TCRLA_Public/061102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 2, 2006, Vol. 7, Issue 218

                          Headlines

A R G E N T I N A

BANCO DE GALICIA: Increases Capital Stock by ARS100 Million
DROGUERIA MAGNA: Moody's Rates US$5-Million Notes at C
EUROMAYOR SA: Evaluadora Puts E Rating on US$3,078,183 of Notes
FIDEICOMISO (BANEX): Moody's Puts Caa1 Rating on ARS7.5M Certs.
FIDEICOMISO (GALTRUST II): Fitch Arg Puts Junk Ratings on Debts

FIDEICOMISO (GALTRUST V): Fitch Arg Rates US$15MM Certs. at CC
MODULOR SA: Seeks for Court Approval to Reorganize Business
NATURAL CHOICE: Verification of Proofs of Claim Is Until Dec. 18
PLAZA SERRANO: Enters Bankruptcy Protection on Court Orders
PINNACLE ENTERTAINMENT: Appoints Larry Buck as Regional VP

REICA SA: Last Day for Verification of Claims Is Set for Nov. 30
SIME SA: Deadline for Verification of Proofs of Claim Is Feb. 1
TURBINE POWER: Moody's Assigns D Rating on US$20-Million Notes


B A H A M A S

COMPLETE RETREATS: Panel's Probe Period Extended to Dec. 31
COMPLETE RETREATS: Gets Final OK to Borrow Up to US$80 Million
WINN-DIXIE: Files Management Security Plan Claims Objection
WINN-DIXIE: Wants Court to Affirm Amount of Retirement Claims


B E R M U D A

FENIX LTD: Creditors Must Submit Proofs of Claim by Nov. 3
GLOBAL ENERGY: Deadline for Proofs of Claim Filing Is on Nov. 8
HFS Capital: Last Day to File Proofs of Claim Is on Nov. 8
SEA CONTAINERS: Ch. 11 Case Cues Moody's to Junk Sr. Debt Rating
STENA MORAY: Proofs of Claim Filing Deadline Is Set for Nov. 8


B O L I V I A

COEUR D'ALENE: Silver Mine Not Affected by Nationalization
GOL LINHAS: Orders 20 More Boeing 737-800 Under Expansion Plan
PETROLEO BRASILEIRO: Discloses Terms of Agreement with Bolivia

* BOLIVIA: Taking Over Mining Concessions from Glencore Int'l


B R A Z I L

BANCO BRADESCO: Paying Interest on Own Capital to Stockholders
BRASIL TELECOM: Posts BRL907.9 Million Third Quarter 2006 EBITDA
DEVELOPERS DIVERSIFIED: Earns US$49M in Quarter Ended Sept. 30
DURA AUTOMOTIVE: S&P's Ratings Tumble to D After Ch. 11 Filing
EMI GROUP: Unearths Accounting Fraud at Brazilian Unit

EMI GROUP: Expects 3% Revenue Decline in First Semester of 2006
VARIG S.A.: Preliminary Injunction Continued to Nov. 29
VARIG S.A.: Volo May Invest US$173 Million to Expand Fleet


C A Y M A N   I S L A N D S

ASSET BACKED (NIM 2003-WF1): Claims Filing Deadline Is Nov. 16
ASSET BACKED (NIM 2002-OPT1): Claims Filing Is Until Nov. 16
AXIOS MV: Deadline for Filing of Proofs of Claim Is on Nov. 16
BA CREDIT: Creditors Have Until Nov. 16 to File Proofs of Claim
BANTS ONE: Creditors Must Submit Proofs of Claim by Nov. 16

BLACKROCK SENIOR: Filing of Proofs of Claim Is Until Nov. 16
BLUEGILL CDO: Deadline for Proofs of Claim Filing Is on Nov. 16
BST COMPANY: Proofs of Claim Filing Deadline Is Set for Nov. 16
CHIYODA CREDIT: Last Day to File Proofs of Claim Is on Nov. 16


C H I L E

AES GENER: Investing US$1 Billion for Thermoelectric Complex


C O L O M B I A

COMPANIA DE DESARROLLO: S&P Outlines US$116MM 10.19% Notes Risk


E L   S A L V A D O R

* EL SALVADOR: Overseas Private Investing US$181 Mil. in Region


G U A T E M A L A

AFFILIATED COMPUTER: Names Derrell James Sr. Managing Director

* GUATEMALA: Will Receive Investments from Overseas Private


M E X I C O

DELTA AIR: Selects Tangosol Coherence Data Grid
GREENBRIER COS: Declares Quarterly Dividend of US$.08 Per Share
GREENBRIER COS: Posts US$12.3MM Fourth Quarter 2006 Net Earnings
NORTEL: Names E. Bovarnick VP of Lean Six Sigma & Global Quality
TV AZTECA: Unit Inks Carriage Agreement with Time Warner Cable

VISTEON CORP: Weak Earnings Prompts S&P's Rating Downgrade to B


P A N A M A

BANCO LATINOAMERICANO: Andean Devt. Corp. Okays US$25MM Credit


P U E R T O   R I C O

CENTENNIAL COMM: Launches Integrated Telephony Service
DORAL FINANCIAL: Fitch Lowers Long-Term Default Rating to B+
RENT-A-CENTER: Posts Revenues of US$587.2MM in Third Quarter


T R I N I D A D   &   T O B A G O

ROYAL CARIBBEAN: Antitrust Okays Pullmantur Purchase
ROYAL CARIBBEAN: Luis Leon Retires as Chief Financial Officer
ROYAL CARIBBEAN: Posts US$345.4MM Third Quarter 2006 Net Income


U R U G U A Y

* URUGUAY: Discloses Liability Management Transactions
* URUGUAY: Partnering with Venezuela to Market Software

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Undertakes Clean-Up of Lake Maracaibo

* VENEZUELA: Partnering with Uruguay to Market Software

* Upcoming Meetings, Conferences and Seminars

                          - - - - -

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


BANCO DE GALICIA: Increases Capital Stock by ARS100 Million
-----------------------------------------------------------
Banco de Galicia y Buenos Aires Sociedad Anonima through its Ordinary and
Extraordinary Shareholders' Meeting held on
Oct. 11, 2006, resolved to increase its capital stock up to the face value
amount of ARS100,000,000, by means of the issuance of up to 100,000,000
ordinary book-entry or Class "B" shares, entitled to one vote per share and
with a face value of ARS1 each, in conformity with the terms and conditions
approved at the Shareholders' Meeting.

As regards the payment method, it was resolved that it can be made at the
subscriber's option, whether in cash or by means of the contribution of
Negotiable Obligations due 2010, 2014 and 2019, issued by the Bank in 2004
due to its debt restructuring.

During the Shareholders' Meeting, it was approved that the values to which
the Negotiable Obligations will be received and delegated onto the Bank's
Board of Directors the power to update the values, according to the
methodology established at the Shareholders' Meeting, to the closest
possible date to the beginning of the preemptive period and accretion
period.  The values must be approved by the National Securities Commission
and, therefore, should be updated during the process of authorization to
make the public offering.

The Shareholders' Meeting also established the issuance premium in an amount
that, when added up to the share's face value, results in a subscription
price per share (face value plus issuance premium) equal to the weighted
average price per share of the Bank as quoted in the Buenos Aires Stock
Exchange during twenty business days in which the share of the Bank was
traded, prior to the determination of the subscription price.

Moreover, it was also approved that the term to exercise the preemptive
right and accretion right by shareholders will be of ten running days,
starting and ending on a business day.

Finally, it was also disclosed that if the capital increase approved at the
Shareholders' Meeting were to be subscribed by means of debt instruments,
this would produce a gain of about ARS30 million to ARS40 million due to the
difference existing between the value at which the debt is capitalized and
the book value of the debt that is being cancelled, assuming the market
prices of the last months of the debt instruments and of the Bank's share,
and assuming that all the shares are subscribed with debt instruments priced
below par.

The gain and its corresponding amount are subject to these variables'
evolution, the portion subscribed through debt instruments, the debt
instruments used and the number of shares that are finally subscribed.

To subscribe shares through the Bank's debt that is being cancelled at the
same time, would imply that the Bank would not be paying interests on the
cancelled debt in the future.  Assuming a US$100 million capitalization of
Negotiable Obligations due in 2014 savings of interests in time shall be of
about ARS160 million.

In the case that the subscription is made by means of Negotiable
Obligations, there will be no obligation to make payments in advance, as it
would apply if the net proceeds that result from the issuance of shares were
in cash.

Banco Galicia told BNamericas that the new shares will be offered through a
public offering.  The new shares will be subscribed in cash or through bonds
issued by the bank.

                        *    *    *

As reported on Apr. 12, 2006, the Argentine arm of Standard &
Poor's assigned these ratings to Banco de Galicia y Buenos
Aires' debts:

   -- Obligaciones negociables, serie 6, emitted on July 19,
      2002 for US$73,000,000, emitted under the program for
      US$1000 million

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Obligaciones Negociables, clase 7 for US$43,000,000,
      included under the US$1000 million program

      * Last due: Aug. 3, 2007
      * Rate: raA

   -- Program of obligaciones negociables, media term, for
      US$2,000,000,000

      * Rate: raA

   -- Obligaciones Negociables simples 8-11-93, for
      US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones negociables simples for US$21,400,000

      * Last due: Nov. 1, 2004
      * Rate: raD

   -- Obligaciones Negociables emitted for US$9,000,000,
      included under the US$1000 million program.

      * Last due: Dec. 20, 2005
      * Rate: raD


DROGUERIA MAGNA: Moody's Rates US$5-Million Notes at C
------------------------------------------------------
Moody's Investor Service rated Drogueria Magna S.A.'s
Obligaciones Negociables Simples for US$5,000,000 at C.
The debt became due on April 17, 2003.


EUROMAYOR SA: Evaluadora Puts E Rating on US$3,078,183 of Notes
---------------------------------------------------------------
Evaluadora Latinoamercana SA rates Euromayor S.A. de Inversiones'
Obligaciones Negociables, Series II, for US$3,078,183 at E.

Also, Evaluadora puts the company's ordinary shares class B in category 5.
The rating action was based on the company's balance sheet at July 31, 2006.


FIDEICOMISO (BANEX): Moody's Puts Caa1 Rating on ARS7.5M Certs.
---------------------------------------------------------------
Moody's Investor Service rated Fideicomiso Financiero Banex Creditos XIII's
debts:

   -- ARS7.5 million pass-through certificates due 2011, Caa1;

   -- ARS26.0 million floating rate debt pass-through securities
      due 2011, Ba2; and

   -- ARS16.50 million fixed rate debt pass-through securities
      due 2011, Ba2.


FIDEICOMISO (GALTRUST II): Fitch Arg Puts Junk Ratings on Debts
---------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned these ratings on Fideicomiso
Financiero Galtrust II:

   -- Titulos de deuda for US$45,000,000, CCC
   -- Certificados de Participacion for US$16,191,493, C.


FIDEICOMISO (GALTRUST V): Fitch Arg Rates US$15MM Certs. at CC
--------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned these ratings on Fideicomiso
Financiero Galtrust V:

   -- titulos de deuda for US$42,000,000, B+
   -- Certificados de Participacion for US$15,573,377, CC.


MODULOR SA: Seeks for Court Approval to Reorganize Business
-----------------------------------------------------------
A court in Buenos Aires is studying the merits of Modulor SA's petition to
reorganize its business after defaulting on its obligations.

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


NATURAL CHOICE: Verification of Proofs of Claim Is Until Dec. 18
----------------------------------------------------------------
Maria Paulina Alva, the court-appointed trustee for Natural Choice s SRL's
bankruptcy case, will verify creditors' proofs of claim until Dec. 18, 2006.

Ms. Alva will present the validated claims in court as individual reports on
March 9, 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 Natural Choice 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 Natural Choice's accounting and
banking records will follow on May 4, 2007.

The trustee can be reached at:

          Maria Paulina Alva
          Montevideo 536
          Buenos Aires, Argentina


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

Under Argentine bankruptcy law, the trustee will:

   -- verify creditors' proofs of claim;

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

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

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

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


PINNACLE ENTERTAINMENT: Appoints Larry Buck as Regional VP
----------------------------------------------------------
Pinnacle Entertainment, Inc., has appointed Larry Buck, the vice president
and general manager of the company's Belterra Casino Resort in southern
Indiana, as the regional vice president of its Atlantic City operation.

The regional vice president is a newly created position that will oversee
Pinnacle Entertainment's major Atlantic City project and Belterra.

Mr. Buck will also hold the title of President of Pinnacle-Atlantic City.

Mr. Buck started his career in 1983 in the accounting department of the
Golden Nugget Atlantic City.  After nine years in Atlantic City in various
executive positions, Mr. Buck assisted in the opening of casinos in Lake
Charles, Louisiana and Metropolis, Illinois.  As general manager, he opened
a casino in Maryland Heights, Missouri before relocating to Rising Sun,
Indiana.  Mr. Buck joined Pinnacle Entertainment in 2004 as Vice President
and general manager of Belterra and supervised the opening of the
300-guestroom tower added at Belterra.

Pinnacle Entertainment made other corporate and property-level promotions
designed to help oversee its growth over the next few years.

Kim Townsend, Pinnacle Entertainment's senior vice president of marketing,
will relocate to Atlantic City to serve as executive vice president of
Pinnacle-Atlantic City, working with Mr. Buck on the many development
aspects of Pinnacle Entertainment's new major resort project.  Ms. Townsend
joined Pinnacle Entertainment in 2002 and was instrumental in the planning,
developing and opening of L'Auberge du Lac in Lake Charles, Louisiana, as
well as the planning for Pinnacle Entertainment's two casinos now under
construction in St. Louis, Missouri.  Ms. Townsend started her career in
1979 at the Golden Nugget Atlantic City and then held a variety of marketing
positions with the Trump properties in Atlantic City.  She then returned to
Mirage Resorts, fka Golden Nugget Inc., in Las Vegas and held corporate
positions in marketing and development.  In those roles, she assisted in the
opening of The Mirage, Treasure Island and Beau Rivage.  In 1997, Ms.
Townsend became vice president-marketing of Las Vegas Sands, where she was
instrumental in the planning, development and opening of The Venetian Resort
Hotel Casino, one of the largest and most successful casino resorts in Las
Vegas.

Kevin Kaufman is being promoted to general manager of Belterra, filling the
role being vacated by Mr. Buck.  Mr. Kaufman, who serves as senior director
of casino operations at Belterra, began his gaming career at Harveys Casino
Resorts.  He worked his way up through increasing areas of responsibility,
including as director of casino operations at Harveys Council Bluffs.  With
the sale of Harveys in 2001, Mr. Kaufman joined Pinnacle Entertainment as
director of casino operations at Belterra Casino Resort.  He became senior
director of casino operations in 2002.

Todd George will relocate to St. Louis to become vice president and general
manager of Pinnacle Entertainment's US$430 million casino now under
construction in downtown St. Louis.  Mr. George is currently the general
manager of Pinnacle Entertainment's Boomtown property in Bossier City,
Louisiana.  Mr. George grew up in upstate New York and began his career at
the Turning Stone tribal casino near Syracuse, New York.  He joined Pinnacle
Entertainment in the accounting department of Belterra in 2000 and was an
integral part of the team that significantly improved Belterra's results
over the past five years.  He became general manager of Boomtown Bossier
City in 2003.  Boomtown has performed very well under his tenure.

Mario Maesano, the head of marketing at Boomtown Bossier City, is also
relocating to St. Louis as the senior director of marketing.  Mr. Maesano is
a native of Atlantic City, New Jersey, and began his gaming career in 1991
at Resorts Atlantic City.  He joined Pinnacle Entertainment in 2000 in the
marketing department at Belterra, rising to senior director of marketing, a
role that he also held at Pinnacle Entertainment's L'Auberge du Lac during
its first year of operation.

Barry Regula is being promoted to replace Mr. George as general manager of
Boomtown Bossier City.  Mr. Regula is senior director of casino operations
at Boomtown Bossier City.  Mr. Regula is a native of Cleveland, Ohio and
joined Pinnacle Entertainment as director of entertainment at casino Magic
Biloxi in 1996.  He progressed within that property to become head of slot
operations and VIP services before relocating to Bossier City in 2002.

Keith Henson will relocate to Las Vegas and become vice president of
relationship marketing.  Mr. Henson is the senior director of human
resources at L'Auberge du Lac in Lake Charles, Louisiana, where he oversaw
the hiring and training for that property.  The opening of L'Auberge du Lac
involved interviewing over 10,000 applicants and training over 2,500
employees.  He joined Pinnacle Entertainment in 1997 as a table games dealer
at the company's Boomtown Reno property.  Prior to moving to Lake Charles,
Mr. Henson had progressed through various promotions to be director of
marketing and slot operations at Boomtown Reno.

Rafael Verde was recently promoted to assistant general manager at Boomtown
New Orleans.  Mr. Verde began his career in the gaming industry at Argosy
Casino-Baton Rouge in 1994.  He joined
Pinnacle Entertainment at Boomtown in the accounting department in 1999.
During 2003 and 2004, he was senior director of finance and administration
at Belterra, before relocating to Lake Charles where he was senior director
of finance at L'Auberge du Lac during its initial opening period.

Daniel R. Lee, the chairperson and chief executive officer of Pinnacle
Entertainment, said, "These promotions will support Pinnacle's major growth
plans, including our new projects in Atlantic City, St. Louis and Lake
Charles.  We're pleased to be able to promote so many talented executives
from within the Pinnacle organization to help oversee our growth. We believe
in training our own people and promoting from within whenever possible.
These well-earned promotions exemplify the benefits that our Company's
growth can have on the career opportunities for all our employees."

