TCRLA_Public/061103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, November 3, 2006, Vol. 7, Issue 219

                          Headlines

A R G E N T I N A

EL LIDER: Deadline for Verification of Claims Is on Dec. 17
LOVE DENIM: Seeks for Court Approval to Reorganize Business
MAG CONSULTORES: Deadline for Verification of Claims Is Dec. 12
NOVELL: Amends & Extends 0.5% Sr. Debenture Consent Solicitation
PLASMET SA: Verification of Proofs of Claim Is Until Nov. 29

TRANSVISION SA: Trustee Verifies Proofs of Claim Until Dec. 28

* ARGENTINA: IDB Grants US$1.03MM Loan to Bodegas de Argentina

B A H A M A S

COMPLETE RETREATS: Wants Plan Filing Period Extended to Feb. 18
COMPLETE RETREATS: Wants Lease Decision Period Moved to Feb. 18
COMPLETE RETREATS: Can Remove State Proceedings Until Jan. 19

B A R B A D O S

BRITISH WEST: Workers Ink Voluntary Separation Package
TARGUS GROUP: Appoints Allen Gharapetian VP of Global Marketing

B E R M U D A

ARNHOLD DISTRIBUTORS: Filing of Proofs of Claim Is Until Nov. 8
BORG TANKERS II: Creditors Must File Proofs of Claim by Nov. 8
BORG TANKERS III: Proofs of Claim Filing Deadline Is on Nov. 8
CENTURY REINSURANCE: Fitch Holds Junk Rating with Neg. Outlook
ENDURANCE SPECIALTY: Declares Common & Preferred Shares Dividend

ENDURANCE SPECIALTY: Elects Gregor Bailar to Board of Directors
NEW WORLD: N.Y. Bankruptcy Court Recognizes Bermuda Proceedings

B R A Z I L

BANCO ITAU: Posts BRL71 Million Third Quarter 2006 Net Income
COMPANHIA DE BEBIDAS: Names G. Staley as Chief Financial Officer
DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
DURA AUTOMOTIVE: Receives Court Approval of First Day Motions
TAM SA: Receives Two New Airbus Aircraft

TAM SA: Orders Four New Boeing 777-300Ers & Purchase Rights
VARIG S.A.: Hires Air Canada to Look for Equity Investors
VERIFONE: Discloses Final Results of Lipman Merger Elections
VERIFONE HOLDINGS: Completes Acquisition of Lipman Electronic

C A Y M A N   I S L A N D S

483 LEASING: Creditors Must Submit Proofs of Claim by Nov. 16
494 LEASING: Last Day to File Proofs of Claim Is on Nov. 16
ALTS (CAYMAN) 1997-1: Proofs of Claim Filing Is Until Nov. 16
AQFTC I: Last Day for Filing of Proofs of Claim Is on Nov. 16
ARLO FACILITATOR: Proofs of Claim Filing Deadline Is on Nov. 16

ASSET BACKED (NIM 2002-WF2): Claims Filing Deadline Is Nov. 16
DUESENBERG CSO 2001-3: Proofs of Claim Must Be Filed by Nov. 16
FRESH DEL MONTE: Suspends US$0.05 Per Share Quarterly Dividend
FRESH DEL MONTE: Posts US$83.6 Mil. Third Quarter 2006 Net Loss
FRESH DEL MONTE: Third Quarter Results Cue S&P's Negative Watch

KICAP MASTER (PLUS): Last Day for Filing of Claims Is on Nov. 16
KICAP MASTER: Last Day for Proofs of Claim Filing Is on Nov. 16
KICAP NETWORK (PLUS): Claims Filing Deadline Is Set for Nov. 16
KICAP NETWORK: Creditors Must File Proofs of Claim by Nov. 16
LONG BEACH (CI 2003-1): Claims Filing Deadline Is on Nov. 16

LONG BEACH (CI 2002-5): Proofs of Claim Filing Is Until Nov. 16

C H I L E

AES GENER: Posts CLP54 Bil. First Nine-Month 2006 Net Profits

C O L O M B I A

CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels
ECOPETROL: Government Discusses 20% Stake Sale
HEXION SPECIALTY: Eliminates Certain Defaults on Notes
HEXION SPECIALTY: Tenders Offer to Holders of US$625-Mil. Notes

* COLOMBIA: IDB Grants US$1.3 Million for Infrastructure Project
* COLOMBIA: IMF Completes Final Review of Stand-By Arrangement
* COLOMBIA: IFC Reports US$291 Million in Investments in 2006

D O M I N I C A N   R E P U B L I C

ANIXTER INT'L: Acquires MFU Hoding's Shares for US$58MM in Cash
BANCO BHD: Closes Conversion of Republic Bank Accounts Portfolio

E L   S A L V A D O R

MILLIPORE CORP: Posts US$330.1MM Third Quarter 2006 Revenues

G U A T E M A L A

HUNTSMAN INT: Prices & Increases Size of Offering of Sr. Notes

J A M A I C A

AIR JAMAICA: Cabinet Deciding on Latest Proposals for Airline
AIR JAMAICA: Labor Party Upset at Being Excluded from Talks

M E X I C O

ALLIS-CHALMERS: Extends Notes Swap Offer Expiration to Nov. 22
GUESS? INC: Posts Third Quarter 2006 Net Earnings of US$48.4MM
KANSAS CITY: Declares Pref. Stock Dividend of US$0.25 Per Share
KRISPY KREME: Settles Securities Class Action & Derivative Suit
KRISPY KREME: Grants 420,000 Common Shares to Executives

KRISPY KREME: Files Form 10-K for Fiscal Year Ended Jan. 29
PORTRAIT CORP: Court Sets Nov. 28 as Proofs of Claim Bar Date
VALASSIS COMM: Earns US$6.6 Million in Quarter Ended Sept. 30

P A N A M A

CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bil.
CB RICHARD: Moody's Affirms Senior Bank Credit Facility at Ba1
CB RICHARD: Trammel Crow Deal Cues S&P to Put Ratings on Watch
NCO GROUP: Special Shareholders' Meeting Set for Nov. 9
NCO GROUP: Moody's Rates Proposed US$200MM Sr. Notes at Caa1

P E R U

HERBALIFE LTD: Opening for Business in Peru

P U E R T O   R I C O

ADELPHIA: Court Denies Disclosure of MIA Non-Public Matters
CONSOLIDATED CONTAINER: Purchases Quintex Corp.'s Spokane Assets
DORAL FINANCIAL: Fitch Cuts Issuer Default Rating to B+ from BB-
DORAL FINANCIAL: Names Marangal Domingo Chief Financial Officer
DRESSER: Enters Into New US$935 Mil. Sr. Secured credit Facility

ORIENTAL FINANCIAL: Reports US$1.18MM Income in Third Quarter

T R I N I D A D   &   T O B A G O

DIGICEL LTD: Launches First GSM Network In Samoa

V E N E Z U E L A

AES CORP: Venezuelan Supreme Court Hearing Case on EDC Purchase
ELECTRICIDAD DE CARACAS: Supreme Court Hearing Case on Purchase
SUPERIOR ENERGY: S&P Rates US$200MM Sr. Secured Loan Term at BB+
PETROLEOS DE VENEZUELA: S&P Revises Rating Outlook to Positive

* WB Says LatAm Region Shouldn't Depend Too Much on Remittances


                           - - - - -


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


EL LIDER: Deadline for Verification of Claims Is on Dec. 17
-----------------------------------------------------------
Pedro Mazzola, the court-appointed trustee for El Lider SRL's bankruptcy
case, will verify creditors' proofs of claim until Dec. 17, 2006.

Under the Argentine bankruptcy law, Mr. Mazzola is required to present the
validated claims in court as individual reports.  Court No. 15 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 El
Lider and its creditors.

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

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

El Lider was forced into bankruptcy at the request of Martin Biancucci, whom
it owes US$1,556.73.

Clerk No. 29 assists the court in the case.

The debtor can be reached at:

          El Lider SRL
          Reconquista 715
          Buenos Aires, Argentina

The trustee can be reached at:

          Pedro Mazzola
          Cramer 1859
          Buenos Aires, Argentina


LOVE DENIM: Seeks for Court Approval to Reorganize Business
-----------------------------------------------------------
Court No. 22 in Buenos Aires is studying the merits of Love Denim SRL's
petition to reorganize its business after it stopped paying its obligations
on Sept. 19, 2006.

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

Clerk No. 43 assists the court in the proceeding.

The debtor can be reached at:

          Love Denim SRL
          Esteban de Lucca 2233
          Buenos Aires, Argentina


MAG CONSULTORES: Deadline for Verification of Claims Is Dec. 12
---------------------------------------------------------------
Jorge Seghezzo, the court-appointed trustee for Mag Consultores SRL's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 12,
2006.

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

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

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

Mag Consultores was forced into bankruptcy at the request of Metrored
Telecomunicaciones SRL, which it owes US$40,558.16.

Clerk No. 6 assists the court in the case.

The debtor can be reached at:

          Mag Consultores SRL
          Ladines 2531
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Seghezzo
          Combate de los Pozos 129
          Buenos Aires, Argentina


NOVELL: Amends & Extends 0.5% Sr. Debenture Consent Solicitation
----------------------------------------------------------------
Novell, Inc., has amended and extended its solicitation of consents from the
holders of its 0.50% convertible senior debentures due 2024 (CUSIP Nos.
670006AB1 and 670006AC9).  The purpose of the consent solicitation is to
obtain consent to amend certain provisions of the indenture pursuant to
which the debentures were issued and to obtain a waiver of rights to pursue
remedies available under the indenture with respect to certain alleged
defaults thereunder with respect to covenants regarding Novell's filing of
periodic reports with the Securities and Exchange Commission.

Under the terms of the amended consent solicitation:

   -- Holders of record of debentures as of 5:00 p.m.,
      New York City time, on Oct. 16, 2006, who validly deliver
      and do not revoke their consents prior to 5:00 p.m., New
      York City time, on Nov. 2, 2006, will receive a one-time
      consent fee for each US$1,000 in principal amount of
      debentures with respect to which consents are received
      equal to the product of US$57.50 multiplied by a fraction,
      the numerator of which is the aggregate principal amount
      of debentures outstanding on the Expiration Date and the
      denominator of which is the aggregate principal amount of
      debentures as to which Novell received and accepted
      consents.

   -- The amendments to the indenture as to which consents are
      solicited will provide Novell until May 31, 2007, to
      comply with Reporting Covenants under the indenture.

The consent solicitation was previously scheduled to expire at 5:00 p.m.,
New York City time, on Oct. 30, 2006.

All other terms of the consent solicitation with respect to debentures as
set forth in Novell's consent solicitation statement, dated Oct. 17, 2006,
remain applicable.

Novell has issued a Supplemental Consent Solicitation Statement that
reflects the foregoing changes.  The Supplemental Consent Solicitation
Statement is available for review by all debentureholders and may be
obtained from the information agent.  Novell advises all debentureholders to
review the section entitled "Certain United States Federal Income Tax
Considerations," which has been amended to reflect important considerations
respecting the U.S. federal income tax consequences of the consent
solicitation as currently structured.

Novell reserves the right to further amend the consent solicitation for the
debentures or extend the expiration time in its sole discretion.

All holders of the debentures who have previously delivered consents may
withdraw their consents as described in the Supplemental Consent
Solicitation Statement.  Such holders who do not wish to withdraw their
consents do not need to redeliver such consents or take any other action in
response to this extension.

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

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

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

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

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

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

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


PLASMET SA: Verification of Proofs of Claim Is Until Nov. 29
------------------------------------------------------------
Pablo Luis Peregal, the court-appointed trustee for Plasmet SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Nov. 29, 2006.

Mr. Peregal will present the validated claims in court as individual reports
on Feb. 14, 2006.  Court No. 8 in Buenos Aires will then determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Plasmet 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 Plasmet's accounting and banking
records will follow on March 28, 2007.

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

Clerk No. 15 assists the court in the case.

The debtor can be reached at:

          Plasmet SA
          Carlos Pellegrini 27
          Buenos Aires, Argentina

The trustee can be reached at:

          Pablo Luis Peregal
          Avenida Leandro N. Alem 651
          Buenos Aires, Argentina


TRANSVISION SA: Trustee Verifies Proofs of Claim Until Dec. 28
--------------------------------------------------------------
Ernesto Higueras, the court-appointed trustee for Transvision SA's
bankruptcy case, verifies creditors' proofs of claim until Dec. 28, 2006.

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

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

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

Transvision was forced into bankruptcy at the request of Obra Social de
Empleados de Comercio y Actividades Civiles, which it owes US$28,588.64.

Clerk No. 5 assists the court in the case.

The debtor can be reached at:

          Transvision SA
          Tucuman 1559
          Buenos Aires, Argentina

The trustee can be reached at:

          Ernesto Hisgueras
          Sanchez de Loria 1944
          Buenos Aires, Argentina


* ARGENTINA: IDB Grants US$1.03MM Loan to Bodegas de Argentina
--------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment Fund or MIF
approved a US$1,030,350 grant to Bodegas de Argentina for a program to
consolidate wine tourism in the country.

The project will support development of a wine tourism model with three
pilot routes based in the provinces of Mendoza, San Juan and Neuquen-Rio
Negro.  Mendoza and San Juan together represent 95 per cent of Argentina's
wine production.  Neuquen and Rio Negro are in Patagonia, an area already
covered by a certain volume of international tourism.  The project will also
focus on the quality of associated products and services offered and the
promotion of communication and marketing skills.

"The Argentine wine industry has ranked among the world's top 10 wine
exporters in recent years," said MIF Team Leader Adela Moreda.  "More than
100 wineries also took advantage of a growing interest in how wine is made
and how the industry works and opened their doors to tourism. So, there is
potential to create synergies with the promotion and sale of wine and the
diversification of the country's tourism activities."

With the new MIF-financed project, strengthening of the wine tourism brand
in Argentina will benefit 280 small and medium-sized enterprises, which will
also have access to a management improvement needs assessment.  At least 70
companies will receive technical assistance and customized consulting
services and will be linked with new services to wine tourism routes.
Around 600 professionals will participate in awareness and training programs
on good practices in wine industry management.

Bodegas de Argentina is a nonprofit association created in 2001by the merger
of other existing associations, bringing together over 190 wineries.
National and regional consultative boards will be set up with public and
private sector representation.

MIF, an autonomous fund administered by the IDB, supports private sector
development in Latin America and the Caribbean, focusing on microenterprise
and small business.

                        *    *    *

As reported on Oct. 4, 2006, Standard & Poor's Ratings Services raised its
long-term local and foreign currency credit rating on the Republic of
Argentina to 'B+' from 'B'.  Standard & Poor's also affirmed its 'B'
short-term ratings on The Republic of Argentina.  S&P said the ratings
outlook is stable.




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


COMPLETE RETREATS: Wants Plan Filing Period Extended to Feb. 18
---------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Connecticut to extend their exclusive periods to:

   (a) file a plan of reorganization through and including
       Feb. 18, 2007; and

   (b) solicit and obtain acceptances of that plan through and
       including Apr. 19, 2007.

Since their bankruptcy filing, the Debtors have made significant
progress toward stabilizing their business operations, Jeffrey K. Daman,
Esq., at Dechert LLP, in Hartford, Connecticut, relates.  The Debtors have
made substantial progress in their financing, sale and assumption efforts,
as well as on potential investor front.

Among other things, the Debtors have:

   -- been successful in obtaining a replacement DIP financing
      facility and have recently sought the Court's approval for
      it;

   -- been investigating and pursuing litigation, with the hope
      of increasing the ultimate recovery for creditors in these
      cases.  To that end, the Debtors, along with the Official
      Committee of Unsecured Creditors, have filed numerous
      motions for examinations pursuant to Rule 2004 of the
      Federal Rules of Bankruptcy Procedure and have commenced
      one, and plan to initiate more, adversary proceedings;

   -- commenced a sale process with respect to certain
      properties that they do not consider to be core to their
      future operations; and

   -- rejected numerous unexpired leases and executory
      contracts.

The Debtors continue to evaluate their portfolio of properties to determine
which properties they would like to retain and which they would like to
sell, Mr. Daman adds.  The Debtors also
continue to review their remaining leases and contracts to
determine which they would like to assume and which they would
like to reject.

Section 1121(b) of the Bankruptcy Code provides that only the
debtor may file a plan of reorganization during the initial 120
days after the Petition Date.  Section 1121(c)(3) provides that
if a plan is filed, then the debtor has the exclusive right to
solicit acceptances for 180 days after the Petition Date.

Section 1121(d) provides that a court may extend the Debtors'
exclusive opportunity to file a plan and to solicit acceptances
"for cause," after notice and hearing.

Until the various analyses and the sales and negotiation
processes are completed over the next two to four months, the
Debtors will not be in a position to file a meaningful plan of
reorganization, much less a consensual one, Mr. Daman contends.

Mr. Daman asserts that the extension of the Exclusive Periods
will not harm the Debtors' creditors or other parties-in-
interest.  Rather, the extension would permit the Debtors'
reorganization process to move forward in an orderly and
expeditious fashion.

On the contrary, termination of the Exclusive Periods at this
time would defeat the purpose of Bankruptcy Code and the
possibility of the Debtors' conducting productive meetings with
investors and formulating a consensual plan of reorganization.

Mr. Daman assures the Court that the Debtors have been paying
their postpetition debts as they become due.  The Debtors'
existing DIP financing agreement has allowed them to pay
postpetition creditors, lessors, and vendors in the ordinary
course of business.  Moreover, the Debtors have obtain
postpetition financing from Ableco Finance, LLC, that would
ensure more than adequate liquidity for the duration of their
reorganization.

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


COMPLETE RETREATS: Wants Lease Decision Period Moved to Feb. 18
---------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Connecticut to extend the time within which they
must assume or reject their unexpired non-residential real property leases,
through and including
Feb. 18, 2007.

In the ordinary course of their businesses, the Debtors are
parties to several unexpired non-residential real property
leases.  The Debtors have yet to determine whether it is in the
best interests of their estates and their creditors to assume or
to reject the Leases, Jeffrey K. Daman, Esq., at Dechert LLP, in
Hartford, Connecticut, informs the Court.  The Debtors are still
in the process of analyzing the necessity of the Leases in
connection with their development of a long-term business plan
and anticipate assuming or rejecting the Leases in the near
future.

Subject to certain exceptions, Section 365(d)(4) of the
Bankruptcy Code provides that "[a]n unexpired lease of
nonresidential real property under which the debtor is a lessee
shall be deemed rejected . . . if the [debtor-in-possession] does not assume
or reject the unexpired lease by the earlier of (i) the date that is 120
days after the order for relief; or (ii) the date of the entry of an order
confirming a plan."

Under Section 365(d)(4)(B)(i), the Court can extend by 90 days
the time within which the Debtors must assume or reject the
Leases on the motion of a debtor-in-possession for cause.

Mr. Daman asserts that the Debtors' request is warranted.  As an
initial matter, the Leases may be necessary to the Debtors'
ongoing operations and thus are vital Debtors' assets, Mr. Daman
points out.  In addition, the Debtors' cases are large and
complex.  The Debtors have been required to expend a tremendous
amount of time and effort stabilizing their business and
addressing various operational concerns at the initial stages
and, as a result, have not yet completed a review of
the Leases.

An extension of the Lease Decision Period is unlikely to result
in any prejudice to the relevant lessor, Mr. Daman contends.  The Debtors,
to the extent they have not already done so, plan on satisfying their
postpetition obligations under the Leases.
Furthermore, the Debtors have obtained, subject to definitive
documentation and court approval, replacement postpetition
financing in these cases, which will provide them sufficient
liquidity to continue to make payments in accordance with the
terms of the Leases and to continue in the reorganization
efforts, Mr. Daman adds.

Absent the extension, the Leases would be automatically and
prematurely rejected on or about Nov. 20, 2006, pursuant to
the operation of the Bankruptcy Code.

If the 120-day period is not extended, the Debtors would be
obligated either to expend significant time and resources at this early
stage of the proceedings in to determine whether it makes long-term business
sense to assume the Leases and the associated burdens or to automatically
reject the Leases and lose potentially valuable assets of their estates, Mr.
Daman
emphasizes.

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


COMPLETE RETREATS: Can Remove State Proceedings Until Jan. 19
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
Complete Retreats LLC and its debtor-affiliates until
Jan. 19, 2007, to remove state proceedings, without prejudice to their right
to seek further extensions of the removal period.

