the Debtors for services or for costs and
   expenses in, or in connection with, their Chapter 11 cases or
   the Plan, has been approved by, or is subject to the approval
   of, the Court as reasonable.

E. The Debtors' disclosure of the identity and principal
   affiliations of proposed directors of the reorganized Debtors
   and the manner in which the Initial Board will be chosen,
   satisfies the requirements of Section 1129(a)(5) and complies
   with the terms of the Plan.

F. Section 1l29(a)(6) is not applicable to the Plan because the
   Plan does not contain any changes in rates subject to the
   jurisdiction of any governmental regulatory commission.

G. The Plan satisfies the Best Interests of Creditors Test under
   Section 1129(a)(7)).  The Liquidation Analysis contained in
   the Disclosure Statement and the other evidence related
   thereto that was presented at the Confirmation Hearing have
   not been contradicted by other evidence.  The methodology
   used and assumptions made in the Liquidation Analysis are
   reasonable.

   Each holder of a Claim or Interest in each Impaired Class
   either has accepted the Plan or will receive or retain under
   the Plan on account of the Claim or Interest property of a
   value, as of the Effective Date, that is not less than the
   amount that the holder would receive or retain if the Debtors
   were liquidated under Chapter 7.  No Class has made an
   election under Section 1111(b)(2).

H. Classes 1 to 6 are conclusively presumed to have accepted
   the Plan under Section 1126(f).  Classes 7 to 9, and 11 to 17
   have voted to accept the Plan in accordance with Section
   1126(c).

   Class 10 contains subclasses that have voted to reject the
   Plan, and one subclass in Class 11 has voted to reject the
   Plan.  The claim represented by the subclass in Class
   11 that has voted to reject the Plan has been disallowed by
   order of the Court to the extent it alleges secured status,
   and the vote should be disregarded for that reason.

   Classes 18 through 21 are not entitled to receive or retain
   any property or interests under the, accordingly, are deemed
   to have rejected the Plan under Section 1126(g).

   The Debtors have thus requested that the Court confirm the
   Plan even though the requirements of Section 1129(a)(8) have
   not been satisfied as to the Rejecting Subclasses and Classes
   18, 19, 20 and 21 in light of their deemed rejection of the
   Plan.

I. The treatment of administrative, other priority, and priority
   tax claims under the Plan satisfy the requirements of Section
   1129(a)(9).

J. The Plan has been accepted by at least one Class of Impaired
   Claims, excluding votes cast by Insiders, in satisfaction of
   the requirements of Section 1129(a)(10).

K. Based upon the information in the Disclosure Statement and
   the testimony given at the Confirmation Hearing, confirmation
   of the Plan is not likely to be followed by the liquidation
   or the need for further financial reorganization of the
   Reorganized Debtors or any successor to the Debtors, thereby
   satisfying Section 1129(a)(11).

L. All fees payable under 28 U.S.C. Section 1930 have been paid
   or will be paid as Administrative Claims on or before the
   Effective Date and will continue to be paid thereafter as
   required, thereby satisfying Section 1129(a)(12).

M. In satisfaction of 1129(a)(13), the Plan provides for the
   payment of all benefits subject to Section 1114.

            Majority of Creditors Vote in Favor of Plan

As reported in the Troubled Company Reporter on Oct. 11, 2006, the Debtors
informed the Court that the requisite majority of
creditors voted in favor of their Plan.  Accordingly, the Plan
complies with Section 1129(a)(8).

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%        82.46%        76.96%       82.46%
  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.  A schedule of the tabulation for ballots under
Classes 10 and 11 is available for free at
http://ResearchArchives.com/t/s?133f

                Debtors Address Objections

Cynthia C. Jackson, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, argued that the Plan was proposed in good
faith in compliance with Section 1129(a)(3).  She noted that the
development of the Plan, including the Substantive Consolidation
Compromise, involved the active participation of, and arm's-
length negotiations among the Debtors, the Official Committee of
Unsecured Creditors, the Ad Hoc Trade Committee, the Ad Hoc
Retirees Committee, the Exit Facility lenders and other parties.

The Debtors maintained that, in satisfaction of Section
1129(a)(7), the estimated recovery for Claims under the Plan is
significantly greater than any value that would be distributed
following a liquidation of the Debtors' assets.

Several landlords with guarantees objected to the substantive
consolidation of the Debtors' estates.  Mark A. Kelley, Esq., at
Kitchens, Kelley, Gaynes P.C., on behalf of over 20 landlords,
including E&A Financing II, L.P., complained at the Confirmation
Hearing that Winn-Dixie only agreed to pay some of the landlords' claims,
wiping out the claims on the leases guaranteed by Winn-Dixie subsidiaries.

Mr. Kelley pointed out that, while the Debtors admitted in their
Disclosure Statement that holders of claims, such as Landlord
Claims, that "bargained for credit-enhancing guarantees from
separate legal entities entitling the holders to allowed claims
against multiple Debtors" would be harmed by substantive
consolidation because "these credit enhancing guarantees would
likely become meaningless and the recoveries of these holders
would be substantially lower," the Debtors provide no reason as
to why these creditors should support the Plan.

Mr. Kelley argued that that the "deemed" consolidation proposed
by the Debtors is inequitable and cannot be approved.  He said
that the type of "deemed" consolidation proposed by the Debtors
to wipe out the guaranteed claims of objecting creditors was
expressly rejected in In re Owens Corning, 419 F.3d 195 (3d Cir.
2005).

The Debtors, the Ad Hoc Trade Committee, and the Ad Hoc Retiree
Committee responded that the Landlords' objections should be
overruled.  They note that the Objecting Landlords represented a
small group of dissenters as holders of 80% of the landlord
claims have voted in favor of the Plan.

"The fact that there are a few creditors who would like to derail the global
compromise embodied in the Plan in order to try to enhance their individual
recoveries is irrelevant," Ms. Jackson said.  "So long as creditors are
receiving the liquidation value of their claims, the class vote is
determinative," she continued, citing the best interests test under Section
1129(a)(7) and requirement for affirmative class vote in Section 1129(a)(8).

The Debtors also asserted that preserving their corporate
structure, as opposed to a potential liquidation of some
affiliates in an unconsolidated plan,

   (i) is essential to their success after the Effective Date;

  (ii) will ultimately enhance creditor recovery; and

(iii) will avoid potentially inaccurate valuations of entities
       that did not have historical stand-alone values.

Moreover, the Debtors and Wachovia Bank, National Association, in its
capacity as agent for the DIP Financing, contest certain
Taxing Authorities' claims that the Plan is not feasible.  While
the objectors provided no basis for this inflammatory charge,
Ms. Jackson noted, the Debtors met the standards of Section
1129(a)(11) that the confirmation of the Plan is not likely to be followed
by liquidation or the need for further reorganization.

Flip Huffard, senior managing director of The Blackstone Group
LP, the Debtors' financial advisors, reiterated at the Hearing
that, based on the financial projections, Winn-Dixie will
continue to lose money through the 2007 fiscal year, but will
have a positive net income by the 2008 fiscal year, and a
US$137,195,000 net income by 2011.

The Debtors oppose shareholders' assertions that they should
receive distributions under the Plan.  According to Ms. Jackson,
because the absolute priority rule under Section 1129(b)(2) does
not allow for a distribution to shareholders when unsecured
claim-holders are not being paid in full, no distribution is
possible to shareholders.

                  Winn-Dixie Modifies Plan

The Debtors made few, non-material modifications to the Plan to
take into account settlements resolving certain objections and to clarify
other aspects of the Plan.

Prior to the Confirmation Hearing, the Debtors, after consulting
the Creditors Committee, modified:

   (a) Section 4.1(b) to provide that if they elect to provide
       deferred cash payments for priority tax claims, a holder
       will receive the amount of the allowed claim, with
       interest at 8% per annum, in equal quarterly payments.
       In the event of a default, a holder will have, among
       others, the right to exercise all rights and remedies
       under applicable non-bankruptcy law with respect to the
       allowed claim;

   (b) Section 4.3(d) to change the interest rate and to
       supplement the treatment of secured tax claims in
       response to objections that the 6% interest rate is
       inadequate.  The Debtors amended the Plan to provide for
       a rate to be determined by the Court;

   (c) Section 8.11 to clarify that the Claims Resolution
       Procedures, including de minimis cash settlements up to
       the US$2,500,000 aggregate, will remain extant after the
       Effective Date; and

   (d) Section 12.14 to include an additional subsection in
       response to objections received from the Department of
       Justice on behalf of the United States.  The Plan is
       modified to clarify that the Plan does not affect the
       United States' set-off and recoupment rights.

According to H. Jay Skelton, chairman of Winn-Dixie's board of
directors, the modifications are not material and will not
adversely impact the rights of any parties-in-interest, therefore compliance
with Section 1125 of the Bankruptcy Code is not required with respect to the
modifications.

Furthermore, the modifications will not cause the Plan to fail to meet the
requirements of Sections 1122 and 1123, Mr. Skelton
says.

        Winn-Dixie Confident Plan Will be Confirmed

Judge Funk has postponed ruling on the Debtors' Plan.
Winn-Dixie expects the Court to enter a ruling in 10 to 15 days.
"We're confident that the plan will be confirmed," the Debtors'
co-counsel, Steve Busey, Esq., at Smith Hulsey & Busey, said.

Winn-Dixie is then expected to emerge from bankruptcy within two
weeks of the judge's final ruling, Mr. Busey told The Florida
Times-Union.

Winn-Dixie opposes any settlement with the Objecting Landlords'
or additional shares or claims in their favor.  Thomas Califano,
Esq., representing the Ad Hoc Trade Committee, told the Times-
Union that it would be unfair for the Objecting Landlords to
negotiate a settlement after other creditors had already agreed
to settlements provided in the Plan.

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).




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


SECUNDA INTERNATIONAL: S&P Revises Outlook on B- Ratings to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications for its 'B-' long-term corporate credit and senior
secured debt ratings on Nova Scotia-based Secunda International
Ltd. to developing from positive.

The rating action followed Secunda's announcement that it has
terminated the IPO of its common shares in Canada and the consent
solicitation for its outstanding senior secured floating rate notes due
2012.

Secunda announced it would terminate the IPO of its common shares in Canada
due to adverse market conditions.  In conjunction with its decision to
discontinue the IPO process, Secunda also announced that it has terminated
the cash tender offer and consent solicitation for its senior secured
floating rate notes due 2012.

"As a result of Secunda's termination of its IPO in Canada, the
company will be unable to reduce its leverage to the extent
anticipated," said Standard & Poor's credit analyst Jamie
Koutsoukis.

"Although the company has demonstrated continued improvement in
both its financial and business profiles on the strength of
higher-than-historical utilization and day rates, and strong
market conditions for its services, we will need to assess the
company's near- and medium-term funding plans and the effect they will have
on Secunda's overall credit profile," Ms. Koutsoukis added.

Standard & Poor's intends to meet with Secunda's management to
review its revised strategy following the termination of the IPO
and tender offering.  The rating agency will then determine
whether the ratings could be raised, lowered, or affirmed.

If Secunda adds further debt to its balance sheet to finance
further vessel acquisitions and fund growth initiatives, the
company's credit profile would likely weaken and consequently
could have a negative effect on the ratings.

Conversely, if Secunda is able reduce its leverage as a result of improved
market conditions and increased internal cash flow
generation, its credit profile will likely strengthen and could
result in a positive rating action, although an upgrade higher
than one notch is unlikely.

If the company expects to remain with its current financial
profile, the corporate credit rating might remain at its current
level.

Standard & Poor's will resolve the CreditWatch action further
consultation with Secunda's management and an assessment of the
company's financial policies following the termination of the IPO.

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




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


FOSTER WHEELER: Closes on New US$350MM Credit Facility
------------------------------------------------------
Foster Wheeler Ltd. has successfully closed on a new US$350 million,
five-year senior secured domestic credit facility, effective Oct. 13, 2006.

Foster Wheeler will be able to utilize the facility by issuing letters of
credit up to the full US$350 million limit.  The company will also have the
option to use up to US$100 million of the US$350 million limit for revolving
borrowings, an option which the company has no immediate plans to use.

"This new agreement provides the increased bonding capacity and financial
flexibility that we require to support our growing operations and increased
volume of business and, at current usage levels, will also reduce our
bonding costs by approximately US$8 million per year," said John T. La Duc,
executive vice president and chief financial officer.

                    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.

                        *    *    *

Moody's Investors Service upgraded on Oct. 16, 2006, the rating on Foster
Wheeler's new US$350 million, senior secured domestic credit facility to Ba1
from Ba3.  The rating on the US$350 million facility reflects a loss given
default of LGD 1 (6% LGD rate).  In addition, Moody's affirmed all existing
ratings.  Moody's said the rating outlook is positive.


FOSTER WHEELER: Moody's Ups Rating on US$350MM Credit to Ba1
------------------------------------------------------------
Moody's Investors Service has upgraded the rating on Foster Wheeler LLC's
new US$350 million, senior secured domestic credit facility to Ba1 from Ba3.

The change in rating results from Moody's implementation of its LGD rating
methodology following the company's successful close of its new facility.
The LGD rating methodology enhances the consistency in our notching
practices across industries and will improve the transparency and accuracy
of our ratings as our research has shown that credit losses on bank loans
have tended to be lower than those for similarly rated bonds.  The credit
facility consists of a five-year US$200 million senior secured revolving
credit facility and a five-year US$150 million synthetic letter of credit
facility.  The rating on the US$350 million facility reflects a loss given
default of LGD 1 (6% LGD rate). In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.

This facility replaces Foster Wheeler's existing US$250 million senior
secured credit facility (rated Ba1) and as a result, the Ba1 rating on this
facility will be withdrawn.

Moody's noted that substantially all the assets and capital stock of Foster
Wheeler Ltd. and its direct subsidiaries (66% of the capital stock of
certain foreign subsidiaries) secure the new credit facility and that Foster
Wheeler Ltd. and certain domestic and foreign subsidiaries will provide
guarantees.  Financial covenants include a maximum leverage ratio and a
minimum interest coverage ratio. Management has indicated that is does not
plan to draw the revolver in the near term.

Further, Moody's noted that the Ba1 rating for the bank facility
incorporates the benefits and limitations of the collateral, as well as the
modest level of potential borrowing.  The facility will represent virtually
all of FWC's corporate debt upon close and is expected to be highly
collateralized, resulting in a multiple-notch upgrade from the corporate
family rating.

The key rating factors supporting the B1 corporate family rating and
positive outlook include:

   1) the completion FWC's debt reduction program, reducing debt
      to US$191 million during the second quarter of 2006,

   2) a significant improvement in global E&C market conditions
      and a stabilized global power outlook, enabling Foster
      Wheeler to more than double backlog to US$5 billion at
      June 30, 2006, and

   3) Moody's expectation of continued improvement in free cash
      flow generation enhanced by recent asbestos settlements
      with insurance companies.

Moody's previous rating action on Foster Wheeler was the
Sept. 22, 2006, upgrade of the existing credit agreement to Ba1 from Ba3.

Foster Wheeler Ltd, headquartered in Hamilton, Bermuda, is a leading
industrial engineering, construction, maintenance, and related technical
service company.  Consolidated operating revenues were US$2.2 billion in
2005.


GLOBAL CROSSING: Says Blog Site Has Become Source of Information
----------------------------------------------------------------
Global Crossing's blog site: http://blogs.globalcrossing.com/is becoming a
vital source of information and an influential resource for a wide range of
industry opinion leaders and pundits interested in following next-generation
communication trends, Internet policy and reform.  Launched in March 2006,
the site boasts readers from Fortune 1000 companies, agents/resellers,
recognized telecom bloggers and industry trackers, venture capitalists,
members of academia and staff from regulatory agencies.

In the short time since its debut, the site has impressed leading industry
bloggers, such as Martin Geddes, chief analyst of STL and author of the blog
"Telepocalypse," who characterizes Global Crossing as "a pioneer among
telecommunications companies in corporate blogging."

"The public blog enables Global Crossing to float ideas and interact with
customers and partners, helping to validate Global Crossing's market
approach, while mitigating uncertainties and business risk," commented Mr.
Geddes.  "Customers can see the faces behind the corporation, making for a
more open and accountable business culture. The general blogging community
has also picked up on Global Crossing's efforts, which means that when the
company has a big product or customer story to break, they are far more
likely to get the message out. Blogging helps keep Global Crossing in the
minds of the telecom buyer in a positive way."

Customers and others are now visiting Global Crossing's blog site at an
average rate of more than 530 visitors per day, with a daily high of 778
following a series of recent VoIP announcements and the issuance of other
company-related news.  Month-to-month growth in the number of unique
visitors currently is averaging 33 percent. The volumes are significant in
the context of the converged IP telecommunications space in which the site
focuses.

"Global Crossing's blog has emerged as an important and credible voice about
advanced communications and the technology innovations, industry regulations
and market trends that impact their evolution," said Anthony Christie,
Global Crossing's chief marketing officer. "At a time when many CIOs and
decision- makers face critical questions about which path to pursue to gain
a communications-based advantage, our blog gives them access to a wealth of
Internet knowledge offered by our brightest system architects, network
engineers and regulatory minds."

Global Crossing recently augmented its blog, by adding "podcasts" -- audio
programs that can be downloaded and played back at a later time -- to inform
and educate prospects, customers and employees.  Topics covered include
product news, financial and business updates, customer satisfaction results
and industry policy issues.  The company's podcasts are available at
http://blogs.globalcrossing.com/podcasts.

Each week, Global Crossing's five employee bloggers share their insights and
perspectives, as well as stimulate further discussion on key technologies,
such as VoIP peering, IP video, data and conferencing technologies, and
broadband and Ethernet access.  They also demystify complex topics, such as
net neutrality, IP convergence and fixed/mobile convergence.  Discussions
already have explored developing and executing a successful IP convergence
strategy, the implications of moving to the next-generation IPv6 platform,
and the benefits of fixed/mobile convergence and IP Multimedia Subsystem.

One hot topic stimulating a lot of industry interest is VoIP peering.
Blogger Adam Uzelac, Global Crossing's principal network architect for VoIP
Design, just posted on this issue in his blog "To Peer or Not to Peer? That
is the Question."  Mr. Uzelac's position further articulates Global
Crossing's commitment to VoIP peering, which is bolstered by the company's
recent announcements such as VoIP Community Peering in this area.

In addition to Mr. Uzelac's commentary, Global Crossing's blog provides
readers with direct access to subject-matter experts including Paul
Kouroupas, Global Crossing's vice president of regulatory affairs; Gary
Miller, VoIP network engineer; Onofrio "Norm" Schillaci, principle solutions
architect, and Dave Siegel, director of data services for product
development.

The opinions expressed by the company's bloggers do not necessarily reflect
the views of Global Crossing, but instead give customers insight into the
thinking of employees who are immersed in industry trends and drivers
guiding service development.

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides
telecommunication services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Chile, Mexico, Panama, Peru and Venezuela.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on
Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the
Debtors filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At June 30, 2006, Global Crossing Ltd.'s balance sheet showed
US$1.87 billion in total assets and US$1.95 billion in total
liabilities, resulting to a stockholders' deficit of
US$86 million.  The company reported a US$173 million
stockholders' deficit on Dec. 31, 2005.


GLOBAL CROSSING: ICG Commerce Provides Procurement Services
-----------------------------------------------------------
ICG Commerce disclosed a strategic engagement to provide procurement
services to leading global telecommunications solutions provider Global
Crossing Ltd.

Global Crossing has continued to achieve key milestones in its business
transformation through careful financial management, including a
company-wide focus on achieving sustainable cost reductions and process
improvements.  The company recognized the opportunity to improve financial
performance by expanding its procurement efforts and capabilities.  In
support of this effort, ICG Commerce was engaged to provide strategic
sourcing and implementation services for key global product and service
categories.  Global Crossing will leverage ICG Commerce's dedicated category
and process specialists to help maximize procurement cost savings for
operations in North America, Latin America and Europe.

"By harnessing ICG Commerce's resources and experience, Global Crossing will
be positioned to address procurement in an accelerated timeframe," said
David Showerman, Vice President, Real Estate and Vendor Management for
Global Crossing.  "We are confident ICG Commerce's experience and supply
market knowledge will assist us in achieving our savings targets."

The addition of ICG Commerce's sourcing and implementation services to
Global Crossing's procurement organization will provide access to deep
category specialists, supply market and pricing insights and proven supplier
implementation methodologies for key categories including IT,
telecommunications, marketing, air travel and hotels, personnel recruiting,
training and others.

"We are very pleased to be part of Global Crossing's ongoing business
improvement strategy," said Carl Guarino, CEO of ICG Commerce.  "We look
forward to partnering with their procurement team to help them to drive
continued savings and maximize the value of their spend in support of the
company's growth and profitability goals."

                     About ICG Commerce

ICG Commerce -- www.icgcommerce.com -- is a procurement services provider
exclusively focused on helping companies achieve greater control and
increased value from the spend they manage.  The company offers sourcing and
ongoing operational buying, category and information management and market
intelligence services that enable companies to expand the breadth of spend
they manage, continue to build their sourcing effectiveness, ensure
compliance and drive continual improvements over time.

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides
telecommunication services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Chile, Mexico, Panama, Peru and Venezuela.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on
Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the
Debtors filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At June 30, 2006, Global Crossing Ltd.'s balance sheet showed
US$1.87 billion in total assets and US$1.95 billion in total
liabilities, resulting to a stockholders' deficit of
US$86 million.  The company reported a US$173 million
stockholders' deficit on Dec. 31, 2005.


