TCRLA_Public/061031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 31, 2006, Vol. 7, Issue 216

                          Headlines

A R G E N T I N A

ACCESOR SRL: Seeks for Court Approval to Reorganize Business
ASQUEL SA: Deadline for Claims Verification Is Set for Dec. 1
ASWELL SA: Reorganization Proceeding Concluded
BEPO ARGENTINA: Proofs of Claim Verification Is Until Dec. 22
CATANGEL SA: Deadline for Verification of Claims Is on Nov. 17

FOTO GOLD: Last Day for Verification of Claims Is on Dec. 15
SECRET SA: Claims Verification Deadline Is Set for Feb. 9
STM SEGURIDAD: Trustee Verifies Proofs of Claim Until Dec. 20
TOP SIGHT: Creditors Must Submit Proofs of Claim by Nov. 16
WENDY'S INTERNATIONAL: Earns US$72 Million in Third Quarter 2006

WENDY'S INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

B A H A M A S

COMPLETE RETREATS: Files Loan Budget at Ad Hoc Panel's Behest
COMPLETE RETREATS: Panel Wants Claims Probe Period Until Dec. 2
COMPLETE RETREATS: Court Approves Holly Felder Etlin as CRO
JETBLUE AIRWAYS: Purchases PASSUR Upgrade to Improve Operations

B E L I Z E

* BELIZE: Belize Waste Control Sues City Council

B E R M U D A

SEA CONTAINERS: Assigns Priority Status to Intercompany Claims
SEA CONTAINERS: Can Continue Using Existing Business Forms

B O L I V I A

INTERMEC INC: Moody's Assigns Loss-Given-Default Rating
PETROLEO BRASILEIRO: Reaches Gas Exploration Pact with Bolivia

B R A Z I L

AMERICAN AXLE: Incurs US$62.9MM Net Loss in Third Quarter 2006
BANCO NACIONAL: Grants BRL115.3-Million Loan to Usina Oureste
CHEMTURA CORP: Declares Quarterly Dividend of US$0.05 Per Share
COMPANHIA DE SANEAMENTO: Audit Court Cancels Firm's Auction
COMPANHIA SIDERURGICA: Tontine Management Backs Esmark

MARFRIG FRIGORIFICOS: S&P Rates US$250-MM Sr. Unsec. Notes at B+
NOVELIS INC: Declares Quarterly Dividend of US$0.01 Per Share
PETROLEO BRASILEIRO: Exploring Oil & Natural Gas in Mozambique
UNIAO DE BANCOS: Will Write Off BRL464 Million in Goodwill

C A Y M A N   I S L A N D S

CYPRESS LANCASHIRE: Last Day to File Proofs of Claim Is Nov. 16
EQUITY STATISTICAL: Proofs of Claim Filing Is Until Nov. 16
FONTE DE PEDRA: Last Day for Proofs of Claim Filing Is Nov. 16
GLOBAL VISION: Proofs of Claim Filing Deadline Is on Nov. 16
GOLDENTREE CREDIT: Claims Filing Deadline Is Set for Nov. 16

HILLVIEW LTD: Deadline for Proofs of Claim Filing Is on Nov. 16
JUMBO HOLDINGS: Creditors Must File Proofs of Claim by Nov. 16
MONAS INVESTMENTS: Proofs of Claim Must Be Filed by Nov. 16
MOTHERROCK ENERGY: Proofs of Claim Filing Is Until Nov. 16

C H I L E

BANCO ITAU: Mulls Launching Insurance & Pension Funds in Chile

C O L O M B I A

BANCOLOMBIA: Trades 0.82% of Outstanding Shares
BAVARIA SA: Atlantico Freezes COP174 Billion of Firm's Funds
COLOMBIA TELECOM: Will be Renamed Telecom-Telefonica
NOVELL: Consent Solicitation on 0.5% Debentures Ended Oct. 30

C O S T A   R I C A

GNC CORP: Reports US$367.7MM Revenues for Quarter Ended Sept. 30

C U B A

NASH FINCH: Moody's Assigns Loss-Given-Default Ratings

E C U A D O R

PETROECUADOR: Greg Christie to Decide on Conducting Probes

J A M A I C A

AIR JAMAICA: Former Chairperson Slams Firm's Performance
AIR JAMAICA: Jamaica Labor Mulling Other Proposals for Airline
KAISER ALUMINUM: Owl Creek Companies Disclose Equity Stake
SUGAR COMPANY: Will Meet with Trade Unions on November 7

M E X I C O

ALASKA AIRLINES: Adds Five New Nonstop Routes to Mexico
ALIMENTATION: Moody's Assigns Loss-Given-Default Ratings
ALLIS-CHALMERS: Extends Tender Offer on 9% Notes to Nov. 22
ALLIS-CHALMERS: To Acquire Oil & Gas Rental for US$291 Million
DESARROLLADORA HOMEX: Sales Will Reach MXN11.8 Billion in 2006

FORD MOTOR: To Rely on Cheaper Chinese-Made Parts to Cut Costs
GLOBAL POWER: Has Until Nov. 12 to File Schedules & Statements
GRUPO FINANCIERO: Posts MXN4.36B Net Profits for Nine Months
GRUPO MEXICO: Posts US$392 Million Third Quarter 2006 Net Profit
INTERNATIONAL WIRE: Purchases New Plant Site for US$600,000

MERIDIAN: Files Revised Fourth Plan & Approved Disclosure
MERIDIAN AUTOMOTIVE: Confirmation Hearing Scheduled on Nov. 29
MERIDIAN AUTOMOTIVE: Ballots Must Be Received by Nov. 22

P A N A M A

BANCO GENERAL: Fitch Affirms C Individual Rating

P E R U

PRIDE INT: Posts US$89.3MM Net Earnings for Third Quarter 2006

P U E R T O   R I C O

DORAL FINANCIAL: 10-Q Filings Cues S&P to Affirm B+ Rating
PILGRIM'S PRIDE: To Reduce Chicken Processing by 5% in January
RENT-A-CENTER: Moody's Assigns Loss-Given-Default Ratings

T R I N I D A D   &   T O B A G O

BRITISH WEST: Caribbean Airlines Need Partnerships to Survive
BRITISH WEST: Union Representing US Workers Inks Separation Pact

U R U G U A Y

BANCO HIPOTECARIO: Posts UYU2.02B Profit for First Nine Months
BEARINGPOINT INC: Reports Results of Consent Solicitation

V E N E Z U E L A

AMERICAN COMMERCIAL: Closes Sale of Venezuelan Operations
PETROLEOS DE VENEZUELA: Launches Proyecto Etanol
PETROLEOS DE VENEZUELA: Moves Bidding Deadline for Delta Caribe
TIMKEN CO: Earns US$46 Million in Third Quarter of 2006
TIMKEN CO: Moody's Assigns Loss-Given-Default Rating

* VENEZUELA: Reduces Crude Production by 11.5%
* BOND PRICING: For the week of October 23 -- October 27, 2006


                         - - - - -


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


ACCESOR SRL: Seeks for Court Approval to Reorganize Business
------------------------------------------------------------
Court No. 9 in Buenos Aires is studying the merits of Accesor SRL's petition
to reorganize its business after it stopped paying its obligations on Sept.
1, 2002.

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

Clerk No. 17 assists the court in the case.

The debtor can be reached at:

          Accesor SRL
          Avenida Monroe 2364
          Buenos Aires, Argentina


ASQUEL SA: Deadline for Claims Verification Is Set for Dec. 1
-------------------------------------------------------------
Elisa Esther Tomattis, the court-appointed trustee for Asquel SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 1,
2006.

Ms. Tomattis will present the validated claims in court as individual
reports on Feb. 16, 2007.  A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Asquel and its creditors.

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

A general report that contains an audit of Asquel's accounting and banking
records will follow on Apr. 6, 2007.

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

The trustee can be reached at:

          Elisa Esther Tomattis
          Avenida Callao 215
          Buenos Aires, Argentina


ASWELL SA: Reorganization Proceeding Concluded
----------------------------------------------
Aswell SA's reorganization proceeding has ended.  Data published by Infobae
on its Web Site, indicated that the proceeding was concluded after a court
in Buenos Aires approved the settlement plan between the company and its
creditors.


BEPO ARGENTINA: Proofs of Claim Verification Is Until Dec. 22
-------------------------------------------------------------
Daniel Contador, the court-appointed trustee for Bepo Argentina SRL's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 22,
2006.

Under the Argentine bankruptcy law, Mr. Contador is required to present the
validated claims in court as individual reports.  Court No. 11 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
Secret and its creditors.

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

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

Bepo Argentina was forced into bankruptcy at the behest of de Jordan
Morrison, whom it owes US$25,200.

Clerk No. 22 assists the court in the proceeding.

The debtor can be reached at:

          Bepo Argentina SRL
          Juan Agustin Garcia 4741
          Buenos Aires, Argentina

The trustee can be reached at:

          Daniel Contador
          Tucuman 1657
          Buenos Aires, Argentina


CATANGEL SA: Deadline for Verification of Claims Is on Nov. 17
--------------------------------------------------------------
Silvia Giudice, the court-appointed trustee for Catangel SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Nov. 17, 2006.

Ms. Giudice will present the validated claims in court as individual reports
on Feb. 5, 2007.  A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Catangel and its creditors.

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

A general report that contains an audit of Catangel's accounting and banking
records will follow on March 19, 2007.

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

The debtor can be reached at:

          Catangel SA
          Calle 520, Entre 154 y 155 La Granja
          Buenos Aires, Argentina

The trustee can be reached at:

          Silbia Giudice
          Calle 2 Numero 1575, La Plata
          Buenos Aires, Argentina


FOTO GOLD: Last Day for Verification of Claims Is on Dec. 15
------------------------------------------------------------
Hector Edgardo Grun, the court-appointed trustee for Foto Gold SA's
bankruptcy case, will verify creditors' proofs of claim until Dec. 15, 2006.

Mr. Grun will present the validated claims in court as individual reports on
March 1, 2007.  A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Foto Gold and its creditors.

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

A general report that contains an audit of Foto Gold's accounting and
banking records will follow on Apr. 17, 2007.

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

The trustee can be reached at:

          Hector Edgardo Grun
          San Martin 551
          Buenos Aires, Argentina


SECRET SA: Claims Verification Deadline Is Set for Feb. 9
---------------------------------------------------------
Beatriz Stachesky, the court-appointed trustee for Secret SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 9, 2006.

Under the Argentine bankruptcy law, Ms. Stachesky is required to present the
validated claims in court as individual reports.  Court No. 3 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Secret and its creditors.

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

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

Secret was forced into bankruptcy at the request of Union Cortadores de la
Indumentaria, which it owes ARS19,962.13.

Clerk No. 6 assists the court in the proceeding.

The debtor can be reached at:

          Secret S.A.
          Avenida de Mayo 1324
          Buenos Aires, Argentina

The trustee can be reached at:

          Beatriz Stachesky
          Avenida Cordoba 817
          Buenos Aires, Argentina


STM SEGURIDAD: Trustee Verifies Proofs of Claim Until Dec. 20
-------------------------------------------------------------
Eva Gords, the court-appointed trustee for STM Seguridad Tercer Milenio SA's
bankruptcy case, verifies creditors' proofs of claim until Dec. 20, 2006.

Under the Argentine bankruptcy law, Ms. Gords is required to present the
validated claims in court as individual reports.  Court No. 11 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
Secret and its creditors.

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

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

STM Seguridad was forced into bankruptcy at the request of Daniel Guillermo
Cooper Mendoza, whom it owes ARS8,768.35.

Clerk No. 22 assists the court in the proceeding.

The debtor can be reached at:

          STM Seguridad Tercer Milenio SA
          Tomas Le Breton 4925
          Buenos Aires, Argentina

The trustee can be reached at:

          Eva Gords
          Paraguay 1225
          Buenos Aires, Argentina


TOP SIGHT: Creditors Must Submit Proofs of Claim by Nov. 16
-----------------------------------------------------------
Top Sight Capital, Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, 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.

Top Sight's 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.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


WENDY'S INTERNATIONAL: Earns US$72 Million in Third Quarter 2006
----------------------------------------------------------------
Wendy's International Inc. reported a US$72.0 million net income
for the third quarter of 2006, compared to a US$72.1 million net income for
the third quarter of 2005.

The company also reported US$623.8 million of total revenues for the current
quarter, a 2.5% increase from US$608.8 million of total revenues for the
same period in 2005.

Commenting on the results, Kerrii Anderson, the company's interim chief
executive officer and president, said "[a]s we complete our strategic
initiatives of spinning off Tim Hortons, selling Baja Fresh and reducing
costs, we are sharpening our focus on the Wendy's brand.  By following our
new comprehensive strategic plan, 'Quality-Driven: Wendy's Recipe for
Success,' we intend to continue driving improved restaurant-level economic
performance by focusing on product innovation, targeted marketing, cost
containment and operations excellence."

                  Fourth Quarter Forecasts

The company anticipates that it will incur additional costs in the fourth
quarter, including US$4 million to US$8 million in pretax charges for the
closure of Wendy's restaurants and approximately US$3 million in pretax
expense for research and development related to its breakfast test.

In addition, the company expects to record higher expense for
performance-based incentive compensation in the fourth quarter of 2006
commensurate with anticipated improved operating results compared to 2005.

         Board Approves 115th Consecutive Dividend

The company's Board Of Directors approved a quarterly dividend of 8.5 cents
per share, payable on November 20 to shareholders of record as of Nov. 6.
The dividend will be the company's 115th consecutive dividend.  Because the
record date for the dividend payment is before the expiration date of the
tender offer, shareholders of record on November 6 who tender their shares
in the tender offer will be entitled to the dividend payment.

Headquartered in Dublin, Ohio, Wendy's International Inc. --
http://www.wendysintl.com/-- and its subsidiaries engage in the
operation, development, and franchising of a system of quick
service and fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
Moody's Investors Service held its Ba2 Corporate Family Rating for Wendy's
International Inc.

Additionally, Moody's held its Ba2 ratings on the company's US$200 million
6.25% Senior Unsecured Notes Due 2011 and US$225 million 6.2% Senior
Unsecured Notes Due 2014.  Moody's assigned the debentures an LGD4 rating
suggesting noteholders will experience a 54% loss in the event of default.


WENDY'S INTERNATIONAL: 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 held its Ba2
Corporate Family Rating for Wendy's International Inc.

Additionally, Moody's revised or held 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$200m 6.25%
   senior unsecured
   notes due 2011         Ba2      Ba2     LGD4       54%

   US$225m 6.2% senior
   unsecured notes
   due 2014               Ba2      Ba2     LGD4       54%

   US$100m 7%
   debentures
   due 2025               Ba2      Ba2     LGD4       54%

   Unsecured shelf        Ba2      Ba2     LGD4       54%

   Subordinated shelf     Ba3       B1     LGD6       97%

   Preferred shelf        B1        B1     LGD6       97%

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

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

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

Headquartered in Dublin, Ohio, Wendy's International Inc. --
http://www.wendysintl.com/-- and its subsidiaries engage in the
operation, development, and franchising of a system of quick
service and fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.




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


COMPLETE RETREATS: Files Loan Budget at Ad Hoc Panel's Behest
-------------------------------------------------------------
In connection with Complete Retreats LLC and its debtor-affiliates' proposed
US$80,000,000 debtor-in-possession financing facility from Ableco Finance,
LLC, the Debtors filed with the U.S. Bankruptcy Court for the District of
Connecticut a 13-week cash flow forecast ending Jan. 19, 2007, and a
six-month budget for the period October 2006 to March 2007.

The Debtors previously filed with the Court a draft of its proposed
Replacement DIP Financing, a full-text copy of which is
available for free at: http://researcharchives.com/t/s?1403

According to the Debtors, the Ableco DIP Financing Facility Draft is subject
to continuing negotiations among the parties and to further revision.

The Debtors filed the Ableco Financing Budget following the Ad Hoc Committee
of Members of Complete Retreats' demand.

The Ad Hoc Committee is a group comprised of more than 350 current and
former members of Private Retreats, LLC, and Distinctive Retreats, LLC, who
share common interests in the Debtors' bankruptcy cases and who represent at
least US$115,000,000 in claims.

The Ad Hoc Committee noted that the DIP Budget was not attached to the
Ableco DIP Financing Facility Draft despite the fact that:

   (1) information derived from the Budget is a component cap of
       the Ableco Revolving Credit Facility; and

   (2) the proceeds of the proposed Ableco DIP Facility are
       expressly governed by the Budget.

                     Complete Retreats, et al.
                     13-Week Cash Flow Forecast
                Beginning Week Ending Nov. 3, 2006

                                                 13-Week Total
                                                 -------------

Operating Receipts
   Membership Deposits                                        -
   Membership Dues                                 US$1,406,300
   Daily Fees                                         1,862,100
   Member Services                                      603,200
   Other Revenue/(Credit Card Chargebacks)              (91,000)
                                               ----------------
   Total Recurring Receipts                           3,708,500

Operating Disbursements
   Payroll-Field Operations                           1,349,500
   Rent-Properties                                    2,042,000
   Field Expenses                                       877,200
   HOA, Property Management & Memberships               983,600
   International Destination Expenses                   569,500
   Housekeeping & Contract Labor                        538,100
   Host & Employee Expenses                             144,000
   Member Expenses                                       25,000
   Utilities                                            313,200
   Insurance                                            196,100
   Repairs & Maintenance                                185,500
   Mortgages                                             86,200
   Taxes                                                427,600
   Other G&A                                            113,800
                                               ----------------
   Total Operating Disbursements                      7,851,500

      Operating Cash Flow                             4,070,900

Non-recurring Receipts
   Asset/Property Sales                            US$3,756,600
                                               ----------------
   Total Non-recurring Receipts                       3,756,600

General and Administrative Disbursements
   HQ/Sales Office Payroll                            1,441,000
   Office Space & Storage                               197,500
   Sales & Marketing                                          -
   CapEx                                                 36,400
   Other Disbursements                                  114,800
                                               ----------------
   Total Non-operating Disbursements                  1,789,700

      Cash Flow before Restructuring                 (2,104,100)

Restructuring Disbursements
   Professional Fees                                  3,873,100
   Deposits                                                   -
   Bank Fees                                          1,164,100
   Interests                                          2,041,800
   UST Fees                                              50,000
                                               ----------------
   Total Restructuring Disbursements                  7,128,900
                                               ----------------
      Total Disbursements                            16,770,100
                                               ----------------
Net Cash Flow                                        (9,233,000)
                                               ----------------
Total Debt                                        US$57,462,200
                                               ================

A full-text copy of the 13-Week Budget is available for free at:

               http://researcharchives.com/t/s?1405


                      Complete Retreats, et al.
                    Six-Month Cash Flow Forecast
                     October 2006 to March 2007

                                                Six-Month Total
                                                ---------------
Operating Receipts
   Membership Deposits                                        -
   Membership Dues                                 US$2,985,900
   Daily Fees                                         3,483,900
   Member Services                                      918,600
   Other Revenue/(Credit Card Chargebacks)             (270,800)
                                               ----------------
   Total Recurring Receipts                           7,117,600

Operating Disbursements
   Payroll-Field Operations                           2,498,800
   Rent-Properties                                    3,986,300
   Field Expenses                                     1,454,500
   HOA, Property Management & Memberships             1,308,900
   International Destination Expenses                 1,127,400
   Housekeeping & Contract Labor                        960,100
   Host & Employee Expenses                             278,300
   Member Expenses                                       68,000
   Utilities                                            627,100
   Insurance                                            390,100
   Repairs & Maintenance                                329,600
   Mortgages                                            171,900
   Taxes                                                612,300
   Airplane Services                                          -
   Other G&A                                            220,600
                                               ----------------
   Total Operating Disbursements                     14,033,900

      Operating Cash Flow                            (3,916,400)

Non-recurring Receipts
   Asset/Property Sales                               3,779,100
                                               ----------------
   Total Non-recurring Receipts                       3,779,100

General and Administrative Disbursements
   HQ/Sales Office Payroll                            2,660,600
   Office Space & Storage                               394,300
   Sales & Marketing                                     10,900
   CapEx                                                 73,800
   Other Disbursements                                  351,400
                                               ----------------
   Total Non-operating Disbursements                  3,491,000

      Cash Flow before Restructuring                 (6,628,300)

Restructuring Disbursements
   Professional Fees                                  5,511,100
   Deposits                                                   -
   Bank Fees                                          3,131,500
   Interests                                          4,012,300
   UST Fees                                              75,000
                                               ----------------
   Total Restructuring Disbursements                 12,729,900
                                               ----------------
      Total Disbursements                            30,254,800
                                               ----------------
Net Cash Flow                                       (19,358,200)
                                               ----------------
Total Debt                                        US$63,412,900
                                               ================

A full-text copy of the 6-Month Budget is available for free at:

               http://researcharchives.com/t/s?1406

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition to
its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-affiliates
filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No.
06-50245).  Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael J.
Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No estimated
assets have been listed in the Debtors' schedules, however, the Debtors
disclosed US$308,000,000 in total debts.  (Complete Retreats Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Panel Wants Claims Probe Period Until Dec. 2
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete Retreats LLC and
its debtor-affiliates' chapter 11 cases asks the U.S. Bankruptcy Court for
the District of Connecticut to extend the time for it to investigate and
bring claims relating to the prepetition liens and conduct of the Debtors'
prepetition lenders through and including Dec. 2, 2006.