As reported in the Troubled Company Reporter on Oct. 11, 2006, as of their
bankruptcy filing, the Debtors were involved in approximately 21 state
proceedings pending in courts throughout the country.

Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut, told the
Court that due to the complexity and rapidity of their Chapter 11 cases, the
Debtors have not completed a thorough review of the Proceedings to determine
whether any individual actions should be removed under Bankruptcy Rule
9027(a).

According to Mr. Daman, the Debtors have focused primarily on:

   (1) stabilizing their business;

   (2) responding to a multitude of creditor inquiries;

   (3) addressing a variety of creditor concerns; and

   (4) working towards negotiating a potential consensual plan
       of reorganization.

The extension will afford the Debtors sufficient opportunity to
assess whether the actions can and should be removed, thereby
protecting the Debtors' right to adjudicate lawsuits pursuant to
Section 1452, Mr. Daman asserted.

The Debtors' adversaries will not be prejudiced by the extension, as they
may not prosecute the actions absent relief from the automatic stay, Mr.
Daman explained.  Furthermore, the extension will not prejudice any party to
a proceeding that the Debtors seek to remove from pursuing a remand pursuant
to Section 1452(b).

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




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


BRITISH WEST: Workers Ink Voluntary Separation Package
------------------------------------------------------
Almost all employees of British West Indies Arilines aka BWIA signed the
voluntary separation from employment plan, The Nation Newspaper reports.

The Nation relates that the deadline for the signing up for voluntary
separation was on Oct. 31.

Dionne Ligoure, BWIA's manager of corporate communications, told The Nation
that about 97%, if not more, of the airline's 1 800-member staff had signed
the package which ensures them enhanced severance benefits when they leave
BWIA on Dec. 31.

Some 83% of the Trinidad and Tobago staff had signed onto the agreement
while there were still ongoing discussions in Barbados, The Nation says,
citing Mr. Ligoure.

British West Indies aka BWIA was founded in 1940, and for more than 60 years
has been serving the Caribbean islands from Trinidad and Tobago, the hub of
the Americas, linking the twin island republic and many other Caribbean
islands with North America, South America, the United Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due to poor
operational management.  An employee survey revealed that lack of
responsibility by the management is a major issue in the company.  A number
of key employees moved to other companies caused by a deadlock in the
airline's negotiation with its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA, decided to
shut down the airline on Dec. 31, 2006, and reopen a new airline that will
be called Caribbean Airlines.  The government approved a substantial capital
injection for the creation of Caribbean Airlines.


TARGUS GROUP: Appoints Allen Gharapetian VP of Global Marketing
---------------------------------------------------------------
Targus Group International, Inc., disclosed that Allen H. Gharapetian has
joined the company as Vice President of Global Marketing and Global Product
Management.  Mr. Gharapetian will lead and manage product planning and
product development for Targus' global team.  He will also focus on
overseeing the company's global marketing efforts, including brand
management, market research, communications, and graphics and design.

"Allen brings a new level of marketing and business management expertise to
Targus," said Michael Hoopis, CEO, Targus.  "His extensive background and
intimate knowledge of developing product marketing strategies will certainly
help further Targus' identity as a quality brand."

"The Targus brand is widely known and respected in the notebook and
computing-on-the-go communities," said Allen Gharapetian, vice president,
global marketing and global product management, Targus. "Consumers trust
Targus to provide innovative, high-quality, reliable products, and I'm proud
to be associated with such a strong brand."

Mr. Gharapetian brings over 16 years of business, marketing and sales
management experience to the Targus global team.  He joins the company from
Memorex(r) Products, Inc., where he served as vice president of marketing
and product development.  Prior to Memorex, Gharapetian worked at Yamaha(r)
Electronics Corporation, Yamaha Corporation of America's consumer products
division, and Logicode Corp.  He earned a master of business administration
in international management from top-ranked Arizona-based American Graduate
School of International Management, Thunderbird, as well as a bachelor of
arts degree in business administration and a bachelor of science degree in
business information systems from the European University Brussels in
Belgium.

Headquartered in Anaheim, California, Targus Group International
Inc. -- http://www.targus.com/-- supplies notebook carrying
cases and accessories.  The company has offices on every
continent and distributes in over 145 countries including
Argentina, Barbados, Costa Rica and El Salvador.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer product sector last week, the
rating agency affirmed its B2 Corporate Family Rating for Targus
Group International Inc., and raised its rating on the company's
US$40 million Guaranteed First Lien Senior Secured Revolver Due
2011 to Ba3 from B2.  Moody's assigned an LGD2 rating to those
bonds suggesting lenders will experience a 27% loss in the event
of a default.




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


ARNHOLD DISTRIBUTORS: Filing of Proofs of Claim Is Until Nov. 8
---------------------------------------------------------------
Arnhold Distributors 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. 30, 2006, at 9:30 a.m., or as soon as
possible.

Arnhold Distributors' 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.

Arnhold Distributors' shareholders agreed on Oct. 23, 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


BORG TANKERS II: Creditors Must File Proofs of Claim by Nov. 8
--------------------------------------------------------------
Borg Tankers II 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. 30, 2006, at 9:30 a.m., or as soon as
possible.

Borg Tanker II'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.

Borg Tanker II's shareholders agreed on Oct. 20, 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


BORG TANKERS III: Proofs of Claim Filing Deadline Is on Nov. 8
--------------------------------------------------------------
Borg Tankers III 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. 30, 2006, at 9:30 a.m., or as soon as
possible.

Borg Tanker III'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.

Borg Tanker III's shareholders agreed on Oct. 20, 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


CENTURY REINSURANCE: Fitch Holds Junk Rating with Neg. Outlook
--------------------------------------------------------------
Fitch Ratings affirmed the 'A+' insurer financial strength ratings of INA
Holdings, with a Stable Outlook.  At the same time, Fitch affirmed the 'B-'
IFS rating of Century Indemnity Co. with a Negative Outlook, and the 'CCC+'
rating of Century Reinsurance Co. with a Negative Outlook.

Century Indemnity and Century Reinsurance are insurance company subsidiaries
of Brandywine Holdings.  Brandywine Holdings is an intermediate holding
company that is ultimately owned by ACE Limited.  Brandywine Holdings and
INA Holdings, another intermediate holding company, together comprise the
domestic operations of INA Financial, their parent, and represent the
domestic property/casualty insurance operation that ACE purchased from CIGNA
Corporation in 1999.  INA Holdings owns the 15 insurance companies that
represent the group's active insurance operations.  Brandywine Holdings owns
the two domestic insurance companies, which are inactive, runoff operations
now largely consisting of asbestos and environmental claims.  The two groups
were separated in a 1996 restructuring; however, the groups remain linked
through an aggregate excess of loss agreement.  The excess of loss agreement
originally provided Century Indemnity, the lead inactive company, with up to
US$800 million of support for either net worth maintenance or liquidity
needs.

The active-company affirmations recognize strong underwriting results over
the past several years.  The active companies reported underwriting gains in
both 2004 and 2005, a period when many companies reported losses due to
back-to-back intense hurricane seasons.  The rating action also reflects the
significant increase in surplus that resulted from a combination of net
earnings and capital contributions.  As the result of this increase in
surplus, the active companies' operating leverage and risk-adjusted capital
ratios have improved substantially.  The ratings also consider that the
active companies still remain obligated to provide up to approximately
US$100 million that is left on the support agreement with the inactive
companies.

The inactive companies' ratings benefit from having a dedicated staff
focused exclusively on runoff activities and from not being exposed to
ongoing operational risks such as property catastrophes.  However, the
inactive companies are now very thinly capitalized, have consumed
approximately US$700 million of the original US$800 million available to
them under the support agreement, and are exposed to asbestos and
environmental claims which are long-tailed and notoriously difficult to
quantify.

Fitch affirms these individual ratings with a Stable Outlook:

  ACE American Insurance Co.
  ACE American Lloyds Insurance Co.
  ACE Fire Underwriters Ins. Co.
  ACE Indemnity Insurance Co.
  ACE Insurance Co. of Illinois
  ACE Insurance Co. of Ohio
  ACE Insurance Co. of the Midwest
  ACE Property and Casualty Insurance Co.
  Atlantic Employers Insurance Co.
  Bankers Standard Fire & Marine Co.
  Bankers Standard Insurance Co.
  Illinois Union Insurance Co.
  Indemnity Insurance Co. of North America
  Insurance Co. of North America
  Pacific Employers Insurance Co.

     -- Insurer Financial Strength Ratings (IFS) at 'A+'.

Fitch affirms these individual ratings with a Negative Outlook:

  Century Indemnity Co.

   -- IFS at 'B-'.

  Century Reinsurance Co.

     -- IFS at 'CCC+'.

The ACE Group of Companies is one of the world's largest providers of
property and casualty insurance and reinsurance.  Headquartered in Bermuda,
ACE provides a diversified range of products and services to clients in
nearly 50 countries around the world.


ENDURANCE SPECIALTY: Declares Common & Preferred Shares Dividend
----------------------------------------------------------------
Endurance Specialty Holdings Ltd. declared quarterly dividends of US$0.25
per share payable on its ordinary shares and US$0.484375 per share payable
on its 7.75% Non-Cumulative Preferred Shares, Series A.

The dividend on Endurance's outstanding ordinary shares will be payable on
Dec. 29, 2006, to the ordinary shareholders of record on Dec. 15, 2006 and
the dividend on Endurance's Series A Preferred Shares will be payable on
Dec. 15, 2006, to the Series A Preferred shareholders of record on Dec.1,
2006.

Based in Pembroke, Bermuda, Endurance Specialty Holdings Ltd.
(NYSE: ENH) -- http://www.endurance.bm/-- is a provider of
property and casualty insurance and reinsurance.  Through its
operating subsidiaries, Endurance currently writes property per
risk treaty reinsurance, property catastrophe reinsurance,
casualty treaty reinsurance, property individual risks, casualty
individual risks, and other specialty lines.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, 'BB+' junior
subordinated, and 'BB+' preferred stock ratings to Endurance
Specialty Holdings Ltd.'s (BBB/Positive/--) recently filed
universal shelf.  The new shelf has an undesignated notional
amount in accordance with the new SEC rules effective
Dec. 1, 2005.


ENDURANCE SPECIALTY: Elects Gregor Bailar to Board of Directors
---------------------------------------------------------------
Endurance Specialty Holdings Ltd., appointed Gregor Bailar to its Board of
Directors.

Mr. Bailar is the Chief Information Officer for Capital One Financial Corp.
As CIO, he serves as Capital One's principal IT strategist, with
responsibility for all of the company's technology activities globally,
leading a broad technology team.  Under Mr. Bailar's leadership, Capital One
has been a pioneer in re-thinking the ways in which it partners with and
develops IT projects.  Through this Agile methodology, the organization
improved project time to market by as much as 30-40%, while increasing
collaboration and improving employee morale.

Mr. Bailar is a recipient of the Computerworld Premier 100, a list honoring
individuals who have had a positive impact on their organizations through
technology leadership.  The Capital One IT organization has been recognized
for the last nine years as part of InformationWeek's annual list of the 500
most innovative users of technology, earning the number 1 spot on this list
in 2005.

An active member of the community, Mr. Bailar serves on the Board of
Directors for Reading is Fundamental, a non-profit organization focused on
book distribution and reading motivation programs for school-age children.
Mr. Bailar is also an active member of the National Wildlife Federation
Board, where he helps with this organization's charter to inspire Americans
to protect wildlife for our children's future.

Prior to assuming his current position at Capital One in 2001, Mr. Bailar
spent four years at the NASDAQ Stock Market as Chief Information Officer and
Executive Vice President for Operations and Technology, where he was
responsible for all aspects of technology and operations. Mr. Bailar was
also Chairman and Founder of IndigoMarkets Inc, a software development
subsidiary in Chennai, India.  Mr. Bailar joined NASDAQ after four years at
Citicorp, where he was Managing Director of Advanced Development for Global
Corporate Banking.  At Citicorp he was responsible for oversight of all
major technology expenditures and initiatives as well as the management of
the technological direction and strategy of Citicorp's Global Banking
Business.  Before his tenure at Citicorp, Mr. Bailar held key strategic and
management positions at Perot Systems Corporation, Trirex Systems, Inc.,
NeXT Computer, Inc. and Hewlett-Packard.  Mr. Bailar earned a BA degree in
electrical engineering from Dartmouth College.  Mr. Bailar serves as a
director of Digitas, Inc.

Kenneth J. LeStrange, Chairman and Chief Executive Officer of Endurance,
commented, "I am pleased to welcome Gregor to our Board of Directors.  He
has a breadth of information technology expertise that will be of great
value to our Board and our company.  We look forward to his contributions."

Based in Pembroke, Bermuda, Endurance Specialty Holdings Ltd.
(NYSE: ENH) -- http://www.endurance.bm/-- is a provider of
property and casualty insurance and reinsurance.  Through its
operating subsidiaries, Endurance currently writes property per
risk treaty reinsurance, property catastrophe reinsurance,
casualty treaty reinsurance, property individual risks, casualty
individual risks, and other specialty lines.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, 'BB+' junior
subordinated, and 'BB+' preferred stock ratings to Endurance
Specialty Holdings Ltd.'s (BBB/Positive/--) recently filed
universal shelf.  The new shelf has an undesignated notional
amount in accordance with the new SEC rules effective
Dec. 1, 2005.

NEW WORLD: N.Y. Bankruptcy Court Recognizes Bermuda Proceedings
---------------------------------------------------------------
The Honorable Allan L. Gropper of the U.S. Bankruptcy Court for the Southern
District of New York has granted recognition to the winding up proceeding of
New World Network International Ltd. pending before the Supreme Court of
Bermuda.

The winding up proceeding is pursuant to the Companies Act 1981 of Bermuda.

The order of Judge Gropper grants:

   (1) recognition of the foreign proceeding as a foreign main
       procee1ding, as defined in Section 1502(4) of the U.S.
       Bankruptcy Code; and

   (2) the relief requested by Mark W.R. Smith of Deloitte &
       Touche Bermuda, as provisional liquidator and the foreign
       representative, including injunctive relief enjoining
       and restraining all persons and entities from taking
       certain actions that are inconsistent with, or to the
       detriment of the foreign proceeding.

As reported in the Troubled Company Reporter on Feb. 23, 2006, Mark W.R.
Smith, the duly appointed provisional liquidator for New World Network
International, Ltd., asked the U.S. Bankruptcy Court to recognize New
World's pending case before the Bermuda Supreme Court as a foreign main
proceeding.

Headquartered in Hamilton, Bermuda, New World Network International, Ltd.,
is a holding company for the New World Group of companies, an independent,
privately held telecommunications group.  Through a number of its direct and
indirect subsidiaries, the New World Group owned and operated an optical
fiber submarine cable system called the Americas Region Cable Ring System or
ARCOS, as well as some other assets.  ARCOS is an 8,600km high capacity
undersea digital broadband fiber optic network that connects the United
States with Puerto Rico and other countries in Central America, South
America and the Caribbean.

New World filed a chapter 15 petition on Jan. 26, 2006 (Bankr. S.D.N.Y. Case
No.: 06-10157).  Mark W.R. Smith serves as the Foreign Debtor's provisional
liquidator.  Ingrid Bagby, Esq., at Cadwalader, Wickersham & Taft LLP,
represents the Mr. Smith in the United States.  Robin J. Mayor, Esq., at
Conyers, Dill & Pearman is Mr. Smith's Counsel in Bermuda.




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


BANCO ITAU: Posts BRL71 Million Third Quarter 2006 Net Income
-------------------------------------------------------------
Banco Itau Holding Financeira SA said in its financial statement that its
third quarter 2006 net income decreased to BRL71 million from BRL1.35
billion in the third quarter of 2005.

Business News Americas relates that Banco Itau posted a 94.8% decrease in
the third quarter 2006 net profits after taking a BRL1.76-billion charge for
its acquisition of BankBoston Brasil from Bank of America.

Banco Itau's net profits for the first nine months of 2006 decreased 20.8%
to BRL3.03 billion, compared with the same period in 2005, BNamericas notes.

BNamericas underscores that excluding the acquisition charge, Banco Itau's
third quarter 2006 net profits increased 14.6% to BRL1.55 billion, compared
with the same quarter in 2005.

Banco itau agreed to pay Bank of America BRL4.5 billion in shares for
BankBoston Brasil in May, according to BNamericas.  Banco Itau purchased the
Chilean and Uruguayan operations of BankBoston in August for US$633 million.

The report says that Banco Itau's return on equity decreased to 31.6% in the
third quarter of 2006, from 35.7% in the third quarter of 2005 and 34.6% in
the second quarter of 2006.

Maria Laura Pessoa, a banking analyst form Fator Corretora, expected that
Banco Itau's third quarter 2006 profits would increase 12.8% to BRL1.53
billion.  Its return on equity was expected at 33.8%, excluding the
BankBoston acquisition charge.

Rafael Quintanilha, an analyst from brokerage firm Agora Senior, told
BNamericas, "Results came out in line with our estimates, mainly in credit
portfolio growth and net profits.  Our first view of results was very
positive.  It showed Itau's commitment to create value for its shareholders.
Fourth quarter results will positively reflect the goodwill payment as well
as the growth of credit as a consequence of Christmas and New Year."

BNamericas says that Banco Itau's total lending increased 28.6% to BRL79.2
billion in the third quarter of 2006, compared with the third quarter of
2005.  Lending rose 5.9% from the second quarter of 2005.  Including
BankBoston operations, Banco Itau's loan book increased 45.8% to BRL89.9
billion in September 2006, compared with September 2005.

Banco Itau's retail lending increased 27.3% to BRL36.2 billion in the third
quarter of 2006, compared with the third quarter of 2005, the report says.
Loans to individual borrowers increased 6.6% from the second quarter of
2006.  Vehicle financing transactions rose 12.2% to BRL15.8 billion.
Including BankBoston assets, the retail loan book was BRL37.6 billion in
September 2006.

BNamericas underscores that Banco Itau's commercial lending rose 5.5% to
BRL38.1 billion in June 2006, compared with June 2005.  Lending to big
businesses increased 5.6% to BRL23.3 billion while loans to small and medium
enterprises increased 5.5% to BRL19.8 billion.  Including BankBoston
operations, the commercial loan book was BRL46.6 billion in the third
quarter of 2006.

Banco Itau's non-performing loan ratio in the third quarter of 2006
increased to 4.5%, from 3.3% in the third quarter of 2005, although it
remained relatively steady with the 4.4% from the previous quarter,
BNamericas states.  Banco Itau has a non-performing loan target of 4.5% for
2006.  Loan-loss provisions were BRL6.3 billion by the end of the quarter,
which was about 7.9% of the bank's entire loan portfolio.

Including BankBoston, Banco Itau's total assets increased to BRL207 billion
as of Sept. 30, 2006, compared with BRL146 billion in the third quarter of
2005 and BRL172 billion in the second quarter of 2006.  Excluding
BankBoston, total assets were BRL194 billion in the third quarter of 2006,
BNamericas reports.

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

                        *    *    *

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

                        *    *    *

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

The affected ratings of Banco Itau were:

   Banco Itau Holding Financiera

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


COMPANHIA DE BEBIDAS: Names G. Staley as Chief Financial Officer
----------------------------------------------------------------
Companhia de Bebidas das Americas aka AmBev appointed Graham Staley as Chief
Financial and Investor Relations Officer, effective Jan. 1, 2007.

Mr. Staley will replace Joao Castro Neves, who has recently been appointed
Chief Executive Officer of Quinsa.  Prior to assuming such position, Mr.
Staley was the Chief Financial Officer of Labatt USA from 2000 to 2004 and
is the Chief Financial Officer of Labatt Brewing Company Ltd. since 2005.

Based in Sao Paulo, Brazil, AmBev -- http://www.ambev.com.br/--  
is the largest brewer in Latin America and the fifth largest
brewer in the world.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 4, 2006, Moody's
Investors Service upgraded to Ba1 from Ba2 the foreign currency issuer
rating of Companhia de Bebidas das Americas aka AmBev to reflect the upgrade
of Brazil's foreign currency country ceiling to Ba1 from Ba2.  AmBev's
global local currency issuer rating of Baa3 and the foreign currency rating
of Baa3 for its debt issues remain on review for possible upgrade.


DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
-------------------------------------------------
DURA Automotive Systems, Inc., received a delisting notification from the
Nasdaq Stock Market dated Oct. 30, 2006.  Trading of DURA's common stock
will be suspended at the opening of business on Nov. 8, 2006.  The company
does not intend to appeal the decision.