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment, Inc., (NYSE:
PNK) -- http://www.pnkinc.com/-- owns and operates casinos in Nevada,
Louisiana, Indiana and Argentina, owns a hotel in Missouri, receives lease
income from two card club casinos in the Los Angeles metropolitan area, has
been licensed to operate a small casino in the Bahamas, and owns a casino
site and has significant insurance claims related to a hurricane-damaged
casino previously operated in Biloxi, Mississippi.  Pinnacle Entertainment
opened a major casino resort in Lake Charles, Louisiana in May 2005 and a
new replacement casino in Neuquen, Argentina in July 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2006,
Moody's Investors Service's confirmed Pinnacle Entertainment, Inc.'s B2
Corporate Family Rating.

At the same time, Standard & Poor's Ratings Services affirmed its 'BB-'
rating and '1' recovery rating following Pinnacle
Entertainment Inc.'s proposed US$250 million senior secured bank facility
add-on.


REICA SA: Last Day for Verification of Claims Is Set for Nov. 30
----------------------------------------------------------------
Hector Jorge Vegetti, the court-appointed trustee for Reica SA's insolvency
case, will verify creditors' proofs of claim until Nov. 30, 2006.

Mr. Vegetti will present the validated claims in court as individual reports
on Feb. 27, 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 Reica 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 Reica's accounting and banking
records will follow on Apr. 11, 2007.

The debtor can be reached at:

          Reica SA
          Uruguay 385
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Jorge Vegetti
          Montevideo 711
          Buenos Aires, Argentina


SIME SA: Deadline for Verification of Proofs of Claim Is Feb. 1
---------------------------------------------------------------
Ricardo Felix Fernandez, the court-appointed trustee for Sime SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Feb. 1,
2007.

Mr. Fernandez will present the validated claims in court as individual
reports on March 15, 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 Sime 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 Sime's accounting and banking
records will follow on Apr. 26, 2007.

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

The trustee can be reached at:

          Ricardo Felix Fernandez
          Tucuman 1567
          Buenos Aires, Argentina


TURBINE POWER: Moody's Assigns D Rating on US$20-Million Notes
--------------------------------------------------------------
Moody's Investor Service rated Turbine Power Co. S.A.'s
obligaciones negociables, guaranteed, for US$20,000,000 at D.
The debt became due on Nov. 30, 2002.  The rating action was based on the
company's balance sheet at June 30, 2006.




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


COMPLETE RETREATS: Panel's Probe Period Extended to Dec. 31
-----------------------------------------------------------
The Honorable Alan H.W. Shiff extended the time for the Official
Committee of Unsecured Creditors in Complete Retreats LLC and its
debtor-affiliates' chapter 11 cases to investigate and bring
claims relating to the prepetition liens and with respect to The
Patriot Group LLC through and including Dec. 31, 2006.

The Committee may take discovery of Patriot in furtherance of its
investigation, provided that the Committee may not prosecute any action
against Patriot that would result in a material obligation of the Debtors to
pay current legal fees or expenses or give rise to an indemnification claim
by Patriot against the Debtors, until the Postpetition Obligations are paid
in full.

The Committee waives any right to seek a further extension of the Objection
Period and no further extension of the Objection Period will be granted
without Patriot's prior written consent.

As reported in the Troubled Company Reporter on Oct. 30, 2006, the Creditors
Committee further asked the Court 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 explained 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 told 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.

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


COMPLETE RETREATS: Gets Final OK to Borrow Up to US$80 Million
--------------------------------------------------------------
The Honorable Alan H.W. Shiff of the U.S. Bankruptcy Court for the District
of Connecticut authorized Complete Retreats LLC and its debtor-affiliates to
borrow up to $80,000,000 from Ableco Finance, LLC, as administrative and
collateral agent, and certain other lenders, on a final basis.

All objections to the Ableco DIP Financing have been withdrawn or overruled.

The Court permits the Debtors to repay prepetition obligations and existing
DIP obligations, which payments will be without prejudice to the rights of
the Debtors, the Official Committee of Unsecured Creditors or any other
party-in-interest.

Each Prepetition Lender and each Existing DIP Lender will provide the
Debtors, no later than 3:00 p.m. on the business day
immediately preceding the Closing of the Ableco DIP Financing
Facility, a written pay-off letter setting forth their
Prepetition Indebtedness or Existing DIP Indebtedness.

The Court notes that LPP Mortgage Ltd. delivered its proposed
pay-off statements to the Debtors, the Creditors Committee, and
Ableco on Oct. 27, 2006.

With the first advance of funds under the Ableco DIP Financing
Facility, Judge Shiff directs the Debtors to pay, in full, to
each Prepetition Lender and each Existing DIP Lender their full
Pay-Off Amount.

Judge Shiff authorizes the Debtors to withhold payment of
US$2,000,000 to The Patriot Group LLC.  The Holdback will accrue
interest at the rate specified in the Patriot Prepetition Loan
Documents.

The Court preserves the Creditors Committee's rights to challenge the
Pay-Off Amounts and the reasonableness of any professional fees, expenses or
claim for payment of interest at a default rate.

As adequate protection for the diminution in the value of
Patriot's interest in the Patriot Prepetition Collateral, and to
secure the prompt payment and performance of the Holdback and all other
Remaining Patriot Prepetition Indebtedness and Remaining Existing DIP Loan
Obligations owed to Patriot, the Court grants Patriot the Patriot
Replacement Lien and the Patriot Super-Priority Claim that is equal or
subordinate only to the Carve-Out and the Super-Priority Claims of Ableco
and the Postpetition Lenders.

Judge Shiff also authorizes the Debtors to pay homeowner
association fees, condominium fees and similar fees that accrued
prepetition, up to US$80,000, in connection with obtaining title
insurance with respect to the closing of Ableco DIP Financing
Facility that is proposed to occur on Oct. 31, 2006.

The Final DIP Order is without prejudice to Christopher Stevens'
rights to pursue claims for the imposition of a constructive
trust with respect to funds he paid to the Debtors amounting to
US$750,000.

The term of the Ableco DIP Facility will be through the earliest
of:

     (i) April __, 2008;

    (ii) the date of substantial consummation of a confirmed
         plan of reorganization; or

   (iii) the date on which the loans become due and payable in
         accordance with the terms of the loan documents.

A full-text copy of the Final DIP Order on the Ableco DIP
Financing Facility is available for free at:

                http://researcharchives.com/t/s?143f

A full-text copy of the Approved Ableco DIP Financing Facility is available
for free at:

                http://researcharchives.com/t/s?1440

As reported in the Troubled Company Reporter on Oct. 13, 2006, the Court
approved Ableco's commitment letter providing the Debtors a replacement
credit facility.

Accordingly, the Court authorized the Debtors to pay Ableco:

   (a) an US$800,000 commitment fee; and

   (b) an additional US$100,000 deposit to cover Ableco's
       reasonable fees and expenses, including reasonable
       attorneys' fees and expenses and due diligence fees and
       expenses incurred in connection with the negotiation,
       preparation, execution and delivery of the Commitment
       Letter, the related term sheet, and any and all
       definitive documentation.

The Court also authorized the Debtors and Ableco to amend or
modify the Commitment Letter without further Court order,
provided that any modification is non-material and are not
adverse to the Debtors and their estates.

As reported in the Troubled Company Reporter on Oct. 10, 2006, the Court's
final order on the Debtors' existing DIP Financing
Agreement with The Patriot Group, LLC, and LPP Mortgage, Ltd.,
requires the Debtors to obtain replacement DIP financing
sufficient to "take out" Patriot and LPP Mortgage by
Oct. 31, 2006.  Otherwise, Patriot and LPP Mortgage will be authorized,
under certain conditions, to foreclose on the Debtors' assets.

The Debtors have solicited interest in providing a replacement
credit facility from numerous potential postpetition lenders.
The Debtors received draft commitment letters from two potential
lenders, one from Ableco Finance LLC.

The Debtors believe that the terms of the credit facility proposed by Ableco
are more favorable than the proposed credit facility of the other potential
lender.

Subsequently, the Debtors and Ableco executed a DIP Financing
Commitment Letter on Oct. 4, 2006.  The Commitment Letter
contemplates that the Debtors and Ableco will enter into a credit facility
of up to US$80,000,000, comprised of a term loan of up to US$50,000,000 and
a revolver of up to US$30,000,000.

The Ableco Commitment Letter requires the Debtors to pay an
US$800,000 non-refundable commitment fee to Ableco.  It also
requires that the Debtors pay Ableco's reasonable fees and
expenses, including its reasonable attorneys' and due diligence
fees and expenses incurred in connection with the negotiation,
preparation, execution and delivery of the Commitment Letter, the related
term sheet, and any related definitive documentation.  To cover those fees
and expenses, the Debtors would pay Ableco a US$100,000 deposit upon
approval of the Commitment Letter.

Moreover, the Ableco Committee Letter requires the Debtors to
indemnify Ableco and certain related parties for any losses
arising out of the Commitment Letter or the contemplated
financing, except to the extent resulting solely from the
indemnified party's gross negligence or willful misconduct.

A full-text copy of the Ableco Commitment Letter is available for free at
http://researcharchives.com/t/s?1326

             Terms of Ableco's Proposed DIP Financing

The proceeds of the Loans under the Ableco Facility will be used
to:

   (a) refinance the Debtors' existing secured credit facilities
       in the aggregate principal amount of up to US$74,000,000;

   (b) fund working capital and general corporate expenses in
       the ordinary course of business of the Debtors, all in
       accordance with the Budget; and

   (c) pay fees and expenses related to the Financing Facility,
       in all cases subject to the Courts' approval.

The Debtors' obligations under the Ableco Facility will be
secured by first priority liens on, and security interests in,
all assets of the Debtors.  The DIP Liens will be subject to a
US$1,250,000 carve-out for professional fees, and fees payable to the U.S.
Trustee and the Clerk of Court.

At the Debtors' option, the Loans will bear interest at a rate
per annum equal to either:

   (i) the rate of interest publicly announced from time to time
       by JPMorgan Chase Bank in New York -- provided that at no
       time the Reference Rate be less than 8.25 -- plus 4.75%;
       or

  (ii) LIBOR plus 7.75%.

All Loans are to be repaid in full at the earliest of:

   (i) the date which is 18 months after the date of the Final
       DIP Order;

  (ii) the date of substantial consummation of a plan of
       reorganization in the Debtors' cases, which has been
       confirmed by the Court; or

(iii) the date on which the Loan will become due and payable in
       accordance with the terms of the Loan Documents.

An Event of Default will occur if, among others:

   -- any of the Debtors' cases will be dismissed or converted
      to a Chapter 7 case;

   -- a Chapter 11 trustee or examiner with enlarged powers will
      be granted;

   -- any other superpriority administrative expense claim will
      be granted; or

   -- the Court will enter an order granting relief of the
      automatic stay to the holder of any security interest in
      any asset of the Debtors having a book value equal to or
      exceeding US$250,000 in the aggregate.

No later than Jan. 1, 2007, the Debtors will be required to:

   (i) have a plan of reorganization filed which, among other
       items, provides for the repayment in full of the
       Financing Facility; or

  (ii) retain an auctioneer acceptable to the Lenders and
       commence a process of marketing for sale of the Debtors'
       real estate assets.

If a plan of reorganization is filed on or before Jan. 1, 2007,
the Debtors will be required to have that plan confirmed no
later than March 1, 2007.

The Closing Date is the date on which all definitive loan
documentation satisfactory to the Lenders is executed by the
Debtors and the Lenders, which date will not be later than
Oct. 31, 2006, on or after the date the Court has entered the
Final DIP Order.

The Ableco Facility also provides for an $800,000 non-refundable
Closing Fee.

               Debtors File Cash Flow Forecast

In connection with the proposed Replacement DIP Financing from
Ableco, the Debtors delivered to the Court, on Oct. 24, 2006, a
13-week budget ending Jan. 19, 2007, and a six-month budget for
the period October 2006 to March 2007.

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

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

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


WINN-DIXIE: Files Management Security Plan Claims Objection
-----------------------------------------------------------
As of Winn-Dixie Stores Inc. and its debtor-affiliates' bankruptcy filing,
1,042 individuals were participants in the Debtors' management security plan
or senior corporate officers' management security plan.  The MSP is a
non-qualified defined benefit plan that provided retirement and death
benefits to participants.

D.J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York,
relates that all claims of participants to benefits
under the MSP are unsecured obligations of the Debtors.  As a
result of the Debtors' Chapter 11 filing, the claims must be
treated under the Joint Plan of Reorganization consistent with
the provisions of the Bankruptcy Code.

All participants in the MSP were mailed notice of the Chapter 11
filing and the requirement to file proofs of claim by the
established bar date.  The Debtors provided participants with
individualized claim forms that included the amount of each
participant's claim under the MSP, as of the Petition Date, with
a non-priority unsecured status.

The Debtors' MSP Determined Amount included benefits discounted
to present value using a 5.25% discount rate and a RP2000 white
collar generational mortality table.  The discount to present
value reflected the bankruptcy law principle that claims payable
in the future must be reduced to their value at the time of
commencement of the bankruptcy case.

At the inception of their Chapter 11 cases, the Debtors obtained
authorization to continue making retirement and death benefit
payments to participants in retirement status and to make
payments of up to US$25,000 to beneficiaries of participants not in
retirement status who die while the company is in bankruptcy
protection.  The postpetition amounts paid by the Debtors will
reduce the proof of claim amounts of the participants who
received the payments.

As a result of negotiations between the Debtors and the Official
Committee of Unsecured Creditors concerning the terms of the
Plan, it was determined that the MSP Claims would be treated as
unsecured claims but for the components that would be subject to
protection as "retiree benefits" under Section 1114 of the
Bankruptcy Code.

Under the Plan, the MSP will be terminated for all purposes as of the Plan
Effective Date.  Thus, the Plan provides that benefit accruals under the
MSP, and related trust and individual
agreements, ceased as of the Petition Date; and no further
benefits are payable under the security plans as of
Oct. 31, 2006.

The Plan further provides that the claims of all vested
participants in the MSP will be calculated as of the Debtors'
bankruptcy filing without postpetition interest or other accruals, and
without regard to service completed after the Petition Date, and will be
treated as:

   (x) Class 15-Retirement Plan Claims if greater than US$3,000;

   (y) Class 17-Small Claims if US$3,000 or less; and

   (z) to the extent applicable, as Class 2-MSP Death Benefit
       Claims.

In preparing to file this Omnibus Objection, the Debtors
discovered that an error had been made in determining the present value of
MSP Claims as of the Petition Date, thus the amounts included in the
individualized proof of claim forms were not accurate, Mr. Baker discloses.

Mr. Baker says that although the error was relatively
insignificant in amount, the Debtors intend to correct it by
increasing the amounts of MSP Claims sought to be fixed and
allowed by the Omnibus Objection.

The Debtors ask the Court to confirm the allowed amount and status of each
MSP Claim, and each component Retirement Plan Claim to be treated in Class
15 or Small Claim to be treated in Class 17 and, if applicable, MSP Death
Benefit Claim to be treated in Class 2 by:

   (a) reclassifying any MSP Claim that was filed in whole or
       part as a secured, priority or multiple status claim to
       non-priority unsecured status;

   (b) reducing any MSP Claim that was filed in an amount that
       exceeds the Debtors' MSP Determined Amount;

   (c) dividing the MSP Claims, where applicable, into
       Retirement Plan Claims or Small Claims and, if
       applicable, MSP Death Benefit Claims;

   (d) correcting the present value error to increase the
       Debtors' MSP Determined Amount of the Retirement Plan
       Claim or Small Claim by the amount of the error;

   (e) reducing the corrected amount of those Retirement Plan
       Claims or Small Claims as to which postpetition payments
       were made by the present value of such postpetition
       payments through Oct. 31, 2006;

   (f) reducing the gross amount of those MSP Death Benefit
       Claims as to which postpetition payments were made by
       the gross amount of such postpetition payments through
       Oct. 31, 2006; and

   (g) where any MSP Claim is represented by more than one proof
       of claim, disallowing the additional proofs of claim.

A list of the MSP Claims is available free of charge at
http://ResearchArchives.com/t/s?1425

Mr. Baker notes that distributions to be made under the Plan on
account of allowed Retirement Plan Claims, allowed Small Claims
and allowed MSP Death Benefit Claims will be subject to tax
withholding, payment, and reporting requirements.

The Omnibus Objection assumes that the provisions of the Plan
relating to the treatment of Retirement Plan Claims, Small Claims and MSP
Death Benefit Claims will be approved, that the Plan is confirmed by the
Court, and that it becomes effective in
accordance with its terms.

If the Plan is not confirmed by the Nov. 16, 2006, hearing date,
the Debtors reserve the right to amend or withdraw the Omnibus
Objection or to continue the hearing to a later date.

Responses to the Omnibus Objection must be filed no later than
Nov. 6, 2006.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 57; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: Wants Court to Affirm Amount of Retirement Claims
-------------------------------------------------------------
Winn-Dixie Stores Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Middle District of Florida to confirm the allowed
amount and status of each supplement retirement plan claim that is a
Retirement Plan Claim to be treated in Class 15 or a Small Claim to be
treated in Class 17 by:

   (a) reclassifying any SRP Claim that was filed in whole or
       part as a secured, priority or multiple status claim to
       non-priority unsecured status;

   (b) reducing any SRP Claim that was filed in an amount that
       exceeds the Debtors' SRP Determined Amount;

   (c) reducing any SRP Claim as to which postpetition payments
       were made by the aggregate amount of such post-petition
       payments through Oct. 31, 2006; and

   (d) where any SRP Claim is represented by more than one proof
       of claim, disallowing the additional proofs of claim.