REFCO INC: Case Summary & 53 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: Refco Inc.
             One World Financial Center
             200 Liberty Street, Tower A
             New York, New York 10281

Bankruptcy Case No.: 05-60006

Debtor-affiliate filing separate chapter 11 petitions on
Oct. 16, 2006:

      Entity                                     Case No.
      ------                                     --------
      Refco Commodity Management, Inc.           06-12436

Debtor-affiliates that filed separate chapter 11 petitions on
June 5, 2006:

      Entity                                     Case No.
      ------                                     --------
      Westminster-Refco Management LLC           06-11260
      Refco Managed Futures LLC                  06-11261
      Lind-Waldock Securities LLC                06-11262

Debtor-affiliates that filed separate chapter 11 petitions on
Oct. 17, 2005:

      Entity                                     Case No.
      ------                                     --------
      Refco Global Finance Ltd.                  05-60007
      Refco Information Services LLC             05-60008
      Bersec International LLC                   05-60009
      Refco Capital Management LLC               05-60010
      Refco Global Capital Management LLC        05-60011
      Marshall Metals LLC                        05-60012
      Refco Financial LLC                        05-60013
      New Refco Group Ltd., LLC                  05-60014
      Refco Regulated Companies LLC              05-60015
      Refco Finance Inc.                         05-60016
      Refco Capital Holdings LLC                 05-60017
      Refco Capital Markets, Ltd.                05-60018
      Kroeck & Associates, LLC                   05-60019
      Refco Administration, LLC                  05-60020
      Refco Mortgage Securities, LLC             05-60021
      Refco Capital LLC                          05-60022
      Refco F/X Associates LLC                   05-60023
      Refco Global Futures LLC                   05-60024
      Summit Management LLC                      05-60025
      Refco Capital Trading LLC                  05-60026
      Refco Group Ltd., LLC                      05-60027
      Refco Global Holdings LLC                  05-60028
      Refco Fixed Assets Management LLC          05-60029

Type of Business: The Debtors constitute a diversified financial
                  services organization with operations in 14
                  countries and a global institutional and
                  retail client base.  Refco Inc.'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, Paris and
                  Singapore.  In addition to its futures
                  brokerage activities, Refco Inc. and its
                  affiliates are major brokers 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.

Chapter 11 Petition Date: Oct. 17, 2005

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: J. Gregory Milmoe, Esq.
                  Sally M. Henry, Esq.
                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Tel: (212) 735-3770
                  Fax: (917) 777-3770

Lead Debtor's Financial Condition as of August 31, 2005:

      Total Assets: US$16,500,000,000

      Total Debts:  US$16,800,000,000

Financial condition of debtor-affiliates that filed on
June 5, 2006:

   Entity                          Total Assets    Total Debts
   ------                          ------------   --------------
Westminster-Refco Management LLC   US$1,918,030 US$1,032,386,039

Refco Managed Futures LLC                US$0   US$1,035,345,960

Lind-Waldock Securities LLC              US$0   US$1,032,000,000

Financial condition of Refco Commodity Management, Inc.:

Estimated Assets: US$1 Million to US$10 Million

Estimated Debts:  US$50,000 to US$100,000

A. Refco Commodity Management, Inc.'s 3 Largest Unsecured
Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Affiliates and subsidiaries   Intercompany          Unliquidated
of Refco Inc.
One World Financial Center
200 Liberty Street - Tower A
New York, New York 10281
Attn: Eric Simonsen

Gary L. Franzen, as Trustee   Litigation            Unliquidated
of the Gary L. Franzen
Declaration of Trust, et al.

Wachovia Securities, LLC      Trade Debt                US$9,000
901 East Byrd Street, WS2055
Richmond, Virginia 23219
Attn: Leah R. Wehinger

B. Debtors' Consolidated List of 50 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
Bawag International Finance                       US$451,158,506
BAWAG P.S.K.
Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse
Aktiengesellschaft Sietzergasse 2-4 A-1010
Vienna, Austria
P: +43/1/534 53/3 12 10
F: +43/1/534 53/ 2284

Wells Fargo                                       US$390,000,000
Corporate Trust Services
Mac N9303-120
Sixth & Marquette
Minneapolis, MN 55497
P: 612-3 16-47727
Attn: Julie J. Becker

VR Global Partners, LP                            US$380,149,056
Avora Business Park
77 Sadovnicheskaya NAB. Building 1
Moscow, Russia 115035

Rogers Raw Materials Fund                         US$287,436,182
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago, IL 60604
P: (312) 264-4375

Bancafe International Bank Ltd.                   US$176,006,738
Carrera 11 82-76
Segundo 2
Bogota, Colombia
P: 636-4349

     - and -

Bancafe International Bank Ltd.
801 Brickell Avenue Ph1
Miami, FL 33131
P: 305-372-9909
F: 305-372-1797

Markwood Investments                              US$110,056,725
Via Lovanio
#19 00198
Rome, Italy

Capital Management Select Fund                    US$109,009,282
Lynford Manor, Lynford Cay
Nassau, Bahamas

Leuthold Funds Inc.                               US$107,264,868
Leuthold Industrial Metals, LP
100 North 6th Street Suite 412A
Minneapolis, MN 55403
P: 612-332-9141
F: 612-332-0797
Attn: David Cragg

Rietumu Banka                                     US$100,860,048
JSC Rietumu Banka
Reg. No. 40003074497
VAT No. LV40003074497
54 Brivibas str
Riga, LV-1011 LATVIA
P: +371-7025555
F: +371-7025588

Cosmorex Ltd.                                      US$91,393,820
CP 8057 28080
Madrid, Spain
P: +34-607-745-555
F: +34-667-706-622

BCO Hipotecario Inv. Turistic                      US$85,807,030
(Fidelicomiso Federal Forex Invest)
Av Venezuela
Torre Cremerca, Piso 2
Ofici B2 El Rosal
Caracas, VENEZUELA

VR Argentina Recovery Fund                         US$77,710,311
Avrora Business Park
77 Sadovnicheskayanab BLDG 1
Moscow, 115035 Russia

Rogers International Raw Materials                 US$75,213,814
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago IL 60604
P: (312) 264-4375

Creative Finance Limited                           US$65,111,071
Marcy Building, Purcell Estate
P.O. Box 2416
Road Town, British Virgin Islands

Cargill                                            US$67,000,000
PO Box 9300
Minneapolis, MN 55440-9300
P: (952) 742-7575
F: (952) 742-7393

JWH Global Trust                                   US$50,576,912
c/o Refco Commodity Management Inc.
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

RB Securities Limited                              US$50,661,064
54 Brivibas Street
LV-1011 Riga, Lativa
P: + 371 702-52-84
F: + 371 702-52-26

Premier Trust Custody                              US$49,365,415
Abraham De Veerstraat 7-A
Curacao, Netherlands Antilles

London & Amsterdam Trust Company                   US$47,560,980
P.O. Box 10459 APO
3rd Floor
Century Yard
Cricket Square, Elgin Ave.
Grand Cayman, Cayman Island

Stilton International Holdings
Trident Chambers, Wickhams Cay
P.O. Box 146
Road Town, British Virgin Islands                  US$46,820,415

Refco Advantage Multi-Manager Fund Futures Series  US$41,713,723
c/o Refco Alternative Investments Group
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

Banesco NY Banesco Banco Universal C.A.            US$39,596,609
Av Urdaneta, Esquina El Chorre, Torre Untbanca
Caracas Venezuela

Josefina Franco Sillier                            US$32,862,419
Carretera Mexico-Toluca No. 4000
Col. Cuajimalpa D.R. 0500 Mexico

Rovida                                             US$32,831,461
London & Amsterdam Trust Company
P.O. Box 10459 APO
3rd Floor
Century Yard, Cricket Sq.

Caja S.A.                                          US$30,950,115
Sarmiento 299 1 Subsuelo (1353)
Buenos Aires, Argentina
P: (54 11) 4317-8900
F: (54 11) 4317-8909

Global Management Worldwide                        US$28,976,612
Trident Corp.
Service Floor 1
Kings Court Bay St.
PO Box 3944
Nassau, Bahamas

Abadi & Co. Securities                             US$28,046,904
375 Park Avenue, Suite 3301
New York, NY 10152
P: (212) 319 -4135

Refco Winton Diversified Futures Fund              US$27,226,697
c/o Refco Global Finance
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Pioneer Futures, Inc.                              US$25,932,000
One North End Ave., Suite 1251
New York, NY 10282

Daichi Commodities Co., Ltd.                       US$24,894,833
10-10 Shinsen Cho, Shibuya-Ku
Tokyo, I5O-0045 JAPAN

GS Jenkins Portfolio LLC                           US$24,631,959
c/o Refco Capital Markets
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Winchester Preservation                            US$23,349,765
c/o Joseph D, Freney
Christiana Bank & Trust Co.
3801 Kennett Pike, Suite 200
Greenville, DE 19807

Banco Agri Banco Agricola (PANAMA) S.A.            US$22,314,386
Edificio Global Bank
#17, Local F, Calle 50 PANAMA, PA

     - and -

Banco Agricola, S.A.
1RA. Cakke Pte. Y 67 AV. Norte
Final Blvd Constitucion #100
San Salvador, ES

Peak Partners Offshore Master Fund Limited         US$22,205,344
P.O. Box 2199
GT Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands

Arbat Equity Arbitrage Fund                        US$19,106,989
Trident Corporate Services
1st Floor Kings Court
Bay Street
P.O. Box N3944
Nassau, Bahamas

Renaissance Securities (Cyprus) Ltd.               US$17,820,709
2-4 Arch Makarios
111 Avenue Capital Center, 9th Floor
1505 Nicosia Cyprus

AQR Absolute Return                                US$17,482,100
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043
GT Caledonian House
Grand Cayman, Cayman Islands

Geshoa Fund                                        US$17,319,494
Corporate Center
West Bay Road
Po Box 31106 Smb
GRAND CAYMAN

RK Consulting                                      US$14,074,345
7, Kountouriotou Street
14563 Kifissia
Greece

VR Capital Group Ltd.                              US$13,690,549
Avrora Business Park
Calendonian House Mary Street
NAB 77 Building 1
MOSCOW, RUSSIA 115035
P: +358 600 41 902

GTC Bank, INC.                                     US$12,971,439
Calle 55 Este
Torre World Trade Center
Piso 7
PANAMA GUATEMALA
P: (507) 265-7371
F: (507) 265-7396

Inversiones Concambi                               US$12,799,137
c/o AEROCAV 1029
P.O. BOX 02-5304
MIAMI, PL 33102

Miura Financial Services                           US$12,150,213
AV. Francisco De Miranda
TORRE LA
PRIMERA PISO 3
CARACAS VENEZUELA

NKB Investments Ltd.                               US$11,699,430
199 Arch Makarios Ave
196 Makarios III Avenue
Ariel Corner 3rd Floor
Office 301 3030
Limassol CYPRUS

Tokyo Forex Financial Inc                          US$11,689,354
Shinjyuku Oak Tower, 35th Floor
6-8-1 Nishishinjyuku
Shinjyuku-Ku, Tokyo JAPAN

Birmingham Merchant S.A.                           US$11,215,413
AV. ARGENTINA 4793
PISO 3
CALLAO PERU

BAC International                                  US$10,906,506
Calle 43 Qnquillo De Laguar
PANAMA
P: (507) 265-8289
F: 507-205-4031

Total Bank                                         US$10,657,732
Calle Guaicaipuro Entre
Av.Principalde
Ias Mercedes
Torre Alianza Piso 9
EL ROSAL, CAACAS, VENEZUELA
P: (0212) 264.72.54/49.42
F: (0212) 266.58.12

Reserve Invest (Cypress) Limited                   US$10,499,733
Maximos Plaza
3301 Block 3
3035 LIMASSOL
CYPRUS

Refco Commodity Futures Fund                       US$10,166,045
c/o Refco Alternative Investments Group
One World Financial Center
200 Liberty Street, 22nd Floor
New York, New York 10281
P: 877 538 8820
F: 877 229 0005


REFCO: Judge Drain Gives Tentative Nod on Disclosure Statement
--------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for the Southern
District of New York granted on October 16, 2006, tentative approval on the
modified Amended Disclosure Statement explaining the Amended Joint Chapter
11 Plan of Refco, Inc., and its debtor-affiliates, the Associated Press
reports.

According to AP, Judge Drain said Refco still needed to fix a few other
deficiencies, including:

   (a) an explanation why its asset-distribution plan
       favors subordinated noteholders;

   (b) clarification on how Refco arrived at the allocation of
       proceeds obtained from a US$506,000,000 settlement with
       Bawag P.S.K. Group; and

   (c) a detailed explanation on how Refco will resolve claims
       among its subsidiaries.

Judge Drain added that the Disclosure Statement should explain
why Refco Capital Markets, Ltd., "ends up with the only inter-
debtor, inter-company claims," AP reports.

AP states that Judge Drain hoped the request for new details
"does not lead to days of debate."  Judge Drain said the Debtors
"should be able to come up with these disclosures pretty
quickly," according to AP.

The Court will commence a hearing to consider confirmation of the Debtors'
Amended Plan on December 15, 2006.

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

The Plan Proponents intend that the Plan become effective no
later than Dec. 31, 2006.

              Objections to Disclosure Statement

The Ad Hoc Committee of Equity Security Holders of Refco, Inc., had asked
the Bankruptcy Court to deny approval of the Debtors'
Disclosure Statement because it describes a Plan that:

   (i) effectively consolidates parent level entities with other
       debt-laden, subsidiary estates without factual or legal
       basis;

  (ii) provides the parent equity holders with less than they
       would receive in a Chapter 7 liquidation; and

(iii) incorporates other improper provisions.

West Loop Associates, LLC, which asserts claims against the
Debtors in excess of US$67,000,000, complained that the Debtors'
Disclosure Statement is devoid of any meaningful information that would give
unsecured creditors any basis for evaluating their estimated recoveries
under the Plan.

Kenneth Krys and Christopher Stride, as joint official liquidators of SPhinX
Managed Futures Fund SPC and 21 of its affiliates, wanted the Debtors'
Disclosure Statement revised to address and clarify certain matters with
respect to:

   (a) the Liquidators' investigation into the defense of a
       US$312,000,000 preference action commenced by the
       Official Committee of Unsecured Creditors of Refco, Inc.,
       et al., against certain of the SPhinX Funds and the
       circumstances surrounding settlement of the action;

   (b) the Liquidators' interest in the Preferential Action
       settlement, in which SMFF agreed to pay Refco Capital
       Markets, Ltd., US$263,000,000;

   (c) the Liquidators' request that the Bankruptcy Court
       reconsider its decision and order regarding the status of
       the SPhinX Funds' Cayman Islands liquidation proceeding
       as a "foreign non-main proceeding" contained in the
       Disclosure Statement and the Plan; and

   (d) releases, exculpation clauses and injunctions contained
       in the Disclosure Statement.

RH Capital Associates LLC, and Pacific Investment Management
Company LLC, are lead plaintiffs in a securities class action
entitled, In re Refco Inc. Securities Litigation, Case No.
05-Civ.-8626 (GEL), as amended, filed in the U.S. District Court for the
Southern District of New York.  RH Capital and Pacific Investment complained
that the Disclosure Statement and the Plan are ambiguous and omit material
facts that may mislead or preclude holders of claims or interests from
making an informed judgment about the Plan.

Russia Growth Fund Ltd., a "customer" of Refco Capital Markets, Ltd., under
Section 741(2) of the Bankruptcy Code, and a holder
of an RCM Securities Customer Claim under the Debtors' First
Amended Joint Plan of Reorganization, said that the Disclosure Statement
fails to provide any further information about the likely conversion of
RCM's case, which, obviously, is a critical aspect of the Plan from the
point of view of Class 4 RCM Customer Claimholders.

Hillier Capital Management, LLC, and certain other related creditors in the
Debtors' Chapter 11 cases also asked the Court to deny approval of the
Debtors' Disclosure Statement because it does not contain complete and
accurate information with respect to the essential terms of various proposed
settlements, which served as the foundation for formulating the Plan of
Reorganization.

The Ad Hoc Refco F/X Customer Committee echoed Hillier Capital's sentiments
and also also complained that the Disclosure Statement lacked adequate
information regarding FXA's decision to waive its approximately
US$84,000,000 claim against RCM.

               Modified Disclosure Statement

To resolve various issues with regard to the Disclosure
Statement, the Debtors, the Creditors' Committee, the Additional Creditors
Committee, and the Chapter 11 trustee, had delivered to the Court, on Oct.
13, a modified Disclosure Statement with respect to their First Amended
Plan.

The Modified Disclosure Statement incorporates the Plan
Proponents' consolidated response to the Disclosure Statement
Objections.

The Plan Proponents assert that a number of the Disclosure
Statement Objections are, in reality, objections to Plan
confirmation rather than to the adequacy of the disclosure.
Those objections, if left unresolved through negotiations that
will no doubt take place between the parties after the Disclosure Statement
hearing, should be considered at the proposed Plan confirmation hearing on
Dec. 15, 2006.

To obviate the need for formal objections, the Plan Proponents
encouraged parties-in-interest who had disclosure concerns to
communicate their concerns to the Plan Proponents informally.
Thus, a number of potential objections were informally resolved
and the modified Disclosure Statement now contains language
reflecting those resolutions.  In addition, the Plan Proponents
modified in some instances the Disclosure Statement to correct
and update previously reported information.

None of the Objections to Plan confirmation lead to the
conclusion that it is impossible to confirm the Plan as written.
Therefore, the Plan Proponents ask the Court to overrule all
Objections and approve the Modified Disclosure Statement.

A blacklined copy of the Modified Disclosure Statement is
available at no charge at http://ResearchArchives.com/t/s?1387

       Plan Proponents' Reply to FXA Customers' Objection

To provide full disclosure to the Refco F/X Associates, LLC
customers regarding the basis for their claims classification,
the Plan Proponents modified their Disclosure Statement to add
provisions supplementing the description of how FXA's business
operated and the relationship between FXA and FXCM and between
FXA and its customers.

According to J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, the Disclosure Statement now clarifies that clients
that trade in foreign currencies are not protected in the same manner as
customers that engage in
securities transactions with a stockbroker and are not granted a
statutory priority in the event of the liquidation of the foreign exchange
dealer.  The Disclosure Statement further notes that customer deposits were
not required to be, and were not,
segregated by FXA.

Accordingly, the Debtors contend that the FXA clients merely hold general
unsecured claims against the FXA estate.

                 Constructive Trust Action

Mr. St. Clair reminds Judge Drain that several parties also
objected that:

   -- there was not disclosure regarding a recent adversary
      proceeding that was brought on behalf of certain FXA
      clients alleging that the customers' deposits do not
      constitute the property of FXA or RCM or their bankruptcy
      estates;

   -- FXA and RCM have been unjustly enriched by those customer
      deposits; and

   -- the plaintiffs are entitled to the value of the customer
      deposits.

To address that issue, the Plan Proponents have included a new
provision that describes the allegations contained in the
Constructive Trust Action.  The Modified Disclosure Statement
also discloses that the Debtors dispute the allegations in the
Constructive Trust Action and all other assertions that the FXA
customers are anything other than holders of prepetition non-
priority general unsecured claims against FXA.

The Modified Disclosure Statement further includes:

   (i) the position of the RCM Trustee that any claim or cause
       of action asserting that any Assets in Place are not the
       property of RCM, including any claim or cause of action
       in the nature of constructive trust, is barred and can no
       longer be pursued against RCM, except where expressly
       reserved for in the orders entered in the Assets in Place
       Adversary Proceeding; and

  (ii) FXA's position that the constructive trust claim against
       RCM asserted in the constructive trust action belongs to
       FXA and not the FXA clients.

                    Other Modifications

The Plan Proponents state that the approximately 16 pages of
disclosure in the Disclosure Statement dedicated to describing
the "Settlements" embodied in the Plan is more than adequate of
disclosure related to the proposed waiver of FXA's intercompany
claim against RCM under the Plan.  Whether it is appropriate for
that release to be approved as part of the Plan is a matter that
will be decided as part of the confirmation hearing, Mr. St.
Clair says.

The Plan Proponents added a new section to the Disclosure
Statement that specifically addresses the issue of the lack of
any disclosure regarding Saeed Abdulrahman Alqahtani's US$5,800,000
administrative claim.  The Plan Proponents disclose that they estimate that
certain FXA customers had postpetition net gains of approximately
US$10,000,000.

With respect to the FXA Japanese clients' objections, the Plan
Proponents have materially expanded their discussion regarding
the formation of RefcoFX Japan KK, the relationship between FXA,
FXCM, Refco Japan, the FXA Japanese clients, and the Hong Kong
Shanghai Banking Corp. bank account held by Refco Japan.  The
Plan Proponents have also provided additional disclosure
regarding the pending actions in Japan against Refco Japan, and
the turnover action recently commenced by FXA against FXCM, Refco Japan,
Hong Kong Shang Hai Banking Corp., and certain FXA
Japanese clients.

Moreover, the Plan Proponents have supplemented the Disclosure
Statement to reflect Russia Growth Fund's concerns.  However, the Plan
Proponents note that neither the Plan nor the RCM Settlement Agreement
contemplate different distribution mechanics or economic terms as a result
of RCM being administered in either Chapter 7 or Chapter 11.

Mr. St. Clair explains that the Plan simply provides the option
for the Debtors and the RCM Trustee to choose an applicable
chapter of the Bankruptcy Code if they believe one to be more
likely to facilitate distributions.  Neither Russia Growth Fund
nor any RCM creditor has raised objections as to the disclosures
in respect of fundamental distribution or economic terms.  As
such, he says, it would appear that Russia Growth Fund,
regardless of the conversion issue, has sufficient information to assess the
Plan and potential corresponding recoveries.

With respect to the objections raised by the Ad Hoc Equity
Committee of Security Holders, Mr. St. Clair argues that the
Debtors' contribution toward a common settlement fund is not co-
extensive with "substantive consolidation" of the Debtors'
estates.  The Plan does not currently contemplate "substantive
consolidation," but instead, it is predicated on a "voluntary
pooling of assets" of Debtors that remain separate legal
entities, he says.