NASDAQ indicated in its letter that the delisting determination was prompted
in light of DURA's voluntary filing for protection under Chapter 11 of the
U.S. Bankruptcy Code and was based on Nasdaq Marketplace Rules 4300,
4450(f), and IM-4300.

On Oct. 30, DURA and its U.S. and Canadian subsidiaries filed for protection
under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court
for the District of Delaware.  DURA's European and other operations outside
of the U.S. and Canada, accounting for approximately 51% of DURA's revenue,
are not part of the filing.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural door
modules and exterior trim systems for the global automotive industry.  The
company is also a leading supplier of similar products to the recreation
vehicle and specialty vehicle industries.  DURA sells its automotive
products to every North American, Japanese and European original equipment
manufacturer and many leading Tier 1 automotive suppliers.  It currently
operates in 63 locations including joint venture companies and customer
service centers in 14 countries including Brazil.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service lowered the Probability of Default
rating of Dura Automotive Systems Inc. to D from Caa3.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Standard & Poor's Ratings Services lowered the corporate credit
rating of Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., to 'D' from 'CCC'.


DURA AUTOMOTIVE: Receives Court Approval of First Day Motions
-------------------------------------------------------------
DURA Automotive Systems, Inc., received Court approval of all of the "first
day motions" that the company submitted as part of its filing for
reorganization under Chapter 11 of the United States Bankruptcy Code.
Approval of these motions will help DURA to continue to operate in the
ordinary course of business during the reorganization process.

In addition, DURA filed an amended affidavit today to reflect its
company-wide cash position of US$75.8 million as of
Oct. 13, 2006.  The original affidavit only stated liquidity for the
company's U.S. and Canada subsidiaries, which were included in the Chapter
11 filing, and did not include available cash from DURA's European and other
operations outside the U.S. and Canada, which were not included in the
filing.

As part of the first day motions granted today, DURA received approval to
access US$50 million of the approximately US$300 million in
Debtor-in-Possession or DIP financing from Goldman Sachs, GE Capital and
Barclays.  Access to the balance of the DIP facility is subject to approval
at the final hearing scheduled for Nov. 20.  DURA will use the DIP financing
to fund normal business operations and continue its operational
restructuring program initiated in February 2006.

Among the other first day motions granted today, DURA received approval to:

   -- Continue to pay employee salaries, wages and benefits;

   -- Pay certain critical pre-petition vendor claims after the
      filing and continue to pay its post-petition obligations
      in the ordinary course of business;

   -- Provide "adequate assurance" to utilities;

   -- Pay "trust fund" and similar taxes; and

   -- Continue using the pre-petition cash management system.

DURA's cases are being presided over by the Honorable Kevin J. Carey of the
U.S. Bankruptcy Court for the District of Delaware.  DURA's consolidated
case number is 06-11202.

On Oct. 30, DURA and its U.S. and Canadian subsidiaries filed for protection
under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court
for the District of Delaware.  DURA's European and other operations outside
of the U.S. and Canada, accounting for approximately 51% of DURA's revenue,
are not part of the filing.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural door
modules and exterior trim systems for the global automotive industry. The
company is also a leading supplier of similar products to the recreation
vehicle and specialty vehicle industries.  DURA sells its automotive
products to every North American, Japanese and European original equipment
manufacturer and many leading Tier 1 automotive suppliers.  It currently
operates in 63 locations including joint venture companies and customer
service centers in 14 countries including Brazil.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service lowered the Probability of Default
rating of Dura Automotive Systems Inc. to D from Caa3.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Standard & Poor's Ratings Services lowered the corporate credit
rating of Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., to 'D' from 'CCC'.


TAM SA: Receives Two New Airbus Aircraft
----------------------------------------
TAM SA received on Oct. 31, 2006, two new Airbus aircraft

   -- an A319 and
   -- an A320,

which will start flying next week. These are the 11th and 12th A319/320
aircraft incorporated into the company's operating fleet which now has 93
aircraft, consisting of 71 Airbus -- 14 A319, 47 A320 and 10 A330. TAM
expects its fleet to have a minimum of 96 airplanes by the end of 2006.

The aircraft are part of contracts, which foresee the acquisition of 61
Airbus aircraft -- 15 A319, 40 A320 and 6 A330 -- to be delivered by 2010.
The contracts include the option of an additional 20 aircraft. TAM's
strategic plan foresees an operational fleet of 127 Airbus aircraft by the
end of 2010.

The new A320 aircraft will fly domestic routes as well as routes throughout
South America, following the increase in demand observed over the past few
months.  According to Brazil's National Civil Aviation Agency or ANAC, the
domestic market increased 14.7% in the period from January to September.
During the same period, year-on-year, TAM increased 31.4%.  The company held
a 51.7% domestic market share in September 2006.

Manufactured with high technology, the Airbus A320 has the capacity to
transport up to 174 passengers and the A319 can hold up to 144 passengers.
With these new A320 and A319, TAM strengthens its policy of operating a
young aircraft fleet, offering more comfort to passengers with a high-tech
product.

TAM S.A. -- http://www.tam.com.br/-- operates regular flights
to 47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.  TAM
maintains code-share agreements with international airline
companies that allow passengers to travel to a large number of
destinations throughout the world. TAM was the first Brazilian
airline company to launch a loyalty program.  The program has
over 3.3 million subscribers and has awarded more than 3.6
million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM S.A.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the Rating Outlook is Stable.


TAM SA: Orders Four New Boeing 777-300Ers & Purchase Rights
-----------------------------------------------------------
TAM SA ordered four new Boeing 777-300ERs plus four purchase rights, making
it the first Latin American airline to incorporate these aircraft as part of
their long-range fleet plan.

Currently, the fuel efficient B777-300ER is world's largest long range
twin-engines jetliner, carrying approximately 370 passengers in TAM's three
class configuration.

As part of the deal and in order to allow TAM to immediately increase the
long-range fleet, TAM and Boeing signed an interim short-term lease of three
Boeing MD-11s prior to acquisition of the four 777-300ERs, all scheduled for
delivery in middle of 2008.  The MD-11s will be delivered to TAM over the
next 6 months.

Marco Antonio Bologna, TAM's CEO stated that this new order is an important
step for TAM's future growth in the long haul international market, allowing
more flexibility and higher capacity in these routes.

"As one of the newest 777 jetliners in service, the 777-300ER has
consistently demonstrated best-in-class reliability and unmatched fuel
efficiency," said John Wojick, vice president, sales, Latin America and the
Caribbean.  "The performance by the 777-300ER will enable TAM to
successfully serve passengers on long range routes at lower costs."  In
addition, Boeing and TAM are working together in the successful
implementation and operation of the MD-11 interim lift solution.  "We are
thrilled to support TAM during this exceptional moment in Brazilian
aviation."

Currently the largest Latin American Airbus operator of A319s, A320s and
A330s, this is the first TAM order for Boeing Commercial Airplanes in the
airline's history.

TAM S.A. -- http://www.tam.com.br/-- operates regular flights
to 47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.  TAM
maintains code-share agreements with international airline
companies that allow passengers to travel to a large number of
destinations throughout the world. TAM was the first Brazilian
airline company to launch a loyalty program.  The program has
over 3.3 million subscribers and has awarded more than 3.6
million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM S.A.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the Rating Outlook is Stable


VARIG S.A.: Hires Air Canada to Look for Equity Investors
---------------------------------------------------------
VARIG, S.A., hired ACE Aviation Holdings Inc.'s airline unit, Air Canada, to
help complete the sale of equity interests in the Brazilian carrier and
raise capital needed to revive the Company, Bloomberg News reports citing
the Agencia Estado news agency.

Bloomberg relates that Agencia Estado, citing Marco Antonio Audi, chairman
of VarigLog, said the delay in obtaining approval for operating licenses
from Brazil's civil aviation agency is making it harder for VARIG to attract
partners.

Volo do Brasil acquired the operating arm of VARIG at an auction
in July 2006.  Volo pledged to invest more than US$500,000,000 to pay
VARIG's debt and keep the airline flying.

ACE Aviation was previously reported to be eyeing a 10% equity
interest in VARIG.

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)


VERIFONE: Discloses Final Results of Lipman Merger Elections
------------------------------------------------------------
VeriFone Holdings, Inc., disclosed the final results of elections made by
Lipman Electronic Engineering Ltd. shareholders for the consideration to be
received in VeriFone's acquisition of Lipman.  The final results of
elections are:

   -- Mixed Elections:

      Lipman shareholders who validly elected the mixed election
      will receive one-half (0.50) share of VeriFone common
      stock and US$12.804 in cash for each Lipman ordinary share
      held;

   -- Stock Elections:

      Lipman shareholders who validly elected to receive all
      VeriFone common stock will receive 0.9336 of a share of
      VeriFone common stock for each Lipman ordinary share held;

   -- Cash Elections:

      Lipman shareholders who validly elected to receive cash
      consideration will receive approximately US$18.467896 in
      cash and approximately 0.308195 of a share of VeriFone
      common stock for each Lipman ordinary share held; and

   -- Non-Elections:

      Lipman shareholders who did not make a valid election
      will, pursuant to the Merger Agreement, be deemed to have
      made the stock election and will receive 0.9336 of a
      share of VeriFone common stock for each Lipman ordinary
      share held.

As contemplated by the merger agreement, the results of the all-cash
election and all-stock election described above reflect proration
calculations that preserve an overall mix of 0.50 of a share of VeriFone
common stock and US$12.804 in cash for each outstanding Lipman ordinary
share.  The acquisition was completed on Nov. 1, 2006, and VeriFone expects
that securities and cash accounts of Lipman shareholders will be credited
promptly following the closing, taking into account the time required for
transfers through any banks, brokers, custodians and other intermediaries
through which such shareholders may hold their Lipman shares.

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

                        *    *    *

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


VERIFONE HOLDINGS: Completes Acquisition of Lipman Electronic
-------------------------------------------------------------
VeriFone Holdings, Inc., completes its acquisition of Lipman Electronic
Engineering, Ltd. and an enhanced management team to lead the enlarged
company.  Additionally, VeriFone is reaffirming operating model targets
resulting from the benefits of its increased scale and geographic reach.

"Our acquisition of Lipman combines the two strong financial performers in
the industry and, due to the very complementary geographic concentrations of
the companies, we have created the undisputed payment technology leader in
the world," said VeriFone Chairman and CEO Douglas G. Bergeron.

"VeriFone's new or expanded leadership position in North America and in
Asia, Latin America, and many markets in Europe allows us to participate
fully in the highest revenue growth areas of the world," Mr. Bergeron said.
"Our new research and development scale gives us the unique capabilities to
meet the increasingly complex security standards for payment transactions
and to be first-to-market with the increasingly complex systems and
solutions our customers demand.

"VeriFone is committed to continuing and expanding the NURIT product family,
offering our customers around the world the flexibility to maintain and
enhance their installed base of systems with a lower total cost of
ownership," Mr. Bergeron said.

           Updated Financial Operating Model Targets

VerFone is reaffirming the improved long-term operating model that was
disclosed on April 10, 2006.  Specifically:

   -- Revenue growth is expected to be between 10% and 15%.

   -- Gross profit margin target, as adjusted for amortization
      of intangibles and stock-based compensation, is expected
      to be in the range of 42% to 47%.

   -- EBITDA margin target, as adjusted for amortization of
      intangibles, amortization of debt issuance costs and
      stock-based compensation, is expected to be in the range
      of 18% to 24%.

   -- Net profit margin target, as adjusted for amortization of
      intangibles, debt issuance costs and stock-based
      compensation, is expected to be in the range of 12% to
      17%.

In addition, VeriFone is also reaffirming the guidance of US$1.40 to US$1.42
per share in earnings on a net income as adjusted basis for the 2007 fiscal
year starting on
Nov. 1, 2006.

              Fully Integrated Management Team

VeriFone disclosed these executive appointments:

   -- William Atkinson has been named executive vice president,
      Payment Systems, responsible for all international
      business activity, the North American financial group,
      and the company's vertical market systems groups.

   -- Isaac Angel has been named executive vice president of
      operations.

   -- David Turnbull has been named global head of research and
      development.

   -- Jesse Adams has been named vice chairman of VeriFone.

   -- Additionally, Bud Waller continues as executive vice
      president, Integrated Systems, responsible for the
      company's Petroleum Systems group, Multi-Lane systems
      group, and software systems group.  Barry Zwarenstein
      continues to serve as chief financial officer and
      executive vice president.

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

                        *    *    *

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




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


483 LEASING: Creditors Must Submit Proofs of Claim by Nov. 16
-------------------------------------------------------------
483 Leasing Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidators:

          Phillip Hinds
          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.

483 Leasing's shareholders agreed on Oct. 3, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


494 LEASING: Last Day to File Proofs of Claim Is on Nov. 16
-----------------------------------------------------------
494 Leasing Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidators:

          Phillip Hinds
          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.

494 Leasing's shareholders agreed on Oct. 3, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


ALTS (CAYMAN) 1997-1: Proofs of Claim Filing Is Until Nov. 16
-------------------------------------------------------------
Alts (Cayman) 1997-1 Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Helen Allen
          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.

Alts (Cayman)'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.


AQFTC I: Last Day for Filing of Proofs of Claim Is on Nov. 16
-------------------------------------------------------------
AQFTC I's creditors are required to submit proofs of claim by Nov. 16, 2006,
to the company's liquidators:

          Phillip Hinds
          Richard Gordon
          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.

AQFTC I's shareholders agreed on Dec. 1, 2005, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


ARLO FACILITATOR: Proofs of Claim Filing Deadline Is on Nov. 16
---------------------------------------------------------------
Arlo Facilitator I's creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Helen Allen
          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.

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


ASSET BACKED (NIM 2002-WF2): Claims Filing Deadline Is Nov. 16
--------------------------------------------------------------
Asset Backed Funding Corp. NIM 2002-WF2 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.


DUESENBERG CSO 2001-3: Proofs of Claim Must Be Filed by Nov. 16
---------------------------------------------------------------
Duesenberg CSO 2001-3, LLC's creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

          Andrew Millar
          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.

Duesenberg CSO's shareholders agreed on Oct. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


FRESH DEL MONTE: Suspends US$0.05 Per Share Quarterly Dividend
--------------------------------------------------------------
Fresh Del Monte's board of directors has voted to suspend the company's
quarterly dividend of five cents (US$0.05) per share.  The board believes to
maximize shareholder value the best use of capital is to invest in Fresh Del
Monte, returning the company to profitability as quickly as possible.  The
company will pay the cash dividend of five cents (US$0.05) per share,
declared by the board of directors on Oct. 11, 2006, payable on
Dec. 13, 2006, to shareholders of record on Nov. 15, 2006.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading vertically
integrated producers, marketers and distributors of high-quality fresh and
fresh-cut fruit and vegetables, as well as a leading producer and
distributor of prepared fruit and vegetables, juices, beverages, snacks and
desserts in Europe, the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of  product
quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.

                        *    *    *

Standard & poor's Ratings Services assigned on June 28, 2006,
its 'BB' bank loan rating and '2' recovery rating on Fresh Del
Monte Produce, Inc.'s term loan, indicating an expected
substantial recovery of principal (80%-100%) in the event of a
payment default, and a '2' recovery rating to the revolving
credit facility.  The rating agency also affirmed its 'BB'
rating on Fresh Del Monte's senior secured credit facilities
following the addition of a new US$150 million term loan to its
existing US$600 million revolving credit facility.  Existing
ratings on the company, including its 'BB' corporate credit
rating, have been affirmed.  S&P said the outlook is negative.  About US$434
million total debt was outstanding at
March 31, 2006.


FRESH DEL MONTE: Posts US$83.6 Mil. Third Quarter 2006 Net Loss
---------------------------------------------------------------
Fresh Del Monte Produce Inc. reported that net sales for the third quarter
of 2006 were US$729.6 million, compared with US$740.5 million for the
corresponding period in 2005.  The decline in net sales was largely
attributable to the underperformance of the company's "other fresh produce"
business segment, primarily in the vegetable product line, partially offset
by increased banana net sales.  For the first nine months of 2006, net sales
were slightly lower than the corresponding period in 2005.

Adjusted gross profit for the third quarter of 2006 was US$32.0 million,
excluding US$40.8 million for charges associated with the previously
announced closing of the company's operations in Hawaii and the Kenya
product withdrawal and disposal program, compared with US$50.5 million in
the prior year period.  The decrease in adjusted gross profit for the
quarter was driven by the weakness in the company's prepared food business,
competitive pressures in the European banana market, lower profitability in
the company's "other fresh produce" business segment, primarily in the melon
and fresh-cut product lines, a result of adverse weather conditions and
higher costs related to fuel, raw materials, packaging, labor and
transportation.  Adjusted gross profit for the first nine months of 2006 was
US$171.0 million, excluding US$41.9 million for charges associated with the
closing of the company's operations in Hawaii and the Kenya product
withdrawal and disposal program, compared with US$271.0 million for the same
period in 2005.  The negative impact in adjusted gross profit for the first
nine months was primarily attributable to the same challenges associated
with the third quarter of 2006.

The company reported a net loss of US$83.6 million during the third quarter
of 2006, compared with net income of US$5.7 million, or US$0.10 per diluted
share in the corresponding period in 2005.  Net loss for the first nine
months of 2006 was US$85.2 million, or US$1.47 per diluted share, compared
with net income of US$110.1 million, or US$1.90 per diluted share for the
same period in 2005.  The third quarter and nine months results include
asset impairment charges totaling US$18.4 million and US$50.5 million,
respectively, related primarily to the rationalization of the company's
North American inland transportation business and South African canning
operation, along with other charges included in adjusted gross profit
totaling US$40.8 million and US$41.9 million, respectively, related to the
company's Hawaii and Kenya operations.  Excluding these charges, adjusted
earnings for the third quarter of 2006 would have been a net loss of US$0.42
per diluted share, and adjusted earnings for the first nine months of 2006
would have been net income of US$0.12 per diluted share.

"Our third quarter results are clearly disappointing," said Mohammad
Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer. "Tough
times, however, require tough measures, as well as the courage, confidence
and leadership to implement them.  With this in mind, we have initiated a
major turnaround effort at Fresh Del Monte Produce, which involves
reorganizing at every level, in every geography, and in every business of
our global enterprise.  Our aggressive actions are aimed at restoring
profitability by sharpening our company's focus on our core businesses,
bolstering our prepared food business, cutting costs, improving
efficiencies, consolidating operations, while still capitalizing on emerging
opportunities in untapped markets.  We are working diligently to return
Fresh Del Monte as quickly as possible to steady growth and profitability."

Fresh Del Monte also disclosed that the company's board of directors has
voted to suspend the company's quarterly dividend of five cents (US$0.05)
per share.  The board believes to maximize shareholder value the best use of
capital is to invest in Fresh Del Monte, returning the company to
profitability as quickly as possible.  The company will pay the cash
dividend of five cents (US$0.05) per share, declared by the board of
directors on Oct. 11, 2006, payable on Dec. 13, 2006, to shareholders of
record on Nov. 15, 2006.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading vertically
integrated producers, marketers and distributors of high-quality fresh and
fresh-cut fruit and vegetables, as well as a leading producer and
distributor of prepared fruit and vegetables, juices, beverages, snacks and
desserts in Europe, the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of product
quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.

                        *    *    *

Standard & poor's Ratings Services assigned on June 28, 2006,
its 'BB' bank loan rating and '2' recovery rating on Fresh Del
Monte Produce, Inc.'s term loan, indicating an expected
substantial recovery of principal (80%-100%) in the event of a
payment default, and a '2' recovery rating to the revolving
credit facility.  The rating agency also affirmed its 'BB'
rating on Fresh Del Monte's senior secured credit facilities
following the addition of a new US$150 million term loan to its
existing US$600 million revolving credit facility.  Existing
ratings on the company, including its 'BB' corporate credit
rating, have been affirmed.  S&P said the outlook is negative.  About US$434
million total debt was outstanding at
March 31, 2006.


FRESH DEL MONTE: Third Quarter Results Cue S&P's Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate credit and
other ratings on Cayman Islands-based Fresh Del Monte Produce Inc. on
CreditWatch with negative implications, meaning that the ratings could be
lowered or affirmed following the completion of the rating agency's review.
Total debt outstanding at the company was about US$399 million as of
Sept. 30, 2006.

