TCRLA_Public/061106.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

          Monday, November 6, 2006, Vol. 7, Issue 220

                          Headlines

A R G E N T I N A

ACXIOM CORP: Increases Quarterly Dividend to US$0.06 Per Share
BANCO DE GALICIA: Will Pay Off ARS38.2-Mil. Debt to Central Bank
BANCO DE LA PROVINCIA: Paying Off ARS87.2-Mil. Central Bank Debt
BANCO PATAGONIA: Authorizes ARS233-Million Capital Increase
CORPUS SRL: Deadline for Verification of Claims Is on Dec. 19

DALAFER SA: Last Day for Verification of Claims Is on Nov. 24
DARK HILL: Trustee Verifies Proofs of Claim Until Dec. 15
IMPSAT FIBER: Commences Consent Solicitation for 6% Sr. Notes
PETROBRAS ENERGIA: Fitch Affirms Low B Issuer Default Ratings
SAN CRISTOBAL: Moody's Places B2 Insurance Fin'l Strength Rating

SCHNEIDER + KLEIN: Reorganization Proceeding Concluded
TOM & JERRY: Claims Verification Deadline Is Set for Dec. 19
YPF SA: Sacyr Vallehermoso Plans to be Repsol's Main Shareholder

B A H A M A S

COMPLETE RETREATS: Court Allows XRoads to be Firm's Claims Agent
COMPLETE RETREATS: Court Approves First Insurance Premium Pact
WINN-DIXIE: Court Approves Five Alabama Power Agreements
WINN-DIXIE: Wants TRP-Held SRP Plan Assets Transferred

B A R B A D O S

ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million

B E R M U D A

MONTPELIER RE: Steven Gilbert Will Resign as Board of Director
REFCO INC: Court Gives Final Okay on Disclosure Statement
REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
REFCO INC: Court Gives Clarification on Nov. 15 Claims Bar Date

B O L I V I A

INTERMEC INC: Posts US$195.9 Million Third Quarter 2006 Revenues

B R A Z I L

AGCO CORP: Third Quarter 2006 Net Sales Down 4.3% to US$1.2 Bil.
BANCO DO BRASIL: Investing BRL850MM in Data Center with Caixa
BANCO ITAU: Joint Venture with XL Capital Brings in BRL46 Mil.
BUCKEYE TECHNOLOGIES: S&P Affirms BB- Corporate Credit Rating
CAIXA ECONOMICA: Investing BRL850 Million in Data Center

CHEMTURA CORP: Names Mahoney as Sr. VP & Corporate Controller
CHEMTURA CORP: Posts US$80.6 Million Third Quarter 2006 Loss
CHEMTURA: Selling EPDM & Certain Rubber Chemicals Businesses
COMPANHIA SIDERURGICA: Tata Steel Denies Interest in Company
DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case

FIDELITY NATIONAL: Plans to Refinance Credit Facilities
FIDELITY NATIONAL: Acquires Watterson Prime
GERDAU SA: Unit Completes Stake Acquisition in Joint Venture
GERDAU SA: Will Seek Strategic Partnerships in Latin America
NOVELL: Debenture Holders Have Until Today to Tender Consents

NOVELL INC: Names Troy Richardson President of Novell Americas
PETROLEO BRASILEIRO: Begins Repair on Bolivia-Brazil Pipeline
PETROLEO BRASILEIRO: Intecnial to Build Three Biodiesel Plants
PETROLEO BRASILEIRO: Sees 15% Return on Investments in Bolivia
PETROLEO BRASILEIRO: Will Issue US$500 Million of 10-Year Bonds

VARIG SA: Foreign Rep Objects to Port Authority's Payment Motion
VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes

C A Y M A N   I S L A N D S

FORMOSA RE: Creditors Must Submit Proofs of Claim by Nov. 16
FUND SECURITIZATION: Claims Filing Deadline Is Set for Nov. 16
GREEN T: Last Day for Proofs of Claim Filing Is on Nov. 16
G-FORCE (2002-1): Last Day to File Proofs of Claim Is on Nov. 16
G-FORCE (2001-1): Proofs of Claims Filing Is Until Nov. 16

INTERNATIONAL WATER: Creditors Must Submit Claims by Nov. 16
IL INVESTMENT: Creditors Must File Proofs of Claim by Nov. 16
JAPAN CREDIT: Proofs of Claim Filing Deadline Is on Nov. 16
JOFI YOKOHAMA-AOBA: Proofs of Claim Must be Filed by Nov. 16
KICAP (LEVERAGED): Proofs of Claim Filing Is Until Nov. 16

KICAP (STANDARD): Filing of Proofs of Claim Is Until Nov. 16
KICAP FINANCIALS: Claims Filing Deadline Is Set for Nov. 16
LONG BEACH: Creditors Have Until Nov. 16 to File Proofs of Claim
TROPICAL BLUE: Last Day to File Proofs of Claim Is on Nov. 16
VIVACE TWO: Creditors Are Given Until Nov. 16 to File Claims

C H I L E

BLOCKBUSTER INC: Outlines New Deal for Online Renters
EMPRESAS IANSA: Fitch Upgrades US$100MM Sr. Notes Rating to BB+

C O L O M B I A

CA INC: Posts US$996MM Revenue for Quarter Ended Sept. 30, 2006

C O S T A   R I C A

DENNY'S CORP: Reports Same-Store Sales for the Month of October

D O M I N I C A N   R E P U B L I C

FALCONBRIDGE LTD: Xstrata Completes Acquisition of Company

E C U A D O R

PETROECUADOR: Gets 27 Bids for Marginal Fields in Amazon
PETROECUADOR: Reforms May Bring US$5B Investment in Oil Sector

E L   S A L V A D O R

PAYLESS SHOESOURCE: Third Quarter Sales Up 5.5% to US$666.5 Mil.

G U A T E M A L A

AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend

G U Y A N A

DIGICEL LTD: Acquires U Mobile in Guyana

H A I T I

DYNCORP: Appoints Schehr as Sr. Vice President & General Counsel
DYNCORP INTERNATIONAL: Secures US$450MM from Naval Facilities

H O N D U R A S

WARNACO GROUP: Iconix Brand to Acquire Ocean Pacific for US$54MM
WARNACO GROUP: Posts US$452 Mil. Third Quarter 2006 Net Revenues

J A M A I C A

AIR JAMAICA: Cabinet Rejects Firm's Proposed Business Plan
KAISER ALUMINUM: Reports 3rd Qtr. Claim Settlement Fund & Escrow
KAISER ALUMINUM: Settles OCP Status of Fleishman & Hewitt
NATIONAL WATER: Conducting Repair & Expansion Works in Kingston

M E X I C O

ALASKA AIR: Moody's Affirms B1 Corporate Family Rating
FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
FORD MOTOR: Shows Improvement in October Sales Figures
GRUPO CASA: Sales Up 3.27% to US$5.6B in Third Quarter 2006
GRUPO FINANCIERO: Eyes Full Control of Inter National Bank

GRUPO MEXICO: La Caridad Copper Production at 75%
GRUPO MEXICO: Will Pay MXN1.44 Billion in Dividends Today
MERIDIAN AUTOMOTIVE: Court Extends Foreign Unit Financing Period
MERIDIAN AUTO: Sells Mich. Property to Roskam for US$2.45 Mil.
RADIOSHACK CORP: Ronald E. Elmquist Resigns as Board Director

UNITED RENTALS: Posts US$1.07B Third Quarter 2006 Total Revenues
VISTEON CORP: Balance Sheet Upside-Down by US$102MM at Sept. 30

P A N A M A

CHIQUITA BRANDS: Incurs US$96MM Net Loss in Third Quarter 2006
CHIQUITA BRANDS: Mulls Great White Fleet Shipping Operation Sale
CHIQUITA BRANDS: Positive About New Banana Packaging
HUNTSMAN INT: Moody's Rates US$400-Million Sr. Sub. Notes at Ba3
NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter

NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract

P U E R T O   R I C O

CONSOLIDATED CONTAINER: S&P Affirms B- Corporate Credit Rating
R&G FINANCIAL: Dividend Payments on Pref. Stocks & Sec. Approved
RENT-A-CENTER: Completes Sr. Sec. Debt Financing Documentation
SALOMON BROTHERS: Moody's Ratings on 3 Cert. Classes Slides to C
SEARS HOLDINGS: Files Proxy Circular & Extends Offer to Nov. 20

SUNCOM WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$378MM
UNIVISION COMM: Acquires Full Control of Disa Records

S T  K I T T S  &  N E V I S

DIGICEL LTD: Launches Credit Me Credit U Service

T R I N I D A D   &   T O B A G O

BRITISH WEST: Former Workers Lament Treatment & Firm's Closure
DIGICEL LTD: Inks Roaming Accord with Azercell Telecom
DIGICEL LTD: Launches Free Calls in Trinidad & Tobago
DIGICEL LTD: Rival Firm Fails to Resolve Calls Conflict
DIGICEL LTD: Seeks Halt of Rival Firm's Call Block

HILTON HOTELS: Ends Coral Hotels Joint Development Agreement

V E N E Z U E L A

AES CORP: Unit Says Firm Complies with Regulations
CITGO PETROLEUM: Selling Two Asphalt Plants & Stake in Pipeline
CITGO PETROLEUM: Two Units Restarting Operations This Month
ELECTRICIDAD DE CARACAS: Says AES Complies with Regulations
PETROLEOS DE VENEZUELA: Constructing Submarine to Spot Leaks

PETROLEOS DE VENEZUELA: Fails Shipping Gasoline to US
PETROLEOS DE VENEZUELA: Posts US$43.6B First Nine-Month Revenue
PETROLEOS DE VENEZUELA: Will Reduce Daily Oil Production

* IMF Sees Continued Growth in LatAm and the Caribbean Regions
* BOOK REVIEW: The Managerial Mystique


                         - - - - -


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


ACXIOM CORP: Increases Quarterly Dividend to US$0.06 Per Share
--------------------------------------------------------------
Acxiom Corp.'s board of directors decided to increase the regular quarterly
cash dividend by 20% to six cents per share, from five cents per share.  The
dividend is payable on
Dec. 4, 2006, to shareholders of record as of the close of business on Nov.
13, 2006.

While Acxiom intends to pay regular quarterly dividends for the foreseeable
future, all subsequent dividends will be reviewed quarterly and declared by
the board at its discretion.

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

                        *    *    *

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

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


BANCO DE GALICIA: Will Pay Off ARS38.2-Mil. Debt to Central Bank
----------------------------------------------------------------
Banco de Galicia SA will pay off its ARS38.2-million debt to the Argentine
central bank, the latter said in a statement.

Business News Americas relates that the payments would be the 33rd
installment in the matching repayment plan the central bank drew up in 2003.

With the payment, the banking sector's debt with the central bank will be
reduced to ARS5.36 billion as other banks have already paid 71.1% of their
combined original debt, the report notes.