A list of the SRP Claims is available free of charge at
http://ResearchArchives.com/t/s?1426

As of the Debtors' bankruptcy filing, 436 individuals were
participants in the Debtors' supplement retirement plan.  The SRP is a
non-qualified plan of deferred compensation.

Under the SRP, participants accrue account balances that include
amounts of compensation they have elected to defer, ranging from
1% to 25%, and a matching contribution from the Debtors equal to
50% of the participants' deferred compensation.  The accounts are 100%
vested and are payable upon termination, either in a lump sum or, if
elected, in installments.

According to James H. Post, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, the SRP was intended to constitute an
unfunded, unsecured plan, with benefits to be paid from the
Debtors' general assets.  All claims of participants to benefits
under the SRP are unsecured obligations of the Debtors.  As a
result of the Debtors' Chapter 11 filing, the SRP claims must be
treated under the Joint Plan of Reorganization consistent with
the provisions of the Bankruptcy Code.

All participants in the SRP were mailed notice of the Chapter 11
filing and the requirement to file proofs of claim by the
established bar date.  The Debtors provided participants with
individualized forms that included the amount of each
participant's claim under the SRP as of the Petition Date, as
determined by the Debtors, with a non-priority unsecured status.

The Debtors had obtained authorization from the Court to continue making
payments to SRP participants in payment status while they are in bankruptcy
protection.  The postpetition amounts paid by the Debtors will reduce the
proof of claim amounts of the participants who received the payments, Mr.
Post relates.

As a result of negotiations between the Debtors and the Official
Committee of Unsecured Creditors concerning the terms of the
Plan, it was determined that the SRP Claims would be treated as
unsecured claims.

Moreover, the SRP will be terminated for all purposes as of the
Plan Effective Date.  The Plan provides that benefit accruals
under the SRP, and related trust and individual agreements,
ceased as of the Petition Date; and no further benefits are
payable under such plans, or related trust or individual
agreements, as of Oct. 31, 2006.

The Plan further provides that the claims of all vested
participants in the SRP will be calculated as of the Debtors'
bankruptcy filing without postpetition interest or other accruals, and
without regard to service completed after the bankruptcy filing, and will be
treated as:

   (i) Class 15-Retirement Plan Claims if greater than US$3,000;
       or

  (ii) Class 17-Small Claims if US$3,000 or less.

Mr. Post notes that distributions to be made under the Plan on
account of allowed Retirement Plan Claims or Small Claims will be subject to
tax withholding, payment, and reporting requirements.

If the Plan is not confirmed by the Nov. 16, 2006, hearing
date, the Debtors reserve the right to amend or withdraw the
Omnibus Objection or to continue the hearing to a later date.

The deadline for filing responses to the Omnibus Objection is on
Nov. 6, 2006.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 57; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


FENIX LTD: Creditors Must Submit Proofs of Claim by Nov. 3
----------------------------------------------------------
Fenix Ltd.'s creditors are given until Nov. 3, 2006, to prove their claims
to Robin J. Mayor, the company's liquidator, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Nov. 24, 2006, at 9:30 a.m., or as soon as
possible.

Fenic Ltd.'s shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Fenix Ltd.'s shareholders agreed on Oct. 19, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


GLOBAL ENERGY: Deadline for Proofs of Claim Filing Is on Nov. 8
---------------------------------------------------------------
Global Energy Management Ltd.'s creditors are given until
Nov. 8, 2006, to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Nov. 29, 2006, at 9:30 a.m., or as soon as
possible.

Global Energy's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Global Energy's shareholders agreed on Oct. 24, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


HFS Capital: Last Day to File Proofs of Claim Is on Nov. 8
----------------------------------------------------------
HFS Capital Ltd.'s creditors are given until Nov. 8, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Nov. 29, 2006, at 9:30 a.m., or as soon as
possible.

HFS Capital's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

HFS Capital's shareholders agreed on Oct. 24, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


SEA CONTAINERS: Ch. 11 Case Cues Moody's to Junk Sr. Debt Rating
----------------------------------------------------------------
Moody's downgraded ratings of Sea Containers Ltd., including the
company's senior unsecured rating to Ca from Caa3.

Moody's will withdraw all ratings because Sea Containers and two
of its subsidiaries filed to reorganize under Chapter 11 of the
U.S. Bankruptcy Code on Oct. 15, 2006.

The downgrades reflect Moody's belief that holders of the
unsecured notes are likely to recognize a meaningful loss upon the
resolution of the bankruptcy proceedings.  Holders of Sea
Containers unsecured notes of US$386 million, and the company's
pension trusts are expected to be the largest creditors.

Sea Containers is a holding company and its operating subsidiaries were not
included in the bankruptcy filing.  The senior unsecured notes, however, do
not benefit from upstream guarantees from the operating subsidiaries.

In Moody's view, the value of Sea Containers 50% interest in GE
SeaCo will be a primary contributor of value in any debt
reorganization plan, although there is considerable uncertainty in value.
Sea Containers has not filed financial statements for some time.  At Dec.
31, 2005, GE SeaCo assets totaled US$1.3 billion, including US$1.1 billion
of marine containers, with total debt of US$939 million including advances
due to the parent companies.

There have been no recent sales of large marine container fleets; however,
applying the current market multiples for TAL
International Group, Inc., to GE SeaCo's 2005 financial
statements, implies a possible value for Sea Containers 50%
interest in the US$100 million to US$200 million range.

Moody's notes that changes in the GE SeaCo container fleet or
lease book subsequent to Dec. 31, 2005, could affect the value.

Separately, however, General Electric Capital Corporation, the 50% partner
in GE SeaCo, notified Sea Containers that GECC will
exercise its right to purchase Sea Containers' 50% equity interest at a fair
market value not disclosed.  This notice was made prior to Sea Containers'
bankruptcy filing.  GECC believes a change of control, as defined by the GE
SeaCo Member's Agreement, occurred upon the resignation of Sea Containers
former CEO.  According to Sea Containers, it will contest GECC's
interpretation of the Members Agreement.

In addition to the senior unsecured notes, Sea Containers is
liable for certain debt obligations of its operating subsidiaries, including
approximately US$60 million of term loans secured by first lien mortgages on
ten vessels.  Some of these vessels are trading currently while others are
laid up.

While the collateral coverage on a loan-by-loan basis is not
clear, Moody's does not anticipate significant residual claims.
While adequate to cover the secured debt, Moody's does not expect these
vessels nor the residual value of the containers pledged to the recently
amended Sea Containers' container securitization facility to provide
significant additional recovery value relative to the liabilities of Sea
Containers.

The remaining unencumbered containers owned by Sea Containers
might also contribute if not used as a source of liquidity during the
bankruptcy proceedings.

Debt list:

   * Sea Containers, Ltd

   * Ratings downgraded and to be withdrawn:

     -- Corporate Family, to Ca from Caa2
     -- Senior Unsecured, to Ca from Caa3
     -- Issuer Rating, to Ca from Caa3

Sea Containers Ltd. headquartered in Hamilton Bermuda, is the
franchisee-operator of the Great North Eastern Railroad in the
U.K., a lessor of cargo containers to the shipping industry, and a 50%
co-owner of GE SeaCo, a container leasing joint venture
between Sea Containers and General Electric Capital Corp.


STENA MORAY: Proofs of Claim Filing Deadline Is Set for Nov. 8
--------------------------------------------------------------
Stena Moray Ltd.'s creditors are given until Nov. 8, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Nov. 29, 2006, at 9:30 a.m., or as soon as
possible.

Stena Moray's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Stena Moray's shareholders agreed on Oct. 24, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda




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


COEUR D'ALENE: Silver Mine Not Affected by Nationalization
----------------------------------------------------------
Coeur d'Alene Mines Corp. told Dow Jones Newswires that its San Bartolome
silver mine in Bolivia is not affected by the nationalization that the
government is considering for its new mining plan.

Scott Lamb, the spokesperson of Coeur d'Alene, told Dow Jones, "It appears
that this announcement has no immediate impact on our San Bartolome
project."

Dow Jones relates that rumors on a sector-wide nationalization of mining
operations in Bolivia started after the government disclosed a plan to take
full control of the tin mine in Huanuni.  That state mine will incorporate
about 4,000 miners that are operating independently as a cooperative at the
site.

According to Dow Jones about 17 tin miners died in October in an internal
dispute over mining concession rights at Huanuni.

Mr. Lamb told Dow Jones, "The discussion of the action taken at the Huanuni
mine is basically a formalization of what was previously announced...an
agreement that incorporates the cooperatives at that mine into Comibol."

These actions are sometimes referred to in Bolivia as a nationalization of
the mining sector, Dow Jones says, citing Mr. Lamb.  He said that it seems
the government has stopped short of other action for the time being.

An analysis from the U.S. State Department regarding Bolivia's mining
industry indicated that Coeur d'Alene, a US firm that acquired the San
Bartolome project in 1999, will invest US$135 million to exploit an
estimated 152 million ounces of silver reserves, Dow Jones notes.

President Evo Morales, the president of Bolvia, told Dow Jones that
revamping the mining industry would be his next task after hammering out the
final details of the petroleum contracts.

"I want to be very sincere here...this year we want to totally consolidate
the hydrocarbons nationalization.  We have a complete package waiting for
the mining industry.  But we don't get ourselves mixed up.  We want to be
very responsible about this.  But we also recognize as a government we do
not have the necessary economic resources to nationalize the mines.  That
does not mean the process has stopped," the Associated Press says, citing
President Morales.

Dow Jones emphasizes that despite the assurances from Coeur d'Alene, the
mining industry is likely to see future pressure like what had happened to
the the oil and gas sector.

It is possible that additional decrees and related actions, like addressing
mining taxes, will follow in the future, Mr. Lamb told Dow Jones.

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

                        *    *    *

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


GOL LINHAS: Orders 20 More Boeing 737-800 Under Expansion Plan
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes has increased its number of firm orders from
67 to 87 aircraft as part of the Company's ongoing expansion and
cost-reduction plans.  The contract is the largest signed between Boeing and
a Latin American company.  GOL also increased the number of options by
20aircraft, bringing the total order size to 121 Next Generation
737-800aircraft.

The first aircraft under the order was added to GOL's fleet on July 30,
2006.  Per GOL's request, Boeing developed the 737-800 with short runway
take-off and landing capabilities.  GOL's new 737-800s are equipped with
winglets, which reduce fuel consumption by approximately three percent.  In
addition to lowering operating costs, winglets provide better flight
performance, the ability to operate longer non-stop flights and reduce noise
during take-off.  The 737-800 is also larger than the 737-700 and can carry
up to 30 percent more passengers.

GOL currently operates 56 Boeing 737 aircraft.  The company increased its
fleet plan by one 737-800 NG and two 737-300s in 2006, and three 737-800s
and two 737-300s in 2007 and 2008. The increase in firm orders of 737-800
NGs will add four new aircraft to the fleet in 2009, eight in 2010, five in
2011 and three in 2012.  GOL's revised fleet plan is presented as:

GOL's
Fleet
Plan        2006    2007    2008    2009    2010    2011    2012

141-seat
B 300s      14      14      12       7       -       -       -

144-seat
B 700 NGs   30      30      28      21      20      10      10

187-seat
B 800 NGs   21      36      46      60      72      84      91

Total        65      80      86      88      92      94     101

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

                        *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Discloses Terms of Agreement with Bolivia
--------------------------------------------------------------
Petroleos Brasileiro aka Petrobras, the state-run oil firm of Brazil,
reached an accord with Yacimientos Yacimientos Petroliferos Fiscales
Bolivianos, its Bolivian counterpart, on Oct. 28, 2006.  The agreement 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.

Petrobras discloses the terms of agreement that it has signed with
Yacimientos Petroliferos:

   -- Petrobras remains in charge of operating the San Alberto
      and San Antonio fields;

   -- Yacimientos Petroliferos takes on a more preponderant in
      role in marketing the hydrocarbons that are produced;

   -- Of the total value of production at the mouth of the well,
      the Bolivian State will receive 50% on the average prices
      that are actually practiced in the several sales agreement
      as Royalties, Participation, and Direct Taxes on
      Hydrocarbons; the remaining 50% will first be used to
      attend to Petrobras' recoverable costs, including
      operational costs and depreciation;  both companies will
      split the remaining balance based on a schedule which
      has production level, depreciation pace, prices, produced
      volumes, and taxes paid, etc., as its main determining
      factors;

   -- Investments made thus far, in addition to realized
      depreciation, factor in to the calculations to define
      Petrobras' repayment; these investments, as well as others
      the company may make, will continue being depreciated and
      considered in the "recoverable cost" calculation;

   -- Yacimientos Petroliferos will have a more intense level of
      supervision over the operations, such as, for example, in
      bids to hire goods and services, and in operation cost and
      investment value approval, etc;

   -- The term of the agreement is now 30 years;

   -- The current assets remain Petrobras' property through the
      end of the agreement, at which time they will become the
      property of YPFB, as per the terms of the original
      agreement; materials and equipment connected directly to
      the exploration and production activities, purchased after
      agreement signature, will become YPFB's property after
      fully amortized.

The agreement that was signed will be submitted to the Bolivian Congress for
analysis and homologation.

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.


* BOLIVIA: Taking Over Mining Concessions from Glencore Int'l
-------------------------------------------------------------
The National Post reports that the Bolivian government plans to take over
control of several mining concessions belonging to Swiss mining company
Glencore International AG.

"Because the country is asking for it, those mines are going to be taken
back," Bolivian President Evo Morales was quoted by the Post as saying.

The announcement came a few days before the unveiling of a plan to revive
Bolivia's mining industry.  Officials are expected to present the mining
plan tomorrow.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


BANCO BRADESCO: Paying Interest on Own Capital to Stockholders
--------------------------------------------------------------
Banco Bradesco SA said that in conformity with the System for Monthly
Payment to Stockholders, it will pay on Dec. 1, 2006, BRL0.032775000 per
common stock and BRL0.036052500 per preferred stock Interest on Own Capital
related to November 2006 to the stockholders registered in Banco Bradesco's
records on
Nov. 1, 2006.

The payment -- net of the Withholding Income Tax of 15%, except for legal
entity stockholders exempted from the referred taxation, which will receive
for the stated amount -- will be made through the net amount of
BRL0.027858750 per common stock and BRL0.030644625 per preferred stock:

    -- credit in the current account informed by the
       stockholder;

    -- the stockholders who do not inform their banking data or
       do not hold a current account in a Financial Institution
       must go to a Bradesco Branch on their preference having
       their identification document and the "Notice For Receipt
       of Earnings from Book-Entry Stocks", sent by mail to
       those having their address updated in the Company's
       records;

    -- to those with stocks held on custody with the CBLC --
       Companhia Brasileira de Liquidacao e Custodia (CBLC -
       Brazilian Clearing and Depository Corp.), the payment of
       interest will be made to CBLC, which will transfer them
       to the respective stockholders through the Depository
       Agents.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, two in the Bahamas, and four in the
Cayman Islands.  Bradesco offers Internet banking, insurance,
pension plans, annuities, credit card services (including
football-club affinity cards for the soccer-mad population), and
Internet access for customers.  The bank also provides personal
and commercial loans, along with leasing services.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

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


BRASIL TELECOM: Posts BRL907.9 Million Third Quarter 2006 EBITDA
----------------------------------------------------------------
Brasil Telecom Participacoes SA's EBITDA increased 11.6% to BRL907.9 million
in the third quarter of 2006, compared with the second quarter of 2006.
Consolidated EBITDA margin in the third quarter of 2006 reached 34.5%.
Throughout the first nine months of 2006, EBITDA reached BRL2,546.8 million,
with an EBITDA margin of 33.7%.  This result was impacted by revenue growth
and by data segment and Brasil Telecom Mobile's performance.

Brasil Telecom's net revenue increased 7.2% to BRL2,628.0 million in the
third quarter of 2006, compared with the second quarter of 2006.  Its net
revenue was 2.0% higher in the third quarter of 2006, compared with the
third quarter of 2005.

Net income was BRL64.0 million in the third quarter of 2006.  At the end of
the third quarter of 2006, Brasil Telecom reached 1,252.4 thousand broadband
accesses, an increase of 8.4% and 40.4% compared with the second quarter of
2006 and the third quarter of 2005m respectively.

Asymmetric Digital Subscriber Line accesses represented 14.5% of Brasil
Telecom's lines in service, the highest penetration among incumbents.
Brasil Telecom registered growth in data transmission services for the
corporate market.  The Internet Group's Internet service providers reached,
as a whole, 1 million broadband subscribers. Data communications and other
services revenue totaled BRL616.1 million in the third quarter of 2006, a
9.5% increase as compared with the previous quarter and a 23.6% increase
compared with the third quarter of 2005.

Brasil Telecom Mobile completed two years of operations in September,
consolidating Brasil Telecom in the mobile telephony market in Region II.
Brasil Telecom Mobile reached 3,051 thousand mobile accesses in service by
the end of the third quarter of 2006 and achieved 11.4% market share in its
area of operations.  Brasil Telecom Mobile is in third place in terms of
market share in the Federal District and in the states of Acre, Rondonia,
Tocantins and Goias.  Gross revenues from services with mobile telephony in
the third quarter of 2006 were BRL309.9 million.  It exceeded the one
recorded in the second quarter of 2006 by 62.3% and 174.6% in the third
quarter of 2005.