"The CreditWatch placement follows Fresh Del Monte's recent third-quarter
earnings release and reflects continued weak operating performance because
of difficulties in the company's prepared food business, competitive
pressures in the European banana market, and lower profitability in the
other fresh produce segment (primarily melon and fresh-cut product lines)
because of adverse weather conditions," said Standard & Poor's credit
analyst Alison Sullivan.

Higher costs related to fuel, raw materials, packaging, labor, and
transportation also hurt financial results.  As a result, credit measures
have weakened further than the rating agency had expected. Lease- and
pension-adjusted debt to EBITDA increased to over 4x for the 12 months ended
Sept. 29, 2006, from about 2.3x at Dec. 31, 2005, and about 3.6x for the 12
months ended June 30, 2006.  The company has suspended its dividend and is
implementing cost saving initiatives.  However, given expected ongoing
difficult industry conditions, we believe Fresh Del Monte will be challenged
to improve performance in the near term.

Standard & Poor's will review Fresh Del Monte's operating, strategic and
financial plans with management before resolving the CreditWatch listing.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading vertically
integrated producers, marketers and distributors of high-quality fresh and
fresh-cut fruit and vegetables, as well as a leading producer and
distributor of prepared fruit and vegetables, juices, beverages, snacks and
desserts in Europe, the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of product
quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.


KICAP MASTER (PLUS): Last Day for Filing of Claims Is on Nov. 16
----------------------------------------------------------------
Kicap Master Fund Plus Ltd.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

          Richard Gordon
          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.

Kicap Master's shareholders agreed on Oct. 4, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


KICAP MASTER: Last Day for Proofs of Claim Filing Is on Nov. 16
---------------------------------------------------------------
Kicap Master Fund Ltd.'s creditors are required to submit proofs of claim by
Nov. 16, 2006, to the company's liquidators:

          Richard Gordon
          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.

Kicap Master's shareholders agreed on Oct. 4, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


KICAP NETWORK (PLUS): Claims Filing Deadline Is Set for Nov. 16
---------------------------------------------------------------
Kicap Network Fund Plus Ltd.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

          Richard Gordon
          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.

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


KICAP NETWORK: Creditors Must File Proofs of Claim by Nov. 16
-------------------------------------------------------------
Kicap Network Fund Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Richard Gordon
          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.

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


LONG BEACH (CI 2003-1): Claims Filing Deadline Is on Nov. 16
------------------------------------------------------------
Long Beach Asset Holdings Corp. CI 2003-1'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.

Long Beach's shareholders agreed on Oct. 4, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


LONG BEACH (CI 2002-5): Proofs of Claim Filing Is Until Nov. 16
---------------------------------------------------------------
Long Beach Asset Holdings Corp. CI 2002-5'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.

Long Beach's shareholders agreed on Oct. 4, 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: Posts CLP54 Bil. First Nine-Month 2006 Net Profits
-------------------------------------------------------------
AES Gener said in a filing with Superintendencia de Valores y Seguros de
Chile, the securities regulator of Chile, that its consolidated net profits
for the first nine months of 2006 increased 100% to CLP54 billion, compared
with the same period in 2005.

Business News Americas relates that AES Gener attributed the improved
earnings to:

          -- increased operating revenues,
          -- lower fuel costs, and
          -- higher income from contracts.

According to BNamericas, the operating profit of AES Gener rose 18.2% to
CLP46.9 billion in the first nine months of 2006, compared with the same
period of 2005.

The overall revenues of AES Gener for the first nine months of 2006
decreased 1.9% to CLP271 billion in spite of a CLP9.64-billion boost in
revenue from the electricity sector, BNamericas notes.  The decrease was
mainly brought by the CLP14.9-billion drop in revenue from other sectors.

BNamericas underscores that operating costs of AES Gener decreased 5.3% to
CLP215 billion in the first nine months of 2006, compared with the first
nine months of 2005.  This was due to lower cost and consumption of fuel
stemming from a drop in coal prices.

The report says that AES Gener's Ebitda increased to CLP92.6 billion in the
first nine months of 2006, from CLP63.2 billion in the same period of 2005.

The "physical sales" of AES Gener increased 1.9% to 6.69 terawatthours in
the first nine months of 2006, compared with the same period in 2005,
according to BNamericas.  Sales increased 5.1% to 1.54 terawatthours in the
northern grid year-on-year.  Sales in the central grid decreased 13.9% to
2.55 terawatthours.

BNamericas states that AES Gener's income from sales in the central grid
rose 6.7% to CLP182 billion.  Income from the sales in the northern grid
decreased 4.5% to CLP39.7 billion.

AES Gener's non-operating profits in the first nine months of 2006 were
CLP18.1 billion, compared with the CLP10.7-billion loss in the same period
in 2005, BNamericas relates.

BNamericas says that the net generation of AES Gener in the sales in the
central grid increased 6.3% to 29.6 terawatthours in the first nine months
of 2006, compared with the same period of 2005.  Net generation in the sales
in the northern grid increased 3.6% to 9.25 terawatthours.

AES Gener's equity increased to CLP917 billion as of September 2006, from
CLP884 billion in September 2005, BNamericas reports.

AES 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 megawatts, 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
===============


CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels
--------------------------------------------------------------
CA Inc. named W.B. Bill Lipsin senior vice president of worldwide channels,
reporting to CA Chief Operating Officer Michael Christenson.

Mr. Lipsin has 30 years of experience in sales and operations management,
including 19 years with the channel.  He joined CA in 2005 as senior vice
president and general manager for its Western Region sales organization.

"Growth in the channel business is a top priority for CA," Christenson said.
"We will continue to develop our relationships with channel partners
worldwide by empowering them with best-in-class management technologies
needed to solve customers' most pressing IT challenges. With his experience
and proven success on both sides of the channel-vendor relationship, Bill
Lipsin will drive the development of these relationships to the next level."

Prior to CA, Lipsin was president and chief executive officer of SEEC, an
enterprise software and services vendor. Earlier, he was president and CEO
of Ironside Technologies, guiding the company's growth from a start-up of
six employees to a leading enterprise software vendor.

Mr. Lipsin also was general manager of Bay Networks Canada where he oversaw
an increase in revenue from $10 million to more than $100 million and helped
establish the company as one of the largest players in the networking
market.  Prior to that, he was senior vice president of services and
marketing for Crowntek, one of Canada's largest reseller/systems
integrators.  He also has held key positions with IBM Canada's direct and
indirect sales and marketing organizations.

"I'm very excited about leveraging CA's technology leadership to extend its
channel leadership," said Lipsin. "As enterprise IT environments become
increasingly complex -- and as nonstop performance becomes increasingly
critical to revenue -- the value proposition of CA's management software
becomes increasingly compelling to both channel partners and their
customers."

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Latin America, CA has operations in
Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


ECOPETROL: Government Discusses 20% Stake Sale
----------------------------------------------
Colombia's Senate and the nation's House of Representatives Fifth commission
started discussing the 20% stake sale proposal of Ecopetrol, the state oil
firm of the country, Prensa Latina reports.

Prensa Latina states that Ecopetrol's value is at COP14 billion, or more
than US$5.8 billion, which could be three times bigger.

Prensa Latina relates that since the president disclosed the privatization
of Ecopetrol, the deal was considered as unfeasible by:

          -- Ecopetrol,
          -- experts, and
          -- local analysts.

However, officials and pro-governmental observers are positive that some
resources brought by the transaction will resuscitate Ecopetrol and help out
some social programs, Prensa Latina notes.

According to Prensa Latina, another argument of the executive branch lies in
the decrease of hydrocarbon reserves in Colombia, which forces the country
to export to satisfy internal demand.

Hernan Martinez, the Colombian mining and energy minister, told Prensa
Latina that crude oil sales to Ecopetrol multinational partners would start
in small quantities without effect on finances.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


HEXION SPECIALTY: Eliminates Certain Defaults on Notes
------------------------------------------------------
Hexion Specialty Chemicals Inc.'s wholly owned finance subsidiaries, Hexion
U.S. Finance Corp. and Hexion Nova Scotia Finance, ULC, entered into a third
supplemental indenture to the Indenture dated as of Aug. 12, 2004, and a
supplemental indenture to the Indenture dated as of May 20, 2005.

The third supplemental indenture dated as of Oct. 26, 2006, to the Indenture
dated as of Aug. 12, 2004, by and among Hexion U.S. Finance Corp., Hexion
Nova Scotia Finance, ULC, each of the guarantors party thereto, and
Wilmington Trust Company, as Trustee, pursuant to which the Second-Priority
Senior Secured Floating Rate Notes due 2010 and the 9% Second-Priority
Senior Secured Notes due 2014 were issued.

The supplemental indenture dated as of Oct. 26, 2006, to the Indenture dated
as of May 20, 2005, by and among Hexion U.S. Finance Corp., Hexion Nova
Scotia Finance, ULC, each of the guarantors party thereto, and Wilmington
Trust Company, as Trustee, pursuant to which the Second-Priority Senior
Secured Floating Rate Notes due 2010 were issued.

The 2004 Notes Supplemental Indenture and 2005 Notes Supplemental Indenture
were entered into in connection with the Company's tender offers and consent
solicitations with respect to the 2004 Floating Rate Notes, the 9% Notes and
the 2005 Floating Rate Notes, which were commenced Oct. 12, 2006.  The
Supplemental Indentures amend the terms governing the Notes to, among other
things, eliminate most of the restrictive covenants and certain events of
default, and delete all references to collateral in the 2004 Notes Indenture
and the 2005 Notes Indenture.

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006 Standard &
Poor's Ratings Services lowered its corporate credit rating on Hexion
Specialty Chemicals Inc. to 'B' from 'B+'.  The outlook is stable.  S&P also
lowered the rating on the existing US$225 million first-lien senior secured
revolving credit facility to 'B' from 'B+'.

As reported in the Troubled Company Reporter on Oct. 19, 2006 Moody's
Investors Service assigned B3 ratings to the new guaranteed senior secured
second lien notes due 2014 of Hexion Specialty Chemicals Inc.


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

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

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

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

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

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

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

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

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

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

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

                   About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.

                        *    *    *

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

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

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

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

In Latin America, the company has operations in Argentina, Brazil and
Colombia.


* COLOMBIA: IDB Grants US$1.3 Million for Infrastructure Project
----------------------------------------------------------------
The Inter-American Development Bank approved a US$1,300,000 grant for the
regional infrastructure project in the Pasto-Mocoa Road Corridor in southern
Colombia.

The project will further the physical integration of the southern border
departments of Narino, Putumayo and Amazonas with each other, the rest of
Colombia and the neighboring countries of Ecuador, Peru and Brazil.

The executing agency for this 2-year project is Colombia's National Highway
Administration aka INVIAS.

The grant will provide technical assistance to INVIAS to carry out the
environmental, sociocultural, and economic studies needed to guarantee the
feasibility of the San Francisco-Mocoa alternate route, an integral section
of the Pasto-Mocoa road corridor.
                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing Jan. 27, 2017,
'BB'.  The rating is in line with Fitch's long-term foreign
currency rating on Colombia.  Fitch said the Rating Outlook is
Positive.


* COLOMBIA: IMF Completes Final Review of Stand-By Arrangement
--------------------------------------------------------------
The Executive Board of the International Monetary Fund has completed the
third and final review of Colombia's performance under an 18-month SDR405
million (about US$597.6 million) Stand-By Arrangement approved on April 29,
2005.

Colombia has not drawn under the arrangement, and the authorities have
indicated that they will not make any drawings before the arrangement
expires on Nov. 2, 2006.

Following the Executive Board's discussion of Colombia on
Oct. 30, 2006, Mr. Takatoshi Kato, Deputy Managing Director and Acting
Chair, said "Colombia's economy continues to perform well in 2006.  Strong
economic growth is helping to lower unemployment and poverty, while
inflation is declining in line with the authorities' targets.  The external
position remains robust, supported by favorable terms of trade and sizable
net capital inflows, while the continued moderation in the combined public
sector balance will reduce public debt further.  The economy has recovered
swiftly from the turbulences in international financial markets earlier this
year, underscoring the increased resilience of the Colombian economy in the
face of shocks.

"While demand policies will need to guard against the risk of overheating in
the short-term, the government's macroeconomic policies aim at continuity
over the next four years, consistent with the medium-term goals envisaged by
the authorities in the Fund-supported programs.  In this respect, the
authorities are framing fiscal policy with the goal of reducing public debt
to 40 percent of GDP by 2010, while monetary policy will aim at lowering
inflation to international levels over the medium term in the context of a
flexible exchange rate policy.  The authorities are proposing structural
reforms to raise sustainable economic growth and improve social conditions,
with specific reforms steps proposed in the areas of taxes,
intergovernmental transfers, and the commercial orientation of public
enterprises.  In the coming months, the authorities will present legislation
to deepen domestic financial markets and to conclude a free trade agreement
with the United States.

"Over the medium-term, the authorities' strategy of continued reforms within
a supporting framework of macroeconomic stability will enable the economy to
continue to enjoy strong investment-led growth and support a sustained
reduction in poverty," Mr. Kato said.

                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing Jan. 27, 2017,
'BB'.  The rating is in line with Fitch's long-term foreign
currency rating on Colombia.  Fitch said the Rating Outlook is
Positive.


* COLOMBIA: IFC Reports US$291 Million in Investments in 2006
-------------------------------------------------------------
The International Finance Corp., disclosed during executive vice president
Lars Thunell's visit to Colombia, that it had invested US$291 million in the
country during fiscal 2006 (July 2005 to June 2006).  This amount brings
IFC's total investments in Colombia to US$1.7 billion since 1959.

"The private sector in Colombia is the largest source of employment and
plays a crucial role in the socioeconomic development of the country," said
Mr. Thunell.  "IFC will continue its commitment to Colombia by supporting
its private sector, investing in infrastructure and supporting the banking
sector to provide greater access to finance that is indispensable to
maintaining sustainable growth."

Mr. Thunell added, "Strengthening the private sector is critical for a
country's economy and support the fight against poverty and inequality."

During his visit to Colombia, where he began his first tour of Latin
America, Mr. Thunell held meetings with President Alvaro Uribe Velez, who
expressed interest in IFC's support for increasing access to finance for
small and medium enterprises, as well as for the development of
transportation infrastructure.  The President also indicated an interest in
benefiting from IFC's experience in biofuels.  As part of his agenda in
Colombia, Mr. Thunell also met with executives from Fundacion Social and the
banks Caja Social and BCSC in order to evaluate their advances in
microentrepreneurship that IFC has helped fund.  He also met with other
representatives of the country's finance sector.

IFC's strategy is to assist the sectors that contribute most to Colombia's
economic growth. In implementing this strategy, IFC focuses on five areas of
activity:

   -- Financial sector support

      IFC will continue to support the consolidation of the
      banking sector and provide technical assistance to develop
      financial markets, facilitate SME access to long-term
      finance, and support the development of microenterprises
      through investment and non-investment products.

   -- Infrastructure

      IFC will support projects in transportation (roads,
      airports, ports, and railroads) and in electricity
      generation and transmission, with emphasis on establishing
      frameworks for public-private partnerships at the national
      and municipal levels.

   -- Extractive industries

      IFC aims to support local midsize oil and gas companies
      through equity and long-term financing, while assuring
      that projects meet high environmental, social, and
      governance standards, and that revenues are used
      transparently and effectively.  In the gas sector, IFC
      plans to support opportunities for private investment
      that have been created by a new contract model that
      reduces the state's share of hydrocarbon production.

   -- Local businesses

      IFC is working with large and midsize corporations as
      they increase their access to local financial and capital
      markets, amid an overall economic recovery and the
      strengthening of the financial sector.  IFC will continue
      providing equity and long-term financing to facilitate
      firms' expansion within the region and overseas and assist
      in the consolidation of certain sectors.  IFC's focus will
      be on export-oriented manufacturing (e.g., galvanized
      steel, food, and agribusiness), as well as on cement,
      retail chains, and petrochemicals.

   -- Environmental projects

      IFC supports the development of alternative fuels (such as
      ethanol and biodiesel) and is working to identify
      opportunities for projects in the carbon credit market
      and renewable energy.

              IFC's Innovations in Colombia

Since the 1990s, IFC has played a key role in the development of efficient
capital markets in Colombia and of a solid regulatory framework, confirming
the vitality of the country's private sector and the government's commitment
to create favorable conditions that guarantee the participation of
businesses in economic development.  In the past few years, IFC has
developed several important projects in Colombia:

   -- Helping develop the housing finance sector -- IFC provided
      a partial credit guarantee to the Colombian Housing
      Mortgage Corporation, a secondary mortgage company, for
      the issuance of Latin America's first non-performing
      mortgage loans securities.  This investment has been
      instrumental in establishing a bridge between capital
      markets and the mortgage banking industry.  The project
      has helped promote primary mortgage lending in Colombia,
      while helping build a pool of mortgage assets that will
      eventually benefit the country's capital markets.

   -- Issuing domestic bonds -- The increased use of guarantees
      and the issuance of domestic bonds have been key to
      developing local capital markets in Colombia, which have
      become a viable alternative to the banking sector,
      particularly for longer tenors.  These financial products
      have also helped to improve the debt profile of many
      Colombian companies.  To help, IFC supported the regional
      expansion of a leading privately owned Colombian
      multinational, helping it improve efficiency and upgrade
      the environmental standards of its existing facilities.

   -- Supporting the transformation of the mortgage sector --
      IFC provided a partial credit guarantee to Colombia's
      leading mortgage originator, Banco Davivienda, to
      facilitate a domestic subordinated bond issue.  The
      objective was to bolster Davivienda's capital base and
      facilitate its expansion during the recovery of the
      Colombian financial system.  With this operation, IFC
      supported the evolution of the Colombian mortgage sector,
      in which former savings and loan institutions are
      shifting their focus from financing mortgages to
      origination and securitization, and transforming
      themselves into universal banks.

   -- Helping improve corporate governance -- IFC's work to
      improve corporate governance in Colombia has been an
      integral part of our efforts to strengthen the country's
      capital market framework.  IFC has helped improve
      corporate governance practices at several of its client
      companies in the country and has sponsored training
      programs for high level executives in coordination with
      the local Chamber of Industry and Commerce, Confecamaras.

   -- Supporting microfinance -- Microfinance promotes
      development impact by fostering entrepreneurial activity
      and income generation.  IFC's recent financing to the
      Colombian WWB affiliates is expected to have an
      exceptionally high impact promoting productive
      activities, generating employment, and improving social
      equity.  IFC's financing will allow the WWB affiliates to
      extend subloans to at least 70,000 microentrepreneurs,
      most of them women who live below the country's poverty
      line.  Given the gender focus of the WWB affiliates, the
      project will also have a major impact in increasing the
      economic participation of women.  In addition, IFC's
      financing will help the WWB affiliates develop new
      long-term credit products and expand their lending
      programs into new geographic areas.

                        *    *    *

On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing Jan. 27, 2017,
'BB'.  The rating is in line with Fitch's long-term foreign
currency rating on Colombia.  Fitch said the Rating Outlook is
Positive.




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


ANIXTER INT'L: Acquires MFU Hoding's Shares for US$58MM in Cash
---------------------------------------------------------------
Anixter International Inc. had acquired all of the outstanding shares of MFU
Holding S.p.A. from the management and private equity investors.

Brescia, Italy -based MFU is a fastener distributor that complements its
product offering with a broad array of valued-added services and inventory
management programs to Original Equipment Manufacturers.  For the full year
of 2006 MFU is expected to have sales of approximately US$66 million.  Of
the projected sales approximately 80% will be in Italy, while the remainder
will be in Spain, Turkey, Germany and other
European countries.

Anixter is paying approximately US$58 million in cash consideration for MFU
and assuming approximately US$11 million of outstanding debt obligations.

Commenting on the acquisition, Bob Grubbs, President and CEO of Anixter,
said, "We are pleased to have acquired MFU and the excellent team of people
involved at the company.  It is a significant step in expanding the European
portion of our OEM Supply business from its predominately UK-based presence
to include a broader portion of the European marketplace.  We expect this
transaction to be immediately accretive to earnings."

"This acquisition not only expands the geographic scope of our OEM Supply
business, but it also brings us a very complementary customer base to our
existing base.  Given our stated goal of building a strategic platform that
will provide significant opportunity to drive organic sales growth, this
acquisition is a very good addition to our existing business," said Mr.
Grubbs.

Headquartered in Glenview, Illinois, Anixter International, is
the world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts to original
equipment manufacturers. Anixter has physical presence in 45
countries and has over 5,000,000 square feet of warehouse space.
For its Latin American operations, it has offices in Mexico,
the Dominican Republic, Costa Rica, Puerto Rico, Venezuela,
Colombia, Peru, Brazil, Argentina and Chile.