Mr. St. Clair further asserts that the Equity Committee
understates, and in many cases ignores, the liabilities existing
at Refco.

"Contrary to the Equity Committee's assertions, it is not the
case that Refco Inc. is a debt-free parent that owns all Refco-
related claims and is immune to all defenses or counterclaims
relating to [that] claim," Mr. St. Clair contends.

A summary of the Disclosure Statement Objections and the Plan
Proponents' corresponding responses is available at no charge at:

              http://ResearchArchives.com/t/s?1386

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


SEA CONTAINERS: Provides Update on Chapter 11 Filing
----------------------------------------------------
In order to achieve a financial restructuring, Sea Containers Ltd. and two
subsidiaries, Sea Containers Services Ltd. and Sea
Containers Caribbean Inc., voluntarily filed for protection under Chapter 11
of Title 11 of the United States Bankruptcy Code.  The filings were made on
Oct. 15, 2006, in the U.S. Bankruptcy Court for the District of Delaware.

A copy of the Company's chapter 11 case summary was published in
yesterday's Troubled Company Reporter.

"Although we have not paid the October 15 public notes, we are
optimistic about the success of our restructuring program and our ability to
reach agreement with creditors," Bob Mackenzie,
President and Chief Executive Officer, said.  "The prime reason
for seeking protection is to prevent any individual creditor from taking
action on its own, which would be against the interests of Sea Containers
and the majority of creditors.  The Chapter 11 process is very different
from Administration in the U.K., because the directors remain in charge.  We
continue with our business strategy and for our key operating units it will
be 'business as usual'.  Chapter 11 will allow us the flexibility and the
time needed to implement our reorganization plan and to move Sea Containers
onto a sustainable financial footing.  Much has already been achieved this
year to improve Sea Containers' finances, including the sale of Silja, the
reduction by more than 50% of group debt and the recent refinancing of our
containers."

Other than the two subsidiaries, no other subsidiary company
within the group has filed for protection.  Operating subsidiaries such as
Great North Eastern Railway, the U.K. rail operator, and the SeaStreak ferry
services in New Jersey, will continue their normal day-to-day operations.
GE SeaCo, the joint venture container leasing business, is a completely
separate business and is completely unaffected.

The filing companies have sought Chapter 11 protection because
their directors concluded that a court-supervised reorganization
will better enable the companies to restructure their debt,
working co-operatively with creditors to place the respective
companies on a sound and sustainable financial footing.  On
Aug. 11, 2006, the Company stated that it would not pay the
US$115 million principal amount of the 10-3/4 % senior notes due on Oct. 15,
2006, unless it concluded that it could pay in full the other public notes
maturing in 2008, 2009 and 2012 and all other unsecured creditors, as well
as retain sufficient working capital.

Since then, the Company has outlined a restructuring proposal to
the advisors representing the ad-hoc committee of note holders and has had a
number of discussions with these advisors with the aim of restructuring the
Company's public notes and other unsecured financial obligations.  Sea
Containers has also been in discussions with advisors to the trustees of Sea
Containers' two principal U.K. pension schemes.  Although Sea Containers
believes that progress has been made in these discussions, it has not been
able to reach agreements with the necessary stakeholders prior to the Oct.
15, 2006, maturity date of the 10-3/4 % notes.  The Company has decided it
cannot pay the October 15 notes at maturity, and is thus in payment default.
The decision to seek Chapter 11 protection was taken by the directors of the
filing companies by board action on
Oct. 14, 2006.

Sea Containers Ltd continues to operate under the direction of its Board and
the Company's subsidiaries remain under the control of their respective
managements and boards of directors.  It is intended that the filing
companies will continue to function normally, with minimal change to the way
they conduct business and be able to fund their continuing operations during
the reorganization process.  Sea Containers fully expects that there will be
no interruptions to the payment of salaries and benefits for employees and
that the filing companies will continue to meet supplier obligations
incurred during the Chapter 11 process.  Sea Containers may initiate one or
more complementary proceedings outside of the United States in order to
facilitate the Chapter 11 process.

                        Cash Position

Sea Containers' total cash on Oct. 14, 2006 was US$126 million of which
approximately US$59 million was either restricted as security for
obligations to third parties or held in subsidiaries and could not be
remitted back to the Company for various legal, regulatory or bank covenant
reasons.

The remaining free cash of US$67 million compares to US$80 million as at
July 31, 2006.  The main movements on free cash are the receipt of US$40
million from the container refinancing and sale of containers, the repayment
of secured debt of US$9 million, a net US$23 million to meet both the
recurring and non-recurring operating needs of the business and US$16
million of restructuring costs.  The free cash balance of Sea Containers Ltd
on Oct. 14, 2006, was US$49 million, with the remaining US$18 million held
in subsidiaries available for group purposes.

                         Pensions

In light of the deficits relating to the Sea Containers 1983 and
1990 Pension Schemes in the U.K., Sea Containers has sought to
ensure that the restructuring takes account of the pension
liabilities.  The directors of Sea Containers Services Ltd are in
discussions with the trustees of the 1983 and 1990 Schemes and the U.K.
Pension Regulator about the future of those Schemes.  The trustees of the
1983 and 1990 schemes have issued certain demands and notices, pursuant to
legal requirements and the pension scheme rules, to Sea Containers Ltd and
participating employers including Sea Containers Services Ltd.  The trustees
have appointed professional advisors to support them.

Active members of the 1983 Scheme were recently informed that the directors
of Sea Containers Services Ltd, with the agreement of the trustees, had
decided that active members should cease to
accrue benefits for future service with effect from
Sept. 30, 2006.  These employees will be given an opportunity to join the
Sea Containers Group Stakeholder Pension Plan in the U.K.

                         Containers

Sea Containers recently completed two transactions relating to its container
operations. These transactions represent a further step in Sea Containers'
strategy of simplifying its business and
placing its finances on a sounder footing.

The first transaction, as reported in the Company's SEC Form 8-K
filed Oct. 10, 2006, is a US$160.7 million refinancing of
containers, representing the bulk of those containers owned by Sea
Containers but managed by GE SeaCo.  The new facility is for a term of three
years.  This transaction assigns and refinances the existing 2001 container
securitization, as well as repaying all other existing credit facilities
secured by Sea Containers' owned containers.

This transaction achieves a number of objectives. Firstly, it
rationalized and simplified the existing container financing
structure.  Secondly, it cured a number of existing covenant
defaults in separate container financing facilities.  Thirdly, it released
approximately US$16 million of cash liquidity to assist in the overall
restructuring program.  Fourthly, in connection with this transaction,
certain containers and tanks were released from lien so that these units
could be either sold or financed more efficiently.

In the second transaction, Sea Containers sold on Oct. 13, 2006
its containers which are leased and managed outside GE SeaCo.
This business lacked critical mass and could not be efficiently
operated by Sea Containers.  The sale of about 14,000 containers
and tanks was made to Unitas Containers Limited, a global
container leasing company based in Bermuda and London, delivering net
proceeds of approximately US$24 million to Sea Containers.  As a result of
the above refinancing transaction, these containers were sold free of debt.

The overall liquidity released by the above two transactions
amounts to approximately US$40 million.  In addition the refinancing
released from lien an approximate US$15 million of containers for future
sale or financing.

                          GE SeaCo

The Company filed an SEC Form 8-K on Oct. 4, 2006, regarding the GE SeaCo
joint venture.  In addition to providing audited financial statements for GE
SeaCo and its subsidiaries, it reported that the Company had received
letters from GE, asserting that there had been a change of control at Sea
Containers Ltd. around March 20, 2006, when James Sherwood, the founder of
Sea Containers, resigned various positions including that of Chairman of the
Board.  Under the GE SeaCo joint venture agreements, a change of control at
Sea Containers would enable GE to purchase its interest in the GE SeaCo
joint venture, at an agreed or litigated valuation.  On the basis of this
assertion, GE also notified the Company that a valuation process should
proceed.  The Company believes these assertions have no merit and, if
necessary, will defend the action vigorously to protect its investment in GE
SeaCo in the interest of Sea Containers' shareholders and creditors.  GE
SeaCo continues to perform well, with both partners firmly focused on
improving market competitiveness through cost reduction and improved
technology.

                      Outstanding Debt

At Oct. 14, 2006, Sea Containers had US$650 million of consolidated debt
outstanding.  This compares to US$630 million (including shipyard debt) at
July 31, 2006.  The movement was an increase in container debt from the
container refinancing of US$29 million less a repayment of US$9 million in
relation to secured ferry debt.

The US$20 million unsecured liability owed to a shipyard payable on Sept.
30, 2006, was assigned to a financial investor and
rescheduled for payment on Oct. 15, 2006 to align with the
repayment date of the October 2006 public notes.  This unsecured
liability was also not paid on Oct. 15, 2006.

                            GNER

The Chapter 11 filings do not affect the control and operations of GNER,
which is the rail franchise that runs the East Coast Main Line in the U.K.
Sea Containers and GNER have kept the U.K. Government's Department for
Transport abreast of developments, and GNER is not in breach of any of its
franchise commitments.  GNER's lines of credit and financial activities have
been 'ring- fenced' from those of Sea Containers, apart from the standby
credit and overdraft facilities mentioned in the Aug. 11, 2006 news release
of Sea Containers.  These facilities are provided by Sea Containers as a
condition of the franchise agreement and remain undrawn.

Employees of GNER and Sea Containers Railway Services Ltd do not
participate in the Sea Containers U.K. pension schemes.  They
participate in separate U.K. schemes, the Railway Pension Scheme
and an SCRS defined contribution scheme.

                  About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (Other
OTC: SCRA.PK and SCRB.PK) -- http://www.seacontainers.com/--  
provides passenger and freight transport and marine container
leasing.  Registered in Bermuda, the company has regional
operating offices in London, Genoa, New York, Rio de Janeiro,
Sydney, and Singapore.  The company is owned almost entirely by
United States shareholders and its primary listing is on the New
York Stock Exchange (SCRA and SCRB) since 1974.  On Oct. 3, the
company's common shares and senior notes were suspended from
trading on the NYSE and NYSE Arca after the company's failure to
file its 2005 annual report on Form 10-K and its quarterly reports on Form
10-Q during 2006 with the U.S. Securities and Exchange Commission.

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
James F. Conlan, Esq., Larry J. Nyhan, Esq., and Jeffrey E. Bjork, Esq., at
Sidley Austin LLP, and Robert S. Brady, Esq., Edwin J. Harron, Esq., Edmon
L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors.  PricewaterhouseCoopers LLP serves as the Debtors' financial
advisors.  When the Debtors filed for protection from their creditors, they
reported US$1.7 billion in total assets and US$1.6 billion in total debts.




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


* BOLIVIA: Will Increase Gas Export Volumes to Argentina
--------------------------------------------------------
The hydrocarbons ministry of Bolivia said in a statement that Yacimientos
Petroliferos Fiscales Bolivianos, the state-owned oil company of Bolivia,
will sign on Oct. 19 an accord with Enarsa, its Argentine counterpart, to
boost gas export volumes to Argentina.

The statement says that under the new contract, Bolivia will supply
Argentina about 27.7 million cubic meters of gas per day over 20 years.
Bolivia would start ramping up its current 7.7 million cubic meters per day
of gas export to Argentina starting in 2007 and reach the full amount
established in the contract by 2010.

Business News Americas relates that the increased gas supply would provide
Bolivia with US$17 billion based on the US$5/MBTU export price established
in the June bilateral accord.

According to BNamericas, the accord to boost gas supply would pave the way
for the tender to construct a GNEA gas pipeline between the two nations as
well as a liquids separation plant in Bolivia.

BNamericas underscores that the increased gas also would help meet
Argentina's increasing gas demand, which averages about 120 million cubic
meters per day and could rise 9.5% yearly in the coming years.

The US$5/MBTU export price set in the June agreement will be effective until
the end of 2005, when a new price will be implemented based on a formula
derived from global market prices, BNamericas states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


BANCO NACIONAL: Okays BRL161-Million Loan to Elektro
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
that it has ratified a BRL161 million loan to Elektro, a power distribution
firm.

Business News Americas says Elektro will use the loan to help fund its
BRL406-million investment program.

According to BNamericas, Elektro is investing to increase its power
distribution network and comply with quality demand from Aneel -- the
Brazilian power regulator -- and Operador Nacional do Sistema Eletrico, the
country's national grid operator.

                        *    *    *

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: Will Fund US$10B Madeira Hydroelectric Complex
--------------------------------------------------------------
Demian Fiocca, the chief executive officer of Banco Nacional de
Desenvolvimento Economico e Social, told reporters that the bank is ready to
finance the US$10 billion 6,450-megawatt Madeira hydroelectric complex.

The Madeira project is made up of:

          -- 3,300-megawatt Jirau hydroelectric project, and
          -- 3,150-megawatt Santo Antonio hydroelectric project.

BNamericas states that the two units, which are run-of-the-river projects
and will be located on the Madeira river in the Amazon, requires estimated
investments of up to US$10 billion.

According to Business News Americas, Mr. Fiocca said, "It's an important
project for the country and the bank has conditions to offer financing for
it."

BNamericas relates that Banco Nacional is studying the project to determine
what financing package will be offered.

Current conditions make the project feasible, allowing adequate returns for
investors, Mr. Fiocca told BNamericas.

The Brazilian federal government's national monetary council has decreased
Banco Nacional's long-term lending rate to 6.85% from 7.5%, and has removed
an inflatin index for power projects to ease funding conditions for 12-year
loans, 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.


DRESSER RAND: Arkansas Circuit Court Rules in Favor of El Dorado
----------------------------------------------------------------
LSB Industries, Inc. -- the parent firm of El Dorado Chemical Co. -- said
that the jury in Union County, Arkansas Circuit Court, unanimously ruled
that Ingersoll-Rand Co. and DR Holding pay El Dorado US$9,796,218.37 in
damages to El Dorado for negligence as general partners of Dresser Rand
Group Inc.

The case claimed the negligent failure by Dresser Rand to properly rebuild a
hot gas expander for El Dorado's DM Weatherly nitric acid plant, which then
caused millions of dollars in equipment damages and lost profits.  The case
also claimed Dresser Rand's negligent failure to rebuild a hot gas expander
for other nitric acid plants located at El Dorado.

El Dorado will pay attorneys fees equal to 30% of its net recovery.

Dresser Rand told RTT News that it has no exposure or liability for a court
ruling on El Dorado Chemical Co.'s lawsuit against Ingersoll-Rand Co. and DR
Holding Corp.

                   About Ingersoll-Rand

Ingersoll-Rand Co. Ltd. is a provider of climate control, industrial,
compact vehicle, construction and security products.  The company operates
in five business segments: climate control technologies, compact vehicle
technologies, construction technologies, industrial technologies and
security technologies.  Through these business segments, Ingersoll-Rand
designs, manufactures, sells and services climate control technologies,
including transport temperature control units and refrigerated display
merchandisers; compact vehicle technologies, including skid-steer loaders
and golf vehicles; construction technologies, including road construction
and repair equipment; industrial technologies, including compressed air
systems and tools, and security technologies, including mechanical and
electronic security products.

                   About LSB Industries

LSB Industries, Inc., is a manufacturing, marketing, and engineering company
with activities on a worldwide basis.  LSB Industries' principal business
activities consist of the manufacture and sale of commercial and residential
climate control products, the manufacture and sale of chemical products for
the mining, agricultural and industrial markets, the provision of
specialized engineering services, and other activities.

                     About Dresser Rand

Dresser Rand Group Inc. is engaged in the design, manufacture and marketing
of engineered rotating equipment and services sold primarily to the
worldwide oil, gas, petrochemical and industrial process industries.  The
company has two segments, new units, and aftermarket parts and services.
Its services and products are used for a range of applications, including
oil and gas production, refinery processes, natural gas processing,
pipelines, petrochemical production, high-pressure field injection and
enhanced oil recovery.  The company also serves general industrial markets,
including paper, steel, sugar, distributed power and government markets.
The company operates manufacturing facilities in the United States, France,
Germany, Norway, India and Brazil and maintains a network of 26 services and
support centers covering 140 countries.

                        *    *    *

Moody's assigned these ratings on Dresser Rand Group Inc.

          -- Ba3 long-term corporate family rating;
          -- Ba1 senior secured bank credit facility rating;
          -- B1 senior subordinate rating; and
          -- SGL-3 speculative grade liquidity rating.

Moody's said the outlook is stable.


DRESSER-RAND: Claims No Exposure to LSB Industries' Jury Verdict
----------------------------------------------------------------
Dresser-Rand Group Inc. said that it has no exposure or liability for any
part of the jury verdict announced today by LSB Industries, Inc.

LSB Industries disclosed that its subsidiary, El Dorado Chemical Co.
received a unanimous jury verdict awarding US$9,796,218.37 in damages for
the negligence of the defendants, Ingersoll-Rand Co. and DR Holding Corp.,
as general partners of Dresser Rand Company.

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway, India, and Brazil,
and maintains a network of 24 service and support centers
covering 105 countries.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its corporate
credit rating on rotating equipment maker Dresser-Rand Group Inc. to 'BB-'
from 'B+' and revised the outlook on the rating to stable from positive.


DURA AUTOMOTIVE: Unit Won't Pay US$17.250MM Interest Due Oct. 16
----------------------------------------------------------------
Dura Automotive Systems, Inc., disclosed that its wholly-owned subsidiary,
Dura Operating Corp., did not make the US$17,250,000 interest payment due
Oct. 16, 2006, on the company's outstanding 8-5/8% Senior Notes due 2012.

The Indenture relating to the Notes provides a 30-day grace period before
the nonpayment of interest due on the Notes will constitute an event of
default under the Indenture.  Upon any such event of default, BNY Midwest
Trust Company, the Trustee under the Indenture, or the holders of at least
25% in principal amount of the outstanding Notes, would be entitled to
declare all of the Notes to be due and payable immediately.

In addition, under the Indenture, following the 30-day grace period, the
Trustee could pursue any available remedy to collect the payment of
principal and interest on the Notes or to enforce the performance of any
provision of the Notes or the Indenture.  Under the Indenture, the Dura
Operating must pay interest on overdue installments of interest without
regard to any grace period at the rate of 9-5/8% per annum. Currently
US$400.0 million in aggregate principal amount of the Notes is outstanding.

The failure by the Dura Operating to make the interest payment on the Notes
will constitute an immediate event of default under the company's
asset-based revolving credit facility.  The failure by the company to make
the interest payment on the Notes upon the expiration of the 30 day grace
period will also constitute an event of default under the company's
outstanding 9% Senior Subordinated Notes due 2009 and Second Lien Term Loan.
Upon any such event of default, the applicable trustee or administrative
agent, as the case may be, or the holders of at least 25% in principal
amount of the outstanding series of Senior Subordinated Notes or Second Lien
Term Loan, will be entitled to declare all such indebtedness to be due and
payable immediately.

Dura is currently evaluating its capital structure with a focus on reducing
its long-term debt.  Such a financial restructuring would be in addition to
the comprehensive operational restructuring that Dura is undertaking in
response to challenging industry conditions.  Industry conditions continue
to deteriorate, with announcements over the past several weeks from all
three North American OEMs of additional significant production cuts.  In
addition, raw material prices have continued to be at or near record levels.
Dura expects that the deterioration of industry conditions will require it
to undertake a debt restructuring in the near term.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries including Brazil.

                        *    *    *

Standard & Poor's Ratings Services took these rating actions on Oct. 16,
2006, on Dura Automotive Systems Inc. and its subsidiary, Dura Operating
Corp., following the company's announcement that it will not make a required
bond interest payment due on Oct. 16:

   -- The corporate credit rating on Dura was lowered to 'D'
      from 'CCC';

   -- The rating on Dura Operating's US$400 million senior notes
      due 2012, for which the interest payment is due, was
      lowered to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC' from
      'CCC+' and  placed on CreditWatch with negative
      implications.  The '1' recovery rating on the secured debt
      was affirmed; and

   -- Dura's 'CC' subordinated debt rating was placed on
      CreditWatch with negative implications.


DURA AUTOMOTIVE: S&P Lowers Corp. Credit & Sr. Note Ratings to D
----------------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on Dura
Automotive Systems Inc. and its subsidiary, Dura Operating Corp., following
the company's announcement that it will not make a required bond interest
payment due on Oct. 16:

   -- The corporate credit rating on Dura was lowered to 'D'
      from 'CCC';

   -- The rating on Dura Operating's US$400 million senior notes
      due 2012, for which the interest payment is due, was
      lowered to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC' from
      'CCC+' and  placed on CreditWatch with negative
      implications.  The '1' recovery rating on the secured debt
      was affirmed; and

   -- Dura's 'CC' subordinated debt rating was placed on
      CreditWatch with negative implications.

Dura has suffered from poor operating results in recent years because of:

   -- lower vehicle production from its large U.S. customers,
   -- unfavorable product mix,
   -- higher-than-expected raw material costs,
   -- pricing pressure, and
   -- a bloated  overhead cost structure relative to current
      revenue generation.

Dura's recent financial results were substantially below prior-year
levels -- during the second quarter, EBITDA was down US$29 million (60%)
from last year, and the company's free cash flow was negative US$50 million.
Although automotive industry conditions were difficult during the second
quarter, Dura's performance was much worse than expected. Industry pressures
have intensified since the second quarter, and we believe current financial
performance has deteriorated further.

Dura is evaluating its capital structure in light of earnings and cash flow
pressures.  The company exercised its right to defer dividend payments on
its preferred stock earlier this month to preserve cash.