Operating costs and expenses in the third quarter of 2006 were BRL2,386.3
million, compared with BRL2,306.4 million in the second quarter of 2006 and
BRL2,492.7 million in the third quarter of 2005.  Brasil Telecom's CAPEX was
BRL424.6 million in the third quarter of 2006, of which BRL315.7 million
were invested in the fixed-line network and BRL109.0 million in the mobile
network.  Compared with the second quarter of 2006, total investments
increased by 26.8% and are in accordance with the CAPEX schedule for 2006.
Brasil Telecom's net debt in the third quarter of 2006 was BRL1,509.4
million, which was 21.4% less than in the second quarter of 2006.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA --
http://www.brasiltelecom.com.br -- is a holding company that conducts
substantially all of its operations through its wholly owned subsidiary,
Brasil Telecom SA.  The fixed-line telecommunications services offered to
the company's customers include local services, including all calls that
originate and terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public telephones and
supplemental local services; intraregional long-distance services, which
include intrastate and interstate calls; interregional and international
long-distance services; network services, including interconnection and
leasing; data transmission services; wireless services, and other services.

                        *    *    *

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


DEVELOPERS DIVERSIFIED: Earns US$49M in Quarter Ended Sept. 30
--------------------------------------------------------------
Developers Diversified Realty Corporation has reported its
operating results for the third quarter ended Sept. 30, 2006.

Funds From Operations, a financial measure used by Real Estate
Investments Trusts to define their operating performance, was
US$91.7 million for the three months ended Sept. 30, 2006, as
compared to US$81.8 million for the three months ended
Sept. 30, 2006, and 2005, respectively, an increase of 12.1%.

Net income available to common shareholders was US$49 million for the three
months ended Sept. 30, 2006, as compared to US$46.5 million for the prior
comparable period.  The increase in net income and FFO for the three months
ended Sept. 30, 2006, is primarily related to an increase in gain on sale of
real estate assets comprised of land sales and sales through the Company's
merchant building program as compared to 2005.

Scott Wolstein, Developers Diversified's Chairman and Chief
Executive Officer stated, "We're pleased to announce this
quarter's strong FFO per share growth of over 12%.  We continue to see
outstanding leasing activity in our operating and development portfolio.
This demand for space reflects the underlying health of the retail industry
and the success of our core tenants.  Our recent announcements regarding our
merger agreement with Inland Retail Real Estate Trust, Inc. and our joint
venture investment in Sonae Sierra Brazil reflect acquisitions that provide
long-term strategic benefits for the Company and represent significant
opportunities to grow shareholder value."

Leasing:

Leasing activity continues to be strong throughout the portfolio.  During
the third quarter of 2006, the Company executed 132 new leases aggregating
784,332 square feet and 214 renewals aggregating 833,721 square feet.
Rental rates on new leases increased by 29.5% and rental rates on renewals
increased by 11.7%.  On a blended basis, rental rates for new leases and
renewals increased by 15.5%.  At Sept. 30, 2006, the average
annualized base rent per occupied square foot, including those
properties owned through joint ventures, and excluding the impact of the
properties acquired from Mervyns, was US$11.68, as compared to US$11.23 at
Sept. 30, 2005.

At Sept. 30, 2006, the portfolio, including those properties owned through
joint ventures, was 96.2% leased.  Excluding the impact of the properties
acquired from Mervyns, the core portfolio was 96.1% leased, as compared to
95.8% at
Sept. 30, 2005.  These percentages include tenants for which signed leases
have been executed and occupancy has not occurred.  Based on tenants in
place and responsible for paying rent as of Sept. 30, 2006, the portfolio
was 95.3% occupied.  Excluding the impact of the properties acquired from
Mervyns, the core portfolio was 95.1% occupied, as compared to 94.8% at
Sept. 30, 2005.

             Strategic Real Estate Transactions

Inland

In October 2006, the Company and Inland Retail Real Estate Trust, Inc.
announced that they have entered into a definitive merger agreement. Under
the terms of the agreement, DDR will acquire all of the outstanding shares
of IRRETI for a total merger consideration of US$14.00 per share in cash.
The transaction has a total enterprise value of approximately US$6.2
billion.  This amount includes approximately US$2.3 billion of existing
debt, a significant portion of which is expected to be prepaid at closing.

Completion of the transaction, which is expected to occur in the
first quarter of 2007, is subject to approval of the merger
agreement by IRRETI shareholders and other customary closing
conditions described in the merger agreement.  The merger was
unanimously approved by DDR's Board of Directors.  The merger was
unanimously approved by IRRETI's Board of Directors, with two related party
directors recusing themselves.

Sonae Sierra Brazil

In October 2006, the Company announced the acquisition of a 50%
joint venture interest in Sonae Sierra Brazil, a fully integrated retail
real estate company based in Sao Paulo, Brazil.  Sonae Sierra Brazil is a
subsidiary of Sonae Sierra, an international owner, developer and manager of
shopping centers based in Portugal.  Sonae Sierra Brazil is the managing
partner of a partnership that owns direct and indirect interests in nine
retail assets aggregating 3.4 million square feet and a property
management company in Sao Paulo, Brazil that oversees the leasing and
management operations of the portfolio . Sonae Sierra Brazil owns
approximately 93% of the partnership and Enplanta Engenharia owns
approximately 7%. The aggregate market value of Sonae Sierra Brazil is
approximately US$300 million.  Developers Diversified's aggregate
proportionate share investment is approximately US$150 million.

MDT Joint Venture

In July 2006, the Company sold two additional expansion areas in
McDonough, Georgia and Coon Rapids, Minnesota to the MDT Joint
Venture for approximately US$10.1 million.  These expansion areas are
adjacent to shopping centers currently owned by the MDT Joint Venture.  The
Company recognized an aggregate merchant build gain of US$3.1 million, and
deferred gains of approximately US$0.5 million relating to the Company's
effective 14.5% ownership interest in the venture.

Service Merchandise Joint Venture

In August 2006, the Company purchased its partners' approximate
75% interest in the remaining 52 assets owned by the Service
Merchandise Joint Venture agreement at a gross purchase price of
approximately US$138 million relating to our partners' approximately 75%
interest, based on a total valuation of approximately US$185 million for all
remaining assets.

In Sept. 2006, the Company sold 51 of the assets to the Coventry
II Joint Venture.  The Company retained a 20% interest in the
joint venture.  The Company recorded a gain of approximately US$6.4 million
of which US$3.6 million is included in FFO.

Coventry II Joint Venture

In Sept. 2006, the Coventry II Joint Venture acquired an 88 acre
site located in Bloomfield Hills, Michigan at a cost of
approximately US$68.4 million.  The Company anticipates commencing
construction of a 600,000 square foot lifestyle center.  The Company is
generally responsible for the day-to-day development, management and leasing
of the property.  Pursuant to the terms of the joint venture, the Company
earns fees for property management, leasing and construction management plus
a promoted interest, along with Coventry, after return of capital to
investors.

                         Financing

In August 2006, the Company issued US$250 million, 3.50% convertible senior
unsecured notes due 2011.  The notes have an initial conversion rate of
approximately 15.3589 common shares per US$1,000 principal amount of the
notes, represent a conversion price of approximately US$65.11 per common
share and a conversion premium of approximately 22.5% based on the last
reported sale price of US$53.15 per common share on
Aug. 22, 2006.  The initial conversion rate is subject to adjustment under
certain circumstances.  Upon closing of the sale of the notes, the Company
repurchased US$48.3 million of its common shares.

In connection with the offering, the Company entered into an
option arrangement, that is settled in shares of our common stock, with an
investment bank that had the economic impact of
effectively increasing the conversion price of the notes to US$74.41 per
common share, which represents a 40.0% premium based on the Aug. 22, 2006,
closing price of US$53.15 per common share.  The cost of this arrangement
was approximately US$10.3 million and has been recorded as an equity
transaction in our consolidated balance sheet.

In addition, in late September and early October, the Company
entered into an aggregate US$300 million of interest rate swaps
which converted floating rate debt to a weighted average fixed
Libor rate of approximately 4.94%.  As a result, the effective
floating rate debt, as a percentage of total debt, was 6.6% at
Sept. 30, 2006.

Developers Diversified currently owns and manages over 500 retail operating
and development properties in 44 states, plus Puerto Rico and Brazil,
totaling 118 million square feet.  Developers Diversified Realty is a
self-administered and self-managed real estate investment trust operating as
a fully integrated real estate company, which acquires, develops, leases and
manages shopping centers.

A copy of the Company's Supplemental Financial/Operational package is
available to all interested parties upon request at:

                  Investor Relations
                  Developers Diversified Realty Corp.
                  Attn: Michelle M. Dawson
                        Vice President of Investor Relations
                  3300 Enterprise Parkway
                  Beachwood, OH 44122

                About Developers Diversified

Based in Beachwood, Ohio, Developers Diversified Realty
Corporation -- http://www.ddr.com/-- currently owns and manages
over 500 retail operating and development properties in 44 states, plus
Puerto Rico and Brazil, totaling 118 million square feet.  The Company is a
self-administered and self-managed real estate investment trust operating as
a fully integrated real estate company which acquires, develops and leases
shopping centers.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006,
Fitch Ratings affirmed Developers Diversified Realty Corp.'s
ratings following the company's announcement of the pending
acquisition of Inland Retail Real Estate Trust Inc.  Ratings
affirmed include the Company's BBB Issuer Default Rating, BBB
Senior unsecured debt and BB+ preferred stock rating.


DURA AUTOMOTIVE: S&P's Ratings Tumble to D After Ch. 11 Filing
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered Dura Automotive Systems Inc.'s
senior secured and subordinated debt ratings to 'D' from 'CC' following the
company's announcement that it and its U.S. and Canadian subsidiaries had
filed for Chapter 11 bankruptcy protection.

In addition, these ratings were removed from CreditWatch with
negative implications.

At the same time, the '1' recovery rating on the secured debt was affirmed
and then withdrawn.  The corporate credit rating on Dura and the rating on
Dura Operating Corp.'s US$400 million senior notes were already 'D'
following the company's failure to make an interest payment earlier this
month.

Well-known challenges cited by the company in its bankruptcy
filing included production cuts by major U.S. automakers and
escalating costs of raw materials.  Dura indicated that its
operations outside the U.S. and Canada, which in total account for about 51%
of revenues, were not part of the filing.  Dura has arranged a US$300
million DIP loan.

Rochester Hills, Mich.-based Dura, a manufacturer of automotive
and recreational vehicle components, has total debt of about
US$1.2 billion.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries including Brazil.


EMI GROUP: Unearths Accounting Fraud at Brazilian Unit
------------------------------------------------------
EMI Group Plc has discovered a one-off accounting fraud at its
Brazilian recorded music business, The Guardian reports.

The accounting fraud, EMI estimates, resulted in the
overstatement of EMI Music's revenues by around GBP12 million
and operating profits by around GBP9 million.

The Times reports that the scandal entails false booking of
stock as sold and shipped.  The Brazilian unit, headed by Marcos
Maynard, is understood to have been burdened with unexpected
stock, The Times adds.

"As a one-off hit, [the fraud] accounts for five percent of this
year's pre-tax profits and investors might fear there is the
risk of further problems," Richard Hitchcock, an analyst at
Numis Securities, said.

EMI said the impact of the scandal would be be reflected in the
financial results for the six months ended Sept. 30, 2006.

The recording company said it has launched a full investigation
and has suspended some members of the senior management team at
the Brazilian division.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including Brazil, and
with licensees in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit generated was
over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *    *    *

Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.

Despite a visible improvement in operating performance during
the 2005/6 financial year EMI's cash-flow based measures of
indebtedness have remained relatively weak with Adj. RCF/Adj.
Net Debt at 8.3% while free cash flow (after capital
expenditures and dividends) was negative as it has been in four
out of the last five years.  While Moody's believes that EMI's
second half release schedule will help to compensate for a weak
first half performance (reported revenues -5%) during the
company's 2006/7 financial year, it will be challenging for EMI
to show meaningfully improved revenue and profits for the year
against the backdrop of a still struggling global market for
recorded music.


EMI GROUP: Expects 3% Revenue Decline in First Semester of 2006
---------------------------------------------------------------
EMI Group PLC provides trading update for the six months ended
Sept. 30, 2006, outlining strong second-half release schedule
and confirming confidence in its expectations for the full year.

EMI Group expects to report a decline in total revenues of
approximately 3% on a constant currency basis for the six months
to Sept. 30, 2006.  The year-on-year decline in revenues is due
to the phasing of EMI Music's planned release schedule which, as
previously indicated, has a greater weighting to the second half
of the financial year than in prior years.  After the impact of
exchange rate movements over the period, group revenues are
expected to decline by close to 5% on a reported basis.

Underlying profit before tax, amortization and exceptional items
(underlying PBT) is expected to be approximately GBP27 million.
The strength of upcoming releases, together with continuing
strong momentum at EMI Music Publishing and further good
progress on the cost savings initiatives announced in
April 2006, give the Board confidence that the Group is on track
to deliver results in line with its expectations for the full
year.

EMI Music is expected to report a decline in revenues at
constant currency of approximately 4% for the six months to
Sept. 30, 2006.  Digital revenues continue to show strong growth
and in the first half represented approximately 9% of divisional
revenues.  Top-selling releases over the period included new
albums from international superstar Janet Jackson and local
superstars Hikaru Utada, Chingy, Bob Seger, Trace Adkins,
Underoath, Tiziano Ferro and Renaud.  Of particular note was the
strong contribution from breaking and developing acts, with
successful new releases from Cherish, Letoya, Lily Allen, Jolin
Tsai, 30 Seconds to Mars, The Red Jumpsuit Apparatus and on-
going sales of albums from Corinne Bailey Rae, The Kooks and
Diam's.

The impact on EMI Music's divisional profit from both lower
revenues and the changed mix of releases as compared to the
prior year will be partly mitigated by progress on the cost
savings initiatives announced in April 2006.  The divisional
operating margin is expected to be approximately 3% for the
period to Sept. 30, 2006.

EMI Music's planned release schedule for the remainder of the
financial year to March 31, 2007, features an exciting line up of albums
from long-established international and local superstars, as well as newly
emerging global and local talent.  The highlights include albums from Norah
Jones, Robbie Williams,
Keith Urban, Joss Stone, Dierks Bentley, RBD, Relient K, Tina
Turner, All Saints, Vasco Rossi, Simon Webbe, Depeche Mode, Moby
and a Beatles release which contains new music as featured in
the highly acclaimed Cirque du Soleil show, "Love", in Las
Vegas.  The planned artist releases, continued growth in digital
revenues and delivery of the announced cost savings, are
expected to drive strong growth in underlying revenues and
profits in the second half of the financial year.

On a constant currency basis, EMI Music Publishing is expected
to report first half revenues in line with the prior year.
Performance revenues exhibited particular strength, reflecting
strong on-going chart share.  The divisional operating margin is
expected to increase to approximately 25%.  It is expected that
EMI Music Publishing will continue to make good progress in the
second half of the current financial year, with key releases
from the likes of Sting, Kelly Clarkson, Fergie, Diddy, Scissor
Sisters, Natasha Bedingfield, Kanye West and Daddy Yankee.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including Brazil, and
with licensees in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit generated was
over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


VARIG S.A.: Preliminary Injunction Continued to Nov. 29
-------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York continues the preliminary
injunction imposed in VARIG S.A and its debtor-affiliates' Section 304 cases
through and including Nov. 29, 2006.

The Court will hold a hearing on Nov. 28, 2006, at 10:00 a.m., to consider
whether to extend the Preliminary Injunction or, if
appropriate, convert it into a Permanent Injunction.

Previously filed objections to the extension of the Preliminary
Injunction or entry of a Permanent Injunction will be carried over to the
November 28 hearing.

Any other objection must be filed with the Court by
Nov. 23, 2006.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin America.  VARIG's
principal business is the transportation of passengers and cargo by air on
domestic routes within Brazil and on international routes between Brazil and
North and South America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456 full-time
employees, of which approximately 133 are employed in the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a competitive
landscape, high fuel costs, cash flow deficit, and high operating leverage.
The Debtors may be the first case under the new law, which took effect on
June 9, 2005.  Similar to a chapter 11 debtor-in-possession under the U.S.
Bankruptcy Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes, Esq., at
Escritorio de Advocacia Sergio Bermudes, represents the carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 33; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


VARIG S.A.: Volo May Invest US$173 Million to Expand Fleet
----------------------------------------------------------
Volo do Brasil plans to spend US$140,000,000 to lease seven new
757-200 Boeing planes, and US$33,000,000 to purchase 22 medium-size Cesna
planes to expand VARIG S.A.'s fleet, MarketWatch reports citing O Estado de
S. Paulo newspaper.

According to the report, VARIG has to secure final regulatory
approval of the recent sale of its operating assets before it can make any
purchases.

MarketWatch notes that the National Civil Aviation Authority
already authorized VarigLog to operate VARIG.  ANAC, however,
still has to approve the sale itself.

Volo acquired VARIG's operating assets at an auction in July
2006.  Volo has pledged to infuse more than US$500,000,000 to allow the
airline to pay debts and return to profitability.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin America.  VARIG's
principal business is the transportation of passengers and cargo by air on
domestic routes within Brazil and on international routes between Brazil and
North and South America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456 full-time
employees, of which approximately 133 are employed in the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a competitive
landscape, high fuel costs, cash flow deficit, and high operating leverage.
The Debtors may be the first case under the new law, which took effect on
June 9, 2005.  Similar to a chapter 11 debtor-in-possession under the U.S.
Bankruptcy Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes, Esq., at
Escritorio de Advocacia Sergio Bermudes, represents the carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 33; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


ASSET BACKED (NIM 2003-WF1): Claims Filing Deadline Is Nov. 16
--------------------------------------------------------------
Asset Backed Funding Corp. NIM 2003-WF1 Ltd.'s creditors are required to
submit proofs of claim by Nov. 16, 2006, to the company's liquidators:

          Chris Watler
          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, 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.

Asset Backed'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.