                        *    *    *

Fitch Ratings affirmed on Sept. 9, 2006, these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc. aka AI:

   Anixter

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured debt 'BB-'.

   AI

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured notes 'BB+'; and
      -- Senior unsecured bank credit facility at 'BB+'.


BANCO BHD: Closes Conversion of Republic Bank Accounts Portfolio
----------------------------------------------------------------
Banco BHD told Dominican Today that it successfully concluded the conversion
of the Republic Bank's personal services portfolio to the Banco BHD systems.

Dominican Today relates that Banco BHD had disclosed on Oct. 5 its
acquisition of the Republic Bank's personal and banking portfolio.

According to Dominican Today, the operation that responds to a policy to
develop the enterprise strengthens Banco BHD's presence in the clients'
market and expands its network of branches to over 80 offices and 180
automatic cash machines across Dominican Republic.

The acquired experience in similar processes and the adequate technological
platform, allowed for completion of the transfer of clients, accounts,
cards, offices and cash machines in barely 25 days, Banco BHD told Dominican
Today.

                        *    *    *

As reported in the Troubled Company Reporter on May 22, 2006, Fitch upgraded
the foreign currency long-term Issuer Default Rating of Banco BHD to 'B'
from 'B-'.  Fitch has also affirmed Banco BHD and Republic Bank's other
international and national ratings.  These actions follow Fitch's recently
announced upgrade of the Dominican Republic's long-term foreign currency IDR
to 'B'.




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


MILLIPORE CORP: Posts US$330.1MM Third Quarter 2006 Revenues
------------------------------------------------------------
Millipore Corp. reported that revenues third quarter ended
Sept. 30, 2006, grew 38% totaling US$330.1 million.  Changes in foreign
exchange rates during the quarter increased total revenue growth by 2%.

Millipore completed its acquisition of Serologicals during the third
quarter.  Excluding the impact of Serologicals and currency rate changes,
Millipore's total revenue growth in the third quarter was 10%, which
included 13% growth in its Bioprocess Division and 6% growth in its
Bioscience Division.

The company reported third quarter net income of US$14.8 million, or US$0.27
per share, compared to net income of US$22.9 million or US$0.44 per share in
the third quarter of 2005.  Non-GAAP net income grew approximately 20% in
the third quarter totaling US$37.1 million, or US$0.69 per share, compared
to non-GAAP net income of US$31.1 million, or US$0.59 per share in the third
quarter of 2005.  A reconciliation of all GAAP to non-GAAP financial
measures is provided in the company's financial tables accompanying this
press release.

For the first nine months of 2006, Millipore reported total revenues of
US$872.3 million.  Excluding the impact of Serologicals and currency rate
changes, total revenue growth was 11%, compared to the company's full-year
2006 guidance of 10 to 12%.  The company reported nine-month net income of
US$78.5 million, or US$1.45 per share, compared to net income of US$79.2
million, or US$1.55 per share in 2005.  Non-GAAP net income for the first
three quarters of 2006 was US$115.8 million, or US$2.14 per share, compared
to US$100.6 million, or US$1.97 per share in 2005.

"The initiatives we are implementing to accelerate our performance are
working and we are on track to generate a second straight year of attractive
organic revenue growth, while increasing our non-GAAP profitability," said
Martin Madaus, Chairman & CEO of Millipore.  "We are executing well and
building a strong pipeline of opportunities in both divisions.  Our
Bioscience Division generated a strong quarter in North America for our
laboratory water and sample preparation products, while our Bioprocess
Division continues to benefit from healthy demand for our filtration and
chromatography products.

"Since the beginning of 2005, we have broadened our product portfolio and
significantly improved our performance.  We are participating in many new
and attractive market segments, and our long-term growth prospects are
stronger today than they were in the past.  Over the next three quarters, we
will be focused on completing the integration of Serologicals and fully
capturing the value of this transaction.  We are applying many of the same
strategies and initiatives to the integration that we have applied to
improve our own performance over the past seven quarters.  Despite a slow
start in certain segments of Serologicals' business, our success in driving
operational improvements and cost synergies will enable us to meet our
guidance of US$3.00 to US$3.10 in non-GAAP earnings per share for 2006."

                  Third Quarter Highlights

   -- Strong quarter in North America for laboratory water and
      sample preparation & biotools business units;

   -- Bioprocess growth benefited from strong demand for virus
      filtration and chromatography media;

   -- Completed acquisition of Serologicals on July 14, 2006;
      third quarter results reflect 11 weeks of Serologicals
      financial performance;

   -- Opened new US$50 million R&D Center for Bioprocess
      Division; and

   -- Successfully reached mid-point of five year Global Supply
      Chain Initiative; project on track to deliver US$40
      million of annual savings by 2009 and will cost US$10
      million less than original forecast

Headquartered in Billerica, Massachusetts, Millipore Corp., is a
bioprocess and bioscience products and services company.  The
Bioprocess division offers solutions that optimize development
and manufacturing of biologics.  The Bioscience division
provides high performance products and application insights that
improve laboratory productivity.  The company has presence in 18
Latin American countries including Chile, El Salvador and
Trinidad and Tobago.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Medical Device sector, the rating agency
confirmed its Ba1 Corporate Family Rating for Millipore Corp.

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


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Unsec. Notes
   due 2007               Ba2      Ba2    LGD5         72%

   Sr. Unsec.
   EURO-Denominated
   Notes due 2016         Ba2      Ba2    LGD5         72%




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


HUNTSMAN INT: Prices & Increases Size of Offering of Sr. Notes
--------------------------------------------------------------
Huntsman International LLC, a wholly owned subsidiary of Huntsman Corp., has
priced its previously announced private offering of euro and U.S. dollar
denominated senior subordinated notes, which will carry interest rates of
6-7/8% and 7-7/8%, respectively.  The offering size has been increased from
the previously announced US$400 million in U.S. dollar equivalents to euro
400 million in euro denominated notes and US$200 million in dollar
denominated notes, or approximately US$708 million of combined US dollar
equivalents.  The euro notes will mature
Nov. 15, 2013, and the dollar notes will mature Nov. 15, 2014.

The closing of the senior subordinated notes offering is expected to occur
on Nov. 13, 2006, and is subject to the satisfaction of customary closing
conditions.  The company intends to use the estimated net proceeds of
approximately US$699 million in dollar equivalents to redeem all
(approximately US$366 million) of its outstanding dollar denominated 10-1/8%
senior subordinated notes, and a portion (approximately EUR258 million) of
its outstanding euro denominated 10-1/8% senior subordinated notes, due
2009, subject to completion of the offering.  In conjunction with this
redemption of notes, the company expects to record loss on early
extinguishment of debt in the fourth quarter of 2006 of approximately US$12
million.

Kimo Esplin, Chief Financial Officer of Huntsman Corp, stated, "the nearly
3% improved interest rate on the refinanced notes demonstrates the company's
strong credit profile and will result in the company reducing its annual
interest expense by approximately $17 million."

The offering has been made only to qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933 and outside the
United States in accordance with Regulation S under the Securities Act.

Huntsman is globally manufactures and markets differentiated and commodity
chemicals.  Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture, appliances
and packaging.

Originally known for pioneering innovations in packaging, and later, for
rapid and integrated growth in petrochemicals, Huntsman has 15,000 employees
and 78 operations in 24 countries including Argentina, Brazil, Chile,
Colombia, Panama, Mexico and Guatemala.  The company had 2005 revenues of
US$13 billion.

                        *    *    *

Standard & Poor's Ratings Services assigned on Oct. 31, 2006, its 'B' rating
to Huntsman International LLC's proposed senior subordinated notes due 2014
and 2013.  The 'B' rating is two notches below the corporate credit rating
to reflect the deeply subordinated position of the noteholders versus
approximately US$3.1 billion of senior and secured debt obligations in the
capital structure as of Sept. 30, 2006.




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


AIR JAMAICA: Cabinet Deciding on Latest Proposals for Airline
-------------------------------------------------------------
The Jamaican Cabinet will decide whether it will accept the latest proposals
to save the financially troubled Air Jamaica, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2006,
the sub-committee reviewed proposals concerning the future of Air Jamaica.
As previously reported, the Jamaican government's Cabinet did not approve
Air Jamaica's proposed new business plan.  Donald Buchanan -- the newly
installed minister of information and development -- said that after
reviewing the plan against the background of Air Jamaica's financial
situation, the cabinet felt that there was a need for additional and better
particulars about the plan.  The cabinet referred the plan to its standing
sub-committee that monitors the airline.

Radio Jamaica relates that after two days of meeting with Air Jamaica's
management, the sub-committee presented a report to the Cabinet.  However,
there were indications that the Cabinet was far from satisfied with the
latest business plan.

Mr. Buchanan said during the weekly post Cabinet media briefing that the
sub-committee was told that the Jamaican government isn't prepared to spend
over US$30 million, which it had agreed to give to Air Jamaica yearly.

While more specifics are stated in the latest business plan, the Cabinet
believed that additional information was need, Radio Jamaica says, citing
Mr. Buchanan.

Mr. Buchanan said that the Cabinet emphasized the issues of re-fleeting and
the proposed re-negotiation of current leases as critical parts in any plan
to save Air Jamaica, Radio Jamaica notes.

The Cabinet was prepared to address the US$136 million loss recorded by Air
Jamaica in 2005 as a separate issue, Mr. Buchanan told Radio Jamaica.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

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


AIR JAMAICA: Labor Party Upset at Being Excluded from Talks
-----------------------------------------------------------
The Jamaica Labor Party was offended at being excluded from important
discussions to decide on the future of Air Jamaica, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2006,
the special sub-committee started reviewing proposals for Air Jamaica.

According to Radio Jamaica, the sub-committee held a two-day meeting.

Mike Henry, the opposition spokesperson on transport, questioned why
bi-partisan talks were not held, Radio Jamaica notes.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

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




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


ALLIS-CHALMERS: Extends Notes Swap Offer Expiration to Nov. 22
--------------------------------------------------------------
Allis-Chalmers Energy, Inc., has extended the expiration of the exchange
offer relating to its 9% Senior Notes due 2014 until  5:00 p.m., New York
City time, on Nov. 22, 2006.

The extension is due to the pending dissemination of financial information
relating to its completed acquisition of Petro-Rentals, Incorporated, and
its pending acquisition of all the assets of Oil & Gas Rental Services, Inc.

The exchange offer is being made by the Company's prospectus with respect to
the exchange offer and the related letter of transmittal.

Copies of the prospectus and letter of transmittal may be obtained from the
exchange agent for the exchange offers at:

By Registered or Certified Mail:

                Wells Fargo Bank, N.A.
                MAC N9303-121
                P.O. Box 1517
                Minneapolis, MN 55480-1517
                Attn: Corporate Trust Operations

By Regular Mail, Hand or Overnight Delivery:

                Wells Fargo Bank, N.A.
                Sixth and Marquette
                MAC N9303-121
                Minneapolis, MN 55479
                Attn: Corporate Trust Operations

For Assistance (for eligible institutions):

                Tel.: (800) 344-5128
                Fax: (612) 667-4927

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

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006, Moody's
Investors Service in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sector, confirmed its B3
Corporate Family Rating for Allis- Chalmers Energy Inc.  Moody's also
affirmed its B3 rating on the company's 9% Senior Unsecured Guaranteed
Global Notes Due 2014, and assigned the debentures an LGD4 rating suggesting
a projected loss-given default of 54%.

As reported in the Troubled Company Reporter on July 31, 2006, Standard &
Poor's Ratings Services affirmed its 'B-' rating on Allis-Chalmers Energy
Inc.'s proposed US$80 million senior notes issuance due 2014.  The rating
service also affirmed its 'B-' corporate credit rating on the company.  S&P
said the outlook is stable.


GUESS? INC: Posts Third Quarter 2006 Net Earnings of US$48.4MM
--------------------------------------------------------------
Guess?, Inc., reported record net earnings of US$48.4 million for the third
quarter of 2006, an increase of 133.8% compared with net earnings of US$20.7
million for the quarter ended
Oct. 1, 2005.  Diluted earnings per share increased 128.3% to US$1.05 per
share in the current quarter versus US$0.46 per share in the third quarter
of last year.

Paul Marciano, Co-Chairman and Co-CEO, commented, "We are very pleased with
our outstanding financial performance in the third quarter.  Our results
represent record-setting levels of revenues, operating margin, net earnings
and earnings per share, compared withany quarter in the company's history.
Our revenues and earnings came in stronger than our expectations across all
businesses and geographic regions of the world. Our operating results show
the power and the potential of our business model with each of our
businesses achieving significant growth and margin expansion in the quarter.
As a result, the company's operating margin expanded by 780 basis points --
a great achievement."

Mr. Marciano stated, "Starting with North America, we had a very strong
quarter.  Our retail business delivered top line growth of 14% and increased
operating earnings by 38%.  The wholesale segment increased revenues by 38%
and increased operating earnings nearly fivefold."

Mr. Marciano concluded, "Our results demonstrate that our business model
today is a unique one, more balanced and diversified.  Europe had a
remarkable third quarter and was the largest contributor to our results,
generating nearly a third of our revenues and more than half of our
operating profit.  We see even greater opportunity in that region as we
expand into northern and eastern Europe.  As our European business continues
to gain traction and momentum, we are now focusing on new opportunities,
such as Asia."

Total net revenue for the third quarter of 2006 increased 31.3% to US$348.7
million from US$265.6 million in the third quarter of 2005.  The company's
retail stores in the U.S. and Canada generated revenue of US$178.1 million
in the third quarter of 2006, a 13.9% increase from US$156.3 million, as
reported in the prior-year period.  Comparable store sales increased 8.6%
during the third quarter of 2006 versus the prior-year period.

Net revenue from the company's wholesale segment increased 37.8% to US$42.7
million in the third quarter of 2006, from US$31.0 million in the prior-year
period.  Net revenue from the company's European operations segment
increased 73.1% to US$111.5 million in the third quarter of 2006, compared
withUS$64.4 million in the prior-year period. Licensing segment net revenue
increased 18.3% to US$16.4 million in the third quarter of 2006, from
US$13.9 million in the prior-year period. The company operated 330 retail
stores in the U.S. and Canada at the end of the third quarter 2006 versus
305 stores a year earlier.

Operating earnings for the third quarter of 2006 increased 108.7% to US$74.0
million from US$35.5 million in the third quarter of 2005. Operating margin
in the third quarter improved 780 basis points to 21.2%, compared to the
prior year's quarter.  This margin expansion was driven by a gross margin
increase of 390 basis points to 47.0%, and an SG&A expense rate reduction of
390 basis points to 25.8% in the period.

                     Nine-Month Results

For the nine months ended Sept. 30, 2006, the company reported net earnings
of US$77.5 million, an increase of 134.7% compared with net earnings of
US$33.0 million for the nine months ended Oct. 1, 2005. Diluted earnings per
share increased 128.4% to US$1.69 per share in the first nine months of 2006
versus US$0.74 per share in the comparable period last year.  The nine
months ended Sept. 30, 2006, had 273 days compared with274 days in the nine
months ended Oct. 1, 2005.

Total net revenue increased 27.2% to US$838.8 million in the 2006 nine-month
period from US$659.4 million in the prior-year period.  The company's retail
stores in the U.S. and Canada generated revenue of US$481.0 million for the
first nine months of 2006, an increase of 18.6% from US$405.7 million in the
prior-year period.  Comparable store sales increased 13.0% during the first
nine months of 2006.  Net revenue from the company's wholesale segment in
the first nine months of 2006 increased 18.4% to US$104.3 million from
US$88.1 million in the first nine months of 2005.  Net revenue from the
company's European operations segment increased 60.0% to US$209.5 million in
the first nine months of 2006, compared withUS$131.0 million in the
prior-year period.  Licensing segment net revenue was US$43.9 million in the
first nine months of 2006, a 26.8% increase from US$34.6 million for the
prior-year period.

Operating earnings for the first nine months of 2006 increased 108.8% to
US$121.9 million from US$58.4 million in the first nine months of 2005.
Operating margin for the first nine months of 2006 improved by 560 basis
points to 14.5%.  This margin expansion was driven by a gross margin
increase of 300 basis points to 42.9% and a decrease in SG&A of 260 basis
points to 28.4% in the period.

                 October 2006 Retail Sales

The company also reported retail sales for our stores in the U.S. and Canada
for fiscal Oct. 2006. Total October retail sales for the month ended Oct.
28, 2006, were US$53.5 million, an increase of 17.6% from sales of US$45.5
million for the month ended Oct. 29, 2005.  Comparable store sales for
October 2006 increased 11.8%, which follows an increase of 12.3% for the
October 2005 period.

                     Outlook for 2007

The company has reinstated issuing earnings guidance.  For the 2007 fiscal
year, the company's expectations are:

   -- Consolidated net revenues are expected to range from
      US$1.30 billion to US$1.35 billion.

   -- Operating margin is expected to be in the mid-teens.

   -- Diluted earnings per share are expected to be in the range
      of US$2.75 to US$2.85.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company reporter on March 13, 2006,
Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


KANSAS CITY: Declares Pref. Stock Dividend of US$0.25 Per Share
---------------------------------------------------------------
Kansas City Southern's board of directors declared a cash dividend of US$.25
per share on KCS' outstanding 4% Non-Cumulative Preferred stock.  This
dividend will be payable
Jan. 16, 2007, to stockholders of record at the close of business on Dec.
29, 2006.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama.  Its primary U.S. holdings include The Kansas
City Southern Railway Company, serving the central and south
central U.S. Its international holdings include Kansas City
Southern de Mexico, S.A. de C.V., serving northeastern and
central Mexico and the port cities of Lazaro Cardenas, Tampico
and Veracruz, and a 50 percent interest in Panama Canal Railway
Company, providing ocean-to-ocean freight and passenger service
along the Panama Canal.  KCS' North American rail holdings and
strategic alliances are primary components of a NAFTA Railway
system, linking the commercial and industrial centers of the
U.S., Mexico and Canada.

                        *    *    *

As reported in the Troubled Company Reporter on May 22, 2006,
Standard & Poor's Ratings Services lowered its preferred stock
ratings on Kansas City Southern to 'D' from 'C' and removed the
ratings from CreditWatch where they were initially placed on
March 23, 2006; ratings were previously lowered on April 4 and
May 1 and maintained on CreditWatch with negative implications.

Standard & Poor's other ratings on Kansas City Southern,
including its 'B' corporate credit rating, remain on CreditWatch
with negative implications, where they were initially placed
April 4, 2006.  Ratings were lowered on April 10 and maintained
on CreditWatch.


KRISPY KREME: Settles Securities Class Action & Derivative Suit
---------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., disclosed that the company, acting with the
approval of the Special Committee of its Board of Directors, has entered
into a Stipulation and Settlement Agreement with the lead plaintiffs in the
pending securities class action, the plaintiffs in the pending derivative
action and all defendants named in the class action and derivative action,
except for the company's former Chairman and Chief Executive Officer,
providing for the settlement of the securities class action and the
derivative action on the terms.  Both the class action and derivative action
settlements are subject to preliminary and final approval of the United
States District Court for the Middle District of North Carolina.

With respect to the securities class action, the Stipulation provides for
the certification of a class consisting of all persons who purchased the
company's publicly traded securities between March 8, 2001, and Apr. 18,
2005, inclusive.  The settlement class will receive total consideration of
approximately US$75 million, consisting of a cash payment of US$34,967,000
to be made by the company's directors' and officers' insurers, a cash
payment of US$100,000 to be made by the company's former Chief Operating
Officer, John W. Tate, a cash payment of US$100,000 to be made by the
company's former Chief Financial Officer, Randy Casstevens, a cash payment
of US$4,000,000 to be made by the company's independent registered public
accounting firm, and common stock and warrants to purchase common stock to
be issued by the company having an aggregate value of US$35,833,000 (based
on the current market price of the company's common stock).

All claims against defendants will be dismissed with prejudice; however,
claims that the company may have against Scott A. Livengood, the company's
former Chairman and Chief Executive Officer, that may be asserted by the
company in the derivative action for contribution to the securities class
action settlement or otherwise under applicable law are expressly preserved.
The Stipulation contains no admission of fault or wrongdoing by the company
or the other defendants.