The Creditors Committee previously obtained an Oct. 26, 2006 deadline to
file its objections to the Debtors' loan agreements with The Patriot Group
LLC and LPP Mortgage Ltd.

The Committee has uncovered allegations of wrongdoing associated
with the Debtors' prepetition financing, according to Jonathan B. Alter,
Esq., at Bingham McCutchen LLP, in Hartford, Connecticut.

Mr. Alter explains that the investigation of the Lenders must run in tandem
with the broader investigation of the extent of any wrongdoing related to
the Debtors' prepetition management and operations, which have just
commenced and will take additional time to complete.

In furtherance of its investigation, the Committee has made
informal requests for information to, and has received documents
from, the DIP Lenders, Mr. Alter informs the Court.  The
Committee has also obtained the Court's permission to conduct
examinations pursuant to Rule 2004 of the Federal Rules of
Bankruptcy Procedure on John Howe, a former officer of The
Patriot Group, LLC, and various former officers and employees of
the Debtors.

                    DIP Lenders Object

Patriot Group and LPP Mortgage assert that the Creditors Committee has not
shown that cause exists to support a further extension of the Objection
Period.  Moreover, the Creditors Committee's request is contrary to the
terms of the Final DIP Order and prejudicial to the Lenders and other
creditors, the Lenders add.

The current DIP Facility is due on Oct. 31, 2006.  The Lenders
assert that if the Debtors do not pay them in full by Oct. 31,
they have the right under the DIP Final Order to foreclose on
their collateral.

The Lenders relate that they have voluntarily produced documents
requested by the Committee and have fully cooperated with the
discovery request.  The Committee has reviewed all of their loan
and related documentation and has made no allegations that the
Existing Loans are unsecured, undersecured or are not properly
perfected.

Patriot notes that the timing of the Committee's discovery
request seems tied not to any legitimate need for investigation,
but rather to an effort to manufacture a justification for a
further Extension, defer repayment of the Existing Loans, and
create an additional US$7,000,000 in liquidity for the Debtors
through a priming lien that directly contravenes the provisions
of the Final DIP Order.

The Debtors' cases cannot withstand the costs of a prolonged
investigation of the Lenders' claims, combined with the continued cost of
interest, costs and fees accruing on any remaining unpaid balance on their
loans, the Lenders argue.

Accordingly, the Lenders ask the Court to:

   (a) deny the Committee's request; or

   (b) grant an extension without prejudice to the Lenders'
       right to receive full payment of the Existing Loans by
       Oct. 31, 2006, pursuant to the Ableco DIP Facility.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition to
its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-affiliates
filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No.
06-50245).  Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael J.
Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No estimated
assets have been listed in the Debtors' schedules, however, the Debtors
disclosed US$308,000,000 in total debts.  (Complete Retreats Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Court Approves Holly Felder Etlin as CRO
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
Complete Retreats LLC and its debtor-affiliates authority to employ Holly
Felder Etlin as their chief restructuring officer, provided that the
Debtors' indemnification obligations will be limited to the similar
obligations provided by the Debtors to the officers and directors under the
Debtors' corporate documents, available insurance and applicable state law.

Without imposing a requirement on XRoads Solution Group, LLC, to
submit fee applications pursuant to Sections 330 and 331 of the
Bankruptcy Code, the Court rules that XRoads will invoice the
Debtors on a monthly basis and provide copies of the invoices to
the U.S. Trustee and the Official Committee of Unsecured
Creditors by the 20th day of each month for the previous month.

Approximately every 120 days, XRoads will file with the Court and serve on
the U.S. Trustee and the Committee quarterly reports of compensation earned
and expenses incurred.  The U.S. Trustee and the Committee will have the
right to object to the Quarterly Compensation Reports within 10 days of the
filing.

As reported in the Troubled Company Reporter on Oct. 5, 2006, the Debtors
sought to employ Holly Felder with a financial advisory services support
team from XRoads Solutions.

The Debtors believe that Ms. Etlin is a qualified restructuring
consultant with valuable experience in numerous corporate
turnarounds, financial reorganizations, and asset sales.

The Debtors previously filed an application under Section 327(a)
of the Bankruptcy Code to employ XRoads Solutions as their
financial and restructuring advisor.  On July 25, 2006, the Court approved
the Debtors' request, on an interim basis.

After multiple communications among the Debtors' counsel, XRoads
and the U.S. Trustee, the Debtors have elected to voluntarily
withdraw the XRoads Retention Application.

Pursuant to the terms of a Retention Letter between XRoads and
the Debtors dated July 1, 2006, and amended on July 20, 2006, Ms. Etlin, as
the Debtors' CRO, is authorized and responsible for:

   -- making decisions with respect to all aspects of the
      management and operation of the Debtors' business and
      assisting in identifying cost reduction, working capital
      turn, and other operations improvement opportunities;

   -- communicating and meeting with creditors and their
      representatives in connection with the formulation,
      negotiation, and execution of a plan of reorganization,
      and discussing the business operations, financial
      performance, and general condition of the Debtors; and

   -- making decisions with respect to hiring new employees and
      terminating the Debtors' existing employees.

Ms. Etlin, together with certain additional XRoads personnel,
will:

   (a) evaluate the Debtors' strategic alternatives;

   (b) assist in implementing any Court-approved capital
       structure;

   (c) review, assess the restructuring impact of, and develop
       action plans for key contracts;

   (d) review and validate the Debtors' cash flow forecasts and
       related processes;

   (e) evaluate the Debtors' business, reorganization and
       restructuring plans;

   (f) assist in the development and implementation of a
       recapitalization plan;

   (g) provide financial information in support of, and
       participation in, the Debtors' investment banking
       process;

   (h) assist in communications, negotiations with, and
       presentations to vendors, creditors, and other key
       constituents;

   (i) assist in the development of employee-related plans,
       including retention, severance, and replacement plans;

   (j) assume the leadership role for the design and
       implementation of new effective management and financial
       reporting methodologies;

   (k) analyze and lead the Debtors' cash management and related
       activities; and

   (1) assist in the preparation of the Debtors' Schedules of
       Assets and Liabilities, Statements of Financial
       Affairs, the initial reporting package for the United
       States Trustee, and monthly operating reports.

The CRO and any other additional personnel would report to and
operate under the direction of the Debtors' board, which may
terminate the engagement upon 15 days' written notice.

The Debtors' current board of directors consists of James
Mitchell, Michael Shelton and Jason Bitsky.  None of the
personnel employed by XRoads to represent the Debtors, including
the CRO, would serve as a director of the Debtors.

In addition, XRoads agrees that neither it nor any of its
affiliates would make any investment in the Debtors or the
reorganized Debtors for three years after the conclusion of its
engagement with the Debtors.

The Debtors will pay XRoads a fixed fee of US$150,000 per month for the CRO
and Financial Advisory Services; provided, that if those services total more
than 480 hours in any month, the Debtors will pay XRoads US$375 per hour for
the additional services.

The Debtors will pay all expenses reasonably incurred by XRoads
for services rendered on the Debtors' behalf.  The CRO and other
additional XRoads personnel will be covered by the Debtors'
directors and officers insurance liability policy.

If any Restructuring is consummated during the term of XRoads'
engagement and 12 months after the termination of its services,
XRoads will receive a Restructuring Performance Fee equal to:

   (i) 0.5% of the first US$100,000,000 of the Debtors' debt
       securities and other indebtedness, obligations, or
       liabilities restructured; and

  (ii) 0.25% of all amounts in excess of US$100,000,000 of the
       Debtors' cumulative debt securities and other
       indebtedness, obligations, or liabilities restructured.

If a Sale Transaction is consummated during the term of XRoads'
engagement or within 12 months after the termination of its
services, XRoads will receive a Sale Performance Fee equal to:

   (i) 0.5% of the first US$100,000,000 of Aggregate Gross
       Considerations paid; and

  (ii) 0.25% of the Aggregate Gross Consideration paid in excess
       of US$100,000,000.

The Restructuring Performance Fee and the Sales Performance Fee,
if earned, would be subject to the Court's approval.

Prior to the Debtors' bankruptcy filing, XRoads received a US$150,000
retainer.  The Retainer will be applied to XRoads' final bill for fees and
expenses, Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut,
informed the Court.  The unused portion of the Retainer, if any, will be
returned to the Debtors.

The Debtors have been advised by XRoads that it will endeavor to
coordinate with the other retentions in the Debtors' bankruptcy
cases to eliminate unnecessary duplication or overlap of work.

"The assistance of Ms. Etlin and her team will provide a fresh
perspective on the Debtors' business, as well as valuable
expertise on various business management and operational issues," Mr. Daman
explained.  "With the aid of XRoads, the Debtors will be better able to
assess possible areas of cost reduction and other operational improvement
opportunities, as well as successfully navigate through the critical early
stage of these cases and beyond."

Because the CRO is not to be retained under Section 327, XRoads
should not be subject to the compensation requirements of
Sections 328, 330 and 331 of the Bankruptcy Code, Mr. Daman
contended.

Thus, the Debtors ask the Court to:

   -- treat XRoads' fees and expenses as an administrative
      expense of the Debtors' estates; and

   -- exempt XRoads from filing fee applications or seeking
      Court approval for the payment of its services and
      reimbursement of its expenses.

Ms. Etlin, as principal of XRoads Solutions Group, LLC, assured
the Court that XRoads is a "disinterested" person as that term is defined in
Section 101(14) of the Bankruptcy Code.  XRoads does not hold or represent
an interest adverse to the Debtors or their estates.

                 About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition to
its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-affiliates
filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No.
06-50245).  Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael J.
Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No estimated
assets have been listed in the Debtors' schedules, however, the Debtors
disclosed US$308,000,000 in total debts.  (Complete Retreats Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


JETBLUE AIRWAYS: Purchases PASSUR Upgrade to Improve Operations
---------------------------------------------------------------
JetBlue Airways has purchased a subscription to Megadata's PASSUR ETA
(Estimated Time of Arrival) feed (RightETA) for their largest station, JFK
International Airport.

"Continuous focus on the bottom line and more checked bags on board the
aircraft makes accurate information imperative to a sophisticated
operation -- the PASSUR ETA is the most exact ETA available and I'm very
pleased that our customers and operations group can benefit from this
seamless integration into all of our systems," said Michael Welch, Director
of Operations, JFK.  "We have a great relationship with the folks at
Megadata and we're pleased they continue to meet our demands."

"JetBlue came to us a month ago with a specific challenge - to continue to
improve the efficiency at JFK Airport through more accurate arrival
information -- and have the information distributed throughout all of their
systems -- we're very pleased we can meet their needs," said Jim Barry,
Megadata's President & CEO.

RightETA is one of a suite of information and software subscription products
provided to airlines, and has been demonstrated to be the most accurate ETA
available in the market, powering airline systems such as gate management,
scheduling, passenger flight information, and baggage management.  The
PASSUR ETA is derived from algorithms that are fed by multiple data sources
in real time, including flight position information from the network of
PASSUR radar systems installed throughout the country.  It is calculated by
tracking multiple real time metrics of the target flight as well as other
nearby aircraft in the surrounding airspace, along with current and historic
airspace conditions, resulting in an unmatched predictive capability.  There
is no equivalent product on the market today.  Specifically, JetBlue will be
implementing the more accurate ETAs to:

   -- Improve baggage handling and dependability, particularly
      as more bags are now being checked onboard the aircraft;

   -- Improve aircraft "met at the gate" numbers, so that
      airplanes are not waiting for staffing at gates to
      complete their flights; and

   -- Provide the most accurate ETA to customers on the JetBlue
      Web site and at the airport Flight Information Display
      Screens.

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.'




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* BELIZE: Belize Waste Control Sues City Council
------------------------------------------------
Belize Waste Control Ltd., a sanitation firm in Belize City, has sued the
Belize City Council and two private sanitation firms having sanitation
contracts with the council, The Reporter states.

The Reporter notes that Fred Lumor -- the legal representative of Belize --
and Anthony Griffith, the company's Managing Director Anthony Griffith,
filed before the Belize Supreme Court a US$10-million lawsuit on Oct. 25,
seeking US9,929,316 in general damages.  Belize Waste alleged that the
defendants intentionally and unlawfully breached the former's contractual
rights in the business of commercial garbage collection in Belize City.

According to The Reporter, Belize Waste is claiming that Sanitation
Enterprise Ltd., Belize Maintenance Ltd., David Rancharan and Kevin Woodye
cut into its revenue when they engaged in the collection and disposal of
commercial garbage in Belize City and got paid for their services.

Belize Waste told The Reporter that Sanitation Enterprise wrongfully, with
the intention to injure it, disguised its equipment as those of Belize Waste
and placed them in business establishments for commercial garbage
collection.

The defendants were then paid for the collection and disposal of commercial
garbage, breaching Belize Waste's exclusive contract it has with the
council, The Reporter says, citing Belize Waste.

Belize Waste told The Reporter that it collects US$1,430 monthly for 15
cubic yards of garbage collected each week from industrial businesses.

The Reporter relates that large amounts of garbage were left on Belize City
streets.  It had raised serious health concerns.

The problem exists because Sanitation Enterprise and Belize Maintenance
collect garbage during the day and Belize Waste would only pick it up early
the next morning, the council told The Reporter.

Belize Waste has asked the court to issue an injunction that would restrain
the defendants from interference with the company's business, according to
the Reporter.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

        -- CC LT Foreign Bank Deposit, Caa3
        -- CC LT Foreign Currency Debt, Caa3
        -- CC ST Foreign Bank Deposit, NP
        -- CC ST Foreign Currency Debt, NP
        -- LC Currency Issuer Rating, Caa3
        -- FC Currency Issuer Rating, Caa3
        -- Foreign Currency Long-Term Debt, Caa3
        -- Local Currency Long-Term Debt, Caa3

                        *    *    *

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




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


SEA CONTAINERS: Assigns Priority Status to Intercompany Claims
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware grants, on an interim basis, Sea Containers, Inc. and its
debtor-affiliates' request to accord administrative priority expense status
to all Intercompany Claims against a Debtor by another Debtor arising after
the Petition Date as a result of an Intercompany Transaction, pursuant to
Sections 503(b)(1) and 364(b) of the Bankruptcy Code.

Judge Carey grants the Debtors' request for 30 days, to ensure that each
individual Debtor will not fund, at the expense of its creditors, the
operations of another entity.

In the normal operations of their business, the Debtors engage in
intercompany transactions involving intercompany trade and
intercompany cash and capital needs.

As a result, there are numerous intercompany claims that reflect
intercompany receivables and payments made in the ordinary course of the
Debtors' businesses.  These Intercompany Transactions include, but are not
limited to expense allocation and advances.

At any given time, there may be Intercompany Claims owing among
the Debtors.  The Debtors maintain records of all Intercompany
Transactions and can ascertain, trace and account for all
Intercompany Transactions.

If postpetition Intercompany Claims are accorded administrative
priority expense status, each entity will continue to bear
ultimate repayment responsibility for those ordinary course
transactions, Robert D. MacKenzie, president and chief executive
officer of Sea Containers, Ltd., and a director of Sea Containers Services,
Ltd., says.

                   About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Can Continue Using Existing Business Forms
----------------------------------------------------------
Sea Containers, Inc. and its debtor-affiliates obtained authority from the
Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to continue to use all correspondence, business forms, and checks
existing immediately before the Debtors' filing of the petition without
reference to their status as a debtor-in-possession.

Judge Carey grants the Debtors' request on an interim basis, for 30 days.

Robert D. MacKenzie, president and chief executive officer of Sea
Containers, Ltd., and a director of Sea Containers Services,
Ltd., points out that parties doing business with the Debtors
will undoubtedly be aware of the Debtors' status as a debtor-in-
possession as a result of the size and publicity surrounding the
cases, the press releases issued by the Debtors, and other press
coverage.

If the Debtors were required to change their correspondence,
business forms, and checks, Mr. MacKenzie says, the Debtors would be forced
to choose standard forms rather than current forms with which the Debtors'
employees, customers and vendors are familiar.

A change in operations would create a sense of disruption and
potential confusion within the Debtors' organization and
confusion for the Debtors' customers and vendors, Mr. MacKenzie
asserts.

The Debtors believe that it would be costly and disruptive to
cease using all existing forms and to purchase and begin using
new stationery, business forms, and checks.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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INTERMEC INC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed its Ba2 Corporate
Family Rating for Intermec Inc., as well as its Ba3 rating on the company's
US$400 million Senior Unsecured Shelf.  Those debentures were assigned an
LGD5 rating suggesting noteholders will experience an 85% loss in the event
of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100m 7% Sr.
   Unsec. Notes
   Due 2008               Ba3      Ba3     LGD5       85%

   US$400m Sub.
   Shelf                (P)B1     (P)B1    LGD6       97%

   US$400m Pref.
   Shelf                (P)B2     (P)B1    LGD6       97%

   US$400m Pref.
   Shelf                (P)B2     (P)B1    LGD6       97%

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

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

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

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.  The company has locations in Australia, Bolivia, Brazil,
China, France, Hong Kong, Singapore and the United Kingdom.