"Dura has a 30-day grace period to make the interest payment on its senior
notes before default would occur, but we do not expect the company to make
the interest payment. We believe the risk of a bankruptcy filing in the next
few weeks is high. If the company were to file for bankruptcy, the senior
secured and subordinated debt ratings on the company would be lowered to
'D'," said Standard & Poor's credit analyst Martin King.


GOL LINHAS: Starts Flight Operations to Chapeco, Brazil
-------------------------------------------------------
GOL Linhas Aereas Inteligentes starts its operations in Chapeco, in western
Santa Catarina state, Brazil.  Daily flights will follow the route Sao
Paulo-Florianopolis-Chapeco.  Passengers from Porto Alegre may fly to the
new destination via a connection in Florianopolis.

With nearly 170,000 inhabitants, Chapeco is one of the main agro- industrial
centers in Latin America.  The city has one of the largest chicken and pork
export firms in Brazil.  Other segments such as metal-mechanics are going
through a fast expansion process.  Around 6,000 passengers use the city's
airport monthly, which is located 630 km from Florianopolis.

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

                        *    *    *

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

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

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

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


HAYES LEMMERZ: Completes Sale of Suspension Machining Unit
----------------------------------------------------------
Hayes Lemmerz International, Inc., disclosed the sale of its Southfield,
Mich., iron suspension components machining plant to Whitebox Advisors, LLC
and the management team who had previously purchased the company's Cadillac,
Michigan ductile iron foundry in December 2005.

Under the agreement, this group has acquired all of the outstanding shares
of stock of Hayes Lemmerz International -- Southfield Inc., a wholly owned
subsidiary of Hayes.  The company will be renamed 3Point Machine, Inc.  The
plant employs about 180 people.

"The sale is further evidence of our commitment to concentrate resources on
our core strengths and provide our Company with greater financial
flexibility," said Curtis Clawson, President, CEO and Chairman of the Board.

"This transaction is considered very strategic to our core business as we
are the primary casting source for this facility. Our Cadillac, Michigan and
Southfield operations complement one another extremely well, and will create
value that will enhance both facilities," said Daniel Minor, President of
3Point Machine, Inc.  "We are delighted to welcome our new employees to
3Point Machine and we are very excited about the future."

Hayes Lemmerz International, Inc. is a leading global supplier of automotive
and commercial highway wheels, brakes, powertrain, suspension, structural
and other lightweight components.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.  It approximately has
10,000 employees.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006, Standard &
Poor's Ratings Services affirmed its 'B-' corporate credit rating on Hayes
Lemmerz International Inc. and removed the rating from CreditWatch with
negative implications, where it was placed Aug. 21, 2006.  S&P said the
outlook is negative.


NOVELIS INC: Completes Amendment to US$1.8 Bil. Credit Agreement
----------------------------------------------------------------
Novelis Inc. and its lenders have agreed to amend certain financial
covenants and other provisions of the company's US$1.8 billion Credit
Agreement.

Effective Oct. 16, the covenants concerning the minimum interest coverage,
maximum total leverage, and fixed charge coverage ratios will be relaxed for
the periods through and including the first quarter of 2008.

The company's request for financial covenant relief was in response to an
increase in interest expense and a reduction in EBITDA due mostly to losses
in connection with certain can sheet sales that are affected by contractual
metal price ceilings.  The other, non-financial, covenant amendments will
enable Novelis to improve its working capital management and access its
global cash more efficiently in order to continue de-leveraging.

Novelis has reduced its Term Loan from US$1,300 million at inception to
US$798 million at the end of the second quarter of 2006.  Total debt has
been reduced by approximately US$468 million over the same period. The
outlook for 2007 is for continued de-leveraging, on the order of US$150
million to US$200 million, assuming average aluminum prices of
US$2,500 per metric ton.

                     About Novelis Inc.

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

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

                        *    *    *

Fitch assigned these ratings on Oct. 13,2006, for Novelis Inc. and its
subsidiary Novelis Corp:

   Novelis Inc.

      -- Issuer default rating 'B';
      -- Senior secured credit facility 'BB/Recovery Rating 1';
         and
      -- Senior unsecured notes 'B/RR4';

   Novelis Corp.

      -- IDR 'B'; and
      -- Senior secured credit facility 'BB/RR1';

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


PETROLEO BRASILEIRO: Starting Natural Gas Production in Manati
--------------------------------------------------------------
Petroleo Brasileiro said in a statement that the firm and its partners will
launch production of natural gas in the Manati offshore field in Bahia by
November.

Petroleo Brasileiro's partners are Queiroz Galvao -- which runs the block
with a 55% stake -- and Norway's Norse Energy, holding 10% of the block.
Petroleo Brasileiro owns 35% of the block, Business News Americas says.

Petroleo Brasileiro's statement says that partners are building the PMNT-1
fixed platform and the onshore gas treatment plant.

BNamericas relates that Petroleo Brasileiro previously disclosed that
initial output is expected to be three million cubic meters per day, but
could rapidly increase to six million cubic meters daily compared to current
production of five million cubic meters a day.

The infrastructure for the transport of the gas to consumption centers has
been installed.  Bahiagas, a Bahia state-controlled gas distribution firm,
has spent about BRL35 million for the construction of the infrastructure,
BNamericas states.

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

                        *    *    *

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

                        *    *    *

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

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

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


PETROLEO BRASILEIRO: Will Bid in Colombian Natural Gas Auction
--------------------------------------------------------------
Joao Carlos Araujo Figueira -- Petroleo Brasileiro's executive manager for
the Americas, Asia and Eurasia -- told Business News Americas that the firm
plans to join in the bidding for 10 natural gas exploration and production
blocks on the Colombian coast.

BNamericas relates that ANH, the Colombian hydrocarbons regulator, will hold
the bidding process known as Ronda Caribe in December.

Ronda Caribe will be one of ANH's most aggressive attempt to get private
energy companies involved in natural gas exploration and production in
Colombia since the agency was created in 2003, BNamericas says.

"Petrobras (Petroleo Brasileiro) will participate in the bidding process and
seek to acquire every aspect of information available for the evaluation and
support of a corporate decision regarding Ronda Caribe," Mr. Figueira told
BNamericas.

According to BNamericas, Mr. Figueira said that the bidding area is unique
as it hosts potential and low exploratory maturity in deep waters beyond 400
meters.  He said that the available indirect geological and geophysical data
is attractive.

Mr. Figueira told BNamericas, "However, Colombia's Caribbean basin presents
particularities that require research and new geophysical data."

BNamericas notes that low exploratory maturity theoretically means
hydrocarbons will flow naturally without the need for expensive secondary
recovery methods.

Petroleo Brasileiro knows the area.  Mr. Figueira told BNamericas,
"Petrobras already has investments in the are in the Tayrona E&P
(exploration and production) contract."

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

                        *    *    *

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

                        *    *    *

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

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

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


PETROLEO BRASILEIRO: Will Refinance US$12-Billion Debt
------------------------------------------------------
Jose Gabrielli, the chief executive officer of Petroleo Brasileiro, said
during the Dialogos Capital infrastructure conference that the firm will
refinance its US$12 billion debt and raise US$400 million over the next five
years, Business News Americas reports.

BNamericas relates that Petroleo Brasileiro raised about US$300 million in
samurai bonds and some US$500 million in global notes on international
financial markets.  The money, including the planned US$400 million, will
help fund part of Petroleo Brasileiro's US$87-billion 2007-11 investment
program.  Most of the investment money will come from the firm's cash flow.

Mr. Gabrielli told BNamericas, "We have cash generation projections of US$86
billion based on an international oil price estimate averaging US$35 a
barrel.  With the barrel at some US$69, we will have more money available."

Every US$1 increase in the international price of oil increases Petroleo
Brasileiro's revenue some US$500,000, BNamericas says, citing Mr. Gabrielli.

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.


SANMINA-SCI: Inks US$600 Million Term Loan Credit Agreement
-----------------------------------------------------------
Sanmina-SCI Corp. entered into a Credit and Guaranty Agreement, dated Oct.
13, 2006, along with its subsidiaries, party thereto as guarantors, the
lenders party thereto from time to time, Bank of America, N.A., as
Administrative Agent, Citibank, N.A., as Syndication Agent, Deutsche Bank AG
Cayman Islands Branch, as Documentation Agent, and Banc of America
Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities
Inc., as Joint Book Managers and Joint Lead Arrangers.  The Credit Agreement
provides for a US$600 million senior unsecured term loan that matures on
Jan. 31, 2008.  The company drew down the US$600 million term loan
simultaneously with the closing of the transaction.

A portion of the proceeds of the term loan were used on
Oct. 13, 2006, to effect, in accordance with the terms thereof, the
satisfaction and discharge of the Indenture, dated
March 15, 2000, by and between SCI Systems, Inc. and the trustee, pursuant
to which SCI Systems, Inc., issued its 3% Convertible Subordinated Notes due
2007.  In connection with the satisfaction and discharge of the Indenture,
US$532,875,000 in cash was deposited with the trustee, which amount is equal
to the principal and interest scheduled to be due and owing on the Notes on
their maturity date, which is March 15, 2007.  The company intends to use
the remaining proceeds for working capital and general corporate purposes.

Headquartered in San Jose, California, Sanmina-SCI Corporation
is one of the largest electronics contract manufacturing
services companies providing a full spectrum of integrated,
value added solutions.  In Europe, the company has operations in
Finland, France, Ireland, Germany, Sweden, Hungary, and Spain. In Latin
America, it operates in Brazil and Mexico.

                        *    *    *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt Rating to B/RR5
---------------------------------------------------------------
Fitch Ratings has downgraded this rating of Sanmina-SCI Corp.:

   -- Senior subordinated debt to 'B/RR5' from 'B+/RR4'.

Fitch also assigned this rating:

   -- US$600 million term loan expiring January 2008 'BB+/RR1';

The ratings on senior secured, senior subordinated and these ratings remain
on Rating Watch Negative:

   -- Issuer Default Rating 'B+';
   -- First lien senior secured credit facility 'BB+/RR1'.

Fitch's action affects approximately US$1.6 billion of total debt
securities, pro forma for the issuance of the US$600 million term loan due
January 2008 and redemption of US$525 million of subordinated convertible
debentures due March 2007.

The senior subordinated downgrade reflects Sanmina layering US$600 million
of senior unsecured debt on top of the senior subordinated debt, resulting
in lower recovery prospects for the subordinated debt. Fitch estimates
recovery for the subordinated notes would decline to 11%-30% from 31%-50%
prior to the refinancing, resulting in an 'RR5' recovery rating.  The
'BB+/RR1' ratings for the senior unsecured term loan reflect Fitch's
estimation that the unsecured debt will recover 100% in a distressed
scenario.  Fitch believes recovery parity between the senior unsecured and
senior secured debt is supported by the fact that the lending group for the
term loan is essentially the same as that of the senior secured credit
facility and maturity date of the term loan, January 2008, is well ahead of
the maturity of the credit facility, December 2008.

The Recovery Ratings and notching reflect Fitch's recovery expectations
under a distressed scenario, as well as Fitch's expectation that the
enterprise value of Sanmina, and hence, recovery rates for its creditors
will be maximized in liquidation rather than in restructuring (going
concern).  In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20% and 10% to Sanmina's
current balance of accounts receivable, inventory and property, plant and
equipment, respectively.  That leads to a distressed enterprise value
estimate of approximately US$1.2 billion, providing the basis for a
waterfall analysis to determine recovery ratings.

The Negative Rating Watch continues to reflect Sanmina's delayed filing of
its 10Q and compliance certificates for the quarter ended July 1, 2006, and
corresponding non-compliance with NASDAQ's filing requirements (the company
continues to be listed on the exchange pending a decision by NASDAQ's
Listing Qualifications Panel) as well as continuing investigations by the
SEC and a federal grand jury into the company's stock option administration
practices dating back to Jan. 1, 1997.  Sanmmina recently announced the
conclusion of its own internal investigation, which determined that most
options awarded between 1997 and 2006 were not correctly dated and accounted
for.  Fitch believes that a resolution of the stock option investigations
and satisfactory filing of Sanmina's 10Q as well as compliance certificates
is likely to resolve the Negative Rating Watch status.

Pro forma for the refinancing Fitch believes liquidity was sufficient as of
July 1, 2006, and supported by approximately US$563 million of cash and
equivalents and an undrawn US$500 million senior secured revolving credit
facility due 2008, which is not available for refinancing purposes.
Sanmina's US$200 million receivables sales facility due 2007 also supports
liquidity.  Fitch estimates that total debt on a pro forma basis is
approximately US$1.6 billion and consists primarily of:

   1) US$600 million senior unsecured term loan due
      January 2008;

   2) US$400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   3) US$600 million of 8.125% senior subordinated notes due
      March 2016; but excludes US$525 million of 3% convertible
      subordinated notes which are being redeemed (Sanmina has
      deposited the remaining amount due on these notes with the
      trustee, thereby completing the discharge of the
      indenture).

Headquartered in San Jose, California, Sanmina-SCI Corp. is one of the
largest electronics contract manufacturing services companies providing a
full spectrum of integrated, value added solutions.  In Europe, the company
has operations in Finland, France, Ireland, Germany, Sweden, Hungary, and
Spain. In Latin America, it operates in Brazil and Mexico.


SANMINA-SCI: Moody's Rates US$600MM Sr. Unsec. Term Loan at Ba2
---------------------------------------------------------------
Moody's assigned a Ba2 rating to Sanmina-SCI Corp. 's proposed US$600
million unsecured term loan facility due 2008.  The proceeds of the proposed
US$600 million term loan will be used to finance US$525 million of Sanmina's
3% convertible subordinated notes due 2007. Sanmina's corporate family
rating of Ba2 and all of its other outstanding ratings will remain under
review for possible downgrade. Likewise, the new Ba2 rating on the proposed
term loan facility will also be placed under review for possible downgrade.

Moody's notes that Sanmina's debt ratings were placed under review for
possible downgrade on Aug. 14, 2006, following Sanmina's announcement of the
on-going investigation into its stock option administration practices and
its confirmation that Sanmina would not be able to file with the Securities
and Exchange Commission its 10-Q for the quarter ended July 1, 2006, by the
required deadline as a result of the investigation.  The ratings for the new
facility reflects both the overall probability of default of the company, to
which Moody's assigned a PDR of Ba2, and a loss given default of LGD 3.

Sanmina announced on Oct. 12, that it has concluded its internal
investigation of its stock options practices and that most stock option
grants to executives and employees between 1997 and 2006 were not correctly
dated.  As a result, Sanmina will restate its financial statements for the
past 9 fiscal years, though the amount of restatement has not been
quantified.  Moody's understands that cash impact from the restatement is
not likely to be material.  Although the conclusion of its internal
investigation is an important step toward resolution, Moodys' notes that
Sanmina is still under SEC and DOJ investigation, and has yet to file its
financial statements for the July 1, 2006 quarter, a violation of its
borrowing program covenant. Sanmina has obtained consent waivers from all of
its debt holders, except for the holders of its 2007 subordinated
convertible notes, which will be refinanced from the proceeds of the
proposed term loan. Until Sanmina is able to file its financial statements
within the waiver period granted by the lenders, Moody's concern over
potential liquidity will remain and thus Sanmina's ratings continue to be
under review for possible downgrade.

Sanmina cited a general systemic controls failure as the cause for options
dating errors and plans to implement a number of changes to improve internal
control and accuracy of financial accounting.  This controls failure raises
concerns regarding the quality of corporate governance and controls at
Sanmina.  Assessment of these risks, as well as continued exposure to
regulatory, legal and litigation risk, will be integrated into the ratings
review.  Moody's could move the ratings down if further concerns regarding
weakness in internal controls, disclosure, or accounting controls emerge, if
legal or regulatory action yielded material costs or effected senior
management, or if concerns over its liquidity were to surface.  Conversely,
upon a favorable resolution of the SEC and DOJ investigations, and
satisfactory liquidity coupled with the filing of the July 2006 quarterly
report with non-material restatements within the consent waiver period,
Sanmina's ratings could be confirmed.

Leverage and credit metrics will not change as a result of the current
refinancing.  Pro forma this transaction, leverage is expected to be about
3.8 times to EBITDA (pre-restatement) and EBITDA to interest coverage about
3.4 times, again pre-restatement.  Sanmina remains well positioned as a
tier-one EMS provider and plays a critical role in the electronics supply
chain.

Moody's assigned and placed this rating under review for downgrade:

   -- US$600 million senior unsecured term loan due 2008 at Ba2
      (LGD 3, 45%);

Moody's reviews these ratings for possible downgrade:

   -- Corporate family rating at Ba2;

   -- Probability-of-default rating at Ba2;

   -- US$400 million senior subordinated notes due 2013 at Ba3
      (LGD 5, 85%);

   -- US$600 million senior subordinated notes due 2016 at Ba3
      (LGD 5, 85%);

   -- SCI Systems Inc.'s US$525 million 3% convertible
      subordinated notes due 2007 (guaranteed by Sanmina) at
      B1 (rating to be withdrawn upon refinancing); and

   -- SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one of the
largest electronics contract manufacturing services companies providing a
full spectrum of integrated, value added solutions.  In Europe, the company
has operations in Finland, France, Ireland, Germany, Sweden, Hungary, and
Spain. In Latin America, it operates in Brazil and Mexico.


SANTANDER BANESPA: Picks IBM to Increase Transaction Capacity
-------------------------------------------------------------
Santander Banespa has selected a pair of IBM System z9 mainframes to
increase its processing capacity, transaction speed and information
integrity assurance.  The investment amounted to approximately US$21
million.

The bank's main computer system executes approximately 80 million
transactions per day -- equivalent to four thousand transactions per second.
This includes all customer transactions at the bank's branches, as well as
via self-service terminals, the Internet and telephone.

"The new mainframes will support the pace of the bank's business growth.  We
always seek the best IT resources in the marketplace in order to offer
high-quality services to our customers," said Patrício Melo, chief
technology officer, Santander Banespa.

"With this new infrastructure, the Bank demonstrates its confidence in the
IBM mainframe, the world's most sophisticated business computer," said
Alexandre Cardoso, IBM client executive.  "This technology will help allow
Santander Banespa to improve the services they provide to their clients."

The IBM mainframe is designed for a world that generates vast amounts of
data and transactions each day from many different sources, including both
heterogeneous and homogeneous networks.  The technical attributes of System
z9 provide a base from which to build composite applications, leveraging
Service Oriented Architectures.  For example, by combining key existing core
transactions with newly written transactions, a business can quickly compose
a new application, benefiting from the use of existing assets and new
technology.

In addition, the processors, subsystems and software contained in the System
z9 possess the advanced security features resulting from the experience that
comes from more than 40 years of mainframe innovation.

                  About Santander Banespa

Santander Banespa, comprising banks Santander Brazil, Santander S.A.,
Santander Meridional and Banespa, has total assets for BRL90.2 billion,
captured funds for BRL95.3 billion, including managed services -- BRL30.2
billion in deposits and BRL36.7 in investment funds -- and 6.9 million
customers.  With a network of almost two thousand points of sale including
branches and service locations, it is Brazil's fourth largest private bank
in terms of assets and the number one foreign bank.

In Latin America, the Santander Group is the leading bank brand, with
business volumes of approximately US$200 billion -- including loans,
deposits and investment and pension funds -- and a network of 4,200
branches.  In the first half of 2006, Santander recorded liquid profits of
US$1.4 billion in the region, 21% higher than the same period of 2005.

                        *    *    *

Moody's Investors Service assigned on Oct. 11, 2006, a bank financial
strength rating of D+ to Banco Santander Banespa, as well as long- and
short-term global local currency deposit ratings of A3 and Prime-2,
respectively, and long- and short term foreign currency deposit ratings of
Ba3 and Not-Prime.  The agency also assigned a Aaa.br long-term national
scale deposit rating and a short term national scale rating of BR-1.
Moody's said the rating outlook is stable.




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


AURORA GREEN: Shareholders Gather for Final Meeting on Nov. 2
-------------------------------------------------------------
Aurora Green Co. Ltd.'s shareholders will convene for a final meeting on
Nov. 2, 2006, at:

          Maples Finance Limited
          P.O. Box 1093GT, Queensgate House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


DIGICEL LTD: Increases SIM Card Memory
--------------------------------------
Digicel Ltd. told Cayman Net News that its postpaid clients can now save up
to 750 phone numbers on the new and improved 64K memory SIM cards.

A SIM card is a chip inserted into every mobile phone that activates
service.

Cayman Net relates that new clients who sign up for the Digicel postpaid
service will get an improved card packaged in a user-friendly, wallet-sized
pack that includes a welcome guide.

Digicel told Cayman Net that the guide provides its clients with all the
information they need to get the most out of their phone, like service
information on:

          -- voicemail,
          -- roaming,
          -- security features, and
          -- customer care.

Vincent O'Donoghue, the head of the sales department in Digicel, told Cayman
Net, "Digicel has introduced the new 64K SIM to provide our customers with
more capacity to store their valuable contacts -- up to 750 are now
possible.  In today's world where it is hard to imagine life without a
mobile phone, a customer's contacts are a crucial part of everyday
existence.  They now have the potential to save all of the their important
personal or business numbers.  The convenient wallet sized mini guide with
customer service contacts as well as roaming and handset information makes
it possible for customers to carry this important information with them at
all times and have all of the service information they need close at hand.
This is part of our continuing commitment to providing the best in service
to our valued customers."