With respect to the derivative litigation, the Stipulation provides for the
settlement and dismissal with prejudice of all claims against defendants
except for claims against Mr. Livengood.  The company, acting through its
Special Committee, settled claims against Mr. Tate and Mr. Casstevens for
these considerations:

   -- Messrs. Tate and Casstevens each agreed to contribute
      US$100,000 in cash to the settlement of the securities
      class action;

   -- Mr. Tate agreed to cancel his interest in 6,000 shares of
      the company's common stock; and

   -- Messrs. Tate and Casstevens agreed to limit their claims
      for indemnity from the company in connection with future
      proceedings before the Securities and Exchange Commission
      or the United States Attorney for the Southern District of
      New York to specified amounts.

The company, acting through its Special Committee, has been in negotiations
with Mr. Livengood but has not reached agreement to resolve the derivative
claims against him and counsel for the derivative plaintiffs are deferring
their application for fees until conclusion of the derivative actions
against Mr. Livengood.  All other defendants named in the derivative action
will be dismissed with prejudice without paying any consideration,
consistent with the findings and conclusions of the company's Special
Committee in its report of August 2005.

"The settlement of these legal matters represents a significant step in the
turnaround of Krispy Kreme," said Daryl Brewster, President and Chief
Executive Officer.

The company estimates that, based on the current market price of its common
stock, it will issue approximately 1,875,000 shares of its common stock and
warrants to purchase approximately 4,400,000 shares of its common stock in
connection with the Stipulation.  The exercise price of the warrants will be
equal to 125% of the average of the closing prices of the company's common
stock for the 10-day period surrounding the filing of its Annual Report on
Form 10-K for the fiscal year ended
Jan. 29, 2006.  The company has recorded a non-cash charge to earnings in
fiscal 2006 of US$35,833,000, representing the estimated fair value of the
common stock and warrants to be issued by the company.  The company has
recorded a related receivable from its insurers in the amount of
US$34,967,000, as well as a liability in the amount of US$70,800,000
representing the aggregate value of the securities to be issued by the
company and the cash to be paid by the insurers.  The settlement is
conditioned upon the company's insurers and the other contributors paying
their share of the settlement.  The provision for settlement costs will be
adjusted to reflect changes in the fair value of the securities until they
are issued following final court approval of the Stipulation, which the
company anticipates will occur in late calendar 2006 or early calendar 2007.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


KRISPY KREME: Grants 420,000 Common Shares to Executives
--------------------------------------------------------
The Compensation Committee of the Board of Directors of Krispy Kreme
Doughnuts Inc. approved grants of stock options for an aggregate of 900,000
shares of the Company's common stock, including grants to its executive
officers.

The Company disclosed that the grants included:

      Executive Officer                      No. of Shares
      ----------------                       -------------
      Jeffrey L. Jervik                         150,000
      Executive Vice President - Operations

      Douglas R. Muir                           120,000
      Chief Accounting Officer

      Michael C. Phalen                         150,000
      Chief Financial Officer

The Company also disclosed that the date of grant will be the second trading
day following the filing of its Annual Report on Form 10-K for the fiscal
year ended Jan. 29, 2006.  The grants will be made under the Company's 2000
Stock Incentive Plan and a Nonqualified Stock Option Agreement.  The
exercise price of the options will be the closing price of the Company's
common stock on the New York Stock Exchange on the date of the grant.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme (NYSE:
KKD) -- http://www.krispykreme.com/-- is a branded specialty retailer of
premium quality doughnuts, including the Company's signature Hot Original
Glazed.  There are currently approximately 320 Krispy Kreme stores and 80
satellites operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings LLC is a
majority-owned subsidiary and franchisee partner of Krispy Kreme Doughnuts,
Inc., in the Philadelphia region.  Freedom Rings operates six out of the
approximately 360 Krispy Kreme stores and 50 satellites located worldwide.
The Company filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and
Matthew Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP, represent
the Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC, is a
97%-owned unit of Krispy Kreme.  Glazed filed for chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932). The bankruptcy filing
will facilitate the sale of 12 Krispy Kreme stores, as well as the franchise
development rights for Colorado, Minnesota and Wisconsin, for approximately
US$10 million to Westward Dough, the Krispy Kreme area developer for Nevada,
Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove, Esq., at Perkins Coie
LLP represents Glazed in its restructuring efforts.  When Glazed filed for
protection from its creditors, it estimated assets and debts between US$10
million to US$50 million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act. Pursuant to
the Court's Initial Order, Ernst & Young Inc. was appointed as Monitor in
KremeKo's CCAA proceedings.  The Monitor is attempting to sell the KremeKo
business.


KRISPY KREME: Files Form 10-K for Fiscal Year Ended Jan. 29
-----------------------------------------------------------
Krispy Kreme Doughnuts, Inc., has filed with the U.S. Securities and
Exchange Commission its Form 10-K for the fiscal year ended
Jan. 29, 2006.

For fiscal 2006, the company reported revenues of US$543 million, and a net
loss of US$136 million, which included non-cash impairment charges of US$54
million and a non-cash charge of US$36 million related to the settlement of
litigation.

"The filing of the Form 10-K for fiscal 2006 represents another significant
step in the turnaround of Krispy Kreme," said Daryl Brewster, President and
Chief Executive Officer.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


PORTRAIT CORP: Court Sets Nov. 28 as Proofs of Claim Bar Date
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set 5:00
p.m., eastern time, on Nov. 28, 2006, as the last day for persons owed money
by Portrait Corp. of America Inc. and its debtor-affiliates to file their
proofs of claim against the Debtors.

The Bar Date applies to claims that arose on or prior to
Aug. 31, 2006.

The Proofs Of Claim must be received on or before the Bar Date by:

   a) if by mail:

      The U.S. Bankruptcy Court
      Southern District of New York
      Attn: Portrait Corp. of America Claims Processing
      Bowling Green Station
      P.O. Box 5074
      New York, NY 10274-5074

   b) if by messenger or overnight courier:

      Office of the Clerk
      The U.S. Bankruptcy Court
      Southern District of New York
      Re: Portrait Corp. of America Claims Processing
      One Bowling Green, New York, NY 10274

                   About Portrait Corp.

Portrait Corp. of America, Inc. -- http://pcaintl.com/--  
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also operates a modular
traveling business providing portrait photography services in additional
retail locations and to church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.


VALASSIS COMM: Earns US$6.6 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
Valassis Communications Inc. disclosed its financial results for the third
quarter ended Sept. 30, 2006.  The company reported quarterly revenues of
US$248.9 million, down 6.5% from the third quarter of 2005.  Third-quarter
net earnings were US$6.6 million.  Earnings prior to US$10.1 million (net of
tax) in charges related to the proposed acquisition of ADVO and the
subsequent lawsuit to rescind the agreement and US$2.3 million of
non-recurring charges taken in the third quarter were US$19.0 million.

"While we have made important progress in some areas of our business,
year-to-date, our 2006 performance has fallen short of expectations," said
Alan F. Schultz, Valassis Chairman, President and CEO.  "Clearly, the free-
standing insert industry continues to be very price competitive, and in
fact, the revenue and profit decline in this segment of our business in Q3
is entirely attributable to pricing.  This competitive pricing environment
will also negatively impact 2007 FSI revenue and profitability.

"Accordingly, we have refocused our efforts on our Strategic Growth
Initiative, which has been geared toward attaining sustainable growth and
the enhancement of shareholder value.
We are confident in and committed to this plan for growth, which addresses
four key strategies designed to: grow and diversify our revenue base;
restore and enhance profit margins across all business units; leverage data,
technology and analytics to enhance our competitive advantage; and enrich
and evolve our strong traditions and culture," Mr. Schultz added.

SG&A expense for the third quarter of 2006 includes US$6.4 million in costs
related to the close-down of both the French agency business and the
eSettlement business unit of NCH and expenses related to the proposed ADVO
acquisition and subsequent efforts to rescind the merger agreement.  Without
these charges, SG&A expense was down 3.9% to US$32.2 million compared to the
third quarter of 2005 due to reductions in headcount and incentive
compensation expenses, partially offset by the inclusion of US$1.4 million
in stock option expense in accordance with FAS123R.

The Company had Cash and auction-rate securities of US$167.5 million at the
end of the quarter.

The company's debt position, net of cash and auction-rate securities, was
US$92.4 million at quarter-end.

On Oct. 2, 2006, Valassis paid a cash settlement in the amount of US$11.3
million in connection with the termination of a US$400 million interest-rate
swap contract.  In addition, the Company did not exercise its US$400 million
interest-rate swaption contract, which expired Sept. 28, 2006, for which it
paid a premium of approximately US$1.0 million.  Both of these contracts
were entered into as a bridge hedge for a portion of the acquisition
financing related to the proposed ADVO transaction pursuant to a merger
agreement, which Valassis is now seeking to rescind.  These charges have
been included in interest expense during the quarter ended Sept. 30, 2006.
In addition, on Sept. 28, 2006, the company replaced its bridge hedge by
entering into a new US$400 million swaption contract.  The premium paid for
the new swaption was approximately US$2.1 million, representing the maximum
cost to be recognized as interest expense as the swaption is marked to
market over the reporting period through Feb. 28, 2007.

Capital expenditures through the first nine months of 2006 were US$8.4
million in comparison to US$22.0 million for the first nine months of 2005.
The company expects capital expenditures to be substantially less than the
US$20 million level originally forecasted for 2006.

Business Segment Discussion

   -- Market Delivered Free-Standing Insert: Co-op FSI revenues
      for the third quarter were US$105.9 million, down 7.1%
      from the third quarter of 2005.  This decrease was due to
      a reduction in FSI pricing compared to the third quarter
      of 2005.  As expected, Valassis' FSI market share during
      the third quarter of 2006 was up modestly versus the first
      half of 2006.  Management noted that FSI cost of goods
      sold was down by approximately 3% for the quarter on a
      cost per thousand  basis due to reductions in media
      insertion rates and the cost of paper.

   -- Market Delivered Run of Press: ROP revenues, generated
      from the brokering of advertising space on behalf of
      newspapers, were down 17.4% in the third quarter to
      US$24.6 million due to a change in mix to more fee-based
      business versus margin-based business.  While ROP revenues
      were down, the company earned US$4.4 million in profit for
      ROP for the quarter, an increase of 104.4% over the third
      quarter of 2005.

   -- Neighborhood Targeted Products: Neighborhood Targeted
      product revenues decreased 10.0% for the quarter to
      US$79.0 million.  This segment continued to be impacted by
      a pullback in spending due to industry consolidations in
      the telecommunications and appliance manufacturing
      industries, and the reduction in spending of a specialty
      retail customer.  As expected, the company had a strong
      quarter in the sampling business.

   -- Household Targeted Products: Household Targeted product
      revenues were flat for the third quarter at US$12.6
      million, as a result of securing new business to offset
      the loss of revenue associated with the discontinuance of
      PreVision's agency business.  The Household Targeted
      product segment continued to be profitable.

   -- International & Services: International & Services
      revenues are comprised of NCH Marketing Services, Valassis
      Canada and Promotion Watch.  International & Services
      reported revenues of US$26.8 million for the third
      quarter, up 22.4%, driven by increased revenue from the
      French media business and Valassis Canada.  During the
      quarter, the company recognized a US$1.7 million non-
      recurring charge, net of tax, related to the close-down of
      the French agency business as it continues to transition
      to a media-based business model.  The company also closed
      down the eSettlement unit of NCH with an associated
      US$600,000 non-recurring charge, net of tax.

                           Outlook

"Regarding our current 2006 EPS guidance range of US$1.60 to US$1.80 per
share, we still have some selling time left in the year and some hard work
to do to get to the low end of this range, excluding transaction costs and
other, one-time charges," said Mr. Schultz.

"Additionally, several factors, including the pending outcome of the ADVO
litigation and continuing negotiations of the remaining FSI business to be
contracted for 2007, suggest that now is not the best time to provide 2007
EPS guidance.  At the same time, we believe existing contracts and those
currently in negotiation are expected to lead to a pricing decline next
year, similar to the one experienced in 2006, which is approximately 10
percent,"
Mr. Schultz concluded.

                       About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc. (NYSE:
VCI) -- http://www.valassis.com/-- provides marketing services to
consumer-packaged goods manufacturers, retailers, technology companies and
other customers with operations in the United States, Europe, Mexico and
Canada.  Valassis' products and services portfolio includes:
newspaper-delivered promotions and advertisements such as inserts, sampling,
polybags and on-page advertisements; direct-to-door advertising and
sampling; direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning and analytic
services.  Valassis has been listed as one of FORTUNE magazine's "Best
Companies to Work For" for nine consecutive years.  Valassis subsidiaries
include Valassis Canada, Promotion Watch, Valassis Relationship Marketing
Systems, LLC and NCH Marketing Services, Inc.

                        *    *    *

Moody's Investors Service downgraded Valassis Communications, Inc.'s senior
unsecured note ratings to Ba1 from Baa3.  Moody's also assigned a Ba1
Corporate Family Rating, Ba1 Probability of
Default Rating, and LGD4 loss given default assessments to Valassis' debt
securities.




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


CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bil.
--------------------------------------------------------------
CB Richard Ellis Group Inc. has entered into a definitive agreement to
acquire Trammell Crow Company for US$49.51 per share of common stock in
cash.

The acquisition will expand CB Richard Ellis' global leadership and
strengthen its ability to provide integrated account management and
outsourcing solutions.

The transaction is valued at approximately US$2.2 billion, including the
assumption of Trammell Crow Company's corporate debt as well as transaction
and integration costs.

It is expected to close either in late 2006 or early 2007, subject to
approval by Trammell Crow Company's shareholders and federal regulatory
agencies as well as other customary conditions.

Upon completion of the transaction, the Company will have combined pro-forma
2006 revenues of approximately US$4.4 billion and 21,000 employees.

It would be the first commercial real estate services company to qualify for
the FORTUNE 500 list of the largest U.S. corporations. The combination of
the two companies is expected to generate meaningful net expense synergy
savings.

"Our strategic objective has long been to create the market-leading
commercial real estate services firm delivering comprehensive solutions to
our clients.  Well targeted acquisitions have played a pivotal role in our
strategy," CB Richard Ellis' president and chief executive officer Brett
White said.

"With the acquisition of Insignia in 2003, we achieved preeminence in our
transaction business.  Now the acquisition of Trammell Crow Company creates
the best-in-class corporate outsourcing and institutional property
management business, and further augments our transaction business.

"Trammell Crow Company is one of the premier service companies in our
industry, with a rich history, dedicated employees and strong management, a
stellar client base and core competencies that are highly complementary to
our own."

Trammell Crow Company provides integrated outsourcing solutions for a stable
of prestigious corporate clients, and the combined company will provide
services to more than 85% of the Fortune 100.

As a result of the transaction, CB Richard Ellis' contractual revenues
associated with outsourcing activities are anticipated to increase from
approximately 8% to 18% of total revenues, based on 2006 expected results.

Upon completion of the transaction, Trammell Crow Company's Development and
Investment business will be run as a wholly owned but independently operated
subsidiary.

It will retain the highly valued Trammell Crow Company brand name. Robert E.
Sulentic, chairman and chief executive officer of Trammell Crow Company,
will join CB Richard Ellis as Group President with responsibility for the
Development and Investment business as well as the Company's EMEA and
Asia-Pacific operations.

Cal Frese, CB Richard Ellis' president, Americas Region, said: "We are
excited about having the Trammell Crow Company team join with ours and its
service offerings becoming a valuable part of our platform.

"Importantly, both companies have very similar and proud heritages that are
embedded in their corporate cultures, and which highly value integrity, work
ethic and customer service excellence.

"We've had terrific success with integrating large service companies in the
past, based on the idea of adopting the best people, processes and ideas of
both companies, and we believe this integration will also succeed because of
the similar cultures and business fit."

The Company plans to issue US$2.2 billion of term loans to finance the
transaction, and will also amend or refinance its existing US$600 million
revolving credit facility.

In addition, the Company plans to sell Trammell Crow Company's approximately
20% ownership interest in Savills, plc, a real estate services provider in
the United Kingdom.

The Company's initial view, to be refined at a later date, is that on a
pro-forma basis, assuming the transaction had been completed on Jan. 1,
2006, and after giving effect to the first-year expected net expense synergy
savings and excluding one-time transaction and integration costs, the
transaction would generate incremental percentage earnings accretion per
share in the low teens.

Los Angeles, Calif.-based CB Richard Ellis Group, Inc. (NYSE: CBG) --
http://www.cbre.com/-- a FORTUNE 1000 company, is a commercial real estate
services firm.  With approximately 14,500 employees, the Company serves real
estate owners, investors, and occupiers through more than 200 offices
worldwide (excluding affiliate and partner offices).  CB Richard Ellis
offers strategic advice and execution for property sales and leasing;
corporate services; property, facilities and project management; mortgage
banking; investment management; appraisal and valuation; research and
consulting.  In Latin America, CB Richard Ellis has operations in Argentina,
Brazil, Chile, Mexico, Panama, Peru, Venezuela and Caribbean countries.


CB RICHARD: Moody's Affirms Senior Bank Credit Facility at Ba1
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of CB Richard Ellis Services,
Inc., with a stable outlook following the announcement that CBRE will
acquire Trammell Crow Company in a transaction valued at US$2.2 billion.

This transaction will solidify CB Richard Ellis' leadership position as a
commercial real estate services provider in the U.S. market, and materially
shift its services platform to less volatile business lines.  CBRE's
property and facilities management business currently contributes 8% of
total revenue, and should shift to 18% after closing.

Tempering these positive attributes is the fully-leveraged nature of this
transaction.  CB Richard Ellis plans to fund the Trammell Crow acquisition
with US$2.2 billion of term loan debt, which will increase initial net debt
to EBITDA to between 2.5x and 3x.  The stable rating outlook reflects
Moody's expectation that CBRE will paydown acquisition debt with operating
cash flow over the next few years without incurring additional debt, while
successfully integrating Trammell Crow and sustaining its EBITDA margins in
the high-teens.

Ratings improvement is dependent upon CBRE's ability to further develop its
worldwide franchise with at least equal shares of revenue from the Americas,
EMEA, and Asia-Pacific, while growing and stabilizing its EBITDA margins to
at least 18%.

Alternatively, ratings could be upgraded should at least 40% of its
recurring operating cash flow be contributed by its less volatile business
lines, including investment, property and facilities management.  Sustained
deterioration in operating performance resulting in a drop in margins below
12%, or a change to a permanent leverage capital strategy, would likely
result in a downgrade.

These ratings were affirmed:

   * CB Richard Ellis Services, Inc.

     -- senior secured bank credit facility at Ba1; senior
        unsecured debt at Ba1.

In April 2006, Moody's raised the senior debt ratings of CB Richard Ellis
Services, Inc. to Ba1, from Ba3.

Trammell Crow Company is a diversified commercial real estate services
company providing brokerage, project management, building management, and
development and investment services to both investors in and users of
commercial real estate.

Headquartered in Los Angeles, California, CB Richard Ellis Services, Inc.,
provides commercial real estate services.  Services it provides include
property sales/leasing brokerage, property management, corporate services
and facilities management, capital markets advice and execution,
appraisal/valuation services, research and consulting.  CB Richard Ellis has
approximately 14,500 employees and over 200 offices across more than 50
countries.


CB RICHARD: Trammel Crow Deal Cues S&P to Put Ratings on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on CB Richard Ellis
Services Inc., including its 'BB+' long-term counter party credit rating, on
CreditWatch with negative implications.

"We took this rating action in response to the company's announced
acquisition of Trammel Crow Co.," explained Standard & Poor's credit analyst
Robert B. Hoban Jr.  "Although we believe that Trammel is a good strategic
fit for CB Richard Ellis, the financing of the acquisition with debt will
greatly increase debt leverage and reduce interest coverage."

In addition, the transaction will result in substantial negative tangible
equity, which becomes an issue given management's plans to continue
Trammel's direct real estate investment operations.  We will be meeting with
the company to fully assess the acquisition and determine the final ratings
outcome.  If we determine that the amount of credit and market risk being
taken on is significant, the ratings could be lowered.

The ratings on CB Richard Ellis reflect the company's results being
dependent on cyclical commercial real estate sales and leasing transaction
volume, moderate interest coverage, and high debt leverage.  Although
management had been aggressively paying down debt and recovering from
negative tangible equity from past acquisitions, this acquisition will
reverse the trend.  Pro forma end-of-year total recourse debt is a very high
2x capital, and negative tangible equity slides to negative US$2.3 billion.
These pro forma figures assume that CB Richard Ellis will successfully
tender one existing debt issue and that the company is able to sell a
Trammel minority interest.