PETROLEO BRASILEIRO: Reaches Gas Exploration Pact with Bolivia
--------------------------------------------------------------
Petroleos Brasileiro aka Petrobras and Yacimientos Yacimientos Petroliferos
Fiscales Bolivianos reached an agreement on
Oct. 28, 2006, that will allow the company to remain in Bolivia performing
in the gas exploration and production businesses in the San Alberto and San
Antonio fields, in Tarija.

After extensive negotiations, the agreement that was signed regulates the
new gas exploration and production conditions in the above-mentioned fields.
The gas price issue and the matter involving the Bolivian refineries that
belong to Petrobras were not dealt with in the agreement.  The document will
be sent to the Bolivian National Congress for final analysis.

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.




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AMERICAN AXLE: Incurs US$62.9MM Net Loss in Third Quarter 2006
--------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., reported these highlights for
the third quarter 2006:

   -- Third quarter sales of US$701.2 million;

   -- Overall 19% year-over-year decline in production volumes;

   -- Non-GM sales of US$153.2 million, totaling 22% of net
      sales;

   -- Special charges of US$93.1 million, or US$1.17 per share,
      for post employment benefits; and

   -- Net loss of US$62.9 million or US$1.25 per share

American Axle's results in the third quarter of 2006 were a net loss of
US$62.9 million or US$1.25 per share.  This compares to earnings of US$19.3
million or US$0.38 per share in the third quarter of 2005.

In the third quarter of 2006, American Axle recorded a special charge
relating to supplemental unemployment benefits estimated to be payable to
UAW associates who are expected to be permanently idled through the end of
the current contract period in February 2008.  This special charge increased
American Axle's operating costs in the third quarter of 2006 by US$91.2
million.  In addition to this special charge, American Axle incurred US$22.7
million of supplemental unemployment benefits and other related benefit
costs for associates on layoff in the third quarter of 2006.  American Axle
also recorded a US$1.9 million special charge in the quarter related to
future severance payments to associates in our European operations.

American Axle's results in the third quarter of 2006 reflect an overall 19%
year-over-year decline in production volumes.  This includes an estimated
5.4% decrease in customer production volumes for the major full-size truck
and SUV programs it currently supports for GM and The Chrysler Group as
compared with the third quarter of 2005.  American Axle estimates that
customer production volumes for its mid-sized pick-up truck and SUV programs
were down approximately 54% in the quarter on a year-over-year basis.

"As the domestic automotive industry continues its unprecedented structural
transformation, we are taking the necessary actions to improve American
Axle's global cost competitiveness," said American Axle & Manufacturing
Co-Founder, Chairman of the Board & Chief Executive Officer, Richard E.
Dauch.  "American Axle remains focused on managing the things that we
control.  This includes supporting the introduction of General Motor's new
full-size pick-ups in the fourth quarter of 2006, while at the same time
successfully launching our new regional manufacturing facilities in China
and Poland."

Net sales in the third quarter of 2006 were US$701.2 million as compared
with US$848.1 million in the third quarter of 2005.  Non-GM sales in the
quarter were US$153.2 million representing 22% of American Axle's total
sales.  On a year-to-date basis, American Axle's non-GM sales were US$561.4
million, or 23% of American Axle's sales through the third quarter of 2006.

American Axle's content per vehicle was US$1,204 in the third quarter of
2006 as compared with US$1,240 in the third quarter of 2005. Production mix
shifts related to the four-wheel drive and all-wheel drive (4WD/AWD)
versions of its full-size and mid-size light truck programs continued to
negatively impact content-per-vehicle in the third quarter of 2006.  For the
quarter, American Axle's 4WD/AWD penetration rate was 58.0% as compared with
65.9% in the third quarter of 2005.  American Axle defines its 4WD/AWD
penetration rate as the total number of front axles produced divided by the
number of rear axles produced for the vehicle programs on which it sells
product.

Gross margin in the third quarter of 2006 was negative 8.8% as compared with
9.8% in the third quarter of 2005. Operating income was a loss of US$110.0
million or negative 15.7% of sales in the quarter as compared with US$34.9
million or 4.1% of sales in the third quarter of 2005.

American Axle's results in the third quarter of 2006 include a favorable
outcome of US$9.1 million, or US$0.12 per share, associated with the
resolution of various legal proceedings and claims during the quarter, net
of costs incurred to resolve these matters.  Including costs incurred
earlier in the year related to these proceedings, the net favorable impact
of these items for the first three quarters of the year was US$7.6 million,
or US$0.10 per share.

American Axle's results in the third quarter of 2005 included a net benefit
of US$6.2 million, or US$0.08 per share, related to a retroactive metal
market recovery agreement under which American Axle was reimbursed for costs
incurred in the first half of 2005, net of other retroactive purchased
material cost adjustments.

Net sales in the first three quarters of 2006 were US$2.4 billion, as
compared with US$2.5 billion in the first three quarters of 2005. Gross
margin was 3.8% in the first three quarters of 2006 as compared with 9.5%
for the first three quarters of 2005.  Operating income for the first three
quarters of 2006 was a loss of US$54.5 million or negative 2.3% of sales as
compared with US$97.0 million or 3.8% of sales for the first three quarters
of 2005.

American Axle's gross margin and operating margin performance in the first
three quarters of 2006 reflect the impact of the special charges recorded in
the third quarter of 2006 relating to post employment benefits.  In addition
to these special charges, American Axle also incurred US$58.6 million of
supplemental unemployment benefits and other related benefit costs for
associates on layoff in the first three quarters of 2006.  Higher non-cash
expenses related to depreciation, amortization, pension and other
postretirement benefits and stock-based compensation as well as higher
fringe benefit costs also pressured margins in the first three quarters of
2006.

In the first three quarters of 2006, American Axle's SG&A spending was
US$145.9 million or 6.1% of sales as compared with US$144.0 million or 5.7%
of sales in the first three quarters of 2005.  American Axle continues to
increase SG&A spending in 2006 to support its R&D initiatives and its
expanded foreign business and technical offices.

American Axle defines free cash flow to be net cash provided by (or used in)
operating activities less capital expenditures and dividends paid.  Net cash
provided by operating activities in the first three quarters of 2006 was
US$161.7 million as compared with US$143.4 million in the first three
quarters of 2005.  Capital spending in the first three quarters of 2006 was
US$243.5 million.  Reflecting the impact of this activity and dividend
payments of US$23.3 million, American Axle's free cash flow in the first
three quarters of 2006 was a use of US$105.1 million.

                      Recent Developments

On Oct. 4, 2006, American Axle announced that it will offer a Special
Attrition Program or SAP to all UAW associates at American Axle's master
agreement facilities in the fourth quarter of 2006.  In conjunction with
this special attrition program, American Axle expects to initiate additional
restructuring actions in 2006 to realign its production capacity and cost
structure to current and projected operational and market requirements.
These actions are expected to include salaried workforce reductions, the
redeployment of machinery and equipment to support new programs, and other
steps to rationalize underutilized capacity.  As a result of these
anticipated special charges, American Axle withdrew its 2006 earnings and
cash flow guidance provided on June 8, 2006.

American Axle & Manufacturing -- http://www.aam.com/--  
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Ratings Services assigned its 'BB' rating to
the US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


BANCO NACIONAL: Grants BRL115.3-Million Loan to Usina Oureste
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of BRL115.3 million to Usina Ouroeste -- Acucar e Alcool Ltda.
The funds will be used for the construction of an alcohol plant, with a
sugar cane crushing capacity of up to 1.2 million tons/year and a planting
of 7,800 hectares of sugar cane, in the Municipality of Ouroeste, in the
State of Sao Paulo.  BNDES financing accounts for 76% of total budget for
the project at BRL151.7 million, which will be handed over by a syndicate of
banks led by Itau BBA.

The project provides for the generation of 1,700 direct jobs during the
crop, 1,300 thousand, in average, between crops, and additional 1,000
indirect jobs in the construction phase.  The first crop is expected for May
2008.  The project is estimated to increase cane production to 1.2 million
tons by 2010/11.  The production expansion will allow the company to
increase its domestic and foreign market share.

The investments include an environmental and social adequacy project. At the
environmental area, the objective, within 10 years, is to restore about 350
hectares of Permanent Preservation Areas, where 630,000 cutting scions of
specimens of the regional flora will be planted.  The social investment,
with BRL260,000 financed by BNDES, refers to the development of community
projects of several municipalities under their area of influence, in order
to improve the conditions on education, leisure, and medical, hospital and
odontological assistance.

Usina Ouroeste's project provides for the use of state-of-the-art technology
in its many areas.  In agriculture, the use of sugar cane harvesters will be
maximized, partially due to a requirement of the law in force related to the
burn of straw, and also due to the favorable topography of the region.  In
order to make the farming mechanization viable, modern techniques will be
used for soil preparation, planting, cultivation and sugar cane cutting.

As this is an agribusiness endeavor, the plant location has a fundamental
importance in the viability of the project.  Ouroeste's region, among all
the others previously considered, was selected because it met the basic
requirements requested.  The region counts on a roadway system prepared to
meet the transport requirements.

The partners' investment policy is guided to an expansion within the sector
itself, with an increase in the capacity of production and in relative share
at the markets it operates.  It is an essential factor for companies in the
sugar and alcohol sector that the plants, in order to be competitive and
profitable, should have compatible ranges of production since the products
generated -- sugar and alcohol -- are commodities.  Usina Ouroeste was
incorporated based on a joint venture of two companies in the line of sugar
and alcohol, Usina Moema Acucar e Alcool Ltda. and Alcoeste Destilaria
Fernandopolis S.A.

                        *    *    *

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.


CHEMTURA CORP: Declares Quarterly Dividend of US$0.05 Per Share
---------------------------------------------------------------
Chemtura Corp. declared a regular quarterly dividend of five cents per share
on the common stock of the corporation, payable Nov. 24, 2006, to
shareholders of record on Nov. 6, 2006.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection and pool, spa and home care products.  The Company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.   In Latin America,
Chemtura has facilities in Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on April 21, 2006,
Moody's Investors Service assigned a Ba1 rating to Chemtura
Corporation's US$400 million of senior notes due 2016 and
affirmed the Ba1 ratings for its other debt and the corporate
family rating.

As reported in the Troubled Company Reporter on April 21, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016.  Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating.  S&P said the outlook remains positive.


COMPANHIA DE SANEAMENTO: Audit Court Cancels Firm's Auction
-----------------------------------------------------------
The Sao Paulo state audit court has cancelled Companhia de Saneamento Basico
do Estado de Sao Paulo's bidding process for Alto Tiete water supply
public-private partnership, Agencia Estado states.

According to Business News Americas, Saneamento Basico called for tenders on
Aug. 15.  It was slated to open technical proposals on Oct. 27.

However, the court interrupted the process, at the request of several firms
seeking revisions to bidding rules, BNamericas notes.

Dalmo Nogueira Filho, the president of Saneamento Basico, told BNamericas
that signing a contract for the project by the end of 2006 was unlikely
regardless of the suspension because the company planned to take up to 90
days to study technical and economic tenders.

BNamericas underscores that the concessionaire will be responsible for:

          -- increasing capacity to 15 cubic meters per second
             from 10 cubic meters a second at the potable water
             treatment plant, which takes in water from the
             Tiete river;

          -- building four new reservoirs;

          -- maintaining dams; and

          -- building a 17.7-kilometer network of water
             transport lines.

The Tiete river supplies 15% of the water for the Sao Paulo metropolitan
region, BNamericas relates.  Upon completion of the water supply expansion
project, Tiete will supply 20% of the region's needs.

BNamericas states that Saneamento Basico estimates the value of the Alto
Tiete partnership accord at BRL1.3 billion.

According to the report, the Alto Tiete project is just one aspect of
Saneamento Basico's multi-year expansion plan.  The firm will invest almost
BRL4.8 billion over the next 10 years to boost potable water and sanitation
services throughout Sao Paulo.

Saneamento Basico provides 367 municipalities across Sao Paulo with
sanitation services, collecting wastewater from 18.3 million residents,
which is 75% of the population in areas served.  The firm treats 60% of the
wastewater collected, BNamericas reports.

Companhia de Saneamento Basico do Estado de Sao Paulo is one of the largest
water and sewage service providers in the world based on the population
served in 2005.  It operates water and sewage systems in Sao Paulo, Brazil.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on June 23, 2006,
Standard & Poor's Ratings Services has raised its Brazilian national-scale
corporate credit rating on Companhia de Saneamento Basico do Estado de Sao
Paulo to 'brA+' from 'brA'.  At the same time, it affirmed the company's
global-scale ratings at 'BB-'.  S&P said the outlook is stable.


COMPANHIA SIDERURGICA: Tontine Management Backs Esmark
------------------------------------------------------
Tontine Management LLC, a major shareholder of Wheeling-Pittsburgh Corp.,
preferred that Esmark Inc. acquire Wheeling-Pittsburgh rather than Companhia
Siderurgica Nacional, Reuters reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 27, 2006,
Wheeling-Pittsburgh and Companhia Siderurgica entered into a definitive
agreement in which Wheeling-Pittsburgh would 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.

According to Reuters, Esmark then "sweetened" its proposal for
Wheeling-Pittsburgh by including up to US$200 million rights offering of the
steelmaker's common stock.

Reuters relates that Tontine Management wrote a letter to Wheeling-Pitt's
board, saying, "The Esmark proposal provides the most attractive long-term
economic value and ongoing participation opportunity to the current
shareholders of Wheeling-Pittsburgh.

"Absent any changes in the facts or the dynamics of the process or the
current proposals, Tontine has concluded that it will support the Esmark
slate of directors at the company's 2006 annual meeting," Tontine Management
said in a filing with the United States Securities and Exchange Commission.

Reuters underscores that Tontine Management has previously called for the
replacement of Wheeling-Pittsburgh's management, promising to oppose
proposals from Companhia Siderurgica and Esmark.

However, Tontine Management told Reuters that it has a considerably more
favorable view of the Esmark proposal, which would allow shareholders more
participation in the direction of the steelmaker.

"We ... have a much better appreciation for the totality of Esmark's
strategic vision for Wheeling-Pittsburgh, its proposed management
organization and the potential economic benefits which could accrue,"
Tontine Management said in the letter.

Wheeling-Pittsburgh told Reuters that its board would evaluate the merits of
Esmark's new proposal, Reuters notes.

                 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.


MARFRIG FRIGORIFICOS: S&P Rates US$250-MM Sr. Unsec. Notes at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term corporate
credit rating to Brazil-based beef processing company Marfrig Frigorificos e
Comercio de Alimentos Ltda.  At the same time, Standard & Poor's assigned
its 'B+' issue credit rating to Marfrig's proposed 10-year US$250-million
senior unsecured notes.  The outlook on the corporate credit rating is
stable.

Proceeds from the notes will be used to refinance existing bank loans and to
fund the company's recent acquisitions and other investments.  Marfrig's
total debt outstanding at September 2006 amounted to US$296 million.

"The ratings reflect the company's operations in the volatile and highly
competitive global meat industry, including potential trade restrictions and
sanitary risks; its aggressive growth strategy, encompassing acquisitions
and capacity expansion both in Brazil and in other South American countries;
and a projected highly leveraged capital structure, taking into
consideration the company's funding needs to finance its investment plan, as
well as the proposed bond placement," said Standard & Poor's credit analyst
Vivian Zietemann.  These negative factors are tempered by Marfrig's low-cost
position in the global meat industry, in line with other Brazilian
producers; its successful performance in specialty beef cuts, reflected by
some level of brand awareness and a good relationship with restaurants and
large food service companies; and the significant geographic diversification
of sales.

Marfrig is the third-largest Brazilian meat processor, with revenues of
about US$600 million in 2005 and projected to exceed US$1 billion in 2006.
Marfrig is a privately held meat-processing company founded in 2000, but
originates from a successful meat-distribution business that dates back to
the 1980s.  Marfrig operates eight slaughter units and one distribution
center located in six Brazilian cattle raising regions and two international
trading offices, one in Chile and the other in the U.K.  The company
recently announced the acquisition of new operations in Argentina (Argentine
Breeders & Packers), Uruguay (Tacuarembo), and the south of Brazil
(Frigoclass).

Marfrig's product portfolio comprises beef and premium beef cuts, cooked,
canned, and frozen cooked meat, which is directed to foreign end-markets and
local retailers and wholesalers.  On a smaller scale, the company works with
the distribution and sale of imported food (frozen potatoes and vegetables;
pork; lamb; and fish; among others) to steak houses and restaurants mostly
in the Southeast region of Brazil.  Marfrig's current processing capacity is
about 6,700 cattle heads per day not considering recent acquisitions.  In
2005 Marfrig's total production amounted to approximately 500,000 tons of
fresh meat and 60,000 tons of green leather.

Marfrig is exposed to the cyclical and volatile nature of the global
meat-processing industry and operating margins following the commodity
nature of the business (mainly driven by the spread between the purchase
price for cattle and the selling price of beef products). While Marfrig's
operations are subject to potential sanitary and trade restrictions,
especially those related to the foot-and-mouth disease (FMD; the Brazilian
territory is not considered fully FMD-free), the fair distribution of the
company's processing plants has partly eased the impacts of the FMD outbreak
in October 2005.  Marfrig is particularly more exposed to potential
sanitary-related trade restrictions as the bulk of its exports comprise
fresh beef.

The stable outlook reflects Standard & Poor's expectations that the
company's competitive cost position and the current favorable environment
for the expansion of Brazilian meat producers will contribute to the
maintenance of relatively stable EBITDA margins at about 10%, and the
gradual strengthening of the company's cash flow metrics.

A revision of the outlook to positive or an upgrade would depend on a
significant reduction in debt leverage and the maintenance of the favorable
economic and competitive environment for Brazilian meat producers.  Standard
& Poor's does not expect Marfrig to report positive FOCF before 2008, as
capital expenditures are expected to remain sizable in 2007.  In addition, a
positive rating action is subject to Marfrig's consistently delivering
stronger credit metrics such as total debt to EBITDA below 3.0x, FFO to
total debt of 20%, and EBITDA to interest coverage of about 3.0x.

Ratings could be under downward pressure if Marfrig fails to demonstrate its
ability to deal with the potential volatility of the global beef industry,
resulting in the deterioration of cash flow protection measures.  In
particular, new beef-related disease outbreaks in Brazil, or in other major
beef-producing countries, especially in Argentina or Uruguay, could hinder
the company's capacity to export, or affect global demand and prices for
beef-based products.  The ratings on Marfrig could also be revised downward
if the company were to adopt a more aggressive financial profile to fund its
growth plans.


NOVELIS INC: Declares Quarterly Dividend of US$0.01 Per Share
-------------------------------------------------------------
Novelis Inc. declared a quarterly dividend of US$0.01 per share on its
outstanding common stock, payable on Dec. 20, 2006, to shareholders of
record at the close of business on
Nov. 20, 2006.

There are approximately 74 million common shares of Novelis Inc. stock
outstanding.

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

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

Full-text copies of the Company's first quarter financials are available for
free at http://ResearchArchives.com/t/s?1221

                        *    *    *

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


PETROLEO BRASILEIRO: Exploring Oil & Natural Gas in Mozambique
--------------------------------------------------------------
Petroleo Brasileiro aka Petrobras and the Empresa Nacional de
Hidrocarbonetos, Mozambique's national oil company, signed a memorandum of
understanding on Oct. 27, for onshore and offshore oil and natural gas
exploration in Mozambique.