ASSET BACKED (NIM 2002-OPT1): Claims Filing Is Until Nov. 16
------------------------------------------------------------
Asset Backed Funding Corp. NIM 2002-OPT1 Ltd.'s creditors are required to
submit proofs of claim by Nov. 16, 2006, to the company's liquidators:

          Chris Watler
          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, 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.

Asset Backed'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.


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

          Helen Allen
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, 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.

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


BA CREDIT: Creditors Have Until Nov. 16 to File Proofs of Claim
---------------------------------------------------------------
BA Credit Card Corp. Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Helen Allen
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

BA Credit'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.


BANTS ONE: Creditors Must Submit Proofs of Claim by Nov. 16
-----------------------------------------------------------
Bants One Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidators:

          Chris Watler
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

Bants One's shareholders agreed on Sept. 28, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


BLACKROCK SENIOR: Filing of Proofs of Claim Is Until Nov. 16
---------------------------------------------------------------
Blackrock Senior Income Series III's creditors are required to submit proofs
of claim by Nov. 16, 2006, to the company's liquidators:

          Phillipa White
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

Blackrock Senior's shareholders agreed on Sept. 26, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


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

          Chris Watler
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, 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.

Bluegill CDO's shareholders agreed on Sept. 28, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


BST COMPANY: Proofs of Claim Filing Deadline Is Set for Nov. 16
---------------------------------------------------------------
BST Company Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidator:

          Phillip Hinds
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, 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.

BST Company'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.


CHIYODA CREDIT: Last Day to File Proofs of Claim Is on Nov. 16
--------------------------------------------------------------
Chiyoda Credit Management Company, Ltd.'s creditors are required to submit
proofs of claim by Nov. 16, 2006, to the company's liquidator:

          Phillip Hinds
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, 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.

Chiyoda 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.




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


AES GENER: Investing US$1 Billion for Thermoelectric Complex
------------------------------------------------------------
AES Gener told Reuters that it will invest about US$1 billion to construct a
thermoelectric complex in northern Chile.

Reuters relates that the complex will be built in Mejillones.  It will
include four carbon-fueled generating plants and will feed electricity into
the northern grid of Chile.

AES Gener told Reuters that its Norgener unit had presented environmental
impact studies for the project to Chilean officials but did not reveal when
the project would start.

                       About AES Gener

Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 MW.  Gener serves both the Central
Interconnected System or SIC and the Northern Interconnected
System or SING through various subsidiaries and related
companies, including affiliate Guacolda and the TermoAndes
subsidiary.  TermoAndes has a generation capacity of 642.8 MW,
which while located in Argentina serves Chile?s SING via
InterAndes transmission line.  Gener also participates in
electricity generation in Colombia through Chivor hydroelectric
plant of 1,000 MW, and a 25% participation in Itabo's facilities
in the Dominican Republic (432.5 MW).  Gener is 91.2% owned by
AES (IDR rated 'B+' by Fitch).

                        *    *    *

On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener S.A. to 'BB+' from
'BB'.  Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'.  Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.

On May 24, 2006, Moody's Investors Service upgraded the senior
unsecured debt of AES Gener to Ba1 from Ba3, concluding a review
for possible upgrade.  Moody's said the rating outlook is
stable.




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


COMPANIA DE DESARROLLO: S&P Outlines US$116MM 10.19% Notes Risk
---------------------------------------------------------------
The 'BB' rating on Compania de Desarrollo Aeropuerto Eldorado SA aka CODAD's
US$116 million 10.19% notes due 2011 reflects these risks:

   -- A continued shortfall in revenues derived from lower-than-
      expected aircraft landings, both domestic and
      international.  CODAD has had to rely on payments under
      the minimum-revenue guarantee from the Republic of
      Colombia's Unidad Administrativa Especial de la
      Aeronautica Civil aka Aerocivil to fully meet its debt
      service obligations.

   -- Only 30% of the MRG amount is held in cash in a trust fund
      for noteholders.  The fund is replenished only once a
      year, while debt service is paid semiannually, leading to
      some concern about the liquidity of the obligated
      payments. Furthermore, the guarantee can be drawn on for
      certain limited purposes other than debt service.

   -- The nonrecourse nature of the debt to Aerocivil, the
      Republic of Colombia, and CODAD'S owners.

Offsetting these risks are these strengths:

   -- The guarantee from Aerocivil provides CODAD with a minimum
      level of revenues if aircraft landings fall below a
      predetermined level.  So far, this revenue floor has been
      sufficient to meet annual debt service obligations.

   -- The strong connection between Aerocivil and the national
      government.

   -- The tariff design lessens inflation and currency risks.
      It also provides Aerocivil with rate-setting flexibility
      and generates landing fees to cover maintenance expenses
      and debt service payments.

   -- The airport's importance to the city of Bogota and to
      Colombia as the country's main aviation facility, in
      terms of enplaned domestic and international passenger
      traffic and flight operations.

CODAD is a special-purpose corporation that was awarded a concession title
by Aerocivil to build a second runway at the Eldorado International Airport
in Bogota (to address capacity constraints) and maintain both runways
through 2015.  CODAD collects all landing fees at the airport. These fees,
along with the MRG from Aerocivil secure the repayment of the bonds.

Total aircraft landings continue to recover, as evidenced by the 8% and 5%
traffic growth for 2004 and 2005, respectively.  In addition, for the 12
months ended Sept. 30, 2006, passenger activity increased by 9%, mostly
driven by the continuous strong performance of international operations.  On
the domestic side, aircraft landings have reversed the decreasing trend of
the past few years and are starting to post positive growth rates.  The air
traffic growth trend is also evidenced by the third-quarter 2006 growth of
12.5% relative to the same period in 2005.

The transaction's liquidity consists of an annually funded account equal to
30% of the MRG for that year.  As in other project finance deals, no bank
facilities are available.  Over the past few years, the MRG utilization
remained stable at approximately 10%.  Standard & Poor's Ratings Services
expects strong passenger traffic growth to continue, driving the MRG
utilization rate to levels below 5%, over the next two years.

Total debt outstanding was US$66.1 million as of Oct. 30 2006, and the next
debt service payment is in November 2006, for approximately US$6.4 million.
Standard & Poor's expects CODAD will continue to fully cover its payments in
a timely manner.

Outlook

The positive outlook reflects the outlook assigned to the Republic of
Colombia.  The outlook also reflects CODAD's dependence on the MRG from
Aerocivil to service its debt.  A downgrade could occur if declines in
landings continue.  In addition, any rating action on the Republic of
Colombia could also lead to a rating action on CODAD.




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


* EL SALVADOR: Overseas Private Investing US$181 Mil. in Region
---------------------------------------------------------------
Overseas Private Investment Corp. disclosed its plant to invest at least
US$181 million in four countries in Central America: Honduras, Nicaragua, El
Salvador and Guatemala, Honduras This Week reports.

Robert Mosbacher Jr., Overseas Private's president and chief executive
officer, made the announcement after his visits to the four countries.  The
company has poured in US$120 million of investments in the region early this
year, the same paper says.

Fund managers in each country will appropriate the funds on projects
involving renewable energy, affordable housing and microfinance.

"I am being asked repeatedly how much each country will get and the answer
is that you will get more than your fair share if you set the table properly
for investment," Mr. Mosbacher was quoted by Honduras This Week as saying.

According to the same report, Honduran bank Banco Lafise will get a
US$25-million loan from Overseas Private, which the bank will use to finance
mortgage loans for low- and middle-income households.

                           Housing

Honduras This Week says that about 40% of the total investment will be
loaned to construction companies to build affordable housing.

"Housing as a sector to invest in is about as developmentally beneficial as
anything you could imagine," the company's head said.

The housing loans, Mr. Mosbacher told Honduras This Week, have 15- to
20-year maturity.

"That is the basic requirement to make homes affordable by stretching out
the time you pay for it," Mr. Mosbacher explained.

                           Energy

The energy sector will get at least US$98 million of the total investmenst,
Mr. Mosbacher told Honduras This Week.

"In nations like Honduras that are growing economically and where there is
not nearly enough electric capacity to serve as much of the country as they
would like there will be demand of additional energy," the compay president
said.

                        Microfinance

Recognizing the need to provide funding for small and medium businesses,
Overseas Private allocated US$7.5 million to this sector.

"Microfinance is the way that you will enable a huge part of the economy to
expand, create more jobs, participate in export markets..." Mr. Mosbacher
told Honduras This Week.

                   About Overseas Private

OPIC is a U.S. government agency whose mission is to help U.S. businesses to
invest abroad while promoting economic development in emerging market
countries.

                        *    *    *

As reported on Aug. 11, 2006, Standard & Poor's ratings services
affirmed its 'BB+' long-term and 'B' short-term sovereign credit
rating on the Republic of El Salvador.  S&P said the outlook
remains stable.

El Salvador's country ceiling has been upgraded to BBB- from BB+
by Fitch Ratings.




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


AFFILIATED COMPUTER: Names Derrell James Sr. Managing Director
--------------------------------------------------------------
Affiliated Computer Services, Inc., reported that Derrell James has joined
the company as Senior Managing Director for Information Technology
Outsourcing Solutions.  He will be responsible for all IT solutions and
business operations for the company's commercial line of business and report
to Ann Vezina, Group President of ACS Commercial Solutions.

Mr. James has over 20 years of technical, network services, and
infrastructure services management experience, and he joins ACS from EMC,
where he served as Senior Vice President of Technology Solutions.  In this
role, he led an organization of 4,500 people and was responsible for all
pre- and post-sales solutions and implementations.  Before EMC, he served as
Vice President of the Global Infrastructure Services Division at Perot
Systems, leading a 3,500-employee organization that oversaw network and
technical systems management and support, as well as disaster recovery
services.  Mr. James was also responsible for Infrastructure Business
Development, including the channels and partners associated with
infrastructure services, and account relationships.  He began his career
with EDS as a Systems Engineer.

Ms. Vezina said, "We are excited and proud to have Derrell join the ACS
team.  With his two decades of industry expertise, we will rely on his
strong leadership to further our commercial IT service offerings.  His
experience, insight, and management skills will be invaluable to our
worldwide base of clients and employees, and we look forward to benefiting
from his immediate contributions."

ACS, a global FORTUNE 500 company with more than 55,000 people supporting
client operations reaching nearly 100 countries, provides business process
outsourcing and information technology solutions to world-class commercial
and government clients. The company's Class A common stock trades on the New
York Stock Exchange under the symbol "ACS".  ACS makes technology work.

Headquartered in Dallas, Texas, Affiliated Computer Services, Inc., (NYSE:
ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and
information technology solutions to commercial and government clients.  The
company's global presence include operations in Brazil, China, Dominican
Republic, India, Guatemala, Ireland, Philippines, Poland and Singapore.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 4, 2006, Standard &
Poor's Ratings Services lowered its corporate credit rating and senior
secured ratings on Dallas, Texas-based Affiliated Computer Services, Inc. to
'B+' from 'BB'.  S&P placed the ratings on CreditWatch with negative
implications where they were placed on Jan. 27, 2006.


* GUATEMALA: Will Receive Investments from Overseas Private
-----------------------------------------------------------
Overseas Private Investment Corp. disclosed its plant to invest at least
US$181 million in four countries in Central America: Honduras, Nicaragua, El
Salvador and Guatemala, Honduras This Week reports.

Robert Mosbacher Jr., Overseas Private's president and chief executive
officer, made the announcement after his visits to the four countries.  The
company has poured in US$120 million of investments in the region early this
year, the same paper says.

Fund managers in each country will appropriate the funds on projects
involving renewable energy, affordable housing and microfinance.

"I am being asked repeatedly how much each country will get and the answer
is that you will get more than your fair share if you set the table properly
for investment," Mr. Mosbacher was quoted by Honduras This Week as saying.

According to the same report, Honduran bank Banco Lafise will get a
US$25-million loan from Overseas Private, which the bank will use to finance
mortgage loans for low- and middle-income households.

                           Housing

Honduras This Week says that about 40% of the total investment will be
loaned to construction companies to build affordable housing.

"Housing as a sector to invest in is about as developmentally beneficial as
anything you could imagine," the company's head said.

The housing loans, Mr. Mosbacher told Honduras This Week, have 15- to
20-year maturity.

"That is the basic requirement to make homes affordable by stretching out
the time you pay for it," Mr. Mosbacher explained.

                            Energy

The energy sector will get at least US$98 million of the total investmenst,
Mr. Mosbacher told Honduras This Week.

"In nations like Honduras that are growing economically and where there is
not nearly enough electric capacity to serve as much of the country as they
would like there will be demand of additional energy," the compay president
said.

                        Microfinance

Recognizing the need to provide funding for small and medium businesses,
Overseas Private allocated US$7.5 million to this sector.

"Microfinance is the way that you will enable a huge part of the economy to
expand, create more jobs, participate in export markets..." Mr. Mosbacher
told Honduras This Week.

                   About Overseas Private

OPIC is a U.S. government agency whose mission is to help U.S. businesses to
invest abroad while promoting economic development in emerging market
countries.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+




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


DELTA AIR: Selects Tangosol Coherence Data Grid
-----------------------------------------------
Delta Air Lines is using the Tangosol Coherence Data Grid to handle online
data access volume spikes in a reliable manner, Tangosol, Inc., reported.

Delta Air selected the Coherence Data Grid, which manages data in memory
across data grids, for its unparalleled scalability to quickly and
efficiently meet rapidly changing data access demands.

Gary Donaldson -- the vice president of Airline Commercial Systems at Delta
Air's Delta Technology -- said, "As Delta's online presence continues to
grow, it is critical that we provide the best experience for our customers.
This means successfully managing the number of customers and transactions at
peak times without slowing down or affecting other operations.  Tangosol's
Coherence Data Grid helps us effectively do that."

Delta Air must be confident that its information technology systems can
accommodate unusually high traffic volumes.  However, the cost of server
investments required to support peak times typically exceeds available
budgets.  No matter how much planning is done, companies are still unsure
how high the cost and pain of growing critical applications will be in the
future.

Tangosol's solution is to move data closer to the applications, in memory,
where it can be instantaneously available as demand grows.  Because the
Coherence Data Grid manages data safely in the application tier,
applications can scale much higher without significantly increasing the load
on shared enterprise resources, such as database servers.  This enables
organizations to much more accurately predict the cost of scaling an
application up to the enterprise, and provides a higher degree of confidence
that the application will continue to perform well as it scales up.

Mr. Donaldson noted, "We moved all session caching data to Tangosol
Coherence Data Grid. Since then, we have gracefully handled significantly
larger spikes of Web traffic with no issues whatsoever."

Delta Air has improved customer access to data, and increased reliability,
with no data loss or down time.  Most importantly, these performance
improvements have been achieved without the additional cost or complexity of
further investments in back-end data resource capacity.  Coherence has
supported delta.com, including fare shopping, ticketing, SkyMiles awards,
and other functions since mid-2005.

                       About Tangosol

Headquartered in Massachusetts, Tangosol, Inc. --
http://www.tangosol.com.-- is a privately held company that is the leading
provider of reliable data grid solutions, enabling enterprises to
predictably scale mission critical applications.  Tangosol Coherence
reliably manages data in memory across data grids, enabling applications to
achieve unparalleled scalability to quickly and efficiently meet rapidly
changing data access demands.

                       About Delta Air

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in terms of
passengers carried and the leading US carrier across the Atlantic, offering
daily flights to 502 destinations in 88 countries on Delta, Song, Delta
Shuttle, the Delta Connection carriers and its worldwide partners.  The
company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner, Esq., at
Davis Polk & Wardwell, represents the Debtors in their restructuring
efforts.  Timothy R. Coleman at The Blackstone Group L.P. provides the
Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer &
Feld LLP, provide the Official Committee of Unsecured Creditors with legal
advice.  John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and
James S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the Company's balance
sheet showed US$21.5 billion in assets and US$28.5 billion in liabilities.


GREENBRIER COS: Declares Quarterly Dividend of US$.08 Per Share
-----------------------------------------------------------
The Greenbrier Cos. reported that a quarterly cash dividend of US$.08 per
share, payable on Dec. 6, 2006, to stockholders of record as of Nov. 15,
2006.

Headquartered in Lake Oswego, Ore., The Greenbrier Cos. --
http://www.gbrx.com/-- supplies transportation equipment and services to
the railroad industry.  The Company builds new railroad freight cars in its
manufacturing facilities in the US, Canada, and Mexico and marine barges at
its U.S. facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new railroad freight
cars and refurbishes freight cars for the European market through both its
operations in Poland and various subcontractor facilities throughout Europe.
Greenbrier owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *    *    *

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


GREENBRIER COS: Posts US$12.3MM Fourth Quarter 2006 Net Earnings
----------------------------------------------------------------
The Greenbrier Cos. reported that its net earnings in the fourth quarter of
2006 increased 16% to US$12.3 million, compared with the US$10.6 million
recorded in the fourth quarter of 2005.

Greenbrier's revenues for the fourth quarter of fiscal 2006 were US$265
million, flat with US$265 million in the prior year's fourth quarter.
EBITDA was US$25.8 million, or 9.7% of revenues for the quarter, compared
with US$29.0 million, or 10.9% of revenues in the prior year's fourth
quarter.

Greenbrier realized a US$3.7 million tax benefit during the quarter for a
realization of a deferred tax asset relating to net operating carry-forwards
at its Mexican subsidiary.