According to BNamericas, the debts to the central bank were due to massive
liquidity lines the bank provided to the financial system during the
economic and financial crisis.

The matching mechanism allow banks to pay off debts to the central bank with
resources from maturing long-term government papers obtained in compensation
for pesofication and exchange rate-related losses, BNamericas states.

        About Banco de la Provincia de Buenos Aires

Banco de la Provincia de Buenos Aires is Argentina's oldest bank.  It is the
fifth largest in terms of assets and third in terms of deposits; by 2002
they were valued at US$3.51 billion and US$1.57 billion, respectively.  That
same year loans were US$1.79 billion and equity US$311 million.  Banco de la
Provincia's focus is mainly on the province's small- and mid-sized
enterprises and the retail segment.  The bank has some 350 branches
throughout Buenos Aires, which represents approximately 40% of Argentina's
gross domestic product.

            About Banco de Galicia y Buenos Aires

Headquartered in Buenos Aires, Argentina, Banco de Galicia y Buenos Aires SA
is a private bank that offers a full range of banking services across the
country, to 2.7 million individual and corporate customers.  Banco Galicia
operates an extensive and diversified distribution network among private
sector banks in Argentina, offering more than 380 points of contact with
customers through its branches and electronic banking facilities.  Banco
Galicia customers also have access to telephone banking services and
e-galicia.com.

                        *    *    *

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

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

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

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

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

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

      * Rate: raA

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

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

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

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

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

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


BANCO DE LA PROVINCIA: Paying Off ARS87.2-Mil. Central Bank Debt
----------------------------------------------------------------
Banco de la Provincia de Buenos Aires will pay off its ARS87.2-million debt
to the Argentine central bank, the latter said in a statement.

Business News Americas relates that the payments would be the 33rd
installment in the matching repayment plan the central bank drew up in 2003.

With the payment, the banking sector's debt with the central bank will be
reduced to ARS5.36 billion as other banks have already paid 71.1% of their
combined original debt, the report notes.

According to BNamericas, the debts to the central bank were due to massive
liquidity lines the bank provided to the financial system during the
economic and financial crisis.

The matching mechanism allow banks to pay off debts to the central bank with
resources from maturing long-term government papers obtained in compensation
for pesofication and exchange rate-related losses, BNamericas states.

            About Banco de Galicia y Buenos Aires

Headquartered in Buenos Aires, Argentina, Banco de Galicia y Buenos Aires SA
is a private bank that offers a full range of banking services across the
country, to 2.7 million individual and corporate customers.  Banco Galicia
operates an extensive and diversified distribution network among private
sector banks in Argentina, offering more than 380 points of contact with
customers through its branches and electronic banking facilities.  Banco
Galicia customers also have access to telephone banking services and
e-galicia.com.

        About Banco de la Provincia de Buenos Aires

Banco de la Provincia de Buenos Aires is Argentina's oldest bank.  It is the
fifth largest in terms of assets and third in terms of deposits; by 2002
they were valued at US$3.51 billion and US$1.57 billion, respectively.  That
same year loans were US$1.79 billion and equity US$311 million.  Banco de la
Provincia's focus is mainly on the province's small- and mid-sized
enterprises and the retail segment.  The bank has some 350 branches
throughout Buenos Aires, which represents approximately 40% of Argentina's
gross domestic product.

                        *    *    *

On June 1, 2006, Moody's Investors Service upgraded the bank
financial strength ratings of several Argentinean banks to
reflect:

   -- the banks' improving financial fundamentals,
   -- the relative improvement in the operating environment, and
   -- the recovery of the banking system since the financial
      crisis of 2001-2002.

Moody's changed the outlooks on the E bank financial strength
rating of Banco de la Provincia de Buenos Aires to positive from
stable.  The rating agency also takes into consideration the
effort of the bank to improve its balance sheet quality and
earnings.  The low rating is however, an indication of the
challenges that the bank still faced to reduce its large
exposures to the public sector, as well as the disadvantages of
its poor private-sector asset quality, weak core earnings, and
solvency.


BANCO PATAGONIA: Authorizes ARS233-Million Capital Increase
-----------------------------------------------------------
Banco Patagonia SA said in a filing with the local stock exchange that its
shareholders have ratified an ARS233-million capital increase.

Banco Patagonia told Business News Americas that bank equity is now at
ARS673 million.

Banco Patagonia became the fourth largest locally owned private bank in the
country, after it bought the local unit of Lloyds TSB in 2004.  Its assets
totaled ARS4.80 billion in August, BNamericas relates.

                        *    *    *

Moody's Rating Services assigned these ratings on Banco
Patagonia:

    -- long-term domestic bank deposits at Ba3,
    -- short-term domestic bank deposits at NP,
    -- long-term foreign bank deposits at Caa1,
    -- short-term foreign bank deposits at NP,
    -- bank financial strength at E+, and
    -- the outlook is positive.


CORPUS SRL: Deadline for Verification of Claims Is on Dec. 19
-------------------------------------------------------------
Maximo C. A. Piccinelli, the court-appointed trustee for Corpus SRL's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 19,
2006.

Mr. Piccinelli will present the validated claims in court as individual
reports on March 29, 2007.  A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Corpus 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 Corpus' accounting and banking
records will follow on May 30, 2007.

M. Piccinelli is also in charge of administering Corpus' assets under court
supervision and will take part in their disposal to the extent established
by law.

The debtor can be reached at:

          Corpus SRL
          Arribenios 2153
          Buenos Aires, Argentina

The trustee can be reached at:

          Maximo C. A. Piccinelli
          Montevideo 666
          Buenos Aires, Argentina


DALAFER SA: Last Day for Verification of Claims Is on Nov. 24
-------------------------------------------------------------
Jorge Hugo Basile, the court-appointed trustee for Dalafer SA's bankruptcy
case, will verify creditors' proofs of claim until Nov. 24, 2006.

Mr. Basile will present the validated claims in court as individual reports
on Feb. 9, 2007.  A court in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Dalafer 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 Dalafer's accounting and banking
records will follow on March 23, 2007.

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

The trustee can be reached at:

          Jorge Hugo Basile
          J.E. Uriburu 782
          Buenos Aires, Argentina


DARK HILL: Trustee Verifies Proofs of Claim Until Dec. 15
---------------------------------------------------------
Rosa del Carmen Irigoyen, the court-appointed trustee for Dark Hill SA's
bankruptcy case, verifies creditors' proofs of claim until Dec. 15, 2006.

Ms. Irigoyen will present the validated claims in court as individual
reports on March 1, 2007.  A court 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 Dark Hill 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 Dark Hill's accounting and
banking records will follow on April 12, 2007.

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

The trustee can be reached at:

           Rosa del Carmen Irigoyen
           Avenida Cordoba 1351
           Buenos Aires, Argentina


IMPSAT FIBER: Commences Consent Solicitation for 6% Sr. Notes
-------------------------------------------------------------
Impsat Fiber Networks, Inc., solicited consents from the holders of its
Series A 6% Senior Guaranteed Convertible Notes due 2011 and its Series B 6%
Senior Guaranteed Convertible Notes due 2011.  The consents were being
solicited from holders of record of the Notes at 5:00 p.m. on Nov. 1, 2006.
The terms and conditions of the consent solicitation are described in the
Consent Solicitation Statement, dated Nov. 2, 2006.

On Oct. 25, 2006, Impsat Fiber entered into an Agreement and Plan of Merger
with Global Crossing Ltd. and GC Crystal Acquisition, Inc.  Under the
agreement, Global Crossing would acquire Impsat Fiber.

The consents are being solicited in connection with the proposed merger.
The closing of the consent solicitation is conditioned upon the receipt by
Impsat Fiber of valid consents from holders of a majority in principal
amount of the Series A Notes outstanding as contemplated in Section 10.02 of
the indenture governing the Series A Notes and holders of a majority in
principal amount of the Series B Notes outstanding as contemplated in
Section 10.02 of the indenture governing the Series B Notes.

If Impsat Fiber receives the required consents before the expiration of the
consent solicitation, the consent solicitation will close, and the company
will execute a supplemental indenture to each of the indentures for the
Notes with the trustee, which will give effect to the proposed amendments.
The proposed amendments will not become operative until the closing of the
merger.

If Impsat Fiber receives the required consents and signs the supplemental
indentures, the company will make cash payments to each record holder of the
Notes that validly consents to the proposed amendments and does not revoke
the consent, other than holders whose Notes are not deemed to be outstanding
under the indentures governing the Notes for purposes of the consents, in
the amount of US$2.50 per US$1,000 in aggregate principal amount of Notes
for which consent is properly given.  Impsat Fiber will make the cash
payments promptly after the supplemental indentures are signed.

Only registered holders of Notes at 5:00 p.m. New York City time on Nov. 1,
2006, who validly deliver, and do not revoke, consents prior to the
expiration of the consent solicitation at 5:00 p.m. New York City time on
Nov. 15, 2006, will be eligible to receive the consent payments.  The
consent solicitation may be extended or terminated by Impsat at its option.

Impsat Fiber has retained Goldman, Sachs & Co., to serve as Solicitation
Agent, Georgeson Inc. to serve as Information Agent and The Bank of New York
to serve as Tabulation Agent for the consent solicitation.

Requests for documents may be made directly to:

          Georgeson Inc.
          17 State St. 10th Floor
          New York, NY 10004
          Tel: (212) 440-9800 (banks and brokers)
               (866) 277-5068 (toll free)

Questions regarding the solicitation of consents may be directed to:

          Goldman, Sachs & Co.
          Attn: Credit Liability Management
          One New York Plaza, 48th Floor
          New York, New York 10004
          Tel: (800) 828-3182 (toll free)
               (212) 357-0775 (collect)

Impsat Fiber Networks, Inc., -- http://www.impsat.com-- is a provider of
private telecommunications networks and Internet services in Latin America.
The company owns and operates 15 data centers and metropolitan area networks
in some of the largest cities in Latin America, providing services to more
than 4,200 national and multinational companies, financial institutions,
governmental agencies, carriers, Internet service providers and other
service providers throughout the region.  Impsat has operations in
Argentina, Colombia, Brazil, Venezuela, Ecuador, Chile, Peru, the United
States and throughout Latin America and the Caribbean.

Impsat Fiber registered an increase in losses from US$14.2 million in 2004
to US$36.2 million in 2005.


PETROBRAS ENERGIA: Fitch Affirms Low B Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed its low B issuer default ratings on Petrobras
Energia.  Fitch has affirmed these ratings:

   -- Foreign currency Issuer Default Rating at 'B+';
   -- Local currency Issuer Default Rating at 'BB-'; and
   -- Senior unsecured issue ratings at 'B+/RR3'.

Fitch has also upgraded the National Scale Rating of Petrobras Energia to
'AA(arg)' from 'AA-(arg)'.

The issue rating reflects a recovery expectation in the 'RR3' category,
indicating a recovery estimation of 51%-70%.  All ratings have a Stable
Outlook.