The document was signed by Petrobras' International Area's executive manager
for Business Development, Luis Carlos Moreira, and by the Chairman of the
Board of the ENH, Issufo Anuar Da˙fo Abdula.

The memorandum also foresees biofuel research and production in Mozambique.
The Mozambican government is interested in developing and producing
biodiesel from jatropha, an oleaginous plant that is abundant in local
vegetation, in addition to manufacturing ethanol from sugar cane.

Empresa Nacional is experienced in developing oil activities in Mozambique
and has wide-ranging geophysical and geological knowledge regarding the
country's sedimentary basins.

Aiming at hydrocarbon production, Petrobras already has participation in an
exploration block in Mozambique, with Malaysian Petronas, located at the
mouth of the Zambezi River.

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: Will Write Off BRL464 Million in Goodwill
----------------------------------------------------------
Uniao de Bancos Brasileiros SA said in a statement that it will cancel about
BRL464 million in goodwill in its third quarter 2006 financial statements.

Business News Americas relates that the write-off ahead of schedule stems
from the board's decision to change the goodwill amortization period to a
maximum of five years from 10 years.

As reported in the Troubled Company Reporter-Latin America on Oct. 30, 2006,
Uniao de Bancos' board of directors approved on Oct. 26, the goodwill
amortization period change proposed by the board of executive officers.  The
executive officers' proposal includes:

   1. Change of the goodwill amortization period

      The maximum period for amortization of goodwill from the
      acquisition of controlled companies will be of 5 years,
      instead of 10 years.

   2. The Consolidated Financial Statements of the third quarter
      of 2006 shall reflect the extraordinary effect, in the
      total amount of BRL(464) million, as a result of the
      mentioned acceleration.  The tax credits related to the
      amortization above will be entirely offset by the
      constitution of additional provisions.

   3. The calculation of the Interest on the Capital Stock
      and/or Dividends related to the fiscal year of 2006 will
      not be affected by the extraordinary impact of the
      acceleration of the goodwill amortization.  The total
      amount of Interest on the Capital Stock/Dividends will be,
      at least, of 35% of the net profit of the fiscal year,
      disregarding the extraordinary effect of the goodwill
      amortization on the third quarter of 2006, after the
      constitution of the legal reserve.

Uniao de Bancos told BNamericas that the write-off will not affect stock
dividends from 2006.

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros SA --
http://www.unibanco.com/-- is a full-service financial institution
providing a range of financial products and services to a diversified
individual and corporate customer base throughout Brazil.  The company's
businesses comprise segments: Retail, Wholesale, Insurance and Pension Plans
and Wealth Management.  Uniao de Bancos and its associated companies
Fininvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas) offer a network
composed of 17,000 points of service.  It also counts on 7,580 automated
teller machines and all 30 Hours' products and services, including the
telephone service and the Internet banking.  The company's international
network consists of branches in Nassau and the Cayman Islands;
representatives offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York
-- Unibanco Securities Inc.

                        *    *    *

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

   -- 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.




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


CYPRESS LANCASHIRE: Last Day to File Proofs of Claim Is Nov. 16
---------------------------------------------------------------
Cypress Lancashire Partners GP Ltd.'s creditors are required to submit
proofs of claim by Nov. 16, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Nov. 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.

Cypress Lancashire's shareholders agreed on Oct. 5, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


EQUITY STATISTICAL: Proofs of Claim Filing Is Until Nov. 16
-----------------------------------------------------------
Equity Statistical Arbitrage, Ltd.'s creditors are required to submit proofs
of claim by Nov. 16, 2006, to the company's liquidator:

          Barbara Warga
          c/o Tiedemann Investment Group
          535 Madison Avenue, 37th Floor
          New York, NY, 10022-4212

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.

Equity Statistical'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:

          Sophie Gray
          c/o Ogier
          P.O. Box 1234
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


FONTE DE PEDRA: Last Day for Proofs of Claim Filing Is Nov. 16
--------------------------------------------------------------
Fonte De Pedra Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Buchanan Limited
          P.O. Box 1170
          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.

Fonte de Pedra's shareholders agreed on Oct. 6, 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:

          Francine Jennings
          P.O. Box 1170
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


GLOBAL VISION: Proofs of Claim Filing Deadline Is on Nov. 16
------------------------------------------------------------
Global Vision Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Buchanan Limited
          P.O. Box 1170
          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.

Global Vision's shareholders agreed on Oct. 6, 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:

          Francine Jennings
          P.O. Box 1170
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


GOLDENTREE CREDIT: Claims Filing Deadline Is Set for Nov. 16
------------------------------------------------------------
Goldentree Credit Opportunities Financing II, Ltd.'s creditors are required
to submit proofs of claim by Nov. 16, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Nov. 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.

Goldentree Credit's shareholders agreed on Oct. 5, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


HILLVIEW LTD: Deadline for Proofs of Claim Filing Is on Nov. 16
---------------------------------------------------------------
Hillview Ltd.'s creditors are required to submit proofs of claim by Nov. 16,
2006, to the company's liquidators:

          Buchanan Limited
          P.O. Box 1170
          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.

Hillview Ltd.'s shareholders agreed on Oct. 6, 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:

          Francine Jennings
          P.O. Box 1170
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


JUMBO HOLDINGS: Creditors Must File Proofs of Claim by Nov. 16
--------------------------------------------------------------
Jumbo Holdings Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Buchanan Limited
          P.O. Box 1170
          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.

Jumbo Holdings' shareholders agreed on Oct. 6, 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:

          Francine Jennings
          P.O. Box 1170
          Grand Cayman, Cayman Islands
          Tel: (345) 949-0355
          Fax: (345) 949-0360


MONAS INVESTMENTS: Proofs of Claim Must Be Filed by Nov. 16
-----------------------------------------------------------
Monas Investments Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Buchanan Limited
          P.O. Box 1170
          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.

Monas Investments' shareholders agreed on Oct. 6, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

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


MOTHERROCK ENERGY: Proofs of Claim Filing Is Until Nov. 16
----------------------------------------------------------
Motherrock Energy 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
          Cayman Islands, 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.

Motherrock Energy's shareholders agreed on Sept. 29, 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




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


BANCO ITAU: Mulls Launching Insurance & Pension Funds in Chile
--------------------------------------------------------------
Ricardo Villela, the chief executive officer of Banco Itau Holding
Financeira SA's Latina America operations, said in published reports that
the company was considering entering the insurance and pension fund
businesses in Chile.

Business News Americas relates that an upcoming pension reform is slated to
go to congress before the end of 2006 and is expected to open the pension
fund business to banks and insurers.

According to BNamericas, only pension fund managers are allowed to sell
private pension plans in Chile at present.

Banco Itau confirmed in August a plan to purchase Bank of America's
Uruguayan and Chilean operations for US$633 million, as part of Bank of
America's BRL4.5 billion deal to acquire a 7.4% stake in Banco Itau,
BNamericas notes.

The new bank in Chile will keep its focus on the higher-income segment,
reports say, citing Mr. Villela.

There is yet no deadline for the filing of the license request before
Superintendencia de Bancos e Instituciones Financieras, the banking
regulator of Chile, BNamericas states.

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 Financeira

      -- 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'




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


BANCOLOMBIA: Trades 0.82% of Outstanding Shares
-----------------------------------------------
In response to a request of the Superintendency of Finance of Colombia,
Bancolombia disclosed that 0.82% of its outstanding shares were traded on
the Colombian Stock Exchange, including common shares and preferred shares
without voting rights.  Also, ADRs representing approximately 0.41% of
Bancolombia's outstanding shares were traded on the New York Stock Exchange.

After consulting with the its major shareholders, Bancolombia confirmed that
currently there is no purchase or sale agreement, pending negotiations or
intention of its major shareholders to sell their participation in
Bancolombia.  On Oct. 6, 2006, the bank requested that the Superintendency
of Finance of Colombia investigate the origin of related rumors.

                        *    *    *

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

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


BAVARIA SA: Atlantico Freezes COP174 Billion of Firm's Funds
------------------------------------------------------------
Fernando Jaramillo, the general secretary of Bavaria SA, told Dow Jones
Newswires that Colombian province Atlantico froze COP174 billion the company
held.

Mr. Jaramillo said that the governor's office of Atlantico claimed that
Bavaria owes COP1.9 billion in payments of a tax created in late 2001 and
demands from the company the payment of a penalty, referred to as a sanction
of COP171 billion, Dow Jones states.  The governorship ordered a freeze on
an amount twice as high as the amount of the sanction.

Dow Jones relates that the governor's office froze Bavaria's accounts after
the company lost a first lawsuit in a provincial court.

According to Dow Jones, Bavaria declined to pay a levy that was set at 0.1%
of firms' sales, saying that the tax was unconstitutional.

Mr. Jaramillo told Dow Jones, "The sanction is out of proportion with the
amount they say we owe them."

Bavaria appealed on Oct. 27 the freezing of its bank accounts to the Council
of State, which is Colombia's highest administrative court, Dow Jones says,
citing Mr. Jaramillo.  The company is losing a lot of money from the
situation.

Mr. Jaramillo told Dow Jones, "This affects all our operations. We cannot
pay salaries, suppliers.  I'm still calculating how much money all this will
cost us."

Dow Jones underscores that Mr. Jaramillo is confident that Bavaria will win
its case.  He said it will sue Atlantico to seek compensation for losses.

Bavaria SA is the second largest brewer in South America with leading market
positions in Colombia, Peru, Ecuador, and Panama, where its key brands are
Aguila, Cristal, Pilsener, and Atlas, respectively. In October 2005,
SABMiller PLC (BBB+/Stable/--) completed the acquisition of a controlling
interest in Bavaria.


COLOMBIA TELECOM: Will be Renamed Telecom-Telefonica
----------------------------------------------------
Colombia Telecom will carry the name Telecom-Telefonica after Telefonica
completes its acquisition of the former, Business News Americas reports.

Alfonso Gomez, the president of Colombia Telecom, told Servicio de Noticias
del Estado that Telefonica has complied with most of its commitments to take
control of Colombia Telecom.

Servicio de Noticias relates that the largest remaining commitment must be
fulfilled by Nov. 2, when Telefonica will pay COP640 billion into a
retirement fund for Colombia Telecom.  This will be the final step in the
deal.

According to BNamericas, Telefonica has paid back a COP370-billion loan
guarantee to the Finance Ministry in June 2006.  The company also prepaid a
COP75-billion loan issued by the Treasury.  The smaller loan was due to
expire in December 2006.

BNamericas underscores that Telefonica will still pay COP830 billion of
Colombia Telecom's long-term debt.  The company committed to pay the debt
between 2006 and 2022.

The acquisition needs the final approval from the Colombian financial
regulator, the report says.

Meanwhile, Colombia Telecom has formed a commercial partnership with
Movistar Colombia, Telefonica's mobile unit, BNamericas reports.

                        *    *    *

Telefonica SA acquired a majority stake in Colombia Telecom from the
government in April.  The Colombian government said that it's better to be
the owner of a minority stake of a thriving business than a majority holder
of a dying one, in defense to criticisms from various sectors.  The purchase
included the assumption of COP7.58 trillion debt, which included a US$3.26
billion pension liability and other debts totaling US$449 million.


NOVELL: Consent Solicitation on 0.5% Debentures Ended Oct. 30
-------------------------------------------------------------
Novell, Inc., extended until 5:00 p.m., New York City time, on Oct. 30,
2006, its solicitation of consents from the holders of its 0.50% convertible
senior debentures due 2024 (CUSIP Nos. 670006AB1 and 670006AC9).

The purpose of the consent solicitation is to obtain consent to amend
certain provisions of the indenture pursuant to which the debentures were
issued and to obtain a waiver of rights to pursue remedies available under
the indenture with respect to certain alleged defaults thereunder.  The
consent solicitation was originally scheduled to expire at 5:00 p.m., New
York City time, Oct. 26, 2006.

All other provisions of the consent solicitation with respect to debentures
as stated in Novell's consent solicitation statement, dated Oct. 17, 2006,
remain applicable.  Novell reserves the right to amend the consent
solicitation for the debentures or further extend the expiration time in its
sole discretion.

Citigroup Corporate and Investment Banking is serving as the solicitation
agent for the consent solicitation.  Questions regarding the consent
solicitation may be directed to:

          Citigroup Corporate and Investment Banking
          Tel: 800-558-3745 (toll-free)
               212-723-6106

The information agent for the consent solicitation is Global Bondholder
Services Corporation.  Requests for copies of the Consent Solicitation
Statement and related documents may be directed to:

          Global Bondholder Services Corp.
          Tel: 866-794-2200 (toll-free)
               212-430-3774

Novell, Inc. -- http://www.novell.com/-- delivers Software for
the Open Enterprise.  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.  Novell has sales offices
in Argentina, Brazil and Colombia.

As reported in the Troubled Company Reporter on Sept. 29,2006, Novell, has
received a letter from Wells Fargo Bank, N.A.,
the trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.

The letter states that this asserted default will not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.




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


GNC CORP: Reports US$367.7MM Revenues for Quarter Ended Sept. 30
----------------------------------------------------------------
GNC Corp. reported consolidated revenues of US$367.7 million for the
quarter, a 14.0% increase over the same quarter in 2005. The increase in
revenues was primarily the result of significant domestic comparable store
sales growth of 11.7% for company-owned stores and 7.0% for franchise
locations.

For the quarter, GNC Corp. generated earnings before interest, income taxes,
depreciation and amortization of US$41.8 million compared with US$25.5
million in the third quarter of 2005, a 64.1% increase.  The increase in
EBITDA was primarily generated by significant improvements in the retail and
franchising businesses driven by the growth in comparable store sales.
EBITDA for the third quarter of 2006 included a charge of US$1.1 million
associated with the loss on the pending sale of the company's Australian
manufacturing facility, which is expected to close in the fourth quarter of
2006.  Excluding this charge, Adjusted EBITDA would have been US$42.9
million in the third quarter of 2006 compared with US$25.5 million in the
same quarter of 2005, a 68.3% increase.  In addition, EBITDA for the third
quarter of 2006 was reduced by US$0.7 million of non-cash stock-based
compensation expense. There was no non-cash stock-based compensation expense
in the third quarter of 2005.

Net income for the third quarter of 2006 increased 336.8% to US$13.9 million
compared with US$3.2 million in the third quarter of 2005.

"I am extremely pleased with the continued strong sales performance we are
seeing across every major category and in all store formats. This quarter is
especially encouraging since it not only represents the fourth consecutive
quarter of strong single- to double-digit same store sales growth, but also
double-digit same store sales growth against positive growth from last
year," President and Chief Executive Officer Joseph Fortunato said.
"Overall, results reflect our strongest EBITDA quarter of the year with all
critical financial and operating areas meeting or exceeding expectations."

For the nine months ended Sept. 30, 2006, consolidated revenue increased by
14.6% to US$1,137.4 million from US$992.3 million in the comparable period
of 2005.  EBITDA for the nine months ended Sept. 30, 2006 increased 41.6% to
US$119.7 million from US$84.5 million in the prior year period.  EBITDA for
the nine months ended Sept. 30, 2006 included a US$4.8 million discretionary
payment to GNC Corporation stock option holders in conjunction with the
previously reported March 2006 payments to GNC Corp. common stockholders and
a charge of US$1.1 million associated with the loss on the sale of the
company's Australian manufacturing facility, which is expected to close in
the fourth quarter of 2006.  Excluding these charges, Adjusted EBITDA for
the nine months ended Sept. 30, 2006 would have been US$125.6 million
compared with US$84.5 million for the nine months ended Sept. 30, 2005, a
48.6% increase.

EBITDA for the nine months ended Sept. 30, 2006, was reduced by non-cash
stock-based compensation expense of US$1.9 million.  There was no non-cash
stock-based compensation expense in the nine months ended Sept. 30, 2005.
EBITDA for the nine months ended Sept. 30, 2005, included income of US$2.5
million from a transaction fee received by the Company as a result of
transferring its Australian franchise rights to an existing franchisee.

Net income for the nine months ended Sept. 30, 2006, increased
194.8% to US$38.4 million compared with US$13.0 million in the nine months
ended Sept. 30, 2005.

For the nine months ended Sept. 30, 2006, GNC Corp. generated cash from
operating activities of US$68.9 million with ending cash on the balance
sheet of US$87.4 million.  For the nine months ended Sept. 30, 2006, the
company had capital expenditures of US$16.1 million and repaid US$1.6
million of outstanding debt.  At Sept. 30, 2006, the Company had US$471.8
million of total debt outstanding, with its revolving credit facility
undrawn.

Headquartered in Pittsburgh, Pa., GNC -- http://www.gnc.com/--  
is the largest global specialty retailer of nutritional
supplements, which includes vitamin, mineral and herbal
supplements, sports nutrition products, diet and energy products
and specialty supplements.  GNC has more than 4,800 retail
locations throughout the United States, including more than
1,000 domestic franchise locations, and locations in 43
international markets.

GNC's Latin American operations are in the Bahamas, Cayman
Islands, Chile, Colombia, Costa Rica, among others.

                        *    *    *

As reported in the Troubled Company Reporter-LAtin America on
Aug. 23, 2006, Standard & Poor's Ratings Services affirmed its
ratings, including the 'B' corporate credit rating, on
Pittsburgh, Pennsylvania-based General Nutrition Centers Inc.

The ratings are removed from CreditWatch, where they were placed
with positive implications on June 19, 2006.  S&P said the
outlook is stable.




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NASH FINCH: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
and Canadian Retail sector, the rating agency confirmed its B1 Corporate
Family Rating for Nash Finch Company.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125MM Gtd. Sr.
   Sec. Revolver        B1       B1       LGD4     54%

   US$175MM Gtd. Sr.
   Sec. Term Loan B     B1       B1       LGD4     54%

   US$150.1MM 3.5% Sr.
   Sub. Conv. Notes     B3       B3       LGD6     91%

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 its
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%).

Nash Finch Company -- http://www.nashfinch.com/-- is a food
distribution company.  Nash Finch's core business, food
distribution, serves independent retailers and military
commissaries in 31 states, the District of Columbia, Europe, Cuba, Puerto
Rico, Iceland, the Azores and Honduras.  The Company also owns and operates
a base of retail stores, primarily supermarkets under the Econofoods(R),
Family Thrift Center(R) and Sun Mart(R) trade names.




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


PETROECUADOR: Greg Christie to Decide on Conducting Probes
----------------------------------------------------------
Greg Christie, a Contractor-General of Jamaica, will decide if he will
conduct a series of investigations Audley Shaw, the opposition spokesperson,
requested for an oil deal between Petroleum Corp. of Jamaica and
Petroecuador, the state oil firm of Ecuador, Radio Jamaica reports.

According to Radio Jamaica, Mr. Shaw wrote to Mr. Christie asking that an
oil deal between Petroleum Corp. and Petroecuador be investigated.  Mr. Shaw
also requested probes on Petroleum Corp.'s deal with Aegean Bunkering Ltd, a
company in Greece.

Radio Jamaica relates that Mr. Shaw called for an investigation into all of
the Jamaican government's contracts that were negotiated by Colin Campbell,
the former Information and Development Minister, over the past six months.