New railcar deliveries for the quarter of 3,200 units and gains on equipment
sale of US$0.3 million were both lower than previously anticipated.  This
was principally due to timing differences, as some lease syndication and
equipment sales activities were deferred.  The growth of the lease fleet, as
well as production for the lease fleet, was higher than earlier guidance.
New additions to the lease fleet for the year were nearly US$120 million,
compared with earlier expectations of US$110 million of additions.  These
factors were mitigated in part by the continued expansion of manufacturing
margins, as a result of operating leverage.  The overall effect of these
factors was to continue to grow Greenbrier's leasing operations and
longer-term profitability, but in the short term reduce fourth quarter
earnings. The Company expects its lease fleet expansion efforts will drive
long-term profitability and contribute to stable earnings going forward,
outweighing the short-term effect of deferring revenues from the fourth
quarter of 2006 into future periods.

In the Manufacturing segment, fourth quarter revenues were US$242 million,
compared with US$241 million in the fourth quarter of 2005.  Deliveries for
the quarter were 3,200 units, compared with 3,300 units in prior comparable
period.  The revenue per unit increased due to a change in product mix.  A
higher percentage of conventional rather than intermodal railcars were
shipped during the quarter, as Greenbrier continued to diversify its product
offerings.  Manufacturing margin for the quarter grew to 11.2% of revenues,
compared with 10.4% of revenues in the fourth quarter of 2005, as margins
continued to benefit from cost reduction efforts and efficiencies of long
production runs.

Greenbrier's revenues in the Leasing & Services segment were US$23.4
million, compared to US$24.4 million in the same quarter last year.  Leasing
& Services margin were 54.2% of revenues, compared with 56.5% of revenues in
the same quarter last year.  The slightly lower revenues and margins in the
current quarter are due to lower gains on equipment sales of US$0.3 million
in the current quarter, compared with US$2.5 million in the prior comparable
period.  After excluding gains on equipment sales for both periods, leasing
and services revenues grew by US$1.2 million, or 6%, and leasing and
services margins grew from 51.6% to 53.3% of revenues.

Greenbrier anticipates revenues for fiscal 2007 in the range of US$1.2 to
US$1.3 billion and earnings in the range of US$3.10 to US$3.40 per diluted
share.  The principal drivers for this growth are anticipated to be from the
RailCar America and Meridian acquisitions, along with improved operating
performance in Europe.  Greenbrier expects this growth to be partially
offset by lower gains on equipment sales from the company's lease fleet and
a slightly high effective tax rate, due to the geographic mix of earnings in
2007.  Financial performance from the company's TrentonWorks freight car
manufacturing operation in Canada is expected to decline in 2007 compared to
2006, due to weaker markets for forest product railcars and the strong
Canadian dollar.

William A. Furman, president and chief executive officer of Greenbrier,
noted, "Fiscal 2006 was another very successful year for the company, with
our second consecutive year of record earnings and numerous strategic
accomplishments.  Over the past year, we have taken several steps to bolster
our growth, increase our profitability and competitive positioning, and
diversify the business.  As we enter fiscal 2007, we are excited about the
prospects for the year.  This optimism is driven by a combination of
continued strength in railroad industry fundamentals, coupled with the
company's enhanced competitive position, as the result of recent strategic
initiatives.  In the near term, we will continue to focus on integrating our
three recent strategic initiatives and realizing the synergies associated
with them.  We will also continue to selectively seek growth opportunities."

Mark Rittenbaum, senior vice president and treasurer of Greenbrier, said,
"We are pleased with our financial performance during the fourth quarter and
the year as we continued to see gross margin expansion across all business
lines.  While deliveries for the quarter and gains on equipment sale were
lower than previously anticipated, this was principally due to timing
differences as some lease syndication and equipment sales activities were
deferred.  We also made more additions to the lease fleet for the year than
expected.  The net effect of these factors is positive as we continue to
grow our leasing operations and long-term profitability.  However, in the
short-term these factors impacted our fourth quarter earnings.  As we look
at 2007, we are optimistic about the company's ability to continue to grow
revenues and earnings, driven by many of our strategic initiatives."

Headquartered in Lake Oswego, Ore., The Greenbrier Cos. --
http://www.gbrx.com/-- supplies transportation equipment and services to
the railroad industry.  The Company builds new railroad freight cars in its
manufacturing facilities in the US, Canada, and Mexico and marine barges at
its U.S. facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new railroad freight
cars and refurbishes freight cars for the European market through both its
operations in Poland and various subcontractor facilities throughout Europe.
Greenbrier owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *    *    *

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


NORTEL: Names E. Bovarnick VP of Lean Six Sigma & Global Quality
----------------------------------------------------------------
Nortel Networks appointed Ellen Bovarnick as vice president, Lean Six Sigma
and Global Quality, effective Oct. 30, 2006.  Ms. Bovarnick will lead the
implementation of Nortel's Six Sigma initiative and is responsible for
managing customer satisfaction, driving process improvements, and
establishing corporate quality standards, goals and programs.

"Ellen Bovarnick has an impressive track record of maximizing quality,
improving customer satisfaction, and streamlining business processes at
major global corporations," said Mike Zafirovski, Nortel's president and
CEO.  "Her experience in driving quality change on a global scale will be of
great benefit to both Nortel and our customers."

Ms. Bovarnick joins Nortel from The Coca-Cola Company in Atlanta, GA, where
she served as vice president, Business Process Excellence.  She has
demonstrated repeated success driving institutional quality and business
process improvements throughout her career, serving as director, Total
Quality for US West, senior vice president of Six Sigma Quality for GE
Capital Mortgage Corp., and vice president of Quality and Six Sigma for the
Aerospace division of Honeywell International.  Six Sigma is a popular
statistical methodology employed by many top companies to eliminate defects
and improve customer satisfaction.

While at Coca-Cola, Ms. Bovarnick led the global deployment of the Lean Six
Sigma strategies for both the company and its bottling system, an
implementation spanning 27 company divisions and 200 countries.  She also
directed the deployment of Quality Assurance and Lean Six Sigma strategies
across 18 business enterprises within the five Aerospace global units at
Honeywell.  Her efforts have generated as much as $215 million in bottom
line benefits and have consistently resulted in high customer satisfaction
ratings.

"I'm excited to welcome Ellen to my team," said Joel Hackney, Nortel's
senior vice president, Global Operations and Quality. "Nortel successfully
launched Lean Six Sigma this year, and the timing is right for a dynamic
leader like Ellen to drive it to advanced levels. Ellen will lead this
initiative through a strong focus on Nortel's key priority areas--customer
satisfaction, time to market, cost of poor quality and cash management.  Her
experience, insight, and vision are an asset to Nortel."

Ms. Bovarnick has a Bachelor of Science in Business Administration and MBA
from Boston University and a law degree from the University of Denver.  She
will report to Mr. Hackney and be based in Research Triangle Park, NC.

Headquartered in Ontario, Canada, Nortel Networks Limited
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology solutions
encompassing end-to-end broadband, Voice over Internet provider, multimedia
services and applications, and wireless broadband.  Nortel Networks does
business in more than 150 countries including Mexico.

                        *    *    *

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

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

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family rating of Nortel;
assigned a B3 rating to the proposed US$2 billion senior note issue;
downgraded the US$200 million 6.875% Senior Notes due 2023 and revised the
outlook to stable from negative.

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


TV AZTECA: Unit Inks Carriage Agreement with Time Warner Cable
--------------------------------------------------------------
Azteca America, the wholly owned subsidiary of TV Azteca SA de CV, reported
that it signed a network carriage agreement with Time Warner Cable in North
and South Carolina.

Raleigh, Durham and Fayetteville in North Carolina, as well as Greenville
and Spartanburg in South Carolina will be able to enjoy the best
Spanish-language programming offered by Azteca America Network through the
agreement.

The agreement is the first new carriage area to result from a recently
signed accord to make Azteca America programming available to Time Warner
communities not served by local Azteca America affiliates.

Luis J. Echarte, the chairperson of Azteca America, said, "We expect this
agreement to make a noteworthy addition to our strong and growing network
distribution footprint, which includes cable, broadcast and DBS services.
We look forward to additional gains through our existing agreement with Time
Warner."

                   About Azteca America

Azteca America is the newest Spanish-language television network in the
United States.  The network is a wholly owned subsidiary of TV Azteca SA de
CV, one of the two largest producers of Spanish-language television content
in the world.  Azteca America currently has presence in 52 Hispanic markets.

                      About TV Azteca

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

                        *    *    *

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


VISTEON CORP: Weak Earnings Prompts S&P's Rating Downgrade to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate credit
rating on Visteon Corp. to 'B' from
'B+' and its short-term rating to 'B-3' from 'B-2'.  These actions stem from
the company's weaker-than-expected earnings and cash flow generation, caused
by vehicle production cuts, inefficiencies at several plant locations,
sharply lower aftermarket product sales, continued pressure from high raw
material costs, and several unusual items that will impact 2006 results.

Visteon, a global manufacturer of automotive components, has total debt of
about US$4 billion, including US$1.7 billion of underfunded employee benefit
obligations.  The rating outlook is negative.

Visteon has lowered its earnings and cash flow expectations for 2006 to
reflect its business challenges.  Earnings, as measured by EBIT before
restructuring costs, are expected to be US$40 million -- US$50 million, down
from previous expectations of US$170 million -- US$200 million.  Visteon now
forecasts
negative free cash flow at about US$100 million, down from earlier
expectations of positive US$50 million of free cash flow.  Lower vehicle
production from the company's major customers account are a major factor,
and had been expected by
Standard & Poor's.  But several other factors have combined to make the
earnings and cash flow forecast significantly lower than our expectations.

Included among these are:

     -- Labor disruptions in Europe that have resulted in
        production inefficiencies and premium freight costs;

     -- A 25% drop in aftermarket sales to Ford Motor Co., and a
        rise in aftermarket production costs as the company
        shifts manufacturing to Mexico;

     -- Higher-than-expected materials costs as commodity prices
        remain high, volumes are low, and certain sub-suppliers
        experience financial distress; and

     -- One-time financing and litigation costs.




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


BANCO LATINOAMERICANO: Andean Devt. Corp. Okays US$25MM Credit
--------------------------------------------------------------
The Andean Development Corp. aka CAF said in a press release that it has
agreed to a rotating line of credit for US$25 million for Banco
Latinoamericano de Exportaciones, SA.

Enrique Garcia, the president and chief executive officer of CAF, told
Business News Americas that the line of credit will be used to fund
operations of:

          -- foreign trade,
          -- working capital,
          -- temporary liquidity requirements,
          -- investment projects, and
          -- the issue and confirmation of letters of credit.

Mr. Garcia said that CAF's approval was part of the corporation's strategy
to support Latin American and Caribbean banks through the promotion of
foreign trade and the development of the region, BNamericas states.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a supranational
bank originally established by the Central Banks of Latin American and
Caribbean countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state- owned entities in 23 countries
in the Region, as well as Latin American and international commercial banks,
along with institutional and retail investors.  Through Dec. 31, 2005,
Bladex had disbursed accumulated credits of over US$135 billion.

                        *    *    *

As reported on April 7, 2006, Moody's affirmed these ratings for Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable outlook.




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


CENTENNIAL COMM: Launches Integrated Telephony Service
------------------------------------------------------
Centennial Communications Corp. launched its Aptus(SM) service suite in
Puerto Rico, an integrated broadband telephony offering serving enterprise
and commercial customers on the island.  The launch builds on Centennial
Communications' strong collection of assets in this market, including a
1,300 route-mile fiber backbone connected to 1,800 buildings, an upgraded
wireless network with Evolution Data Optimized (EV-DO) functionality and
recently deployed soft-switch infrastructure.

The Aptus(SM) service is a converged offering, allowing business customers
to manage all voice communications needs through a single, integrated Voice
over Internet Protocol (VoIP) platform.  The solution integrates easily with
the customer's existing telecommunications infrastructure and requires
limited additional investment.  These new features bring an unprecedented
degree of control to Centennial Communications' business customers, allowing
them to efficiently access and administer their telecommunications network
from anywhere in the world.  The Aptus(SM) feature set includes:

          -- Auto Attendant,
          -- Remote Office,
          -- Selective Acceptance,
          -- Sequential Ring, and
          -- Simultaneous Ring.

As an example of Aptus(SM)'s flexibility and customization, Simultaneous
Ring allows customers to program multiple telephone numbers (office
telephone, wireless device, home telephone) to ring at the same time when
any of these numbers are called.

Michael J. Small, the chief executive officer of Centennial Communications,
stated, "We're pleased to expand our comprehensive set of bandwidth and
networking solutions for commercial customers with the launch of our Aptus
service suite.  We have an unparalleled terrestrial and undersea fiber
network in Puerto Rico, which supports a superior competitive position.
We've also realigned our sales and support organizations to serve business
customers in a unified way, and the launch of this service is another
important step that puts enterprises in control of their networks."

Alvaro Pilar, the senior vice president of Centennial Communications'
Business Solutions, said, "The Aptus service suite represents a significant
product portfolio expansion for Centennial, allowing our business customers
to more easily manage their communications infrastructure so that they can
focus on growing their business.  Supported by a well trained sales and
customer care organization, this new service reinforces our leadership with
the business community on the island.  We're launching a world-class service
that demonstrates our ability to bring comprehensive solutions to
sophisticated customers."

Centennial Communication has already signed several agreements with
commercial customers for the Aptus(SM) service, including Empresas Pitusa, a
leading diversified retailer in Puerto Rico with over 500 business lines and
150 retail locations.  An interactive demonstration of the service offering
is available at www.aptus.pr.

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

                        *    *    *

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


DORAL FINANCIAL: Fitch Lowers Long-Term Default Rating to B+
------------------------------------------------------------
Fitch Ratings has downgraded Doral Financial Corp.'s Long-Term Issuer
Default rating to 'B+' from 'BB-'.  The ratings remain on Rating Watch
Negative.

The rating action is driven by a combination of near-term and long-term
challenges.  The primary short-term challenges are refinancing US$625
million of unsecured debt coming due
July 20, 2007, low capital levels but still 'Well Capitalized' by regulatory
standards, and high percentage of hybrid equity as part of total equity.
Long-term concerns consist of regulatory restrictions on Doral Bank, level
of capitalization, poor operational performance in 2006, potential financial
impact from lawsuits, and the change of business model from a mortgage
company to a full service bank.

The resolution of the Rating Watch Negative will mostly be driven by the
successful completion of the refinancing.  In addition, Fitch will look for
the removal of the cease and desist order on Doral Bank, demonstration of
management's ability to improve capitalization levels, and demonstrated
ongoing steady state level of profit generation under the new business
model.

With the restatement and delayed filings behind DRL, the biggest challenge
over the near-term is the refinancing of US$625 million of unsecured debt
coming due in July 2007.  Fitch has lowered the senior debt rating below the
IDR in recognition of the challenge facing DRL in refinancing the near-term
maturity and the amount of liquid assets at the holding company level. DRL's
recent operating performance, regulatory constraints, current debt ratings
and evolving business model could limit the appetite of investors for DRL
exposure.  Based on current financials and available unencumbered assets,
DRL could monetize certain assets, and/or seek an equity infusion to
payoff/refinance the debt maturity in July 2007.

Following the restatement and unwinding of mortgage sales, DRL's capital
levels are at the low end of the peer group, particularly at the
consolidated level.  Somewhat offsetting the low capital levels, is the
reduction/elimination of the riskier assets on DRL's books, including
residual interests and mortgage servicing rights.  Also, DRL's capital
structure has a large percentage of hybrid equity versus peers.  Hybrid
equity made up 59% of total equity at June 30, 2006.  Further impacting
equity over the past year has been other comprehensive income.  For the
quarter ending June 30, 2006, DRL had another comprehensive loss of
approximately US$64.1 million related principally to the adverse impact of
the increase in interest rates on the value of the Company's portfolio of
securities.  As of June 30, 2006, accumulated other comprehensive loss
reached US$250.6 million. Fitch expects the capital levels to remain at low
levels over the near-term as profitability will be pressured and internal
capital formation will be low.  Fitch would view positively the issuance of
common equity to improve capitalization and would view any additional hybrid
equity as debt due to the current hybrid equity levels.  Resolution of the
Negative Watch will partially be driven by demonstrated improvement in
capitalization levels.

DRL is in the process of implementing a new business strategy of profitable
growth versus market share growth.  The Company is reducing originations by
focusing on higher quality originations and attempting to cross-sell current
and future customers more bank products.  With the amount of competition in
the Puerto Rico market, Doral's new strategy will be difficult to implement.
DRL has made several management changes since the announcement of the
restatements.  The management changes are viewed positively by Fitch as they
bring much needed direction and expertise in certain areas to DRL.  However,
demonstrated success in resolving current issues facing DRL and successful
implementation of a new business model will be challenging. Although the new
management team brings in the needed expertise in accounting, risk
management, Puerto Rico market, and mortgages, only time will tell whether
their new business strategy will be successful.  Doral Bank continues to
operate profitably, asset quality metrics remain reasonable, and capital
ratios are higher than the parent.  This drives the rating distinction
between the bank and the parent.  However, tightening margins have decreased
earnings.  Furthermore, softness in the local economy and uncertainty
surrounding any implications from problems at the parent, drive the rating
downgrade and Negative Watch.

DRL's operating performance for the first half of 2006 continues to be poor
as the Company reported a net loss for the quarter ended June 30, 2006 of
$50.9 million, compared to a loss of US$22.8 million for the comparable 2005
period.  DRL's operating performance for the second quarter of 2006 was
impacted by lower net interest income as a result of a decrease in net
interest margin together with a decrease in assets, a US$17.5 million charge
against earnings related to a market valuation adjustment to the Company's
loans held for sale portfolio, and a US$8.2 million net charge against
earnings related to the restructuring of certain previous transfers of
residential and commercial mortgage loans to local financial institutions.
The market value adjustment to loans reflects the impact of rising interest
rates on the Company's mortgage loans held for sale portfolio, as well as
market terms for secondary sales in the United States market.  The decrease
in net interest income resulted from a decrease in net interest margin from
1.70% in the second quarter of 2005 to 1.47% for the second quarter of 2006.
With competition for deposits in Puerto Rico continuing to be intense,
margin relief over the near term is not likely.  Fitch expects profitability
metric's to be relatively low and volatile as the company implements its new
business strategy and net interest margins remain pressured.

Regulatory issues and constraints have been and will continue to be
burdensome to DRL's operations.  Although DRL is implementing many new
policies to remediate identified weak internal controls, Fitch expects the
regulatory constraints to remain till regulators annual review.  The
resolution of lawsuits against DRL is not expected to be resolved over the
near-term. However, a settlement could further weaken DRL's financial
condition and capital levels.

These ratings have been downgraded by Fitch:

Doral Financial Corp.

   -- Long-term IDR to 'B+' from 'BB-';
   -- Senior debt to 'B' from 'BB-';
   -- Preferred Stock to 'CCC+' from 'B';
   -- Individual to 'D/E' from 'D'.

Doral Bank

   -- Long-term IDR to 'BB-' from 'BB';
   -- L-T Deposit Obligations to 'BB' from 'BB+'.

In addition, Fitch assigned these ratings:

Doral Financial Corp.

   -- Short-term IDR 'B';
   -- Support '5'.

Doral Bank

   -- Short-term IDR 'B';
   -- Individual 'C/D';
   -- S-T Deposit Obligations 'B';
   -- Support '5'.


RENT-A-CENTER: Posts Revenues of US$587.2MM in Third Quarter
------------------------------------------------------------
Rent-A-Center, Inc., reported total revenues for the quarter ended Sept. 30,
2006, of US$587.2 million, a US$13.7 million increase from US$573.5 million
for the same period in the prior year.  This increase of 2.4% in revenues
was primarily driven by a 3.6% increase in same store sales plus an increase
in incremental revenues generated in new and acquired stores, offset by the
revenue lost from stores that were closed or sold during the previous twelve
months.

Reported net earnings for the quarter ended Sept. 30, 2006, were US$25.2
million, or US$0.36 per diluted share, when including the US$0.02 per share
effect of refinancing expenses and the US$0.13 per share for litigation
expenses.  This represents an increase of US$0.21 per diluted share from the
US$0.15 per diluted share, or reported net earnings of US$11.3 million for
the same period in the prior year, when including the US$0.20 per share
effect of restructuring expenses and the impact of the hurricanes.

Net earnings for the quarter ended Sept. 30, 2006, were US$36.4 million, or
US$0.51 per diluted share, when excluding the expenses for refinancing and
litigation discussed below.  This represents an increase of 45.7% from the
US$0.35 per diluted share, or net earnings of US$26.0 million for the same
period in the prior year, when excluding the expenses for restructuring and
the impact of the hurricanes.  The increase in net earnings per diluted
share is primarily attributable to the increase in same store sales, the
reduction in operating costs due to a lower store count as well as a
reduction in the number of the company's outstanding shares.

"We continue to execute on our business model as exemplified by our third
consecutive positive same store sales quarter," commented Mark E. Speese,
the company's Chairman and Chief Executive Officer.  "Our same store sales
increased 3.6% for the quarter, which is primarily related to changes in our
promotional activities as well as an increase in the number of units on
rent," Mr. Speese continued.  "We were able to deliver on our expectations
this quarter and believe we are well positioned in our core business as we
approach the closing and integration of the Rent-Way acquisition," Mr.
Speese stated.

           Nine Months Ended Sept. 30, 2006, Results

Total reported revenues for the nine months ended
Sept. 30, 2006, increased to US$1.778 billion, a 1.2% increase from US$1.756
billion for the same period in the prior year.  Same store revenues for the
nine-month period ending
Sept. 30, 2006, increased 2.1%.

Reported net earnings for the nine months ended Sept. 30, 2006, were
US$105.4 million, or US$1.49 per diluted share, when including the US$0.02
per share effect of refinancing expenses and US$0.14 per share for
litigation expenses.  This represents an increase of 11.2% from the US$1.34
per diluted share, or reported net earnings of US$100.7 million for the same
period in the prior year, when including the US$0.12 per share effect of
restructuring expenses and the US$0.08 per share impact of the hurricane
expenses, as well as the US$0.03 per share benefit for the federal tax audit
reserve credit and the US$0.07 per share benefit for the litigation
reversion credit.

Net earnings for the nine months ended Sept. 30, 2006, were US$116.6
million, or US$1.65 per diluted share, when excluding the expenses for
refinancing and litigation.  This represents an increase of 14.6% from the
US$1.44 per diluted share, or net earnings of US$108.3 million for the same
period in the prior year, when excluding the restructuring expenses, the
impact of the hurricanes as well as the credits for the federal tax audit
reserve and litigation reversion.

Through the nine month period ended Sept. 30, 2006, the company generated
cash flow from operations of approximately US$131.3 million, while ending
the quarter with US$53.7 million of cash on hand.  During the nine month
period ended Sept. 30, 2006, the company repurchased 202,800 shares of its
common stock for US$4.7 million in cash under its common stock repurchase
program and has utilized a total of US$360.8 million of the US$400.0 million
authorized by its Board of Directors since the inception of the plan.  In
addition, during the nine month period ended Sept. 30, 2006, the company has
reduced its outstanding indebtedness by approximately US$65.6 million.

                   Operations Highlights

During the third quarter of 2006, the company opened 9 new rent-to-own store
locations, acquired 10 stores as well as accounts from 15 additional
locations and consolidated 17 stores into existing locations, for a net
addition of two stores and an ending balance of 2,751 stores.  During the
third quarter of 2006, the company added financial services to 25 existing
rent-to-own store locations, closed one location and ended the quarter with
a total of 101 stores providing these services.

Through the nine month period ended Sept. 30, 2006, the company opened 28
new rent-to-own store locations, acquired 28 stores as well as accounts from
35 additional locations, consolidated 50 stores into existing locations, and
sold 15 stores, for a net reduction of nine stores.  Through the nine-month
period ending Sept. 30, 2006, the company added financial services to 63
existing rent-to-own store locations, consolidated one store with financial
services into an existing location and closed one location, for a net
addition of 61 stores providing these services.

Since Sept. 30, 2006, the company has opened two new rent-to-own store
locations. The company has added financial services to 22 existing
rent-to-own store locations since Sept. 30, 2006.

                  2006 Non-recurring Items

       2006 Senior Credit Facility Refinancing Expense

During the third quarter of 2006, the company recorded a pre-tax expense of
approximately US$2.2 million to write off the remaining unamortized balance
of financing costs from our previous credit agreement.  This refinancing
expense reduced diluted earnings per share by approximately US$0.02 in both
the third quarter of 2006 and for the nine month period ended
Sept. 30, 2006.

                   2006 Litigation Expense

Burdusis/French/Corso

On Aug. 10, 2006, the company disclosed that it has reached a prospective
settlement with the plaintiffs to resolve the Jeremy Burdusis, et al. v.
Rent-A-Center, Inc., et al./Israel French, et al. v. Rent-A-Center, Inc. and
Kris Corso, et al. v. Rent-A-Center, Inc. coordinated matters pending in
state court in Los Angeles, California.  These matters allege violations by
the company of certain wage and hour laws of California. Under the terms
contemplated, the company anticipates it will pay an aggregate of US$4.95
million in cash, including plaintiff's attorneys' fees, to be distributed to
an agreed-upon class of company employees from August 1998 through the date
of preliminary court approval of the settlement.  In connection with the
prospective settlement, the company is not admitting liability for its wage
and hour practices in California.  A hearing on a motion for preliminary
approval of the settlement is currently scheduled for Nov. 9, 2006.  The
company recorded a pre-tax expense of US$4.95 million in the third quarter
of 2006 to account for the aforementioned settlement amount and attorneys'
fees.  The litigation expense with respect to the Burdusis/French/Corso
prospective settlement reduced diluted earnings per share by approximately
US$0.04 in the third quarter of 2006 and by approximately US$0.05 for the
nine month period ended Sept. 30, 2006.

                 California Attorney General

Rent-a-Center has reached a prospective settlement with the California
Attorney General to resolve the inquiry received in the second quarter of
2004 regarding the company's business practices in California with respect
to its cash prices and its membership program.  Under the terms
contemplated, the company expects to create a restitution fund in the amount
of approximately US$9.6 million in cash, to be distributed to certain groups
of customers

   (1) who entered into rental purchase agreements and acquired
       ownership of property under those rental purchase
       agreements between Nov. 1, 2004, and the date of approval
       of the settlement,

   (2) who entered into rental purchase agreements after
       Nov. 1, 2004, that are still ongoing after the date of
       approval of the settlement, or

   (3) who purchased new memberships in the Rent-A-Center
       Preferred Customer Club between Nov. 1, 2004, and the
       date of the approval of the settlement.  Restitution
       checks will contain a restrictive endorsement releasing
       the company from claims that arise from or relate to the
       cash price set forth in the rental purchase agreement
       and the customer's purchase of the Preferred Customer
       Club.  The company also expects to enter into an
       injunction

      (i) limiting the cash price, total of payments and
          purchase option price in future rental purchase
          agreements to the specified limits on prices set forth
          in the recent amendment to the Karnette
          Rental-Purchase Act, which amendment became effective
          as of Sept. 22, 2006, and

     (ii) governing certain business practices with respect to
          the company's club program.

In addition, the company anticipates causing the reserve amount in the
Griego settlement fund to be paid to the Attorney General.  Finally, the
company expects to agree to a civil penalty in the amount of US$750,000.
Under the terms of the prospective settlement, any unclaimed restitution
funds at the conclusion of the restitution period will be paid to the
Attorney General, and made available for a limited period of time to resolve
any similar claims filed against the company by its customers.  In
connection with the prospective settlement, the company is not admitting
liability for its past business practices in California.  To account for the
aforementioned costs, as well as the company's attorneys' fees, the company
recorded a pre-tax charge of US$10.4 million in the third quarter of 2006.
The litigation expense with respect to the California Attorney General
prospective settlement reduced diluted earnings per share by approximately
US$0.09 in both the third quarter of 2006 and for the nine-month period
ended
Sept. 30, 2006.

The terms of the prospective settlements of the Burdusis/French/Corso and
California Attorney General matters are subject to the applicable parties
entering into definitive settlement agreements and obtaining court approval.
While the company believes that the terms of these prospective settlements
are fair, there can be no assurance that the settlements, if completed, will
be approved by the applicable court in their present form.

                   2005 Non-recurring Items

            2005 Store Consolidation Plan Expense

During the third quarter of 2005, the company recorded a pre-tax
restructuring expense of approximately US$13.0 million as part of the store
consolidation plan announced on Sept. 6, 2005.  This restructuring expense
reduced diluted earnings per share by approximately US$0.12 in both the
third quarter of 2005 and for the nine month period ended Sept. 30, 2005.

               2005 Hurricane Related Expense

During the third quarter of 2005, the company also recorded a pre-tax
expense of approximately US$7.7 million related to the damage caused by
Hurricanes Katrina and Rita.  This expense reduced diluted earnings per
share by approximately US$0.08 in both the third quarter of 2005 and for the
nine month period ended Sept. 30, 2005.

           2005 Federal Tax Audit Reserve Credit

During the second quarter of 2005, the company recorded a US$2.0 million tax
audit reserve credit associated with the examination and favorable
resolution of the company's 1998 and 1999 federal tax returns.  The tax
audit reserve credit increased diluted earnings per share for the nine-month
period ended
Sept. 30, 2005, by approximately US$0.03.

              2005 Litigation Reversion Credit

During the first quarter of 2005, the company recorded an US$8.0 million
pre-tax credit associated with the settlement of the Griego/Carrillo
litigation.  This pre-tax litigation reversion credit increased diluted
earnings per share for the nine-month period ended Sept. 30, 2005, by
approximately US$0.07.

               Fourth Quarter 2006 Guidance
Revenues

   -- The company expects total revenues to be in the range of
      US$586 million to US$594 million.

   -- Store rental and fee revenues are expected to be between
      US$526 million and US$532 million.

   -- Total store revenues are expected to be in the range of
      US$574 million to US$582 million.

   -- Same store sales are expected to be in the flat to 1.0%
      range.

   -- The company expects to open 5-10 new rent-to-own store
      locations.

   -- The company expects to add financial services to 45-55
      rent-to-own store locations.

Expenses

   -- The company expects cost of rental and fees to be between
      21.7% and 22.1% of store rental and fee revenue and cost
      of merchandise sold to be between 73% and 78% of store
      merchandise sales.

   -- Store salaries and other expenses are expected to be in
      the range of 58.5% to 60.0% of total store revenue.

   -- General and administrative expenses are expected to be
      between 3.6% and 3.8% of total revenue.

   -- Net interest expense is expected to be approximately
      US$12.0 million, depreciation of property assets to be
      approximately US$13.5 million and amortization of
      intangibles is expected to be approximately US$1.0
      million.

   -- The effective tax rate is expected to be approximately
      36.5% of pre-tax income.

   -- Diluted earnings per share are estimated to be in the
      range of US$0.46 to US$0.50.

   -- Diluted shares outstanding are estimated to be between
      70.7 million and 71.7 million.

                    Fiscal 2007 Guidance
Revenues

   -- The company expects total revenues to be in the range of
      US$2.420 billion and US$2.450 billion.

   -- Store rental and fee revenues are expected to be between
      US$2.134 billion and US$2.159 billion.

   -- Total store revenues are expected to be in the range of
      US$2.379 billion and US$2.409 billion.

   -- Same store sales are expected to be in the 1.0% to 2.0%
      range.

   -- The company expects to open 25-35 new store locations.

   -- The company expects to add financial services to 200-250
      rent-to-own store locations.

Expenses

   -- The company expects cost of rental and fees to be between
      21.7% and 22.1% of store rental and fee revenue and cost
      of merchandise sold to be between 70% and 75% of store
      merchandise sales.

   -- Store salaries and other expenses are expected to be in
      the range of 58.0% to 59.5% of total store revenue.

   -- General and administrative expenses are expected to be
      between 3.6% and 3.8% of total revenue.

   -- Net interest expense is expected to be between US$44.0
      million and US$48.0 million, depreciation of property
      assets is expected to be between US$54.0 million and
      US$58.0 million and amortization of intangibles is
      expected to be approximately US$2.0 million.

   -- The effective tax rate is expected to be approximately
      36.5% of pre-tax income.

   -- Diluted earnings per share are estimated to be in the
      range of US$2.24 to US$2.32.

   -- Diluted shares outstanding are estimated to be between
      71.5 million and 73.0 million.

Based in Plano, Texas, Rent-A-Center, Inc. (Nasdaq:RCII)
-- http://www.rentacenter.com/-- operates the largest chain of
consumer rent-to-own stores in the U.S. with 2,751 company
operated stores located in the U.S., Canada, and Puerto Rico.
The company also franchises 297 rent-to-own stores that operate
under the "ColorTyme" and "Rent-A-Center" banners.

                        *    *    *

Standard & Poor's Ratings Services lowered on Oct. 10, 2006, its corporate
credit rating on Plano, Texas-based Rent-A-Center Inc. to 'BB' from 'BB+'.
The outlook is negative.

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

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

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




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


ROYAL CARIBBEAN: Antitrust Okays Pullmantur Purchase
----------------------------------------------------
Royal Caribbean Cruises Ltd. has received antitrust approvals from Spain and
Portugal on its planned purchase of Madrid-based cruise and tour operator
Pullmantur SA.  With purchase plans on schedule, company officials also
unveiled Celebrity Expeditions, an extension of the Celebrity Cruises brand,
and a ship swap involving Pullmantur's Blue Dream and Celebrity's Celebrity
Zenith.

In August Royal Caribbean Cruises signed an agreement with Pullmantur's
shareholders to buy all the company's capital stock, subject to regulatory
approvals.  The announcement eliminates the last major requirement to
finalization.  The company anticipates closing in mid-November.

Richard Fain, the chairperson and chief executive officer of Royal
Caribbean, said, "We are pleased that the Spanish and Portuguese authorities
have given us the green light on our Pullmantur acquisition.  It allows us
to move ahead with very exciting plans for both Celebrity and Pullmantur.
For Celebrity, it allows us to build out and extend the Celebrity brand with
tailored ships for target markets -- a long- time strategy for the brand --
and, for Pullmantur, it enables us to add needed capacity to the fleet."

Rounding out the Celebrity brand has been a strong focus for the company,
and the expansion of Celebrity Expeditions furthers that strategic
objective.  When the 718-guest Blue Dream joins Celebrity's fleet, it will
formalize a small ship, destination-driven offering new to the brand, which
will operate under the banner of Celebrity Expeditions.  Celebrity has one
ship, the 100-guest Celebrity Xpedition in the Galapagos, in this category.
The line expects the concept to grow over time.

Dan Hanrahan, the Celebrity Cruises President, noted, "Celebrity Expeditions
will offer the best of what Celebrity is all about
-- fine dining, superior service, relaxing spa treatments, engaging
enrichment programs and exceptional destinations.  This offshoot is a
natural extension of the brand, as we move into new markets with
tailored-to-market products."

Blue Dream will be renamed Celebrity Journey, and will join Celebrity's
fleet in April, 2007, sailing Bermuda itineraries from Cape Liberty in
Bayonne, NJ, beginning May 5, 2007.  Before switching brands, the ship will
undergo a one-month revitalization and drydock to incorporate many of
Celebrity's signature elements such as two specialty restaurants; expanded
spa services, including in-room offerings; expanded concierge service,
including butlers; and additional guest suites. The restyled ship will sail
the same Bermuda itineraries originally scheduled for Zenith.