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

                        *    *    *

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

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


EQUALT FEEDER: Last Shareholders Meeting Is Scheduled for Nov. 2
----------------------------------------------------------------
Equalt Feeder Fund SPC's final shareholders meeting will be at 10:00 a.m. on
Nov. 2, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          S.L.C. Whicker
          K.D. Blake
          Attn: Dorra Mohammed
          P.O. Box 493, Cayman KY1-1106
          Cayman Islands
          Tel: 345 949 4800
          Fax: 345 949 7164


LAMONA TRADING: Sets Final Shareholders Meeting for Nov. 3
----------------------------------------------------------
Lamona Trading Co. Ltd.'s final shareholders meeting will be at 9:00 a.m. on
Nov. 3, 2006, at:

          BNP Paribas Bank & Trust Cayman Limited
          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 liquidators can be reached at:

          Stuarts Corporate Services Ltd.
            P.O. Box 2510 George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949 3344
            Fax: (345) 949 2888


LONGHORN CDO: Moody's Reviews Rating on US$11MM Class C Notes
-------------------------------------------------------------
Moody's Investors Service has placed on watch for possible upgrade the
ratings on these notes issued in 2000 by Longhorn CDO (Cayman), Ltd., a high
yield collateralized loan obligation issuer:

   (1) The US$13,000,000 Class A-2 Floating Rate Senior
       Secured Notes due 2012

       Prior Rating: Aa2
       Current Rating: Aa2, on watch for possible upgrade;

   (2) The US$48,000,000 Class A-3 Fixed Rate Senior Secured
       Notes due 2012

       Prior Rating: Aa2
       Current Rating: Aa2, on watch for possible upgrade;

Moody's also placed on watch for possible downgrade the ratings on these
notes issued by Longhorn CDO (Cayman), Ltd.:

   (1) The US$49,000,000 Class B Floating Rate Senior
       Secured Notes due 2012

       Prior Rating: Baa2
       Current Rating: Baa2, on watch for possible downgrade

   (2) The US$11,000,000 Class C Floating Rate Secured Notes
       due 2012

       Prior Rating: Ba3
       Current Rating: Ba3, on watch for possible downgrade.

The rating actions with respect to the Class A-2 and Class A-3 notes reflect
the significant delevering of the transaction, which more than offset the
unfavorable aspects of the transaction's performance, according to Moody's.

The rating actions with respect to the Class B and Class C notes reflect the
deterioration in the credit quality of the transaction's underlying
collateral portfolio, consisting primarily of speculative grade corporate
loans, as well as the occurrence of asset defaults and par losses, and the
continued failure of certain collateral and structural tests, according to
Moody's.

Although the delevering of the transaction has more than offset the
unfavorable aspects of the transaction's performance with respect to the
Class A-2 and Class A-3 notes, it has not done so for the Class B and Class
C notes given the subordination of those notes in the transaction's capital
structure.


MELODY SHARE: Liquidator Presents Wind Up Accounts on Nov. 2
------------------------------------------------------------
Melody Share Corp.'s shareholders will convene for a final meeting on Nov.
2, 2006, at:

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

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

The liquidators can be reached at:

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


MEMBERSHIP I: Invites Shareholders for Final Meeting on Nov. 2
--------------------------------------------------------------
Membership I Funding Corp.'s final shareholders meeting will be at 10:00
a.m. on Nov. 2, 2006, at:

          BNP Paribas Bank & Trust Cayman Limited
          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 liquidators can be reached at:

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


ML S: Schedules Final Shareholders Meeting on Nov. 3
----------------------------------------------------
ML S Managed Futures Ltd.'s final shareholders meeting will be at 9:00 a.m.
on Nov. 3, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


PARMALAT: Court Permits Citibank to Pursue Actions from Oct. 31
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation between Citibank, N.A., and Citibank,
N.A. International Banking Facility, on one hand, and Dr. Enrico
Bondi, extraordinary administrator of Parmalat Finanziaria S.p.A. and
certain of its affiliates and CEO of Reorganized Parmalat, on the other
hand, stating that:

    a. at 5:00 p.m. New York time on Oct. 31, 2006, the
       Preliminary Injunction Order will automatically be deemed
       modified to permit Citibank to take any action to enforce
       its rights against Parmalat Paraguay S.A. or otherwise
       with respect to the obligations of Parmalat Paraguay to
       Citibank in Paraguay;

    b. during the Standstill Period, Reorganized Parmalat will
       provide Citibank, concerning Parmalat Paraguay and its
       subsidiaries, with:

       -- access to company management;

       -- access to their Paraguayan advisers;

       -- access to their books and records; and

       -- copies of and access to forecasts, budgets,
          restructuring plans, term sheets relating to a sale
          or other disposition of the assets, purchase and sale
          agreements, and correspondence relating to a sale or
          other disposition of assets or the restructuring of
          indebtedness; and

    c. during the Standstill Period, Reorganized Parmalat will
       not sell, transfer, encumber or incur new debt on any of
       the assets or shares of any of the Parmalat Paraguay
       Entities without Citibank's prior written consent.

The Court approves the parties' stipulation.

                       About Parmalat

The Parmalat Group's 40-some brand product line includes milk,
yogurt, cheese, butter, cakes and cookies, breads, pizza, snack
foods and vegetable sauces, soups and juices and employs over
36,000 workers in 139 plants located in 31 countries on six
continents.  18% of Parmalat's operations is located in South
America.  Parmalat S.p.A., filed winding up petitions against
Food and Dairy in the Grand Court of the Cayman Islands on
Dec. 24, 2003.  Parmalat USA Corp. filed for chapter 11
protection on Febr. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors.  When the
U.S. Debtors filed for bankruptcy protection, they reported more
than US$200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy News, Issue
No. 79; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


PARMALAT GROUP: Regains Sequestered Newlat & Carnini Units
----------------------------------------------------------
In September 2006, the Court of Parma lifted the protective
sequestration orders over the partnership capital of Newlat
S.r.l. and the shares of Carnini S.p.A.  The Court issued these
orders on Jan. 27, 2004 and Feb. 2, 2004, respectively.

The orders were issued in the context of an investigation
conducted by the Court of Parma into fictitious disposals
involving the two companies.  The purpose of these fictitious
transactions, which impaired the asset value of the old Parmalat
S.p.A. under Extraordinary Administration, was to circumvent
antitrust laws.

As a result of the decision, the new Parmalat S.p.A. has regained full
ownership of Newlat S.r.l. and Carnini S.p.A. at no cost to the Company.

Newlat S.r.l, which is based in Reggio Emilia, manufactures
and distributes dairy products.  In 2005, it had revenues of
approximately EUR150 million.

Carnini S.p.A., which is based in Villa Guardia (CO), is also a
manufacturer and distributor of dairy products.  In 2005, it
reported revenues of approximately EUR45 million.

Regaining full title to the partnership capital of Newlat S.r.l.
will enable Parmalat S.p.A. to comply with the ruling issued on June 30,
2005, by the Italian Antitrust Authorities with reference to the breach of
the Antitrust regulation by the "old" Parmalat in 1999.  The measures
prescribed by the Antitrust Authority, which call for the Company to
relinquish its dominant position in the fresh-milk market and restore truly
competitive conditions in that market, require Parmalat S.p.A. to sell the
matese and torre in pietra brands on the open market, along with certain
production facilities owned by Newlat S.r.l.

                       About Parmalat

The Parmalat Group's 40-some brand product line includes milk,
yogurt, cheese, butter, cakes and cookies, breads, pizza, snack
foods and vegetable sauces, soups and juices and employs over
36,000 workers in 139 plants located in 31 countries on six
continents.  18% of Parmalat's operations is located in South
America.  Parmalat S.p.A., filed winding up petitions against
Food and Dairy in the Grand Court of the Cayman Islands on
Dec. 24, 2003.  Parmalat USA Corp. filed for chapter 11
protection on Febr. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors.  When the
U.S. Debtors filed for bankruptcy protection, they reported more
than US$200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy News, Issue
No. 79; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


POINT FIFTY: Shareholders Convene for Final Meeting on Nov. 2
-------------------------------------------------------------
Point Fifty One Ltd.'s shareholders will convene for a final meeting on Nov.
2, 2006, at:

          Maples Finance Limited
          P.O. Box 1093GT, Queensgate House
          South Church Street, George Town
          Grand Cayman, Cayman Islands

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

The liquidators can be reached at:

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


PRESIDENT HEALTHCARE: Finals Shareholders Meeting Is on Nov. 3
--------------------------------------------------------------
President Healthcare Management Cayman Co., Ltd.'s final shareholders
meeting will be on Nov. 3, 2006, at:

          10F-1, 560, Chunghsiao E. Rd.
          Sec. 4, Taipei, Taiwan

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:

          Michelle R. Bodden
          Bridge Street Services Limited
          Marquee Place, Suite 300, 430 West Bay Road
          P.O. Box 30691SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 945-6682
          Fax: (345) 945-6692


REFCO OFFSHORE: Last Day to File Proofs of Claim Is on Nov. 3
-------------------------------------------------------------
Refco Offshore Managed Futures Fund Ltd. (formerly Refco Sphinx Managed
Futures Index Fund Ltd.)'s creditors are required to submit proofs of claim
by Nov. 3, 2006, to the company's liquidator:

          G. James Cleaver
          Gordon MacRae
          Kroll (Cayman) Limited
          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman, Cayman Islands

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

Refco Offshore's shareholders agreed on Sept. 18, 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:

          Hadley Chilton
          Kroll (Cayman) Limited
          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman, Cayman Islands


STAGE SEGREGATED: Final Shareholders Meeting Is Set for Nov. 2
--------------------------------------------------------------
Stage Segregated Portfolio Co. Funding Corp.'s shareholders will convene for
a final meeting on Nov. 2, 2006, at:

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

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

The liquidators can be reached at:

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




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


COEUR D'ALENE: Starts Construction of US$29MM Tailings Facility
---------------------------------------------------------------
Coeur d'Alene Mines Corp. (NYSE: CDE, TSX: CDM) said today that, as part of
its ongoing work at the San Bartolome silver mine in Bolivia, it has begun
construction of the mine's US$29 million tailings facility.

The work is being performed by ICE Ingenieros S.A., a Bolivian contractor
with extensive experience in the mining industry, pursuant to a contract
with Coeur's Bolivian subsidiary, Empresa Minera Manquiri S.A.  As many as
350 Bolivian workers will be employed during construction of the tailings
facility.

"The tailings facility is the longest lead-time item at San Bartolome, and
moving forward now is consistent with the construction schedule for the
overall project, which we are aiming to complete near the end of 2007," said
Coeur's Chairman, President, and Chief Executive Officer, Dennis E. Wheeler.
"We feel good about advancing the project, which is creating much-needed
jobs in Bolivia and especially in the Potosi region."

The San Bartolome mine is expected to produce about eight million ounces of
silver annually once it begins production.

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

                        *    *    *

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




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


BRIGHTPOINT INC: Unit Completes Acquisition of Tri Teknologies
--------------------------------------------------------------
Brightpoint, Inc., disclosed that its subsidiary, Wireless Fulfillment
Services LLC, has completed its acquisition of Trio Industries, Inc.

TrioTek, based in Carrollton, Texas, is a provider of bundled wireless
products and solutions to Value Added Resellers, system integrators, and
other customers focused on providing wireless data services. TrioTek is an
authorized master agent for Sprint Nextel, Cingular Wireless and Verizon
Wireless and distributes a wide variety of wireless data products from
several original equipment manufacturers.

"With TrioTek's customer base of over 1,000 customers, strong wireless
network operator relationships and unique portfolio of wireless data
products, this acquisition improves are market position and enhances our
capabilities for providing mobility solutions to business customers through
resellers in our Advanced Wireless Services group," stated J. Mark Howell,
President of Brightpoint, Inc. and Brightpoint Americas.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
Company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The Company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

On April 12, 2006, Standard & Poor's placed Brightpoint's
long-term local and foreign issuer credit ratings at BB- with a
stable outlook.


HEXION SPECIALTY: Tenders Offer to Holders of US$625-Mil. Notes
---------------------------------------------------------------
Hexion Specialty Chemicals, Inc., is offering to purchase for cash any and
all of the outstanding:

     (i) US$150,000,000 principal amount at maturity of Second-
         Priority Senior Secured Floating Rate Notes due 2010,

    (ii) US$150,000,000 principal amount at maturity of Second-
         Priority Senior Secured Floating Rate Notes due 2010;
         and

   (iii) US$325,000,000 principal amount at maturity of 9%
         Second-Priority Senior Secured Notes due 2014

The Notes were issued by Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC on the terms and subject to the conditions in the Offer to
Purchase and Consent Solicitation Statement dated Oct. 12, 2006, and the
accompanying Letter of Transmittal and Consent.  The Company is also
soliciting consents to eliminate most of the restrictive covenants and the
Liens in the indentures under which the Notes were issued.

The Company disclosed that it expects to enter into a new
US$2 billion term loan facility and a new US$50 million synthetic letter of
credit facility, which will replace its May 2006 term loan and synthetic
letter of credit facilities.  The Company will continue to have access to
its current five-year US$225 million revolving credit facility.  In addition
the Company expects to raise US$825 million of senior secured debt in
connection with its offer to purchase the Notes.  It intends to use US$500
million of the additional cash available under its new credit facilities and
from the Secured Debt Financing to pay a common stock dividend to its
shareholders and the balance of the proceeds to pay for the Notes
repurchased in the Tender Offers.  The Company has also filed an application
with the U.S. Securities and Exchange Commission for the withdrawal of its
registration statement on Form S-1, relating to its planned initial public
offering.

The total consideration for each US$1,000 principal amount of the 2005
Floating Rate Notes tendered and accepted for purchase
pursuant to the tender offer will be US$1,023.  The total
consideration for each US$1,000 principal amount of the 2004
Floating Rate Notes will be US$1,022.50.

The total consideration for the 9% Notes tendered and accepted for purchase
will be determined based on a yield to the first
redemption date equal to the sum of the yield of the 3.625% U.S.
Treasury Security due July 15, 2009, as calculated by Credit
Suisse Securities LLC plus a fixed spread of 50 basis points.  The Company
will pay accrued and unpaid interest up to, but not
including, the applicable payment date.  Each holder who tenders
its Notes and delivers consents on or prior to Oct. 24, 2006 will be
entitled to a consent payment of US$30 for each US$1,000 principal amount of
Notes.  Noteholders who tender after the Consent Date, but prior to the
Expiration Date, will receive the total consideration minus the consent
payment.  Holders who tender Notes are required to consent to the proposed
amendments to the indentures and the collateral agreements.

The tender offers will expire at midnight, New York City time, on Nov. 8,
2006, and the consent solicitations will expire on
Oct. 24, 2006.

The tender offer is subject to the conditions set forth in the
Offer Documents including the receipt of consents of the
noteholders representing a majority in aggregate principal amount of the
Notes and of the Company obtaining the financing necessary to pay for the
Notes and consents.

Credit Suisse Securities (USA) LLC act as Dealer Manager of the
tender offers and consent solicitations.  Questions about the
tender offers and consent solicitations may be directed to Credit Suisse
Securities (USA) LLC at (800) 820-1653 (toll free) or (212) 325-7596
(collect).  Copies of the Offer Documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for the tender
offers and consent solicitations, at (800) 290-6426 (toll free) or (212)
269-5550 (collect).

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
Company has 86 manufacturing and distribution facilities in 18
countries.  In South America, the company's distribution
facilities, as well as executive sales and administrative
offices, are located in Argentina, Brazil and Colombia.

                        *    *    *

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675 billion senior
secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit facility was
lowered to 'B+' with a recovery rating of '3', from 'BB-' with a recovery
rating of '1', to reflect the similar security package as the new term loan
and synthetic letter of credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second secured notes
reflect the amount of priority claims of the revolving facility and the
first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


MILLICOM INT'L: Colombia Movil Installs New Infrastructure
----------------------------------------------------------
Colombia Movil, Millicom International Cellular's unit in Colombia, has set
up new infrastructure and increased its mobile coverage, according to a
report by Portafolio.

Business News Americas relates that Colombia Movil deployed 83 new radio
stations in September, expanding to 43 new communities including several
districts where the company is the sole carrier.

According to Portafolio, Colombia Movil has strengthened its signal in
several communities including:

   -- Caceres in the Antioquia department, and
   -- Ovejas and Golfo de Morrosquillo in the Sucre department,

Colombia Movil will continue modernizing infrastructure to boost signal
quality, expand to new regions and augment its client base, Portafolio
states.

Millicom International Cellular S.A. -- http://www.millicom.com/
-- is a global telecommunications investor with cellular
operations in Asia, Latin America and Africa.  It currently has
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *    *    *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *    *    *

Standard & Poor's Ratings Services affirmed on July 4, 2006, its
'B+' long-term corporate credit and 'B-' senior unsecured debt
ratings on Millicom International Cellular S.A.  The ratings
were removed from CreditWatch with developing implications,
where they had been placed on Jan. 20, 2006, on the initiation
of a strategic review that could have led to a transaction such
as the sale of all or part of the company.  S&P said the outlook is stable.


* COLOMBIA: Fitch Affirms BB+ Ratings on Series 2001 Notes
----------------------------------------------------------
Fitch Ratings affirmed these ratings of Colombia World Bank Guaranteed
Notes:

   -- US$750 million Series 2001 Notes 'BB+';
   -- US$250 million Series 2001 Notes 'BB+'.

Fitch has upgraded several Issuer Default Ratings and future flow issues
from Brazilian banks.  These upgrades are related to the continued positive
performance of each future flow trust and the strengthening of their
underlying collateral.  The upgrades were further supported by general
improvements in the underlying bank credit quality and debt profiles.
Finally, these transactions benefit from continued improvements in the
credit quality of Brazil.

Additionally, in conjunction with Fitch's continued surveillance of
structured finance issues, Fitch has affirmed three Issuer Default Ratings
and 11 issue ratings within Latin America.




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


COVANTA ENERGY: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating methodology,
the rating agency confirmed its Ba3 Corporate
Family Rating for Covanta Energy Corp.  Additionally, Moody's 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
   ----------           -------  -------  ------   ----------

   Senior secured
   revolving credit
   facility due 2011       B1       B1     LGD4       64%

   Senior secured
   term loans 2012         B1       B1     LGD4       64%

   Senior secured
   letter of credit
   facility due 2012       B1       B1     LGD4       64%

   Second lien senior
   secured term loan
   due 2013                B2       B2     LGD5       84%

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

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

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

Headquartered in Fairfield, New Jersey, Covanta Energy Corporation --
http://www.covantaenergy.com/-- is a publicly traded holding company whose
subsidiaries develop, own or operate power generation facilities and water
and wastewater facilities in the United States and abroad.  Covanta has
operations in the Philippines, China, Costa Rica, India, and Bangladesh.




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


* DOMINICAN REPUBLIC: Will Import 5,000 Tons of Brown Sugar
-----------------------------------------------------------
The Dominican Republic will be importing about 5,000 tons of brown sugar to
meet local demand, Dominican Today reports.

Dominican Today relates that the sugar is expected to arrive next week.  The
5,000 tons of sugar will complete the package of 22,000 tons the Dominican
Sugar Institute authorized August.

However, merchants will continue distribution of the refined version of the
product, as the government won't ratify import of the refined sugar.
Harvest of the crop begins in the first week of November in Central Romana,
Dominican Today states.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


PETROECUADOR: Petrocomercial to Distribute Liquefied Petroleum
--------------------------------------------------------------
A spokesperson of Petrocomercial, Ecuadorean state-run Petroecuador's
transport and distribution division, told Business News Americas that the
energy and mines ministry has authorized the company to distribute liquefied
petroleum gas.

Petrocomercial still needs approval from the Ecuadorean hydrocarbons
department, as well as operating codes, BNamericas says, citing the
spokesperson.  Both the approval and the codes are expected this week.

According to BNamericas, Petrocomercial must make an additional payment to
receive authorization for the recovery of dispatch terminals.

BNamericas relates that Petrocomercial will buy about 200,000 cylinders at
US$35 each to start initial operations.

Petrocomercial's greatest effort will be at the Salitral dispatch terminal
in Guayas, BNamericas notes.  The company will also use the Esmeraldas and
Shushufindi terminals.

Petrocomercial will convert the Oyambaro storage terminal in Pichincha to a
supply terminal in the short term, the spokesperson told BNamericas.

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
that Petroecuador has been inefficient and non-transparent in
its accounts.




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


GOODYEAR TIRE: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed Goodyear Tire & Rubber Company's B1
Corporate Family rating, but changed the outlook to negative from stable.
At the same time, the company's Speculative Grade Liquidity rating was
lowered to SGL-3 from SGL-2.

These rating actions reflect the increased operating uncertainty arising
from the ongoing United Steelworkers strike at Goodyear's North American
facilities, and the company's decision to increase cash on hand by
drawing-down US$975 million under its domestic revolving credit facility.
In the short-term, the extraordinary borrowing confirms liquid resources at
the company's disposal, but does so by increasing gross leverage and
carrying costs while labor negotiations in its critical North American
market remain unresolved.  Goodyear's pro forma global cash position of
US$2.3 billion limits any near-term default probability, and the anticipated
investment of the revolver proceeds in money market securities does not
alter its net debt position.  However, the uncertain outcome of any
negotiations with the USW, the resultant impact on Goodyear's North American
cost structure and competitive position, and the potential disruption to its
tire production and customer relationships create an additional degree of
near-term risk for Goodyear's credit stature.  In Moody's view, the decision
to draw under the credit facility may reflect the extent of the gap between
the parties and the time frame in which a conclusion might be reached.

Should the USW negotiations be concluded in a timely and constructive
manner, it is likely that the rating outlook would be changed to stable and
the Speculative Grade Liquidity rating raised to SGL-2.

Moody's affirmed these ratings:

   Goodyear Tire & Rubber Co.