Petrobras Energia's ratings are supported by the company's solid credit
profile, its significant cash generation outside of Argentina, and its
ability to retain a material amount of its export revenues abroad.
Petrobras Energia shows balanced oil and gas reserves and an adequate
reserve level.  The company also benefits from the experience and strong
market position of its shareholder, Petrobras Brasileiro (upgraded to 'BB+'
by Fitch in June 2006).  The international ratings continue to be
constrained by the Argentine sovereign environment.

The factors are tempered by Petrobras Energia's exposure to political
interference in the regions where it operates.  A high level of uncertainty
exists as to the company's activities in Venezuela, which represent 30% of
Petrobras Energia's EBITDA and reserves.

Fitch understands that the recent conversion of the existing operating
agreements into joint ventures controlled by Petroleos de Venezuela
constitutes the major event risk regarding Petrobras Energia's future.
However, Petrobras Energia's proven access to financing sources and proper
cash management, the potential support of its controlling shareholder, and
the improvement in credit protection measures in 2005 and the first half of
2006 mitigate a possible reduction in cash flow.

Petrobras Energia reported solid credit protection measures that have
benefited from the global increase in the price of oil and refined products
limited by the effect of export taxes.  Through June 2006, the company
reported interest coverage of 6.1x, net debt-to-EBITDA of 1.7x, and
debt-to-capitalization of 48.1%, consistent with the assigned ratings.
Petrobras Energia maintains a leverage position consistent with higher rated
entities outside of Argentina.

Petrobras Energia is one of the most vertically integrated energy
conglomerates in Latin America, with operations encompassing virtually all
segments of the energy value chain.  Core business activities include oil
and gas exploration and production; refining and marketing; petrochemicals;
and electricity.  Petrobras Energia is controlled by Petrobras Energia
Participacoes SL, a holding company that is in turn controlled by Brazil's
national oil company, Petrobras (Long-term IDR 'BB+' by Fitch).


SAN CRISTOBAL: Moody's Places B2 Insurance Fin'l Strength Rating
----------------------------------------------------------------
Moody's Latin America has upgraded the insurance financial strength rating
of San Cristobal Mutual de Seguros Generales to A2.ar from A3.ar on
Argentina's national rating scale and has assigned a B2 insurance financial
strength rating on the global local-currency scale.  Both ratings have a
stable outlook.

San Cristobal is a leading personal lines insurance company in Argentina,
offering auto and homeowners insurance, and having some exposure to
hailstorm insurance and personal accident business.  It is the key entity of
the San Cristobal Group, which comprises several companies, among which are
Asociart ART (monoline workers' compensation) and San Cristobal Seguro de
Retiro (individual annuities).  The group has been in the Argentine market
for more than 60 years.

According to Moody's, the upgrade on the national scale rating was driven
primarily by San Cristobal's reduced volatility in its underwriting results
over the past few years (which are now more closely aligned with its closest
peers') and by its improved reserve-coverage ratio and asset quality.
Driven by price increases and organic growth, San Cristobal was successful
in moving from underwriting losses (13.5% of net premiums in fiscal year
2001 and 20.6% in FY2002) to underwriting profits (2% and 2.1% of net
premiums in fiscal years 2004 and 2005, respectively).

Moody's expressed some concern in noting that San Cristobal again showed a
5.3% underwriting loss in 2006 fiscal year ended June 30, 2006, primarily
because of an increase in claim frequency in the Argentine auto market.
However, Moody's believes that management will take the necessary steps,
including new price increases, to reduce such losses in the future and that
the present distribution network and persistent clients will help to keep
the company from experiencing heavy underwriting losses like those occurred
before 2004.

Moody's noted that San Cristobal's reserve coverage ratio (liquid
investments to losses and LAE reserves) rose significantly, from 57.3% in
2003 to 70% as of June 30, 2006.  The proportion of San Cristobal's risky
assets (listed stocks, speculative grade bonds and real estate investments)
relative to its total cash and invested assets declined noticeably to the
current 41% from 54% three years ago (as of June 30, 2003).

Moody's said that San Cristobal is one of the leaders in the property
insurance market.  It enjoys a sound reputation in its main regional
market -- the Argentine provinces of Santa Fe and Cordoba.  San Cristobal
ranks third in the auto insurance business -- with a 7.7% stake -- and sixth
in the total property and casualty market.  The company's solid market
position is based on the distributing of its insurance products through a
very loyal agent network, which provides some control over its commission
costs, as well as providing a good persistency rate.  The administrative and
net commission expense ratio remained stable at a 40% level (of net premiums
written), which is close to the B2 median level.

Moody's also noted some credit challenges for San Cristobal including the
need to restore and maintain its underwriting profitability, to control its
underwriting leverage, and to diversify its business composition given its
major concentration in the auto insurance, which accounts for 77% of net
earned premiums (as of 2006 fiscal year).

Moody's added that a further upgrade of San Cristobal could occur if it
consistently maintains underwriting profits above 5% of net premiums
written, reserve coverage ratio above 90%, and a more diversified and
profitable business composition.

A sustained deterioration in underwriting, resulting in combined ratios
above 110%, a decline in the reserve coverage ratio below 50%, an increase
in gross underwriting leverage, and/or a decline in the overall market share
below 2%, would likely result in a ratings downgrade.

Based in Rosario, San Cristobal Mutual de Seguros posted net profits of
ARS10.2 million and gross premiums written of ARS396.6 million for year-end
2006.  As of June 30, 2006, the company reported shareholders' equity of
ARS214.9 million and total assets of ARS640.4 million.


SCHNEIDER + KLEIN: Reorganization Proceeding Concluded
------------------------------------------------------
Schneider + Klein SRL's reorganization proceeding has ended.  Data published
by Infobae on its Web site indicated that the process was concluded after a
court in Buenos Aires approved the debt agreement signed between the company
and its creditors.


TOM & JERRY: Claims Verification Deadline Is Set for Dec. 19
------------------------------------------------------------
Hector Garcia, the court-appointed trustee for Tom & Jerry SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 19, 2006.

Mr. Garcia will present the validated claims in court as individual reports
on Feb. 5, 2007.  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 Tom & Jerry 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 Tom & Jerry's accounting and
banking records will follow on April 19, 2007.

Tom & Jerry was forced into bankruptcy at the request of Maria Mackiewicz,
whom it owes US$6,936.90.

Clerk No. 15 assists the court in the case.

The debtor can be reached at:

          Tom & Jerry SA
          Avenida Leandro N. Alem 465
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Garcia
          Uruguay 572
          Buenos Aires, Argentina


YPF SA: Sacyr Vallehermoso Plans to be Repsol's Main Shareholder
----------------------------------------------------------------
Sacyr Vallehermoso, a construction and services group in Spain, plans to
become the main shareholder of Repsol, the parent firm of YPF SA, according
to the country's Securities an Exchange Commission.

Merco Press relates that Sacyr Vallehermoso intends to increase its stake in
Repsol to 20%, after acquiring 9.24% in the company.  The operation involved
an average price of EUR25.32 per share, with a total investment of
EUR2.855.6 million.

The report says that the National Energy Commission of Spain had disclosed
that Sacyr Vallehermoso's stake in Repsol did not merit an analysis, since
it did not involve any regulated sector.

Once Sacyr Vallehermoso manages to achieve its goal it will be Repsol's
largest shareholder, Merco Press states.

                        About Repsol

Repsol YPF, SA, is an integrated oil and gas company engaged in all aspects
of the petroleum business, including exploration, development and production
of crude oil and natural gas, transportation of petroleum products,
liquefied petroleum gas and natural gas, petroleum refining, petrochemical
production and marketing of petroleum products, petroleum derivatives,
petrochemicals, LPG and natural gas.

                        About YPF SA

YPF SA is an integrated oil and gas company engaged in the exploration,
development and production of oil and gas and natural gas and
electricity-generation activities (upstream), the refining, marketing,
transportation and distribution of oil and a range of petroleum products,
petroleum derivatives, petrochemicals and liquid petroleum gas (downstream).
Repsol, which holds 99.04% of YPF's shares, controls YPF.

                        *    *    *

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




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


COMPLETE RETREATS: Court Allows XRoads to be Firm's Claims Agent
----------------------------------------------------------------
Pursuant to Sec. 363 of the Bankruptcy Code, the U.S. Bankruptcy Court for
the District of Connecticut gave Complete Retreats LLC and its
debtor-affiliates authority to employ XRoads Claims
Management Services LLC as their claims and noticing agent until Sept. 30,
2006.

In August 2006, the Debtors filed an application pursuant to
Section 327 of the Bankruptcy Code to employ XCM as their claims and
noticing agent.

The United States Trustee has objected twice to the XCM Retention
Application.

The Debtors voluntarily withdrew the XCM Application after discussions with
their counsel and the U.S. Trustee.

As reported in the Troubled Company Reporter on Oct. 6, 2006, XCM was
expected to:

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

   (b) design, maintain, and administer the Debtors' claims
       database;

   (c) provide designated users with access to the claims
       database to track claims activity, view claims-related
       documents in PDF format, and create reports;

   (d) send acknowledgement cards to creditors confirming
       receipt of their proofs of claim; and

   (e) provide copy and notice service consistent with the
       applicable local rules and as requested by the Debtors
       and the Court, including acting as the official claims
       agent in lieu of the Court in:

       * serving notice to parties-in-interest,

       * maintaining all proofs of claim and proofs of interest
         filed and received in the Debtors' bankruptcy cases;

       * docketing the claims;

       * maintaining and transmitting to the Bankruptcy Clerk
         the official claims registers;

       * maintaining current mailing lists of all claimants and
         notices of appearance received;

       * providing free public access for claims examination at
         its premises during regular business hours; and

       * recording claims assignments to third parties and
         recording all transfers received pursuant to Rule
         3001(e) of the Federal Rules of Bankruptcy Procedure.

The Debtors proposed to pay XCM's service at these hourly rates:

   Professional                           Hourly Rate

   Director or Managing Director         US$225 to US$325
   Consultant or Sr. Consultant          US$125 to US$225

   Type of Service                        Hourly Rate

   Accounting and Document Management    US$125 to US$195
   Programming and Technical Support     US$125 to US$195
   Clerical - data entry                 US$40 to US$65

The Debtors also proposed to reimburse XCM for its out-of-pocket expenses.
XCM has not received a retainer from the Debtors, Jeffrey K. Daman, Esq., at
Dechert LLP, in Hartford, Connecticut, told the Court.

The Debtors have more than 5,000 creditors and other potential
parties-in-interest.  Mr. Daman avered that the Bankruptcy Clerk's Office is
not equipped to (i) distribute notices, (ii) process all proofs of claim
filed in these cases, and (iii) assist in the balloting process for the
Debtors' Chapter 11 cases.

XCM is not to be retained under Section 327, Mr. Daman noted.
Accordingly, the Debtors asked the Court to treat XCM's fees and expenses as
an administrative expense under the Debtors' estates.  The Debtors also
asked the Court for permission to pay XCM's fees and expenses without the
need for XCM to file any fee applications.