Mr. Christie, however, told Radio Jamaica that while he is committed to make
sure that all legitimate requests for probes are reviewed, many factors have
to be considered before any investigation starts.

Any decision to begin an investigation has to be guided by the provisions of
the Contractor General's Act as well as the availability of the necessary
assets and resources, Radio Jamaica says, citing Mr. Christie.

Mr. Christie told Radio Jamaica that he has forwarded Mr. Shaw's request to
the Director of Licenses and Permits in his office for consideration.

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




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


AIR JAMAICA: Former Chairperson Slams Firm's Performance
--------------------------------------------------------
Gordon 'Butch' Stewart, the former chairperson of Air Jamaica, has
criticized the company's performance over the last 18 months, The Jamaica
Observer reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 25, 2006,
the Jamaican government's Cabinet did not approve Air Jamaica's proposed new
business plan.  Donald Buchanan -- the newly installed minister of
information and development said that after reviewing the plan submitted by
OK Melhado -- Air Jamaica's chairperson -- and Michael Conway, the airline's
chief executive officer, against the background of Air Jamaica's financial
situation, the cabinet felt that there was a need for additional and better
particulars about the plan.  The standing sub-committee would meet with Air
Jamaica's management to review the plan.  Mr. Buchanan said that the
standing cabinet sub-committee should have further meetings with the Air
Jamaica team on Oct. 30 and then on Wednesday, the Cabinet would receive a
report from the standing committee and then necessary decisions would be
made regarding the firm.

The Observer notes that no details of the plan have been revealed but it is
believed that it includes options to deal with Air Jamaica's increasing
debts.

Mr. Stewart told The Observer that it was heartbreaking to see Air Jamaica
being run into the ground, and that efforts to make the airline profitable
prove futile.

Mr. Steward had taken control of Air Jamaica in 1994 through his firm Air
Jamaica Acquisition Group aka AJAG and started modernizing it by adding new
routes, services and a new aircrafts, The Observer says.

Mr. Stewart told the Caribbean Business Report, "After the problems of
Category 2 which proved debilitating, AJAG was able to provide stability.
Category 2 wiped out our capital base and cost us over US$200 million.  This
was the basis of our debt agreement with the government in 1999 and which it
reneged on."

The Observer underscores that Air Jamaica was doing well until the 9/11
terrorism on the twin towers of New York's World Trade Center rocked the
airline industry.

After the terrorism, AJAG told D. Omar Davies, the Jamaican minister of
finance, that it had cash in the bank and did not need to be a burden to the
country by asking for a bailout, The Observer says, citing Mr. Stewart.

Mr. Stewart told The Observer, "However, we did not realize the full extent
of the damage to Air Jamaica and the rest of the industry by the events of
9/11.  The prime minister at the time, PJ Patterson declared that whatever
Air Jamaica needed to help it recover it would get, but that proved a false
promise."

Mr. Stewart said that Hurricane Ivan caused US$40 million losses to Air
Jamaica, The Observer notes.  The airline lost about US$700 million over 10
years of AJAG's tenure, which was 1994-2004.  Rationalization and
development of new routes cost the airline US$300 million.

"AJAG's mission was to transform Air Jamaica from an unreliable
state-controlled airline with old aircraft and very little modern technology
into the best fleet that flew the skies in this part of the hemisphere.
Hence our re-imaging program, new colors, new uniforms and millions of
dollars spent on training.  We implemented innovative marketing strategies
that made Air Jamaica the envy of other airlines.  Now these strategies have
been dismantled and we can all now see the result of that," Mr. Stewart
commented to The Observer.

"I had warned Minister Davies that Vin Lawrence (chief of Air Jamaica) knew
nothing about the airline industry, or the travel industry, or the hotel
industry or the respect that our Jamaican traveling public needed.  It
breaks our hearts as Jamaicans to see Air Jamaica being destroyed and no
longer able to justify its existence.  It is now carrying 40 per cent less
people than it did in 2004 and losing money at a pace that no one can
justify.  Most of the management team that AJAG had in place has left one by
one because they have no confidence in Air Jamaica," Mr. Stewart told The
Observer.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


AIR JAMAICA: Jamaica Labor Mulling Other Proposals for Airline
--------------------------------------------------------------
The Jamaica Labor Party's senior officials will be considering alternative
proposals regarding Air Jamaica, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 25, 2006,
the Jamaican government's Cabinet did not approve Air Jamaica's proposed new
business plan.  Donald Buchanan -- the newly installed minister of
information and development said that after reviewing the plan submitted by
OK Melhado -- Air Jamaica's chairperson -- and Michael Conway, the airline's
chief executive officer, against the background of Air Jamaica's financial
situation, the cabinet felt that there was a need for additional and better
particulars about the plan.  The standing sub-committee would meet with Air
Jamaica's management to review the plan.  Mr. Buchanan said that the
standing cabinet sub-committee should have further meetings with the Air
Jamaica team on Oct. 30 and then on Wednesday, the Cabinet would receive a
report from the standing committee and then necessary decisions would be
made regarding the firm.

Radio Jamaica relates that the discussions were held ahead of this week's
meeting.  Government technocrats will make far-reaching decisions regarding
the way forward for Air Jamaica.

The time has come for the Jamaican government to make tough decisions
regarding Air Jamaica, Radio Jamaica says, citing Mike Henry -- the
opposition's spokesperson on transport.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


KAISER ALUMINUM: Owl Creek Companies Disclose Equity Stake
----------------------------------------------------------
Owl Creek I LP, Owl Creek II LP, Owl Creek Advisors LLC, and Owl
Creek Asset Management LP reports in a regulatory filing with the U.S.
Securities and Exchange Commission dated Oct. 5, 2006, that they are deemed
to be the beneficial owners of a combined 1,934,235 shares of Kaiser
Aluminum Corporation's common stock.  According to the SC 13G filing:

   * Owl Creek I beneficially owns 55,096 shares or 0.3% of
     Kaiser's outstanding common stock;

   * Owl Creek II beneficially owns 472,960 shares or 2.3% of
     Kaiser's outstanding common stock;

   * Owl Creek Advisors beneficially owns 528,056 shares or 2.6%
     of Kaiser's outstanding common stock; and

   * Owl Creek Asset Management beneficially owns 878,123 shares
     or 4.3% of Kaiser's outstanding common stock.

The four companies have shared voting and dispositive powers over the shares
of Kaiser common stock they own.

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

Owl Creek Advisors' managing member, Jeffrey A. Altman, also discloses in
the same SEC filing that he is deemed to be the beneficial owner of
1,406,179 shares or 6.9% of Kaiser's outstanding common stock.  Mr. Altman
also has shared voting and
dispositive power over the shares he beneficially owns.

Owl Creek Advisors is the general partner of Owl Creek I and Owl
Creek II, and has the power to direct their affairs, including decisions
regarding the receipt of dividends from, and the disposition of the proceeds
from the sale of, the shares.

Owl Creek Asset Management is the investment manager of Owl Creek Overseas
Fund Ltd., Owl Creek Overseas Fund II Ltd., and Owl Creek Socially
Responsible Investment Fund, Ltd.

Mr. Altman is the managing member of Owl Creek Advisors and the managing
member of the general partner of Owl Creek Asset Management, and in that
capacity directs their operations.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a number of
its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts.  Lazard Freres & Co. serves as the Debtors' financial
advisor.  Lisa G. Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J.
Kaim, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors.  The Debtors' Chapter 11 Plan became effective on July
6, 2006.  On June 30, 2004, the Debtors listed US$1.619 billion in assets
and US$3.396 billion in debts.  (Kaiser Bankruptcy News, Issue No. 107;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
609/392-0900)


SUGAR COMPANY: Will Meet with Trade Unions on November 7
--------------------------------------------------------
The board of the Sugar Company of Jamaica will hold talks with the trade
unions, which represented the firm's workers, Nov. 7, Radio Jamaica reports.

Radio Jamaica relates that the Sugar Company and the unions will discuss the
sale of the five factories and how the upcoming crop will be affected.

The Sugar Company has put up these assets for sale:

          -- the Duckenfield estate in St. Thomas,
          -- Bernard Lodge in St. Catherine,
          -- Monymusk in Clarendon,
          -- Long Pond and Hampden in Trelawny, and
          -- Frome in Westmoreland.

The meeting is aimed at ensuring a smooth start of the crop, Vincent
Morrison, the head of the National Workers Union, told RJR News.

The coming sale of five sugar estates remains a major cause for concern.
The government is trying to find buyers, Radio Jamaica says, citing Mr.
Morrison.

Sugar Company of Jamaica registered a net loss of almost US$1.1 billion for
the financial year ended Sept. 30, 2005, 80% higher than the US$600 million
reported in the previous financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.




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


ALASKA AIRLINES: Adds Five New Nonstop Routes to Mexico
-------------------------------------------------------
Alaska Airlines will expand its Mexico service during the coming week,
adding five new nonstop Mexico routes, inaugurating service to the new
destination of La Paz, and adding frequency on several existing routes.

The airline will introduce nonstop service between:

   -- Los Angeles and La Paz;
   -- Portland, Ore., and both Los Cabos and Puerto Vallarta;
   -- San Francisco and Cancun; and
   -- Seattle and Cancun.

These new flights, coupled with additional frequency on existing Mexico
routes, will increase the airline's overall Mexico capacity by 22% this
fall.

"As Mexico's popularity continues to grow among our customers, we're pleased
to add new destination options like La Paz and offer more nonstop flights to
some of our most popular Mexican resorts," said Gregg Saretsky, Alaska
Airlines' executive vice president of marketing and planning.  "These new
flights will give customers in the Pacific Northwest -- and those connecting
from Canada, Alaska and beyond -- more convenient and more frequent
opportunities to visit some of Mexico's most beautiful destinations."

Alaska Airlines began its Mexico route expansion on
Oct. 27, 2006.  The airline inaugurated nonstop service between Seattle and
Cancun.  Flights will operate seasonally during Mexico's peak travel period
between late October and the end of April. Initially, Alaska will offer
flights four days each week.

On Oct. 28, Alaska inaugurates service between Portland and Los Cabos, the
airline's first international destination from Portland International
Airport.  Flights will operate seasonally and will initially be offered four
days each week.

On Oct. 29, the airline inaugurated two new flights serving Mexico, one
between San Francisco and Cancun and another between Portland and Puerto
Vallarta.  Both flights will operate seasonally three days per week.

On Oct. 30, Alaska inaugurates service between Los Angeles and La Paz,
making La Paz the 10th Mexican city the airline serves.  Year-round flights
will initially be offered three days per week.  Located on a large bay on
the Sea of Cortes, La Paz is a preferred destination for kayaking, diving,
sailing and fishing, and is growing in popularity as an eco-tourism and
vacation destination.  The capital city of the Mexican state of Baja
California Sur, La Paz also attracts business travelers and passengers
visiting friends and family.

The airline this week also will add six more weekly flights on several
existing Mexico routes.  Alaska will increase the number of weekly flights
between Los Angeles and Loreto from three to four, Manzanillo from four to
six, and Mazatlan from seven to eight.  The airline will also increase the
number of weekly flights between San Francisco and Ixtapa/Zihuatanejo from
two to four.

Alaska Airlines introduced service to Mexico in 1988 and now transports more
than 1.2 million passengers annually between the U.S. West Coast and Mexico.
During its winter schedule, the airline will operate up to 44 flights daily
serving 10 Mexican destinations:

   -- Cancun,
   -- Guadalajara,
   -- Ixtapa/Zihuatanejo,
   -- La Paz,
   -- Loreto,
   -- Los Cabos,
   -- Manzanillo,
   -- Mazatlan,
   -- Mexico City and
   -- Puerto Vallarta.

Seattle-based Alaska Air Group -- http://www.alaskaair.com/
-- is the parent company of Alaska Airlines and Horizon Air Industries.  The
company and its sister carrier, Horizon Air, together serve 80 cities in
Alaska, the Lower 48, Canada and Mexico.

Alaska Airlines Inc.'s 9.5% Equipment Trust Certificates due 2012 carry
Standard & Poor's BB rating.


ALIMENTATION: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
and Canadian Retail sector, the rating agency confirmed its Ba1 Corporate
Family Rating for Alimentation Couche-Tard, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   CDNUS$50MM Sr.
   Sec. Revolver        Ba1      Ba1      LGD3     47%

   US$75MM Sr.
   Sec. Revolver        Ba1      Ba1      LGD3     47%

   US$265MM Sr. Sec.
   Term Loan A          Ba1      Ba1      LGD3     47%

   US$245MM Sr. Sec.
   Term Loan B          Ba1      Ba1      LGD3     47%

   US$350MM 7.5% Gtd.
   Sr. Sub. Notes       Ba2      Ba2      LGD5     81%

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 Laval, Quebec, Alimentation Couche-Tard, Inc., operates or
licenses about 3,500 convenience stores in the
United States and Canada under the "Circle K", "Couche-Tard",
"Mac's", and other banners.  The company also licenses around
4,200 "Circle K" convenience stores in Mexico and East Asia.


ALLIS-CHALMERS: Extends Tender Offer on 9% Notes to Nov. 22
-----------------------------------------------------------
Allis-Chalmers Energy Inc. has extended the expiration of the exchange offer
relating to its 9.0% Senior Notes due 2014 to 5:00 p.m., New York City time,
on Nov. 22, 2006, pending dissemination of financial information relating to
its completed acquisition of Petro-Rentals, Inc., and its pending
acquisition of all the assets of Oil & Gas Rental Services, Inc.

The exchange offer is being made solely by Allis-Chalmers' prospectus with
respect to the exchange offer and the related letter of transmittal.  Copies
of the prospectus and letter of transmittal may be obtained from the
exchange agent for the exchange offers at:

          By Registered or Certified Mail

          Wells Fargo Bank, N.A.
          Attn: Corporate Trust Operations
          MAC N9303-121
          P.O. Box 1517
          Minneapolis, MN 55480-1517
          Tel: 800-344-5128
          Fax: 612-667-4927

                   -- or --

          By Regular Mail/ Hand/ Overnight Delivery

          Wells Fargo Bank, N.A.
          Attn: Corporate Trust Operations
          Sixth and Marquette
          MAC N9303-121
          Minneapolis, MN 55479
          Tel: 800-344-5128
          Fax: 612-667-4927

                About Allis-Chalmers Energy

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and equipment to
the oil and gas exploration and development companies primarily in Texas,
Louisiana, New Mexico, Colorado, and Oklahoma; offshore in the United States
Gulf of Mexico; and offshore and onshore in Mexico.  The company offers
directional drilling, compressed air drilling, casing and tubing, rental
tools, and production services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006, Moody's
Investors Service in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sector, confirmed its B3
Corporate Family Rating for Allis-Chalmers Energy Inc.

Moody's also affirmed its B3 rating on the company's 9% Senior Unsecured
Guaranteed Global Notes Due 2014, and assigned the debentures an LGD4 rating
suggesting a projected loss-given default of 54%.

As reported in the Troubled Company Reporter on July 31, 2006, Standard &
Poor's Ratings Services affirmed its 'B-' rating on Allis-Chalmers Energy
Inc.'s proposed US$80 million senior notes issuance due 2014.  The notes are
being offered as additional notes under the indenture to which the company
issued US$160 million of notes in January 2006.

At the same time, Standard & Poor's affirmed the 'B-' corporate credit
rating on the company.  S&P said the outlook is stable.


ALLIS-CHALMERS: To Acquire Oil & Gas Rental for US$291 Million
--------------------------------------------------------------
Allis-Chalmers Energy Inc. has entered into a definitive agreement o
purchase substantially all the assets of Oil & Gas Rental Services, Inc., a
Louisiana based corporation that provides rental tools to both offshore and
onshore exploration and production companies.  The consideration for the
acquisition of the assets will consist of cash in the amount of US$291
million and 3.2 million shares of Allis-Chalmers' common stock, subject to
post- closing working capital adjustments. The transaction is expected to
close prior to the end of 2006.

Established approximately 40 years ago, Oil & Gas Rental Services has an
extensive inventory of premium rental equipment, including premium drill
pipe, spiral heavy weight drill pipe, tubing work strings, blow out
preventers, choke manifolds and various valves and handling tools for oil
and natural gas drilling.  With facilities in Morgan City, Louisiana and
Victoria, Texas, Oil & Gas Rental Services provides rental equipment
worldwide, including internationally in Malaysia, Colombia, Russia, Mexico
and Canada.  Based on unaudited, internal financial statements, during the
ten months ended
Aug. 31, 2006, Oil & Gas Rental Services generated aggregate revenues of
US$54.1 million, income before income taxes of US$34.8 million and EBITDA of
US$40.2 million.

Micki Hidayatallah, Allis-Chalmers' Chairman and Chief Executive
Officer stated, "We are extremely excited about this acquisition.  I have
known Burt Adams for approximately nine years and have always thought that
Oil & Gas Rental Services is the premiere rental company in the world with
the most solid management.  It fits our operating philosophy of balance like
a glove.  Approximately 65% of Oil & Gas Rental Services' revenues are
derived from offshore projects or deep land wells.  These operations require
heavy capital expenditures and are the least likely to have rigs laid down
if natural gas or crude oil prices soften.  The acquisition definitely
improves our offshore presence.  We estimate that current capacity
utilization is at approximately 30% and with the integration of our current
rental operations the combined utilization of our equipment can increase to
over 40% and substantially increase the individual margin contributions of
our existing operations and Oil & Gas Rental Services' operations.  The
combined rental segment, if the rig count remains at the same average as
calendar 2006, could contribute EBITDA in excess of US$100 million in fiscal
2007, once again balancing rental EBITDA with our service segment.  Oil &
Gas Rental Services has a reputation for the highest quality of equipment
and service to its customers.  I believe that this acquisition will further
supplement the excellent reputation of Allis-Chalmers to provide the highest
quality of equipment and operators to our E&P customers."

RBC Capital Markets acted as exclusive financial advisor to Allis- Chalmers.
Simmons & Company International advised Oil & Gas Rental Services.

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and equipment to
the oil and gas exploration and development companies primarily in Texas,
Louisiana, New Mexico, Colorado, and Oklahoma; offshore in the United States
Gulf of Mexico; and offshore and onshore in Mexico.  The company offers
directional drilling, compressed air drilling, casing and tubing, rental
tools, and production services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006, Moody's
Investors Service in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sector, confirmed its B3
Corporate Family Rating for Allis-Chalmers Energy Inc.

Moody's also affirmed its B3 rating on the company's 9% Senior Unsecured
Guaranteed Global Notes Due 2014, and assigned the debentures an LGD4 rating
suggesting a projected loss-given default of 54%.

As reported in the Troubled Company Reporter on July 31, 2006, Standard &
Poor's Ratings Services affirmed its 'B-' rating on Allis-Chalmers Energy
Inc.'s proposed US$80 million senior notes issuance due 2014.  The notes are
being offered as additional notes under the indenture to which the company
issued US$160 million of notes in January 2006.

At the same time, Standard & Poor's affirmed the 'B-' corporate credit
rating on the company.  S&P said the outlook is stable.


DESARROLLADORA HOMEX: Sales Will Reach MXN11.8 Billion in 2006
--------------------------------------------------------------
Desarrolladora Homex SA told Dow Jones Newswires that it is on track to
reach MXN11.8 billion in sales in 2006.