   -- probability-of-default rating: B1;
   -- first lien credit facility, Ba1, LGD 2, 10%;
   -- second lien term loan, Ba3, LGD 3, 35;%
   -- third lien secured term loan, B2, LGD 4, 63%;
   -- 11% senior secured notes, B2, LGD 4, 63%;
   -- floating rate senior secured notes, B2, LGD 4, 63%;
   -- 9% senior notes, B2, LGD 4, 63%;
   -- 6-5/8% senior notes, B3, LGD 6, 94%;
   -- 8-1/2% senior notes, B3, LGD 6, 94%;
   -- 6-3/8% senior notes, B3, LGD 6, 94%;
   -- 7-6/7% senior notes, B3, LGD 6, 94%;
   -- 7% senior notes, B3, LGD 6, 94%; and
   -- senior unsecured convertible notes, B3, LGD 6, 94%;

   Goodyear Dunlop Tyres Europe

   -- Euro revolving credit facilities, Ba1, LGD 2, 10%; and
   -- Euro secured term loan, Ba1, LGD 2, 10%;

Moody's changed this rating:

   Goodyear Tire & Rubber Co.

   -- Speculative Grade Liquidity rating to SGL-3 from SGL-2

Goodyear's announcement on Oct. 13 will increase debt/EBITDA to roughly 5.4
times on a pro forma basis from 5.0 times using
June 30 results. Similarly, EBIT/interest would experience a minor
deterioration from the 1.5 times achieved at the end of June.  However, such
calculations would presume a forward run-rate of earnings level with June
LTM results.  Weak replacement tire demand in North America, challenges to
yield management from high and volatile commodity costs and surplus industry
capacity, and publicly unspecified rates at which it can replenish tires
sold from inventory while USW workers are on strike underscore risks to
assumptions for future performance metrics.  Moody's would expect Goodyear's
international operations, which generate the preponderance of profits and
cash flow, to continue to perform well.  Any emerging changes to Goodyear's
profile must also be considered in the context of the qualitative and
quantitative progress the company has made over the last few years, and the
room established within the current rating category for any immaterial
relapse.

While Goodyear currently has tires to satisfy customer requirements in North
America, should that capacity diminish over time, its North American
enterprise value and cash flows could deteriorate.  While these risks are
not imminent, they could appear on the horizon with greater certainty before
year-end.  A resolution of the labor negotiations could clarify the
company's prospects beyond the next few weeks, but the time frame to expect
an agreement is unknown.  As a precaution, the outlook has been changed to
negative.  This could quickly be reversed should a resolution be announced,
its terms assessed, and revolver borrowings unwound.

The SGL-3 represents adequate liquidity over the next twelve months.  The
company's balance sheet resources have been substantially bolstered by the
borrowing, but internal cash flow beyond the next few weeks is harder to
predict.  A labor agreement satisfactory to the company could also involve
up-front restructuring expenditures.  The trade-off to the increase in cash
is the effective exhaustion of remaining unused commitments under the
domestic revolving credit facility.  The company will have comfortable
headroom under its two financial covenants.  But, over time, unknown EBITDA
generation may start to erode this cushion.  A near-term resolution of the
labor dispute could also lead to a rapid change in the company's liquidity
profile.  Consequently, the Speculative Grade Liquidity profile has been
lowered to SGL-3.

Goodyear Tire & Rubber Co., headquartered in Akron, OH, is one of the
world's largest tire companies with more than 100 facilities in 29 countries
around the world including Chile, Colombia and Guatemala in Latin America.
Products include tires, engineered rubber products, and chemicals.  Revenues
in 2005 were approximately US$20 billion.




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


* HAITI: Donors Discussing Financial Aid to Nation on Nov. 29
-------------------------------------------------------------
International donors of Haiti will meet on Nov. 29 in Madrid, Spain, to
discuss technical and coordination issues related to the financial support
being provided by the United States, other nations and multilateral groups
to Haiti, Washington File reports, citing an official from the US State
Department's Office of Caribbean Affairs.

The official told Washington File that the conference will focus on the
"stocktaking of progress" being made to bring stability and security to
Haiti.

Washington File notes that during the previous donors' conference for Haiti
on July 25 in Port-au-Prince, Haiti, the US pledged almost ISUS$210 million
over the next year to help in Haiti's economic recovery.

The US has disbursed over US$390 million to Haiti in the two years since a
donors' conference for Haiti was held in Washington in July 2004.  The US
pledged at the 2004 meeting about US$230 million but since has gone far
beyond that commitment, Washington File says, citing Thomas Shannon, the
State Department assistant secretary of state for Western Hemisphere
affairs, at the July conference.

Washington File underscores that a new three-year accord signed the US
Agency for International Development or USAID signed with Haiti continues
efforts by the US to support the Caribbean nation's progress toward
stability and growth.

USAID said in a statement that the pact promises US$53 million of fiscal
year 2006 funds in agency assistance programs to Haiti, as part of an
overall agreement with Haiti covering the next three years from fiscal year
2007 to fiscal year 2009, which are estimated to total US$492 million.

According to Washington File, the accord calls for USAID to assist Haiti's
government in meeting its basic needs.  The agreement will help:

          -- increase employment,
          -- boost sustainable livelihoods,
          -- increase access to social services, and
          -- reinforce the rule of law and good governance.

                        *    *    *

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




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


BURGER KING: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
restaurant sector, the rating agency revised its Corporate Family Rating for
Burger King Corporation to Ba3 from Ba2.

Additionally, Moody's held its Ba2 ratings on the company's
US$150 million Senior Secured Revolver Due 2011 and US$250 million Senior
Secured Term Loan A Due 2011.  Moody's assigned those loan facilities an
LGD3 rating suggesting lenders will experience a 35% loss in the event of
default.

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

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

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

                       About Burger King

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


GREENBRIER COS: Forms Railcar Manufacturing Venture with GIMSA
--------------------------------------------------------------
The Greenbrier Cos. and Grupo Industrial Monclova aka GIMSA formed a joint
venture to build new railroad freight cars for the North American
marketplace.  The railcars will be built at GIMSA's existing manufacturing
facility, located in Monclova, Mexico.  Greenbrier and GIMSA will each
maintain a 50% interest in the joint venture.

Railcar production capabilities will include a variety of new conventional
railcars, and production is expected to commence in the second calendar
quarter of 2007 with an initial focus on covered hopper cars.  Capacity is
expected to grow to 3,000 new railcars annually, with multiple production
lines and about 1,200 direct workers.

The Greenbrier Cos. is a leading supplier of transportation equipment and
services to the railroad industry.  It is the only new railcar builder with
facilities in all three NAFTA countries.  GIMSA is a privately-held
industrial company founded in Monclova by the Harold R. Pape family, in the
early 1950s.  GIMSA has annual revenues of approximately US$300 million and
operates in three principal divisions:

   -- Industrial,
   -- Mining and
   -- Commercial.

GIMSA's Industrial Division's facility in Monclova currently performs other
heavy manufacturing.

William A. Furman, president and chief executive officer of Greenbrier,
said, "Consistent with our stated strategy, we continue to emphasize
lower-cost production out of the U.S. and Mexico, rather than our Canadian
facility, which is currently being used for specialized capacity.  We are
very pleased to be joining forces with GIMSA, a well-respected company that
has heavy manufacturing capabilities, high quality standards and an
excellent business reputation.  We anticipate Greenbrier-GIMSA will be a key
contributor to Greenbrier's new railcar production going forward.  This
joint venture will allow us to quickly capitalize on the current demand for
new railcars, at a modest initial investment of less than US$10 million for
one production line.  We are confident that the joint venture will produce
high-quality freight cars for the North American marketplace, consistent
with Greenbrier's industry leading reputation in railcar engineering,
manufacturing and services. The first order for the new facility for 500
covered hopper cars will be placed by Greenbrier."

Mr. Furman continued, "The Monclova facility is located 125 miles from the
U.S.-Mexican border, with good rail connections and close proximity to key
suppliers and customers.  The facility has an experienced management team
headed by the chief executive officer of GIMSA, Mr. Gerardo Benavides Pape,
grandson of GIMSA's founder.  The joint venture will report operationally to
Mr. Alejandro Centurion, who is senior vice president and head of
Greenbrier's North American freight car manufacturing operations based in
Portland, Oregon.  Operations in Monclova will be directed by Mr. Jesus Gil,
chief operating officer of GIMSA's Industrial Division, since joining GIMSA
in 2005.  Mr. Gil has over 20 years of experience in heavy manufacturing,
including seven years with Trinity Industries as general manager of its
Sabinas and Monclova new railcar manufacturing facilities in Mexico.  Under
terms of the joint venture, Greenbrier will provide marketing and sales, and
freight car engineering, manufacturing and procurement expertise. GIMSA will
provide manufacturing know-how, existing facilities, personnel, equipment
and infrastructure."

GIMSA is a major supplier in Mexico of lime and fluxes necessary for the
production of steel.  It also provides other services and products for the
steel industry and, through its Industrial Division, is a significant buyer
of steel in Mexico.  GIMSA's Monclova facility, built in 1951, is located
adjacent to the FerroMex main rail line, with 8 industrial bays and 370,000
square feet of production space on a 59-acre site.  Greenbrier-GIMSA will
occupy a portion of the total plant space.  Monclova's existing machinery
and equipment include:

   -- a CNC plasma cutting machine,
   -- press brakes,
   -- milling machines and
   -- plate bending rolls.

It has the capacity to fabricate jigs and fixtures and provides a
highly-skilled labor force with many years of experience in steel
fabrication.  GIMSA currently manufactures and assembles heavy equipment
assemblies, including drilling platforms, power generator facilities,
locomotive parts, and pressure vessels at Monclova.  The facility has a
multi-national customer base that includes Fortune 500 companies.

                      About Greenbrier

Based in Lake Oswego, Oregon, The Greenbrier Companies --
http://www.gbrx.com/-- supplies transportation equipment and
services to the railroad industry.  The Company builds new
railroad freight cars in its manufacturing facilities in the
U.S., Canada, and Mexico, and repairs and refurbish freight cars
and wheels at 17 locations across North America.  The Company
also builds new railroad freight cars and refurbishes freight
cars for the European market through both its operations in
Poland and various subcontractor facilities throughout Europe.
Greenbrier owns approximately 9,000 railcars, and performs
management services for approximately 135,000 railcars.

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
The Greenbrier Companies Inc.'s proposed US$85 million
convertible note offering, which will mature in 2026.  At the
same time, Standard & Poor's affirmed its ratings on the Lake
Oswego, Oregon-based railcar manufacturer, including its 'BB-'
corporate credit rating.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Nov. 21, 2005,
Moody's Investors Service affirmed the B1 senior unsecured debt
rating of The Greenbrier Companies, as well as the company's Ba3
Corporate Family rating.  This affirmation takes into account an
additional US$60 million of notes added-on to the US$175 million
of 8.375% of Senior Notes due May 2015.  Moody's said the rating outlook is
stable.


GRUPO FINANCIERO: Afore Banorte Reduces Commission to 2.38%
-----------------------------------------------------------
Afore Banorte Generali, Grupo Financiero Banorte SA de CV's joint venture
with Italian insurance group Generali, has decreased commissions to 2.38%
from 2.84%, Business News Americas reports.

Consar, the local pension regulator, said in a statement that Banorte
Generali has cut its commission for the third time this year.

BNamericas relates that Banorte Generali now ranks as the 9th least
expensive pension fund provider.

According to BNamericas, the private pension industry in Mexico is having
fierce price competition.  There have been eight commission reductions this
year.

BNamericas underscores that four other firms have also cut commissions this
year:

          -- Afore Profuturo GNP,
          -- HSBC Afore,
          -- Afore Banamex, and
          -- Afore Bancomer.

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

                        *    *    *

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

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

Fitch said the ratings outlook is stable.

These ratings were affirmed:

   GFNorte

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


MERIDIAN AUTO: Wants Foreign Unit Financing Period Extended
-----------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates
previously obtained permission from the U.S. Bankruptcy Court for the
District of Delaware to advance up to US$9,700,000 to their non-debtor
Foreign Subsidiaries over a 14-month period ending on June 26, 2006.  Under
the terms of the Foreign Funding Order, the Debtors were authorized to
advance:

   -- up to US$8,500,000 to Meridian Automotive System, S. de
      MR. de C.V.,

   -- up to US$200,000 to Voplex of Canada; and

   -- up to US$1,000,000 to Meridian Automotive Systems-DO
      Brazil LTDA.

As of Oct. 5, 2006, the Debtors have advanced approximately
US$3,500,000 to the Foreign Subsidiaries pursuant to the Foreign
Funding Order, Edward J. Kosmowski, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, notes.

Accordingly, the Debtors ask the Court to modify the terms of the Foreign
Funding Order to:

   (a) extend the time in which they may advance funds to their
       Foreign Subsidiaries to the earlier of:

          (i) the effective date of a plan of reorganization, or

         (ii) June 26, 2007; and

   (b) allow them to reallocate US$750,000 of the US$8,500,000
       that was previously allocated to Meridian Mexico to
       Meridian Brazil.

The Foreign Subsidiaries generally have been able to generate
positive cash flow from their operations and as a result, the
Debtors have only advanced approximately US$3,500,000 to the
Foreign Subsidiaries, Mr. Kosmowski says.  The Debtors, however,
require the continued ability to advance additional funds to the
Foreign Subsidiaries up to the US$9,700,000 cap to ensure that the Foreign
Subsidiaries can operate their business without
interruption.

Mr. Kosmowski argues that it is necessary for the Debtors to
continue advancing funds to their Foreign Subsidiaries to:

   (i) safeguard the Debtors' investment in the Foreign
       Subsidiaries; and

  (ii) ensure that the Foreign Subsidiaries continue to
       manufacture parts that the Debtors use to make end-
       product component parts to sell to OEMs.

The advances are necessary to permit the Foreign Subsidiaries to, among
other things, continue their production and manufacturing operations, Mr.
Kosmowski relates.

Mr. Kosmowski points out that if the Foreign Subsidiaries ceased
operations:

   (i) the value of the Debtors' interest in the Foreign
       Subsidiaries would be significantly reduced;

  (ii) any incremental revenue produced by the Foreign
       Subsidiaries would be eliminated;

(iii) the Debtors' market share in the automotive parts
       industry would be reduced; and

  (iv) the Debtors' relationship with numerous OEM customers
       would be materially and adversely affected.

"The Debtors are not seeking authority to increase the aggregate
amount of the funds that they may advance to the Foreign
Subsidiaries, but are merely seeking to reallocate the amounts
that can be advanced to the Foreign Subsidiaries up to the
aggregate amount previously authorized by the Court and extend
the period of time during which they may continue to advance such funds,"
Mr. Kosmowski clarifies.

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


MERIDIAN AUTO: Wants to Sell Michigan Property for US$2.45 Mil.
---------------------------------------------------------------
Pursuant to Sections 105(a), 363(b) and 363(f) of the Bankruptcy
Code, Meridian Automotive Systems, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission to:

   (a) sell a parcel of real property located at 3225 32nd
       Street Southeast, in Kentwood, Michigan, referred to as
       the GR1 Plant, to Roskam Baking Company for US$2,450,000,
       free and clear of all liens, claims and encumbrances; and

   (b) pay the commission earned by real estate broker NAI West
       Michigan in accordance with the listing agreement between
       the parties from the proceeds of the Sale.

The Property spans approximately 11.3 acres of land, which
contains an industrial building that was used by the Debtors as a
manufacturing facility in connection with their interiors
division.  In December 2005, as a part of their ongoing
restructuring efforts and in an effort to streamline their
business, the Debtors ceased all production at the Property,
Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor,
LLP, in Wilmington, Delaware, tells the Court.

The Property is currently being used solely for storing unused
equipment.  The Debtors do not anticipate using the Property as
part of their business operations in the future.

In August 2006, the Debtors listed the Property for sale with NAI West.  The
Property was listed for several weeks, during which time the Debtors
received three offers from prospective buyers, including Roskam's.  The
other two offers were for US$1,900,000.  After thoroughly reviewing each of
the offers, the Debtors determined that Roskam's offer was the highest and
best offer.

Accordingly, the Debtors and Roskam entered into a real estate
sale agreement and addendum effective Sept. 19, 2006.  In
accordance with the terms of the Sale Agreement, Roskam deposited US$25,000
into an escrow account to be applied to the Purchase Price on the closing
date.  The parties contemplate closing on the Sale on or before Nov. 1,
2006, subject to the Court's approval.

The Property is currently subject to the security interests of
the Debtors' postpetition DIP lenders, the prepetition lenders
under the first lien and second credit agreements and the Series
B subordinated noteholders.  Upon closing, the Secured Parties'
liens, claims and encumbrances, if any, will attach to the net
proceeds of the sale in the order of their priority, with the
same validity, force and effect which they now have against the
Property.

For its services, NAI West will receive a commission equal to 6%
of the Purchase Price paid from the proceeds of the Sale, which
will be split equally with Roskam's broker.

Mr. Kosmowski contends that the Debtors should be allowed to sell the
Property to Roskam for these reasons:

   -- The Property, which has been sitting idle for the last 10
      months, is of little or no value to the Debtors' business
      operations;

   -- The Debtors are fully capable of maintaining their current
      levels of production and satisfying the needs of their
      customers without the use of the Property;

   -- By ceasing and transferring production from the Property
      to their other manufacturing locations, and selling the
      property, the Debtors are able to streamline their
      business operations and eliminate the unnecessary overhead
      costs associated with the Property;

   -- The Purchase Price, which is payable in cash on the
      closing date of the Sale, is consistent with the market in
      the Kentwood, Michigan area for similar properties and
      represents a fair and reasonable purchase price for the
      Property; and

   -- According to NAI West, marketing the Property for an
      additional period of time is unlikely to yield any higher
      or better offers than Roskam's offer.

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


NORTEL: Opens Customer Service Center of Excellence in Mexico
-------------------------------------------------------------
Nortel Netwoks disclosed the opening of its new Customer Service Center of
Excellence or CoE, in Mexico City, where more than 300 newly-hired
professionals will focus on delivering services and telecom solutions to
service providers across North America, Europe, Caribbean and Latin America.

Nortel plans to invest and spend US$38 million in the new Customer Service
CoE over the next five years which is focused on next-generation network
engineering, VoIP solutions, multimedia, databases and radio-frequency
technologies for global service providers and carriers.  The CoE will be
powered by state of the art tools, quality processes such as Lean Six Sigma
and the latest in Nortel technology. It will support order management and
network engineering and field operations such as delivery and application of
remote software integration.  Nortel intends to hire recent graduates from
public and private Mexican universities to staff the CoE and should have 300
employees working at the CoE by June 2007.

"This is an exciting time for Nortel as we continue transforming our
operations to be more efficient and customer-focused," said Joel Hackney,
senior vice president, Global Operations and Quality, Nortel. "We are very
committed to continue providing the highest levels of quality to our
customers at a competitive cost, while ensuring we maximize investments in
our resources."

Nortel's new Customer Service CoE adds to the previously-established VoIP
CoE, which has been operating in Mexico for over one year, now under the
management of Rafael Velasco.

"Mexico offers a great environment, with excellent professionals,
universities and a diverse, well-established infrastructure in a centralized
location in the Americas," said Martha Bejar, president, Caribbean and Latin
America, Nortel.  "We are very glad to continue contributing to this country
by offering professional opportunities to over 300 individuals who will
provide the kind of high-quality service we require for this new CoE."

Nortel will drive process excellence at its new Customer Service CoE through
three major focus areas:

   -- supplier life-cycle management;

   -- design or parts standardization; and

   -- a data-intensive best practice that examines product or
      component pricing and then uses that data to drive down
      costs through supplier negotiations.

For more than 100 years, Nortel has developed leading technologies that span
the spectrum of enterprise and service provider technologies, including
Voice over IP, Data Networking, Security, Next Generation Internet (IPv6),
and Wireless Access (WiMAX, CDMA, GSM).  Based on its strong commitment to
customers, the company is also investing in many Advanced Technologies
through both in-house R&D and collaborations with other companies as LG and
Microsoft, as well as leading Universities and research establishments.

                About Nortel Networks Corp.

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corp., Nortel Networks Corp., and Nortel
Networks Limited at B (low) along with the preferred share
ratings of Nortel Networks Limited at Pfd-5 (low).  Dominion Bond said all
trends are stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


ODYSSEY RE: Files Annual Report for Year Ended Dec. 31, 2005
------------------------------------------------------------
Odyssey Re Holdings Corp. has filed its Annual Report on Form 10-K/A for the
year ended Dec. 31, 2005, with the U.S. Securities and Exchange Commission,
restating its consolidated financial statements as of and for the years
ended
Dec. 31, 2005, 2004 and 2003, along with affected Selected Consolidated
Financial Data for 2002 and 2001 and quarterly financial information for
2005 and 2004.

The restatement corrects the accounting treatment for investments containing
embedded derivatives and certain equity method investments.  The corrections
relating to these investments, which include the impact of changes in other
comprehensive income, resulted in a cumulative increase in shareholders'
equity of US$16.0 million, to US$1.64 billion, as of Dec. 31, 2005.  The
aggregate net effect of the restatement for each period is to increase 2005
net loss by US$12.2 million, increase 2004 net income by US$6.9 million,
increase 2003 net income by US$12.4 million, increase 2002 net income by
US$11.2 million and increase 2001 net loss by US$3.4 million.  The financial
information contained in the Odyssey Re's Form 10-K/A for the year ended
Dec. 31, 2005, reflects the impact of this restatement.  The effect of this
restatement was reported in the company's Quarterly Report on Form 10-Q for
the second quarter of 2006.

In connection with the restatement, management has determined that Odyssey
Re did not maintain effective controls, review procedures and communications
related to investment accounting to ensure conformity with generally
accepted accounting principles, which constitutes a material weakness.  To
address the material weakness, management will implement a remediation plan
that will supplement the existing controls of the company.