John Vander Hooven, a managing director at XRoads Case Management Services,
LLC, assured the Court that XCM does not hold or represents any interest
adverse to the Debtors' estates and is a "disinterested person," as
referenced in Section 327(a) and as defined in Sections 101(14) and 1107(b)
of the Bankruptcy Code.

                   About Complete Retreats

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


COMPLETE RETREATS: Court Approves First Insurance Premium Pact
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave Complete
Retreats LLC and its debtor-affiliates authority to enter into a premium
financing agreement and disclosure statement with First Insurance Funding
Corp.

The Debtors wanted to execute the Premium Finance Agreement and Disclosure
Statement with First Insurance for the financing of coverage essential for
the operation of their business operations, including umbrella, general
liability, and property insurance policies.

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

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


Policy                                 Effective      Policy
Number      Insurance Company             Date        Premium

NHA036341   RSUI Indemnity Company     8/29/2008    US$36,000
                                       FIN TXS/FEES         0
                                       ERN TXS/FEES         0

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

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

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

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

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

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

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

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

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

The Debtors believe that the terms of the Finance Agreement are commercially
fair and reasonable.  Without the Policies, the
Debtors assert they would be forced to cease operations and would be in
default under their postpetition credit agreements.

                  About Complete Retreats

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


WINN-DIXIE: Court Approves Five Alabama Power Agreements
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida approved the
agreements between Winn-Dixie Stores Inc. and its debtor-affiliates and
Alabama Power Company and directs the Debtors to pay APCO US$861,747 as cure
relating to the assumption of four contracts.

The Court rules that the Debtors cannot assume the Contracts if their Joint
Plan of Reorganization is not confirmed or does not become effective.

As reported in the Troubled Company Reporter on Oct. 27, 2006, the five
contracts under which APCO provides electricity to nearly 63 of the Debtors'
operating locations in Alabama are:

   (a) Master Contract for Electric Service between APCO and
       Winn-Dixie Stores, Inc., dated May 16, 2002;

   (b) Master Contract for Electric Power Service between APCO
       and Winn-Dixie Montgomery, Inc., dated Feb. 23, 1996;

   (c) Master Contract for Electric Power Service between APCO
       and WD Montgomery dated Aug. 8, 1997, and associated
       Electric System Lease Agreement and Standby Generator
       Program Agreement each dated Sept. 3, 1997;

   (d) Contract for Electric Power between APCO and WD
       Montgomery dated April 15, 1997; and

   (e) Contract for Electric Power between APCO and WD
       Montgomery dated Nov. 5, 1996.

The parties have resolved their dispute with respect to the May 2002
Contract, and have also negotiated the terms pursuant to which all of the
Contracts will be assumed, except for the November 1996 Contract.  The
negotiations had resulted in these agreements:

   (1) The Debtors will assume the February 1996, April 1997,
       September 1997, and May 2002 Contracts, as amended;

   (2) APCO will facilitate the assumption of the four Contracts
       by agreeing to (i) amend the May 2002 and February 1996
       Contracts by virtue of two separate contracts dated
       Oct. 12, 2006, and (ii) accept US$861,747 as cure for the
       four Contracts;

   (3) The Debtors' cure obligations will be limited to the
       payment of the US$861,747 cure with APCO waiving any
       additional requirements under Section 365(b)(1) of the
       Bankruptcy Code as they relate to any prepetition
       Defaults under the Contracts;

   (4) APCO's Agreements will not negate the impact of
       assumption on any claims held by the Debtors against APCO
       or otherwise expose APCO to potential preference actions
       with respect to payments made on account of the
       Contracts;

   (5) APCO will be entitled to an administrative claim for cure
       if any amounts become owing to it pursuant to Section
       502(h) of the Bankruptcy Code upon assumption of the
       Contracts;

   (6) The Omnibus Motion as it pertains to the May 2002
       Contract and APCO's Objection will be deemed withdrawn;
       and

   (7) The Debtors will reject the November 1996 Contract as of
       Oct. 25, 2006, and APCO will have a prepetition non-
       priority unsecured rejection damages claim for US$51,876.

The Debtors will also save an estimated US$1,000,000 annually by avoiding
service price increases that they would otherwise have to incur if they
pursued a rejection and entered into new service contracts with APCO.

The November 1996 Contract related to the provision of electricity to one of
the Debtors' closed stores in Montgomery,
Alabama.  The Debtors say that the contract's rejection is still in their
best interest although it will result in a US$51,876 rejection of damages in
favor of APCO, since that amount reflects minimum charges that they are
required to pay under the contract.

By rejecting the November 1996 Contract, the Debtors will ensure that the
charges are treated as a prepetition non-priority unsecured claim rather
than as an administrative claim to be paid in cash.

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


WINN-DIXIE: Wants TRP-Held SRP Plan Assets Transferred
------------------------------------------------------
Conditioned on the occurrence of the effective date of their
Joint Plan of Reorganization, Winn-Dixie Stores, Inc., and its debtor
affiliates ask the U.S. Bankruptcy Court for the Middle District of Delaware
to direct the liquidation and transfer to Winn-Dixie Stores, Inc., of the
Winn-Dixie Supplemental Retirement Plan's assets held in trust by T. Rowe
Price Trust Company under an agreement effective as of July 1, 1994.

Specifically, the Debtors ask the Court to direct the transfer to Winn-Dixie
of SRP assets held in trust by TRP within five business days following the
later of (a) the receipt by TRP of notice from the Debtors of the occurrence
of the Effective Date, and (b) the receipt by TRP of a copy of the Transfer
Order.

Before their bankruptcy filing, the Debtors maintained the SRP to provide
supplemental retirement benefits to participating employees.  The SRP was
intended to constitute an unfunded, unsecured, deferred compensation plan,
with benefits to be paid from the Debtors' general assets.  To support their
obligations under the SRP, the Debtors elected to enter into the Trust
Agreement with TRP.

Although the Trust Agreement establishes a trust fund to hold SRP plan
assets, both the Trust Agreement and the SRP indicate that the Debtors
remain the owner of all Trust Assets and that Trust Assets are subject to
the claims of creditors in the event of the Debtors' bankruptcy, Cynthia C.
Jackson, Esq., at Smith Hulsey & Busey, in Jacksonville, Florida, relates.
As of
Oct. 18, 2006, the Trust Assets had an approximate value of US$16,200,000.

Under the Chapter 11 Plan, the SRP and related trust and individual
agreements, including the Trust Agreement, will be terminated for all
purposes as of the Effective Date, and all claims of participants under the
SRP will be discharged.  The
Debtors wish to have the Trust Assets available as a source of funds as soon
as possible following the Effective Date.

However, Section 9.2 of the Trust Agreement provides, in relevant part, that
when TRP determines that Winn-Dixie has filed for bankruptcy, TRP will hold
for the benefit of Winn-Dixie's creditors all Trust Assets and will deliver
them to satisfy the claims of the Winn-Dixie creditors as directed by a
court of competent jurisdiction.  Hence, the Debtors are seeking a Transfer
Order from the Court to satisfy the requirement contained in Section 9.2,
Ms. Jackson explains.

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




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


ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million
---------------------------------------------------------------
Andrew Corp. has agreed to acquire EMS Wireless -- a Norcross, Georgia-based
division of EMS Technologies, Inc.

Under the agreement, Andrew will pay US$50.5 million in cash for EMS
Wireless, a major designer and manufacturer of base station antennas and
repeaters for cellular networks in North America.  Its customers include the
major wireless operators in the US.

John DeSana, a group president in the Antenna and Cable Products Segment of
Andrew Corp., said, "EMS Wireless and its employees have a successful track
record in innovation and customer responsiveness, and their addition to
Andrew will deliver compelling strategic and financial benefits.  EMS
Wireless will strengthen our relationships with key customers and extend our
leadership position in wireless subsystems."

EMS Wireless had revenues of US$28.5 million for the first half of 2006.  It
employs 200 people in Norcross, Georgia, and Curitiba, Brazil.  The
transaction is expected to close within 30-60 days and be slightly accretive
to earnings in fiscal 2007.  Andrew expects to achieve US$5 million to US$10
million annually in synergies and reduced corporate spending beginning in
fiscal 2007.

Paul Domorski, the president and chief executive officer of EMS
Technologies, noted, "We are very proud of our Wireless division and its
remarkable achievements over the past 13 years.  I credit our highly
talented personnel with building the EMS Wireless cellular and PCS base
station antenna business.  Meanwhile, the industry is consolidating rapidly
and greater scale is very important.  We believe EMS Wireless and its
dedicated employees will have a better future as part of a larger
organization, such as Andrew, that is less affected by swings in sales of
particular products and has a wider array of products to offer to wireless
carriers.  For these reasons, we think Andrew Corporation is the perfect
match."

Headquartered in Westchester, Illinois, Andrew Corp. (NASDAQ: ANDW) --
http://www.andrew.com/-- designs, manufactures and delivers innovative and
essential equipment and solutions for the global communications
infrastructure market.  The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among others, these
Latin American countries: Argentina, Bahamas, Belize, Barbados, Bermuda and
Brazil.  Andrew is an S&P 500 company Founded in 1937.

                        *    *    *

As reported in yesterday's Troubled Company Reporter, Standard &
Poor's Ratings Services revised its CreditWatch implications on
Andrew Corp. to negative from developing.  The 'BB' corporate credit rating
and other ratings on the company were placed on CreditWatch developing on
Aug. 7, 2006.




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


MONTPELIER RE: Steven Gilbert Will Resign as Board of Director
--------------------------------------------------------------
Montpelier Re Holdings Ltd. reported that Steven J. Gilbert has informed the
company of his intention to resign as a member of the Board of Directors for
personal reasons.  The resignation would take effect from the conclusion of
the company's next regular meeting of the Board of Directors on Nov. 17,
2006.

Anthony Taylor, Montpelier Re chairperson and chief executive, said, "We are
most grateful to Steve for all his fine insights and service to the Company
through its formative years."

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

                        *    *    *

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


REFCO INC: Court Gives Final Okay on Disclosure Statement
---------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York has issued a final written order approving Refco Inc.
and its debtor-affiliates' Disclosure Statement, as modified, with respect
to its First Amended Plan of Reorganization.

Judge Drain found that the Disclosure Statement contains "adequate
information" as that term is defined in Section 1125 of the Bankruptcy Code.

Judge Drain ruled that the Disclosure Statement may be amended and modified
from time to time to incorporate immaterial modifications, fill in blanks,
and reflect any modifications that the Debtors determine to be appropriate,
which do not materially change the Disclosure Statement or affect any rights
of a party-in-interest

All objections, to the extent not withdrawn or resolved, are overruled.

The Debtors are authorized and empowered to take all steps and perform acts
as may be necessary to implement and effectuate the Disclosure Statement
Order.