David Sanchez-Tembleque, said in a conference call with analysts on Oct. 26,
"We are comfortable that the company will reach approximately MXN11.8
billion in revenues and obtain an Ebitda margin between 23.5% and 24%.  We
also anticipate ending 2006 with positive free cash flow after land
acquisitions and a net debt to Ebitda below 1.0 times."

The 2007 business plan will concentrate on the reduction of Desarrolladora
Homex's dependence on low-income homes, which represented 92% of all the
homes built by the firm in the January-September period, Dow Jones says,
citing Mr. Sanchez-Tembleque.

Mr. Sanchez-Tembleque told Dow Jones, "Although the affordable entry level
segment will remain the largest portion of our business we are working to
build importance in the more profitable middle-income housing market within
our product mix."

Mr. Sanchez-Tembleque said that will brief investors on the 2007 plan in
December, Dow Jones notes.

Desarrolladora Hemex was keeping its options open regarding acquisitions,
Dow Jones says, citing Mr. Sanchez-Tembleque.

"Going forward we don't rule out any sort of action.  We are always going to
be looking at the market for opportunities to grow," Mr. Sanchez-Tembleque
told Dow Jones.

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 SAB 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: To Rely on Cheaper Chinese-Made Parts to Cut Costs
--------------------------------------------------------------
Ford Motor Company aims to purchase between US$2.5 and US$3 billion in auto
parts from China this year, almost double the US$1.6 to US$1.7 billion it
spent on Chinese-made parts in 2005, Eugene Tang and Stephen Engle at
Bloomberg News reports.

William Ford Jr., Ford's chairman, said the company is buying more parts
from China to further cut costs.  According to Bloomberg News, components
procured from China include steering systems, suspension, brakes, batteries
and windshield glass.

In an interview in Beijing, Bloomberg News relates Mr. Ford's declaration of
China as a key component in Ford's global sourcing strategy.  Mr. Ford said
that Ford intends to buy more Chinese parts as the quality of the country's
manufacturing industry improves.  Mr. Ford was recently in China to
recognize the awardees for the seventh annual Ford Motor Conservation &
Environmental Grants (China).

As reported in the Troubled Company Reporter on Oct, 25, Ford posted a third
quarter net loss of US$5.8 billion, compared with a US$284 million net loss
in the 2005 third quarter.  Ford disclosed its performance in the current
third quarter reflected operating challenges in its North America, Asia
Pacific and Africa, and Premier Automotive Group operations.

In September this year, Ford unveiled a revised version of its "Way Forward"
turnaround plan.  The company expects ongoing annual operating cost
reductions of approximately US$5 billion from its restructuring efforts.
Ford's actions have included buyout offers for all 75,000 of its U.S. hourly
workers, a 30% reduction in salaried staff, and the suspension of quarterly
dividends.  The revised plan will also cut fourth-quarter production by
21% -- or 168,000 units -- compared with the fourth quarter a year ago, and
reduce third-quarter production by approximately 20,000 units.

                      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
Corporation.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 24, 2006, Standard &
Poor's Ratings Services placed its 'B' senior unsecured debt issue ratings
on Ford Motor Co. on CreditWatch with negative implications.  At the same
time, S&P affirmed all other ratings on Ford, Ford Motor Credit Co., and
related entities, except the rating on Ford Motor Co. Capital Trust II 6.5%
cumulative convertible trust preferred securities, which was lowered to
'CCC-' from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3' senior
unsecured debt on Rating Watch Negative reflecting Ford's intent to raise
secured financing that would impair the position of unsecured debt holders.
Under Fitch's recovery rating scenario it was estimated that unsecured
holders would recover approximately 68% in a bankruptcy scenario, equating
to a Recovery Rating of 'RR3' (50-70% recovery).

Moody's Investors Service has disclosed that Ford's very weak third quarter
performance, with automotive operations generating a pre-tax loss of US$1.8
billion and a negative operating cash flow of US$3 billion, was consistent
with the expectations which led to the September 19 downgrade of the
company's long-term rating to B3.


GLOBAL POWER: Has Until Nov. 12 to File Schedules & Statements
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extend, until Nov.
12, 2006, Global Power Equipment Group Inc. and its debtor-affiliates'
period to file their schedules of assets and liabilities and statement of
financial affairs.

The Debtors tell the Court they were unable to complete their schedules and
statements within the provided time under the Bankruptcy Code due to their
complex and diverse operations.

The Debtors say they need substantial time to gather information form
records to prepare the required schedules and statements.  The Debtors
believe that the extension will provide sufficient time to prepare its
requirements.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate the operation of gas
turbine power plants as well as for other industrial and power-related
applications.  The Company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A., represent the
Debtors.  The Official Committee of Unsecured Creditors appointed in the
Debtors' cases has selected Landis Rath & Cobb LLP as its counsel.  As of
Sept. 30, 2005, the Debtors reported total assets of US$381,131,000 and
total debts of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GRUPO FINANCIERO: Posts MXN4.36B Net Profits for Nine Months
------------------------------------------------------------
Grupo Financiero Banorte's net profits for the first nine months of 2006
increased 14% to MXN4.36 billion, compared with the same period of 2005,
Business News Americas reports.

BNamericas relates that the MXN4.36 billion net profits exluded
extraordinary gains of MXN830 million in the second quarter of 2005.

Grupo Financiero said in it quarterly earnings report that its net interest
margin dropped to 7.8% for the first nine months of 2006, from 8.0% in the
same period of 2005, due to a decrease in the 28-day interbank interest
rate, which was counterbalanced by an adequate loan mix and lower funding
costs.

BNamericas underscores that due consumer and commercial lending, Grupo
Financiero's performing loans -- excluding loans from recovery banking --
rose 23% to MXN129 billion in September 2006, from September 2005.

Grupo Financiero's commercial loans increased 23% to MXN46.2 billion in
September 2006, compared with September 2005, BNamericas notes.  The
company's consumer loans rose 33% at MXN47.7 billion.

According to BNamericas, Grupo Financiero's past-due loan ratio improved to
1.6% in September 2006, compared with the 1.8% recorded in the third quarter
of 2005, despite high growth in consumer lending.

Grupo Financiero's return on equity for the first nine months of 2006 was
25.4%, compared with the 27.6% reported in the same period of 2005.  Its
return on asset was 2.9% in September 2006, compared with the 3.4% in
September 2007.  The company's capitalization ratio dropped to 14.9% in the
first nine months of 2006, from 18.3% in the third quarter of 2005, the
report says.

Grupo Financiero Banorte's assets were MXN205 billion as of
Sept. 30, 2006, BNamericas states.

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

                        *    *    *

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

Grupo Financiero Banorte and Banco Mercantil del Norte:

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

Fitch said ratings outlook is stable.

At the same time, Banorte's national-scale long-term rating was upgraded to
'AA+(mex)' from 'AA(mex)', while subordinated debentures BANORTE 02D were
upgraded to 'AA(mex)' from 'AA-
(mex)'.

These ratings were affirmed:

   GFNorte

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

   Banorte

      -- Short-term foreign currency IDR 'F3';
      -- Short-term national-scale rating 'F1+(mex)'; and
      -- Support '3'.


GRUPO MEXICO: Posts US$392 Million Third Quarter 2006 Net Profit
----------------------------------------------------------------
Grupo Mexico SA de CV told Reuters that its net profit increased 43% to
US$392.7 million in the third quarter of 2006, compared with the same period
in 2005.

Reuters notes that the increase in net profit was due to higher prices of
metals.

Revenues increased 31% to US$1.647 billion in the third quarter of 2006,
compared with the third quarter of 2005, Reuters says, citing Grupo Mexico.

Grupo Mexico told Reuters that its improved revenues were due to higher
metals prices.  The results came despite lower output as its Mexican mines
slowly restarted after the strikes at the firm's mines had stopped.

Grupo Mexico's earnings before interest, taxes, depreciation and
amortization in the third quarter of 2006 increased 53% to US$956.6 million,
compared with the third quarter of 2005, Reuters states.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its
ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is
the world's third largest copper producer, fourth largest silver producer
and fifth largest producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de C.V.:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


INTERNATIONAL WIRE: Purchases New Plant Site for US$600,000
-----------------------------------------------------------
International Wire Group, Inc., purchased a new plant site located in
Sherrill, New York, from a subsidiary of Oneida, Ltd.

The purchase of this facility, which is approximately 80,000 square feet,
for approximately US$600,000, will be used to expand and move current bare
wire production in the central New York region.  New and existing equipment
will be installed in this facility over the next 6 to 8 months.  Total
capital expenditures related to the facility are expected to be
approximately US$14 million.  The City of Sherrill, New York provides
favorable hydroelectric power rates that should result in lower production
costs.

Rodney D. Kent, Chief Executive Officer, stated, "We are pleased to acquire
this facility in central New York to enhance our production capacity with
lower utility costs.  This location's proximity to our other plant sites
provides greater production flexibility."

International Wire Group, Inc. is a manufacturer and marketer of
wire products, including bare, silver-plated, nickel-plated and
tin-plated copper wire, for other wire suppliers and original
equipment manufacturers or "OEMs".  Their products include a
broad spectrum of copper wire configurations and gauges with a
variety of electrical and conductive characteristics and are
utilized by a wide variety of customers primarily in the
aerospace, appliance, automotive, electronics and data
communications, industrial/energy and medical device industries.
The company manufactures and distributes its products at 13
facilities located in the United States, Belgium, France, Italy,
Mexico and the Philippines.

                        *    *    *

Standard & Poor's assigned these ratings on Dec. 2, 2003, on International
Wire:

    -- Long-term foreign issuer credit: D, and
    -- Long-term local issuer credit: D.


MERIDIAN: Files Revised Fourth Plan & Approved Disclosure
---------------------------------------------------------
Meridian Automotive Systems, Inc., and its eight debtor-
affiliates delivered to the U.S. Bankruptcy Court for the District of
Delaware last week further revised copies of their Fourth Amended Joint Plan
of Reorganization and Disclosure Statement.

The Honorable Mary F. Walrath approved Oct. 25 the Debtors' Disclosure
Statement as published in the Troubled Company Reporter on Oct. 27, 2006.

Meridian President and Chief Executive Officer Richard E. Newsted related
that the Debtors were able to resolve various
intercreditor issues, including valuation of the Debtors' estates and the
assertion of adequate protection claims under Section 507(b) of the
Bankruptcy Code, with the Prepetition First Lien Lenders, the Prepetition
Second Lien Lenders, and the Official Committee of Unsecured Creditors.

        Compromise and Settlement of Intercreditor Issues

The latest Plan contemplates a proposed compromise and settlement of
intercreditor issues, which avoids the burden and expense of litigation
related to the intercreditor issues, reduces Meridian's administrative
expenses, and removes potential impediments to timely confirmation of the
Plan, Mr. Newsted says.

Pursuant to the Compromise and Settlement, the Prepetition
Lenders will not be required to prosecute the allowance of their
Section 507(b) Claims and the Committee will not have to oppose
the allowance of the Claims on valuation and other grounds.
Instead, the Section 507(b) Claims that may be asserted by the
Prepetition Lenders will be settled based on the agreed-upon
formula for the distribution of recoveries by the Litigation
Trust.

The Compromise and Settlement further contemplates that the
Prepetition Lenders will retain all postpetition interest and
professional fees they have received to date and are entitled to
receive through the Effective Date.

                       Exit Facility

The Reorganized Debtors expect the Exit Facility to consist of:

   (i) a US$70,000,000 senior secured revolving line of credit;
       and

  (ii) an US$80,000,000 senior secured term loan, plus a
       US$25,000,000 synthetic letter of credit facility.

                   Issuance of New Notes

The aggregate face amount of the US$98,000,000 worth of New Notes to be
issued on the Effective Date will be reduced by the net proceeds realized by
the Debtors in connection with the
Fowlerville Sale or Leaseback if the transaction closes by the
Effective Date.

The issue price of a New Note will equal its fair market value on the date
it is issued if the New Notes or the First Lien Claims are considered traded
on an established market for United States federal income tax purposes.

If the New Notes and First Lien Claims are not considered traded
on an established market for United States federal income tax
purposes, then the issue price of a New Note will equal its
stated principal amount.

                 De Minimis Distributions

Under the Amended Plan, the Reorganized Debtors will have no
obligation to make a distribution on account of an Allowed Claim
from any Distribution Reserve or otherwise if the amount to be
distributed is less than US$25.

A full-text blacklined copy of Meridian's Oct. 25, 2006, Fourth
Amended Plan of Reorganization is available for free at
http://ResearchArchives.com/t/s?1412

A full-text blacklined copy of Meridian's Oct. 25, 2006,
Disclosure Statement is available for free at
http://ResearchArchives.com/t/s?1411

                      Plan Compendium

Meridian also delivered to the Court a Plan Compendium together
with its October 25, 2006 Fourth Amended Plan and Disclosure
Statement.  Most of the Plan Compendium Exhibits contain minor
revisions.

The six Exhibits are:

1. Certificate of Incorporation, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?141c

2. Reorganized Meridian's By-Law, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?141d

   The Certificate of Incorporation and By-Laws will govern the
   selection of directors and officers of Reorganized Meridian
   after the Effective Date.

3. Litigation Trust Agreement

   After the payment of expenses incurred prosecuting the
   Avoidance Actions and the Reserved Actions, any recoveries
   obtained by the Litigation Trust will be distributed in this
   manner:

     (i) Prepetition First Lien Claim Trust Interests will be
         paid Pro Rata from the Litigation Trust assets
         consisting of 30% of the net proceeds;

    (ii) Prepetition Second Lien Claim Trust Interests will be
         paid Pro Rata from the Litigation Trust assets
         consisting of 60% of the net proceeds; and

   (iii) the General Unsecured Claim Trust Interests will be
         paid Pro Rata from the Litigation Trust assets
         consisting of 10% of the net proceeds.

   The General Unsecured Claim Trust Interests are entitled to a
   maximum aggregate distribution of US$2,000,000 from the
   Litigation Trust assets.  Thereafter, the Prepetition First
   Lien Claim Trust Interests will be paid Pro Rata from the
   trust assets consisting of 30% of the proceeds realized by
   the Litigation Trust, and the Prepetition Second Lien Claim
   Trust Interests will be paid Pro Rata from the trust assets
   consisting of 70% of the proceeds realized by the Litigation
   Trust.

   A full-text copy of the Litigation Trust Agreement is
   available for free at http://ResearchArchives.com/t/s?141e

4. Michigan Merger Certificate, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?141f

5. Delaware Merger Certificate, a full-text copy of which is
   available for free at http://ResearchArchives.com/t/s?1420

6. Warrant, a full-text copy of which is available for free at
   http://ResearchArchives.com/t/s?1421

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MERIDIAN AUTOMOTIVE: Confirmation Hearing Scheduled on Nov. 29
--------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware will convene a confirmation hearing on Nov. 29, 2006, to
consider Meridian Automotive Systems Inc. and its debtor-affiliates' Revised
Fourth Amended Joint Plan of Reorganization.

Judge Walrath directs the Debtors to cause the Confirmation
Hearing Notice to be published in The Detroit Free Press, USA
Today, and the national edition of The Wall Street Journal no
later than Nov. 8, 2006.

The Court fixes Nov. 22, 2006, as the last date for filing and serving
written objections to confirmation of the Plan.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MERIDIAN AUTOMOTIVE: Ballots Must Be Received by Nov. 22
--------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware approves Meridian Automotive Systems Inc. and its
debtor-affiliates' proposed procedures for the solicitation and tabulation
of votes to accept the
Oct. 25, 2006, Fourth Amended Joint Plan of Reorganization, subject to
certain modifications.

Judge Walrath permits the Debtors to distribute or cause to be distributed,
no later than Oct. 28, 2006, the Voting Solicitation Packages by first class
mail to all Holders of Claims in Classes 3 through 6.

                         Record Date

Judge Walrath establishes Oct. 25, 2006, as the record date for purposes of
determining Holders of Claims and Meridian Prepetition Interests entitled to
receive the Voting Solicitation Package, the Unimpaired Notice of Non-Voting
Status or the Rejecting Classes Notice and determining which Holders of
Claims are entitled to vote on the Fourth Amended Plan.

                       Voting Deadline

The Court rules that the original ballots must be properly
executed, completed and returned to the Voting Agent no later
than Nov. 22, 2006.

                  Rule 3018 Motion Deadline

Judge Walrath gives the Debtors until Oct. 27, 2006, to object to claims for
purposes of voting.

The Court directs any party to file, by Nov. 10, 2006, a Motion pursuant to
Rule 3018 of the Federal Rules of Bankruptcy Procedure to have its claims
allowed for purposes of voting on the Plan.

The Court will convene a hearing on Nov. 17, 2006, to consider any Rule 3018
Motions.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  (Meridian Bankruptcy
News, Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


BANCO GENERAL: Fitch Affirms C Individual Rating
------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to Panama's Banco General
and its subsidiaries as:

   -- Foreign currency long-term Issuer Default rating at 'BBB';
   -- Foreign currency short-term rating at 'F3';
   -- Individual rating at 'C'; and
   -- Support rating at '5'.

The Rating Outlook is Stable.

The ratings assigned to General are underpinned by its strong local
franchise, sound asset quality and capitalization, robust profitability, and
adequate liquidity, while also considering its limited revenue
diversification, narrowing margins due to the increasing competition and
some asset-liability tenor mismatches.

Funding costs for Panamanian banks have risen more rapidly than the yield on
loans, which has somewhat pressured system-wide margins. However, General's
net interest margin has remained relatively stable and higher than that of
its main peers, given its adequate funding structure, which coupled with its
tight cost control, has resulted in robust operating results historically.
The benign environment has also contributed to a further strengthening of
asset quality indicators (June 2006: impaired loans at 1.2% of total,
restructured loans at 1.3% and reserves at 169% of impaired loans).
Residential mortgages account for roughly 25% of total assets, which results
in some asset liability tenor mismatches, while this risk is lessened by the
stability of the deposits base.  Capitalization remains ample and
unencumbered, underpinned by the bank's strong operating profitability.
Fitch's definition of core capital stood at a robust 12.6% of assets at
end-June 2006.

General is Panama's second largest private commercial bank in terms of
assets and deposits, with a domestic deposit market share of 16.4% at June
2006.  Originally established as a savings and loans institution in 1955 and
historically focused on mortgage lending, a few acquisitions and organic
growth have aided to diversify into commercial and consumer lending.
General is owned by Empresa General de Inversiones, a Panamanian publicly
traded company (end-2005 equity: US$515 million) with additional interests
in fuel distribution and plastic container manufacturing.




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


PRIDE INT: Posts US$89.3MM Net Earnings for Third Quarter 2006
--------------------------------------------------------------
Pride International, Inc., reported net earnings for the third quarter 2006
of US$89.3 million on record revenues of US$642.8 million.  For the same
period in 2005, Pride reported net earnings of US$68.9 million (US$0.41 per
diluted share) on revenues of US$538.8 million.  For the nine-month period
ended Sept. 30, 2006, Pride reported net earnings of US$227.6 million
(US$1.32 per diluted share) on revenues of US$1,826.2 million.  For the
corresponding nine-month period in 2005, Pride reported net earnings of
US$88.0 million (US$0.55 per diluted share) on revenues of US$1,482.3
million.