CB Richard Ellis is the operating subsidiary of CB Richard Ellis Group Inc.,
a publicly traded company.  The company is based in Los Angeles, California,
and engaged in commercial real estate sales and services industry, with
trailing-12-month revenue through the third quarter of about US$2.9 billion.


NCO GROUP: Special Shareholders' Meeting Set for Nov. 9
-------------------------------------------------------
NCO Group, Inc., has established a record date and special meeting date for
its shareholders to consider and vote on a proposal to adopt the previously
announced merger agreement providing for the acquisition of NCO by an entity
controlled by One Equity Partners and its affiliates with participation by
Michael J. Barrist, Chairman, President and Chief Executive Officer of NCO
and certain other members of executive management who will be given an
opportunity to participate.

NCO shareholders of record at the close of business on Friday, Oct. 13,
2006, will be entitled to notice of the special meeting and to vote on the
proposal.  The special meeting will be held on Nov. 9, 2006, at 10:00 a.m.,
local time, at Philadelphia Marriott West, 111 Crawford Avenue in West
Conshohocken, Pennsylvania.

NCO Group, Inc. -- http://www.ncogroup.com/news/-- provides business
process outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO provides services
through 90 offices in the United States, Canada, the United Kingdom,
Australia, India, the Philippines, the Caribbean and Panama.


NCO GROUP: Moody's Rates Proposed US$200MM Sr. Notes at Caa1
----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to NCO Group, Inc.'s proposed
US$165 million senior unsecured notes and a Caa1 rating to its proposed
US$200 million of senior subordinated notes, which are intended to replace a
proposed US$365 million senior subordinated notes offering that was
cancelled.

Concurrently, Moody's withdrew the Caa1 rating assigned to the discussed
US$365 million of senior subordinated notes.  Pro-forma for the
aforementioned capital mix changes, Moody's affirmed the B2 corporate family
rating and the Ba3 rating on the US$565 million senior secured credit
facility.

The rating outlook is stable.

On July 21, 2006, NCO entered into a definitive agreement to be acquired by
an entity controlled by One Equity Partners, with participation by certain
members of senior management.  The transaction is expected to close in the
fourth quarter of 2006 and is subject to customary closing conditions
including the approval of NCO's shareholders.  Upon closing of this
transaction, NCO's stock will no longer be publicly traded.

The transaction is expected to be funded with a US$465 million term loan,
US$200 million of senior subordinated notes, US$165 million of senior
unsecured floating rate notes, US$365 million of cash equity contributed by
OEP and US$23 million of rollover equity.

The ratings benefit from solid pro forma credit metrics for the rating
category, high levels of EBIT, leading market positions in receivables
management and portfolio management business lines and a good track record
of profitability and cash flow generation.  The ratings are constrained by
the potential for profitability erosion due to increasing competition in
portfolio management business, sensitivity of receivable collection trends
to a weakening economy and moderate revenue concentration.

The Ba3 rating on the senior secured credit facility reflects an LGD 2 loss
given default assessment as this facility is secured by a pledge of the
assets of the guarantor subsidiaries which comprise about 60% of
consolidated EBITDA for the June 30, 2006 LTM period and 65% of the stock of
foreign subsidiaries.

The LGD 2 assessment benefits from a significant amount of junior debt in
the capital structure.

The B3 rating on the senior unsecured notes reflects an LGD 4 loss given
default assessment given that it is effectively subordinated to the secured
credit facility but benefits from US$200 million of junior ranking
subordinated notes.

The Caa1 rating on the senior subordinated notes reflects an LGD 6 loss
given default assessment given that it is effectively subordinated to the
secured credit facility and the senior unsecured notes.

The SGL-2 rating reflects a good liquidity position pro forma for the
recapitalization transaction.

Moody's took these rating actions:

   -- Assigned US$165 million senior unsecured floating rate
      notes at B3 (LGD 4, 63%);

   -- Assigned US$200 million senior subordinated notes at Caa1
      (LGD 6, 90%);

   -- Withdrew US$365 million senior subordinated notes, rated
      Caa1 (LGD 5, 82%);

   -- Affirmed US$465 million 7 year senior secured term loan at
      Ba3 (to LGD 2, 29% from LGD 2, 26%);

   -- Affirmed US$100 million 5 year senior secured revolver at
      Ba3 (to LGD 2, 29% from LGD 2, 26%);

   -- Affirmed corporate family rating at B2;

   -- Affirmed probability-of-default rating at B2; and

   -- Affirmed speculative grade liquidity rating at SGL-2.

The stable outlook anticipates moderate revenue and EBIT growth over the
next 12-18 months.  Cash flow from operations is expected to be used to fund
capital expenditures of about
US$30-US$40 million per year, niche acquisitions, which complement existing
business segments, and required term loan amortization.

The ratings could be upgraded if financial performance improves such that
EBIT coverage of interest and free cash flow to total debt can be sustained
at over 1.7x and 7%, respectively.

Given the company's solid position in the rating category, a moderate
increase in pricing trends in the portfolio management segment or decline in
accounts receivable collection rates will be unlikely to pressure the
ratings.  However, a sharp downturn in the business which results in EBIT
coverage of interest and free cash flow to debt that are expected to
sustained at under 1 time and 0%, respectively, could lead to a downgrade.

A significant debt financed acquisition that substantially weakens credit
metrics and liquidity could also pressure the rating.

Based in Horsham, Pennsylvania, NCO is a global provider of business process
outsourcing services, primarily focused on accounts receivable management
and customer relationship management.  The company also purchases and
manages past due consumer accounts receivable (PM or portfolio management
business) from consumer creditors such as banks, finance companies, retail
merchants, utilities, healthcare companies, and other consumer-oriented
companies.

The company reported revenues of about US$1.1 billion for the twelve-month
period ended June 30, 2006.




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


HERBALIFE LTD: Opening for Business in Peru
-------------------------------------------
Herbalife Ltd. will begin conducting business in Peru during December 2006,
expanding the company's reach to 63 countries where Herbalife products are
sold through a network of independent distributors.  Jaime Elkin Ackerman
has been appointed as managing director, and will oversee the day-to-day
operations of the country.  The company's head office will be located in the
capital city of Lima.

Herbalife was established in California in 1980.  The company began doing
business in South America in 1994 in Venezuela and Argentina.  Peru will be
the seventh market on this continent.

"Herbalife continues to fulfill its vision of changing people's lives by
bringing healthy nutrition and an affordable business opportunity to people
of all economic backgrounds," said Greg Probert, president and chief
operating officer.  "Through Herbalife, Peruvians can find a new means of
pursuing their personal health and financial goals."

Four products from Herbalife's nutrition line will be available, including
the company's flagship Formula 1 Nutritional Shake Mix in three flavors and
Formula 3 Personalized Protein Powder.  The company is expecting to launch
six additional new nutrition products in first quarter 2007 and its full
NouriFusion skin care line in second quarter 2007.

Prior to joining Herbalife, Mr. Ackerman was the national sales director of
Avon Ecuador, after serving as marketing director for Avon Ecuador and
Colombia.  He holds a law degree from the Pontificia Universidad Catolica
del Peru and a marketing specialization from Javeriana University of
Colombia.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a
marketing company that sells weight-management, nutritional
supplements and personal care products intended to support a
healthy lifestyle.  Herbalife products are sold in 62 countries
through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa
Herbalife program to bring good nutrition to children.

Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.




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


ADELPHIA: Court Denies Disclosure of MIA Non-Public Matters
-----------------------------------------------------------
The Honorable Robert E. Gerber of the U.S. Bankruptcy Court for the Southern
District of New York denied the request of the Adelphia Communications
Corporation Bondholder Group for the disclosure of non-public matters
relating to the issues raised in the Motions in Aid of Confirmation.

As previously reported, the ACC Bondholder Group asked the Court to revive
the issues raised in the settlement negotiation process.

The Court denies the ACC Bondholder Group's request, citing that it is
premature.

"A plan has been proposed that will settle the MIA issues, and make the MIA
process unnecessary, relieving creditors of the extraordinary costs that
continued litigation would entail, and relieving the Debtors and their
continuing employees of the enormous strain the MIA process created.  This
is not the time to announce the MIA process's revival.  If the Joint Plan is
not confirmed, there will be time enough to revive the MIA process then,"
Judge Gerber says.

                Unsealing of Certain Evidence

Judge Gerber, however, grants the ACC Bondholder Group's request to
"declassify" evidence in the MIA process, and transcripts of the proceedings
in the MIA process -- subject to the Debtors' rights to redact or withhold
material that would otherwise be declassified, to excise material whose
disclosure would be damaging to the interests of the estate.

"Frankly, I have doubts as to whether review of the MIA evidence, or
transcripts, would assist creditors in any significant way in evaluating the
MIA dispute (which is extraordinarily complex), or in making predictions as
to its outcome.  But I'm willing to let creditors try, and (more
realistically) to let plan supporters and opponents make arguments based on
MIA evidence," Judge Gerber says.

"I'll also declassify and unseal briefs and hearing or conference
transcripts that were filed under seal in proceedings before me that related
to the settlement process, except to the extent (which I believe is modest)
that the submissions included commercially sensitive matter that is subject
to protection by reason of my first ruling," Judge Gerber continues.

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

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates,
collectively known as Rigas Manged Entities, are entities that were
previously held or controlled by members of the Rigas family.  In March
2006, the rights and titles to these entities were transferred to certain
subsidiaries of Adelphia Cablevision, LLC.  The RME Debtors filed for
chapter 11 protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.  (Adelphia
Bankruptcy News, Issue No. 150; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CONSOLIDATED CONTAINER: Purchases Quintex Corp.'s Spokane Assets
----------------------------------------------------------------
Consolidated Container Co. completed the purchase of the assets of Quintex
Corp. in Spokane, Washington.  Consolidated Container disclosed in July the
acquisition of the assets of Quintex Corp. in Utah.  The Spokane plant will
be the 58th manufacturing site for Consolidated Container.

According to Jeffrey M. Greene, President and Chief Executive Officer of
Consolidated Container, "The acquisition of the Quintex Spokane assets
provides us a platform that fills a geographic hole in the Pacific Northwest
for Consolidated Container and is a great add-on to our company."

                    Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about
Consolidated Container's ability to continue as a going concern
after it audited the Company's financial statements for the fiscal year
ended Dec. 31, 2005.  The auditing firm pointed to the company's inability
to obtain a waiver for covenant violations on its Senior Credit Facility.

Headquartered in Atlanta, Georgia, Consolidated Container Company LLC --
http://www.cccllc.com/-- which was created in 1999, develops, manufactures
and markets rigid plastic containers for many of the largest branded
consumer products and beverage companies in the world.  CCC has long-term
customer relationships with many blue-chip companies including Dean Foods,
DS Waters of America, The Kroger Company, Nestle Waters North America,
National Dairy Holdings, The Procter & Gamble Company, Coca-Cola North
America, Quaker Oats, Scotts and Colgate-Palmolive.  CCC serves its
customers with a wide range of manufacturing capabilities and services
through a nationwide network of 61 strategically located manufacturing
facilities and a research, development and engineering center.
Additionally, the company has 4 international manufacturing facilities in
Canada, Mexico and Puerto Rico.


DORAL FINANCIAL: Fitch Cuts Issuer Default Rating to B+ from BB-
----------------------------------------------------------------
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
US$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 rates:

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'.


DORAL FINANCIAL: Names Marangal Domingo Chief Financial Officer
---------------------------------------------------------------
Doral Financial Corp. named Marangal "Marito" Domingo, who recently joined
Doral bringing more than 20 years of experience in finance in the financial
services industry, chief financial officer of the company, replacing Lidio
Soriano who has resigned.  In becoming chief financial officer, Mr. Domingo
also will continue as Doral Financial Corporation's treasurer and chief
investment officer, positions that he assumed upon joining Doral.

In addition, Doral Financial also named Cesar Ortiz, who has served as
Doral's Director of Internal Audit, the corporation's comptroller and chief
accounting officer.  In light of this appointment, the company is
undertaking a search for a new Director of Internal Audit.  Arturo Tous, who
previously served as the chief accounting officer, will remain with the
company as a senior vice president reporting to the CFO.

Glen Wakeman, chief executive officer, stated, "I am satisfied that these
management appointments will help Doral manage its financial position,
address its balance sheet priorities, including the refinancing of Doral's
US$625 million of debt due July 2007, and continue moving Doral forward with
its SEC regulatory filings."

Mr. Domingo has more than 20 years of knowledge, skills and experience in
retail and commercial banking, most recently as executive Vice President,
Finance & Strategy at Countrywide Bank, N.A. Prior to his tenure at
Countrywide, he served as President and Chief Executive Officer of Downey
Financial Corporation in 2004, where he was responsible for strategic
direction and managing day-to-day operations. Before Downey, Mr. Domingo was
with Washington Mutual, Inc. as Executive Vice President -- Capital Markets,
Home Loans & Insurance Services Group from 2001 to 2004 and as Executive
Vice President and Chief Financial Officer -- Home Loans & Insurance
Services Group from 1999 to 2001.

Prior to his tenure at the company, Mr. Ortiz worked with Banco Santander
Puerto Rico as Senior Vice President -- Comptroller from February to July
2006 and for PricewaterhouseCoopers LLP as an Audit Senior Manager from
November 1997 to February 2006.

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

                        *    *    *

As reported in the Troubled Company Reporter on June 13, 2006, Standard &
Poor's Ratings Services lowered its long-term ratings on Doral Financial
Corp., including the company's long-term counterparty rating, to 'B+' from
'BB-'.  At the same time, Doral's outlook remains on CreditWatch with
negative implications.


DRESSER: Enters Into New US$935 Mil. Sr. Secured credit Facility
----------------------------------------------------------------
Dresser, Inc., has entered into a new US$935 million senior secured credit
facility as of Oct. 31, 2006.

The facility provides for a seven-year US$785 million term loan and a
six-year US$150 million revolving credit facility, which is available to be
drawn upon for general corporate purposes and to support letter of credit
obligations.  No borrowings are currently outstanding under the revolver.

The proceeds of the new term loan were used to refinance the company's US$70
million of borrowings under its senior secured credit facility, US$125
million of borrowings under its senior unsecured term loan, and the US$550
million principal amount of its 9-3/8% senior subordinated notes, and to pay
certain fees and expenses.

Under the terms of the company's previously announced tender offer and
consent solicitation, it has purchased approximately US$503 million
principal amount of its senior subordinated notes, or approximately 91
percent of the outstanding issue.  The company previously announced its
receipt of the requisite consents from holders of the notes to amend the
governing indenture.  With the closing of the tender offer, the amendments
are now operative.

The company has issued an irrevocable notice to redeem the remaining senior
subordinated notes on Nov. 30, 2006, at a price of 104.688% of par plus
accrued and unpaid interest.

Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com/--  
designs, manufactures and markets
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Brazil,
Mexico and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006, Moody's
Investors Service assigned a B1, LGD 3 (37%) rating to Dresser, Inc.'s
proposed US$935 million of senior secured bank credit facilities.  At the
same time, Moody's affirmed Dresser's B1 Corporate Family Rating and changed
the company's Probability of Default Rating to B2 from B1.  The outlook
remains negative pending the filing of its restated financial statements.
Proceeds from the new bank credit facility are being used to refinance
Dresser's existing senior secured credit facility, senior unsecured term
loan, and senor subordinated notes.  Moody's will withdraw the ratings on
the existing secured credit facility, senior unsecured term loan, and
subordinated notes upon their redemption.

Standard & Poor's Ratings Services assigned on its 'B' senior secured rating
and its '3' recovery rating to energy and oilfield equipment manufacturer
Dresser Inc.'s US$935 million credit facilities, which are composed of:

   -- a new US$785 million term loan B,
   -- a US$50 million synthetic LOC facility, and
   -- a US$100 million revolving credit facility.


ORIENTAL FINANCIAL: Reports US$1.18MM Income in Third Quarter
-------------------------------------------------------------
Oriental Financial Group Inc. reported that for the third quarter ended
Sept. 30, 2006, income available to common shareholders totaled US$1.18
million, compared with US$1.32 million, in the preceding quarter, and
US$7.22 million, or US$0.29 per share diluted, in the year ago quarter.

Return on Assets or ROA was 0.20% and Return on Common Equity or ROCE was
1.69% for the September 2006 quarter, compared with 0.22% and 1.94%,
respectively, for the June 2006 quarter and 0.77% and 12.68%, respectively,
for the September 2005 quarter.

For the first nine months of 2006, income available to common shareholders
totaled US$9.34 million, or US$0.38 per share diluted, compared with
US$31.80 million, or US$1.25 per share diluted, in the comparable year ago
period.  ROA was 1.11% and ROCE was 5.84% for the first nine months of 2006
compared with 3.32% and 49.73%, respectively, for the first nine months of
2005.

Total financial assets managed and owned amounted to US$7.77 billion at
Sept. 30, 2006, compared with US$7.94 billion at June 30, 2006 and US$7.39
billion at Sept. 30, 2005.  Total loans, net were a record US$1.18 billion,
up 2.1% from the second quarter and 31.0% higher as compared with the year
ago quarter.  In line with the Group's strategy, loans as a percentage of
interest earning assets increased to 26.6% as of Sept. 30, 2006, from 24.8%
as of June 30, 2006 and 21.0% as of Sept. 30, 2005, while investments as a
percentage of interest earning assets declined correspondingly.

During the September 2006 quarter, Oriental took advantage of favorable
market conditions and sold US$321 million of securities, generating a net
gain on sale of US$2.5 million.  Proceeds from the sales were mainly used to
reduce repurchase agreements, whose average cost had increased significantly
in recent quarters.  As a result, at Sept. 30, 2006, investments totaled
US$3.26 billion, 6.9% lower than June 30, 2006, levels, and borrowings were
US$2.99 billion, down 7.9% from
June 30, 2006.

Oriental declared dividends of US$0.14 per common share for the third
quarter of 2006 and US$0.42 per common share for the first nine months of
2006, the same as year ago levels.

"Third quarter results continued to reflect significant increases in
interest costs as a result of rate hikes that occurred though 2005 and
mid-2006," said Jose Rafael Fernandez, President and CEO.  "With the Federal
Open Market Committee recently holding off on any new increases, however,
net interest margin compression began to slow in the September quarter as
compared with the June and March periods."

Mr. Fernandez said third quarter results also featured strong growth in
interest income from the Group's loan portfolio; a rebound in commercial
lending volume from the preceding June 2006 quarter; and continued control
of non-interest expenses.  Oriental launched an improved online retail and
commercial banking platform during the quarter, to help drive these segments
of the business.  In addition, he reported that both credit quality and
capital remained strong.

Mr. Fernandez reiterated that fourth quarter 2006 results are expected to
continue to be impacted by recent interest rate increases, although
indications of an improved interest rate environment could benefit 2007. He
added that the Group is continuing its strategic plan, which includes the
repositioning of its investment securities portfolio and related funding
sources, while increasing banking and financial services revenues, and
maintaining tight cost controls.

           Analysis of Third Quarter Income Statement

Net interest income for the quarter amounted to US$9.0 million for a Net
Interest Margin (NIM) of 0.77%, compared with US$10.7 million (0.96%) in the
June 2006 quarter and US$17.3 million (1.64%) in the September 2005 quarter.
The decline in net interest income reflected the aforementioned higher rates
on interest bearing liabilities, primarily short-term borrowings, which in
the third quarter continued to increase faster than yields on interest
earning assets.

Interest income for the quarter totaled US$60.9 million, an increase of 7.0%
over the June 2006 quarter and 19.8% above the September 2005 quarter, while
interest expense of US$51.9 million increased 12.4% over the June 2006
quarter and 55.0% above the September 2005 quarter.

Interest income from loans rose 13.7% over the June 2006 quarter and 36.8%
over the September 2005 quarter, reflecting higher volume and yield.
Interest income from securities increased 3.8% from the June 2006 quarter
and 12.5% over the September 2005 quarter.

Within non-interest income, total banking and financial service revenues
amounted to US$7.7 million, off 4.2% from the June 2006 quarter, but up 6.8%
over the September 2005 quarter.  Financial service revenues of US$4.0
million were similar to the preceding and year ago quarters, reflecting
recurring revenues in trust, IRA, Keogh, insurance and brokerage services.
Banking service revenues amounted to US$2.0 million compared with US$2.5
million in the June 2005 quarter and US$2.2 million in the September 2005
quarter.