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  OdysseyRe operates through its
subsidiaries, Odyssey America Reinsurance Corporation, Hudson
Insurance Company, Hudson Specialty Insurance Company,
Clearwater Insurance Company, Newline Underwriting Management
Limited and Newline Insurance Company Limited.  The Company
underwrites through offices in the United States, London, Paris,
Singapore, Toronto and Mexico City.  Odyssey Re Holdings Corp.
is listed on the New York Stock Exchange under the symbol ORH.

                        *    *    *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


OPEN TEXT: Discloses Integration Plan Following Hummingbird Buy
---------------------------------------------------------------
Open Text Corp. disclosed its plans to integrate the newly acquired
operations of Hummingbird.  The changes align Open Text with its business
strategy to lead the ECM market by delivering advanced software solutions in
vertical markets and leveraging strategic relationships with major
enterprise software partners.

Open Text is moving quickly on its integration plan to leverage its strong
and unique position as the world's largest independent software company
focused exclusively on ECM.  Open Text also remains the only ECM vendor with
strong global partnerships with three of the world's largest enterprise
software companies -- Microsoft, Oracle and SAP. This is matched with
vertical-market solutions expertise realized through the combination of Open
Text and Hummingbird.  This position allows Open Text to deliver powerful
solutions that bridge content across multiple enterprise systems, helping
customers across many industries manage their toughest business and
compliance challenges.

"Our plan to integrate the companies is based on our long-term vision for
the future and the strategic plans we've staked out to lead the ECM market,"
said John Shackleton, President and Chief Executive Officer of Open Text.
"With the changes we're making, we will be organized to deliver on our
strategy, and leverage our unique strengths, including our extensive
vertical-market expertise, to deliver leading solutions to customers."

               Business Integration Strategy

Open Text is continuing to organize its product and solutions expertise into
groups focused on key vertical segments, including legal, financial
services, energy, pharmaceuticals, retail, manufacturing, and media and
entertainment.  This structure allows the company to align its industry and
ECM solutions expertise with specific customer needs in each segment.
RedDot Solutions will be maintained as part of the company's Web Content
Management strategy and the Hummingbird Connectivity unit will continue to
operate as a distinct brand.

As part of the integration, Open Text said that it is reducing worldwide
employment by approximately 15% of a combined workforce of 3,500 people.
Functions affected by the cuts include redundant positions or areas of the
business that are not consistent with the company's strategic focus.  Open
Text is also reducing facilities by closing or consolidating offices.  As of
the current date the full details of the reductions in the workforce and
facilities are still being determined and it is expected that these details
will be determined during the second quarter of fiscal 2007.

"The changes we're making involve some tough decisions. Unfortunately, this
is necessary to eliminate the redundancies that invariably come when turning
two companies into one," said Mr. Shackleton. "As we go through this
transition, customers will remain our top priority. Customers expect us to
be there for them when they need us.  We have a track record of delivering
excellent service and we will continue to do so through a combined
organization composed of highly trained service and support professionals."

"In our experience with acquisitions, we typically see a reduction of the
acquired company's revenue run-rate going forward, usually in the 30% range.
We believe this metric is consistent with our expectations of Hummingbird
ECM revenue," said Mr. Shackleton.

                      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.


SWIFT & COMPANY: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products sector, the rating agency confirmed its B2 Corporate
Family Rating for Swift & Company.

In addition, Moody's affirmed its probability-of-default ratings and
assigned loss-given-default ratings to these notes:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$257.26 million
   10.125% Gtd. Global
   Notes Due
   Oct. 1, 2009           B3       B3      LGD4       61%

   US$150 million
   12.500% Sr. Sub.
   Global Notes
   Due Jan. 1, 2010      Caa1     Caa1     LGD5       77%

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%).

Swift & Company -- http://www.swiftbrands.com/-- provides quality beef and
pork products to consumers in the United States.  The company has foreign
sales offices in Hong Kong, Japan, Mexico, South Korea, China, and Taiwan.


TV AZTECA: Azteca America Names M. Crespo VP & Director of Sales
----------------------------------------------------------------
Azteca America, TV Azteca S.A. de C.V.'s subsidiary, appointed Mayra Crespo
as Vice President, Director of Sales, for the Los Angeles region.

Based in Azteca America's Century City offices, Ms. Crespo is responsible
for coordinating all network sales efforts in Los Angeles.

Ms. Crespo started out in research at KCAL in Los Angeles.  Then at KMEX she
quickly rose from account executive to National Sales Manager.  She advised
Sony in their Telemundo bid, has worked in Internet sales with Terra, and
consulted for the US launch of Andre Cantor and Fundacion Telethon's US
entry.  She was part of the original Azteca America Spot Television Sales
team, most recently as a multicultural account manager for NCC.

"We're delighted to have Mayra on board, as she brings over 20 years of
high-level Hispanic media sales experience to the table. She has been part
of the top market-making deals of the industry," said Bob Turner, President
of Network Sales.

                   About Azteca America

Azteca America is the newest Spanish-language television network
in the United States.  The network is a wholly owned subsidiary
of TV Azteca S.A. de C.V., one of the two largest producers of
Spanish-language television content in the world.  Azteca
America currently has presence in 52 Hispanic markets.

                     About TV Azteca

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

                        *    *    *

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




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


SOLO CUP: Completes Review of Accounting Issues
-----------------------------------------------
Solo Cup Co. has completed its previously announced review of accounting
issues and, based on that review, has restated certain of its previously
issued consolidated financial statements. The company also announced that it
has filed its Form 10-Q for the second quarter ended July 2, 2006, with the
U.S. Securities and Exchange Commission, the filing of which had been
delayed pending completion of the review.

The filing of the second quarter 2006 Form 10-Q has satisfied the terms of
the indenture for the company's 8.5% Senior Subordinated Notes due 2014.  In
addition, on Oct. 13, 2006, the company concluded its previously announced
discussions with its lenders under its credit facilities and obtained a
waiver and amendment through Jan. 2, 2007, with regard to those facilities.

                      About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The Company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B3 Corporate Family Rating for Solo Cup
Company.

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


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec.
   First Lien
   Revolver
   Maturing
   Feb 27, 2010           B2      B2      LGD3        34%

   US$637 million
   Sr. Sec. First
   Lien Term Loan B
   due Feb 27, 2011       B2      B2      LGD3        34%

   US$80 million
   Second Lien
   Term Loan due
   Feb 27, 2012          Caa1    Caa1     LGD5        70%

   US$325 million
   8.5% Senior Sub
   Notes due
   Feb 15, 2014          Caa2    Caa2     LGD5        87%


SOLO CUP: Reports US$670.3MM Net Sales for Quarter Ended July 2
---------------------------------------------------------------
Solo Cup Co. reported these results for the second quarter ended July 2,
2006:

   -- net sales of US$670.3 million, an increase of US$23.4
      million, or 3.6 percent, from the prior-year quarter, as
      restated;

   -- gross profit of US$92.0 million, up 12.0 percent from the
      prior-year quarter, as restated; and

   -- a net loss of US$299.4 million, primarily reflecting a
      US$228.5 million non-cash charge for the impairment of the
      company's goodwill and a US$105.0 million non-cash charge
      to income taxes to establish a valuation allowance for its
      deferred tax assets.

"Two months to the day since we announced the delay in the filing of our
second-quarter results and the launch of our internal review, we are pleased
to report that we have completed the review, that we have filed our restated
consolidated financial statements and our consolidated financial statements
for the second quarter of 2006, and that we can now focus 100 percent of our
attention on running the company and building value for our customers, other
business partners, investors and employees," said Robert M. Korzenski, Chief
Executive Officer.

"The restatement work was a rigorous and intense process that revealed
certain material weaknesses in our financial controls and we are taking
decisive steps to address those issues," Mr. Korzenski said. "Importantly,
this work renewed our confidence in the fundamentals of our business,
reaffirmed the compelling strategic, operational and financial rationale of
the Solo Cup/Sweetheart merger, and highlighted the quality and dedication
of our employee team.

"The restatement of our consolidated financial statements has impacted our
reported financial results but the process we have gone through positions us
well for long-term strength and success," Mr. Korzenski concluded.

             Second-Quarter 2006 Financial Results

For the thirteen weeks ended July 2, 2006, the company reported net sales of
US$670.3 million, an increase of US$23.4 million, or 3.6 percent, from net
sales of US$646.9 million, as restated, for the three months ended July 3,
2005.  The increase in net sales reflects an increase in average realized
sales price, partially offset by lower unit sales volumes.  The increase in
average realized sales price reflects price increases implemented during the
previous eight months in response to higher raw material costs; expanded
product penetration within the company's existing customer base; and sales
to new customers.  The volume decrease primarily reflects the effects of
pricing pressure in the marketplace and, to a lesser extent, the company's
decision to eliminate certain less-profitable business.

Gross profit for the thirteen weeks ended July 2, 2006, was US$92.0 million,
an increase of US$9.8 million, or 12.0 percent, from gross profit of US$82.1
million, as restated, for the comparable period in 2005.  Included in gross
profit is a US$22.1 million pension curtailment gain and a US$9.8 million
charge for excess and obsolete spare parts and finished goods inventory
primarily relating to prior periods.  Selling, general and administrative
expenses were US$73.8 million, versus US$66.2 million, as restated, for the
three months ended July 3, 2005.  The increase was primarily driven by
one-time severance expenses related to the company's reduction-in-force
announced in April 2006, as well as to the departure of certain senior
executives.

For the thirteen weeks ended July 2, 2006, the company reported a net loss
of US$299.4 million, versus a net loss of US$2.8 million, as restated, for
the comparable period in 2005.  The 2006 loss reflects a non-cash charge of
US$228.5 million for the impairment of goodwill and a non-cash charge of
US$105.0 million to income tax expense to increase the valuation allowance
for deferred tax assets.  The goodwill impairment charge is the result of a
third-party valuation study done as of July 2, 2006.  The test was initiated
based on a combination of factors, including continued net losses and
significant increases in raw material and petroleum prices.

Commenting on the company's results for the second quarter of 2006, Mr.
Korzenski said, "Our results were significantly impacted by the goodwill and
income tax adjustments, as well as by a continued challenging industry
environment.  We expect these challenges in the industry to continue for the
balance of the year.  At the same time, with the restatement behind us, we
are now working with our advisors and investors to address the multiple
business improvement opportunities we see for the company which we expect
will position it for enhanced profit improvement and growth."

   Restatement of Previously Issued Financial Statements

On Aug. 16, 2006, the company announced a temporary delay in the filing of
its Form 10-Q with the SEC for the second quarter ended July 2, 2006, saying
it would need additional time to complete an internal review initiated by
Mr. Korzenski of issues regarding certain accounting practices and
procedures related to the company's second quarter of 2006 and prior
periods.  The company indicated that the issues pertained primarily to the
timely recognition of certain customer credits, accounts payable and accrued
expenses and the valuation of certain tangible and intangible assets.  The
internal review was led by Eric A. Simonsen, the company's interim chief
financial officer, and its findings were discussed with KPMG LLP, the
company's independent registered public accountants.  On Sept. 19, the
company announced that, based on the initial findings of the review, it had
determined to restate certain of its previously issued consolidated
financial statements.

The review, which identified certain errors requiring correction in the
company's previously issued consolidated financial statements, has now been
completed, its findings have been discussed with and approved by the company
's board of directors, and the company's Form 10-Q for the thirteen weeks
ended July 2, 2006, was filed today on SEC Form 10-Q.  In addition, the
restatement of the company's consolidated financial statements for the 2005,
2004 and 2003 fiscal years, along with certain quarterly financial
information for the interim periods contained therein and for the first
fiscal quarter of 2006, as well as certain selected consolidated financial
data for 2002 and 2001, have been effected through amendments on SEC Forms
10-K/A for the fiscal year ended Jan. 1, 2006, and 10-Q/A for the thirteen
weeks ended April 2, 2006.

The categories of restated items included in one or more of the company's
restated consolidated financial statements include timely recognition of
certain credits to customers, certain credits from vendors and certain
accrued expenses; accrued payroll and other related costs; accrued freight;
and inventory valuation.

The aggregate change in operating income associated with these items was:

    -- an increase of US$3.2 million in the first quarter of
       2006;

    -- a decrease of US$19.7 million in full fiscal year 2005;

    -- a decrease of US$8.2 million in full fiscal year 2004;

    -- a decrease of US$7.1 million in full fiscal year 2003;

    -- a decrease of US$0.9 million in full fiscal year 2002;
       and

    -- an increase of US$0.2 million in full fiscal year 2001.

The restatement of the company's consolidated financial statements did not
impact its cash balances.  The company currently has approximately US$23
million of cash on hand and approximately US$36 million of borrowing
availability under the terms of its domestic revolving credit facility.

"We have taken, and continue to take, a number of steps to maximize our
near-term liquidity," Mr. Korzenski said.  "We are also evaluating
additional opportunities such as sales of non-strategic assets and
alternative financing strategies.  In addition, we have engaged an
independent consulting firm to perform a thorough diagnostic review of our
supply chain/operations designed to reduce costs and improve manufacturing
efficiencies."

Mr. Korzenski added, "It should be noted that we now have a new and very
strong financial and accounting team; newly implemented accounting controls;
and a strong organizational commitment at both the board and management
levels to improved internal and external communication."

                        About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The Company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B3 Corporate Family Rating for Solo Cup
Company.

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


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec.
   First Lien
   Revolver
   Maturing
   Feb 27, 2010           B2      B2      LGD3        34%

   US$637 million
   Sr. Sec. First
   Lien Term Loan B
   due Feb 27, 2011       B2      B2      LGD3        34%

   US$80 million
   Second Lien
   Term Loan due
   Feb 27, 2012          Caa1    Caa1     LGD5        70%

   US$325 million
   8.5% Senior Sub
   Notes due
   Feb 15, 2014          Caa2    Caa2     LGD5        87%




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


* PARAGUAY: UN Mandates More Gov't Investments in Agriculture
-------------------------------------------------------------
The UN Organization for Food and Agriculture or FAO insisted that Paraguay
make needed investment in agriculture for food security to benefit the
population, Prensa Latina reports.

Prensa Latina relates that food crisis in Paraguay has intensified.

Alberto Alderete, the Integral Service for Agrarian Development director,
told the press that the Paraguayan government is obliged to comply with the
recommendations of the FAO.

According to Prensa Latina, a study conducted by the General Statistics
Office indicated that of the 39% Paraguayans living in poverty, about 17%
are in an extreme situation.

Mr. Alderete demanded an efficient response, as it was pointed out that the
median family income in Paraguay only covers 58.3% of food needs, Prensa
Latina states.

                        *    *    *

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
=======


CA INC: Adopts New Stockholder Protection Rights Agreement
----------------------------------------------------------
CA Inc.'s board of directors has unanimously adopted a Stockholder
Protection Rights Plan.  In response to feedback from CA stockholders and to
address corporate governance concerns associated with rights plans, the
company will ask its stockholders to vote on its Rights Plan at its 2007
Annual Meeting.

In connection with the adoption of the Rights Plan, the company declared a
dividend of one right on each outstanding share of CA's common stock.  The
dividend will be paid on November 30, 2006 upon expiration of CA's existing
rights plan to stockholders of record on Oct. 26, 2006.  The Rights Plan was
not adopted in response to any specific effort to acquire control of the
company and is not intended to prevent a takeover at a full and fair price.

In addition to the customary "flip-in" and "flip-over" provisions, the
Rights Plan includes a number of features adopted in response to
recommendations by stockholders, including setting the threshold for
triggering exercise of the Rights Plan at 20 percent of the outstanding
shares rather than 15 percent; a fixed term for the Rights Plan of only
three years instead of ten; and a provision requiring a committee of
independent directors to assess annually whether the Rights Plan remains in
the best interests of CA's stockholders.  The Rights Plan also includes a
provision that states that the Rights Plan will not be triggered by a
"Qualifying Offer" if holders of at least 10% of the outstanding shares of
common stock request that a special meeting of stockholders be convened for
the purpose of exempting such offer from the Rights Plan, and thereafter the
stockholders vote at such meeting to exempt such "Qualifying Offer" from the
Rights Plan.

"CA believes this Rights Plan, which has features similar to those approved
by stockholders at other companies, strikes an appropriate balance between
empowering the Board of Directors to use a Rights Plan to increase its
negotiating leverage to maximize stockholder value and the current best
practices in corporate governance that give stockholders a voice in such
process," said Lewis Ranieri, chairman of the Board of Directors.  "The
'Qualifying Offer' provision of the Rights Plan provides our stockholders
the ability to express their preference for or against the offer while also
providing our Board with the time to attract and secure potentially superior
alternatives to maximize stockholder value.  In addition, the annual review
of the Rights Plan by independent directors is intended to ensure that the
Rights Plan only remains in place if it continues to be in the best
interests of the Company and its stockholders."

                          About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Latin America, CA has operations in
Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


* PERU: Protesters Return Complexes Seized from Plustpetrol
-----------------------------------------------------------
Corrientes indigenous community members who held demonstrations against
Pluspetrol have left the company's complexes, where they have been occupying
in recent days, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 16, 2006,
Plustpetrol reduced its oil output in northern Peru after indigenous groups
who allege that crude production is damaging environment held
demonstrations.  The indigenous tribes complained that oil-related pollution
is causing them problems in health as well as in livelihoods.  A health
ministry report said that at least 200 people have dangerously high levels
of lead in their blood.  The groups then decided to seize control of three
oil wells.

The energy and mines ministry of Peru said in a statement that it has passed
a resolution to implement accords reached between Pluspetrol and members of
the indigenous community.

Under the new resolution, Pluspetrol will re-inject 100% of water used in
production on the Dorissa field in block 8 before the year ends as well as
water from the Jibarito, Huayuri, Shiviyacu and Carmen fields on block 1AB
during 2007, BNamericas relates.

According to BNamericas, Pluspetrol will re-inject through December 2007
100% of water from production on block 1AB.  It will re-inject 50% of water
from production on block 8 by the same date, with the remaining 50% to be
injected by end-2008.

The ministry said in a statement that the regional government of the Loreto
department has ratified an integrated attention plan, which will be
implemented this year.  The plan involves sanitation and toxicology census
monitoring.

BNamericas notes that Pluspetrol will contribute about PEN40.2 million to
the plan, which will be effective for 10 years.

The ministry told BNamericas that state-run oil firm Petroperu has also
signed a contract with Arcadis, a Netherlands-based infrastructure
consultancy firm, for block 8's PEN60-million environmental remediation
program.

The federatio of Corrientes native communities will monitor the program,
BNamericas states.

                        *    *    *

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 COMMS: Gets US Patent Infringement Suit from Rembrandt
---------------------------------------------------------------
Rembrandt Technologies, LP, charges Adelphia Communications
Corp.; Century-TCI California, LP; Century-TCI California
Communications, LP; Century-TCI Distribution Company, LLC;
Century-TCI Holdings, LLC; Parnassos, LP; Parnassos
Communications, LP; Parnassos Distribution Company I, LLC;
Parnassos Distribution Company II, LLC; Parnassos Holdings, LLC;
and Western NY Cablevision, LP, of postpetition infringement of
United States Patent Nos. 5,710,761; 5,778,234; 6,131,159 and
6,950,444 under 35 U.S.C. Section 271.

Rembrandt states that the infringement occurred after the date of filing for
chapter 11 protection of ACOM, et al. -- either on
June 25, 2002, or Oct. 6, 2005, as applicable -- and before the
acquisition by Time Warner Cable NY, LLC, and Comcast Corp., on July 31,
2006.

Rembrandt is the owner of all right, title and interest, including the right
to sue, enforce and recover damages for all
infringements, in the Patents, which were duly and legally issued by the
United States Patent and Trademark Office on these dates, after full and
fair examination:

         U.S. Patent No.            Date Issued
         ---------------            -----------
            5,710,761             Jan. 20, 1998
            5,778,234              July 7, 1998
            6,131,159             Oct. 10, 2000
            6,950,444            Sept. 27, 2005

Rembrandt relates that during the postpetition period, ACOM, et
al., have infringed the Patents by practicing or causing others to practice
the inventions claimed in each Patents, in the Southern District of New York
and otherwise within the United States.  Rembrandt cites as an example ACOM,
et al.'s act of providing high-speed cable modem Internet products and
services to subscribers.

Vineet Bhatia, Esq., at Susman Godfrey L.L.P., in New York,
asserts that Rembrandt suffered substantial damage due to ACOM, et al.'s
infringement.  The infringement was willful, entitling
Rembrandt to increased damages and reasonable attorneys' fees
pursuant to 35 U.S.C. Sections 284 and 285.

Accordingly, Rembrandt asks the U.S. Bankruptcy Court for the
Southern District of New York to:

   (1) determine that ACOM, et al., have infringed the patents-
       in-suit;

   (2) award it:

        * damages for the infringement;

        * increased damages pursuant to 35 U.S.C. Section 284;
          and

        * all costs of the adversary proceeding, including
          attorneys' fees and interest.

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 No.
149; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CONSOLIDATED CONTAINER: Amends 2006 & 2005 Financial Statements
---------------------------------------------------------------
Consolidated Container Company, LLC, delivered its amended
financial statements on Form 10-K/A for the fiscal year ended
Dec. 31, 2005, and on Form 10-Q/A for the three months ended
March 31, 2006, to the U.S. Securities and Exchange Commission.

The amended annual and quarterly reports restate the company's
financial statements, updated its disclosures contained to reflect events
that occurred at a later date.

                 Restated Annual Financials

Consolidated Container incurred a US$22.2 million net loss on US$844.5
million of net revenues for the fiscal year ended Dec. 31, 2005, compared to
a US$24 million net loss on US$758.6 million of net revenues for the year
ended Dec. 31, 2004.

At Dec. 31, 2005, Consolidated Container's balance sheet showed total assets
of US$701.1 million and total liabilities of US$811.1 million, resulting in
a US$109.9 million stockholders' deficit.