Results for the third quarter 2006 included gains on asset sales of US$2.9
million, offset by expenses relating to the Audit Committee's ongoing
investigation of US$3.1 million, both net of tax.  The third quarter 2005
included gains on sales of assets of US$22.0 million, partially offset by a
US$0.9 million loss related to the early retirement of debt, which in total
increased net earnings by US$21.1 million (US$0.12 per diluted share) during
the period.

                         Operations

Pride International reported record results in the third quarter, driven by
improved pricing of the company's international jackups, midwater
semisubmersibles, and onshore operations.  Rigs completing their shipyard
projects during the third quarter returned to service at substantially
higher day rates, which more than offset the lower utilization related to an
increase in shipyard days during the third quarter compared with the second
quarter of this year.

Consolidated earnings from operations for the third quarter 2006 were
US$155.6 million, as compared with US$119.8 million in the third quarter
2005 and US$125.2 million in the second quarter 2006.  Earnings from
operations during these periods included, on a pre-tax basis -- gains on
asset sales of US$3.1 million and expenses relating to the Audit Committee's
ongoing investigation of US$5.1 million in the third quarter 2006; gains on
asset sales of US$22.1 million in the third quarter 2005; and gains on asset
sales of US$1.7 million and expenses relating to the Audit Committee's
ongoing investigation of US$8.7 million in the second quarter 2006.
Excluding these items, operating results for the third quarter 2006
increased US$59.9 million, or 60%, over the prior year and US$25.4 million,
or 19%, sequentially.

Pride International recently changed the composition of its reporting
segments to Offshore, Latin America Land and E&P Services.  The Offshore
segment includes all of the Company's deepwater, midwater, jackup and other
offshore drilling fleet and operations.  The Latin America Land segment
includes all the Company's land-based drilling and workover rigs operating
in Latin America, and the E&P Services segment includes the company's
exploration and production services in Latin America.

Earnings from operations for the Offshore segment for the third quarter 2006
totaled US$135.1 million, an increase of US$34.8 million, or 35%, compared
with the third quarter 2005 and an increase of US$20.2 million, or 18%,
compared with the second quarter 2006. Operating income for the deepwater
rigs totaled US$39.2 million in the third quarter 2006, an increase of
US$7.6 million year-over-year and US$9.3 million sequentially.  The majority
of the improvement during the third quarter 2006 was driven by the return to
service of the semi submersible Pride North America following completion of
repairs during the second quarter 2006.  Results for the midwater semi
submersible rigs also improved, as the return to service of the Pride North
Sea during the third quarter was partially offset by shipyard time for the
Pride South Atlantic and the Pride Venezuela.

Pride International's jackup fleet benefited from the third quarter
commencement of new contracts at significantly higher dayrates in
international markets for the Pride Pennsylvania, the Pride California and
the Pride Louisiana.  Operating income for the jackups increased to US$84.5
million, an increase of US$36.0 million, or 74%, over the year-ago period
and an increase of US$5.1 million, or 6%, over the second quarter 2006
results, despite a 18% increase in jackup fleet shipyard time and a
moderation in activity in the U.S. Gulf of Mexico.  Average daily revenue
per rig for the jackup fleet during the third quarter was US$85,700 on 79%
utilization compared with average daily revenue per rig of US$47,800 on
utilization of 97% for the third quarter 2005, and average daily revenue per
rig of US$78,600 on utilization of 88% for the second quarter 2006.

Earnings from operations for the Latin America Land segment for the third
quarter 2006 rose to US$33.0 million, an increase of US$16.5 million, or
double the year-ago period, and an increase of US$4.6 million, or 16%,
compared with the second quarter 2006.  The increase in profitability for
the land drilling and workover operations in Latin America were driven by
improved pricing and operating efficiency, especially in Argentina and
Colombia.  Average daily revenue per rig for the land drilling fleet in
Latin America increased to US$15,600 as compared to US$12,700 in the third
quarter 2005, and US$15,000 in the second quarter 2006.  Average daily
revenue per rig for the land workover fleet in Latin America was US$6,200 as
compared to US$4,700 for the third quarter 2005, and US$5,800 for the second
quarter 2006.

Third quarter 2006 operating income for the Company's E&P Services segment
of US$8.3 million increased US$2.7 million, or 48%, over the third quarter
2005 and US$0.9 million, or 12%, sequentially.  Increased activity and
profitability for well completion projects in Argentina were the primary
drivers for the improvement in the E&P Services segment.

                        Balance Sheet

At Sept. 30, 2006, Pride International's consolidated balance sheet
reflected US$1.07 billion in total debt and US$94.8 million in cash and cash
equivalents.  During the nine-month period ended Sept. 30, 2006, the Company
reduced debt by US$180 million and increased cash by US$48 million.

The company invested approximately US$112 million in capital expenditures in
the third quarter 2006 and approximately US$279 million for the nine months
ended Sept. 30, 2006, as compared to US$39 million and US$123 million for
the same periods in 2005. Capital expenditures increased year-over-year
primarily due to shipyard projects, which have involved four
semisubmersibles and eight jackups during 2006.

Louis A. Raspino, President and Chief Executive Officer, commented, "Our
third quarter earnings, the highest in the Company's history, were the
result of the continuing momentum of increasing dayrates more than
offsetting ongoing shipyard projects during the quarter.  While the U.S.
Gulf of Mexico market is experiencing near-term softness, we expect
increased drilling demand, coupled with decreased rig supply, to positively
affect dayrates in 2007 in the region. Internationally, we continue to see
evidence of an extended period of robust drilling demand, especially among
our semisubmersible fleet, where opportunities to contract long term at
attractive dayrates are available. During the quarter, we continued to
invest in shipyard projects to prepare our rigs for contracts that we
believe will provide significant investment returns."

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.
The Company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semi submersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  Pride also provides a
variety of oilfield services to customers in Argentina,
Venezuela, Bolivia and Peru.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on contract driller Pride International Inc. and
removed the rating from CreditWatch with negative implications.
The outlook is stable.  As of June 30, 2006, Houston, Texas-
based Pride had US$1.01 billion in adjusted debt.

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Fitch Ratings raised Pride International's Issuer Default Rating
to 'BB' from 'BB-'.  Fitch also raised the ratings on Pride's
senior secured revolving credit facility, senior unsecured notes
and their convertible senior notes.




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


DORAL FINANCIAL: 10-Q Filings Cues S&P to Affirm B+ Rating
----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and affirmed its
ratings on Doral Financial Corp., including its 'B+' counterparty rating.
The ratings had been placed on CreditWatch with negative implications on
Apr. 19, 2005.  The outlook is negative.

The rating actions follow Doral's filing of its first and second quarter
10-Qs on Oct. 23, 2006, which brings it up to date on its SEC filings and
eliminates concerns over the possibility of accelerated debt repayments.
"However, there are still significant problems the new management team must
address," explained Standard & Poor's credit analyst Michael Driscoll.
"These include the refinancing of US$625 million in debt due July 2007,
which requires external financing, the high levels of interest rate risk on
the balance sheet, continued legal and regulatory problems, a decline in
mortgage originations, and a soft local economy, all of which have
contributed to poor financial results," he added.

Indeed, Doral has reported a net loss of US$33.8 million for the first six
months of 2006, driven by a deteriorating net interest margin, losses
associated with unwinding various mortgage transactions, and declines in
mortgage loan and IO valuations.  Furthermore, expenses remain elevated as
management works through restatement costs, legal costs, and severance costs
as it rationalizes the business.  Further rationalization is needed, as
Doral's efficiency ratio was 162% for the first six months of 2006.

Despite all of the negative news surrounding Doral over the past year and
half, the brand itself remains strong. Doral has more than 500,00 customers,
but each customer uses only slightly more than one product on average.
Clearly, there are significant cross-selling opportunities, a goal
management intends to pursue.

The negative outlook reflects our concerns regarding the refinancing of the
US$625 million in debt due July 2007 and the uncertainty surrounding the
timing and probability of core profitability to rebound.  At this point in
time, Doral intends to refinance the July 2007 senior debt and execution
will depend on the market conditions at that time and the progress Doral has
made in its restructuring initiatives.  If Doral continues to post operating
losses and its core mortgage franchise languishes, the ratings could be
lowered.  However, if Doral returns to profitability, the ratings could
stabilize or even be raised depending on the extent of the improvement in
financial performance.

Doral Financial Corp. -- http://www.doralfinancial.com/
-- a financial holding company, is the largest residential mortgage lender
in Puerto Rico, and the parent company of Doral Bank, a Puerto Rico based
commercial bank, Doral Securities, a Puerto Rico based investment banking
and institutional brokerage firm, Doral Insurance Agency, Inc. and Doral
Bank FSB, a federal savings bank based in New York City.


PILGRIM'S PRIDE: To Reduce Chicken Processing by 5% in January
--------------------------------------------------------------
Pilgrim's Pride Corp. disclosed it will reduce weekly chicken processing by
5% year over year, or approximately 1.3 million head per week, by January
2007 as part of its continuing effort to better balance supply and demand
amid declining chicken prices and sharply higher costs for corn.

The reduction will begin with eggs set as of Oct. 30, 2006, and will take
effect with weekly processing beginning Jan. 1, 2007. The Company said it
intends that the reduction will remain in effect until average industry
margins return to more normalized levels.

"The U.S. chicken industry is subject to volatility and there are a number
of factors impacting near-term market conditions.  Although industry
dynamics improved in the spring and early summer of 2006, market conditions
have weakened over the past few months, as evidenced by a decrease in prices
for boneless breast meat and leg quarters, as well as a sharp increase over
the past two months in the price of corn," said O.B. Goolsby Jr., Pilgrim's
Pride president and chief executive officer.

"We believe the reduction announced [Sun]day will help to strike a better
balance between production and demand and strengthen our competitive
position.  As we have said before, reducing overall supply to better match
demand is an important component in helping return the industry to more
normalized levels.  While the short-term operating environment remains
challenging, we are confident that continued demand for high-quality,
convenient and low-fat meat proteins will position our Company for
profitable long-term growth when conditions in the chicken markets improve,"
added Mr. Goolsby.

Amy Thomson at Bloomberg News disclosed that the company's bid to acquire
Gold Kist Inc., will not be affected by the reduction and that there are no
immediate plans to lessen its workforce or the number of its factories.

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.


RENT-A-CENTER: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
and Canadian Retail sector, the rating agency confirmed its Ba2 Corporate
Family Rating for Rent-A-Center, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400MM Revolving
   Credit Facility      Ba2      Ba1      LGD3     32%

   US$200MM Gtd. Sr.
   Sec. Tranche A
   Term Loan            Ba2      Ba1      LGD3     32%

   US$125MM Gtd. Sr.
   Sec. Tranche B
   Term Loan            Ba2      Ba1      LGD3     32%

   US$300MM 7.5%
   Sr. Sub. Notes       Ba3      Ba3      LGD5     83%

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%).

Rent-A-Center, Inc, with headquarters in Plano, Texas operates the largest
chain of consumer rent-to-own stores in the U.S. with 2,749 company operated
stores located in the U.S., Canada, and Puerto Rico.  Rent-A-Center also
franchises 295 rent-to-own stores that operate under the "ColorTyme" and
"Rent-A-Center" banners.  Revenue for the twelve months ending June 2006 was
about US$2.3 million.  The company will add 784 stores and sales of more
than US$500 million with the pending Rent-Way acquisition.




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


BRITISH WEST: Caribbean Airlines Need Partnerships to Survive
-------------------------------------------------------------
Peter Davies, the chief executive officer of British West Indies Airlines
aka BWIA, told The Nation Newspaper that there must be greater level of
partnerships with other regional carriers for Caribbean Airlines to survive.

According to The Nation, Caribbean Airlines, which will replace BWIA on Jan.
1, 2007, will reduce the number of routes a part of its efforts to make the
new airline viable.  The move will affect travelers across the region, but
particularly those in Barbados and Antigua.  Both international and regional
destinations will be affected, particularly in the short term, as the
airline decreases its fleet.

Mr. Davies told The Nation that everything was being done with the passenger
in mind to guarantee a smooth transition from BWIA to Caribbean Airlines.

"Caribbean Airlines is about trying to create the essence where the customer
is our business and not an interruption to our services.  This requires
substantial change and hopefully within a couple of years we can create a
viable company.  There is no reason why next year Caribbean Airlines cannot
be a proactive carrier.  BWIA has not been so fortunate," The Nation says,
citing Mr. Davies.

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.


BRITISH WEST: Union Representing US Workers Inks Separation Pact
----------------------------------------------------------------
The International Association of Machinists and Aerospace Workers or IAM,
the union representing the United States staff of British West Indies
Airlines aka BWIA, has signed the voluntary separation package the airline
offered, The Trinidad & Tobago Express reports, citing industry experts.

As reported in the Troubled Company Reporter-Latin America on Oct. 27, 2006,
workers of BWIA who are stationed in the US were holding demonstrations
against the airline's voluntary separation package, saying that the offer is
significantly less than what was offered to their Trinidad and Tobago and
Barbados counterparts.  Documents highlighting the vast differences between
packages offered to a worker who has served the company for 25 years say
that the package for employees in:

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

A source told The Express, "The company (BWIA) has the signatures of the
union on the dotted line and the agreement was met with consensus on both
sides, so legally it is as solid a document as there can be any other.  They
can't back out now, it's just too late."

"Should 45 employees in North America, most of whom are Caricom nationals be
treated any less equitably than 1,500 in the Caribbean?  US-based staff have
carried out the same functions under similar terms and conditions as their
counterparts in the Caribbean and are expected to facilitate the change-over
to the new airline," US and Canadian employees of BWIA said in a press
release.

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


BANCO HIPOTECARIO: Posts UYU2.02B Profit for First Nine Months
--------------------------------------------------------------
Figures from the Uruguayan central bank indicated that Banco Hipotecario del
Uruguay's profit for the first nine months of 2006 increased 26% to UYU2.02
billion, compared with the same period in 2005, Business News Americas
reports.

BNamericas relates that the profit in the first nine months accounted for
9.08% return on equity and 0.60% return on asset for the period.

The level of past-due loans of Banco Hipotecario increased to 70.5% in the
first nine months of 2006, from 69.1% in the same period of last year.

Banco Hipotecario's mortgage loans rose 12.8% to UYU18.0 billion in
September 2006, compared with the same period of 2005.

Miguel Piperno, the president of Banco Hipotecario, told BNamericas that the
firm expects to grant about US$18 million in loans next year and US$25
million in 2008, due to a restructuring plan disclosed in March.  The plan
will allow Banco Hipotecario to return to lending in April or May 2007
because of the creation of a new unit to manage the firm's past-due loans as
well as offloading its debt with Banco de la Republica Oriental del Uruguay.

Banco Hipotecario's assets dropped 1.6% to UYU33.8 billion in September
2006, from September 2005.  Liabilities including deposits increased 4.2% to
UYU31.5 billion, BNamericas states.

                        *    *    *

Moody's Investors Services placed these ratings on Banco
Hipotecario del Uruguay:

          -- Baa2 long-term local currency bank deposits;
          -- Caa1 long-term foreign currency bank deposits;
          -- Aaa.uy NSR long-term local currency bank deposits;
          -- E bank financial strength;
          -- NP on short-term bank deposits; and
          -- Ba2.uy NSR long-term foreign currency bank
             deposits.

Moody's said the outlook is stable.


BEARINGPOINT INC: Reports Results of Consent Solicitation
---------------------------------------------------------
BearingPoint, Inc., extended the expiration date for the consent
solicitation for amendments to and waivers under the indentures governing
its 2.50% Series A Convertible Subordinated Debentures
due 2024 (CUSIP No. 074002AA4) and 2.75% Series B Convertible Subordinated
Debentures due 2024 (CUSIP No. 074002AB2) until 5:00 p.m. New York City time
on Oct. 27, 2006.

Holders of a majority of the outstanding aggregate principal amount of the
Company's 5.00% Convertible Senior Subordinated Debentures due 2025 (CUSIP
No. 0074000AE0) have submitted consents and the consent solicitation period
with respect to the 5% Debentures has expired.

Headquartered in McLean, Virginia, BearingPoint, Inc. is a I/T
systems integrator, consultancy, and managed services provider
for commercial and governmental entities worldwide.
BearingPoint has operations in these Latin American countries:
Argentina, Aruba, Brazil, Bolivia, Chile, Colombia, Costa Rica,
Curacao, Dominican Republic, Ecuador, Jamaica, Mexico,
Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Suriname,
Uruguay, Venezuela.

                        *    *    *

As reported in the Troubled Company reporter on Oct. 11, 2006,
Moody's downgraded and placed these ratings on review for
further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 -- downgraded to B3 from B2




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


AMERICAN COMMERCIAL: Closes Sale of Venezuelan Operations
---------------------------------------------------------
American Commercial Lines Inc. has closed the previously announced sale of
its interest in ACBL Venezuela, LTD and GMS Venezuela, CA.  The sale results
in the divestiture of the company's barge, towboat and related assets that
were used to provide barging services on the Orinoco River in Venezuela.
The sales proceeds are approximately US$32,000,000, subject to post-closing
adjustments.  The ownership interest was sold to a consortium of
businessmen.

Commenting on the agreement, Richard A. Mitchell, Jr., Senior Vice
President, Corporate Strategy stated, "We are very pleased that this
transaction is complete.  We will now focus our efforts on the many
opportunities for domestic growth.  We wish to express our gratitude to the
hardworking personnel in Venezuela who provided years of dedicated service
and support."

Headquartered in Jeffersonville, Indiana, American Commercial
Lines Inc. -- http://www.aclines.com/-- is an integrated marine
transportation and service company operating in the United
States Jones Act trades, with revenues of more than US$740
million and approximately 2,600 employees as of Dec. 31, 2005.

The company filed for chapter 11 protection on Jan. 31, 2003
(Bankr. S.D. Ind. Case No. 03-90305).  Suzette E. Bewley,
Esq., at Baker & Daniels represented the company in its
successful restructuring efforts.  The Bankruptcy Court approved
the company's Plan of Reorganization on Dec. 30, 2004, which
allowed the company to emerge from bankruptcy on Jan. 11, 2005.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 11, 2006,
Moody's Investors Service raised American Commercial Lines LLC's
Corporate Family Rating to B1 from B2, and affirmed the B3
senior unsecured and the SGL-2 Speculative Grade Liquidity
ratings.  Moody's said the rating outlook is stable.


PETROLEOS DE VENEZUELA: Launches Proyecto Etanol
------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of Venezuela, has
launched Proyecto Etanol, its ethanol-manufacturing unit, Business News
Americas reports.

BNamericas relates that Petroleos de Venezuela is looking for private sector
partners for Proyecto Etanol, which is located at the Puerto La Cruz
refinery in eastern Venezuela.

Rafael Ramirez, the president of Petroleos de Venezuela and the country's
energy and oil minister, told BNamericas, "The idea is to make all the
ethanol right here."

According to BNamericas, ethanol production would begin in March 2007.

Minister Ramirez told BNamericas, "We want to open space for private
participation."

BNamericas underscores that Venezuela started substituting premium-gasoline
components MTBE and TAME with ethanol last year before the US congress
banned the oil-based additives in favor of the specialty alcohol.