                Amended Disclosure Statement

As reported in the Troubled Company Reporter on Oct. 11, 2006, the Debtors
filed with the Court their Amended Plan of Reorganization and accompanying
Disclosure Statement, with Marc Kirschner, the Chapter 11 trustee for Refco
Capital Markets,
Ltd.; the Official Committee of Unsecured Creditors; and the
Additional Committee of Unsecured Creditors as co-proponents.

The Amended Plan contemplates that on or prior to the effective date of the
plan, the RCM Chapter 11 Case will be converted to a case under subchapter
III of Chapter 7 of the Bankruptcy Code, unless the Debtors and the RCM
Trustee agree that there is a compelling reason for the RCM Estate to be
administered under Chapter 11.  In the event of a conversion to Chapter 7,
the Plan will constitute a settlement and compromise between the RCM Estate
and the Debtors' Estates, on one hand, and among the Estates of the various
Debtors and certain creditors, on the other hand, for which approval is
sought simultaneously with the confirmation of the Plan.

           Creditor Recovery Under Amended Plan

The Amended Plan separately classifies Claims against and
Interests in:

   * Refco and its 24 affiliates -- Contributing Debtors,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and Priority Tax Claims against the Contributing
Debtors, RCM, and FXA are not classified under the Plan.  Administrative and
Priority Tax Claims will be paid in full in cash.

The Amended Plan groups Claims against and Interest in the
Contributing Debtors into eight classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
                                     (in US dollars)

    1     Non-Tax Priority Claims        $3,000,000     100.0%
    2     Other Secured Claims             $700,000     100.0%
    3     Secured Lender Claims        $704,000,000     100.0%
    4     Sr Subordinated Note Claims  $397,400,000      83.4%
    5(a)  Contributing Debtors Gen.
             Unsecured Claims          $522,700,000      23.0%
    5(b)  Related Claims                          -       0.0%
    6     RCM Intercompany Claims                 -       N/A
    7     Subordinated Claims                     -       0.0%
    8     Old Equity Interests                    -       0.0%

The Class 3 Secured Lender Claims against the Contributing Debtors will be
allowed and paid to the extent provided in the Early Payment Order.

RCM will be entitled to an additional Claim if, at the conclusion of the
claims reconciliation process:

   (x) the total Allowed Contributing Debtors General Unsecured
       Claims are less than US$394,000,000; and

   (y) the Distributions to be made to Holders of Allowed
       Contributing Debtors General Unsecured Claims would
       Result in a recovery for the Holders in excess of 35%
       from the sum of the Contributing Debtors Distributive
       Assets and the Contributing Debtors' portion of the RGL
       FXCM Distribution.

Specifically, RCM will be entitled to an additional Claim equal to the
positive difference between US$394,000,000 minus the amount of the Allowed
Contributing Debtors General Unsecured Claims.  The Additional RCM Claim
will participate pro rata in all Distributions from Contributing Debtors
Distributive Assets and the Contributing Debtors' portion of the RGL FXCM
Distribution to Holders of Allowed Contributing Debtors General Unsecured
Claims that exceed the 35% recovery threshold.  The Additional RCM Claim,
however, will not be subject to the 40% limit on Distributions set forth in
the Contributing Debtors General Unsecured Claim Distribution.

The Amended Plan groups Claims against FXA into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
                                     (in US dollars)

    1     FXA Non-Tax Priority Claims      $165,000     100.0%
    2     FXA Other Secured Claims         $120,000     100.0%
    3     FXA Secured Lender Claims    $704,000,000       N/A
    4     FXA Sr. Sub. Note Claims      $397,400,000      N/A
    5(a)  FXA Gen. Unsecured Claims    $140,700,000
                                    to $180,700,000      35.0%
    5(b)  Related Claims                          -       0.0%
    6     FXA Convenience Claims        $12,500,000      40.0%
    7     FXA Subordinated Claims                 -       0.0%

The Amended Plan provides that Class 5(a) FXA General Unsecured
Claims less than or equal to $10,000, or greater than US$10,000 but, with
respect to which, Holder voluntarily reduces the Claim to US$10,000, will be
treated as Class 6 FXA Convenience Claims.

The aggregate amount of Distributions to Class 6 FXA Convenience Claims is
limited to US$5,000,000.  To the extent that the amount of Class 5(a) FXA
General Unsecured Claims electing to receive a Class 6 FXA Convenience Claim
causes the aggregate amount to exceed the cap, the Holders of Claims
permitted to elect the treatment will be determined by reference to the
amount of the Claim, with the Claim in the lowest amount being selected
first and the next largest claim being selected thereafter until the cap is
reached.

The ranges of claims and recoveries for Holders of FXA General Unsecured
Claims are subject to material deviations and may be significantly lower due
to:

   (i) alleged administrative expenses incurred in trading
       activity post-bankruptcy; and

  (ii) a dispute with a related entity in Japan concerning
       ownership of a significant portion of FXA cash.

FXA has commenced a turnover action against Japan KK to require it to turn
certain cash assets over to FXA.

The Amended Plan groups RCM Claims into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
                                     (in US dollars)

    1     RCM Non-Tax Priority Claims       $90,000     100.0%
    2     RCM Other Secured Claims     $110,400,000     100.0%
    3     RCM FX/Unsecured Claims      $985,600,000      37.6%
    4     RCM Securities Customer
             Claims                  $2,793,800,000      85.4%
    5     RCM Leuthold Metals Claims    $15,600,000     100.0%
    6     Related Claims                          -       0.0%
    7     RCM Subordinated Claims                 -       0.0%

Holders of Allowed Related Claims will be subordinated and will receive no
Distribution unless all Holders of Allowed RCM
FX/Unsecured Claims, Allowed RCM Securities Customer Claims and
Allowed RCM Leuthold Metals Claims have been paid in full.

To the extent that a Non-Debtor Affiliate has an Intercompany
Claim against RCM, the Claim will be resolved by:

   (a) the netting of the Claim against any Claim held by the
       Contributing Debtors or RCM against the Non-Debtor
       Affiliate; or

   (b) to the extent that a distribution is made by RCM on
       account of the Claim, the Contributing Debtors will
       reimburse RCM for payments from any amounts the
       Contributing Debtors receive directly or indirectly from
       any Non-Debtor Affiliate.

Holders of Claims under these classes are impaired and entitled to vote on
the Amended Plan:

   -- Class 4 Senior Subordinated Note Claims, Class 5(a)
      Contributing Debtors General Unsecured Claims, Class 5(b)
      Related Claims and Class 6 RCM Intercompany Claims,
      Against one or more of the Contributing Debtors;

   -- Class 4 FXA Senior Subordinated Note Claims, Class 5(a)
      FXA General Unsecured Claims, Class 5(b) Related Claims,
      and Class 6 FXA Convenience Claims, against FXA; and

   -- Class 3 RCM FX/Unsecured Claims, Class 4 RCM Securities
      Customer Claims, Class 5 Leuthold Metals Claims and Class
      6 Related Claims, against RCM.

                  BAWAG Proceeds Allocation

On October 5, 2006, the Court approved a partial allocation of the proceeds
of a settlement agreement among the Debtors, the
Creditors Committee and BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse Aktiengesellschaft.

The BAWAG Allocation Order provides that US$100,000,000 of the
BAWAG Guaranteed Proceeds was indefeasibly allocated to Refco
Group Ltd., LLC, for payment to the Senior Secured Lenders.

The consideration given by BAWAG, aside from the US$100,000,000 already
earmarked for RGL, will be allocated this way:

   * US$150,000,000 will be allocated to the Contributing
     Debtors for payment to the Holders of Senior Subordinated
     Note Claims;

   * US$56,250,000 -- plus 100% of up to US$150,000,000 in the
     form of the BAWAG Contingent Payment -- will be allocated
     to the Contributing Debtors for payment to the Holders of
     Allowed Contributing Debtors General Unsecured Claims;

   * US$200,000,000 will be allocated to RCM for payment to the
     Holders of RCM Securities Customer Claims and RCM
     FX/Unsecured Claims; and

   * the value of each release granted by BAWAG in favor of each
     of the Debtors and RCM would be allocated to each of the
     Debtors and RCM, as applicable, without any resulting
     transfer of Cash or other Distribution.

On Sept. 21, 2006, BAWAG wired US$337,500,000 to the Debtors and
US$337,500,000 to the US government.  The Debtors expect to receive
US$168,700,000 of the amount transferred by BAWAG to the US government prior
to confirmation of the Plan.

The BAWAG Settlement Agreement provides that:

   -- any creditor who voluntarily elects to receive any portion
      of the BAWAG Proceeds must release BAWAG from all claims
      or actions arising from or related to the Debtors; and

   -- any portion of the BAWAG Proceeds that would have been
      allocated to any creditor that elects not to provide the
      required release must be returned to BAWAG.

The Amended Plan provides that Holders of Allowed Claims against the
Contributing Debtors and RCM can, if they affirmatively elect, opt out of
the BAWAG settlement and thereby return their share of BAWAG Proceeds to
BAWAG in lieu of agreeing to release BAWAG from liability.

Opting out, however, will significantly reduce the aggregate recoveries to
be received by the Creditors under the Plan:

                                Estimated Plan   Estimated Plan
                                Recovery With    Recovery Minus
   Creditor Class               BAWAG Proceeds   BAWAG Proceeds

   Senior Subordinated
      Note Claims                    83.4%            45.7%

   Contributing Debtors General
      Unsecured Claims               23.0%            12.2%

   RCM Securities
      Customer Claims                85.4%            80.6%

   RCM FX/Unsecured Claims           37.6%            30.9%

                   US$140,000,000,000 Claim Pile

As of Sept. 29, 2006, the Debtors' claims agent, Omni Management Group, LLC,
had received approximately 14,000 timely filed proofs of claim in the
Debtors' Chapter 11 cases asserting more than US$140,000,000,000 in the
aggregate, not including claims asserted in unliquidated amounts.  The
Debtors and their professionals have been engaged in the process of
evaluating the proofs of claim to determine whether objections seeking
disallowance, reclassification or reduction of certain asserted claims
should be filed.  The Debtors expect to seek disallowance of approximately
US$130,000,000,000 of the claims.

               Administration of Refco Estates

The Joint Sub-Committee of the Official Creditors Committees will designate
an entity to serve as Plan Administrator for both
Reorganized Refco and Reorganized FXA.  The Joint Sub-Committee will also
select a trustee for the Litigation Trust to be established under the Plan.

The Litigation Trust will be structured in a manner that provides for a
senior Tranche A and a junior Tranche B.  No Distributions of Litigation
Trust Interests will be made in respect of Tranche B until Tranche A has
been fully and indefeasibly paid.  However, Holders of Allowed Old Equity
Interests may receive recoveries directly from 10% of the IPO Underwriter
Claims Recovery in Tranche A.

The Litigation Trust will have an initial five-year term, which may be
extended for one or more one-year terms.  The Trust may be terminated
earlier than its scheduled termination if:

   -- the Bankruptcy Court has entered a final order closing all
      of or the last of the Chapter 11 cases and the RCM Chapter
      11 case to the extent the RCM Chapter 11 case was
      converted to Chapter 7;  and

   -- the Litigation Trustee has administered all the Trust
      assets and performed all other duties required under the
      Plan.