Mr. Hanrahan stated, "Celebrity Journey will be an ideal ship for the
Bermuda market.  Its smaller size and upscale style are perfect complements
to premium destinations such as St. Georges and Hamilton."

Zenith will sail regularly scheduled Caribbean itineraries from Tampa until
April 13, at which time she will sail a Caribbean and Bermuda itinerary from
Tampa to Cape Liberty.  The April 13 sailing will be the ship's last sailing
as part of the Celebrity fleet before the ship redeploys to the Pullmantur
fleet in June 2007.  Before re-entering service, the ship will enter drydock
where workers will add balcony cabins, enlarge public spaces and customize
the ship for Spanish guests.  Once retooled, Zenith will sail seven-night
Mediterranean cruises between Athens and Venice.

Alfonso Lopez Perez, the Pullmantur general manager commented, "It is
gratifying to see the benefits of our new alliance come together so quickly.
Adding Zenith to our fleet gives us greater strength in meeting the demands
of the Spanish market, and I am confident we will realize even greater
synergies as our partnership grows."

Celebrity representatives will contact all guests holding bookings on Zenith
in Bermuda to transfer existing reservations to similar accommodations on
Blue Dream.

Celebrity has set up a toll-free number for travel agents and guests with
questions about ship or itinerary changes.  That number for group and
individual bookings is 1-888-281-9343, featuring prompts to direct callers
to areas of interest.

Celebrity Journey was constructed in France and entered service in May 2000
as R6.  The ship is 30,277-grt and has 358 staterooms.  Zenith entered
service in April 1992 as a 46,811-grt vessel with 673 staterooms.

New bookings for sailings on Celebrity Journey will be available in the next
several days.  Ship itineraries for the remainder of 2007 will be disclosed
soon.

Celebrity Cruises offers comfortably sophisticated, upscale cruise
experiences with highly personalized service, authentic five-star dining,
and extraordinary attention to detail.  Celebrity sails in Alaska, Bermuda,
California, Caribbean, Europe, Galapagos Islands, Hawaii, Mexican Riviera,
Panama Canal and South America, and will begin sailing in Australia and New
Zealand in 2007.  Noted for "The World's Best Large Ships," as voted by the
readers of Conde' Nast Traveler (February 2006 Cruise Poll), Celebrity's
current nine-ship fleet will be joined by Celebrity Solstice in 2008,
Celebrity Equinox in 2009, and a third Solstice-class ship in 2010.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that
operates Royal Caribbean International and Celebrity Cruises, with a
combined total of 29 ships in service and five under construction.  The
company also offers unique land-tour vacations in Alaska, Canada and Europe
through its cruise-tour division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1 rating on
Royal Caribbean's US$700 million senior unsecured notes issuance and
affirmed all existing long-term ratings.

Royal Caribbean Cruises Ltd. is a global cruise company that operates Royal
Caribbean International and Celebrity Cruises with a combined total of 29
ships in service and six under construction. The company also offers unique
land-tour vacations in Alaska, Canada and Europe through its cruise-tour
division.  Additional information can be found on
http://www.royalcaribbean.com,http://www.celebrity.comand
http://www.rclinvestor.com.


ROYAL CARIBBEAN: Luis Leon Retires as Chief Financial Officer
-------------------------------------------------------------
Royal Caribbean Cruises Ltd. reported that Luis Leon will retire as its
chief financial officer.

Mr. Leon has been Royal Caribbean's chief financial officer since 2003, when
he joined the company.  He will assist in the transition, which is expected
to be completed before the end of 2006.

Richard Fain, the chairperson and chief executive officer of Royal
Caribbean, noted, "Luis has made a significant contribution to our company's
financial success, and we are grateful for his dedication and commitment.
All of us wish him well in his retirement."

Mr. Leon said, "I am pleased to have worked with a company the caliber of
Royal Caribbean.  I am confident in its future prospects, and look forward
to watching it grow."

Mr. Leon and his wife, Connie, plan to move to their home in Estero,
Florida.

Brian Rice, the executive vice president of Royal Caribbean, will take the
chief financial officer position.  Mr. Rice has an extensive background in
financial operations and revenue-performance management.  He is widely
recognized as a leader in revenue management, having overseen the conceptual
development and implementation of the company's highly regarded
revenue-management systems and procedures.  He also designed many of the
company's financial-management models, and led numerous operational and
financial initiatives.  Mr. Rice will be the fourth chief financial officer
of Royal Caribbean's 35-year history.

Mr. Fain stated, "Brian has played a pivotal role in the growth,
profitability and efficiency of our company.  We are excited he has accepted
this latest challenge, and look forward to his expanded role in this next
phase of our prosperity and success."

Royal Caribbean Cruises Ltd. is a global cruise vacation company that
operates Royal Caribbean International and Celebrity Cruises, with a
combined total of 29 ships in service and five under construction.  The
company also offers unique land-tour vacations in Alaska, Canada and Europe
through its cruise-tour division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1 rating on
Royal Caribbean's US$700 million senior unsecured notes issuance and
affirmed all existing long-term ratings.

Royal Caribbean Cruises Ltd. is a global cruise company that operates Royal
Caribbean International and Celebrity Cruises with a combined total of 29
ships in service and six under construction. The company also offers unique
land-tour vacations in Alaska, Canada and Europe through its cruise-tour
division.  Additional information can be found on
http://www.royalcaribbean.com,http://www.celebrity.comand
http://www.rclinvestor.com.


ROYAL CARIBBEAN: Posts US$345.4MM Third Quarter 2006 Net Income
---------------------------------------------------------------
Royal Caribbean Cruises Ltd. reported net income for the third quarter of
2006 of US$345.4 million, or US$1.63 per share, compared with net income of
US$374.7 million, or US$1.64 per share, for the third quarter of 2005.

The third quarter of 2005 includes a net gain of US$44.2 million, or US$0.19
per share, related to the redemption of Royal Caribbean's investment in
First Choice Holidays PLC.  Revenues for the third quarter of 2006 increased
to US$1.6 billion from revenues of US$1.5 billion in the third quarter of
2005.

Royal Caribbean's net yields increased 2.7% over the third quarter of 2005,
consistent with previous guidance of an increase of approximately 3%, driven
by strong cruise pricing.  Net cruise costs, on a per APCD (air pollution
control district) basis, increased 4.5% compared with the third quarter of
2005.  Fuel accounted for 3.4 percentage points of the increase in Net
cruise costs.  Royal Caribbean's "at-the-pump" fuel price averaged US$442
per metric ton this quarter and $385 per metric ton in the third quarter of
2005.  Non-fuel costs accounted for the remaining increase of 1.1 percentage
points.  This figure also includes expenses associated with the cancellation
of one Infinity sailing to replace one of the ship's propulsion pods.

Richard D. Fain, the chairperson and chief executive officer of Royal
Caribbean, stated, "We are extremely pleased with the performance of our two
brands.  It is particularly gratifying to continue to show such good results
despite significantly higher fuel costs."

Although Royal Caribbean traditionally has losses in the fourth quarter, the
company expects a very good fourth quarter 2006 based on strong yield growth
and lower costs.   The company expects net yields for the fourth quarter of
2006 will show year over year increases consistent with those seen in the
third quarter.  This continued yield improvement demonstrates the strength
of Royal Caribbean's two brands.

As Royal Caribbean has previously advised, the timing of expenses in 2006
has been more heavily weighted toward the first nine months of the year than
in 2005.  The company expects that net cruise costs per APCD for the fourth
quarter of 2006 will decrease 4% compared to the same quarter in 2005,
driven mainly by the timing of drydocking and marketing expenses.  Lower
fuel costs account for approximately 0.6 percentage points of this decrease.
Royal Caribbean's "at-the-pump" fuel price is US$388 per metric ton.  If
fuel prices for the rest of the year remain at the same level, the company
estimates that its fourth quarter 2006 fuel costs (net of hedging and fuel
savings initiatives) will decrease US$5 million.

Royal Caribbean has received all necessary governmental approvals to the
company's Pullmantur deal and expects to close in mid-November.  This
acquisition is expected to negatively impact fourth quarter earnings by
US$0.02 to US$0.03 per share.  The company is also more confident about the
benefits that will accrue to Royal Caribbean's businesses and now feels
comfortable projecting that it will be accretive in 2007.  The company is
particularly excited about the benefits of swapping ships between Celebrity
and Pullmantur, which gives Pullmantur more capacity while allowing
Celebrity to expand its very successful Celebrity Expeditions product.

Royal Caribbean expects fourth quarter 2006 earnings per share to be US$0.20
to US$0.25.

Back in February 2006, Royal Caribbean provided initial net yield guidance
for the full year 2006 of an increase of 2% to 4% compared to 2005.  Royal
Caribbean subsequently increased that to 3% to 4% in April.  From that
guidance, the third quarter results were slightly better than anticipated
and the fourth quarter guidance slightly worse.  Royal Caribbean expects to
come in close to the mid-point of this range.

Royal Caribbean estimates that net cruise costs per APCD for 2006 will
increase 6% as compared to the prior year.  Higher fuel costs account for
approximately 3.9 percentage points of this increase.  Royal Caribbean's
"at-the-pump" fuel price is US$388 per metric ton.  If fuel prices for the
rest of the year remain at the same level, the company estimates that its
2006 fuel costs (net of hedging and fuel savings initiatives) will be US$110
million higher than the prior year.

Depreciation and amortization is expected to be in the range of US$420 to
US$425 million and net interest expense is expected to be in the range of
US$265 to US$270 million.

Based upon the expectations and assumptions contained in this outlook
section (including Pullmantur), Royal Caribbean's management expects full
year 2006 earnings per share to be US$2.90 to US$2.95.

Looking into 2007, overall booking levels and ticket prices are in line with
levels achieved at the same time last year.  The beginning of the year is
down slightly, with bookings beyond the first quarter more robust.  While it
is still too early to quantify projections for 2007, management is
optimistic that the current demand environment will result in positive yield
performance for the full year.

Fuel prices have recently come down, but remain volatile.  If 2007 at-the-
pump fuel prices remain at current levels, the company estimates that its
2007 fuel costs (net of hedging and fuel savings initiatives) will decrease
approximately US$35 million, despite a 5% growth in capacity.

Royal Caribbean is 40% hedged for 2007, and a 10% change in the market price
of fuel results in a US$26 million change in our fuel costs after taking
into account these existing hedges.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that
operates Royal Caribbean International and Celebrity Cruises, with a
combined total of 29 ships in service and five under construction.  The
company also offers unique land-tour vacations in Alaska, Canada and Europe
through its cruise-tour division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1 rating on
Royal Caribbean's US$700 million senior unsecured notes issuance and
affirmed all existing long-term ratings.

Royal Caribbean Cruises Ltd. is a global cruise company that operates Royal
Caribbean International and Celebrity Cruises with a combined total of 29
ships in service and six under construction. The company also offers unique
land-tour vacations in Alaska, Canada and Europe through its cruise-tour
division.  Additional information can be found on
http://www.royalcaribbean.com,http://www.celebrity.comand
http://www.rclinvestor.com.




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


* URUGUAY: Discloses Liability Management Transactions
------------------------------------------------------
The Republic of Uruguay disclosed that approximately US$1.2 billion
aggregate outstanding principal amount of Uruguay's US dollar and
Euro-denominated bonds eligible to participate in the exchange offer and the
related cash tender offer announced
Oct. 19, 2006, were tendered into Uruguay's Offer.

Uruguay decided to accept all Eligible Bonds tendered at the Minimum
Clearing Price or on a non-competitive basis, having approximately US$1.1
billion aggregate outstanding principal amount, and will proceed to complete
the Offer on Nov. 14, 2006, the expected settlement date.

The table shows:

   (a) the final clearing price per series of Eligible Bonds
       (excluding, in each case, any accrued but unpaid
       interest),

   (b) the approximate aggregate principal amount of Eligible
       Bonds of each series tendered that Uruguay accepted in
       the Offer and

   (c) the approximate remaining outstanding principal amount of
       each such series of Eligible Bonds after giving effect to
       the offer.


                                                 Remaining
                                     Principal   Outstanding
   Eligible             Clearing     Amount      Principal
   Bonds                Price        Accepted     Amount

* US Dollar
   Bonds

   7.000% due           103.35      US$4,598,000  US$3,702,000
   2008

   7.875% due           105.55      26,257,716      56,742,284
   2008

   7.875% due           106.05         664,000       1,536,000
   2009

   7.250% due           104.70       8,601,000       6,499,000
   2009

   FRNs due             102.30         842,171         557,829
   2009

   FRNs due             101.80       4,823,489         476,511
   2010

   8.750% due           110.25         246,600       2,453,400
   2010

   7.250% due           106.25     288,752,500     186,723,571
   2011

   8.375% due           110.80      26,712,186      33,987,814
   2011

   7.625% due           107.80       1,521,000       3,579,000
   2012

   7.000% due           105.10      21,498,408      42,427,918
   2013

   7.875% due           110.05      12,765,105       6,734,895
   2014

   7.250% due           106.35      10,813,483      18,686,517
   2014

   7.500% due           108.25     586,680,976     400,872,319
   2015

   8.750% due           115.85      26,052,478      24,547,522
   2015

   7.625% due           107.55      19,232,185      14,467,815
   2017

   7.875% due           108.30       7,070,000      23,130,000
   2027

* Euro Bonds

   7.000% due           107.75      EUR8,611,000 EUR46,289,000
   2011

   7.000% due           107.25        33,293,878      60,506,122
   2012

   7.000% due           107.75        33,666,096      84,033,904
   2019

All Eligible Bonds accepted by Uruguay will be retired pursuant to the
Offer.  Uruguay accepted all non-competitive offers in the exchange offer,
but declined to accept any competitive offers. No series of Eligible Bonds
tendered for cash or in exchange for 8.00% Bonds due 2022 was subject to
proration.

The Republic expects to issue approximately US$879 million aggregate
principal amount of new bonds as a result of the exchange offers, comprising
approximately US$602 million aggregate principal amount of its 8.00% Bonds
due 2022 and approximately US$277 million aggregate principal amount of its
7.625% Bonds due 2036.

Under the cash tender offer, the Republic expects to purchase Eligible Bonds
having an aggregate outstanding principal amount of approximately the
equivalent of US$275 million at an aggregate cost of approximately the
equivalent of US$295 million (excluding accrued but unpaid interest, if any,
which Uruguay will also pay on the settlement date in accordance with the
Offer).

The Offer commenced on Oct. 19, 2006, on the terms and subject to the
conditions described in the prospectus supplement dated Oct. 19, 2006 and
the accompanying prospectus dated June 5, 2006 that were filed with the US
Securities and Exchange Commission.  The Offer expired at 4:30 P.M., New
York City time, on Oct. 27, 2006.

The definitive amounts of new global bonds to be issued and Eligible Bonds
to be exchanged and repurchased pursuant to the Offer remain subject to
final confirmation by the Exchange Agent and Uruguay.

Citigroup, Morgan Stanley and UBS Investment Bank acted as Dealer Managers
for the Offer, and Citibank N.A. acted as Exchange Agent. Dexia Banque
Internationale a Luxembourg acted as Luxembourg Exchange Agent.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018 'B+'.


* URUGUAY: Partnering with Venezuela to Market Software
-------------------------------------------------------
El Universal says that Venezuela and Uruguay are studying a joint effort to
market a software aimed at basic industries in Latin America.

Jose Salamat Khan, Minister of Basic Industries and Mining in Venezuela,
made the announcement during a meeting with Uruguayan Ambassador to
Venezuela Geronimo Cardozo, official news agency ABN reported.

According to El Universal, Venezuelan and Uruguayan governments signed an
agreement intended to transfer Uruguayan technology to the Venezuelan state
holding Corporacion Venezolana de Guayana telecom.

                        *    *    *

Fitch Ratings assigned these ratings on Uruguay:

                     Rating     Rating Date

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



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


PETROLEOS DE VENEZUELA: Undertakes Clean-Up of Lake Maracaibo
-------------------------------------------------------------
Officials at Petroleos de Venezuela SA said in reports that the company has
removed 500 tons of scrap from Lake Maracaibo and replaced 5,000 kilometers
of pipelines from the lake and surrounding areas.

El Universal reports that the clean-up came after an audit showed that 53%
of oil operations at the lake are in "critical operational status."

Ricardo Coronado, manager of Petroleos de Venezuela's Western Division,
explained to El Universal that this means more than half of the oil
facilities at the lake are inoperative or in poor working conditions,
including abandoned drilling barges.

Mr. Coronado added that operations at flow stations Lagunillas 1, Bachaquero
C and Lana 4 have been restored.  These two stations are strategic
facilities because the crude oil drilled out from the lake is pumped to
these stations and then distributed to storage centers, El Universal
relates.

According to El Universal, the lake clean-up is part of a project which when
translated to English is called Extraordinary Plan for Maintenance of
Production Facilities.  Petroleos de Venezuela set US$1.6 billion for this
program.

The project is expected to be completed in two years.


* VENEZUELA: Partnering with Uruguay to Market Software
-------------------------------------------------------
El Universal says that Venezuela and Uruguay are studying a joint effort to
market a software aimed at basic industries in Latin America.

Jose Salamat Khan, Minister of Basic Industries and Mining in Venezuela,
made the announcement during a meeting with Uruguayan Ambassador to
Venezuela Geronimo Cardozo, official news agency ABN reported.

According to El Universal, Venezuelan and Uruguayan governments signed an
agreement intended to transfer Uruguayan technology to the Venezuelan state
holding Corporacion Venezolana de Guayana telecom.

                        *    *    *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

November 16, 2006
   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         New Legal Strategies for Retaining Executives at Troubled
            Companies
               Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

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

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            ***********

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

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

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

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

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

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


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