Everything had to be changed in Petroleos de Venezuela's storage,
transportation and distribution chain to handle ethanol, BNamericas says,
citing Minister Ramirez.

"The handling of ethanol always has these technical complications," Minister
Ramirez 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.


PETROLEOS DE VENEZUELA: Moves Bidding Deadline for Delta Caribe
---------------------------------------------------------------
Rafael Ramirez -- the energy and oil minister of Venezuela and the president
of Petroleos de Venezuela, the state-run oil firm of Venezuela -- told
Business News Americas that the government has extended the bidding deadline
for its Delta Caribe round of four offshore natural gas exploration and
production licenses.

The deadline for the offers were initially set for Oct. 27, BNamericas says,
citing Minister Ramirez.  Planners will disclose a new deadline in the
coming days.

Minister Ramirez told BNamericas that some of the 13 firms that purchased
bidding rules for the round requested the extension.

According to BNamericas, the blocks are in eastern Venezuela near the
Plataforma Deltana region that Petroleos de Venezuela is exploring.  Chevron
and Total were also exploring Plataforma Deltana.

Minister Ramirez told BNamericas, "We have started getting word of
exploration results in block 4 of Plataforma Deltana, which are
extraordinary.  The results confirm what we have always though and it's in
our interest to attract the companies."

BNamericas notes that the ministry invited 34 firms to present bids.  These
13 entities bought bidding rules:

          -- Shell,
          -- Petroleo Brasileiro SA,
          -- Teikoku and Mitsubishi,
          -- Total,
          -- Chevron,
          -- Lukoil,
          -- Hocol,
          -- ENI,
          -- ONGC,
          -- Repsol YPF,
          -- Statoil, and
          -- Vinccler.

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.


TIMKEN CO: Earns US$46 Million in Third Quarter of 2006
-------------------------------------------------------
The Timken Company reported sales of US$1.27 billion in the third quarter of
2006, up slightly from US$1.25 billion for the same period in 2005.  Strong
sales in industrial markets were largely offset by significant declines in
automotive markets.

The company achieved third-quarter net income of US$46 million, up from
US$39 million, in last year's third quarter.

Special items in the third quarter of 2006 included manufacturing
restructuring and rationalization charges that totaled US$7.1 million of
pretax expense, compared to US$28.3 million in the same period a year ago.

"Our industrial and steel businesses performed well in the third quarter
with industrial markets continuing to drive strong demand for our products,"
James W. Griffith, president and chief executive officer, said.  "Dramatic
volume reductions are posing significant challenges across the North
American automotive market.  We are taking actions to adapt to the decline
in demand and will continue to pursue structural changes to bring our
Automotive business to profitability."

For the first nine months of 2006, sales were US$4 billion, an increase of
3% from US$3.8 billion for the same period in the prior year.  Net income
for the first nine months of 2006 was
US$187 million, versus US$165 million for the comparable nine-month period
in 2005.

Special items in the first nine months of 2006 totaled US$32.9 million of
pretax expense, compared to US$33.1 million in the same period a year ago,
and included manufacturing, restructuring and rationalization charges and
the impact of asset dispositions.

Total debt was US$752.8 million as of Sept. 30, 2006, or 30.7% of capital.
Net debt at Sept. 30, 2006, was US$698.7 million, or 29.2% of capital,
compared to US$655.6 million, or 30.5% of capital, as of Dec. 31, 2005.

The Industrial Group had third-quarter sales of US$501.8 million, up 7% from
US$468.2 million for the same period last year.  The company continued to
benefit from strong demand across its broad industrial segments, led by
increases in the aerospace, industrial distribution and heavy industry
segments.

The Company continues to make investments in Asia and key global industrial
markets, including construction of the company's fifth manufacturing
facility in China, opening of a global aerospace facility in Arizona and
introduction of a new line of large-bore seals.

For the first nine months of 2006, Industrial Group sales were US$1.5
billion, up 7 percent over the same period a year ago. EBIT for the first
nine months of 2006 was US$157.6 million, compared to EBIT of US$158.1
million over the prior-year period.
Automotive Group Results

The Automotive Group's third-quarter sales of US$363.6 million were 11%
below the same period a year ago.  The decline in sales was the result of
significant reductions in vehicle production by automakers headquartered in
North America.

The Automotive Group recorded a third-quarter loss of
US$26.3 million, compared to a loss of US$6 million for the same period a
year ago.  In response to the recent drop in demand, the Company announced
in September 2006 the reduction of 700 positions from its Automotive Group,
which is expected to result in savings of approximately US$35 million, to be
fully realized by the middle of 2007, at a cost of approximately US$25
million.  The program is in addition to the automotive restructuring plan
disclosed in July 2005, which has targeted savings of approximately US$40
million by the end of 2007.  The company anticipates taking additional
actions to structurally improve the performance of the business.

For the first nine months of 2006, Automotive Group sales of
US$1.2 billion were 3% below the same period last year.  The group recorded
a loss of US$31.4 million for the first nine months of 2006, compared to a
loss of US$12.4 million in the first nine months of 2005.

Steel Group third-quarter sales were US$442.6 million, a 3% increase from
US$427.9 million in the same period a year ago.

During the quarter, the Steel Group disclosed an investment in a new
induction heat-treat line that will increase the Company's capacity and
ability to provide differentiated products to more customers in important
global energy markets.  In addition, the group recently disclosed its
intention to exit its European seamless steel tube manufacturing operation
as part of its strategy to strengthen its business portfolio.

For the first nine months of 2006, Steel Group sales were
US$1.4 billion, a 3% increase over the first nine months of last year.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly engineered bearings
and alloy steels.  It also provides related components and services such as
bearing refurbishment for the aerospace, medical, industrial and railroad
industries.  The Company has operations in 27 countries and employs 27,000
employees.


TIMKEN CO: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed the Ba1 Corporate
Family Rating for The Timken Company, as well as the Ba1 rating on the
company's US$300 Million Unsecured Medium Term Notes Series A due 2028.
Those debentures were assigned an LGD3 rating suggesting noteholders will
experience a 46% 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 its
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 Canton, Ohio, The Timken Company is engaged in the
manufacture of tapered roller bearings, alloy steels and related products.
http://www.timken.com/


* VENEZUELA: Reduces Crude Production by 11.5%
----------------------------------------------
"The reduction mechanism was fair and equitable and will strengthen the
price of the barrel, in harmony with our efforts to guarantee the maximum
value of the resource, which is a principle consistently supported by
Venezuela," highlighted Ministry of Energy and Petroleum and president of
PDVSA, Rafael Ramirez, from Qatar's capital, where OPEC members announced a
reduction of crude production of 1.2 million daily barrels starting Nov. 1.

The Organization's unanimous agreement considers reduction based on the
participation of each member.  Hence, Venezuela will reduce its production
by 11.5% or 138,000 barrels per day.  Of this quantity, the Minister of
Energy and Petroleum had already announced a voluntary reduction of 50,000
barrels per day starting past Oct. 1.

Mr. Ramirez highlighted that, by taking this measure, OPEC assumes a
coherent position aimed at contributing to the stability of prices in the
oil market.  Similarly, he celebrated the consensus reached on a measure
that had been repeatedly proposed by the Bolivarian Government of Venezuela
to the organization with the purpose of correcting the distortions occurring
in the foundations of the market due to the oversupply of oil.

The Venezuelan minister also insisted in the need to closely monitor the
structuring factors that affect the market, such as geopolitical tensions,
bottlenecks arising from the deficit in the worldwide refining capacity and
the perverse effects of speculator sin futures oil markets.

The impact of the reduction agreed today and the results of market
monitoring will be discussed in the next OPEC ministerial meeting on
December 14 in the city of Abruja, Nigeria, where, if required, a new
reduction of crude production could be announced.

                        *    *    *

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


* BOND PRICING: For the week of October 23 -- October 27, 2006
--------------------------------------------------------------

Issuer                               Coupon   Maturity  Price
------                               ------   --------  -----
ABC Rail Product                     10.500%  12/31/04     0
Adelphia Comm.                        3.250%  05/01/21     0
Adelphia Comm.                        6.000%  02/15/06     0
Adelphia Comm.                        8.125%  07/15/03    71
Adelphia Comm.                        9.500%  02/15/04    64
Allegiance Tel.                      11.750%  02/15/08    41
Allegiance Tel.                      12.875%  05/15/08    40
Amer & Forgn Pwr                      5.000%  03/01/30    68
Amer Color Graph                     10.000%  06/15/10    69
Antigenics                            5.250%  02/01/25    64
Anvil Knitwear                       10.875%  03/15/07    69
Archibald Candy                      10.000%  11/01/07     0
ATA Holdings                         13.000%  02/01/09     4
Atlantic Coast                        6.000%  02/15/34    13
Autocam Corp.                        10.875%  06/15/14    63
Bank New England                      8.750%  04/01/99     5
Bank New England                      9.500%  02/15/96    13
BBN Corp                              6.000%  04/01/12     0
Budget Group Inc                      9.125%  04/01/06     0
Burlington North                      3.200%  01/01/45    57
Calpine Corp                          4.750%  11/15/23    45
Calpine Corp                          6.000%  09/30/14    39
Calpine Corp                          7.625%  04/15/06    69
Calpine Corp                          7.750%  04/15/09    70
Calpine Corp                          7.750%  06/01/15    35
Calpine Corp                          7.875%  04/01/08    70
Calpine Corp                          8.500%  02/15/11    48
Calpine Corp                          8.625%  08/15/10    45
Calpine Corp                          8.750%  07/15/07    70
Calpine Corp                         10.500%  05/15/06    70
Cell Therapeutic                      5.750%  06/15/08    70
Central Tractor                      10.625%  04/01/07     0
Chic East Ill RR                      5.000%  01/01/54    57
Clark Material                       10.750%  11/15/06     0
Collins & Aikman                     10.750%  12/31/11     3
Columbia/HCA                          7.500%  11/15/95    73
Comcast Corp                          2.000%  10/15/29    40
Comprehens Care                       7.500%  04/15/10    65
Cooper Standard                       8.375%  12/15/14    74
Dal-Dflt09/05                         9.000%  05/15/16    34
Dana Corp                             5.850%  01/15/15    71
Dana Corp                             7.000%  03/01/29    72
Dana Corp                             7.000%  03/15/28    73
Dana Corp                             9.000%  08/15/11    74
Delco Remy Intl                       9.375%  04/15/12    43
Delco Remy Intl                      11.000%  05/01/09    46
Delta Air Lines                       2.875%  02/18/24    34
Delta Air Lines                       7.700%  12/15/05    35
Delta Air Lines                       7.900%  12/15/09    35
Delta Air Lines                       8.000%  06/03/23    35
Delta Air Lines                       8.300%  12/15/29    36
Delta Air Lines                       9.250%  03/15/22    32
Delta Air Lines                       9.250%  12/27/07    29
Delta Air Lines                       9.750%  05/15/21    32
Delta Air Lines                      10.000%  06/01/08    56
Delta Air Lines                      10.000%  06/01/11    70
Delta Air Lines                      10.000%  08/15/08    36
Delta Air Lines                      10.060%  01/02/16    73
Delta Air Lines                      10.080%  06/16/07    65
Delta Air Lines                      10.125%  05/15/10    34
Delta Air Lines                      10.375%  02/01/11    36
Delta Air Lines                      10.375%  12/15/22    30
Delta Mills Inc                       9.625%  09/01/07    23
Deutsche Bank NY                      8.500%  11/15/16    70
Diamond Triumph                       9.250%  04/01/08    71
Diva Systems                         12.625%  03/01/08     1
Dov Pharmaceutic                      2.500%  01/15/25    48
Drum Financial                       12.875%  09/15/99     0
Dura Operating                        8.625%  04/15/12    33
Dura Operating                        9.000%  05/01/09     6
Duty Free Int'l                       7.000%  01/15/04     0
DVI Inc                               9.875%  02/01/04     8
Dyersburg Corp                        9.750%  09/01/07     0
E.Spire Comm Inc                     10.625%  07/01/08     0
E.Spire Comm Inc                     13.750%  07/15/07     0
Eagle Family Food                     8.750%  01/15/08    74
Empire Gas Corp                       9.000%  12/31/07     1
Epix Medical Inc                      3.000%  06/15/24    71
Exodus Comm Inc                      10.750%  12/15/09     0
Exodus Comm Inc                      11.625%  07/15/10     0
Fedders North AM                      9.875%  03/01/14    66
Federal-Mogul Co.                     7.375%  01/15/06    65
Federal-Mogul Co.                     7.500%  01/15/09    65
Federal-Mogul Co.                     8.160%  03/06/03    58
Federal-Mogul Co.                     8.250%  03/03/05    61
Federal-Mogul Co.                     8.330%  11/15/01    63
Federal-Mogul Co.                     8.370%  11/15/01    58
Federal-Mogul Co.                     8.370%  11/15/01    63
Federal-Mogul Co.                     8.800%  04/15/07    65
Finova Group                          7.500%  11/15/09    30
Ford Motor Co                         6.500%  08/01/18    74
Ford Motor Co                         6.625%  02/15/28    72
Ford Motor Co                         7.125%  11/15/25    73
Ford Motor Co                         7.400%  11/01/46    73
Ford Motor Co                         7.500%  08/01/26    74
Ford Motor Co                         7.700%  05/15/97    72
Ford Motor Co                         7.750%  06/15/43    74
GB Property Fndg                     11.000%  09/29/05    57
Golden Books Pub                     10.750%  12/31/04     0
GST Network Fndg                     10.500%  05/01/08     0
Gulf Mobile Ohio                      5.000%  12/01/56    75
HNG Internorth                        9.625%  03/15/06    38
Home Prod Intl                        9.625%  05/15/08    60
Imperial Credit                       9.875%  01/15/07     0
Inland Fiber                          9.625%  11/15/07    63
Insight Health                        9.875%  11/01/11    20
Iridium LLC/CAP                      10.875%  07/15/05    28
Iridium LLC/CAP                      11.250%  07/15/05    24
Iridium LLC/CAP                      13.000%  07/15/05    25
Iridium LLC/CAP                      14.000%  07/15/05    26
Isolagen Inc.                         3.500%  11/01/24    75
IT Group Inc                         11.250%  04/01/09     0
JTS Corp                              5.250%  04/29/02     0
Kaiser Aluminum                       9.875%  02/15/02    33
Kaiser Aluminum                      12.750%  02/01/03    13
Kellstrom Inds                        5.500%  06/15/03     0
Kmart Corp                            8.540%  01/02/15    28
Kmart Corp                            9.350%  01/02/20    10
Kmart Funding                         9.440%  07/01/18    23
Liberty Media                         3.750%  02/15/30    62
Liberty Media                         4.000%  11/15/29    67
Lifecare Holding                      9.250%  08/15/13    61
Macsaver Financl                      7.600%  08/01/07     1
Macsaver Financl                      7.875%  08/01/03     0
Merisant Co                           9.500%  07/15/13    63
MHS Holdings Co                      16.875%  09/22/04     0
Movie Gallery                        11.000%  05/01/12    60
MSX Int'l Inc.                       11.375%  01/15/08    73
Muzak LLC                             9.875%  03/15/09    65
New Orl Grt N RR                      5.000%  07/01/32    69
Northern Pacific RY                   3.000%  01/01/47    57
Northern Pacific RY                   3.000%  01/01/47    57
Northwest Airlines                    6.625%  05/15/23    61
Northwest Airlines                    7.248%  01/02/12    20
Northwest Airlines                    7.625%  11/15/23    61
Northwest Airlines                    7.875%  03/15/08    63
Northwest Airlines                    8.700%  03/15/07    61
Northwest Airlines                    8.875%  06/01/06    60
Northwest Airlines                    9.152%  04/01/10     7
Northwest Airlines                    9.179%  04/01/10    27
Northwest Airlines                    9.875%  03/15/07    64
Northwest Airlines                   10.000%  02/01/09    61
NTK Holdings Inc                     10.750%  03/01/14    68
Nutritional Src                      10.125%  08/01/09    66
Oakwood Homes                         7.875%  03/01/04     9
Oakwood Homes                         8.125%  03/01/09     6
Oscient Pharm                         3.500%  04/15/11    71
OSU-DFLT10/05                        13.375%  10/15/09     0
Outboard Marine                       9.125%  04/15/17     0
Overstock.com                         3.750%  12/01/11    74
Owens Corning                         7.000%  03/15/09    54
Owens Corning                         7.500%  05/01/05    55
Owens Corning                         7.500%  08/01/18    56
Owens Corning                         7.700%  05/01/08    56
Owens-Corning Fiber                   8.875%  06/01/02    48
Pac-West-Tender                      13.500%  02/01/09    61
PCA LLC/PCA Fin                      11.875%  08/01/09    25
Pegasus Satellite                     9.625%  10/15/49    13
Pegasus Satellite                     9.750%  12/01/06    11
Pegasus Satellite                    12.375%  08/01/06    11
Pegasus Satellite                    13.500%  03/01/07     0
Phar-mor Inc                         11.720%  09/11/02     2
Piedmont Aviat                       10.250%  01/15/49     3
Pixelworks Inc                        1.750%  05/15/24    73
Plainwell Inc                        11.000%  03/01/08     2
Pliant Corp                          13.000%  07/15/10    44
Polaroid Corp                         6.750%  01/15/02     0
Polaroid Corp                         7.250%  01/15/07     0
Polaroid Corp                        11.500%  02/15/06     0
Primus Telecom                        3.750%  09/15/10    42
Primus Telecom                        8.000%  01/15/14    61
Primus Telecom                       12.750%  10/15/09    75
PSINET Inc                           10.500%  12/01/06     0
PSINET Inc                           11.000%  08/01/09     0
Radnor Holdings                      11.000%  03/15/10    12
Railworks Corp                       11.500%  04/15/09     1
Read-Rite Corp.                       6.500%  09/01/04     8
RJ Tower Corp.                       12.000%  06/01/13    20
Rotech HealthCare                     9.500%  04/01/12    66
Spinnaker Inds                       10.750%  10/15/06     0
Toys R Us                             7.375%  10/15/18    74
Tribune Co                            2.000%  05/15/29    66
United Air Lines                      8.700%  10/07/08    39
United Air Lines                      9.020%  04/19/12    56
United Air Lines                      9.200%  03/22/08    49
United Air Lines                      9.350%  04/07/16    33
United Air Lines                      9.560%  10/19/18    61
United Air Lines                     10.020%  03/22/14    49
United Air Lines                     10.110%  01/05/06     3
United Air Lines                     10.110%  02/19/49    41
United Homes Inc                     11.000%  03/15/05     0
US Air Inc.                          10.750%  01/01/49    24
Venture Holdings                     11.000%  06/01/07     0
Venture Holdings                     12.000%  06/01/09     0
Vesta Insurance Group                 8.750%  07/15/25     9
Werner Holdings                      10.000%  11/15/07     9
Wheeling-Pitt St                      6.000%  08/01/10    70
Winn-Dixie Store                      8.875%  04/01/08    74
Winstar Comm Inc                     12.750%  04/15/10     0
Xerox Corp                            0.570%  04/21/18    43
Ziff Davis Media                     12.000%  07/15/10    42


                        ***********


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

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


             * * * End of Transmission * * *