The RCM Trustee will retain his rights, powers and duties necessary to carry
out his responsibilities with respect to the
RCM Estate.

The Court will convene a hearing on Oct. 16, 2006, at 10 a.m., to consider
whether the Amended Disclosure Statement contains adequate information
within the meaning of Section 1125 of the Bankruptcy Code.  Objections, if
any, are due by Oct. 9.

A blacklined copy of the Debtors' Amended Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?132f

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified
financial services organization with operations in 14 countries and an
extensive global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal US and international exchanges, and
are among the most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11 protection on Oct.
17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A. Despins,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official
Committee of Unsecured Creditors.  Refco reported US$16.5 billion in assets
and US$16.8 billion in debts to the Bankruptcy Court on the first day of its
chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the United
States, London, Asia and Canada.  Refco, LLC, filed for bankruptcy
protection in order to consummate the sale of substantially all of its
assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc.
Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal
LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital
Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner is represented by Bingham
McCutchen LLP.  RCM is Refco's operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).

Refco Commodity Management, Inc., formerly known as CIS Investments, Inc., a
debtor-affiliate of Refco Inc., filed for chapter 11 protection on Oct. 16,
2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set Dec. 15,
2006, at 10:00 a.m., as the hearing to consider confirmation of the First
Amended Joint Plan of Reorganization filed by Refco Inc. and its
debtor-affiliates; the Official Committee of Unsecured Creditors of Refco
and the Additional Committee; and Marc Kirschner, the Chapter 11 Trustee for
Refco Capital Markets, Ltd.

The Confirmation Hearing may be continued from time to time by announcing it
in open court, without further notice to parties-in-interest.

The Court also set:

   * Dec. 1, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to Plan confirmation;

   * Nov. 20, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to claims solely for purposes of
     voting on the Plan, which deadline will not apply to Claims
     Objections that may be asserted for purposes other than
     voting on the Plan;

   * Dec. 5, 2006, at 4:00 p.m., as the deadline for filing and
     serving motions pursuant to Rule 3018(a) of the Federal
     Rules of Bankruptcy Procedure seeking temporary allowance
     of claims for voting purposes; and

   * Dec. 8, 2006, at 5:00 p.m., as the deadline for submitting
     ballots to Financial Balloting Group LLC, the Debtors'
     special voting agent.

Claimholders whose claims are subject to an objection that was served after
the Claims Objection Deadline will not be subject to the Rule 3018(a) Motion
Deadline.

Pursuant to Sections 105(a) and 502(a) of the Bankruptcy Code, any claim as
to which an objection has been filed before the
Claims Objection Deadline will be ineligible to vote on the Plan, and that
claim will not be counted in determining whether the Section 1126(c)
requirements have been met with respect to the Plan:

   (i) unless the claim has been temporarily allowed for voting
       purposes pursuant to Rule 3018(a); or

  (ii) except to the extent that the objection to that claim has
       been resolved in favor of the creditor asserting the
       claim.

Holders of claims in Contributing Debtors Classes 4, 5(a), 5(b) and 6; FXA
Classes 4, 5(a), 5(b) and 6; and RCM Classes 3, 4, 5,
6, 7 and 8 are impaired and entitled to vote on the Plan.  Failure of a
claimholder to timely deliver a properly executed
Ballot will be deemed to constitute an abstention by that holder with
respect to voting on the Plan, and that abstention will not be counted as a
vote for or against the Plan.

The Honorable Robert D. Drain fixed Oct. 16, 2006, as the record date for
purposes of determining creditors and equity holders entitled to receive
Solicitation Packages and related materials, if any; and creditors entitled
to vote to accept or reject the Plan and elect certain treatment.

Judge Drain directed the Debtors to mail to all of their known creditors,
the Senior Subordinated Note Indenture Trustee and equity security holders
as of the Record Date, and all other entities required to be served under
Rules 2002 and 3017, notice of, inter alia, the Confirmation Hearing, within
Oct. 25, 2006.

Furthermore, Judge Drain ruled that each Senior Subordinated Note
Claimholder will receive BAWAG Proceeds as a component of its pro rata share
of the Senior Subordinated Note Holder Distribution, unless that Noteholder
opts out of the BAWAG Settlement.

Only the Senior Subordinated Note Claimholders who vote to reject the Plan
will be eligible to elect not to receive Senior
Subordinated Note Holder BAWAG Proceeds.  Election by any Senior
Subordinated Note Claimholder who votes to accept the Plan will be
disregarded.

Holders of Class 3 RCM FX/Unsecured Claims and Class 4 RCM
Securities Customer Claims under the Plan will be deemed to have agreed to:

   (i) assign their RCM Related Claims against the Debtors to
       the Litigation Trust;

  (ii) affirm their understandings that their RCM Related
       Claims against any Contributing Non-Debtor Affiliate will
       be subordinated pursuant to the Plan, as of each
       applicable Contributing Non-Debtor Affiliate Trigger
       Date, to all other existing claims against and equity
       Interests in the applicable Contributing Non-Debtor
       Affiliate; and

(iii) release the Secured Lenders from the Secured Lender
       Released Claims, if any, unless the holders elect not to
       accept that treatment.

The Ballots for Class 6 FXA Convenience Claims, Class 6 RCM
FX/Unsecured Convenience Claims and Class 7 RCM Securities
Customer Convenience Claims will contain the same Ballot elections as the
Ballots for Class 5(a) FXA General Unsecured
Claims, Class 3 RCM FX/Unsecured Claims, and Class 4 RCM
Securities Customer Claims.  However, the Ballot elections made on a
particular Convenience Class Ballot will be effective only if Convenience
Class treatment is denied to the claimant making the Ballot elections due to
oversubscription of the applicable
Convenience Class.

Parties-in-interest are entitled to request that the Debtors demonstrate
cause for any instance in which:

   (a) a Ballot was withdrawn;

   (b) a vote was changed by the filing of a superseding Ballot;
       or

   (c) the Voting Deadline was extended.

The deadline for filing and serving a Request for Cause will be
Dec. 14, 2006, at 12:00 noon.

Notwithstanding Local Rule 3018-1(b), the Debtors' voting agents will serve
by Dec. 12, 2006, notice to any claimholder who is permitted to make an
election with respect to a claim treatment, but whose election is deemed
ineffective or otherwise is not counted.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified
financial services organization with operations in 14 countries and an
extensive global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal US and international exchanges, and
are among the most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11 protection on Oct.
17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A. Despins,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official
Committee of Unsecured Creditors.  Refco reported US$16.5 billion in assets
and US$16.8 billion in debts to the Bankruptcy Court on the first day of its
chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the United
States, London, Asia and Canada.  Refco, LLC, filed for bankruptcy
protection in order to consummate the sale of substantially all of its
assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc.
Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal
LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital
Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner is represented by Bingham
McCutchen LLP.  RCM is Refco's operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for chapter 11
protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Court Gives Clarification on Nov. 15 Claims Bar Date
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York clarified that in the case of Refco Capital Markets
Ltd., the bar date for administrative claims will apply whether RCM is being
administered in Chapter 11 or Chapter 7 of the Bankruptcy Code.

The Bankruptcy Court previously set Nov. 15, 2006, as the deadline for
filing administrative expense payment requests in Refco Inc. and its
debtor-affiliates' chapter 11 cases.

The Court also set a subsequent Administrative Bar Date for claims that
accrue from Nov. 1, 2006, through the effective date of the Debtors' Chapter
11 Plan of Reorganization.  That deadline will be on the 30th calendar day
following the Plan
Effective Date.

Judge Drain ruled that these claims do not require filing of
Administrative Expense Payment Requests on or before the
Administrative Bar Dates:

   -- postpetition claims of professionals retained in the
      Debtors' cases for compensation for postpetition fees and
      Expenses;

   -- postpetition claims based on goods or services provided in
      the ordinary course of business, which are paid or remain
      payable according to typical and customary business terms.

Failure to file requests for payment of Ordinary Course of
Business Claims by the Administrative Bar Dates will not bar payment of
claims in the ordinary course of business.

Judge Drain further ruled that the Ad Hoc Committee of Equity
Security Holders, Bank of America, N.A., and the Debtors' prepetition
secured lenders under the August 2004 credit agreement are exempted from the
Initial Administrative Bar Date.

Man Financial Inc. will have until Nov. 27, 2006, to file all of its
Administrative Expense Payment Requests.

Any Administrative Expense Claimholder against the Debtors who is required,
but fails to file an Administrative Expense Payment Request on or before the
Administrative Bar Dates or the date, as to Man, will:

   (i) be forever barred, estopped, and permanently enjoined
       from asserting Administrative Expense Claim against the
       Debtors, their successors, or their property; and

  (ii) not be entitled to receive further notices regarding the
       Administrative Expense Claims.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified
financial services organization with operations in 14 countries and an
extensive global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal US and international exchanges, and
are among the most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11 protection on Oct.
17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A. Despins,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official
Committee of Unsecured Creditors.  Refco reported US$16.5 billion in assets
and US$16.8 billion in debts to the Bankruptcy Court on the first day of its
chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the United
States, London, Asia and Canada.  Refco, LLC, filed for bankruptcy
protection in order to consummate the sale of substantially all of its
assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc.
Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal
LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital
Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner is represented by Bingham
McCutchen LLP.  RCM is Refco's operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11
protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through
06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for chapter 11
protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).




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


INTERMEC INC: Posts US$195.9 Million Third Quarter 2006 Revenues
----------------------------------------------------------------
Intermec, Inc., reported 2006 third quarter revenues of US$195.9 million and
net earnings from continuing operations of US$3.4 million, compared with
2005 third quarter revenues of US$219.8 million and earnings of US$11.3
million.

The results for the current quarter include a restructuring charge relating
to the closure of Intermec's design centers in Goteborg and Lund, Sweden,
announced in the first quarter, which negatively impacted operating profit
by (US$1.8) million.  Intermec adopted amendments to its US pension and
certain employee plans, effecting a "freeze" to benefit accruals for most
participants as of June 30, 2006.  These changes resulted in a net
curtailment gain that positively impacted operating profit from continuing
operations in the current quarter by US$2.1 million, or US$.02 per diluted
share.  Intermec's 2006 third quarter includes (US$0.8) million of
incremental stock compensation expense recorded under the provisions of FAS
123-R, which negatively impacted EPS by (US$0.01) per diluted share.

The effective tax rate for the current-quarter was 37.2%, compared with
12.4% in the prior-year quarter.

Intermec's third quarter 2006 revenue decreased 11%, compared with the
prior-year quarter.  Geographically, North American revenues decreased 14%
over the comparable prior-year period.  Revenues in Europe, Mid-East and
Africa decreased 17%; and the rest of the world, consisting of Asia Pacific
and Latin America, increased 19%.