Investment banking revenues, which depend on the amount and volume of
securities offerings underwritten or placed by Oriental's broker-dealer
subsidiary in a quarter, were US$0.6 million compared with US$0.9 million in
the June 2006 quarter and virtually nil in the year ago quarter.  Mortgage
banking activities generated US$1.1 million, which was 77.0% higher than the
preceding quarter and 5.1% higher than the year ago quarter.

Non-interest expenses totaled US$15.1 million, down 1.6% from the September
2005 quarter.  For the first nine months of 2006, non-interest expenses of
US$44.8 million were 6.1% lower than the corresponding year ago period,
excluding non-cash compensation related to the variable accounting for
certain employee stock options.

                  Balance Sheet Analysis

Mortgage loans totaled US$906.8 million at Sept. 30, 2006, up 2.2%
sequentially and 45.9% from a year ago.  Commercial loans at US$234.4
million were up 2.8% sequentially, but slightly lower than at Sept. 30,
2005.  Consumer loans amounted to US$39.2 million, reflecting 25.4% year
over year growth, but were level with June 30, 2006 balances due to the
adoption of a more conservative lending posture in light of local economic
conditions.

Loan production amounted to US$86.1 million, similar to the US$88.1 million
level in the June 2006 quarter, but down from the US$102.4 million level in
the September 2005 quarter.  On a sequential quarter basis, commercial
production increased 16.8%, to US$14.5 million, but consumer and mortgage
production declined US$1.5 million and US$2.6 million, respectively.

At Sept. 30, 2006, deposits of US$1.29 billion were up 6.6% from the end of
the preceding quarter and were approximately level with a year ago.  Savings
accounts at US$213.0 million increased 24.6% sequentially and 147.0% year
over year, mainly as a result of the increase in Oriental Money, a combined
checking and passbook-like product.  Certificates of Deposit at US$943.7
million were down 12.0% year over year, but up 4.7% from
June 30, 2006.  Due to the high level of rates being offered for retail CDs
in Puerto Rico, the Group continues to monitor closely the local CD market
to decide when to pursue such deposits.  At Sept. 30, 2006, brokered CDs
represented 19.3% of total deposits compared with 22.1% a year ago.

                       Credit Quality

Credit quality continued to be favorable.  Provision for loan losses for the
September 2006 quarter remained relatively stable at US$0.9 million compared
with the June 2006 quarter and approximately US$1.0 million in the September
2005 quarter.  The provision is based on an analysis by the Group of the
credit quality and composition of its loan portfolio to maintain the
allowance at an adequate level.  Year to date total provisioning of US$2.9
million has exceeded total net credit losses by 53.3%.

At Sept. 30, 2006, non-performing loans were US$34.2 million (2.89% of total
loans), compared with US$29.4 million (2.53%) at June 30, 2006, and US$28.5
million (3.14%) at Sept. 30, 2005.  The current level largely reflects an
increase of US$5.3 million in non-performing residential mortgages in the
September 2006 quarter due to overall residential mortgage loan growth and
the effects of the current economic situation in Puerto Rico.  This increase
is not expected to translate into higher losses because these loans are well
collateralized with an adequate loan to value ratio.  Net credit losses also
remained relatively small at US$0.7 million (0.26% of average loans
outstanding) for the September 2006 quarter versus US$0.6 million (0.25%)
for the June 2006 quarter and US$0.6 million (0.27%) for the September 2005
quarter.

                          Capital

The Group continues to be well-capitalized, with ratios significantly above
regulatory capital adequacy guidelines.  At Sept. 30, 2006, the Leverage
Capital Ratio was 8.96% (2.2 times the minimum of 4.00%), Tier 1 Risk-Based
Capital Ratio was 28.18% (7.0 times the minimum of 4.00%), and Total
Risk-Based Capital Ratio was 28.68% (3.6 times the minimum of 8.00%).

Book value per share at Sept. 30, 2006, equaled US$11.57, compared with
US$11.08 at June 30, 2006, and US$11.24 at
Sept. 30, 2005. Stockholders' equity totaled US$351.7 million, versus
US$340.3 million at June 30, 2006, and US$346.5 million at Sept. 30, 2005.
The sequential increases in book value and shareholders' equity included the
effect of improved mark to market valuations in the available for sale
investment portfolio.

During the third quarter of 2006 and the first week of October, Oriental
repurchased 150,000 outstanding shares of common stock at an average price
of US$12.09 each, for a total of US$1.82 million, leaving approximately
US$8.5 million available under the Group's current stock repurchase program.

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 13, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit rating to Oriental Financial Group.  S&P
also assigned its 'BBB-' counterparty rating to Oriental's
principal operating subsidiary, Oriental Bank & Trust.  S&P said
the outlook for both entities is negative.




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


DIGICEL LTD: Launches First GSM Network In Samoa
------------------------------------------------
Digicel Pacific Ltd., has officially started its Pan Pacific roll out with
the commercial launch of Samoa's first GSM network.

Digicel Pacific will introduce a wide range of first-to-market, high-value
mobile services and products, including free connection charges, per second
billing, text messaging and handsets.  These innovative services will
revolutionize the telecommunications experience for Samoan customers.

With its Samoan partner, CSL Mobile Limited, Digicel has built a
state-of-the-art GSM network that provides 80% population coverage.
Thirty-six retail store outlets are also expected to open across the
country.

Denis O'Brien, chairman and founder of Digicel Pacific Ltd., says launch in
Samoa represents the first step in what promises to be an exciting journey.

"Digicel's launch of Samoa's first GSM network will be the start of an
exciting new telecommunications era in Samoa with far more Samoans having
access to quality and innovative mobile telecommunication services than ever
before," said Prime Minister Tuilaepa Malielegaoi.

"Given the strong track record of Digicel's sister group of 22 markets in
the Caribbean and Central America, Digicel Samoa will become a great
addition to our community bring job creation, investments and community
support," Mr. Melielegaoi added.

Digicel received a GSM license from the Government of Samoa in April 2006
and subsequently acquired Telecom Samoa.  All existing customers will
receive a free GSM handset.  Digicel Pacific is also attracting new
customers with high-value handset offers and pre and postpaid plans.

"We are very excited to be launching with CSL Mobile the first of the
Digicel Pacific operations here in Samoa," said Denis O'Brien, founder and
chairman of Digicel Pacific Ltd.  "This launch represents the first step in
what promises to be a very exciting journey.  Ultimately, we intend to bring
Digicel to more than 23 island nations in the region as mobile markets
continue to liberalize."

Mr. O'Brien added, "For too long, the Samoan customer has had to put up with
poor quality and expensive services. Our goal is to deliver customers
superior technology and we are passionate about providing them the best
mobile phone service. We plan to replicate the tremendous success of our
sister company in the Caribbean and place the entire Pan Pacific region at
the cutting edge of wireless technology."

Digicel Pacific Ltd. is headed by CEO Ms. Vanessa Slowey.  Prior to joining
Digicel Pacific, Ms. Slowey was an integral part of the senior team, helping
to lead the roll out of Digicel Ltd.'s operations in the Caribbean islands
of Anguilla, Barbados, Cayman Islands, Trinidad & Tobago and Haiti.

"The response and welcome from the people of Samoa has been phenomenal,"
said Vanessa Slowey, Digicel Pacific Ltd. CEO.  "Starting today, we are
committed to continually exceeding the expectations of our customers in
Samoa and playing our role in positioning this nation as an attractive
regional business center."

In addition to Samoa, Digicel Pacific Ltd. was granted a GSM license from
the Government of Papua New Guinea in September 2006.  Digicel was also
granted a license in principle from the Government of Fiji in April 2006, as
well as an experimental license in the Solomon Islands.

Digicel is a proud sponsor of Fiji Rugby and it is title sponsor of the
Digicel Fiji Sevens Team.

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

                        *    *    *

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

                        *    *    *

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




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


AES CORP: Venezuelan Supreme Court Hearing Case on EDC Purchase
---------------------------------------------------------------
The supreme court of Venezuela will hear the case regarding The AES Corp's
acquisition of Electricidad de Caracas -- EDC -- more than six years after
the sale was completed, Business News Americas reports.

BNamericas relates that two local lawyers sought to challenge the purchase
of Electricidad de Caracas.

The Venezuelan Supreme Court's Web site posted that the lawsuit was filed by
Maria Josefina Walter Valecillos and Fermin Toro Jimenez on July 22, 2000,
before the constitutional chamber of the court.  Messrs. Walter and Toro
requested the annulment of a group of share purchase operations in
Electricidad de Caracas since it is their understanding they were effected
without the necessary constitutional diligence given the nature of such a
public interest contract.

According to BNamericas, the plaintiffs believe the Venezuelan constitution
was somehow violated during the negotiations.

After the 2000 public tender offer, AES Corp. had 86% of Electricidad de
Caracas.  However, it now has 81% as several capital increases have allowed
smaller investors to purchase into Electricidad de Caracas, BNamericas
states.

                About Electricidad de Caracas

Electricidad de Caracas is a vertically integrated utility in Venezuela,
operating in electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area.  It is the largest
private electric utility in the country and is owned by US-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits of US$20.6
million from January to March, versus net losses of US$26.9 the same period
in 2005.

                        About AES Corp.

AES Corp. -- http://www.aes.com-- and its subsidiaries engage in the
generation and distribution of electric power.  It generates power for sale
to utilities and other wholesale customers, as well as operates utilities
that distribute power to retail, commercial, industrial, and governmental
customers through integrated transmission and distribution systems.  The
company operates through three segments: Contract Generation, Competitive
Supply, and Regulated Utilities

AES Corp.'s Latin America business group is comprised of generation plants
and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican
Republic, El Salvador, Panama and Venezuela.  Fuels include biomass, diesel,
coal, gas and hydro.
The group also pursues business development activities in the region.  AES
has been in the region since May 1993, when it acquired the CTSN power plant
in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 16, 2006, Moody's
Investors Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default ratings on
the company's loans and bond debt obligations including the B1 rating on its
senior unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will experience a 55% loss
in the event of a default.


ELECTRICIDAD DE CARACAS: Supreme Court Hearing Case on Purchase
---------------------------------------------------------------
The supreme court of Venezuela will hear the case regarding the AES Corp's
acquisition of Electricidad de Caracas more than six years after the sale
was completed, Business News Americas reports.

BNamericas relates that two local lawyers sought to challenge the purchase
of Electricidad de Caracas.

The Venezuelan Supreme Court's Web site posted that the lawsuit was filed by
Maria Josefina Walter Valecillos and Fermin Toro Jimenez on July 22, 2000,
before the constitutional chamber of the court.  Messrs. Walter and Toro
requested the annulment of a group of share purchase operations in
Electricidad de Caracas since it is their understanding they were effected
without the necessary constitutional diligence given the nature of such a
public interest contract.

According to BNamericas, the plaintiffs believe the Venezuelan constitution
was somehow violated during the negotiations.

After the 2000 public tender offer, AES Corp. had 86% of Electricidad de
Caracas.  However, it now has 81% as several capital increases have allowed
smaller investors to purchase into Electricidad de Caracas, BNamericas
states.

                        About AES Corp.

AES Corp. -- http://www.aes.com-- and its subsidiaries engage in the
generation and distribution of electric power.  It generates power for sale
to utilities and other wholesale customers, as well as operates utilities
that distribute power to retail, commercial, industrial, and governmental
customers through integrated transmission and distribution systems.  The
company operates through three segments: Contract Generation, Competitive
Supply, and Regulated Utilities

AES Corp.'s Latin America business group is comprised of generation plants
and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican
Republic, El Salvador, Panama and Venezuela.  Fuels include biomass, diesel,
coal, gas and hydro.
The group also pursues business development activities in the region.  AES
has been in the region since May 1993, when it acquired the CTSN power plant
in Argentina.

                About Electricidad de Caracas

Electricidad de Caracas is a vertically integrated utility in Venezuela,
operating in electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area.  It is the largest
private electric utility in the country and is owned by US-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits of US$20.6
million from January to March, versus net losses of US$26.9 the same period
in 2005.

                        *    *    *

On Feb 9, 2006, Standard & Poor's Ratings Services affirmed its 'B'
long-term corporate credit rating on C.A. La Electricidad de Caracas and its
'B' rating on Electricidad de Caracas Finance BV's US$260 million senior
unsecured notes.  S&P said the outlook is stable.

On Feb. 3, 2006, S&P raised the long-term local and foreign currency
sovereign credit ratings on the Bolivarian Republic of Venezuela to 'BB-'
from 'B+'.  The decision to raise the ratings on Venezuela was supported by
the continued sharp improvements in Venezuela's external indicators, which
are attributable to a large current account surplus, a high level of
international reserves, and lower external debt in addition to buoyant
economic growth and the potential buyback of external debt.


SUPERIOR ENERGY: S&P Rates US$200MM Sr. Secured Loan Term at BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating
and its 'BB-' senior unsecured rating on Superior Energy Services Inc., and
also assigned its 'BB+' senior secured rating and '1' recovery rating to the
company's US$200 million term loan B.  The outlook is stable.

Harvey, La.-based Superior, a provider of offshore well services, rental
tools, and liftboat-based services primarily in the U.S. Gulf of Mexico and
Gulf Coast markets, will have around $520 million of debt on a pro forma
basis after this transaction.

Proceeds from the US$200 million term loan will be used to help fund the
US$358 million acquisition of Warrior Energy Services Corp., expected to
close in fourth-quarter 2006.  The balance of the acquisition price will be
financed with the issuance of roughly 5.3 million shares of common stock.

The ratings on Superior reflect its limited geographic diversification,
highly cyclical markets, and a growing crude oil and natural gas production
business, viewed as higher risk than the remainder of Superior's business
portfolio.  Solid financial measures, good cash flow generation, and
moderate spending needs buffer these weaknesses.

The stable outlook reflects the expectation that Superior will remain
focused on its core services business. In addition, Superior is expected to
continue to make opportunistic acquisitions, while maintaining a moderate
financial policy.

"If Superior increases its oil and gas production beyond its stated goal of
25% EBITDA, or if that segment exhibits greater-than-expected volatility,
ratings would come under negative pressure," said Standard & Poor's credit
analyst Paul B. Harvey.  "However, if Superior can successfully expand away
from the Gulf of Mexico and bolster its business risk profile, ratings could
be raised over the medium to long term," he continued.

Superior Energy Services, Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The Company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States, Trinidad and Tobago,
Australia, the United Kingdom, and Venezuela, among others.


PETROLEOS DE VENEZUELA: S&P Revises Rating Outlook to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch implications on
its 'B+' long-term foreign currency corporate credit rating on Petroleos de
Venezuela SA to positive from developing.

The revision of the CreditWatch status on Petroleos de Venezuela reflects
our expectations that downgrade risk has receded, and the issuer credit
rating will either be raised and equalized with the rating on Petroleos de
Venezuela's owner, the Bolivarian Republic of Venezuela (BB-/Positive/B), or
affirmed at 'B+'.

The change in CreditWatch status reflects increased availability of
financial reporting information from Petroleos de Venezuela. "We have
received 2005 audited information and up-to-date operating data, which
indicate strong profitability and modest leverage, but also confirm our
concerns regarding increased social spending and its impact on Petroleos de
Venezuela's future capital expenditures.  Standard & Poor's expects to
resolve Petroleos de Venezuela's CreditWatch listing upon a full review of
the issuer's operating and financial prospects, which we now hope to
complete in early 2007," said Standard & Poor's credit analyst Jose
Coballasi.

Historically, the ratings on Petroleos de Venezuela, Venezuela's national
oil company, have reflected the sovereign rating on Venezuela, its lone
shareholder.  Standard & Poor's believes that the creditworthiness of
Petroleos de Venezuela and Venezuela will likely remain tightly linked
because of their ties of ownership and economic interests.

Standard & Poor's is concerned regarding the impact of the increase in
direct social spending on the company's operating cash flow generation and
the government's increased intervention in the oil industry.  The rating
agency believes that the aforementioned factors could lead to a weakening of
Petroleos de Venezuela's liquidity position, a long-term increase in its
debt leverage, and could discourage foreign investment. The aforementioned
could compromise Petroleos de Venezuela's ability to finance both sustaining
capital expenditures and growth initiatives. Short-term, the current pricing
environment and Petroleos de Venezuela's relatively unleveraged balance
sheet should allow the issuer to maintain its current transfers to the
government. For the 12 months ended Dec. 31, 2005, Petroleos de Venezuela
posted EBITDA interest coverage, total debt-to-EBITDA, and funds from
operations-to-total debt ratios of 122.6x, 0.1x, and 289.7%, respectively.

Through its subsidiaries, Petroleos de Venezuela is engaged in the
exploration and production of crude oil and natural gas (upstream) and the
refining, marketing, and distribution of crude oil, refined products, and
petrochemicals.

Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.


* WB Says LatAm Region Shouldn't Depend Too Much on Remittances
---------------------------------------------------------------
Workers' remittances are largely positive for growth and poverty reduction
in Latin America and the Caribbean (LAC), but they are no replacement for
sound development policies in the countries, says a new World Bank report.

According to "Close to Home: The Development Impact of Remittances in Latin
America," the money that migrant workers send back to their home countries
has helped to increase growth, reduce poverty and improve education and
health indicators in the region.  Nevertheless, the benefits of these flows
have been largely overestimated without taking into account some of their
costs.

"Remittances are an engine for development but they are not a substitute for
sound national policies in the countries," said Humberto Lopez, World Bank
senior economist for Latin America and the Caribbean, and co-author of the
report.  "Although positive, the impact of remittances on poverty and
inequality is in most cases quite modest."

For each one percent increase in the share of remittances to Gross Domestic
Product, the fraction of the population living in poverty is reduced by
about 0.4%.  In addition, the 1.6% jump of these flows as a share of GDP
from 1991 to 2005 is estimated to have led to an increase of 0.27%in per
capita GDP growth.

Close to Home says that workers' remittances have become a major source of
financing for developing countries and are especially important for LAC,
which is the top recipient region in the world.  In 2005, remittances to LAC
totaled about US$48.3 billion.  In terms of volume, Mexico is the largest
world recipient of remittances, receiving an estimated US$21.8 billion that
year.  Colombia ranked as 9th with US$3.8 billion, and Brazil as 11th with
US$3.5 billion.

Remittances are particularly important in Central America and the Caribbean.
In 2004, they represented 52.7 percent of
Haiti's GDP, whereas in Jamaica, Honduras, and El Salvador they were about
17, 16, and 15 percent of GDP.  Remittances to Guatemala, Nicaragua, and the
Dominican Republic also surpassed 10 percent of GDP.

"Remittances help poor families deal with negative economic shocks, increase
their savings, and keep children in school," said Pablo Fajnzylber, World
Bank senior economist for Latin America and the Caribbean, and co-author of
the report.  "In order to maximize the benefits, policy makers need to step
up efforts to improve the business environment, include migrants and their
families in the banking system, and deal with possible reductions in labor
supply and real exchange rate overvaluations."

According to Close to Home, the impact of remittances on poverty and
inequality varies across countries. In places like Mexico, El Salvador,
Guatemala, and Paraguay, households with remittances come primarily from the
poorest segments of society, while in others, such as Peru and Nicaragua,
they tend to benefit much more the middle class.  Likewise, U.S. census data
shows that most of the migrants from Mexico and Central America are drawn
from the lower end of the education spectrum of their home countries.  In
contrast, migrants from the Caribbean and South America tend to be
proportionally more educated than those who remain behind.

Positive effects of remittances include poverty reduction, higher savings,
better access to health and education, increased entrepreneurship, as well
as macroeconomic stability and reduction in economic volatility and
inequality.

Some negative effects include the potential losses of income associated with
migrants' absence from their families and communities, since remittances are
not exogenous transfers but a substitute for the home earnings they would
have had if they had not left.  Likewise, remittances reduce the labor force
in the countries of origin, lead to overvaluation of the real exchange rate
and, therefore, to a decrease in competitiveness of the recipient country.

Brain drain is also an important cost, especially affecting the Caribbean
countries.  Some 30% of the labor force of many Caribbean Islands has
migrated, as opposed to about 10 percent in non-Caribbean LAC countries.
Over 80% of people born in Haiti, Jamaica, Grenada, and Guyana who have
college degrees live abroad, mostly in the U.S.

The study says that to increase the positive impact of remittances, efforts
to reduce their transaction cost should continue.  In addition, countries
need to improve their investment climate, strengthen the regulatory
environment for remittances transactions, and increase access to financial
services among migrants and their families, including through smaller
financial institutions such as credit unions and microfinance companies.


                        ***********


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

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

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

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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publishers.

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

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


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