               Restated Quarterly Financials

For the three months ended March 31, 2006, Consolidated Container reported
US$353,000 of net income on US$222.9 million of net revenues compared to a
US$12.1 million net loss on US$204.5 million of net revenues for the three
months ended March 31, 2004.

At March 31, 2006, Consolidated Container's balance sheet showed total
assets of US$685.4 million and total liabilities of US$795 million,
resulting in a US$109.5 million stockholders' deficit.

A full-text copy of Consolidated Container's Restated Financial Report for
the Year Ended Dec. 31, 2005, is available for free
at http://researcharchives.com/t/s?1378

A full-text copy of Consolidated Container's Restated Financial Report for
the Quarter Ended March 31, 2006 is available for free at
http://researcharchives.com/t/s?1379

                     Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about
Consolidated Container's ability to continue as a going concern
after it audited the company's financial statements for the fiscal year
ended Dec 31, 2005.  The auditing firm pointed to the company's inability to
obtain a waiver for covenant violations on its Senior Credit Facility.

Headquartered in Atlanta, Georgia, Consolidated Container Company LLC --
http://www.cccllc.com/-- which was created in 1999, develops, manufactures
and markets rigid plastic containers for many of the largest branded
consumer products and beverage companies in the world.  CCC has long-term
customer relationships with many blue-chip companies including Dean Foods,
DS Waters of America, The Kroger Company, Nestle Waters North America,
National Dairy Holdings, The Procter & Gamble Company, Coca-Cola North
America, Quaker Oats, Scotts and Colgate-Palmolive.  CCC serves its
customers with a wide range of manufacturing capabilities and services
through a nationwide network of 61 strategically located manufacturing
facilities and a research, development and engineering center.
Additionally, the company has 4 international manufacturing facilities in
Canada, Mexico and Puerto Rico.


CONSOLIDATED CONTAINER: Has US$106.7MM Equity Deficit at June 30
----------------------------------------------------------------
Consolidated Container Company LLC reported US$2.4 million of net income on
US$218.3 million of net revenues for the three months ended June 30, 2006,
compared to a US$2.3 million net loss on US$213.8 million of net revenues
for the three months ended June 30, 2005.

At June 30, 2006, the company's balance sheet showed total assets of
US$682.5 million and total liabilities of US$789.2 million, resulting in a
US$106.7 million stockholders' deficit.

The company's June 30 balance sheet also showed strained liquidity with
US$188.9 million in total current assets and US$374.3 million in total
current liabilities.

A full-text copy of the Consolidated Container's Quarterly Report is
available for free at http://researcharchives.com/t/s?137a

                    Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about
Consolidated Container's ability to continue as a going concern
after it audited the Company's financial statements for the fiscal year
ended Dec 31, 2005.  The auditing firm pointed to the company's inability to
obtain a waiver for covenant violations on its Senior Credit Facility.

Headquartered in Atlanta, Georgia, Consolidated Container Company LLC --
http://www.cccllc.com/-- which was created in 1999, develops, manufactures
and markets rigid plastic containers for many of the largest branded
consumer products and beverage companies in the world.  CCC has long-term
customer relationships with many blue-chip companies including Dean Foods,
DS Waters of America, The Kroger Company, Nestle Waters North America,
National Dairy Holdings, The Procter & Gamble Company, Coca-Cola North
America, Quaker Oats, Scotts and Colgate-Palmolive.  CCC serves its
customers with a wide range of manufacturing capabilities and services
through a nationwide network of 61 strategically located manufacturing
facilities and a research, development and engineering center.
Additionally, the company has 4 international manufacturing facilities in
Canada, Mexico and Puerto Rico.


NBTY INC: Discloses Preliminary Unaudited Net Sales Results
-----------------------------------------------------------
NBTY, Inc.,  disclosed the following preliminary unaudited net sales results
for the fiscal fourth quarter and fiscal year ended Sept. 30, 2006 by
segment (amounts are rounded):

                            Net Sales
                   (Preliminary and Unaudited)
          For the Fiscal Fourth Quarter Ended September 30
                         (US$ In Millions)

                           2006            2005        % Change

Wholesale                  US$218          US$197           11%

North American Retail /
Vitamin World               US$56           US$56            0%

European Retail /
Holland & Barrett /
GNC (UK)                   US$142           US$134            6%

Direct Response/
Puritan's Pride             US$52            US$48            9%

Total                      US$468           US$435            8%



                            Net Sales
                    (Preliminary and Unaudited)
                For the Fiscal Year Ended September 30
                           (US$ In Millions)

                           2006            2005        % Change

Wholesale                  US$886          US$747           19%

North American Retail /
Vitamin World              US$234          US$224            5%

European Retail /
Holland & Barrett /
GNC (UK)                   US$565          US$566            0%

Direct Response/
Puritan's Pride            US$196          US$200           -2%

Total                    US$1,881        US$1,737            8%

The above preliminary unaudited net sales results for the fiscal fourth
quarter and fiscal year 2006 included net sales from Solgar, acquired in
August 2005, of US$26 million and US$100 million, respectively.  For 2005
Solgar reported net sales of US$17 million.

European retail net sales in local currency increased 1% for the fiscal
fourth quarter and increased 3% for the fiscal year 2006.

NBTY expects to report audited results for fiscal year 2006 in December
2006.

                         About NBTY

Headquartered in Bohemia, New York, NBTY, Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of September 30, 2005, it operated 542 Vitamin World
and Nutrition Warehouse retail stores in the United States,
Guam, Puerto Rico, and the Virgin Islands.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poor's Ratings Services raised its bank loan rating
for NBTY Inc., to 'BB+' from 'BB', and raised the recovery
rating to '1' from '2'.  At the same time, Standard & Poor's
revised its outlook to stable from negative and affirmed the
'BB' corporate credit rating and all other ratings on NBTY.

The '1' recovery rating indicates the expectation of a full
recovery of principal in the event of a default.  Approximately
US$227.4 million of total debt was outstanding at June 30, 2006.


PILGRIM'S PRIDE: Gets Consents for Gold Kist 10-1/4% Sr. Notes
--------------------------------------------------------------
Pilgrim's Pride Corp. received as of 5:00 p.m., New York City time, on Oct.
13, 2006, the requisite consents from holders of approximately 99% of the
aggregate principal amount of the outstanding Notes to the proposed
amendments to the Notes and the indenture under which the Notes were issued,
in connection with its tender offer for any and all of Gold Kist Inc.'s
outstanding 10-1/4% Senior Notes due March 15, 2014 (CUSIP No. 380616AB8,
ISIN US380616AB82).

In accordance with the terms of the Offer to Purchase, tenders of the Notes
and consents to the proposed amendments that have been delivered became
irrevocable as of the Consent Date.  Tenders of Notes and consents delivered
after the Consent Date will also be irrevocable.

The tender offer and consent solicitation are being made in connection with
Pilgrim's Pride's previously announced proposed acquisition of all of the
outstanding common shares of Gold Kist.  Pilgrim's Pride's obligation to
accept for purchase and to pay for Notes properly tendered and not withdrawn
according to the terms of the Offer to Purchase is subject to the
satisfaction of certain conditions, which are described in the Offer to
Purchase, including the satisfaction or waiver of all conditions to the
tender offer for Gold Kist's common shares.

The tender offers for the Notes and the Gold Kist common shares are
scheduled to expire at midnight, New York City time, on
Oct. 27, 2006 (unless the tender offer is earlier terminated or extended).
However, no consent payments will be made in respect of Notes tendered after
5:00 p.m., New York City time, on
Oct. 13, 2006.  Holders who validly tender their Notes will receive payment
on the Payment Date, and will also receive accrued and unpaid interest from
the last interest payment date to, but not including, the Payment Date.  The
"Payment Date" is expected to be promptly after the Expiration Date and
immediately prior to the closing of the transactions contemplated by the
tender offer for Gold Kist's common shares.

Pilgrim's Pride has engaged Lehman Brothers Inc. to serve as the Dealer
Manager for the tender offer and the Solicitation Agent for the consent
solicitation.  Mellon Investor Services LLC has been retained to serve as
the Depository and Innisfree M&A Incorporated has been retained to serve as
the Information Agent for the tender offer and consent solicitation.

Requests for documents may be directed to:

           Innisfree M&A Incorporated
           501 Madison Avenue, 20th Floor
           New York, NY 10022
           Tel: (877) 687-1874 (toll free in the U.S. and
                                Canada)
                (212) 750-5833 (call collect)

Questions regarding the tender offer and consent solicitation may be
directed to:

           Lehman Brothers Inc.
           Tel: (800) 438-3242 (toll free in the U.S.)
                (212) 528-7581 (call collect)

                     About Pilgrim's Pride

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service placed the Ba3 senior unsecured, the B1 senior
subordinated, and the Ba2 corporate family ratings of
Pilgrim's Pride Corporation under review for possible downgrade.
The review followed Pilgrim's announcement that it intends to
commence a cash tender offer to purchase all of the outstanding
shares of Gold Kist, Inc. for approximately US$1 billion, as well as offer
to acquire Gold Kist's US$130 million in 10.25% senior notes.

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




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


BRITISH WEST: Launches Caribbean Airlines
-----------------------------------------
Caribbean Airlines, which would take the place of British West Indies
Airlines aka BWIA, was launched on Oct. 16, The Barbados Advocate reports.

According to The Advocate Caribbean Airlines is expected to offer the
Caribbean a world-class, financially strong carrier that would bring clients
to, from or within the Caribbean region.

The Advocate notes that Caribbean Airlines promised to offer professional,
personable, genuine and easy service to its clients.

Peter Davies, the chief executive officer of BWIA, said in a press release
that Caribbean Airlines' character will capture the diverse aspects of the
region -- its food, music, decor, language and personality.

Mr. Davies told The Advocate that Caribbean Airlines would use the image of
a hummingbird as its logo, as the hummingbird is found in the New World and
Trinidad and Tobago was known as the Land of the Hummingbird.

The process of change will bring no inconvenience to travelers, The Advocate
says, citing Mr. Davies.  He said there will be a seamless transition from
one company to the other when the first Caribbean Airlines flight takes off
on Jan. 1, 2007.

The Advocate underscores that tickets bought for travel on BWIA can be used
in Caribbean Airlines.  Frequent flyer miles and membership in Club BWEE
will be automatically transferred, guaranteeing continuity and confidence
for all clients.

Caribbean Airlines will fly throughout the Caribbean and to Miami, New York
Toronto and London, The Advocate states.

British West Indies aka BWIA was founded in 1940, and for more
than 60 years has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and reopen a
new airline that will be called Caribbean Airlines.  The
government approved a substantial capital injection for the
creation of Caribbean Airlines.


HILTON HOTELS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors, the rating agency confirmed its Ba2
Corporate Family Rating for
Hilton Hotels Corporation.

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
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%

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

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

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

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.




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


HIPOTECARIO DEL URUGUAY: Will Grant US$18-Million Loan in 2007
--------------------------------------------------------------
Miguel Piperno, the president of Banco Hipotecario del Uruguay, told
Business News Americas that because of the restructuring plan disclosed in
March, the firm will grant US$18 million in loans next year and US$25
million in 2008.

BNamericas relates that Banco Hipotecario's mortgage loan operations have
been suspended since 2002 when Uruguay suffered a severe financial crisis.

Mr. Piperno told BNamericas that the restructuring plan will allow Banco
Hipotecario to return to lending in April or May 2007.  A new unit would be
created to manage the bank's past-due loans as well as offloading the bank's
debt with Banco de la Republica Oriental del Uruguay.

However, the bill that would allow the creation of the subsidiary may not be
approved in congress before the year ends, BNamericas says, citing Mr.
Piperno.

Moody's Rating Agency says that Banco Hipotecario's problem debts seriously
affect the Uruguayan banking system's asset quality.  The bank's past-due
loan ratio hit 70.0% of total loans in August, from 68.5% in Augaust 2005.

Mr. Piperno told BNamericas, "This is a historical problem that has dragged
for decades for political reasons, but we are working on it and the creation
of a separate agency to run these loans will lower the bank's NPL
(non-performing loan) ratio to 20%."

Banco Hipotecario will also see its financial burden eased if the Uruguayan
economy ministry were to assume 90% of its US$500-million debt with Banco de
la Republica Oriental del Uruguay, BNamericas says, citing Mr. Piperno.

BNamericas underscores that Banco Hipotecario has to pay US$2 million per
month to Banco de la Republica to cover debts from checking, savings
accounts and time deposits transferred in 2002.

The report says that Banco Hipotecario has invested about US$1.4 million for
the restoration of its technology processes as well as the integration of
platforms.  Sonda, the Chilean systems integrator, started implementing a
software solution to upgrade Banco Hipotecario's 25-year old information
technology system in February.

Mr. Piperno told BNamericas, "The big bang [as we call the new system] will
be up and running in the first days of November. This is one of the points
of discussion with AEBU (Asociacion de Bancarios del Uruguay, a banking
union) as we need employees to work around the clock to implement the system
effectively."

AEBU fiercely resisted Banco Hipotecario's cost-cutting program, fearing
that it would lead to layoffs, BNamericas notes.

Mr. Piperno told BNamericas that Banco Hipotecario had moved the
securitization of 5% of its commercial loan book to February or March 2007.
He said the bank will securitize another US$25 million six months later.

According to the report, legal requirements have kept delaying the
securitization, which was initially set for August 2006.

Proceeds of the operation will be used to increase the Banco Hipotecario's
liquidity and reopen credit lines, BNamericas states.

                        *    *    *

Moody's Investors Services placed these ratings on Banco
Hipotecario del Uruguay:

          -- Baa2 long-term local currency bank deposits;
          -- Caa1 long-term foreign currency bank deposits;
          -- Aaa.uy NSR long-term local currency bank deposits;
          -- E bank financial strength;
          -- NP on short-term bank deposits; and
          -- Ba2.uy NSR long-term foreign currency bank
             deposits.

Moody's said the outlook is stable.




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


CITGO PETROLEUM: Boycott Damaging Dealers Not Hugo Chavez
---------------------------------------------------------
Maximo Alvarez, who owns and operates 55 stations in south Florida, believed
that the boycott of Citgo Petroleum Corp.'s gasoline stations is not
affecting Venezuelan President Hugo Chavez, but is hurting dealers, Miami
Herald reports.

According to the report, calls for a Citgo Petroleum boycott started in
January.  However, the move has intensified when President Chavez called US
President George W. Bush a devil during his speech in the United Nations
assembly in September.

State Rep. Adam Hasner of R-Delray Beach, called for the Bush administration
to kick the Citgo Petroleum stations off Florida's Turnpike, urging the
state to send a clear message to President Chavez, Miami Herald notes.

Miami Herald relates that Venezuela owns Citgo Petroleum Corp.  However, the
14,000 gasoline stations where the company's gasoline is sold belong to US
private dealers.

Mr. Alvarez told Miami Herald that a boycott aimed at President Chavez is
really slapping people like him instead.

Mr. Alvarez told Miami Herald, "They are punishing the wrong people.  Citgo
does not own one single station in the United States."

The impact of Venezuelan oil stretches across the entire energy market,
Miami Herald says, citing Jorge R. Pinon, the former president of Amoco
Latin America and now at the University of Miami.

Mr. Pinon told Miami Herald, "It is extremely difficult for a US consumer to
avoid the use of Venezuelan crude oil or Venezuelan refined products.  Most
of the jet fuel that we use here in South Florida at the airports is sourced
out of Venezuela."

Miami Herald emphasizes that Citgo Petroleum has equity holdings in US and
offshore refineries with other oil companies, and supplies crude oil to
them.  Citgo Petroleum also sells its refined petroleum products to almost
all the big oil firms in the US.  Florida power plants use fuel from
Venezuela.  And much of the asphalt in the US comes from Venezuela.  Other
big oil giants -- including ChevronTexaco, ConocoPhillips and Valero --
produce oil in Venezuela through a joint venture.

According to Miami Herald, it is hard to determine the boycott's impact on
Citgo Petroleum stations.

However, Juan Rodriguez -- the legal counsel of Citgo Petroleum in South
Florida -- told Miami Herald that the boycott was having more impact in
other parts of the US.

The Citgo Petroleum station on Alton Road in Miami Beach was empty on a
recent evening, while consumers filled all the pumps at the next station,
Miami Herald relates.

Mr. Alvarez told Miami Herald that his stations are successful because of
competitive prices, but also because they are large, well lit and staffed by
workers in blue shirts and ties.  And for now, that seems to have trumped
any boycott against Citgo Petroleum.

Citgo Petroleum has been a reliable supplier in times of crisis.  After
Hurricane Rita, Citgo Petroleum rushed gasoline supplies to Turnpike
stations, Miami Herald states, citing Mr. Alvarez.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

PDVSA 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 and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


CITGO PETROLEUM: Launches Ad Campaign to Counter Bad Publicity
--------------------------------------------------------------
Citgo Petroleum Corp., the US arm of Venezuelan state-run Petroleos de
Venezuela SA, has launched an ad campaign to fight the bad publicity
resulting from the deteriorating relations between Venezuela and the US,
Reuters reports.

According to Reuters, Venezuelan President Hugo Chavez, who has been vocal
of his abhorrence to the US government, called US President George W. Bush a
devil during his speech in the United Nations assembly in September,
infuriating US politicians and causing some groups to encourage boycott of
Citgo Petroleum gas.

A spokesperson of Citgo Petroleum told Reuters that a full page ad of the
company titled "Citgo Sets The Record Straight," was published in The
Washington Post and will also appear in USA Today, The New York Times, The
Boston Globe, Miami Herald and The Houston Chronicle.  A series of
television commercials is also being planned.

Citgo Petroleum's ad, which is similar to its Oct. 2 press release, says,
"US consumers have been inundated with misleading and inaccurate information
about Citgo Petroleum Corp., most recently regarding the supply agreement
between Citgo and 7-Eleven."

Citgo Petroleum told Reuters that the end of the deal had been
misinterpreted as a result of political developments.

"Inaccuracies such as these have led to numerous calls for a boycott of our
products," Citgo Petroleum said in a statement.

Meanwhile, 7-Eleven insisted that it decided to end the contract with Citgo
Petroleum because it wanted to sell its own branded fuel, Reuters notes.

"We believe this move is being pushed for political or economic gain,
ignoring the implications it would have on American businesses and the
general public," Citgo Petroleum's ad says.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

PDVSA 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 and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


CITGO PETROLEUM: Petro Express to Stop Selling Firm's Gas
---------------------------------------------------------
Petro Express Inc. will no longer sell gasoline from Citgo Petroleum Corp.
next year, Charlotte The Observer reports.

According to Charlotte Observer, Petro Express is phasing out the Citgo
Petroleum brand.

Charlotte Observer relates that groups infuriated by Venezuelan President
Hugo Chavez's calling US President George W. Bush a devil during his speech
in the United Nations assembly in September have called for a boycott in
Citgo Petroleum gasoline.

Citgo Petroleum is a subsidiary of Petroleos de Venezuela, the state-owned
oil company of Venezuela.

Charlotte Observer notes that Petro Express did not say that global politics
is the reason for its decision to change brands.  However, the Citgo
Petroleum brand is disappearing from 45 of its 66 locations this year.

Petro Express disclosed an ongoing remodeling of its locations and called
the changes renewed emphasis on the Petro Express brand, Charlotte Observer
says.

Petro Express said in a statement, "We have chosen to market the Petro
Express fuel brand in lieu of any national brand."

A clerk at one of the Petro Express stores that still carries the Citgo
Petroleum brand told Charlotte Observer that the gasoline would remain at
his location until 2007 when the final 21 stores are remodeled.

The station would accept Citgo Petroleum gas card until next year, Charlotte
Observer says, citing the clerk.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

PDVSA 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 and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


TIMKEN CO: Plans to Exit Seamless Steel Tube Manufacturing in UK
----------------------------------------------------------------
The Timken Company disclosed its intention to exit its European seamless
steel tube manufacturing operations located in Desford, England, as part of
its strategy to manage its business portfolio to improve performance.
Timken will begin consultations with representatives of the 400 associates
located at the Desford facility to explore alternative solutions to closure.

"The proposed action is part of the company's strategy to focus on lines of
business that produce differentiated products while driving profitable
growth," said Salvatore J. Miraglia, Jr., president of Timken's Steel Group.
"Exiting this business would further advance the focus of the Steel Group on
differentiated products that deliver value to both customers and
shareholders."

The Desford facility generated sales of approximately US$85 million to US$95
million in recent years but has not been profitable.  It manufactures
seamless steel tube for machining and mechanical applications, primarily
serving the bearing industry in Europe.

In conjunction with the proposed exit of the business, Timken would intend
to sell some portion of the plant's assets and secure a reliable alternative
source of steel tube for its European bearing operations.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech
Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea,
Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America,
Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *    *    *

The company's 7.16% Medium-Term Notes, Series A due 2027 carry
Moody's Investors Service's Ba1 rating.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Alpargatas SAIC          ALPA     (246.36)     650.49
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Blount International      BLT        (123)     465
Bombril                  BOBR3    (750.52)     417.06
Bombril-Pref             BOBR4    (750.52)     417.06
CableVision System      CVC      (2,468)      12,832
Centennial Comm         CYCL    (1,062)     1,432
CIC                      CIC    (1,883.69) 22,312.12
Choice Hotels           CHH        (118)         280
Telefonica Holding       CITI   (1,481.31)     307.89
Telefonica Holding       CITI5  (1,481.31)     307.89
Domino's Pizza          DPZ       (609)       395
Foster Wheeler          FWLT        (38)       2,224
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Paranapanema SA          PMAM3    (108.22)   3,305.23
Paranapanema-PREF        PMAM4    (108.22)   3,305.23
TEKA                     TEKA3    (212.48)     541.22
TEKA-PREF                TEKA4    (212.48)     541.22


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *