TCRLA_Public/061027.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

          Friday, October 27, 2006, Vol. 7, Issue 214

                          Headlines

A R G E N T I N A

ACXIOM CORP: Posts US$21.7MM Earnings for 2nd Quarter 2007
BAITEA SA: Enters Bankruptcy Protection on Court Orders
BALL CORP: Declares US$0.10 Per Share Cash Dividend
BALLY TECH: Forms Strategic Alliance with Points International
COMERCIALIZADORA BUENOS: Claims Verification Is Until Dec. 15

ELECTROQUIMICA RISTTONE: Reorganization Proceeding Concluded
ESTRELLA FEDERAL: Last day for Verification of Claims Is Dec. 5
PRACTI-BOX SA: Claims Verification Deadline Is Set for Nov. 24
TURBINE POWER: Seeks for Court Approval to Reorganize Business
VALEANT PHARMA: Can't File Third Quarter Fin'l Results on Time

VALEANT PHARMA: Financial Filing Delay Cues S&P's Negative Watch
VERIFONE HOLDING: American Stock Exchange Launched Trade Options

B A H A M A S

JETBLUE AIRWAYS: Launching Daily Nonstop Service on Dec. 19

B E R M U D A

INTELSAT LTD: Names Vicki Warker Sr. Vice President of Marketing
MONTPELIER RE: Earns US$110 Million for Quarter Ended Sept. 30
QUANTA CAPITAL: Creating Pembroke Managing Agency with Chaucer

B O L I V I A

YPF SA: Repsol Hopes to Reach Deal with Bolivia Before Oct. 28

B R A Z I L

BANCO CRUZEIRO: Sells 50% Stake of Bancred to Uniao de Bancos
BANCO BBM: Moody's Assigns D- Minus Financial Strength Rating
BANCO ITAU: Taking Third Quarter Charge of BRL1.76 Billion
BANCO NACIONAL: Grants BRL80MM to Engevix Hydroelectrc Plant
COMPANHIA SIDERURGICA: Wheeling to Acquire North American Assets

COMPANHIA SIDERURGICA: Esmark Responds to WP's Merger with Firm
EMBRATEL: Launches Joint Wireline & Mobile Services with Claro
EMBRATEL: Posts BRL2.06B Net Revenues in Third Quarter 2006
FIDELITY NATIONAL: Board OKs US$200MM Share Repurchase Program
FIDELITY NATIONAL: Revenues Reach US$1.08B in Third Quarter 2006

GENERAL MOTORS: Receiving 10,000 Tons of Steel from Usinas
PETROLEO BRASILEIRO: Boosting Borrowings While Rates Are Low
PETROLEO BRASILEIRO: Must Give Up 100 Inactive Oil Fields
UNIAO DE BANCOS: Buys 50% Stake of Bancred
USINAS SIDERURGICAS: Supplying Steel to General Motors Monthly

VOTORANTIM GROUP: Launches Tender Offer on 7.85% Notes Due 2014

C A Y M A N   I S L A N D S

AQUAMARINE IAM: Liquidator Presents Wind Up Accounts on Nov. 15
CORINTHIAN ASSURANCE: Proofs of Claim Filing Is Until Nov. 16
CYBERIA HOLDINGS: Last Day for Proofs of Claim Filing Is Nov. 16
EUROPEAN REAL: Creditors Must File Proofs of Claim by Nov. 16
HARRIER IAM: Shareholders Convene for Final Meeting on Nov. 15

HYBRIDS IAM: Final Shareholders Meeting Is Scheduled for Nov. 15
JULIUS BAER: Creditors Must Submit Proofs of Claim by Nov. 16
METIS OPPORTUNITIES: Proofs of Claim Must be Filed by Nov. 16
NPR AUTO: Deadline for Proofs of Claim Filing Is Set for Nov. 16
PUMA THETA: Creditors Have Until Nov. 16 to File Proofs of Claim

RX HEALTHCARE: Last Day for Proofs of Claim Filing Is on Nov. 16
WATERFALL IAM: Shareholders Gather for Final Meeting on Nov. 15

C H I L E

GOODYEAR TIRE: S&P Puts Synthetic Transactions' Rating on Watch

C O L O M B I A

HEXION SPECIALTY: Extends Tender Offer for Sr. Notes to Nov. 13
PETROLEO BRASILEIRO: Tierra Negra May Hold 700MM Barrels of Oil

D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Holds D Individual Rating with Stable Outlook
BANCO INTERCONTINENTAL: Fraud Trial Postponed for 20 Days
CENTENNIAL COMM: Inks Text Messages Exchange Accord with Tricom
TRICOM SA: Inks Text Messages Exchange Accord with Centennial

E C U A D O R

PETROECUADOR: Ministry Relaunches Tender for Firm's Audit
PETROECUADOR: Unit Extends Bidding Deadline for Esmeraldas

E L   S A L V A D O R

MILLICOM INTERNATIONAL: Launching Tigo Brand in Colombia in 2007
MILLICOM INT: Posts US$403MM Revenues for Third Quarter 2006

H A I T I

* HAITI: IDB Grants US$17.8MM Loan to Promote Rural Supply Chain
* HAITI: U.S. Congress May Vote on HOPE Bill by Year-End

J A M A I C A

CENTURY ALUMINUM: Earns US$173.9MM Net Income in Third Quarter
NATIONAL COMMERCIAL: Bail of Workers Accused of Fraud Extended

M E X I C O

ALASKA AIR: Posts US$17.4 Mil. Net Loss in Third Quarter of 2006
DESARROLLADORA: Revenues Up 25.9% to MXN3.2B in Third Quarter
FORD MOTOR: DBRS Comments on 3Q Results & May Cut Ratings
FORD MOTOR: FMCC Earns US$262 Million in 2006 Third Quarter
GENERAL MOTORS: Posts US$115 Mil. Net Loss in 2006 Third Quarter

GRUPO ELEKTRA: Afore Azteca Cuts Commissions by 12.2%
ODYSSEY RE: S&P Affirms BB Preferred Stock Ratings
RADIOSHACK CORP: Incurs US$16MM Net Loss for Third Quarter 2006
RADIOSHACK CORP: Weak 2006 Result Cues S&P to Lower Rating to BB
SATELITES MEXICANOS: Files Supplements to First Amended Plan

SATELITES MEXICANOS: Gets Interim Extension of Schedules Filing
SONIC CORP: Moody's Assigns Loss-Given-Default Rating
TV AZTECA: Posts MXN487 Million Third Quarter 2006 Earnings

N I C A R A G U A

* NICARAGUA: Groups Rally Against International Monetary Fund

P U E R T O   R I C O

ADELPHIA COMMS: Court Adjourns Disclosure Statement Hearing
AFC ENTERPRISES: Moody's Assigns Loss-Given-Default Rating
PILGRIM'S PRIDE: Asks Gold Kist Stockholders to Tender Shares
WESCO INT: Commences Offering on Convertible Debentures Due 2026
WESCO INTERNATIONAL: S&P Rates US$250 Million Sr. Notes at 'B'

T R I N I D A D   &   T O B A G O

BRITISH WEST: US Workers Protesting Voluntary Separation Pay

U R U G U A Y

* URUGUAY: World Bank Mulls US$46-Million Loan to OSE

V E N E Z U E L A

CITGO PETROLEUM: Barkley Launches New Advertising Campaign
DAIMLERCHRYSLER: Losses Continue at Chrysler Group
PETROLEOS DE VENEZUELA: Awards Study Contract to SNC-Lavalin
PETROLEOS DE VENEZUELA: Drilling Junin 4 with China National
PETROLEOS DE VENEZUELA: In Talks with Conoco on Orinoco Projects

PETROLEOS DE VENEZUELA: Launches New State Power Generation Firm


                          - - - - -


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


ACXIOM CORP: Posts US$21.7MM Earnings for 2nd Quarter 2007
----------------------------------------------------------
Acxiom Corp. reported financial results for the second quarter of fiscal
2007 ended Sept. 30, 2006.  Consolidated net earnings for the quarter
increased 204% to US$21.7 million.  Gross margin increased to 27.5% from
26.2% in the same quarter a year ago. Second-quarter revenue totaled
US$348.3 million, an increase of 5.4% over the same quarter last year.

"We are pleased that Acxiom delivered another solid performance in the
second quarter and remains on track to meet the fiscal 2007 targets we
communicated at our Sept. 27 analysts' meeting in New York," Company Leader
Charles D. Morgan said.  "We continue to execute the fundamentals of our
business and are delivering the results that we expected.  I believe we are
well positioned for a successful second half of the fiscal year."

                         Highlights:

   -- Revenue of US$348.3 million, up 5.4% from US$330.5 million
      in the second quarter a year ago.

   -- Income from operations of US$41.9 million, a 123% increase
      compared to US$18.8 million in the second quarter last
      year.  Last year's second-quarter results included the
      impact of net pretax charges of US$15.8 million associated
      with restructuring, the sale of non-strategic operations
      and other unusual items.  Excluding the impact of those
      charges, income from operations would have been up 21%.

   -- Diluted earnings per share of US$.25, a 213% increase
      compared to US$.08 in the second quarter of fiscal 2006.
      The impact of the net charges described above reduced
      diluted EPS by US$.12 for the second quarter last year.
      Excluding this impact, diluted earnings per share
      increased 25%.

   -- Operating cash flow of US$64.4 million and free cash flow
      available to equity of US$15.3 million.

   -- Gross margin of 27.5% compared to 26.2 percent in the same
      quarter last year.

   -- Computer, communications and other equipment expense
      equaling 20.9% of revenue compared to 23.1 percent of
      revenue in the second quarter of fiscal 2006.

"The improvement in our earnings and margins -- assisted by reduced computer
expense as a percentage of revenue -- shows the increasing strength of our
business and the results of our initiatives to improve operational
efficiencies," Mr. Morgan said.

Mr. Morgan also noted that Acxiom recently completed new contracts with
Procter & Gamble Co., E*TRADE FINANCIAL Corp., D&B and Safety-Kleen Systems,
Inc.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's said the rating
outlook is stable.


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

Under Argentine bankruptcy law, the trustee will:

   -- verify creditors' proofs of claim;

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

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

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

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

The debtor can be reached at:

          Baitea S.A.
          Uruguay 385
          Buenos Aires, Argentina


BALL CORP: Declares US$0.10 Per Share Cash Dividend
---------------------------------------------------
Ball Corp.'s board of directors declared a cash dividend of 10 cents per
share, payable Dec. 15, 2006, to shareholders of record on Dec. 1, 2006.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and plastic
packaging products.  It owns Ball Aerospace & Technologies Corp. - a
developer of sensors, spacecraft, systems and components for government and
commercial customers.  Ball Corp. reported sales of US$5.7 billion in 2005
and the company employs about 13,100 people worldwide, including Argentina.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp's
US$500 million senior secured term loan D, rated Ba1, and
US$450 million senior unsecured notes due 2016-2018, rated Ba2.
It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550 million senior
unsecured notes due Dec. 12, 2012.  Moody's said the ratings outlook is
stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+' senior secured
credit facilities, and 'BB' senior unsecured notes.

Standard & Poor's Ratings Services also affirmed its 'BB+' corporate credit
rating on Ball Corp.

All ratings were placed in March 2006.


BALLY TECH: Forms Strategic Alliance with Points International
--------------------------------------------------------------
Bally Technologies, Inc., disclosed a strategic partnership with Points
International Ltd. -- owner and operator of Points.com -- that introduces
the Points.com portal and Points.com Business Solutions products to the
evolving reward programs available throughout the gaming industry.

Designed to appeal to both casinos and their patrons, the partnership
expands the Bally Casino Management Systems and Bally Power Bonusing product
portfolios.  Casino patrons, through membership in Points.com, will enjoy
vast opportunities for reward management, including redemption into the
world's largest and most successful reward programs currently participating
on Points.com.  The flexibility and utility that Points.com brings to these
members makes the currencies earned at Bally-powered reward programs even
more valuable.

In addition, casino reward programs powered by Bally Technologies can now
easily integrate individual casino-branded versions of the industry-leading
Points.com Business Solutions products, giving them increased potential for
enhancing revenues and customer loyalty.

"The power of player's club points as a tool to reward players and increase
revenue is well known in the gaming industry and this agreement with Points
International will allow us to add innovative new features to our
already-strong suite of Bally Power Bonusing products," said Paul Lofgren,
Executive Vice President of Business Development for Bally.

"The gaming industry is a tremendous market and one we're eager to explore,"
said Rob MacLean, CEO of Points International Ltd.  "Bally Technologies, the
clear leader in gaming systems technology, is the ideal partner with whom to
begin this exploration."

                  About Points International

Points International Ltd. is owner and operator of Points.com, the world's
leading reward-program management portal.  At Points.com consumers can Swap,
Earn, Buy, Gift, Share and Redeem miles and points from more than 25 of the
world's leading reward programs.

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and distributes
advanced gaming devices, systems and technology solutions worldwide.
Bally's product line includes reel- spinning slot machines, video slots,
wide-area progressives and Class II, lottery and central determination games
and platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonusing, cashless and table management
solutions.  The company also owns and operates Rainbow Casino in Vicksburg,
Miss.  Bally Technologies' South American operations are located in
Argentina.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2006, Standard & Poor's Ratings Services held its
ratings on Bally Technologies Inc., including the 'B' corporate
credit rating, on CreditWatch with negative implications.


COMERCIALIZADORA BUENOS: Claims Verification Is Until Dec. 15
-------------------------------------------------------------
Gonzalo Cueva, the court-appointed trustee for Comercializadora Buenos Aires
S.A.'s bankruptcy case, will verify creditors' proofs of claim until Dec.
15, 2006.

Under the Argentine bankruptcy law, Mr. Cueva is required to present the
validated claims in court as individual reports.  Court No. 1 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Comercializadora Buenos Aires and its creditors.

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

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

Comercializadora Buenos Aires was forced into bankruptcy at the request of
Tecnocom San Luis S.A., which it owes US$12,378.00.

Clerk No. 2 assists the court in the case.

The debtor can be reached at:

          Comercializadora Buenos Aires S.A.
          Uruguay 390
          Buenos Aires, Argentina

The trustee can be reached at:

          Gonzalo Cueva
          Terrero 1752
          Buenos Aires, Argentina


ELECTROQUIMICA RISTTONE: Reorganization Proceeding Concluded
------------------------------------------------------------
Electroquimica Risttone S.A.'s reorganization proceeding has
ended.  Data published by Infobae on its Web site indicated that
the process was concluded after a court in Lomas de Zamora, Buenos Aires,
approved the debt agreement signed between the company and its creditors.


ESTRELLA FEDERAL: Last day for Verification of Claims Is Dec. 5
---------------------------------------------------------------
Estudio Roberto Quian y Asociados, the court-appointed trustee for Estrella
Federal Seguridad Privada Integral S.R.L.'s reorganization proceeding, will
verify creditors' proofs of claim until Dec. 5, 2006.

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

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

Estudio Roverto Quian will also submit a general report that contains an
audit of Estrella Federal's accounting and banking records.  The report
submission dates have not been disclosed.

On Aug. 21, 2007, Estrella Federal's creditors will vote on a settlement
plan that the company will lay on the table.

Clerk No. 44 assists the court in the proceeding.

The debtor can be reached at:

          Estrella Federal Seguridad Privada Integral S.R.L.
          Avenida Callao 157
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Reoberto Quian y Asociados
          25 de Mayo 168
          Buenos Aires, Argentina


PRACTI-BOX SA: Claims Verification Deadline Is Set for Nov. 24
--------------------------------------------------------------
Clara Susana Auerhan, the court-appointed trustee for Practi-Box S.A.'s
bankruptcy proceeding, will verify creditors' proofs of claim until Nov. 24,
2006.

Under the Argentine bankruptcy law, Ms. Auerhan is required to present the
validated claims in court as individual reports.  A court in Buenos Aires
will determine if the verified claims are admissible, taking into account
the trustee's opinion and the objections and challenges raised by Practi-Box
and its creditors.

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

Ms. Auerhan will also submit a general report that contains an audit of
Practi-Box' accounting and banking records.  The report submission dates
have not been disclosed.

The debtor can be reached at:

          Practi-Box S.A.
          Monteagudo 504
          Buenos Aires, Argentina

The trustee can be reached at:

          Clara Susana Auerhan
          Sarmiento 1587
          Buenos Aires, Argentina


TURBINE POWER: Seeks for Court Approval to Reorganize Business
--------------------------------------------------------------
Court No. 9 in Buenos Aires is studying the merits of Turbine Power Co.
S.A.'s petition to reorganize its business after it stopped paying its
obligations on Jan. 5, 2006.

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

Clerk No. 18 assists the court in the case.

The debtor can be reached at:

          Turbine Power Co. S.A.
          Avenida del Libertador 602
          Buenos Aires, Argentina


VALEANT PHARMA: Can't File Third Quarter Fin'l Results on Time
--------------------------------------------------------------
Valeant Pharmaceuticals International disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that the
company will be unable to file quarterly report on form 10-Q for
the quarter ended Sept. 30, 2006, as well as complete the
restatement of previously issued financial statements until the
special committee of independent directors of the company's board of
directors has completed its review of the company's option grant practices
and audit of restated periods.

Bary G. Bailey, Valeant Pharmaceuticals' executive vice president and chief
financial officer, said that the company's failure to remain current in its
periodic reporting obligations could have material adverse consequences
which could include compliance issues under the information reporting
requirements of the company's outstanding convertible and high-yield notes,
which if not timely cured could result in the acceleration of the
outstanding amounts due under those notes.

                        SEC Inquiry

The company previously received a request from the SEC for data on its stock
option granting practices since Jan. 1, 2000, as part of an informal
inquiry.

Accordingly, the company initiated a review of its option grants, which
covers option grants by the company since its initial public offering in
1982.

The review is being conducted under the direction of the Special
Committee with the assistance of outside legal counsel.

         Stock Option Grant Review Preliminary Results

On Oct. 20, 2006, after receiving from the Special Committee a
report on certain preliminary results of its review, the Board of Directors
concluded that as a result of errors in the company's accounting for stock
options, financial statements for certain prior periods will need to be
restated.

The Special Committee reported that it has determined, with
respect to broad-based grants in 1997 and subsequent years, the
company should have used different measurement dates for the
purpose of computing compensation expense for those stock option
grants in accordance with Accounting Principles Board Opinion
No. 25, "Accounting for Stock Issued to Employees."

According to the company, the Special Committee has not yet reached a
definitive conclusion as to the causes of these errors, new accounting
measurement dates are being applied to the affected option grants, and the
company expects to recognize material additional non-cash, stock-based
compensation expense for the affected periods.

Because the Special Committee has not completed its review, the
company has not yet determined the magnitude of the restatement,
but based upon the review, the Board of Directors, upon
recommendation of the Finance and Audit Committee, determined that the
company's annual and interim financial statements, earnings press releases
and similar communications previously issued by the company for and after
1997 should no longer be relied upon.

The Company notes that the majority of errors in accounting for
options identified to date by the Special Committee pertains to
options granted prior to the change in the company's Board of
Directors and management in June 2002.

Additional errors were found in accounting for certain options
granted to employees since the board and management change, but
none of the errors related to options granted to the current chief executive
officer or chief financial officer, the company
explained.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/is a research-based
specialty pharmaceutical company that discovers, develops, manufactures and
markets products primarily in the areas of neurology, infectious disease and
dermatology.  The company has offices in Argentina.

                        *    *    *

Valeant Pharmaceuticals International's senior unsecured debt and corporate
family ratings carry Moody's Ba3 and Ba1 ratings
respectively, while its long-term foreign and local issuer credits carry
Standard & Poor's BB- ratings.


VALEANT PHARMA: Financial Filing Delay Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including Valeant's 'BB-' corporate credit rating, on Credit Watch with
negative implications.

"The rating actions follow the specialty pharmaceutical company's
announcement that it does not expect to file its Form 10-Q for third-quarter
2006 by the filing date," said Standard & Poor's credit analyst Arthur Wong.
"The delay is attributed to the company's need to restate its financials,
possibly as far back as 1997, due to errors in accounting for stock option
grants."

A Valeant board of directors-appointed special committee is still conducting
its review, and the magnitude of the restatements has not yet been
determined.  Valeant was already subject to an informal SEC probe regarding
the issue.  The failure to file its Form 10-Q on time would constitute a
default of reporting requirements under its convertible and high-yield note
agreements that if not cured in 60 days could result in an acceleration of
the amounts outstanding under those notes.

"Standard & Poor's will monitor the cost and ability of Valeant to cope with
this situation before resolving the CreditWatch
listing," Mr. Wong said.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.
The company has offices in Argentina.


VERIFONE HOLDING: American Stock Exchange Launched Trade Options
----------------------------------------------------------------
The American Stock Exchange launched trading in options on
Oct. 26, 2006, on these New York Stock Exchange and Nasdaq Stock Market
listed stocks of:

   -- Diodes Inc. (Option Symbol: DUH/Stock Symbol: DIOD)
   -- Spansion Inc. (Option Symbol: SBU/Stock Symbol: SPSN)
   -- VeriFone Holdings Inc. (Symbol: PAY)

Diodes Inc. will open with position limits of 7,500,000 shares.  The options
will trade on the March expiration cycle.  The specialist will be Trinity
Derivatives Group, LLC. Diodes Inc. manufactures, sells and distributes
discrete semiconductor devices to manufacturers in the automotive, computer
and telecommunications industries.

Spansion Inc. will open with position limits of 25,000,000 shares.  The
options will trade on the January expiration cycle. The specialist will be
LaBranche Structured Products, LLC. Spansion Inc. develops, designs and
manufactures Flash memory.

VeriFone Holdings, Inc. will open with position limits of 7,500,000 shares.
The options will trade on the January expiration cycle.  The specialist will
be Susquehanna Investment Group.  VeriFone Holdings, Inc. is a global
provider of technology that enables electronic payment transactions and
value- added services at the point of sale.

               About the American Stock Exchange

The American Stock Exchange offers trading across a full range of equities,
options and exchange traded funds, including structured products and HOLDRS.
In addition to its role as a national equities market, the Amex is the
pioneer of the ETF, responsible for bringing the first domestic product to
market in 1993.  Leading the industry in ETF listings, the Amex lists 196
ETFs to date.  The Amex is also one of the largest options exchanges in the
U.S., trading options on broad-based and sector indexes as well as domestic
and foreign stocks.

                       About Verifone

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 29, 2006, Moody's
Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.




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


JETBLUE AIRWAYS: Launching Daily Nonstop Service on Dec. 19
-----------------------------------------------------------
JetBlue Airways Corp. told the Miami Herald that it will launch daily
nonstop service between Fort Lauderdale-Hollywood International Airport and
Newburgh, NY's Stewart International Airport, on Dec. 19, 2006.

JetBlue Airways said that the service will also be launched for flights from
Orlando, the Miami Herald notes.

The Miami Herald relates that starting Jan. 5, 2007, a second daily flight
will be added to Fort Lauderdale and Orlando.  One daily nonstop flight to
West Palm Beach will also be launched.

JetBlue Airways told the Miami Herald that it is offering introductory
one-way fares to and from Newburgh starting at US$79 each way, with regular
fares ranging between US$99 and US$299 each way.

Introductory fares must be purchased by Nov. 9, 2006, and travel must be
completed by Feb. 15, 2007.  These fares are subject to availability and
various restrictions, the Miami Herald says, citing JetBlue Airways.

Based in Forest Hills, New York, JetBlue Airways Corp. (Nasdaq:JBLU) --
http://www.jetblue.com/-- provides passenger air transportation services
primarily in the United States.  As of Feb. 14, 2006, the Company operated
approximately 369 daily flights serving 34 destinations in 15 states, Puerto
Rico, the Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft, including live
in-seat satellite television, digital satellite radio, wireless aircraft
data link service, and cabin surveillance systems and Internet services,
through its wholly owned subsidiary, LiveTV, LLC.

                        *    *    *

Fitch Ratings downgraded on Sept. 17, 2006, the debt ratings of JetBlue
Airways Corp. as:

   -- Issuer Default Rating to 'B' from 'B+'; and
   -- Senior unsecured convertible notes to 'CCC/RR6' from
      'B-/RR6.'

This action affects approximately US$425 million of outstanding debt.  Fitch
said the rating outlook for JetBlue is 'Stable.'




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


INTELSAT LTD: Names Vicki Warker Sr. Vice President of Marketing
----------------------------------------------------------------
Intelsat Ltd. appointed Vicki Warker as the company's new Senior Vice
President of Marketing.  In this role, Ms. Warker is responsible for the
company's growth initiatives and maximizing the company's performance in
serving the video and network services customer groups.  In addition, she
manages all product development, product management and rationalization
initiatives, and customer feedback and analysis to ensure Intelsat's
products and services anticipate customer needs and market demand.

"With more than 20 years experience in telecommunications, Vicki has
extensive experience in marketing, product management, customer service and
channel management," said Jim Frownfelter, COO, Intelsat.  "We expect that
Vicki will contribute significantly to the integration and development
efforts underway at Intelsat, and have great confidence in her ability to
lead our global marketing initiatives."

Prior to joining Intelsat in mid-September, Ms. Warker served as Vice
President of Marketing and Products within the Sprint Business Solutions
organization, where she had responsibility for product marketing, vertical
marketing, pricing and offer development for business customers.  Prior to
Sprint, Vicki held leadership positions at GE Global eXchange Services and
Concert Communications where she served in a variety of channel management,
product management and marketing capacities.

Ms. Warker holds Master of Science and Bachelor of Science degrees in Civil
Engineering from the University of Maryland.

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

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

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


MONTPELIER RE: Earns US$110 Million for Quarter Ended Sept. 30
--------------------------------------------------------------
Montpelier Re Holdings Ltd. reported comprehensive income for the quarter
ended Sept. 30, 2006, of US$110 million, or US$1.13 per diluted common
share. Net income excluding net realized investment gains and losses was
US$76 million for the third quarter.

Fully converted book value per share is US$14.07 at Sept. 30, 2006, which
represents a return of 8.8% for the quarter and 20.5% for the year to date,
inclusive of quarterly dividends of 7.5 cents per share.

Anthony Taylor, Chairman and CEO, commented, "Our combined ratio was 58.3%,
a reflection of a favorable pricing environment, the low level of
catastrophe losses in the quarter, net zero development of the 2004 and 2005
hurricane reserves and US$8 million of net favorable reserve development on
prior accident years.  The factors driving the strong pricing environment in
our core lines of business show no immediate signs of abating."

Mr. Taylor continued, "A year-to-date return of 20.5% represents a solid
result.  We continue to believe that our focus on short-tail lines of
business will prove to be the optimal strategy to maximize growth in book
value per share over the long run."

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *    *    *

On Jan. 4, 2006, Moody's Investors Service assigned Ba1 rating
on Montpelier Re Holdings Ltd.'s subordinated shelf and Ba2
rating on preferred shelf.  Moody's said the outlook for the
ratings is stable.


QUANTA CAPITAL: Creating Pembroke Managing Agency with Chaucer
--------------------------------------------------------------
Quanta Capital Holdings Ltd. disclosed that its Lloyd's business has taken a
step forward in the formation of the Pembroke Managing Agency Limited.
Quanta has signed definitive documents with Chaucer Holdings PLC, the
specialty Lloyd's insurer, and the senior underwriting team of Syndicate
4000, for the formation of Pembroke.  As previously disclosed, Pembroke will
be a joint venture among Quanta, Chaucer and the Syndicate 4000 underwriting
team and will serve as the new managing agency for Syndicate 4000.  The
transaction is expected to close following the receipt of required Lloyd's
and FSA regulatory approvals.

Under the terms of the agreements, Quanta's capital remains committed to
Syndicate 4000 for underwriting years 2007 through 2009.  Additionally,
Chaucer and Quanta plan to work together closely to continue to diversify
the provision of capital to the Syndicate to support its presence and
profitable growth in the Lloyd's market.  Chaucer has agreed to provide the
capital to support 10 percent of the Syndicate's underwriting in 2007 and to
support underwriting in 2008 and 2009.

James J. Ritchie, Executive Chairman of Quanta, commented, "We are committed
to the financial success of Syndicate 4000, and the Pembroke structure is
designed to provide the Syndicate and its strong team of underwriters the
necessary support it needs to maintain a long-term presence in the Lloyd's
market.  Establishing Pembroke will support the preservation of the capital
Quanta has committed to the Lloyd's platform, and advances the capital
diversity and independence of Syndicate 4000."

Headquartered in Hamilton, Bermuda, Quanta Capital Holdings Ltd.
(NASDAQ: QNTA) -- http://www.quantaholdings.com/-- operates its
Lloyd's syndicate in London and its environmental consulting
business through Environmental Strategies Consulting in the
United States.  The Company is in the process of running off its
remaining business lines.  The Company maintains offices in
Bermuda, the United Kingdom, Ireland and the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 15, 2006,
Quanta Capital Holdings Ltd. continues to work with its lenders
regarding an amendment to its credit facility and an extension
to its waiver period, which expired Aug. 11, 2006.

On June 7, 2006, A.M. Best Co. downgraded the financial strength
ratings to B from B++ and the issuer credit ratings to bb from
bbb for the insurance/reinsurance subsidiaries of Quanta Capital
Holdings Ltd.  These rating actions apply to Quanta Reinsurance
Ltd., its subsidiaries and Quanta Europe Ltd.  A.M. Best also
downgraded Quanta's ICR to b from bb and the securities rating
to ccc from b+ for its US$75 million 10.25% Series A non-
cumulative perpetual preferred shares.  All ratings have been
removed from under review with negative implications and
assigned a negative outlook.

The company disclosed that the A.M. Best rating action triggered
a default under Quanta's credit facility.




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


YPF SA: Repsol Hopes to Reach Deal with Bolivia Before Oct. 28
--------------------------------------------------------------
A source from Repsol, the parent company of YPF SA, told AFX News that the
firm hopes to renegotiate its contract with the Bolivian government before
the Oct. 28 deadline imposed by President Evo Morales on oil multinationals
operating in the country.

Talks between Bolivia and Repsol regarding the renegotiation of the latter's
contracts are ongoing, AFX News says, citing the unnamed source.

The source said that Repsol is expecting a satisfactory result from the
talks by Saturday, AFX News reports.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on June 9, 2006,
under the revised foreign currency ceilings, Moody's Investors Service
upgraded YPF Sociedad Anonima's Foreign Currency Corporate Family Rating to
B2 from B3 with negative outlook.




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


BANCO CRUZEIRO: Sells 50% Stake of Bancred to Uniao de Bancos
-------------------------------------------------------------
Published reports say that Uniao de Bancos Brasileiros SA has purchased 50%
of Bancred, Banco Cruzeiro do Sul's consumer finance arm.

Uniao De Bancos and Bancred would disclose the terms of the deal in
November, Valor Economico relates.

According to reports, the partnership would increase the presence of Uniao
De Bancos in the retirement loan segment.

Business News Americas underscores that retirement loans backed by the
federal social security system for private sector workers represented 22% of
Banco Cruzeiro's lending operations as of June 30, 2006.

Banco Cruzeiro raised lending by 62.8% to BRL695 million in the first half
of 2006, from the first with the first half of 2005, BNamericas notes.  Its
net profits increased 5.5% to BRL18.8 million.

BNamericas emphasizes that Banco Cruzeiro raised US$200 million on
international markets in 2006 to fund lending operations.

Uniao De Bancos' retail lending increased 18.5% to BRL23.4 billion in the
first half of 2006, compared with the same period of 2005, according to
BNamericas.  Meanwhile, credit operations at consumer finance divisions
increased 27%.

BNamericas reports that the consumer finance operations of Uniao De Bancos
include:

          -- consumer finance arm Fininvest,
          -- credit card issuers Hipercard and Unicard, and
          -- private label partnerships with national airline
             TAM and retailers Magazine Luiza and Ponto Frio.

Uniao de Bancos disclosed a consumer finance joint venture with Petroleo
Ipiranga in August, the report says.

The partnerships have to be approved by the central bank, BNamericas says.

BNamericas emphasizes that Uniao De Bancos' net profits increased 25.1% to
BRL1.07 billion in the first half of 2006, compared with the same period in
the first half of 2005.  The bank's second quarter net profits increased 21%
to BRL548 million, compared with the same period in 2005.

Uniao De Bancos had BRL98.2 billion in assets as of June 30, BNamericas
states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Cruzeiro do Sul
S.A.'s long-term foreign currency deposits to Ba3 from Ba1.  Moody's said
the rating outlook is stable.


BANCO BBM: Moody's Assigns D- Minus Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength rating of D- to
Banco BBM.  Moody's also assigned long- and short-term global local-currency
deposit ratings of Ba3 and Not Prime, as well as long-term A2.br and
short-term BR-2 Brazilian national scale deposit ratings to Banco BBM.  The
rating agency gave Banco BBM long- and short-term foreign currency deposit
ratings of Ba3 and Not Prime, respectively, both at Brazil country ceiling.
The outlook on all of these ratings is stable.

Moody's D- bank financial strength rating for Banco BBM reflects the bank's
earnings reliance on proprietary trading activities, and the fast growth of
its commercial loan book while it transitions its franchise towards a more
diversified earnings stream.  Moody's views management's ability to achieve
its growth targets within controlled costs and adequate credit quality as
likely resulting in improving recurring earnings.  Although the bank
demonstrates good funding access through a loyal and expanded customer base,
the ratings are still constrained by the wholesale nature of the bank's
funding and the challenge faced by BBM on a competitive lending segment with
declining interest rates.

Moody's pointed out that Banco BBM boasts a strong risk culture -- one
operating efficiently through a skilled supervisory team equipped with
sophisticated risk-management tools and adequate governance.  The bank has a
proven expertise in treasury products, with solid long-term performance
track record, Moody's noted; the conservative liquidity philosophy followed
by BBM's management is key to achieve such success in trading activities.

The rating agency said that BBM's core focus on a selective wholesale
banking business has resulted in high-quality, largely secured short- and
medium-term loan exposures to upper-midsized companies.  The loan
origination benefits from the bank's ability to leverage its research
operations -- one that is well recognized in the local market.

Positive ratings pressure would derive from sustainable recurring earnings
as an indication of its successful proposed commercial growth strategy.
Management's efforts to diversify its funding structure are underway, as
signaled by BBM's recent access to a term IFC line of credit and upcoming
capital markets alternatives.  The maintenance of adequate capital levels
would also drive ratings up in the short run.

Banco BBM is headquartered in Rio de Janeiro, Brazil.  As of June 2006, the
bank had total assets of approximately BRL17billion (US$8 billion) and
equity of R$507million (US$234million).

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

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

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

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

   -- Brazilian National Scale Deposit Ratings: A2.br long-term
      deposit rating and BR-2 short-term deposit rating, with
      stable outlook.


BANCO ITAU: Taking Third Quarter Charge of BRL1.76 Billion
----------------------------------------------------------
Banco Itau Holding Financeira SA said in a filing with Comissao de Valores
Mobiliarios, the Brazilian securities regulator, that it will take a
BRL1.76-billion charge in the third quarter of 2006 related to its purchase
of the local operations of BankBoston from Bank of America.

Business News Americas relates that Banco Itau agreed to pay Bank of America
BRL4.5 billion in shares for its acquisition of BankBoston Brasil in May.
Banco Itau then purchased BankBoston's Chilean and Uruguayan operations in
August for US$633 million.

Banco Itau told BNamericas that Itausa, its parent company, will disclose a
BRL748-million third quarter gain from the acquisition.

Reuters states that Banco Itau has reported a double-digit loan portfolio
growth in recent quarters due to expanding access to credit in Brazil.

Banco Itau will release its results for the third quarter on Oct. 31,
BNamericas reports.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/-- is a private
bank in Brazil.  The company has four principal operations: banking --
including retail banking through its wholly owned subsidiary, Banco Itau SA
(Itau), corporate banking through its wholly owned subsidiary, Banco Itau
BBA SA (Itau BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance, private retirement
plans and capitalization plans, a type of savings plan.  Itau Holding
provides a variety of credit and non-credit products and services directed
towards individuals, small and middle market companies and large
corporations.

                        *    *    *

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

                        *    *    *

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

The affected ratings of Banco Itau were:

   Banco Itau Holding Financiera

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


BANCO NACIONAL: Grants BRL80MM to Engevix Hydroelectrc Plant
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of BRL80 million to Santa Rosa S.A., for implementation of a small
hydroelectric plant in the Municipalities of Bom Jardim and Cordeiro, in the
State of Rio de Janeiro, with 30 MW potency, a 69 kV transmission line and
six km extension.

The credit operation was approved under the Financial Support Program for
Investments in Alternative Sources of Electric Energy or Proinfa, which also
gives incentives to eolian, biogas or biomass projects.

The project has a total investment of BRL108 million.  Santa Rosa will
appropriate BRL28 million from its own funds.  It is expected that the
project will generate 500 direct and 1,500 indirect jobs in the construction
phase, and 12 direct and 30 indirect jobs during the plant's operation.

Santa Rosa S.A. is a Specific Purpose Enterprise or SPE, created by the
Engevix group to construct and commercially explore the hydroelectric plant
called SantaRosa II.

The Engevix group has been operating since 1965 in providing services in
engineering, project, management and supervision of works for the electric
energy, gas, oil, steel industry, water supply, irrigation, sanitation and
environment sectors.

The group has participated in various important projects in Brazil, such as:

   -- hydroelectric plants in Itaipu, Tucurui, Capivara and
      Volta Grande, among others;

   -- nuclear plant Angra II;

   -- Rio and Sao Paulo subways;

   -- railroad and repair shops in Carajas;

   -- expansion of steel plants in Cosipa, Usiminas, Acominas
      and Tubarao; and

   -- Bandeirantes highway.

In recent years, the group has also been investing in the energy sector, by
creating or participating in various SPEs to construct and explore small
hydroelectric plants and energy transmission companies in the Southern
region.

The project is planned for Eletrobras to acquire the energy available for
commercialization under contracts valid for 20 years, with prices
differentiated for each type of alternative source and upon computations of
returns from the respective investments.

                        *    *    *

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.


COMPANHIA SIDERURGICA: Wheeling to Acquire North American Assets
----------------------------------------------------------------
Wheeling-Pittsburgh Corp. and Companhia Siderurgica Nacional have entered
into a definitive agreement in which Wheeling-Pittsburgh will acquire the
North American assets of Companhia Siderurgica, creating a strong,
well-capitalized steel producer with a more flexible cost structure, broader
value-added product offering, access to Companhia Siderurgica's product and
process technology, and significant long-term earnings potential.  The
definitive agreement reflects the strategic arrangement.

James G. Bradley, Chairman and Chief Executive Officer of
Wheeling-Pittsburgh stated, "This agreement marks a new beginning for
steelmaking at Wheeling-Pittsburgh and in the Ohio and Monongahela valleys.
We are confident that the agreement positions Wheeling-Pittsburgh to deliver
sustainable earnings as well as solid future cash flows.  Companhia
Siderurgica is a world-class, fully integrated steel producer with
impressive margins and an enviable cash flow, and we look forward to
partnering with them as we take Wheeling-Pittsburgh to the next level."

Under the terms of the agreement, Companhia Siderurgica will contribute its
modern steel processing facility in Terre Haute, Indiana with current annual
pickled and oiled, cold rolled and galvanized products of 1 million tons,
provide Wheeling-Pittsburgh exclusive U.S. and Canadian distribution rights
for Companhia Siderurgica's flat-rolled steel products and commit to a
ten-year slab supply agreement, which will provide a long-term, guaranteed
supply of high-quality slabs on favorable payment terms.

Companhia Siderurgica will also contribute US$225 million in cash through
the issuance by the combined company of a convertible debt security that,
with the consent of the United Steelworkers, can be converted into equity in
three years.  Of the US$225 million, approximately US$150 million will be
used for transformative capital improvements -- US$75 million to build a new
energy-efficient furnace that would increase Wheeling-Pittsburgh's hot strip
mill capacity to 4 million tons, and the balance to add a second galvanizing
line at Terre Haute.  The remaining US$75 million will be used to enhance
the combined company's liquidity position.

Marcos Lutz, Managing Director for Infrastructure and Energy, Companhia
Siderurgica, said, "This transaction will combine Companhia Siderurgica's
modern North American assets, capital, slab supply and management expertise
with Wheeling-Pittsburgh's production capabilities to benefit all of our
North American stakeholders -- shareholders, employees, customers and the
communities of which we are a part. Together, we will create an integrated,
value-added production chain that will result in a more flexible cost
structure, broader value-added product offerings and significant incremental
earnings potential."

This agreement marks the culmination of an extensive process by Wheeling-
Pittsburgh involving a number of potential suitors, as well as the United
Steelworkers.  In accordance with an agreement reached in September between
the company and the USW, the USW had until Oct. 15, 2006, to submit a bid or
assign its right to a designee.  No such bid or designation has been made by
the USW.

Upon completion, the existing Wheeling-Pittsburgh Corporation as well as
Companhia Siderurgica's operating subsidiary in Terre Haute will become
wholly owned subsidiaries of a new holding company, which intends to seek a
North American stock exchange listing.  A new Board of Directors will be
created, which will include Mr. Bradley as Chairman, two USW directors, five
independent directors, and three directors designated by Companhia
Siderurgica.  Wheeling-Pittsburgh's current shareholders will receive 50.5%
of the combined company.  The remaining 49.5% will be held by Companhia
Siderurgica, which may increase its ownership to 64% upon conversion of the
US$225 million debt.

Mr. Bradley concluded, "Our Board has demonstrated its open-mindedness in
creating value for our shareholders and has repeatedly shown its commitment
to evaluating all strategic options, including remaining independent.  The
Board has concluded that the combination with CSN represents a compelling
opportunity at this time.  We will continue to engage in a productive
dialogue with our shareholders and welcome further input as we work
constructively through the merger process."

Wheeling-Pitt's Annual Meeting of Shareholders to elect its Board of
Directors is scheduled for Nov. 17, 2006, at the White Palace in Wheeling,
WV.  In addition, the company expects to hold a Special Meeting of
Stockholders in January 2007 to vote on the proposed transaction with
Companhia Siderurgica.

In addition, effective Oct. 25, 2006, Wheeling-Pitt has terminated its
"poison pill" provision that was adopted in February 2005.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.


                 About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel producers in
the world, which is a result of its access to proprietary, high-quality iron
ore (at the Casa de Pedra mine); self-sufficiency in energy; streamlined
facilities; and logistics advantages.  This is in addition to the group's
strong market position in the fairly concentrated steel industry in Brazil.

                        *    *    *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a
'BB' corporate credit rating on Brazilian flat carbon steelmaker
Companhia Siderurgica Nacional.

The 'BB' corporate credit rating on Companhia Siderurgica reflects the
company's exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil, aggressive
dividend policy and capital investment plan, and sizable gross-debt
position.  These risks are partly offset by Companhia Siderurgica's
privileged cost position and sound operating profile, favorable market
position in Brazil, strong export capabilities to offset occasional domestic
demand sluggishness, and increasing business diversification.


COMPANHIA SIDERURGICA: Esmark Responds to WP's Merger with Firm
---------------------------------------------------------------
Esmark Inc. Chief Executive Officer, James P. Bouchard released a statement
in response to Wheeling-Pittsburgh Corp.'s announcement that it has signed a
definitive merger agreement with Companhia Siderurgica Nacional under
substantially the same terms and conditions that Tontine Partners, Jeff
Gendell, the United Steelworkers and Esmark have said are unacceptable.

"We are not surprised that Wheeling-Pitt's management and board of directors
has ignored shareholders and the United Steelworkers and instead entered
into a merger agreement that would give control of Wheeling-Pitt to
Companhia Siderurgica.  By taking this action, the board of directors and
executive management has once again revealed their lack of business judgment
and disregard for the shareholders, employees and retirees of Wheeling-Pitt
by entering into a shotgun marriage.  Shotgun weddings don't work.

"This decision has made the November 17th election of directors a referendum
on Mr. Bradley's past performance as well as the future direction of
Wheeling-Pitt.  A vote for Wheeling-Pitt's slate of directors on November
17th is a vote for keeping Mr. Bradley at the helm of Wheeling-Pitt and
ceding control of Wheeling-Pitt to a Brazilian company.  It is time to
remove this management team and replace the board.

"We remain firmly committed to the election of our slate of directors at the
November 17 annual stockholders meeting so that we can begin to rebuild
Wheeling-Pitt and reclaim its leadership role in the steel industry."

                        About Esmark

Headquartered in Chicago and founded by the Bouchard Group, Esmark is a
steel services family of companies.  The mission of Esmark is to establish
the benchmark standards for strategic consolidation, operating efficiency
and management excellence in the steel sector.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.


                 About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel producers in
the world, which is a result of its access to proprietary, high-quality iron
ore (at the Casa de Pedra mine); self-sufficiency in energy; streamlined
facilities; and logistics advantages.  This is in addition to the group's
strong market position in the fairly concentrated steel industry in Brazil.

                        *    *    *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a
'BB' corporate credit rating on Brazilian flat carbon steelmaker
Companhia Siderurgica Nacional.

The 'BB' corporate credit rating on Companhia Siderurgica reflects the
company's exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil, aggressive
dividend policy and capital investment plan, and sizable gross-debt
position.  These risks are partly offset by Companhia Siderurgica's
privileged cost position and sound operating profile, favorable market
position in Brazil, strong export capabilities to offset occasional domestic
demand sluggishness, and increasing business diversification.


EMBRATEL: Launches Joint Wireline & Mobile Services with Claro
--------------------------------------------------------------
The carriers Claro and Embratel Participacoes have entered into a commercial
agreement to jointly offer special wireline and mobile telephone services.
The partnership contemplates a synergic sales force of both companies
designed to gain corporate customers, by offering a competitive joint
services solution.

The projects are customized and the number of wireline and mobile lines is
offered to fit the usage profile of each customer.  The initiative will
start in August, with a pilot project in the state of Sao Paulo, to be
extended to other areas in Brazil.

"The corporate market calls for joint wireline and mobile telephone
solutions, to enhance productivity, usage flexibility and cost reduction,"
explains Eduardo Giestas, director of the Sao Paulo regional operations of
Claro.  "With this project, the customers will find it much more convenient
and easy to hire and use our services", adds Mauricio Vergani,
vice-president of Embratel Empresas.

The product offered by both companies has been named VIP Unico.  It will
offer to the customers a single local calling solution with special rates,
in addition to building domestic private networks for corporate calling, DDD
(domestic direct dialing) and IDD (international calling), integrating the
corporate cell phones as if they were part of the company's PABX.  As a
result, the investments in wireline and mobile calling, including the local,
DDD and IDD rates, can be planned on an integrated and intelligent basis.

The Progressive Plan, with no subscription charge and discounts of up to 45
percent per volume of calls, are among the advantages of VIP Unico.  The
companies can have joint phone bills and a wireline and mobile numbering
plan to fit their own needs as well.

The customers will have a private phone network via Embratel directly
connected to their PABX exchanges.  The intra-network cell phone calling
will have special rates.

                         About Claro

Claro is a major cell phone carrier operating in Brazil.  Founded in
September of 2003, it provides services nationally in 21 States and in the
Federal District, with presence in over 2,300 cites with around 21 million
customers.  Claro provides special services and digital infrastructure and
coverage with GSM technology, serving 92 percent of the urban population in
the States where it is installed.  Claro has roaming agreements with 139
countries in the five continents, together with other carriers that are
jointly responsible for more than 90 percent of the international calling
traffic.  Claro is controlled by America Movil, the largest mobile telephone
group in Latin America, with approximately 110 million customers and
services provided in 14 countries (Argentina, Chile, Colombia, El Salvador,
Ecuador, United States, Guatemala, Honduras, Mexico, Nicaragua, Paraguay,
Peru and Uruguay, in addition to Brazil).

                        About Embratel

Embratel Participacoes S.A. offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


EMBRATEL: Posts BRL2.06B Net Revenues in Third Quarter 2006
-----------------------------------------------------------
Embratel Participacoes S.A. aka Embrapar reported that net revenues rose
10.2% year-over-year totaling BRL2,063 million in the third quarter.
Year-to-date, net revenues were BRL6,138 million, an increase of 9.1%.

During the third quarter, based on the ICMS Agreement, Embrapar, through its
subsidiaries Empresa Brasileira de Telecommunicaciones S.A. aka Embratel and
Telmex do Brasil, reached agreements with several States to put an end to
legal disputes related to non payment of ICMS on specific services.

As a result of the agreement, the third quarter EBITDA was BRL(40) million.
Excluding ICMS impact of BRL515 million, EBITDA was BRL475 million in the
third quarter and BRL1,516 million in the nine months of 2006, an increase
of 13.1% when compared with the year-ago period.

At Sept. 30, 2006, net debt totaled BRL1,601 million.

Total capital expenditures in the third quarter of 2006 were BRL447 million.
Year-to-date, total CAPEX was BRL1,057 million.

                        Net Revenues

In the third quarter of 2006, total net revenues were BRL2,063 million, an
increase of 10.2% (BRL190 million) compared with the third quarter of 2005.
Higher revenues resulted from a 27.9% (BRL125 million) increase in data
communications revenues, a 47% (BRL78 million) increase in local revenues
and a 9.4% (BRL7 million) increase in other services revenues that offset a
1.6% decline in long distance voice revenues (BRL19 million).  Long distance
voice revenues currently represent 56.8% of total revenues compared with
63.5% a year ago.

Compared with the second quarter of 2006, total net revenues increased 1.2%
(BRL25 million).  An 8.0% (BRL18 million) growth in local revenues combined
with a 7.5% (BRL9 million) increase in international long distance revenues
and 2.1% (BRL 2 million) growth in other revenues offset a decline in
domestic long distance revenues.

Year-to-date, total net revenues were BRL6,138 million, an increase of 9.1%
(BRL510 million) compared with the same period of 2005, due to a 27.2%
(BRL363 million) increase in data communications revenues, a 39.8% (BRL192
million) increase in local revenues and 9% (BRL19 million) increase in other
services revenues which offset a 1.8% (BRL64 million) decline in long
distance voice revenues.

                   Domestic Long Distance

In the third quarter of 2006, domestic long distance traffic totaled 3,607
million minutes, a gain of 14.8% compared with the same period of last year.
Compared with the second quarter of 2006, domestic long-distance traffic
increased 1.8%.

Domestic long distance revenues were BRL1,045 million in the third quarter
of 2006, flat compared with the third quarter of 2005.  Compared with the
second quarter of 2006, domestic long distance revenues declined 0.4% (BRL4
million).  The growth in basic and in corporate advanced voice services were
not enough to offset the reduction in mobile originated calls.

Year-to-date, domestic long distance revenues were BRL3,151 million,
increasing 1.7% (BRL53 million) compared with the prior-year period due to
growth in mobile originated calls and in corporate advanced voice services.

                International Long Distance

International long distance traffic totaled 513 million minutes, a gain of
4.4% compared with the third quarter of 2005 mainly due to inbound traffic.
Compared with the second quarter of 2006, international long-distance
traffic increased 1.2%.

Compared with the second quarter of 2006, international long-distance
revenues increased 7.5% (BRL9 million) to BRL126 million largely due to
increases in inbound rates.  Year-over-year, third quarter international
long distance revenues fell 13.2% (BRL 19 million).

In the nine months of 2006, international long distance revenues declined
23.1% (BRL116 million) to BRL388 million.

                     Data Communications

In the third quarter of 2006, 143,000 64-kbps line equivalents were added.
At the end of September 2006, Embratel had 2.112 million 64-kbps line
equivalents providing data services to business customers. Year-over-year,
64kbps line equivalents in service increased 60.4%.

Embratel's third quarter data communications revenues were BRL571 million, a
year-over-year increase of 27.9% (BRL125 million) due to Primesys
consolidation, Internet services and access to mobile providers.  Compared
with the second quarter of 2006, data revenues were flat.

In the nine months of 2006, data revenues were up 27.2% (BRL363 million) to
BRL1,695 million.

                        Local Services

Revenues from local services rose 47% to BRL243 million compared with the
third quarter of 2005 due to increases in both corporate and residential
local service customers and their usage. Compared with the second quarter of
2006, local revenues rose 8% (BRL18 million) mainly due to the growth of
residential customers and usage.

In nine months of 2006, local revenues rose 39.8% (BRL192 million) to BRL674
million as a result of growing corporate and residential customers and their
usage.  Handset sales also contributed to the growth.

Net Fone via Embratel connected subscriber base ended the third quarter with
115,000 subscribers, an increase of 135% when compared with the second
quarter of 2006.

                    Interconnection Costs

In the third quarter of 2006, interconnection costs were BRL844 million.
Year-to-date, interconnection costs were BRL2,499 million, slightly lower
compared with the same period of 2005.

The telco ratio dropped to 40.9% in the third quarter of 2006 and to 40.7%
in the nine months of 2006 from, respectively, 43.4% and 44.5% of net
revenues a year ago mainly due to the reduction in local interconnection
costs.

              Costs of Services and Goods Sold
                (excluding interconnection)

Costs of services and goods sold (excluding interconnection) were BRL 272
million in the third quarter of 2006, a decrease of 4.4% (BRL13 million)
when compared with the second quarter of 2006 mainly due to reductions in
third part services (BRL7 million) and personnel expenses (BRL4 million).
In the third quarter of 2005, cost of services and goods sold (excluding
interconnection) were BRL187 million.

Year-to-date, costs of services and goods sold (excluding interconnection)
were BRL 798 million.

                      Selling Expenses

In the third quarter of 2006, selling expenses increased 1.3% (BRL3 million)
to BRL269 million remaining stable as a%age of net revenues since the
decline in allowance for doubtful accounts offset increases in personnel and
third party services.  Selling expenses in the third quarter of 2005 were
BRL245 million.

Year-to-date, selling expenses were BRL811 million.  As a%age of net
revenues, selling expenses declined to 13.2% of net revenues in the nine
months of 2006 compared with 13.7 a year ago largely due to the reduction
with allowance for doubtful accounts.

             General and Administrative Expenses

During the third quarter of 2006 the ICMS Agreement nš72/06 was implemented
in some States.  As a consequence, Embrapar, through its subsidiaries
Embratel and Telmex do Brasil, made some payments to these States, putting
an end to the relevant discussion, including all ongoing administrative and
judicial proceedings.

General and administrative expenses in the third quarter of 2006 were BRL404
million.  In the third quarter of 2005 general and administrative expenses
were BRL163 million.  Year-to-date, general and administrative expenses were
BRL722 million.

              Other Operating Income and Expense

Other operating expenses were also affected by ICMS Agreement.  In relation
to the States where there has not been the legal implementation of the
agreement or the adhesion to such tax benefit until Sept. 30, 2006, the
controlled companies Embratel and Telmex do Brasil created an additional
provision in order to comply with the future payments necessary for the use
of the tax benefit granted, because they considered likely that, in light of
Resolution CVM No. 489, of Oct. 3, 2005, the communication debts comprised
by the ICMS agreement will be paid.

Embrapar recorded other operating expenses of BRL314 million in the third
quarter of 2006.  In the third quarter of 2005 the company registered other
operating income of BRL7 million.  Year-to-date, other operating expenses
were BRL307 million.

                 EBITDA, EBIT and Net Income

In the nine months of 2006 EBITDA was BRL1,001 million. EBITDA decreased
25.3% compared with the same period of 2005 due to ICMS Agreement impacts in
general and administrative expenses and in other operating results.

Excluding ICMS impact of BRL515 million, EBITDA would have been BRL475
million in the third quarter and BRL1,516 million in the nine months of
2006, an increase of 13.1% when compared with the year-ago period. EBITDA
margin would have been 23.0% in the third quarter and 24.7% in the nine
months of 2006.

Equity investment was negative because the positive equity income from Net
was not enough to offset higher goodwill amortization derived from our Net
economic interest.

Net loss was BRL324 million in the third quarter of 2006.  Year-to-date, net
loss was BRL65 million.

                     Financial Position

Total capital expenditures in the third quarter of 2006 were BRL447.2
million.

                        Recent Events

ICMS Agreement

Embrapar, during the third quarter of 2006, as a result of the
acknowledgement of expenses related to tax contingencies by its controlled
companies Embratel and Telmex do Brasil, under ICMS Agreement 72/06:

   (i) made payments of BRL192 million to the States where
       such tax benefit has already been instituted and where
       the adhesions were decided, putting an end to the
       relevant discussion, including all ongoing
       administrative and judicial proceedings in the States,
       and

  (ii) created provisions of BRL323 million in relation to the
       States where there has not been the legal implementation
       of the agreement or the adhesion to such tax benefit
       until Sept. 30, 2006, in order to comply with the future
       payments necessary for the use of the tax benefit
       granted, because it considered likely that, in light of
       Resolution CVM No. 489, of Oct. 3, 2005, the
       communication debts comprised by ICMS Agreement 72/06
       will be paid.  As a consequence, the consolidated result
       in the quarter ended as of Sept. 30, 2006, was affected
       in the total amount of approximately BRL515 million.

Embrapar's decision of taking advantage of the tax benefits which are the
subject matter of the Agreement 72/06 results from a firm decision of its
management to reduce the amount of contingencies resulting from its
activities, aiming at having a more favorable environment for the growth of
its business and the improvement of the operation in the following years.

TELMEX Tender Offer

On Sept. 28, 2006, Telefonos de Mexico, S.A. de C.V. aka Telmex, announced,
through a material fact, that on Sept. 27, 2006, CVM granted the
registration of the voluntary tender offer under different procedures for
the purchase of all of the common and preferred shares of Embrapar,
described in the Material Fact dated July 28, 2006.  Telmex published the
Notice of Tender Offer, launching the Voluntary Tender Offer, on Oct. 3,
2006, and it will hold an auction on the Sao Paulo Stock Exchange aka
BOVESPA on Nov. 7, 2006, at 13:00 (local time).

Telmex also announced that the purchase price for the common shares and the
preferred shares in the Voluntary Tender Offer will be BRL6.95 per lot of
1,000 common or preferred shares, adjusted by the monthly Taxa Referencial,
pro rata temporis, from May 8, 2006, through the date of the settlement of
the Voluntary Tender Offer.

Brazilian shareholders may obtain additional information regarding the
Voluntary Tender Offer in the Notice of Tender Offer or through the website
www.telmex.com/opa-embratel.  The Brazilian information agent for the tender
offer may be contacted at:

          MZ Consult Servicos E Negocios Ltda
          Tel: 55 21 4004-5021

The U.S. information agent for the tender offer may be contacted at:

          Mackenzie Partners, Inc.
          Tel: (212) 929-5500 (Collect)
               (800) 322-2885 (Toll Free)

Embratel Participacoes S.A. offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


FIDELITY NATIONAL: Board OKs US$200MM Share Repurchase Program
--------------------------------------------------------------
Fidelity National Information Services, Inc.'s board of directors has
approved US$200 million in share repurchase authority. The program is
available for share repurchases from time to time in open market or
privately negotiated transactions, subject to market conditions and other
factors.

The Board of Directors also declared a regular quarterly dividend of US$0.05
per common share, payable on Dec. 27, 2006, to shareholders of record as of
the close of business Dec. 14, 2006.

                   About Fidelity National

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. -- http://www.fidelityinfoservices.com/--  
provides core processing for financial institutions; card issuer and
transaction processing services; mortgage loan processing and
mortgage-related information products; and outsourcing services to financial
institutions, retailers, mortgage lenders and real estate professionals.
FIS has processing and technology relationships with 35 of the top 50 global
banks, including nine of the top ten.  Nearly 50 percent of all U.S.
residential mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil.

                        *    *    *

Standard & Poor's Ratings Services raised, on March 8, 2006, the
corporate credit and senior secured ratings of Fidelity National
Information Services Inc. to 'BB+' from 'BB', and removed it
from CreditWatch where it was placed on Sept. 15, 2005.


FIDELITY NATIONAL: Revenues Reach US$1.08B in Third Quarter 2006
----------------------------------------------------------------
Fidelity National Information Services, Inc., reported financial results for
the third quarter of 2006.  Consolidated revenue increased to US$1.08
billion, Net earnings increased to US$78.6 million and Net earnings per
diluted share was US$0.41. In accordance with Generally Accepted Accounting
Principles, these results reflect the combination between Fidelity National
and Certegy Inc. as of Feb. 1, 2006, the effective date of the merger.

"Fidelity National reported excellent third quarter results with pro forma
revenue growth of 10.2%, EBITDA growth of 10.5% and adjusted cash earnings
of US$0.57 per diluted share," stated Fidelity National Chairman William P.
Foley, II.  "With continued strong market share gains and cross sales to
existing customers, we now expect to achieve revenue growth of 7% to 8% and
cash earnings per diluted share of US$2.08 to US$2.12."

Fidelity National's Transaction Processing Services generated revenue of
US$650.4 million, or 14.1% over the prior-year period, driven by 36.8%
growth in International, 10.0% growth in Enterprise Solutions and 9.8%
growth in Integrated Financial Solutions.  The company's new item processing
operation in Brazil, new account wins and deeper penetration of the existing
customer base contributed to the strong growth rate. EBITDA increased 14.7%
to US$157.2 million, and the EBITDA margin increased to 24.2%.

Lender Processing Services revenue increased 4.7% to US$432.9 million,
driven by a 5.5% increase in the number of mortgage loans processed, and
strong results within the Default Solutions and Appraisal product lines.
The US$4.5 million, or 2.9% decrease in EBITDA is attributable to strong
results in the comparable prior year quarter, a change in product mix and a
longer deferral period for the company's life of loan tax services.  The
34.5% EBITDA margin was comparable to the second quarter 2006 margin.

Pro forma corporate expense for the third quarter of 2006 totaled US$20.3
million.  The US$11.6 million, or 36.3%, decline from the prior-year quarter
was primarily attributable to the consolidation of duplicate administrative
functions.  Pro forma interest expense for the quarter increased US$9.0
million to US$49.7 million, due primarily to higher interest rates.  The
increase in interest expense was partially offset by a lower effective tax
rate of 35.8%.

                          Outlook

Management updated its full year 2006 outlook as:

   -- Revenue growth of 7% to 8% compared to its previous
      outlook for 5% to 7%;

   -- Pro forma earnings per diluted share of US$1.51 to
      US$1.55;

   -- Pro forma cash earnings per diluted share of US$2.08 to
      US$2.12;

   -- Pro forma EBITDA growth of 10% to 12%;

   -- Capital expenditures of approximately US$300 million,
      including anticipated investments in the Brazilian credit
      card processing joint venture and the newly launched item
      processing and business process outsourcing operation;

   -- Pro forma free cash flow of US$440 million to US$470
      million, which includes the aforementioned capital
      investments in Brazil.

This guidance excludes:

   -- pre-tax merger and acquisition and integration costs
      associated with the Feb. 1, 2006, combination of Fidelity
      National and Certegy Inc.;

   -- pre-tax expense associated with the accelerated vesting of
      performance based options in the first quarter of 2006;
      and

   -- merger and acquisition costs associated with the
      completion of the merger with Fidelity National Financial,
      Inc., in November 2006.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --http://www.fidelityinfoservices.com/--  
provides core processing for financial institutions; card issuer and
transaction processing services; mortgage loan processing and
mortgage-related information products; and outsourcing services to financial
institutions, retailers, mortgage lenders and real estate professionals.
FIS has processing and technology relationships with 35 of the top 50 global
banks, including nine of the top ten.  Nearly 50 percent of all U.S.
residential mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil.

                        *    *    *

Standard & Poor's Ratings Services raised, on March 8, 2006, the
corporate credit and senior secured ratings of Fidelity National
Information Services Inc. to 'BB+' from 'BB', and removed it
from CreditWatch where it was placed on Sept. 15, 2005.


GENERAL MOTORS: Receiving 10,000 Tons of Steel from Usinas
----------------------------------------------------------
General Motors' unit in Rio Grande do Sul, Brazil, will be receiving a total
of 10,000 tons of steel a month from Usinas Siderurgicas de Minas Gerais SA,
the latter told Business News Americas.

Usinas Siderurgicas posted on its Web site that it will expand by 38% flat
steel shipments to General Motors.

                 About Usinas Siderurgicas

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

                    About General Motors

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 11, 2006, Standard &
Poor's Ratings Services said that its 'B' long-term and 'B-3' short-term
corporate credit ratings on General Motors Corp. would remain on CreditWatch
with negative implications, where they were placed March 29, 2006.

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

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

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


PETROLEO BRASILEIRO: Boosting Borrowings While Rates Are Low
------------------------------------------------------------
Petroleo Brasileiro SA intends to take advantage of low lending rates in
Brazil by increasing its borrowing to finance the company's projects.

According to Bloomberg News, Petrobras' plan includes the sale of BRL2
billion (US$927 million) of real-estate securities to gain access to local
financing that's cheaper than corporate bonds.  Petrobras' chief financial
officer Almir Barbassa added to Bloomberg that they'll turn assets such as
buildings into cash to buy equipment and modernize refining technology.

"With rates falling, we have good financing opportunities in the local
market," Mr. Barbassa was quoted by Bloomberg as saying.  "Asset-backed
deals are a very interesting option for us and for investors."

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA 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: Must Give Up 100 Inactive Oil Fields
---------------------------------------------------------
Haroldo Lima -- the director Agencia Nacional do Petroleo, the hydrocarbons
regulator of Brazil, told the local press that it wants Petroleo Brasileiro
SA to relinquish production rights to about 100 inactive mature fields for
future tenders.

Business News Americas relates that Petroleo Brasileiro has production
rights to about 150 fields.

The fields are too small for Petroleo Brasileiro, which has interests in
large offshore and onshore fields, BNamericas says, citing Agencia Nacional.

According to BNamericas, Brazil has been implementing since 2005 a policy to
offer mature onshore fields to small firms, to give the latter an incentive
to invest in the oil and gas industry.

However, Petroleo Brasileiro told BNamericas that it wants to keep the
fields and eventually refurbish them with new technology to take advantage
of higher oil prices.

Petroleo Brasileiro has been talking with Agencia Nacional for two years
regarding the mature fields, local press notes.  Talks revolve around the
compensation Petroleo Brasileiro will receive for surrendering the fields.
No agreement was reached.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA 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.


UNIAO DE BANCOS: Buys 50% Stake of Bancred
------------------------------------------
Published reports say that Uniao De Bancos Brasileiros SA has purchased 50%
of Bancred, Banco Cruzeiro do Sul's consumer finance arm.

Uniao De Bancos and Bancred would disclose the deal in November, Valor
Economico relates.

According to the reports, the partnership would increase the presence of
Uniao De Bancos in the retirement loan segment.

Business News Americas underscores that retirement loans backed by the
federal social security system for private sector workers represented 22% of
Banco Cruzeiro's lending operations as of June 30, 2006.

Banco Cruzeiro raised lending by 62.8% to BRL695 million in the first half
of 2006, from the first with the first half of 2005, BNamericas notes.  Its
net profits increased 5.5% to BRL18.8 million.

BNamericas emphasizes that Banco Cruzeiro raised US$200 million on
international markets in 2006 to fund lending operations.

Uniao De Bancos' retail lending increased 18.5% to BRL23.4 billion in the
first half of 2006, compared with the same period of 2005, according to
BNamericas.  Meanwhile, credit operations at consumer finance divisions
increased 27%.

BNamericas reports that the consumer finance operations of Uniao De Bancos
include:

          -- consumer finance arm Fininvest,
          -- credit card issuers Hipercard and Unicard, and
          -- private label partnerships with national airline
             TAM and retailers Magazine Luiza and Ponto Frio.

Uniao de Bancos disclosed a consumer finance joint venture with Petroleo
Ipiranga in August, the report says.

The partnerships have to be approved by the central bank, BNamericas says.

BNamericas emphasizes that Uniao De Bancos' net profits increased 25.1% to
BRL1.07 billion in the first half of 2006, compared with the same period in
the first half of 2005.  The bank's second quarter net profits increased 21%
to BRL548 million, compared with the same period in 2005.

Uniao De Bancos had BRL98.2 billion in assets as of June 30, BNamericas
states.

                        *    *    *

As reported on Sept. 4, 2006, Moody's Investors Service upgraded these
ratings of Uniao de Bancos Brasileiros S.A. aka Unibanco:

   -- long-term foreign currency deposits to Ba3 from Ba1; and

   -- long- and short-term global local currency deposit ratings
      to A1/Prime-1 from A3/Prime-2.

Moody's rating action was the direct result of the upgrade of
Brazil's country ceiling for foreign currency bonds and notes to
Ba2, from Ba3, as well as Brazil's country ceiling for foreign currency bank
deposits to Ba3, from B1, and the local currency bank deposit ceiling to A1,
from A3.


USINAS SIDERURGICAS: Supplying Steel to General Motors Monthly
--------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA told Business News Americas that it
will supply a total of 10,000 tons of steel per month to General Motors'
unit in Rio Grande do Sul, Brazil.

Usinas Siderurgicas posted on its Web site that it will expand by 38% flat
steel shipments to General Motors.

                   About General Motors

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

                 About Usinas Siderurgicas

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

                        *    *    *

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


VOTORANTIM GROUP: Launches Tender Offer on 7.85% Notes Due 2014
---------------------------------------------------------------
Voto-Votorantim Overseas Trading Operations III Ltd., a Cayman Islands
limited liability company, launched a tender offer for any and all of its
US$300,000,000 7.875% Notes due 2014, guaranteed by Votorantim Participacoes
S.A. aka VPAR, Votorantim Celulose e Papel S.A., Votorantim Cimentos Brasil
Ltda., Votorantim Metais Zinco S.A. and Votorantim Metais Niquel S.A.
Votorantim III is a wholly owned subsidiary of VPAR.

The purpose of the tender offer is to manage the profile of the Votorantim
group's outstanding consolidated indebtedness by reducing the amount of
higher-coupon indebtedness.

The purchase price for each US$1,000.00 principal amount of Notes validly
tendered and not validly withdrawn pursuant to the tender offer shall be
equal -- as described in the Offer to Purchase dated October 25, 2006 - to
the sum of the present value on the settlement date for the tender offer of
US$1,000.00 principal amount of the Notes and the present value of the
interest payments due on such principal amount from the last interest
payment date until the maturity date -- determined on the basis of a yield
to the maturity date equal to the sum of (x) the bid-side yield (as quoted
on Bloomberg PX1 on Tuesday, October 31, 2006, at 10:00 a.m. New York City
Time) of the United States Treasury 4.875% Notes due Aug. 15, 2016, plus (y)
a fixed spread of 144 basis points (such price being rounded to the nearest
cent) -- minus accrued and unpaid interest from the last interest from the
last payment date to, but excluding, the settlement date, payable on the
settlement date.  In addition, registered holders of Notes who validly
tender and do not validly withdraw their Notes in the tender offer will also
receive accrued and unpaid interest from the last interest payment date to,
but excluding, the settlement date, payable on the settlement date.

JPMorgan Chase Bank, National Association has committed to make a bridge
loan to an offshore affiliate of VPAR to enable the Company to pay the
purchase price and accrued interest in relation to tendered Notes.  The
Bridge Loan is expected to be drawn and funded on or prior to the settlement
date for the tender offer and subject to customary conditions precedent.

The tender offer will expire at 5:00 p.m., New York City time, on Nov. 2,
2006, unless earlier terminated or extended.  Settlement of the tender offer
is expected to occur on the third business day following the Expiration
Date.

J.P. Morgan Securities Inc. is acting as dealer manager for the tender
offer.  Questions regarding the tender offer, including procedures for
tendering Notes, may be directed to:

          J.P. Morgan Securities Inc.
          Tel: (212) 834- 7279 (collect)
               (800) 846-2874 (toll free)

Requests for documentation and questions regarding procedures for tendering
Notes may be directed to:

          D.F. King, Inc.
          Tel: (212) 269-5550 (collect)
               (800) 290- 6429 (toll free)

Requests for documentation may also be made to:

          Dexia Banque International a Luxembourg
          Luxembourg Agent, Transaction Execution Group
          Tel: + 352 4590 1
          Fax: + 352 4590 4227

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.

                        *    *    *

Moody's Investors Service upgraded on Sept. 5, 2006,  the foreign currency
rating of Voto -- Votorantim Overseas Trading Op. III's US$300 million
senior unsecured guaranteed notes due 2014 to Ba1 from Ba2, while
maintaining the stable outlook.  The rating action was prompted by Moody's
upgrade of Brazil's long-term foreign currency ceiling for bonds and notes
to Ba1 from Ba2, with stable outlook.




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


AQUAMARINE IAM: Liquidator Presents Wind Up Accounts on Nov. 15
---------------------------------------------------------------
Aquamarine IAM Ltd.'s final shareholders meeting will be at 1:30 p.m. on
Nov. 15, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Bonnie Willkom
          P.O. Box 1111
          Grand Cayman, Cayman Islands
          Tel: (345)-949-5122
          Fax: (345)-949-7920


CORINTHIAN ASSURANCE: Proofs of Claim Filing Is Until Nov. 16
-------------------------------------------------------------
Corinthian Assurance Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Terry W. Carson
          Ian R. Johnson
          Grant Thornton
          P.O. Box 1044, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-8588
          Fax: (345) 949-7325

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Corinthian Assurance's shareholders agreed on Dec. 31, 2005, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


CYBERIA HOLDINGS: Last Day for Proofs of Claim Filing Is Nov. 16
----------------------------------------------------------------
Cyberia Holdings Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Cyberia Holdings' shareholders agreed on Sept. 27, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


EUROPEAN REAL: Creditors Must File Proofs of Claim by Nov. 16
-------------------------------------------------------------
European Real Estate Investment Fund Ltd.'s creditors are required to submit
proofs of claim by Nov. 16, 2006, to the company's liquidators:

          Stuart K. Sybersma
          Ian A. N. Wight
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

European Real'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:

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


HARRIER IAM: Shareholders Convene for Final Meeting on Nov. 15
--------------------------------------------------------------
Harrier IAM Ltd.'s final shareholders meeting will be at 2:00 p.m. on Nov.
15, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Bonnie Willkom
          P.O. Box 1111
          Grand Cayman, Cayman Islands
          Tel: (345)-949-5122
          Fax: (345)-949-7920


HYBRIDS IAM: Final Shareholders Meeting Is Scheduled for Nov. 15
----------------------------------------------------------------
Hybrids IAM Ltd.'s final shareholders meeting will be at 2:30 p.m. on Nov.
15, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Bonnie Willkom
          P.O. Box 1111
          Grand Cayman, Cayman Islands
          Tel: (345)-949-5122
          Fax: (345)-949-7920


JULIUS BAER: Creditors Must Submit Proofs of Claim by Nov. 16
-------------------------------------------------------------
Julius Baer Global Currency Opportunity Fund Ltd.'s creditors are required
to submit proofs of claim by Nov. 16, 2006, to the company's liquidators:

          Stuart K. Sybersma
          Ian A. N. Wight
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

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


METIS OPPORTUNITIES: Proofs of Claim Must be Filed by Nov. 16
-------------------------------------------------------------
Metis Opportunities Fund Ltd.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

          Stuart K. Sybersma
          Ian A. N. Wight
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

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


NPR AUTO: Deadline for Proofs of Claim Filing Is Set for Nov. 16
----------------------------------------------------------------
NPR Auto Parts (Holdings), Inc.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

NPR Auto's shareholders agreed on Sept. 12, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


PUMA THETA: Creditors Have Until Nov. 16 to File Proofs of Claim
----------------------------------------------------------------
Puma Theta's creditors are required to submit proofs of claim by Nov. 16,
2006, to the company's liquidator:

          dms Corporate Services Ltd.
          20 Genesis Close, Ansbacher House
          P.O. Box 31910 SMB, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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

Parties-in-interest may contact:

          Angela Nightingale
          dms Corporate Services Ltd.
          20 Genesis Close, Ansbacher House
          P.O. Box 31910 SMB, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


RX HEALTHCARE: Last Day for Proofs of Claim Filing Is on Nov. 16
----------------------------------------------------------------
Rx Healthcare Overseas Fund's creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidator:

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

Creditors who are not able to comply with the Nov. 16 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Rx Healthcare's shareholders agreed on Aug. 11, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


WATERFALL IAM: Shareholders Gather for Final Meeting on Nov. 15
---------------------------------------------------------------
Waterfall IAM Ltd.'s final shareholders meeting will be at 1:00 p.m. on Nov.
15, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Bonnie Willkom
          P.O. Box 1111
          Grand Cayman, Cayman Islands
          Tel: (345)-949-5122
          Fax: (345)-949-7920




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


GOODYEAR TIRE: S&P Puts Synthetic Transactions' Rating on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' ratings on
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust's class A-1 and A-2 certificates on
CreditWatch with negative implications.

The CreditWatch placements follow the Oct. 16, 2006, placement of the
ratings assigned to Goodyear Tire & Rubber Co. on Credit Watch with negative
implications.  Corporate Backed Trust Certificates Goodyear Tire & Rubber
Note-Backed Series 2001-34 Trust is a swap-independent synthetic transaction
that is weak-linked to the underlying securities, Goodyear Tire & Rubber
Co.'s 7% notes due March 15, 2028.

Goodyear Tire has marketing operations in almost every country around the
world including Chile, Colombia and Guatemala in Latin America.  Goodyear
employs more than 80,000 people worldwide.




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


HEXION SPECIALTY: Extends Tender Offer for Sr. Notes to Nov. 13
---------------------------------------------------------------
Hexion Specialty Chemicals, Inc., has extended the expiration date of its
cash tender offers, for any and all of the outstanding 9% Second-Priority
Senior Secured Notes due 2014 and the Second-Priority Senior Secured
Floating Rate Notes due 2010 issued by Hexion U.S. Finance Corp. and Hexion
Nova Scotia Finance, ULC, to 5:00 p.m., New York City time, on
Nov. 13, 2006, unless further extended.  In connection with the extension of
the tender offers Hexion is changing the Price Determination Date for the 9%
Notes which shall now be
Oct. 30, 2006.

As of Oct. 24, 2006, tenders and consents had been received with respect to
100% of the outstanding principal amounts of the Notes.  The tender offers
and consent solicitations are subject to the terms and conditions set forth
in Hexion's Offer to Purchase and Consent Solicitation Statement dated Oct.
12, 2006, and the related Consent and Letter of Transmittal.

Hexion has retained Credit Suisse Securities (USA) LLC to act as Dealer
Manager in connection with the tender offer and consent solicitation.
Questions about the tender offer and consent solicitation may be directed
to:

          Credit Suisse Securities (USA) LLC
          Tel: (800) 820-1653 (toll free)
               (212) 325-7596 (collect)

Copies of the Offer Documents and other related documents may be obtained
from the information agent for the tender offer and consent solicitation at:

          D.F. King & Co., Inc.
          Tel: (800) 290-6426 (toll free)
               (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 Latin America, the company has operations 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.


PETROLEO BRASILEIRO: Tierra Negra May Hold 700MM Barrels of Oil
---------------------------------------------------------------
The Colombian office of Petroleo Brasileiro SA, the state-owned oil firm of
Brazil, told Business News Americas that the firm is positive that its
Tierra Negra exploration and production block in Colombia's Casanare
department could have about 700 million barrels of oil.

Petroleo Brasileiro said in a statement that it is drilling one exploratory
well on the property and expects results in a year.

Petroleo Brasileiro told BNamericas, "The drilling of this well indicates an
exploratory prospect with a potential to reach 700Mb (million barrels)."

The figure is not a definite reserve estimate, BNamericas says, citing
Petroleo Brasileiro.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA 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.




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


BANCO BHD: Fitch Holds D Individual Rating with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed these Dominican Republic-based Banco
BHD ratings:

    -- Long term foreign and local currency Issuer Default
       Ratings at 'B';

    -- Short-term at 'B';
    -- Support at '5';
    -- Individual at 'D'.

In addition, Fitch has affirmed BHD's Long Term National Rating
and Short Term National Rating at 'A(dom)' and 'F-1(dom)'.  The
Outlook for the Issuer Default rating is Stable.  BHD ratings
reflect its diversified retail deposit base, significant market
share, adequate liquidity, competent management and its robust
shareholder structure.  Despite its recent improvement, asset
quality and profitability ratios still compare weakly by
international standards, as well as its thin capital levels within a
competitive operating environment.

BHD's conservative management and the benefits of a less volatile operating
environment have allowed the bank to enhance most of its performance ratios,
although burdens imposed by lower interest rates and high overheads still
affect the banks profitability ratios.  Despite a dramatic increase to 1.6%
in BHD's ROAA at the end of 2005 from less than 1% during 2004, this ratio
still ranks lower than the market average.  The overhaul of the risk
management area, more successful collection efforts and the positive results
of the bank's conservative approach towards lending have sustained a
positive improvement in BHD's asset quality ratios. After a peak of 9% of
total loans at the end of 2004, impaired loans (including installments in
arrears) have improved to 4.6% of total loans at the end of March 2005,
while loan loss reserves covered more than 180% the impaired portfolio, one
of the highest levels among Dominican banks.

After a significant increase in 2004, BHD's securities portfolio
has represented a significant part of total assets, reaching 32%
of total assets in 2005 (26% in 2004).  A significant portion of
the portfolio is comprised of Central Bank securities which
represented 1.2 times equity at that date, similar to its
competitors but considered high in view of the low sovereign
rating (LTLC: B) and its decreasing yields.  Conservative cash
dividends, slow asset growth, and subordinated debt holdings
(US$20 million) have benefited BHD's capital ratios.  At the end of March
2006, BHD had an equity to assets ratio of 8.8% and a total capital ratio of
14.7%.  However, the significant burden imposed by the bank's holding of
fixed and foreclosed assets (70% in total at the end of March 2005) and some
revaluations of fixed assets, diminishes the quality of the aforementioned
ratios.

As of March 2006, BHD ranked third out of 12 commercial banks,
with a 13% market share by total assets.  Grupo BHD controls 60%
of Centro Financiero BHD, the bank's holding company is one of the largest
economic groups in the Dominican Republic. BHD enjoys close cooperation with
Banco Sabadell of Spain and Banco Popular de Puerto Rico (Popular PR), who
together control the remaining 40% of Centro Financiero BHD.  BHD's
ownership structure is unique among Dominican banks, which allows it to
benefit from close cooperation with its foreign shareholders.


BANCO INTERCONTINENTAL: Fraud Trial Postponed for 20 Days
---------------------------------------------------------
The fraud trial against former Banco Intercontinental SA officials was
postponed for 20 days, as Juarez Castillo -- one of the defense lawyers --
will undergo heart surgery in Boston, Dominican Today reports.

Juarez Castillo is the lawyer of Ramon Baez Figueroa, the former president
of Banco Intercontinental.

However, the justice ministry, the judges, and the lawyers of the plaintiff
and defense agreed to hold a hearing on Wednesday in the Special National
District Court Collegiate, Dominican Today relates.  The plaintiffs and
monetary and financial authorities presented the charges against the
defendants.

Dominican Today underscores that the central bank and the Banks
Superintendence accuse the former executives of Banco Intercontinental of
defrauding the bank.  The accused include:

          -- Mr. Figueroa,
          -- Vivian Lubrano,
          -- Luis Alvarez Renta,
          -- Jesus Maria Troncoso, and
          -- Marcos Baez Cocco.

The parties involved in the case agreed to the term in the hearing,
Dominican Today states.

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


CENTENNIAL COMM: Inks Text Messages Exchange Accord with Tricom
---------------------------------------------------------------
Centennial Dominicana, the Dominican Republic subsidiary of Centennial
Communications Corp., has signed an accord with Tricom SA to allow exchange
of mini text messages between the two firms, Dominican Today reports.

According to Dominican Today, the initiative is aimed at increasing
communication among clients in Tricom and Centennial Dominicana.

Dominican Today relates that the accord would give the two firms'
subscribers the convenience of communicating with ease.  Tricom mobile phone
users would be able to contact Centennial Dominicana users, and vice-versa.

Tricom and Centennial Dominicana said in a press release that through the
accord, a platform will be made available to send mini messages through the
Internet.

                       About Tricom

Tricom, S.A. -- http://www.tricom.net/-- is a full service communications
services provider in the Dominican Republic.  The Company offer local, long
distance, mobile, cable television and broadband data transmission and
Internet services.  Through Tricom USA, the Company is one of the few Latin
American based long distance carriers that is licensed by the U.S. Federal
Communications Commission to own and operate switching facilities in the
United States.  Through its subsidiary, TCN Dominicana, S.A., the Company is
the largest cable television operator in the Dominican Republic based on its
number of subscribers and homes passed.   The Company's securities are
traded in the United States.

                 About Centennial Communications

Headquartered in Wall, New Jersey, Centennial Communications Corp. --
http://www.centennialwireless.com/-- provides wireless communications with
cellular licenses covering smaller markets in the central United States.
Centennial also offers personal communications services in the Caribbean, as
well as wireline and wireless broadband services.  It operates as a
competitive local-exchange carrier in Puerto Rico, offering traditional and
Internet-based phone service.  Centennial sold its Puerto Rican cable
operations in 2004.  Venture capital firm Welsh, Carson, Anderson & Stowe
(54%) and a unit of the Blackstone Group (24%) are Centennial's controlling
shareholders.

                        *    *    *

As reported in the Troubled Company Reporter on Jul. 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'.
Fitch said the rating outlook is stable.


TRICOM SA: Inks Text Messages Exchange Accord with Centennial
-------------------------------------------------------------
Tricom SA has signed an accord with Centennial Dominicana, the Dominican
Republic subsidiary of Centennial Communications Corp., to allow exchange of
mini text messages between the two firms, Dominican Today reports.

According to Dominican Today, the initiative is aimed at increasing
communication among clients in Tricom and Centennial Dominicana.

Dominican Today relates that the accord would give the two firms'
subscribers the convenience of communicating with ease.  Tricom mobile phone
users would be able to contact Centennial Dominicana users, and vice-versa.

Tricom and Centennial Dominicana said in a press release that through the
accord, a platform will be made available to send mini messages through the
Internet.

                 About Centennial Communications

Headquartered in Wall, New Jersey, Centennial Communications Corp. --
http://www.centennialwireless.com/-- provides wireless communications with
cellular licenses covering smaller markets in the central United States.
Centennial also offers personal communications services in the Caribbean, as
well as wireline and wireless broadband services.  It operates as a
competitive local-exchange carrier in Puerto Rico, offering traditional and
Internet-based phone service.  Centennial sold its Puerto Rican cable
operations in 2004.  Venture capital firm Welsh, Carson, Anderson & Stowe
(54%) and a unit of the Blackstone Group (24%) are Centennial's controlling
shareholders.

                         About Tricom

Tricom, S.A. -- http://www.tricom.net/-- is a full service communications
services provider in the Dominican Republic.  The Company offer local, long
distance, mobile, cable television and broadband data transmission and
Internet services.  Through Tricom USA, the Company is one of the few Latin
American based long distance carriers that is licensed by the U.S. Federal
Communications Commission to own and operate switching facilities in the
United States.  Through its subsidiary, TCN Dominicana, S.A., the Company is
the largest cable television operator in the Dominican Republic based on its
number of subscribers and homes passed.   The Company's securities are
traded in the United States.

                        *    *    *

Moody's Investors Service assigned a Ca issuer and senior unsecured ratings
to Tricom SA.  Moody's said the outlook is stable.




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


PETROECUADOR: Ministry Relaunches Tender for Firm's Audit
---------------------------------------------------------
The Ecuadorean ministry of mines and energy has relaunched a tender for the
audit of four oil firms, including Petroecuador, Business News Americas
reports.

BNamericas relates that the ministry initially launched the tender earlier
this year, which it then decided to cancel.

The ministry said in a statement that offers will now be accepted until Nov.
14.  Offers had been due on Sept. 29.

BNamericas underscores that the contract winner will look at Petroecuador's:

       -- auditing investment,
       -- operating income,
       -- non-operating income,
       -- costs and expenses of the company and its subsidiaries
          in the second half of 2002 as well as for 2003, 2004
          and 2005.

Other firms that will be audited are:

       -- Petrobras Energia Ecuador,
       -- Ecuador TLC, and
       -- EDC Ecuador subsidiary of US oil firm Noble Energy.

According to BNamericas, the audits relate to 2005 investments, income,
costs and expenses of Petrobras Energia Ecuador's block 31, EDC's block 3
and Ecuador TLC's block 18 and Palo Azul field.

The winning bidder will be given 90 days to conduct the audits, BNamericas
states.

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


PETROECUADOR: Unit Extends Bidding Deadline for Esmeraldas
----------------------------------------------------------
Fernando Rodriguez -- the spokesperson of Petroindustrial, a refining unit
of Petroecuador -- told Business News Americas that it has moved the bidding
deadline for the upgrade of the Esmeraldas refinery to Dec. 15.

BNamericas relates that the deadline for the submission of offers were
initially set for Bids were previously due on
Nov. 26.

The US$127-million project would involve the two-year refurbishment of the
110,000-barrels-per-day refinery to increase refining margins to US$3.80 per
barrel from US$3.30 a barrel.

According to BNamericas, Mr. Rodriguez said that firms that have shown
interest to date for the US$127-million project are:

          -- Glencore International,
          -- Ching International,
          -- Tec Total, and
          -- Camespe.

Mr. Rodriguez did not tell BNamericas the reason for the bidding's delay.

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.




=====================
E L   S A L V A D O R
=====================


MILLICOM INTERNATIONAL: Launching Tigo Brand in Colombia in 2007
----------------------------------------------------------------
Marc Beuls, the chief executive officer of Millicom International Cellular
SA, told Business News Americas that it will launch its Tigo brand in
Colombia in the first quarter of 2007, when it concludes its acquisition of
Colombia Movil.

As reported in the Troubled Company Reporter-Latin America on Sept. 4, 2006,
Millicom International acquired 50% and one share of Colombia Movil from
Empresa de Telefono de Bogota and Empresas Publicas de Medellin, the
municipally owned telcos, for US$125 million.

Mr. Beuls told BNamericas, "We are very excited about the acquisition of the
controlling stake in Colombia Movil, which gives us the opportunity to
implement our business model in one more Latin American market...it looks
like a good place to operate."

Millicom International is optimistic about the possibilities.  However, the
Colombian market would be a challenge as Colombia Movil only holds a 10%
market share, BNamericas says, citing Mr. Beuls.

Mr. Beuls told BNamericas, "We expect to grow the market share substantially
once we launch our business model."

Millicom International appointed five new board members for Colombia Movil,
moving them from other Latin American operations.  The company operates
mobile units under the Tigo brand in Latin America, Africa and Southeast
Asia, BNamericas 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.


MILLICOM INT: Posts US$403MM Revenues for Third Quarter 2006
--------------------------------------------------------------
Millicom International Cellular S.A.'s total subscriber increased 62% for
the third quarter ended Sept. 30, 2006, bringing total subscribers to 12.8
million.  The company also experienced a 54% increase in revenues for to
US$403 million and a 58% increase in EBITDA to US$179 million.  Profit for
the quarter reached US$52 million and basic earnings per common share were
US$0.52.

The company reports a 52% increase in revenues for the nine months to
September 2006 to US$1,086 million and a 56% increase in EBITDA for the nine
months to September 2006 to US$479 million.  Profit for the nine months to
September 2006 reached US$119 million and basic earnings per common share
reached US$1.19 for the nine months to September 2006.

Marc Beuls, Chief Executive, comments, "Millicom has delivered another
quarter of exceptional growth with revenues increasing by 54% and EBITDA by
58%, fuelled by the addition of almost 1.9 million new subscribers.  Total
subscribers at the end of the third quarter amounted to 12.8 million but
today this figure is over 15 million including the subscribers we have in
Colombia.  Once again, the primary drivers of growth have been the 72% year
on year increase in quarterly revenues in Central America, the 70% increase
in South America and the 59% increase in Africa.  Encouragingly, the Group
EBITDA margin was 44%, an increase of a percentage point over last quarter,
with the higher margins in Central and South America and South East Asia
more than offsetting the slightly lower margin in Africa and the expected
losses from South Asia.

"Capex for the third quarter was US$188 million and will exceed US$700 for
the year, as we invest in our new operation in Colombia and build out the
new networks in the Democratic Republic of Congo and Pakistan. With the
frequency interference issues in Pakistan resolved and the network build out
continuing, particularly in the Karachi region, the re-launch of our
Pakistani business is planned for the first quarter of 2007.  The launch of
Tigo in the Democratic Republic of Congo will take place either later this
year or early next year, depending on the environment after the elections,
and will complete our planned Tigo roll-out in Africa.  We are already
seeing that the brand and the values it embodies are driving similar if not
higher levels of growth than those we have enjoyed from Latin America and we
look forward to demonstrating this to those attending our investor trip to
Ghana in November.

"Millicom and the Rafsanjan Industrial Complex or RIC have mutually agreed
to terminate their management contract in Iran as the lack of progress made
in resolving the interconnect issues prevented Millicom from building a
business delivering returns on investments comparable to those in its other
countries.

"We are very excited about the acquisition of a controlling stake in
Colombia Movil, the country's third operator.  Millicom has taken management
control of the company and has started preparing for the implemention of the
Millicom triple "A" business model and the launch of Tigo in the first
quarter of 2007.

"This quarter we have taken the decision to show Vietnam as a discontinued
operation given the delays occurring in the privatization process there.  A
new government is in place in Vietnam and our communications with them have
been positive, however, we have still not received clear guidance about the
terms and conditions of operating in Vietnam in a privatized market.  With
Vietnam removed from our pro forma numbers and the impact of Honduras and
Pakcom much less significant, we will no longer be reporting pro forma
numbers."

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.




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


* HAITI: IDB Grants US$17.8MM Loan to Promote Rural Supply Chain
----------------------------------------------------------------
The Inter-American Development Bank approved a US$17.8 million soft loan to
Haiti for a program to increase productivity in rural supply chains with
proven growth potential.

Agricultural output has fallen dramatically in Haiti over the past two
decades, increasing poverty levels in the countryside, home to some 5
million of the country's 8 million people.  However, a variety of
agriculture and livestock-based activities show promising prospects to add
value and generate more income and jobs in rural areas.

For example, Haiti is the world's leading producer of vetiver, the root of a
tall grass that yields an expensive essential oil prized by perfume makers
in Europe.  More broadly, experience in Haiti has shown that the adoption of
improved farming inputs and techniques has boosted production and natural
resource conservation in areas where they have been introduced.

Building on studies of Haiti's emerging rural supply chains, the new program
will strengthen the Ministry of Agriculture, Natural Resources and Rural
Development (MARNDR by its French acronym) by investing in existing research
and extension centers and promoting public-private cooperation.
Knowledgeable members of producer associations will be included in steering
committees to ensure the relevance and accountability of the research and
extension programs.

Four MARNDR extension centers located in different regions of Haiti:

   -- Dondon in the north,
   -- Levy in the southwest
   -- Baptiste in the Central Plateau and
   -- Savanne Zombi in the southeast,

will be rehabilitated and equipped and their staff trained to implement 12
research and dissemination programs with collaboration with participants of
key rural supply chains.

The extension centers will work on botanical collections to improve:

   -- planting stock;

   -- production of high-value fruits such as avocados, mangoes
      and citrus;

   -- horticultural marketing and processing, coffee pest and
      disease control; and

   -- propagation of disease-resistant banana varieties that
      also serve as shade trees for coffee; garden and root
      crops; corn and beans, essential oils and livestock.

A second component of the program will bolster Haiti's capacity to:

   -- detect and control key pests and diseases affecting plants
      and animals in the priority supply chains;

   -- improve quarantine controls at airports, ports and border
      crossings;

   -- run quality control, compliance and certification systems;
      and

   -- carry out specific phyto-zoo-sanitary campaigns.

The program will help the MARNDR boost its capacity to make public
investments in rural supply chains by providing financing to train staff in
strategic management, human resources and operations management and
information management.  The ministry and four associations representing
producers, processors and exporters of coffee, essential oils, livestock and
mangoes will also collaborate on developing national competitiveness
strategies.

The supply chain program is expected to help tens of thousands of Haitian
farmers, technicians, transportation entrepreneurs, processors, suppliers
and exporters.  As part of the program, a US$500,000 grant from the Japanese
Poverty Reduction Fund will help link rural producer groups and
entrepreneurs to market opportunities, including services to develop
business plans and to identify financing sources.

Investments made under the program will complement other rural development
projects financed by the IDB and various international agencies and donors
in Haiti.  IDB loans also support flood prevention and extensive road
rehabilitation to better connect farmers with markets.  A loan for watershed
management is currently in preparation.

The new loan is for 40 years, with a 10-year grace period.  Annual interest
rates will be 1% during the first decade and 2% thereafter.

                        *    *    *

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.


* HAITI: U.S. Congress May Vote on HOPE Bill by Year-End
--------------------------------------------------------
The Associated Press reports that Haiti's chance to benefit from the
so-called HOPE bill could be revived by the end of the year.

U.S. Representative Sheila Jackson-Lee told AP there's enough bipartisan
support to revive the legislation that would extend trade preferences to
Haiti's crippled apparel assembly industry.  Lawmakers delayed consideration
of the HOPE bill last month.

"The HOPE bill is very much still alive," Rep. Jackson-Lee, a Democrat from
Texas, was quoted by AP as saying after the close of a four-day trade
mission to the Caribbean country.

The HOPE bill or the Haitian Hemispheric Opportunity through Partnership
Encouragement would grant duty-free access to clothes made in Haiti with
fabric from third-countries, AP says.

The bill, once approved, could create up to 20,000 assembly jobs in Haiti,
AP says.

                        *    *    *

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




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


CENTURY ALUMINUM: Earns US$173.9MM Net Income in Third Quarter
--------------------------------------------------------------
Century Aluminum Co. reported net income of US$173.9 million for the third
quarter of 2006.  Reported third quarter results were positively affected by
an after-tax gain of US$134.6 million (US$4.15 per basic share and US$4.06
per diluted share) for mark-to-market adjustments on forward contracts that
do not qualify for cash flow hedge accounting.

In the third quarter of 2005, the company reported a net loss of US$20.1
million (US$0.62 per basic and diluted share), which included an after-tax
loss of US$36.4 million (US$1.13 per basic and diluted share) for
mark-to-market adjustments on forward contracts that do not qualify for cash
flow hedge accounting.

Third quarter 2006 highlights included:

   -- All of the pots from the Nordural capacity expansion from
      90,000 to 220,000 metric tons per year were energized in
      September.  The expansion remains on schedule and budget
      and the plant is expected to reach full rated capacity of
      220,000 mtpy by year-end 2006.

   -- A three-year labor agreement covering 580 hourly workers
      was ratified by the United Steelworkers at the Ravenswood,
      West Virginia smelter.

   -- As a result of a notice to strike by the United
      Steelworkers (prior to the ratification of the agreement)
      one potline at the Ravenswood smelter was shut down and
      subsequently restarted.  This action resulted in lost
      production of approximately 8,000 tons during the
      quarter.

Sales in the third quarter of 2006 were US$381 million, up over 40 percent
from US$271 million in the third quarter of 2005.  Shipments of primary
aluminum for the quarter totaled 374 million pounds compared with 337
million pounds in the year-ago quarter, reflecting the impact of the
Nordural expansion less the production curtailment at Ravenswood.

Net income for the first nine months of 2006 was US$78.2 million (US$2.41
per basic share and US$2.38 per diluted share), which compares to US$32.4
million (US$1.01 per basic and diluted share) for the year-ago period.

Sales in the first nine months of 2006 were US$1,134 million compared with
US$839 million in the same period of 2005.  Shipments of primary aluminum
for the first nine months of 2006 were 1,098 million pounds compared with
1,014 million pounds for the comparable 2005 period.

"Lower operating results in the quarter compared to the second quarter of
2006 were primarily a result of a decline in the market price for aluminum
and the Ravenswood potline shutdown," said president and chief executive
officer Logan W. Kruger.  "Our performance during the quarter was also
impacted by operating costs at Nordural related to the start-up of the
expansion as well as higher U.S. energy costs.

"Despite these challenges, we made important progress during the quarter.
The major expansion at Nordural is nearing completion and remains on
schedule and budget. We are continuing to make progress with our greenfield
project at Helguvik, Iceland.  The labor agreements at Ravenswood and
Hawesville support the longer-term future of these smelters.  With these
developments, we are well positioned for the fourth quarter and beyond."

Headquartered in Monterey, California, Century Aluminum Company
(NASDAQ:CENX) -- http://www.centuryca.com/-- owns and operates
a 244,000 mtpy plant at Hawesville, Kentucky; a 170,000 mtpy
plant at Ravenswood, West Virginia; and a 90,000 mtpy plant at
Grundartangi, Iceland.  The company also owns a 49.67% interest
in a 222,000 mtpy reduction plant at Mt. Holly, South Carolina.
ALCOA Inc. owns the remainder of the plant and is the operating
partner.  Century also holds a 50% share of the 1.25 million
mtpy Gramercy Alumina refinery in Gramercy, Louisiana and
related bauxite assets in Jamaica.

                        *    *    *

Standard & Poor's placed the Company's long-term local and
foreign issuer credit ratings at BB- with a stable outlook on
March 13, 2001.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Century Aluminum Company.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 Million
   7.5% Guaranteed
   Senior Unsecured
   Notes due 2014         Ba3      B1      LGD5       77%

   US$175 Million
   1.75% Convertible
   Guaranteed
   Senior Unsecured
   Notes due 2024         Ba3      B1      LGD5       77%


NATIONAL COMMERCIAL: Bail of Workers Accused of Fraud Extended
--------------------------------------------------------------
Illene Miller and Michelle Roberts-Francis, who are both accused of
defrauding the National Commercial Bank of Jamaica, had the deadline of
their bails extended when they appeared in the Half-Way-Tree Criminal Court,
Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Sept. 20,
2006, Fraud Squad detectives accused Ms. Miller -- a Ministry of Justice
employee -- and Mrs. Roberts-Francis, a loans officer at the National
Commercial, for stealing millions of dollars from the Half-Way-Tree branch
of the National Commercial.  Ms. Miller allegedly swindle the bank of US$2
million through the issuance of loans to persons purportedly employed to the
Justice Ministry.  Mrs. Roberts-Francis was arrested after an audit revealed
that since 2005, millions of dollars in unauthorized loans were paid out to
persons on fictitious loan applications.  Investigators alleged that Ms.
Miller and Mrs. Francis conspired with other persons to defraud the National
Commercial.

Radio Jamaica relates that government prosecutors disclosed on Wednesday
that they were not ready to set a trial date, as the investigation is yet
ongoing.

According to Radio Jamaica, investigators alleged that over US$10 million
was stolen from the National Commercial.

National Commercial's auditors are continuing their investigation to
determine the extent of the loans fraud, Radio Jamaica states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Feb. 13, 2006,
Fitch initiated rating coverage on Jamaica's National Commercial Bank
Jamaica, Ltd., by assigning 'B+' ratings on the bank's long-term foreign
currency.  Other ratings assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.




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


ALASKA AIR: Posts US$17.4 Mil. Net Loss in Third Quarter of 2006
----------------------------------------------------------------
Alaska Air Group Inc. reported a third quarter net loss of
US$17.4 million compared with net income of US$90.2 million in the third
quarter of 2005.

The 2006 results include charges related to the buyout of five
MD-80 leases and a voluntary severance program in connection with a new
labor contract, as well as mark-to-market fuel hedging losses related to
contracts that settle in future quarters and the reclassification of
previously recorded mark-to-market gains on hedges that settled during the
quarter.

The 2005 results included mark-to-market fuel hedging gains, a
refund of Mexico navigation fees and a nominal adjustment to
previously recorded restructuring charges.

Excluding the impact of these items, the company would have
reported net income in the third quarter of 2006 of US$77.9 million compared
with US$71.5 million in the third quarter of 2005.

"The quarter's adjusted net profit reflects the hard work of
employees across our system and the progress we are making on our plan,"
chief executive officer Bill Ayer said.

"However, slower unit revenue growth toward the end of the quarter
underscores the need to continue to reduce costs and improve processes in
order to offer our customers a product they prefer at a price they are
willing to pay."

In previous quarters, Alaska Air Group excluded from adjusted
earnings its mark-to-market fuel hedging gains related to
contracts that settle in future quarters.  Consistent with that
practice, the company excluded from the current quarter's adjusted results
the mark-to-market fuel hedging losses that settle in future quarters.
While the recent decline in fuel prices has caused the value of the
portfolio to decline, it is still in the money.  The fuel-hedging program
saved the company approximately US$27.4 million in economic fuel expense
during the third quarter.

During the quarter, the company accrued an additional US$1.7 million for
Horizon Air employees and US$3.3 million for Alaska Airlines employees in
connection with various gain-sharing plans, for a year-to-date total accrual
of approximately US$24 million.

In addition, Alaska Airlines contributed US$72 million to its
defined benefit plans during 2006, and US$265 million since
Sept. 11, 2001.

Alaska Airlines' passenger traffic in the third quarter increased 6% on a
capacity increase of 5.6%.  Alaska's load factor increased 0.2 percentage
points to 79.2%, compared with the same period in 2005.

Alaska's operating revenue per available seat mile (ASM) increased 4.4%,
while its operating cost per ASM excluding fuel, and the noted items
decreased 2.7%.

Alaska's pretax loss for the quarter was US$27.9 million, compared with
pretax income of US$133.0 million in 2005.  Again, excluding the noted
items, Alaska would have reported pretax income of US$115.3 million for the
quarter, compared with US$106.0 million in the third quarter of 2005.

Horizon Air's passenger traffic in the third quarter increased
5.7% on a 4.4% capacity increase.  Horizon's load factor increased by 0.9
percentage points to 75.9%, compared with the same period in 2005.

Horizon's operating revenue per ASM increased 9.9%, and its
operating cost per ASM excluding fuel increased 8.4%.  Horizon's
pretax income for the quarter was US$5.9 million, compared with
US$17.3 million in 2005.  Excluding the mark-to-market fuel hedge
adjustments, Horizon's pretax income would have been US$15.1 million for the
quarter, compared with US$14.4 million in the third quarter of 2005.

Alaska Air Group had cash and short-term investments at
Sept. 30, 2006, of approximately US$1.1 billion compared with US$983 million
at Dec. 31, 2005.

The company's debt-to-capital ratio, assuming aircraft operating
leases are capitalized at 7x annualized rent, was 69% as of
Sept. 30, 2006, compared with 73% as of Dec. 31, 2005.  The
decrease from Dec. 31, 2005, is primarily due to the conversion to equity of
its senior convertible notes in April 2006, offset by the US$41.0 million
net loss for the nine months and an increase in our outstanding debt
resulting from new aircraft financings.

At Sept. 30, 2006, the Company's balance sheet showed
US$4.140 billion in total assets, US$3.175 billion in total
liabilities, and US$965 million in total stockholders' equity.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger trip length
of 1,009 miles.  Alaska principally serves destinations in the state of
Alaska and North/South service between cities in the Western United States,
Canada, and Mexico.  Horizon operates jet and turboprop aircraft with
average passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *    *    *

Standard & Poor's Rating Services revised its outlook on Alaska
Air Group Inc. to stable from negative.  The ratings on Alaska Air Group and
its major operating subsidiary, Alaska Airlines Inc., including the 'BB-'
corporate credit rating on both entities, were affirmed.


DESARROLLADORA: Revenues Up 25.9% to MXN3.2B in Third Quarter
-------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed results for the third quarter
ended Sept. 30, 2006.  Homex noted that one year after completing the
consolidation of the Casas Beta acquisition into the company's results, the
year-over-year comparison reflects comparable results and organic growth.

                         Highlights

   -- Total revenues increased 25.9% in the third quarter of
      2006 to MXN3.2 billion from MXN2.6 billion in the third
      quarter of 2005.

   -- EBITDA margin increased 60 basis points to 24.0% in the
      third quarter of 2006 from 23.4% in the third quarter of
      2005.  The reported EBITDA during the quarter of MXN772.4
      million represented a 28.8% increase from the MXN599.5
      million reported in the third quarter of 2005.

   -- Net income increased 47.7% in the third quarter of 2006 to
      MXN462.0 million from MXN312.8 million in the third
      Quarter of 2005.

   -- Free cash flow generation reached MXN580.5 million as of
      Sept. 30, 2006.

   -- Accounts receivable as a percentage of total revenues
      improved significantly to 43.8% from the 62.2% reported
      in September 2005.

Homex's solid results during the quarter reflect the company's ongoing
effort to improve its margins, obtain greater efficiencies through working
capital management and to generate significant revenue growth and positive
free cash flow for the year.  Homex's management team is pleased to report a
strong performance based, in part, on the successful integration of the Beta
acquisition.  The company achieved double-digit top line growth in both
affordable entry and middle-income segments and improved margins for the
reported quarter, leveraging on its product mix.

Homex's performance was not adversely affected by the uncertainty surrounded
by the Presidential elections.

                     Operating Results

Homex operated in 28 cities and 18 states across Mexico as of Sept. 30,
2006.

Sales volumes for the nine-month period ended September 30, 2006 totaled
30,281 homes, a 14.8% increase over the same period during the previous
year.  This gain was primarily driven by a 24.3% increase in the
middle-income segment in 2006. During the quarter, sales volume totaled
11,108 homes out of which affordable entry-level volumes accounted for
10,252 homes, representing 92.3% of the total sales volume.  Increased
availability of financing from all sources, particularly INFONAVIT,
contributed to the higher volume of sales of affordable entry-level homes.
Middle-income volumes was 856 homes, or 7.7% of total sales volume, also
contributing with the overall increase in sales volume in the quarter.

                     Mortgage Financing

During the third quarter of 2006, the company focused its affordable
entry-level operations on the Mexican Workers' Housing Fund or INFONAVIT,
which represented 76.5% of the mortgages granted to Homex's customers during
the quarter.  Similar to the second quarter of the year, the competitive
nature of INFONAVIT mortgages in the third quarter of 2006 resulted in an
increased participation by INFONAVIT in the mix of mortgages for the
company's customers.

Homex continued with its extensive training program for its sales force to
rapidly identify and utilize the best available mortgage products for their
customers.  Homex is able to secure financing for its clients from the best
source, more quickly and on better terms, by having a broad portfolio of
mortgage options.

As of Sept. 30, 2006, Homex was securing mortgages from INFONAVIT, the five
largest Sofoles, five commercial banks and FOVISSSTE.

                   Geographic Expansion

During the third quarter of 2006, Homex launched a new development in the
City of Puebla.  Puebla is the fifth largest city in Mexico by population
and one of the fastest growing and most attractive cities in the country.
The community will consist of approximately 2,500 homes in its first stage
and will include affordable entry and middle-income level homes.  The
company also launched a new affordable entry development in Mexicali, Baja
California as well as a new middle income development in Acapulco.

Homex also consolidated its operations in the existing cities and launched
18 new phases or expansion projects during the quarter. Homex's strategy of
maintaining a geographically diverse base of projects in medium-sized
cities, while strengthening its presence in the major metropolitan areas in
Mexico has been followed without sharing profits with a local partner.

Homex is one of the leading homebuilders in Mexico's top four markets:

   -- Mexico City,
   -- Guadalajara,
   -- Monterrey and
   -- Tijuana,

and continues to have one of the leading positions in the additional 24
cities where the company operates.

                     Financial Results

Revenues increased 25.9% in the third quarter of 2006 to MXN3,220 million
from MXN2,557 million in the same period of 2005.  Total housing revenues in
the third quarter of 2006 increased 29.5% to MXN3,179 million, resulting
from a 28.3% increase in revenues from affordable-entry and a 35.5% increase
in revenues from middle income.  The increase in middle-income revenues was
also an important contributor to the overall increase in total revenues and
was driven, in part, by an increased number of units sold during the quarter
and improved mortgage products from commercial banks for this segment.  As a
percentage of total revenues, affordable entry-level and middle income
represented 82.3% and 16.4%, respectively, in the third quarter of 2006
versus 80.8% and 15.3%, respectively, in the same period of 2005.

Homex reported other revenues, which are mainly attributable to the sale of
pre-fabricated construction materials such as block and concrete, of MXN41.3
million in the third quarter of 2006, compared to the MXN101.8 million
reported in the same period of 2005.

Gross profit for the quarter increased 26.7% to MXN1,035 million from MXN817
million reported in the same quarter of 2005. Homex generated a gross margin
of 32.2% in the third quarter of 2006 compared to 32.0% in the same period
of last year.  The company's improved gross margin for the quarter reflects,
in part, the increased number of middle-income projects with higher average
prices.

Costs as a percentage of revenues improved to 67.8% in the third quarter of
2006 from 68.0% in the same period of previous year, mainly due to an
improved product offering in the affordable entry and middle-income
segments, as well as economies of scale, particularly in the ongoing
implementation of tighter controls on the procurement and use of materials.

Selling and administrative expenses as a percentage of revenues reached
9.2%, a significant improvement from the 9.9% reported in the previous
quarter.  Third quarter 2005 SG&A as a percentage of revenues was 8.9%.  In
absolute terms, SG&A increased to MXN297 million compared to MXN228 million
in the third quarter of 2005, reflecting increased sales and higher
commissions derived from the higher participation of middle-income products
in the sales mix.

Operating income in the third quarter of 2006 increased 25.3% to MXN738
million compared to MXN589 million in the same period of 2005.  Operating
income as a percentage of revenues remained relatively stable at 22.9% in
the third quarter of 2006 compared to 23.0% in the same period of 2005.

Other income in the third quarter 2006 was MXN9 million compared to other
income of MXN4 million in the third quarter of 2005. Other income in the
third quarter of 2006 mainly reflects income from non-operating products,
construction materials sold to third parties during the period, and ongoing
recoveries from urbanization works and others.

Net comprehensive financing cost decreased to MXN64 million in the third
quarter of 2006 compared to MXN141 million in the year ago period.  As a
percentage of revenues, net comprehensive financing cost was 2.0% in the
third quarter of 2006 compared with 5.5% in the same quarter of 2005.  The
decrease in net comprehensive financing cost was mainly the result of the 3%
appreciation of the Mexican peso against the US Dollar during the period,
reflected in a much higher foreign exchange gain.  The drivers of this
result include:

   a. Net interest expense decreased to MXN124 million in the
      quarter from MXN131 million in the same quarter of 2005.
      The year-over-year decrease in net interest expense was
      driven by an increase in the company's interest income, as
      a consequence of a higher cash and investment position,
      partially offsetting a higher interest expense and higher
      commissions.

   b. Reported non-cash monetary position in the third quarter
      of 2006 was MXN29 million compared to MXN10 million in the
      third quarter of 2005.

   c. Foreign exchange gain in the third quarter of 2006 was
      MXN89 million compared to a foreign exchange gain of
      MXN351,000 in the third quarter of 2005, derived mainly
      from the net changes in the translation of its foreign
      currency-denominated debt.

The monetary position and the foreign exchange gain are both non-cash items
and, in total, represented a gain of MXN60 million in the third quarter of
2006.

                           Taxes

Income tax expense increased to MXN216 million in the third quarter of 2006
from MXN144 million reported in the same period of 2005.

Net income for the third quarter of 2006 reached MXN462 million,
representing a 47.7% increase over the MXN313 million reported in the same
period of 2005.  Earnings per share for the third quarter were MXN1.39, as
compared to MXN0.93 in the third quarter of 2005. The increase is the result
of a higher operating income in the third quarter of 2006 compared to the
reported figure in the same period of last year, together with a lower net
comprehensive financing cost.

EBITDA margin improved to 24.0% in the third quarter of 2006 from 23.4% in
the same period last year, mainly as result of operating efficiencies that
derived a higher net income.  EBITDA for the third quarter of 2006 rose
28.8% to MXN772 million from MXN599 million recorded in the third quarter of
2005.

                        Land reserve

As of Sept. 30, 2006, Homex's land reserve was 26.5 million square meters, a
figure that includes both the titled land and land in process to be titled,
and is equivalent to 148,841 homes, of which 117,760 are focused on the
affordable entry-level and 31,082 in the middle-income segment. Consistent
with Homex's established land reserve policies, the Company continues to
maintain sufficient land reserves for the construction of more than 2.5
years of annual sales.  In addition, Homex maintains approximately 2.5 years
of additional annual sales in optioned land.

                         Liquidity

As a result of changes made to the debt profile that were completed in 2005,
the cornerstone of which was the issuance of the company's Senior Unsecured
Notes due in 2015, Homex will not face significant debt principal payments
over the next three years, having substituted short-term, higher-cost debt
with long-term debt at more attractive terms.  Homex's average debt maturity
is 8.2 years.  Homex has leveraged on its strong corporate governance that,
together with full SEC registration and NYSE listing, has allowed the
company to successfully access the U.S. fixed income markets.

Homex had net debt of MXN1,505 million as of Sept. 30, 2006.
Homex's debt to total capitalization ratio had improved to 32.7% while
interest coverage was 4.8x.  Homex funded its cash needs for the third
quarter of 2006, including land acquisitions, Capex, debt service and
working capital requirements through a combination of cash flow from
operations and existing cash on hand.

   -- Net debt: MXN1,505 million
   -- Net debt to EBITDA ratio: 0.55x
   -- Debt to total capitalization ratio: 32.7x
   -- Interest coverage: 4.8x

Free cash flow for the first nine months of 2006 was positive in the amount
of MXN581 million, resulting in an increase in the Company's cash and
temporary investments of MXN531 million, net of resources from external
financing and other land purchases and capital expenditures.

                   Accounts Receivable

As a percentage of sales, Homex reported total receivables of 43.8% of
revenues for the twelve months ended Sept. 30, 2006, representing an
improvement over the 62.2% reported in the third quarter of 2005, calculated
for the twelve months ended
Sept. 30, 2005.  Compared to the previous quarter, accounts receivables as a
percentage of sales also improved from the 48.4% calculated for the twelve
months ended June 30, 2006.  Total accounts receivable as of Sept. 30, 2006,
was MXN5,091 million, an additional improvement when compared to MXN5,291
million at the end of the previous quarter.  Homex continues to show
improved efficiencies in accounts receivable levels.

The period-end days in accounts receivable, calculated as of Sept. 30, 2006,
were 158 days, an improvement over the 224 days as of Sept. 30, 2005.  The
year-over-year improvement in the accounts receivable reflects the
improvements in the collection and construction processes and the
efficiencies of the integration of Beta achieved by the company, despite the
higher number of middle-income homes sold during the period, which take
longer to construct.

                   Working Capital Cycle

Homex reported a net working capital day cycle of 313 days, which includes
inventory turnover (considering land) of 254 days plus 158 days of turnover
receivables minus 99 turnover payables days. The total working capital cycle
reflects an improvement when compared to the year ago period reported as of
Sept. 30, 2005, of 329 days.  Inventory turnover, without considering land,
improved to 51 days as of Sept. 30, 2006, compared to 59 days reported in
the previous year comparable period.

                       2006 Guidance

The company reaffirms the guidance for 2006 published earlier in the year:

   -- Revenues: MXN11.8 billion (pesos as of Dec. 31, 2005)
   -- EBITDA Margin: 23.5% to 24.0%
   -- Free Cash Flow: Positive
   -- Net debt to EBITDA ratio: Below 1.0x

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

                        *    *    *

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


FORD MOTOR: DBRS Comments on 3Q Results & May Cut Ratings
---------------------------------------------------------
Dominion Bond Rating Service notes that Ford Motor Company
reported that it plans to restate previous financial results
from 2001 through to the second quarter of 2006 to correct the
accounting for certain derivative transactions under Statement of Financial
Accounting Standards (FAS) 133.

DBRS believes that the restatements will not have a material
impact on the financial profile of the Company and, hence,
does not warrant any rating actions at this time.  Although the
restatements would affect the net income reported in those
periods, the transactions are non-cash and the restatements, on
a net basis, are not expected to have a notable impact on the
Company's financial position.  More importantly, the restatements do not
affect the availability of the majority of the Company's committed credit
facilities.  As at the end of Sept. 30, 2006, the Company has about US$6
billion of contractually committed credit facilities with financial
institutions.

DBRS notes that the accounting error occurred at Ford Motor Credit Company,
Ford's wholly owned finance subsidiary.  Ford Credit had incorrectly
accounted for certain interest rate swaps which it used to hedge against the
interest rate risk inherent in certain long-term fixed rate debt.  Ford has
indicated that the restatements will have no impact on the Company's cash.
The
restatements will affect the Company's preliminary financial
results for the 2006 third quarter announced today and will
improve the Company's results in 2002 materially.

However, the impact of the restatements on the other affected
periods cannot be determined at this time.  Ford expects to
finalize the restatement amounts by the time of the filing of the Quarterly
Reports on Form 10-Q for the quarter ended
Sept. 30, 2006, usually within 45 days after the period end.  DBRS expects
the Company to file its restated statements to compile statutory
requirements.  However, if the Company is not able to file its restated
financial statement on time, DBRS will assess the situation and will take
appropriate rating actions at that time.

In addition, DBRS notes that, during a discussion of the third
quarter results, the Company has indicated that it may tap the
secured market in the future.  If the Company were to issue
secured debt, DBRS, in accordance with policy, would assign the
most senior rating of Ford, which is currently B with a Negative
trend, to the secured debt.

Consequently, the ratings of the unsecured debts of Ford would
be lowered by at least one notch to B (low) with a Negative trend.
Additionally, the unsecured debt ratings of Ford Motor Credit Company and
Ford Credit Canada Limited would be lowered
accordingly to maintain the one rating differential between the
credit company and the parent company.

DBRS notes that the weak third quarter results announced by
Ford today are in line with expectations.  Although the costs
associated with accelerating the "Way Forward" plan are higher
than anticipated, DBRS believes that the Company should have
sufficient liquidity on hand to fund the initiatives as well as
ongoing operating needs.  However, the Company continues to face
significant headwinds to turn itself around.

In addition, the Company has much less financial flexibility going forward
due to a shrinking cash position from expected negative cash flow from
operations through 2008 and cash outlays related to the restructuring
initiatives.  DBRS believes that the Company may face liquidity problems if
there are delays or problems in executing the "Way Forward" plan.  Hence,
DBRS may take rating action if progress in cost reduction is stalled or the
new products fail to support the Company's effort to achieve the market
share target.


FORD MOTOR: FMCC Earns US$262 Million in 2006 Third Quarter
---------------------------------------------------------
Ford Motor Credit Company reported preliminary financial results
with third quarter profits.  At the same time, Ford Motor Credit
disclosed plans to restate previous financial results from 2001
through the second quarter of 2006 to correct the accounting for
certain derivative transactions under the Statement of Financial
Accounting Standards 133, Accounting for Derivative Instruments
and Hedging Activities.

Ford Motor Credit reported net income of US$262 million in the third quarter
of 2006, down US$315 million from earnings of US$577 million a year earlier.
On a pre-tax basis from continuing operations, Ford Motor Credit earned
US$428 million in the third quarter, compared with US$901 million in the
previous year.  The decrease in earnings primarily reflected lower financing
margins, higher depreciation expense and the impact of lower average
receivable levels.

"Our high-quality portfolio continues to perform very well,
generating profits and dividends for Ford Motor Company," said
Mike Bannister, chairman and CEO.  "Our recently announced North
American restructuring along with our efforts to reduce our costs globally
will further enhance our operational effectiveness."

On Sept. 30, Ford Motor Credit's on-balance sheet net
receivables totaled US$135 billion, compared with US$132 billion on Dec. 31,
2005.  Managed receivables, which include on-balance
sheet receivables and securitized off-balance sheet receivables
that we continue to service, were US$148 billion, compared with
US$150 billion on Dec. 31, 2005. Ford Motor Credit paid cash
dividends of US$300 million during the third quarter.

               Restatement of Financial Results

Ford Motor Credit Company plans to restate previous financial
results from 2001 through the second quarter of 2006 to correct
the accounting for certain derivative transactions under the
Statement of Financial Accounting Standards 133, Accounting for
Derivative Instruments and Hedging Activities.

The correction to the accounting does not affect the economics of the
derivative transactions, or have any impact on the company's cash.  However,
the restatements are expected to affect the preliminary financial results
Ford Motor Credit Company for its 2006 third quarter.  Ford Motor Credit
Company expects to finalize restatement amounts for the current and all
previous periods by the time of the filing of its Quarterly Report on Form
10-Q for the quarter ended Sept. 30, 2006.

The company discovered that since 2001, certain interest rate
swaps Ford Motor Credit Company had entered into to hedge the
interest rate risk inherent in certain long-term fixed rate debt
were accounted for incorrectly under SFAS 133 because they did not satisfy
the standard's technical accounting rules to qualify for exemption from the
more strict effectiveness testing requirements.  Ford Motor Credit Company
uses transactions involving derivatives, including swaps, forwards and
options, to reduce economic risk and volatility in a disciplined and
defensive manner.

PricewaterhouseCoopers LLP, the company's independent registered
public accounting firm, audited Ford Motor Credit Company's 2001
through 2005 financial statements, which included a review of
these swaps.

"We are very disappointed that we must restate our earnings," said
Bannister.  "We are committed to strong internal controls and reporting
transparency.  Our business fundamentals remain sound, and our operations
remain highly efficient and profitable."

Ford Motor Credit Company's interest rate swaps were entered into as part of
its asset-liability management strategy.  The swaps economically hedge the
interest rate risk associated with long-term debt issuances.  Although the
final restatement amounts have not yet been determined, based on the
information to date, the Company estimates that Ford Motor Credit Company's
results in 2002 will improve materially -- other periods are still under
study.

                         About FMCC

Ford Motor Credit Company -- http://www.fordcredit.com/-- is one of the
world's largest automotive finance companies and has
supported the sale of Ford products since 1959.  Ford Motor Credit operates
in 36 countries and manages approximately US$148 billion in receivables.
Ford Motor Credit is an indirect, wholly owned subsidiary of Ford Motor
Company.

                     About Ford Motor

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


GENERAL MOTORS: Posts US$115 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
General Motors Corp. reported a net loss of US$115 million for the third
quarter of 2006, compared with a loss of US$1.7 billion for the year-ago
quarter.  The net loss for this year's third quarter included US$644 million
in charges for special items, including goodwill impairment at General
Motors Acceptance Corp. and an increase to the charge associated with Delphi
Corp.'s reorganization.

GM reported 2006 third-quarter adjusted net income, excluding
special items, of US$529 million on revenue of US$48.8 billion.  These
results represent a US$1.6 billion improvement from the year-ago loss of
US$1.1 billion.  GM's global automotive operations almost fully accounted
for the improvement, while lower GMAC results were more than offset by
benefits associated with certain tax matters.

As a result of progress in ongoing discussions regarding the
bankruptcy filing by Delphi and updated estimates related to
certain benefit guarantees, GM has significantly narrowed the
range of its estimated potential exposure related to this filing.  The new
range is between US$6 and US$7.5 billion pre-tax, as compared to a
previously disclosed range of US$5.5 to US$12 billion.  GM believes the more
likely amount of the liability is at the lower end of this new range.

Reflecting these updated estimates, GM has also increased the
reserve for its contingent liability for Delphi by US$500 million in the
third quarter, bringing the total charges taken to date to US$6 billion
pre-tax.  In addition to these charges, the final agreement with Delphi may
result in GM agreeing to reimburse Delphi for certain labor expenses to be
incurred upon and after Delphi 's emergence from bankruptcy.  The initial
payment in 2007 is not expected to exceed approximately US$400 million
pre-tax, and the ongoing expenses would be of limited duration and estimated
to average less than US$100 million pre-tax annually.  GM expects these
payments to be far exceeded by anticipated reductions in Delphi material
cost premiums.

"Our third quarter results again reflect significant progress in
our fast-paced initiatives to turn around our business and create a company
that is leaner, faster and positioned for long-term sustainable growth,"
said Chairman and Chief Executive Officer Rick Wagoner.  "Our turnaround
efforts in North America and Europe are well underway, and having a large
impact on the bottom line, as evidenced by the US$1.6 billion improvement
for the quarter.  This improvement in North America and Europe, combined
with the strong sales growth and earnings performance we see in Asia and
Latin America, confirm that our plan is on track.  We have more work to do,
and we remain focused on continuing progress in the quarters to come.

"In addition to the automotive turnaround, our near-term
priorities include the successful resolution of the Delphi
negotiations and closing the GMAC transaction," said Mr. Wagoner.  "While a
number of important issues still remain to be resolved, we are encouraged by
the progress we have made on Delphi, and remain optimistic that we can
achieve a consensual agreement.  Regarding GMAC, we have completed several
key milestones in the process and continue to work toward a fourth-quarter
close."

                  GM Automotive Operations

Net income from global automotive operations improved by US$1.5
billion year-over-year, posting a loss of US$116 million on an
adjusted basis, excluding special items (reported net loss of US$62
million).  This improvement is due primarily to significant improvement in
North America, along with continued strong performance in other regions.

GM's global market share in the third quarter was 13.9%, up
slightly from the second quarter market share of 13.7%, but down
from 14.4% in the third quarter of 2005.  The change in market
share is largely attributable to the company's strategy of
reducing sales of low-margin daily rental vehicles in North
America and Europe.  GM share in the U.S., however, set a stronger pace in
the third quarter at 25.1%, its highest quarterly result in 2006.

GM North America posted an adjusted net loss of US$367 million in the third
quarter of 2006 (reported net loss of US$374 million), a US$1.3 billion
improvement year-over-year, despite a decrease in production of 96,000
units.  This significant progress largely reflects improvements in
structural costs, as the company executes the pension, health care and
manufacturing cost reduction initiatives related to its North American
turnaround plan.  The structural cost reductions, which are on track to
total US$6 billion in 2006, far offset the impact of the lower production
for the quarter.

"There continues to be excellent progress in North America, with
over US$3.4 billion of net income improvement in the first nine
months of the year.  We are encouraged by the results, but we
recognize that there is still more work to be done," Mr. Wagoner
said.  "We are on track to meet the structural cost reduction
target of US$9 billion on an average annual running rate basis by the end of
2006.  Just as important, our aggressive new product launch program, a
result of our increased capital spending, continues this fall with the
introduction of our all-new Chevrolet Silverado and GMC Sierra pickups and
the Saturn Outlook and GMC Acadia crossovers."

GM Europe posted an adjusted net loss for the quarter of
US$16 million (reported net loss of US$103 million) reflecting an
improvement of US$105 million from the prior year's loss of
US$121 million.  The results reflect continued execution of the GME
restructuring plan, emphasizing both structural cost reductions and improved
quality of sales.

"Our turnaround in Europe is in full gear.  The region continues
to make strides in cost reduction, augmented by pricing
improvements arising from a focused sales and marketing strategy
including lower rental fleet volume," Mr. Wagoner said.  "We are
seeing strong results from our Chevrolet brand, which posted
record sales in Europe for the quarter.  And, the newly launched
Opel/Vauxhall Corsa is on track to exceed its 2006 objectives,
with approximately 130,000 orders already placed in Europe."

GM Asia Pacific posted adjusted net earnings of US$83 million for the third
quarter (reported net earnings of US$231 million), down from last year's
earnings of US$188 million.  The difference primarily reflects the loss of
income from Suzuki following the reduction in GM's equity interest in Suzuki
and costs associated with launching the important all-new Holden Commodore
and Statesman models in Australia.  Strong sales performance in the region
continued as market share increased to 6.2% from 5.9%, driven primarily by
growth in Korea and China.  GM products continue to gain strong acceptance
in the fast-growing China market, with record third quarter sales of 192,000
units, up 17% over the same period last year.  GM's global sales of GM
Daewoo products exceeded 276,000 units in the third quarter, up 21% over
third quarter 2005.

GM Latin America, Africa and Middle East posted strong adjusted
and reported net earnings of US$184 million for the third quarter, which
reflects an improvement of US$153 million from the year-ago period.  The
results primarily reflect an increase in volume generated by new product
launches throughout the region.  Market share in the region increased to
17.3% from 16.7% in the year-ago period as a result of strong sales in
Brazil, South Africa, Colombia and the Middle East.

"Our Latin America, Africa and Middle East region posted their
best quarterly financial results in nine years," said Mr. Wagoner.  "We are
seeing strong performance and growth in virtually every market in the
region -- a great example of leveraging our global product portfolio in key
growth markets."

                            GMAC

GMAC Financial Services earned adjusted net income of US$346 million in the
third quarter of 2006, as compared to record net income in the year-ago
period of US$654 million.  GMAC's reported net loss for the quarter totaled
US$349 million, which included non-cash goodwill impairment charges of
US$695 million after-tax related to GMAC's Commercial Finance business.

GMAC's financing operations earned US$136 million for the third
quarter, as compared to US$139 million earned in the year-ago
period.  These results include an expense of US$135 million related to
GMAC's successful third quarter offer to repurchase US$1 billion worth of
certain zero coupon bonds, which will result in improved earnings in future
quarters.  Auto Finance results otherwise benefited from an increase in net
financing revenue as a result of strong retail financing penetration as well
as lower provisions for credit losses.

ResCap's net income was US$76 million in the third quarter of 2006, down
from US$282 million earned in the third quarter of 2005.  The decrease in
earnings was attributable to the challenging U.S. mortgage market that has
negatively impacted margins and credit performance despite year-over-year
increases in production.  Mortgage originations totaled US$51.5 billion for
the quarter, representing a slight increase from US$51.3 billion in the same
period in the prior year.

GMAC's Insurance operations generated record quarterly net income of US$191
million in the third quarter, up US$102 million from earnings of US$89 milli
on in the year-ago period, primarily
attributable to a combination of favorable loss performance and
higher capital gains.

Excluding the goodwill impairment charge, GMAC's Other segment,
which includes the Commercial Finance business unit and GMAC's
equity investment of approximately 22% in Capmark Financial Group Inc.
(Capmark), incurred an adjusted loss of US$57 million (reported net loss of
US$752 million including the goodwill impairment charge), compared to US$144
million earned in the same period last year.  This decline results partially
from GMAC's reduction in ownership interest of Capmark as a result of the
first quarter sale.  In addition, it includes the negative impact of higher
credit provisions at Commercial Finance.

GMAC paid GM a US$500 million dividend in the third quarter,
resulting in 2006 year-to-date cash dividends of US$1.9 billion.

GMAC continues to maintain adequate liquidity, while prudently
reducing its excess levels of cash to more moderate levels with
cash reserve balances at Sept. 30, 2006 of US$14.1 billion,
including US$9.1 billion in cash and cash equivalents and US$5 billion
invested in marketable securities.  This compares with cash balances of
approximately US$23 billion at June 30, 2006.

                    Cash and Liquidity

Cash, marketable securities, and readily available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$20.4 billion at Sept. 30, 2006, down from US$22.9 billion on June 30,
2006, but up from US$19.2 billion on Sept. 30, 2005.  GM withdrew US$2
billion from the VEBA trust in the third quarter to fund health care.

                  About General Motors

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 11, 2006,
Standard & Poor's Ratings Services said that its 'B' long-term and 'B-3'
short-term corporate credit ratings on General Motors Corp. would remain on
CreditWatch with negative implications, where they were placed March 29,
2006.

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

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

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


GRUPO ELEKTRA: Afore Azteca Cuts Commissions by 12.2%
-----------------------------------------------------
Afore Azteca -- a unit of Grupo Elektra, SA de CV -- has reduced commissions
by 12.2%, Consar -- the Mexican pension regulator -- said in a statement.

Business News Americas relates that the reduction brings Afore Azteca's
commission at 1.95%, from 2.22%.  The decrease in commission has made the
company the fourth least expensive pension fund provider, following Afore
Afirme Bajio, Afore Inbursa and Afore Actinver.

BNamericas states that there have been 10 commission reductions by several
Afores this year.

Afore Azteca has 1.3 million affiliates.  It posted MXN15.5 billion in
assets under management as of Sept. 30, 2006, representing a 2.3% market
share, BNamericas reports.

Grupo Elektra -- http://www.grupoelektra.com.mx-- sells retail goods and
services through its Elektra, Salinas y Rocha, Bodega de Remates and
Elektricity stores and over the Internet.  The Group operates more than
1,000 stores in Mexico, Guatemala, Honduras, Peru and Panama.  Grupo Elektra
also sells and markets its consumer finance, banking and financial products
and services through approximately 1,400 Banco Azteca branches located
within its stores, as a stand-alone, and in other channels in Mexico and
Panama.  Banking and financial services include loans, electronic money
transfer services, extended warranties, demand deposits, pension-fund
management, insurance, and credit information services.

Grupo Elektra is divided mainly in two divisions: retail and financial.  The
Company's retail division is divided in two geographical areas: Mexico,
where three store formats are operated, and Latin America (Guatemala,
Honduras and Peru), where the Elektra store format is operated only and
credit is still granted through the commercial division.  Grupo Elektra's
financial division, which only operates in Mexico, includes Banco Azteca, a
bank that offers financial services to Mexico 's mass market; Afore Azteca,
a retirement fund manager; and Seguros Azteca, a new insurance company.

                        *    *    *

As reported by Troubled Company Reporter on May 27, 2005, Fitch Ratings
affirmed and withdrew the 'BB-' international scale foreign and local
currency ratings of Grupo Elektra, S.A. de C.V., Fitch has withdrawn the
ratings in consistency with Fitch's policies due to the paydown of all of
the company's dollar-denominated bonds.

Fitch also affirmed Elektra's national scale short term rating of 'F2(mex)'
and would continue to follow the company on the national scale.


ODYSSEY RE: S&P Affirms BB Preferred Stock Ratings
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A-' counterparty credit and
financial strength ratings on Odyssey America Reinsurance Corp., Clearwater
Insurance Co., and Hudson Specialty Insurance Co. and removed them from
CreditWatch with negative implications, where they were placed on July 28,
2006.

At the same time, Standard & Poor's affirmed its 'BBB-' counterparty credit
and 'BB' preferred stock ratings on Odyssey Re Holdings Corp. and removed
them from CreditWatch negative.

The outlook on all these entities is negative.

These ratings have been on CreditWatch negative since
July 28, 2006, following Fairfax Financial Holdings Ltd.'s announcement that
its 2006-second quarter interim report to shareholders would be delayed.  In
addition, on Aug. 9, Odyssey Re delayed the filing of its 2006-second
quarter 10-Q report.

"The ratings on Odyssey Re are based on its strong competitive position,
improving operating performance and capitalization, and strong liquidity,"
noted Standard & Poor's credit analyst Damien Magarelli.  "Offsetting these
positive factors are Odyssey Re's 80.2% ownership by lower-rated Fairfax and
the group's related unfavorable qualitative factors such as weak enterprise
risk management, governance, and internal accounting risk controls."

Not withstanding Odyssey Re's strong competitive position, improving
operating performance and capitalization, and strong liquidity, Odyssey Re's
negative outlook reflects Fairfax's outlook since Odyssey Re is viewed as a
strategically important subsidiary to Fairfax.  As such, the ratings on
Odyssey Re and ORH are currently capped by a maximum of two notches above
the ratings on Fairfax.  The two-notch limit is due to the 80.2% ownership
of ORH by Fairfax and an aligned board of directors.  Therefore, should the
ratings on Fairfax and/or outlook be revised, those on Odyssey Re and ORH
would be similarly revised unless the considerations giving rise to the
two-notch limitation have changed in the meantime.

Standard & Poor's expects that Odyssey Re will continue to opportunistically
leverage its worldwide strong competitive presence and underwrite profitable
business.  The top line growth is expected to decrease 12% in 2006
reflecting a reduction in proportional reinsurance in U.S. property
catastrophe exposed business in conjunction with a small migration from
quota-share to excess-of-loss basis.  Softening prices in certain casualty
lines and increasing competitive pressures in some specialty classes are
also contributing factors.  A benign 2006 hurricane season thus far, coupled
with hardening property rates and stabilized overall casualty prices will
bolster Odyssey Re's earnings for full-year 2006 to a strong level,
resulting in an anticipated combined ratio of about 95% and an ROR of at
least 10% as strong accident-year results continue to be modestly offset by
prior-year reserve additions.  These quantitative factors are consistent
with the rating.

Standard & Poor's views the accounting restatements as a negative factor
that is reflected in the current outlook. These accounting errors have
revealed some deficiencies in Odyssey Re's internal controls for which the
company has developed an action plan and remediation initiatives to address
these weak points.

Standard & Poor's also believes that Odyssey Re's enterprise risk management
could further improve in certain key areas such as corporate governance and
accounting. As part of its remediation effort started in the second quarter
2006, management is implementing new procedures in conjunction with Fairfax
to provide a consistent framework across the company to address the material
weaknesses.

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  Odyssey Re 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.


RADIOSHACK CORP: Incurs US$16MM Net Loss for Third Quarter 2006
---------------------------------------------------------------
RadioShack Corp. reported a net loss of US$16 million for the quarter ended
Sept. 30, 2006, versus net income of US$108.5 million for the quarter ended
Sept. 30, 2005.

Third quarter 2005 net income was favorably impacted by a non-cash gain of
US$56.5 million or US$0.39 per diluted share due to the reversal of a tax
contingency reserve.  Third quarter 2006 pre-tax earnings were adversely
affected by the non-cash write-down of US$29 million of assets associated
with RadioShack's wireless kiosk operations; US$18 million in costs
associated with the company's turnaround plan; and lower wireless sales.
RadioShack's cash position increased US$229 million at the end of the third
quarter of 2006 to US$276 million versus US$47 million at the end of the
third quarter of 2005.  The cash position was driven by improved working
capital management.

"Though too early in the management transition to see fundamental change in
business trends, RadioShack made some important achievements in Q3 towards
improving its operations," said Julian Day, chairman and chief executive
officer.  "During the quarter, we streamlined costs; better aligned people
and roles; and strengthened our balance sheet."

                           Revenue

Third quarter 2006 comparable store sales were down 9.6% versus the third
quarter of 2005.  An income statement reclassification relating to the sale
of prepaid wireless airtime, due primarily to contract changes, reduced
total sales and comparable store sales by approximately 300 basis points but
did not impact operating profit. Comparable store sales adjusted for prepaid
wireless airtime were down 6.8%.  This decline was mainly driven by lower
post-paid wireless sales partially offset by increases in personal
electronics and accessories.

Total sales in the third quarter of 2006 were down 11% to US$1.06 billion
versus total sales of US$1.19 billion for the same period last year.
RadioShack had 4,460 U.S. stores at the end of the third quarter of 2006,
down 530 from the previous year.  The impact on total sales from the lower
store base was 5.66%.

                      Operating Income

The third quarter 2006 operating loss was US$15 million as compared to
operating income of US$89 million last year. The decrease in operating
income was driven by lower gross profit and higher operating expenses. The
gross profit decline was driven by lower sales and an unfavorable
merchandise mix of both wireless handset units and accessories. Wireless
results were negatively impacted by a significant mix shift to lower margin
pre-paid units from higher margin post-paid units. Accessory sales growth in
the quarter was driven by lower margin accessories including MP3
accessories, flash memory and Bluetooth products.

Operating expenses were US$503 million in the third quarter of 2006, up
US$24 million versus the prior year.  Two types of charges drove the
increase in operating expenses partially offset by a US$23 million decrease
due to headcount reductions and reduced advertising spending.  These types
of charges were US$29 million for the non-cash write-down of intangible
assets and goodwill related to the company's wireless kiosk business in
warehouse clubs; and US$18 million related to turnaround activities such as
severance, lease terminations, and store liquidations.

                       Adjusted EBITDA

For purposes of evaluating operating performance, the company's management
reviews adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA) which is a non-GAAP financial measure.
Adjusted EBITDA was US$64.3 million in the third quarter of 2006 versus
US$120.6 million in the third quarter of 2005.  The decrease was driven
primarily by sales and gross margin declines as well as the charges
described above.

                     Financial Position

RadioShack used US$45 million in free cash flow through the first nine
months of 2006 versus a use of US$102 million for the same period in 2005.
Compared to last year, this year's improved cash utilization was driven by
improved inventory management and more prudent capital expenditures offset
by lower net income.

Ms. Day said, "The company has elevated its level of scrutiny for its
capital expenditures with a view to improving financial returns. Capital
will be allocated to projects which will yield the highest demonstrable
return."

Fort Worth, Texas-based RadioShack Corp. --
http://www.RadioShackCorporation.com/-- is a consumer
electronics specialty retailers and a growing provider of retail
support services.  The company operates a network of sales
channels, including: more than 6,000 company and dealer stores;
more than 100 RadioShack locations in Mexico and Canada; and
nearly 800 wireless kiosks.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Fitch Ratings downgraded these ratings for RadioShack
Corporation:

   -- Issuer Default Rating to 'BB+' from 'BBB'
   -- Bank credit facility to 'BB+' from 'BBB'
   -- Senior unsecured notes to 'BB+' from 'BBB'
   -- Commercial paper to 'B' from 'F2'

Fitch said the Rating Outlook is Stable.


RADIOSHACK CORP: Weak 2006 Result Cues S&P to Lower Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit and senior
unsecured ratings on Fort Worth, Texas-based RadioShack Corp. to 'BB' from
'BBB-'.  At the same time, the rating agency lowered the short-term rating
to 'B-1' from 'A-3'.  The outlook is negative.  Total debt was US$610
million as of Sept. 30, 2006.

"The downgrade reflects RadioShack's disappointing results so far in 2006,"
said Standard & Poor's credit analyst Diane Shand. "We expect that results
will continue to be under pressure because of the company's inability to
reverse trends in the wireless business."

The ratings on RadioShack Corp. reflect the challenges of improving the
sales and profits in its wireless business, exposure to short consumer
electronics product cycles, and management's use of share buybacks to boost
shareholder returns.  These risks are partially mitigated by the company's
dominant position in high-margin parts and accessories and the good cash
flow generation capabilities of the RadioShack store network.

Fort Worth, Texas-based RadioShack Corp. --
http://www.RadioShackCorporation.com/-- is a consumer
electronics specialty retailers and a growing provider of retail
support services.  The company operates a network of sales
channels, including: more than 6,000 company and dealer stores;
more than 100 RadioShack locations in Mexico and Canada; and
nearly 800 wireless kiosks.


SATELITES MEXICANOS: Files Supplements to First Amended Plan
------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. delivered to the U.S. Bankruptcy Court for
the Southern District of New York, supplements to its First Amended Plan of
Reorganization, which:

    1. identify the seven initial members of Reorganized
       Satelites Mexicanos' Board of Directors, specifically:

       -- Rebollar Corona,
       -- Vicente Ariztegui Andreve,
       -- Alberto Mulas Alonso,
       -- Thomas S. Heather Rodriguez,
       -- Roberto Enrique Colliard Lopez,
       -- Sergio M. Autrey Maza, and
       -- Robert L. Rauch

    2. identify the four initial officers of Reorganized
       Satelites Mexicanos:

       Name                               Position
       ----                               ---------
       Sergio Miguel Angel Autrey Maza    Chief Executive
                                          Officer

       Cynthia M. Pelini                  Executive Vice
                                          President and Chief
                                          Financial Officer

       Juan Manuel Pinedo                 Executive Vice
                                          President and Chief
                                          Marketing Officer

       Carmen Ochoa Avendano              General Counsel

    3. include a copy of:

       * the New Common Stock Certificate,
       * the New Satmex By-Laws,
       * the Shareholders' Resolutions,
       * the Nafin Trust document,
       * the First Priority Collateral Trust Agreement,
       * the First Priority Mortgage,
       * the First Priority Stock Pledges,
       * the First Priority Senior Secured Notes,
       * the First Priority Senior Secured Note Indenture,
       * the Intercreditor Agreement,
       * the Common Representative Agreement,
       * the Existing Bondholder Registration Rights Agreement,
       * the Second Priority Collateral Trust Agreement,
       * the Second Priority Mortgage,
       * the Second Priority Stock Pledges,
       * the Second Priority Senior Secured Notes,
       * the Second Priority Senior Secured Note Indenture,
       * the Equity Trust Registration Rights Agreement,
       * the Equity Trust Agreement,
       * the Enlaces Documents,
       * the Loral Usufructo Documents,
       * the ROFO Agreement, and
       * the Senior Secured Noteholder Registration Rights
         Agreement

The documents are non-binding drafts that are continuing to be
reviewed and revised by the parties involved, the Debtor relates.

The Supplements disclose that the Debtor does not intend to
reject, and will instead assume, its executory contracts and
unexpired leases as of the Plan Effective Date.

The Contracts with cure amounts are:

    Counter-Party         Agreement                  Cure Amount
    -------------         ---------                  -----------
   Xerox Mexicana, S.A.  Contrato de Arrendamiento         US$89
                         con Soluciones Integrales,
                         asi como los servicios de
                         Suministro de Materiales de
                         Consumo y de Mantenimiento,
                         dated July 5, 2005

   Avantel S. de R.L.    Contrato de Prestacion de      US$1,787
   de C.V.               Servicios dez
                         Telecomunicaciones, dated
                         Sept. 28, 2004

   Alestra, S. de R.L.   Contrato de Prestacion de      US$6,085
   de C.V.               Servicios de
                         Telecomunicaciones para
                         Clientes de Negocios

   Ingenieria e          Contrato de Prestacion de      US$2,053
   Integracion Digital,  Servicios de Mantenimiento
   S.A. de C.V.          a Equipos de Computo
                         de TCR y TLS, dated
                         Feb. 1, 2006

   Tozzini Freire        Legal Representation             US$825
   Texeira e Silva

   Integral Systems,     Satmex 6 program statement    US$14,385
   Inc.                  of work, between Integral
                         Systems, Inc. & Satmex

   Seguros Comercial     Poliza Multiple para           US$1,864
   America S.A. de C.V.  vehiculos propiedad de
                         Satelites Mexicanos, S.A.
                         de C.V., dated
                         Feb. 16, 2006

   Servicios, Loral,     Restructuring Agreement          To be
   Principia,            dated as of March 31,       determined
   certain holders       2006, as amended
   of the Existing
   Bonds and certain
   holders of the
   Senior Secured Notes,
   or their successors
   or assigns

Pursuant to the Plan, the corresponding cure amounts for all other executory
contracts to be assumed by the Debtor as of the Plan Effective Date is US$0.

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

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

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

On August 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its assets (Bankr.
S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SATELITES MEXICANOS: Gets Interim Extension of Schedules Filing
---------------------------------------------------------------
The Honorable Robert D. Drain, of the U.S. Bankruptcy Court for
the Southern District of New York, pending a final ruling,
extended the deadline for Satelites Mexicanos, S.A. de C.V., to
file its Schedules and Statement until the conclusion of a hearing for the
extension of the filing deadline.

The asked the U.S. Bankruptcy Court for the Southern District of
New York to further extend the period within which it may file its schedules
of assets and liabilities, and statement of financial affairs, until Nov.
24, 2006, without prejudice to its ability to request for more time.

Matthew S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York,
tells Judge Drain that in view of the amount of work entailed in completing
the Schedules and Statement, and the
competing demands on the Debtor's employees and professionals to
finalize the Chapter 11 Plan, the Plan Supplement documents, and
to solicit votes on the Chapter 11 Plan, the Debtor will not be
able to properly and accurately complete the Schedules and
Statement by Oct. 25, 2006.

Mr. Barr notes that the Debtor's primary focus has been
negotiating and finalizing the terms of the Chapter 11 Plan, the
Disclosure Statement, and the numerous documents filed in the Plan
Supplement.  Resources are strained and the Debtor has not had ample time to
gather and analyze the necessary information to prepare and file its
Schedules and Statement, he adds.

In addition, Mr. Barr says, a hearing is currently scheduled for
Oct. 26, 2006, to consider confirmation of the Debtor's Chapter 11 Plan.
Under the Plan, the Debtor is not seeking to impair any claims.  Thus, if
the Plan is confirmed, the purpose behind
requiring a debtor to file schedules and statements -- to permit
parties-in-interest to understand and assess a debtor's assets and
liabilities and negotiate a plan of reorganization -- will be fulfilled, Mr.
Barr asserts.

The Debtor does not intend to seek, and the Plan does not
contemplate, establishment of a bar date for claimants to file
proofs of claim, Mr. Barr discloses.  In the event that the Plan
is confirmed by Nov. 24, 2006, the Debtor asks the Court to rule
that it is no longer required to file its Schedules and Statement pursuant
to Section 521(1) of the Bankruptcy Code.

The Court will convene a hearing on Oct. 26, 2006, to consider the Debtor's
request.  The Court directs parties-in-interest to show cause at the hearing
as to why the Court should not approve the extension motion.

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its assets (Bankr.
S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SONIC CORP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Sonic Corp. to B1 from Ba3.

In addition, Moody's affirmed its Ba3 ratings on the company's
US$100 million Senior Secured Revolver and US$675 million Senior
Secured Term Loan.  Moody's assigned those debentures an LGD3
rating suggesting lenders will experience a 34% 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%).

Headquartered in Oklahoma City, Oklahoma, Sonic Corp. --
http://www.sonicdrivein.com/-- engages in the operation and
franchising of a chain of quick-service drive-ins in the United
States and Mexico.  The company, through its subsidiary, Sonic
Industries, Inc., serves as the franchiser of the Sonic restaurant chain.
It's another subsidiary, Sonic Restaurants, Inc., develops and operates the
company-owned restaurants.


TV AZTECA: Posts MXN487 Million Third Quarter 2006 Earnings
-----------------------------------------------------------
TV Azteca SA de CV told Reuters that its earnings increased 16% to MXN487
million in the third quarter of 2006, compared with the MXN420 million in
the same period of 2005.

The increase in profits was due to a 7% boost in revenue as well as lower
expenditures, Reuters says, citing TV Azteca.

Reuters relates that TV Azteca's quarterly revenue was MXN2.342 billion.
Its earnings before interest, tax, depreciation and amortization or EBITDA,
which is a key performance gauge for Mexican companies, increased 11% to
MXN1.020 billion.

"Reductions in expenditures as a result of improved operating efficiencies,
helped to boost EBITDA, profitability and net earnings," Mario San Roman,
the chief executive officer of TV Azteca, told Reuters.

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

                        *    *    *

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




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


* NICARAGUA: Groups Rally Against International Monetary Fund
-------------------------------------------------------------
Nicaraguan social and union groups have planned to hold demonstrations on
Oct. 26 against conditions the International Monetary Fund imposed on the
nation, Prensa Latina reports.

Prensa Latina relates that the groups formed the Coordinadora Civil.

Coordinadora Civil said in a statement that the protest was aimed at airing
out the groups' disagreement for the payment of the internal debt and
conditions of international financial organizations that limit the economic
and social development of Nicaragua.

According to Prensa Latina, Coordinadora Civil disclosed that the
demonstration will demand:

          -- equal redistribution of wealth,
          -- reduction of economic and social inequalities,
          -- democratization of power,
          -- nationalization of energy,
          -- reformation of electoral laws, and
          -- respect of the Nicaraguans' sexual and reproductive
             rights.

Organizers of the protest will fun a few days before the residential and
legislative elections on Nov. 5, Prensa Latina states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date

   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


ADELPHIA COMMS: Court Adjourns Disclosure Statement Hearing
-----------------------------------------------------------
The Associated Press reports that the U.S. Bankruptcy Court for
the Southern District of New York adjourned the hearing on
Adelphia Communications Corporation's Disclosure Statement.  The
Honorable Robert E. Gerber, AP says, didn't state when he would
resume the hearing.

The Debtor filed modifications to its draft Fifth Amended Joint
Chapter 11 Plan of Reorganization and the related Supplement to
its Fourth Amended Disclosure Statement with the Court.

The modifications reflect settlements with holders of the
Ft. Myers and Olympus notes and two of the three administrative
agents to the Debtor's co-borrowing facilities, as well as certain other
changes that were discussed at the hearing on its Disclosure Statement
supplement.

The Debtor and the Official Committee of Unsecured Creditors
remain co-proponents of the modified plan, which embodies the
framework agreed upon by the Debtor, its Official Committee of
Unsecured Creditors, as well as significant individual bond funds.  In
addition, the two administrative agents with which settlements have been
reached will be co-proponents of the modified plan with respect to the
treatment of bank claims under the credit agreements for which they are
agents.

The modifications are incremental to the compromise among other
important creditor groups under which up to approximately
US$1.08 billion in value will be transferred from certain creditors of
various subsidiaries of the Debtor to certain unsecured senior and trade
creditors of the Debtor.

The Court commenced the hearing on the Disclosure Statement on
Sept. 12, 2006.  The Debtor and the Official Committee of
Unsecured Creditors are seeking an order from the Bankruptcy Court approving
the Supplement to the Disclosure Statement as containing "adequate
information" to enable the Debtor's Chapter 11 bankruptcy creditors and
equity holders to make an informed
judgment about the Fifth Amended Plan.

The Debtor's proposal and prosecution of confirmation of the
modified Fifth Amended Plan still is subject in all respects to
entry of the order, as well as Bankruptcy Court authorization for the Debtor
to propose and seek votes in respect of the modified Fifth Amended Plan.
Absent entry of an order and authorization, the Debtor's filing of the
modified Fifth Amended Plan and related Supplement to the Disclosure
Statement will not be deemed to be a proposal by the Debtors with respect to
the proposed treatment of any claims against or equity interests in the
Debtor or its subsidiaries.  If the order is entered and the authorization
is granted, the Debtor, the Official Committee of Unsecured Creditors and
the relevant bank administrative agents will begin the process of soliciting
creditors and equity holders to vote on the modified Fifth Amended Plan.

A full-text copy of the ACOM Debtors' Revised Draft Fifth Amended Plan is
available for free at http://ResearchArchives.com/t/s?11e4

A full-text copy of the revised Second Disclosure Statement
Supplement relating to Fifth Amended Plan is available for free at
http://ResearchArchives.com/t/s?11e5

                    The Bank Settlement

The Second Disclosure Statement Supplement explaining the Revised Fifth
Amended Plan is the product of significant negotiations among the Official
Committee of Unsecured Creditors, the ACOM Debtors, and certain banks,
including the agent banks.

On Sept. 11, 2006, these parties reached an agreement concerning
the treatment afforded Bank Claims under the Plan:

    -- the ACOM Debtors;

    -- the Creditors Committee;

    -- ACC Settling Parties, namely:

        * Tudor Investment Corporation;

        * Highfields Capital; and

        * any other holder of ACC Senior Notes that agree to be
          bound by the provisions of the Global Settlement as
          modified by the Plan and are represented by Goodwin
          Procter LLP, in connection with the ACOM Debtors'
          Chapter 11 Cases;

    -- the Ad Hoc Committee of Holders of ACC Senior Notes and
       Arahova Notes;

    -- the Ad Hoc Committee of Arahova Noteholders;

    -- the Ad Hoc Committee of FrontierVision Noteholders;

    -- W.R. Huff Asset Management Co., L.L.C.;

    -- the Ad Hoc Adelphia Communications Corporation Holding
       Company Trade Claims Committee;

    -- the Ad Hoc Adelphia Operating Company Trade Claims
       Committee; and

    -- the Bank Proponents:

        * Wachovia Bank, National Association, as administrative
          agent under the UCA Credit Agreement; and

        * Bank of Montreal, as administrative agent under the
          Olympus Credit Agreement.

The Plan, if confirmed, will fully and finally resolve numerous
issues relating to the Bank Claims treatment, including:

    (1) the amount of funds, if any, reserved for the payment of
        indemnification obligations allegedly owed by certain
        Debtors to the Banks post-Effective Date;

    (2) whether the funds to be distributed to the Banks for the
        payment of principal and prepetition accrued interest on
        the Bank Claims should be paid on the Effective Date or
        reserved in full in cash pending the allowance of the
        Bank Claims;

    (3) whether the funds reserved for the payment of post-
        Effective Date indemnifiable claims to fees and costs of
        the Banks should be paid on a current basis or paid only
        upon allowance; and

    (4) the treatment of any and all defenses, claims or causes
        of action of any defendant against any Debtor Party in
        connection with the Bank Actions.

The settlement of the issues is embodied in the Plan and provides for, among
other things, payment of the principal and accrued interest prior to the
Debtor's filing for chapter 11 protection under the Century Credit
Agreement, the Olympus Credit Agreement and the UCA Credit Agreement -- the
Co-Borrowing Credit Agreements -- to the extent that each applicable Class
of Bank Claims votes in favor of the Plan, subject to disgorgement and the
creation of a Co-Borrowing Bank Litigation Fund containing US$75,000,000.
About US$40,000,000 to US$75,000,000 of the Co-Borrowing Bank Litigation
Fund will be funded by the ACOM Debtors, depending on the voting of the
Classes of Bank Claims other than the FrontierVision Bank
Claims Class.

The ACOM Debtors, the Creditors Committee, Wachovia, and Bank of
Montreal strongly urge all holders of Claims and Equity Interests, including
the holders of Bank Claims, to vote for and support the Plan.

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


AFC ENTERPRISES: 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 AFC Enterprises Inc. from B1 to
B2.

Additionally, Moody's affirmed its B1 ratings on the company's
US$190 million Guaranteed Senior Secured Term Loan B Due 5/2011 and US$60
million Guaranteed Senior Secured Revolver Due 5/2010.
Moody's assigned the debentures an LGD3 rating suggesting lenders will
experience a 31% 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%).

AFC Enterprises Inc. engages in the development, operation, and
franchising of quick-service restaurants.  Its restaurants offer
food and beverage products.  As of Dec. 25, 2005, the company
operated 1,828 Popeyes restaurants in the United States, Puerto
Rico, Guam, and 24 foreign countries.  AFC Enterprises was founded in 1972
and is headquartered in Atlanta, Georgia.


PILGRIM'S PRIDE: Asks Gold Kist Stockholders to Tender Shares
-------------------------------------------------------------
Pilgrim's Pride Corp. issued an open letter to the stockholders of Gold Kist
Inc.

The open letter tells the Gold Kist stockholders that their board was
unwilling to negotiate for an agreement that would be mutually beneficial to
both Companies' stockholders, employees, business partners and other
stakeholders.

The Company also tells the Gold Kist stockholders that since the
negotiation has failed, it has commenced a tender offer for Gold
Kist shares and seeks the support of the Gold Kist stockholders
through tendering their shares.

The tender offer is scheduled to expire at midnight, New York City Time, on
Oct. 27, 2006.

The Company disclosed that it has obtained financing for the
tender offer through a combination of an amendment to its existing credit
facility and a commitment letter for an additional credit facility from
Lehman Brothers Inc.

Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP are acting as
legal counsel and Credit Suisse, Legacy Partners Group LLC and Lehman
Brothers Inc. are acting as financial advisors to the Company.  Innisfree
M&A Incorporated is acting as information agent for the Company's offer.

                      About Gold Kist

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

                  About Pilgrim's Pride

Headquartered in Pittsburgh, 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.

                        *    *    *

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 held its Ba2 Corporate Family Rating for Pilgrim's Pride
Corp.  In addition, Moody's revised or held its probability-of-
default ratings and assigned loss-given-default ratings on the
company's note issues, including an LGD6 rating on its
US$100 million 9.250% Sr. Sub. Global Notes Due Nov. 15, 2013,
suggesting noteholders will experience a 95% loss in the event of a default.


WESCO INT: Commences Offering on Convertible Debentures Due 2026
----------------------------------------------------------------
WESCO International, Inc., intends to raise approximately US$250 million
through an offering of Convertible Senior Debentures due 2026.  In addition,
WESCO International may issue up to an additional US$50 million of
Convertible Debentures upon exercise of an option to be granted to the
initial purchasers.

The Convertible Debentures of WESCO International will be guaranteed on a
senior subordinated basis by WESCO Distribution.  Upon conversion, WESCO
International will pay cash and, if required, shares of WESCO International
common stock.

It is expected that the net proceeds from the offering, along with
borrowings under credit facilities, will be used to finance WESCO
Distribution's previously announced acquisition of Communications Supply
Holdings, Inc.  The proposed offering of Convertible Debentures is not
conditional on the completion of the Communications Supply acquisition.

The offering is being made to qualified institutional buyers pursuant to
Rule 144A under the Securities Act.  None of the Convertible Debentures
(including any shares of common stock issuable upon conversion thereof) or
the guarantee thereof have been registered under the Securities Act of 1933
or under any state securities laws and, unless so registered, may not be
offered or sold in the United States or to U.S. persons except pursuant to
an exemption from, or in a transaction not subject to the registration
requirements of the Securities Act and applicable state securities laws.

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc., is a publicly traded Fortune 500 holding company, whose
primary operating entity is WESCO Distribution, Inc.  WESCO
Distribution is a distributor of electrical construction
products and electrical and industrial maintenance, repair and
operating supplies, and is the nation's largest provider of
integrated supply services.  WESCO operates eight fully
automated distribution centers and approximately 370 full-
service branches in North America and selected international
markets including Mexico and Puerto Rico, providing a local
presence for area customers and a global network to serve multi-
location businesses and multi-national corporations.

                        *    *    *

As reported in the Troubled Company Reporter on June 14, 2006,
Moody's affirmed the B2 ratings on both WESCO's guaranteed
senior convertible debentures due 2025 and WESCO Distribution,
Inc.'s guaranteed senior subordinated notes due 2017, and
WESCO's Ba3 corporate family rating.


WESCO INTERNATIONAL: S&P Rates US$250 Million Sr. Notes at 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to WESCO
International Inc.'s proposed US$250 million convertible senior unsecured
notes 2026.  Proceeds from the offering will be used to help finance WESCO's
acquisition of Communications Supply Holdings Inc. for US$525 million.
WESCO International is the parent company of WESCO Distribution Inc., its
main operating subsidiary.

Standard & Poor's also affirmed its 'BB-' corporate credit rating on the
electrical distributor.  The outlook is stable.

"The speculative-grade ratings on WESCO reflect its somewhat aggressive
financial policies, which more than offset the company's satisfactory
business-risk profile as a leading distributor of electrical construction
products; maintenance, repair, and operating supplies; and integrated supply
and outsourcing services," said Standard & Poor's analyst Clarence Smith.

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc., is a publicly traded Fortune 500 holding company, whose
primary operating entity is WESCO Distribution, Inc.  WESCO
Distribution is a distributor of electrical construction
products and electrical and industrial maintenance, repair and
operating supplies, and is the nation's largest provider of
integrated supply services.  WESCO operates eight fully
automated distribution centers and approximately 370 full-
service branches in North America and selected international
markets including Mexico and Puerto Rico, providing a local
presence for area customers and a global network to serve multi-
location businesses and multi-national corporations.




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


BRITISH WEST: US Workers Protesting Voluntary Separation Pay
------------------------------------------------------------
Workers of British West Indies Airways aka BWIA who are stationed in the
United States are holding demonstrations against the voluntary separation
package the airline offered, the Trinidad and Tobago Express reports.

The US staff told The Express that the offer is significantly less than what
was offered to their Trinidad and Tobago and Barbados counterparts.

The Express received on Oct. 25 documents highlighting the vast differences
between packages offered to a worker who has served the company for 25
years.  The documents say that the package for employees in:

          -- Trinidad and Tobago was TT$295,198.80;
          -- Barbados at BD$69,680.00 or TT$195,104.00; and
          -- Miami US$12,000 or TT$75,600.00.

The workers are calling for immediate redress, The Express notes.

The Express relates that the International Association of Machinists and
Aerospace Workers represents the employees in the US.

Curtis John -- the head of the Aviation, Communication and Allied Workers
Union -- told The Express, "BWIA gave IAM (International Association of
Machinists and Aerospace Workers) an ultimatum of take it or leave it,
without an opportunity for negotiation and the union buckled under the
pressure, given the volatility of the airline industry and past records of
airline industry staff walking away with nothing.  The union (IAM), signed
off without a two thirds majority support of its membership, agreeing to the
package and without proper negotiations, so there was a vote today, which
from what I've been told, will show that the union did not have the support
to sign off, I am to get those results tonight."

Meanwhile, BWIA said in a statement that it had done everything in good
faith.

"The company (BWIA) has based the VSEP (voluntary separation package)
calculation for these line stations on the same criteria as it did in
Trinidad and Tobago with the four main unions, specifically, the severance
pay formula in each collective agreement.  BWIA has selected this criteria
in accordance with good industrial relations, where the unions as the
exclusive agents for the workers in their respective bargaining units, have
established a formula for severance with BWIA and this formula is the
benchmark that respects the severance pay laws or collective agreement
provisions-whichever is the greater-as the criteria which would form the
basis for enhancement in accordance with the VSEP formula," BWIA told The
Express.

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.




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


* URUGUAY: World Bank Mulls US$46-Million Loan to OSE
-----------------------------------------------------
The World Bank said in a statement that it is considering a US$46 million
loan to OSE, a state-run water and sewerage utility of Uruguay.

A statement says that the US$46 million will be used in US$62-million
program to boost efficiency, coverage and sustainability of water supply and
sanitation services.

Business News Americas relates that the proposed project is the second phase
of an existing adaptable program loan or APL project.  It was included in
the Uruguay country assistance strategy that the World Bank ratified in May
2005.

According to BNamericas, the main goals of the second stage of the APL
project is to improve the efficiency and effectiveness of OSE by:

          -- hiking pumping capacity for treated water,
          -- reducing unaccounted-for water,
          -- increasing sewerage treatment, and
          -- working on a new strategy for sewerage expansion.

BNamericas underscores that if the World Bank approves the loan to OSE,
US$15 million will be spent on OSE's Vector program -- designed to improve
the firms:

          -- coordination,
          -- customer satisfaction,
          -- efficiency, and
          -- institutional strengthening in the water utility.

The report says that another US$25 million would be used in increasing
revenue collection and reducing unaccounted-for water.  This will include:

          -- physical investments:

             * replacement of pipes and water meters,
             * systematic leak detection, and
             * repair; and

          -- initiatives to improve drinking water quality
             through modernizing the Aguas Corrientes treatment
             plant.

BNamericas states that works will be carried out to complete sewerage system
expansions in five cities.  Some US$4.5 million is allocated for this
component, as much of the expansion planned for the second phase of the
project was done during the first phase.

About US$1.5 million will also be used for technical assistance to help
implement the project, according to the report.

The World Bank said it will make a decision on the loan on
July 13, 2007, and if this is the case, the US$46 million will be added to
US$16 million the OSE contributed, BNamericas reports.

                        *    *    *

Fitch Ratings assigned these ratings on Uruguay:

                     Rating     Rating Date

   Country Ceiling     BB-      Mar. 7, 2005
   Long Term IDR       B+      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB-      Mar. 7, 2005




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


CITGO PETROLEUM: Barkley Launches New Advertising Campaign
----------------------------------------------------------
Barkley fka Barkley Evergreen & Partners, Inc., an advertising and public
relations shop has launched a new advertising campaign for Citgo Petroleum
Corp., Kansas City Business Journal reports.

Barkley handles all Citgo Petroleum's advertising plus its
business-to-business public relations, the Business Journal says, citing
Mike Swenson, the president of Barkley's public relations unit.

Mr. Swenson told the Business Journal that the company started new print and
broadcast spots seeking to portray Citgo Petroleum as a strong and
charitable firm.

According to the Business Journal, the new campaign follows the full-page
public statement advertisements published in several large dailies.

As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2006
calls for a Citgo Petroleum boycott started in
January.  However, the move intensified when Venezuelan President Hugo
Chavez called US President George W. Bush a devil during his speech in the
United Nations assembly in September.

The Business Journal relates that Barkley is launching a 30-second
television advertisement and a related print spot that emphasizes Citgo
Petroleum's charitable outreach as well as its American roots.

The new advertisements were not released as responses to the negative
publicity President Chavez's UN statement brought, the Business Journal
says, citing Mr. Swenson.

Mr. Swenson told the Business Journal, "It has nothing to do with that.  It
has everything to do with what's typical of all large American corporations:
They're always trying to remind their customers of the kind of company they
are and how many people they employ.  Tune into any of the Sunday talk shows
and you'll see large companies trying to remind us all how great they are.
And that's what this one is trying to do, too.  We've been working on it for
a long time.  Ad campaigns don't happen overnight. It's been in the works
for quite awhile."

Mr. Swenson did not tell the Business Journal the cost of the campaign,
which will run through fall.

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+'.


DAIMLERCHRYSLER: Losses Continue at Chrysler Group
--------------------------------------------------
DaimlerChrysler achieved a third quarter operating profit of
US$1.132 billion, compared to US$2.332 billion of operating profit for the
same period in 2005.  Net income amounted to US$686 million in the third
quarter, compared to US$1.085 billion in 2005.

The continuation of the very positive earnings trend at the
Mercedes Car Group, the distinct increase in operating profit at
the Truck Group as well as the Financial Services' operating
profit, which is above the high level of earnings in the prior-
year quarter, only partially compensated for the loss contributed by the
Chrysler Group.

DaimlerChrysler sold 1.0 million vehicles worldwide in the third
quarter, not equaling the high level recorded in Q3 2005.  As a
result of the lower unit sales, the Group's revenues decreased
from US$48.4 billion to US$44.6 billion. Adjusted for currency-
translation effects, the decrease was 5%.

At the end of the third quarter of 2006, DaimlerChrysler employed a
workforce of 365,451 people worldwide (end of Q3 2005: 388,014).  Of this
total, 168,965 were employed in Germany and 95,647 were employed in the
United States.

                    Division Results

Mercedes Car Group

The Mercedes Car Group sold 307,500 vehicles worldwide in the
third quarter of this year (Q3 2005: 310,900).  Third quarter unit sales by
Mercedes- Benz increased slightly to 282,800 vehicles (Q3 2005: 282,100),
primarily due to the success of the new models launched in 2005 and 2006.
At smart, due to the focus on the smart fortwo, unit sales decreased, as
expected, to 24,700 vehicles (Q3 2005: 28,800).  Customer orders have been
received for nearly all smart fortwo cars that will be produced prior to the
model changeover next year.  The divisions's revenues increased by 8% to
US$17.1 billion.

The Mercedes Car Group increased its operating profit by 127% to
US$1.257 billion.  This significant increase in earnings is
primarily due to the efficiency improvements achieved in the
context of the CORE program.

Staff reductions at Mercedes-Benz Passenger Cars in the context of the CORE
program led to charges of US$60 million.  Within the
framework of the voluntary headcount reduction program announced
in September 2005, approximately 9,300 employees had signed
severance agreements or had already left the company.  The
expenses originally planned for the restructuring of smart were
adjusted, resulting in a gain of US$51 million.

The integration of smart into the Mercedes-Benz organization is
progressing according to plan and should be completed by the end
of this year.  The resulting efficiency improvements will provide a
foundation for smart's profitability as of the year 2007.

Chrysler Group

In a difficult market environment, the Chrysler Group's third
quarter retail and fleet sales totaled 635,300 vehicles.  Total
factory shipments amounted to 504,400 vehicles (Q3 2005: 663,400).

Third quarter revenues amounted to US$12.1 billion (-23%); measured in
Euros, revenues decreased by 26%.

The Chrysler Group posted an operating loss of US$1.477 billion in the third
quarter of 2006, compared with an operating profit of US$393 million in the
same quarter of last year.

The operating loss was primarily the result of a decrease in
worldwide factory unit sales, an unfavorable shift in product and market
mix, and negative net pricing.  These factors reflect a continuing difficult
market environment in the United States as the Chrysler Group faced
increased dealer inventory levels from the prior quarter, a shift in
consumer demand toward smaller vehicles due to higher fuel prices, and
increased interest rates.

In order to reduce the high levels of dealer inventories, Chrysler Group
reduced shipments to dealers, which necessitated
corresponding production adjustments.  Total factory shipments of 504,400
vehicles in the third quarter were 158,900 units lower than in the third
quarter of last year.

During the third quarter, the Chrysler Group launched the compact SUV
Jeep(R) Compass and the Jeep(R) Wrangler Unlimited (4-door).  The Chrysler
Aspen, the first SUV from the Chrysler brand, was also launched in the third
quarter.  By the end of the year, the Chrysler Group will launch three more
all-new vehicles featuring fuel-efficient engines: the Chrysler Sebring, the
Dodge Nitro and the Jeep(R) Patriot.

In July, the Chrysler Group opened its new flexible assembly plant and
supplier park in Toledo, Ohio, where the all-new Jeep(R) Wrangler models are
produced.  This supplier co-location project represents the latest example
of Chrysler Group's overall manufacturing strategy, enabling various models
to be built on the same assembly line.

Truck Group

Unit sales by the Truck Group of 141,900 vehicles were 2% above
the level of Q3 2005.  Due to the higher unit sales and a better
model mix, revenues increased by 3% to US$10.2 billion.

The Truck Group posted an operating profit of US$705 million (Q3
2005: US$449 million).  This significant increase in earnings was due to
higher unit sales, a high utilization of capacity combined with strong
productivity, and an improved model mix.  In addition, further efficiency
improvements were realized in the context of the Global Excellence program,
which more than compensated for the higher expenses incurred for new vehicle
projects and the fulfillment of future emission regulations.

Sales by Trucks Europe/Latin America of 37,700 units were slightly higher
than in Q3 2005.  Unit sales of 55,400 vehicles by Trucks NAFTA under the
Freightliner, Western Star and Sterling brands were 3% higher than in Q3
2005.  Trucks Asia sold 49,300 units under the Mitsubishi Fuso brand, a 2%
increase compared to the prior-year quarter.

The "Truck Dedication" initiative, which was launched during the
third quarter of this year, aims to focus sales and service
activities even more closely on customers' needs.  The key
elements of the program include more intensive customer
interaction such as additional service stations near logistics
centers and autobahns, as well as service teams with 24-hour
availability.

The Financial Services division continued its positive business
trend in the third quarter, and improved its operating profit to
US$565 million, compared with US$518 million in the third quarter of last
year.  This increase in earnings was assisted by the higher volume of new
business and improved efficiency.  There were opposing effects from
increased risk costs, which had been extremely low in the prior-year
quarter.

New business of US$16 billion was 6% higher than in Q3 2005, while contract
volume of US$144.6 billion was at the prior-year level.  Adjusted for the
effects of currency translation, the portfolio grew by 4%.

Contract volume of US$104.2 billion in the Americas region (North and South
America) was at the same level as a year earlier; adjusted for exchange-rate
effects, there was an increase of 4%.  Contract volume in the region Europe,
Africa and Asia/Pacific increased by 4% to US$40.5 billion.  In Germany,
DaimlerChrysler Bank increased its contract volume by 5% to US$19.7 billion.

The Van, Bus, Other Segment

The Van, Bus, Other segment posted a third quarter operating
profit of US$400 million (Q3 2005: US$481 million), including expenses of
US$91 million for the implementation of the new management model, mainly for
the voluntary headcount reduction program in administrative areas.  The sale
of real estate properties not required for operating purposes led to a gain
of US$109 million in the third quarter.

Mercedes-Benz Vans posted unit sales of 58,800 vehicles in the
third quarter, which was lower than the very high prior year
number.  The decrease was a result of the launch of the new
Sprinter and the associated production changeover in the
Dusseldorf and Ludwigsfelde plants.

DaimlerChrysler Buses sold 8,600 buses and chassis of the
Mercedes-Benz, Setra and Orion brands (Q3 2005: 9,200).

The contribution to earnings from the European Aeronautic Defence and Space
Company amounted to US$313 million, which was slightly below the result of
US$325 million in the prior-year quarter.  This was primarily caused by less
favorable currency-hedging rates.  The delays with the delivery of the
Airbus A380 did not affect the profit contribution from EADS to
DaimlerChrysler in the third quarter, as the results of EADS are
consolidated by the DaimlerChrysler Group with a three-month time lag.

                          Outlook

DaimlerChrysler expects a slight decrease in worldwide demand for
automobiles in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth of around
3%.

In the United States, the world's largest market, demand is likely to
decrease slightly (2005: 16.9 million cars and light trucks).  The Japanese
market is also expected to be smaller than in 2005 (4.7 million passenger
cars), while there should be a moderate increase in demand in Western Europe
(2005: 14.5 million passenger cars).  Car sales are expected to increase
significantly in full-year 2006 in nearly all of the major emerging markets
of Asia, South America and Eastern Europe.  The strong demand for commercial
vehicles, especially in the heavy categories, should continue for the rest
of this year, although with lower growth rates.  In view of the ongoing
overcapacity in the automotive industry, DaimlerChrysler assumes that the
situation of intense competitive pressure will continue.

DaimlerChrysler expects unit sales in 2006 to be lower than in the previous
year (4.8 million units).

The Mercedes Car Group anticipates full-year unit sales at least
as high as in 2005.  The division assumes that unit sales by
Mercedes-Benz will exceed last year's figure as a result of the
market success of the brand's new products.  The Mercedes Car
Group will continue to effectively implement the CORE efficiency-improving
program.  The division's positive earnings trend is expected to continue in
the fourth quarter.

Due to intense competition and the shift in demand towards smaller vehicles,
the Chrysler Group assumes that unit sales (factory shipments) in 2006 will
be lower than in the prior year.  Eight new models, many of which are in the
growing segments of passenger cars and small SUVs, are now being launched or
will be launched this year.  The Chrysler Group will implement further cuts
in production volumes during the fourth quarter in order to reduce dealer
inventories and clear the way for the current product offensive.
DaimlerChrysler expects the division to post a loss of approximately US$1.3
billion for full-year 2006.

The Truck Group expects full-year unit sales at least to reach
2005 sales figures.  Due to positive market developments in the
core markets of Europe, the United States and Japan in connection with
upcoming new emission regulations, the ongoing strong demand for its
products and further improvements in productivity and efficiency, the Truck
Group expects to significantly exceed the prior year's earnings.

The Financial Services division anticipates a continuation of its stable
business development in the remaining months of the year 2006, despite the
higher level of interest rates and falling growth in consumption in the
United States.  Enhanced process quality and efficiency will help to further
improve the division's competitive position.  Operating profit in full-year
2006 should be higher than in the prior year.

The Vans unit expects lower unit sales than in 2005 due to the
Sprinter model change.  Unit sales of buses are likely to exceed
the high level of the prior year.  In connection with the revised delivery
planning for the Airbus A380, EADS revoked its original earnings forecast at
the beginning of October. EADS has not issued any new earnings guidance
since then.

The DaimlerChrysler Group's revenues in full-year 2006 should be
slightly higher than in 2005 (US$190 billion).

On September 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than originally
anticipated because of the delayed delivery of the Airbus A380,
DaimlerChrysler is maintaining this earnings target due to very positive
business developments in the divisions Mercedes Car Group, Truck Group and
Financial Services.

This forecast also includes charges for the implementation of the new
management model (US$0.6 billion), the focus on the smart for two (US$1.3
billion) and the staff reductions at the Mercedes Car Group (US$0.5
billion).  There are positive effects from gains on the disposal of the
off-highway business (US$0.3 billion), the sale of real estate no longer
required for operating purposes (US$0.1 billion) and the release of
provisions for retirement-pension obligations (US$0.3 billion).

                  About DaimlerChrysler

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages
in the development, manufacture, distribution, and sale of various
automotive products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments: Mercedes Car
Group, Chrysler Group, Commercial Vehicles, and Financial Services.  In
Latin America, Daimler/Chrysler is present in Argentina, Brazil and
Venezuela.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge
brand names. It also sells parts and accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees and
retirees, continuing high fuel prices and a stronger shift in demand toward
smaller vehicles.  At the same time, key competitors have further increased
margin and volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest rates caused
higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and cut costs in
the short term are being examined at all stages of the value chain, in
addition to structural changes being reviewed as well.


PETROLEOS DE VENEZUELA: Awards Study Contract to SNC-Lavalin
------------------------------------------------------------
Petroleos de Venezuela, the state-run oil firm of Venezuela, has awarded a
contract to SNC-Lavalin Group Inc. to conduct a study for the Extra Heavy
Oil Processing Complex in Orinoco Oil Belt, VHealine reports.

According to VHeadline, the complex is a major component of Petroleos de
Venezuela's long-term plan to boost oil output from the Orinoco Oil Belt.

VHeadlines notes that the contract includes a study to determine suitable
locations for the complex.

The report says that once the complex is completed, it will process 800,000
barrels of extra heavy oil daily that will be used to produce synthetic
crude oils for global crude oil markets.

SNC-Lavalin has started work on the complex, which it will carry out with
contractors and international process licensors in Venezuela, VHealine says.

VHeadline underscores that the study is expected to be completed by the
first quarter of next year.

"We are pleased that PDVSA (Petroleos de Venezuela) has awarded this
significant component of their refining business plan to SNC-Lavalin.  This
is a very important project that will promote socio-economic development in
the Orinoco Oil Belt," Jean Beaudoin, SNC-Lavalin Group Inc.'s executive
vice president, told VHeadline.

                  About SNC-Lavalin Group Inc.

Headquartered in Montreal, Canada, SNC-Lavalin Group Inc. --
http://www.snc-lavalin.com-- is an engineering and construction company.
The Company is engaged in engineering and construction activities ranging
from engineering, procurement, construction and construction management
services to lump sum turnkey packages.  It also provides operations and
maintenance services, and is involved in the manufacturing of ammunition, as
well as investing in infrastructure concession investments.  It makes equity
investments in infrastructure concessions in various industry sectors, such
as airports, energy, mass transit and roads.  It operates in nine business
segments: Power, Infrastructure and Environment, Chemicals and Petroleum,
Mining and Metallurgy, Operations and Maintenance, Defence, Infrastructure
Concession Investments, Highway 407 and All Other.

                 About Petroleos de Venezuela SA

Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.


PETROLEOS DE VENEZUELA: Drilling Junin 4 with China National
------------------------------------------------------------
Ratifying several energy bilateral cooperation commitments, Petroleos de
Venezuela S.A. and China National Petroleum Corporation, started drilling
works of the first evaluation well of the Junin 4 Block in the Orinoco Oil
Belt, where approximately 36,000 barrels of oil originally in place are
expected to be quantified and certified.

Pres. Hugo Chavez indicated that, "The Magna Reserve Project is the largest
project ever envisioned in Latin America and one of the most important
projects worldwide."  He also added that, "there is oil there, not only for
Venezuela and Caribbean countries, but we can also supply China because all
the oil needed is here.  We are a reliable and safe supplier for the entire
world."

Pres. Chavez indicated that supply of Venezuelan oil to China has reached
154,000 barrels, hence surpassing the estimated goal of 150,000 barrels for
the current year.  The daily energy consumption in China is 7 million oil
barrels.  "The commitment is to gradually increase oil supply to China.  Our
goal is to send 300 thousand barrels in 2007 and half a million barrels per
day in 2008," Mr. Chavez said.

China National Petroleum Corporation is one of the companies participating
in the quantification of oil reserves in the Orinoco Oil Belt, where
approximately 235 million additional crude oil barrels will raise Venezuelan
reserves to 316 million barrels, the largest reserves for any country in the
world.

Workers of the Junin 4 Block assured that the quantification of reserves
would be ready by 2007.  It is also estimated that there is a reserve of 316
million oil barrels in the area, which is located only 1,000 meters deep.

The purpose of the Orinoco Magna Reserve Project is to quantify and certify
Venezuela's hydrocarbon reserves in the Orinoco Oil Belt in order to update
the OPEC quota, underpin negotiations with third parties and start new
developments of its own.

The Junin area is the largest source of liquid hydrocarbons reserves
worldwide.  It is estimated to comprise 1.3 billion crude barrels, both
heavy and extra-heavy, out of which 20% could be extracted, which is equal
to 235 million barrels.  It is located south of the Guarico, Anzoategui and
Monagas States, covers an approximate extension of 55,314 square kilometers
and is divided into four areas called Boyaca, Junin, Ayacucho and Carabobo.

The Junin area, covering a total extension of 14,580 square kilometers, is
divided into 10 blocks, of which number four is located in the Santa Maria
de Ipire Municipality, Guarico State, and has an extension of 678 square
kilometers.  The well that will be drilled will have the nomenclature J4-05.

The ceremony was an appropriate occasion to materialize the execution of
legal instruments and agreements of intent between the Bolivarian Republic
of Venezuela and the Peoples Republic of China in these areas:

   -- agreements regarding agriculture,

   -- establishment of new telecommunications systems,

   -- manufacturing of computers throughout the national
      territory,

   -- integrating services to develop telephone systems,

   -- a wireless broad band to interconnect all entities of the
      country,

   -- manufacturing of third-generation cell phone devices in
      Venezuela with integrated Internet and video, and

   -- creation of physical stock of industrial machinery, among
      others.

Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.


PETROLEOS DE VENEZUELA: In Talks with Conoco on Orinoco Projects
----------------------------------------------------------------
Petroleos de Venezuela -- the state oil firm of Venezuela -- and the
Venezuelan government are negotiating with ConocoPhillips on increasing the
production from two Orinoco Faja extra-heavy oil projects, Dow Jones
Newswires reports.

Jim Mulva, the chief executive officer of ConocoPhillips, told Dow Jones,
"We have the ability to expand volumes for Petrozuata and Hamaca, but of
course that takes a lot of discussion with PDVSA and the ministry.  We're in
the process of doing that."

Dow Jones notes that the two extra-heavy oil projects, along with two other
similar developments operated by Exxon Mobil Corp. and Total SA, are the
latest goal in Venezuela's campaign to recover control of the oil sector.

According to Dow Jones, Petroleos de Venezuela is seeking a majority stake
in four projects.  It holds a minority stake in those projects.

Talks on the changes between Petroleos de Venezuela and ConocoPhillips are
in progress, Mr. Mulva told Dow Jones.

Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.


PETROLEOS DE VENEZUELA: Launches New State Power Generation Firm
----------------------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of Venezuela, has
launched with the nation's energy and oil ministry the Compania Anonima
Empresa Nacional de Generacion, a new state power generation firm, Gaceta
Official de la Republica de Venezuela reports.

Business news America relates that Enelven and Enelbar -- the regional
electricity firms -- will own 10% each in Compania Anonima.  The company
will incorporate new capacity soon.

Miguel Leon -- the vice president of finance at Cadafe, the state power
firm -- told BNamericas, "The idea is for it to take over some new
investments in generation."

"This announcement came without the incorporation of any new generation,
transmission or distribution assets.  The good news is that the company has
the financial backing of PDVSA (Petroleos de Venezuela), but that is only
good if you actually invest.  That would be great news," Vicente Sanchez, an
independent consultant who had worked for 20 years at Petroleos de Venezuela
as project manager for distributed generation, told BNamericas.

Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.


                        ***********


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
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publishers.

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

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


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