By product line during the third quarter, Intermec's Systems and Solutions
revenue decreased 20%, while Printer and Media revenues increased 6% over
the comparable prior-year period.  Service revenue decreased 3% over the
comparable prior-year period.

During the quarter Intermec repurchased stock with an aggregative value of
approximately US$50 million pursuant to its board authorization of US$100
million, at an average share price of US$28.77.  The company's cash
equivalents and short-term investments position at the end of the third
quarter was US$237.7 million.  The decrease in cash equivalents and
short-term investments of US$85.1 million during the third quarter was
primarily due to the stock repurchases and to the increase in inventory.

Larry D. Brady, the chairperson and chief executive officer of Intermec,
said, "In response to disappointing results for the third quarter, we are
accelerating cost initiatives and aggressively reducing inventory.  We
expect to announce specific cost reduction plans and related restructuring
activities before the end of November."

           Other Third Quarter Business Highlights

   -- Intermec named Lanny H. Michael Senior Vice President
      and Chief Financial Officer.

During the quarter, Intermec introduced an array of new products:

   -- The CN3, a small rugged mobile computer with unique
      communications capabilities, provides users with access
      to multiple voice and high-speed data options.  The CN3 is
      the first mobile computer to offer integrated GPS and
      Bluetooth capabilities along with 3G WAN and Cisco
      Compatible WiFi connectivity simultaneously in one device.

   -- The Intellibeam EX25 is the first area imaging bar code
      scan engine to read and decode 1D and 2D bar codes in any
      orientation from six inches to over 50 feet, as well as
      composite and postal codes.  The EX25 can also operate as
      an auto focusing camera in applications requiring
      photographs such as evidence of damaged, expired or
      unsealed goods.

   -- The CV30 is a rugged, fixed-mount computer designed to
      operate in challenging mobile vehicle based environments.
      The CV30 offers a choice of Microsoft Windows CE.NET 5.0
      or Windows Mobile 5.0 operating systems, multiple
      mounting options, Cisco Compatible WiFi, Bluetooth and
      RFID support.

Radio Frequency identification "RFID" was also a source of highlights for
the quarter:

   -- Intermec received an award from Frost & Sullivan for
      RFID market strategy leadership in the Asia Pacific
      market for the years 2005-2006.  The Frost & Sullivan
      Award for Market Strategy Leadership is presented each
      year to a company whose market strategy has yielded
      significant gains in market presence during the research
      period.

   -- Intermec was selected to provide the Gen 2 RFID bag tag
      printer system for the Hong Kong International Airport
      or HKIA in Hong Kong.  The Intermec RFID Gen 2 printers
      will be installed at check-in counters to enhance the
      existing RFID baggage sorting system, which was first
      installed in 2005.  HKIA is the first airport in the
      world to implement an end-to-end RFID baggage
      tagging/sorting system.

Intermec announced Medallion Complete, a new world-class extended service
coverage program for Intermec data collection equipment. Available in 14
countries around the world, Medallion Complete covers eligible Intermec
devices against incidental damage experienced in the work environment.
Under normal industry practice, incidental damage to data collection
equipment -- as opposed to normal wear or component failure -- is not
covered by standard service agreements.  Repairs due to damage are
infrequent, but can be costly, as they typically involve the most expensive
components of a device, such as a touch screen or LCD.

                   Fourth Quarter Outlook

Intermec also reported its GAAP basis revenue outlook for the fourth quarter
2006.  Revenues for the period are expected to be within a range of US$210
million to US$230 million.

Intermec Inc. -- http://www.intermec.com/-- develops, manufactures and
integrates technologies that identify, track and manage supply chain assets.
Core technologies include RFID, mobile computing and data collection
systems, bar code printers and label media.

The company has locations in Australia, Bolivia, Brazil, China, France, Hong
Kong, Singapore and the United Kingdom.

                        *    *    *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade reflects
expectations that Intermec will sustain current levels of profitability and
leverage.  S&P said the outlook is stable.




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


AGCO CORP: Third Quarter 2006 Net Sales Down 4.3% to US$1.2 Bil.
----------------------------------------------------------------
AGCO Corp. reported net income of US$0.06 per share for the third quarter of
2006.  Adjusted net income, which excludes restructuring and other
infrequent expenses, was US$0.07 per share for the third quarter of 2006.
For the third quarter of 2005, AGCO reported both net income and adjusted
net income of US$0.31 per share.  Net sales for the third quarter of 2006
were US$1.2 billion, a decrease of approximately 4.3% compared to the same
period in 2005.

For the first nine months of 2006, AGCO's net income was US$0.69 per share
compared to US$1.01 per share in 2005.  Adjusted net income, excluding
restructuring and other infrequent expenses, was US$0.70 per share for the
first nine months of 2006 compared to adjusted net income, excluding
restructuring and other infrequent expenses and costs associated with a June
2005 bond redemption, of US$1.16 per share in 2005.  Net sales for the first
nine months of 2006 decreased approximately 6.5% to US$3.8 billion.

Martin Rihenhagen -- chairperson, president and chief executive officer of
AGCO -- said, "As we previously announced, our results were negatively
impacted by weaker markets in both our North American and Asia/Pacific
segments.  In addition, the continued reduction of dealer inventories in
North America resulted in lower sales and operating income in the region.
This reduction is part of our plan to reduce both inventory and accounts
receivable throughout the year.  As of Sept. 30, 2006, our worldwide
inventory and accounts receivable were approximately US$250 million lower
than September 2005 levels.  The working capital management also generated
an improvement in free cash flow for the first nine months of 2006 of
approximately US$200 million compared to the same period in 2005. While our
balance sheet focus has impacted our current results, we believe these
actions, along with our product and distribution initiatives, will provide a
foundation for better returns in the future."

"AGCO's third quarter sales were led by continued strong performance in the
Europe/Africa/Middle East region.  Despite relatively flat industry sales,
our European revenues increased approximately 7.5% in the third quarter of
2006, excluding currency impacts, which demonstrates the value of our
products and our strong distribution network," Mr. Richenhagen stated.

           Third Quarter and Year-to-Date Results

For the third quarter of 2006, AGCO reported net sales of US$1,180.9 million
and net income of US$5.4 million, or US$0.06 per share.  Adjusted net
income, excluding restructuring and other infrequent expenses, was US$6.0
million, or US$0.07 per share, for the third quarter of 2006.  For the third
quarter of 2005, AGCO reported net sales of US$1,233.6 million and net
income of US$27.8 million, or US$0.31 per share.  Adjusted net income,
excluding restructuring and other infrequent income, was US$27.7 million, or
US$0.31 per share, for the third quarter of 2005.

For the first nine months of 2006, AGCO reported net sales of US$3,801.2
million and net income of US$63.6 million, or US$0.69 per share.  Adjusted
net income, excluding restructuring and other infrequent expenses, was
US$64.3 million, or US$0.70 per share for the first nine months of 2006.
For the first nine months of 2005, AGCO reported net sales of US$4,064.8
million and net income of US$95.4 million, or US$1.01 per share.  Adjusted
net income, excluding restructuring and other infrequent income and bond
redemption costs, in the first nine months of 2005 was US$109.4 million, or
US$1.16 per share.  A reconciliation of adjusted income from operations, net
income and earnings per share to reported income from operations, net income
and earnings per share for the three and nine months ended Sept. 30, 2006,
and 2005 is provided in Note 8 to our Condensed Consolidated Financial
Statements.

AGCO's net sales decreased 4.3% for the third quarter and 6.5% for the first
nine months of 2006 compared to the same periods in 2005.  Excluding the
impact of currency translation, AGCO's net sales decreased 7.6% during the
third quarter and 7.0% for the first nine months of 2006 compared to the
same periods in 2005.  Net sales declined in the North America, South
America and Asia/Pacific regions, partially offset by sales increases in the
Europe/Africa/Middle East region.  In North America, net sales were
significantly lower during 2006 compared to 2005 primarily due to weaker
market conditions and lower deliveries to dealers resulting in a reduction
in dealer inventory levels.  In the South America and Asia/Pacific regions,
weaker market conditions contributed to the sales decline.

Adjusted income from operations decreased US$25.7 million for the third
quarter of 2006 and US$61.5 million for the first nine months of 2006
compared to 2005 resulting from the decrease in net sales.  Gross margins in
2006 were slightly below 2005, due to lower production levels, sales mix and
currency impacts.  Unit production of tractors and combines for the first
nine months of 2006 was approximately 16% below 2005.

In AGCO's Europe/Africa/Middle East region, income from operations increased
US$2.6 million in the third quarter and US$11.5 million for the first nine
months of 2006 compared to 2005.  Income from operations in the third
quarter and the first nine months of 2006 increased due to an approximate 3%
and 6% increase in net sales, respectively, excluding currency impact,
resulting from stronger market conditions in key regions of Europe,
particularly in Germany.  Operating margins remained strong due to new
products and productivity improvements.

Income from operations in AGCO's South America region decreased US$0.9
million for the third quarter and US$4.1 million for the first nine months
of 2006 compared to 2005.  Industry demand in South America was below 2005
levels, resulting in a decline in AGCO's net sales in South America,
excluding currency impact, of approximately 4% and 15% for the third quarter
and first nine months of 2006, respectively.

In North America, income from operations decreased US$20.9 million in the
third quarter and US$46.5 million for the first nine months of 2006 compared
to 2005.  Income from operations in the third quarter and the first nine
months of 2006 was lower primarily due to an approximate 27% and 24%
reduction in net sales, respectively, excluding currency impact, compared to
2005.  The sales decline is a result of lower retail sales of AGCO products
due to weaker industry conditions as well as the impact of dealer inventory
reductions, which influence wholesale sales levels.

Income from operations in the Asia/Pacific region decreased US$4.1 million
in the third quarter and US$12.0 million for the first nine months of 2006
compared to 2005 primarily due to lower sales in Australia, New Zealand and
Asia.

                  Regional Market Results

North America

Industry retail demand softened considerably in the third quarter of 2006.
Industry unit retail sales of tractors were down nearly 8% and combines were
down over 18% compared to the third quarter of 2005.  Third quarter 2006
industry retail sales of tractors over 100 horsepower were 24% below those
in the third quarter of 2005.  Industry unit retail sales of tractors for
the first nine months of 2006 decreased approximately 2% over the comparable
prior year period resulting from decreases in the compact and high
horsepower tractor segments, offset by a slight increase in the utility
tractor segment.  Industry unit retail sales of combines for the first nine
months of 2006 were approximately 8% lower than the prior year period.
AGCO's unit retail sales of tractors and combines were also lower in the
third quarter and first nine months of 2006 compared to 2005.

Europe

Industry unit retail sales of tractors for the first nine months of 2006
increased approximately 1% compared to the prior year period. Retail demand
declined in France, Italy, Finland and Spain, but improved in Germany, the
United Kingdom, Scandinavia and Central and Eastern Europe.  AGCO's unit
retail sales for the first nine months of 2006 were higher when compared to
the prior year period.

South America

Industry unit retail sales of tractors and combines for the first nine
months of 2006 decreased approximately 8% and 40%, respectively, compared to
the prior year period.  Retail sales in the major market of Brazil for
tractors increased approximately 7% compared to 2005 and declined
approximately 47% for combines during the first nine months of 2006 compared
to 2005.  AGCO's South American unit retail sales of tractors and combines
declined in the first nine months of 2006 compared to 2005.

Rest of World Markets

Outside of North America, Europe and South America, AGCO's net sales for the
first nine months of 2006 were approximately 25% lower than 2005 due to
lower sales in Asia and the Middle East.

Mr. Richenhagen commented, "Global industry demand in the third quarter
showed mixed results.  In Europe, industry retail sales improved slightly
with increases in Germany and Scandinavia. In North America, third quarter
industry retail sales were down sharply, especially in the large equipment
sectors.  In South America, industry demand remains weak overall with some
recent improvement in Brazil driven by the sugar cane, coffee, and citrus
sectors."

                          Outlook

Industry retail sales of farm equipment in 2006 in all major markets are
expected to be relatively flat or below 2005 levels.  In North America, 2006
farm income is projected to be below the prior year resulting in lower
demand for equipment.  In South America, the strength of the Brazilian
currency and high farm debt levels are expected to continue to result in
lower retail sales.  Industry demand in Europe is expected to be flat to
slightly increased compared to 2005.

AGCO's net sales for the full year of 2006 are expected to decline 2 to 3%
versus 2005 based on lower industry demand and planned dealer inventory
reductions.  AGCO is targeting full year earnings per share to be
approximately US$1.00 per share.  In addition, improved working capital
utilization in 2006 is expected to result in strong free cash flow.

Headquartered in Duluth, Georgia, Agco Corp. -- http://www.agcocorp.com/--  
is a global manufacturer of agricultural equipment and related replacement
parts.  Agco offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which are
distributed through more than 3,600 independent dealers and distributors in
more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R), Challenger(R),
Fendt(R), Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R),
RoGator(R), Spra-Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and
White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The company had net
sales of US$5.4 billion in 2005.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America ion
Sept. 28, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Automotive and Equipment sector, the
rating agency confirmed its Ba2 Corporate Family
Rating for AGCO 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

   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


BANCO DO BRASIL: Investing BRL850MM in Data Center with Caixa
-------------------------------------------------------------
Banco do Brasil has collaborated with Caixa Economica Federal to invest
BRL850 million in a new data center, published reports say.

Jesualdo Conceicao da Silva, the president of Banco do Brasil and Caixa
Economica consortium, told Business News Americas that the two firms
published the proposal on Oct. 30.  Banco do Brasil and Caixa Economica will
study feedback from the public before sending the finalized version to
government in November.

Banco do Brasil and Caixa Economica expect to begin work on the center at
the start of 2007, BNamericas says, citing Mr. da Silva.  The facility
should launch operations in the first half of 2008.

Banco do Brasil and Caixa Economica have also entered into a public-private
partnership to secure and construct on a 24,000 square-meter area for the
center at a new technology park in Brasilia, Mr. da Silva told BNamericas.

                About Caixa Economica Federal

Apart from its commercial banking activities, Caixa Economica Federal is
responsible for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and federal
lotteries.  Caixa Economica Federal is Brazil's second largest financial
institution and is the fourth largest bank in Latin America.  According to a
2002 ranking of Latin American banks undertaken by Caracas-based SOFTline,
it had US$36.3 billion (11.7%) in assets, deposits valued at US$21.7 billion
and loans worth US$7 billion as of 2002.

                     About Banco do Brasil

Banco do Brasil is Brazil's federal bank and is the largest in Latin America
with some 20 million clients and over 7,000 points of sale (3,200 branches)
in Brazil, and 34 offices and partnerships in 26 other countries.  In
addition to its traditional retail banking services, Banco do Brasil
underwrites and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities advising, and
provides market analysis and research.

                        *    *    *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services raised its
foreign currency counter party credit ratings on Banco do Brasil SA to 'BB'
from 'BB-'.  The foreign and local currency ratings of this bank are now
equalized at 'BB'.  S&P said the outlook is stable.


BANCO ITAU: Joint Venture with XL Capital Brings in BRL46 Mil.
--------------------------------------------------------------
Silvio de Carvalho, the executive director of Banco Itau Holding Financeira
SA, said in a conference call that Itau XL Seguros Corporativos, the
company's joint venture with XL Capital Ltd., added BRL46 million to the its
third quarter bottom line.

Business News Americas relates that Banco Itau signed on Aug. 31 a final
agreement with XL Capital to create XL Seguros to cover high corporate
risks.  Banco Itau and XL Capital first disclosed the joint venture in
January.

XL Seguros has not become operational yet, BNamericas says, citing Mr. de
Carvalho.

Mr. de Carvalho told BNamericas that XL Capital paid US$30 million for
access to Banco Itau's customer base.  It increased Banco Itau's revenues
last quarter to BRL46 million.  This and other non-recurring gains allowed
Banco Itau to offset a BRL1.76-billion charge related to the acquisition of
BankBoston Brasil from Bank of America and report a BRL71-million net profit
for the third quarter.

Alan Murray, an analyst at Moody's Investors Service, said that XL Seguros
will allow Banco Itau to gain access to XL Capital's reinsurance capacity as
the local industry prepares for the opening of the reinsurance market,
Business News Americas reports.

                      About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd. is a provider of
insurance and reinsurance coverage, and financial products and services to
industrial, commercial and professional service firms, insurance companies
and other enterprises on a worldwide basis.  XL Capital operates through
three business segments: Insurance, Reinsurance and Financial Products and
Services.  The company provides commercial property and casualty insurance
products on a global basis.  Products generally provide tailored coverages
for complex corporate risks and are divided into two categories: risk
management products and specialty lines products.  XL Capital provides
casualty, property, property catastrophe, marine, aviation, accident and
health, and other specialty reinsurance and life products on a global basis
with business being written on both a proportional and non-proportional
basis.  The company's financial products and services businesses include
insurance, reinsurance and derivative solutions for complex financial risks.

                      About Banco Itau

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'


BUCKEYE TECHNOLOGIES: S&P Affirms BB- Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Memphis,
Tennesee-based Buckeye Technologies Inc. to stable from negative.  At the
same time the rating agency affirmed all ratings, including its 'BB-'
corporate credit rating on the company.

John Kennedy, a credit analyst at Standard & Poor's, said, "The outlook
revision reflects our view that Buckeye has taken steps that will strengthen
its credit metrics to a level appropriate for the current rating.  The
successful implementation of price increases in its specialty fibers, fluff
pulp, and nonwoven products to offset higher input costs is improving the
company's profitability and cash flow.  Furthermore, Buckeye has
reconfigured its manufacturing capabilities to become a lower lower-cost
producer.  We could revise the outlook to negative if earnings and cash flow
fall below current levels.  It is not likely we would revise the outlook to
positive in the next two years, given the company's need to strengthen its
financial profile for the current rating."

Buckeye Technologies is a leading producer of absorbent products and
specialty pulps that serve a wide variety of end uses.

Mr. Kennedy noted, "In fiscal 2007, we expect Buckeye's product mix and
overall financial performance to improve because of the conversion of the
company's Americana plant in Brazil to a market facility from toll
manufacturing and the closure of its high-cost facility in Glueckstadt,
Germany."

Headquartered in Memphis, Tennessee, Buckeye Technologies, Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- is a leading manufacturer and
marketer of specialty fibers and nonwoven materials.  The company currently
operates facilities in the United States, Germany, Canada, and Brazil.  Its
products are sold worldwide to makers of consumer and industrial goods.


CAIXA ECONOMICA: Investing BRL850 Million in Data Center
--------------------------------------------------------
Banco do Brasil has collaborated with Caixa Economica Federal to invest
BRL850 million in a new data center, published reports say.

Jesualdo Conceicao da Silva, the president of Banco do Brasil and Caixa
Economica consortium, told Business News Americas that the two firms
published the proposal on Oct. 30.  Banco do Brasil and Caixa Economica will
study feedback from the public before sending the finalized version to
government in November.

Banco do Brasil and Caixa Economica expect to begin work on the center at
the start of 2007, BNamericas says, citing Mr. da Silva.  The facility
should launch operations in the first half of 2008.

Banco do Brasil and Caixa Economica have also entered into a public-private
partnership to secure and construct on a 24,000 square-meter area for the
center at a new technology park in Brasilia, Mr. da Silva told BNamericas.

                    About Banco do Brasil

Banco do Brasil is Brazil's federal bank and is the largest in Latin America
with some 20 million clients and over 7,000 points of sale (3,200 branches)
in Brazil, and 34 offices and partnerships in 26 other countries.  In
addition to its traditional retail banking services, Banco do Brasil
underwrites and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities advising, and
provides market analysis and research.

               About Caixa Economica Federal

Apart from its commercial banking activities, Caixa Economica Federal is
responsible for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and federal
lotteries.  Caixa Economica Federal is Brazil's second largest financial
institution and is the fourth largest bank in Latin America.  According to a
2002 ranking of Latin American banks undertaken by Caracas-based SOFTline,
it had US$36.3 billion (11.7%) in assets, deposits valued at US$21.7 billion
and loans worth US$7 billion as of 2002.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Sept. 4, 2006,
Moody's Investors Service upgraded these ratings of Caixa Economica Federal:

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

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

Moody's said the ratings outlook is stable.


CHEMTURA CORP: Names Mahoney as Sr. VP & Corporate Controller
-------------------------------------------------------------
Chemtura Corp. named Kevin V. Mahoney as its senior vice president and
corporate controller.

Mr. Mahony took the place of Michael Vagnini, who has decided to leave
Chemtura to pursue other interests.

Karen R. Osar, Chemtura's executive vice president and chief financial
officer, said, "I want to thank Mike (Mr. Vagnini) for his dedication and
many contributions to the company, and to wish him much success in his
future endeavors.  I also want to welcome Kevin as a key member of our
finance organization and its leadership team.  His 30 years of public and
corporate accounting experience will serve Chemtura well."

Mr. Mahoney brings thorough knowledge of US and international financial
regulations, Generally Accepted Accounting Principles requirements and
Sarbanes-Oxley compliance.  He is versed in driving efficiency through the
application of the latest technologies and is experienced at developing
strategic perspectives on global business policies and strategies,
acquisitions, and structures for divestitures and joint ventures.

Mr. Mahoney was the senior vice president of corporate reporting at American
Express Co., where he worked for 18 years.  He was responsible for global
financial reporting.

Mr. Mahoney joined American Express in 1988 as vice president of financial
reporting and analysis for Travel Related Services, became senior vice
president of global business management and analysis for TRS in 1995, and
was named controller, Western Hemisphere, in 2000.

Before joining American Express, Mr. Mahoney was the senior manager of
accounting policies and financial reporting for the Colgate-Palmolive
company.  Before that, he was a senior manager with KPMG LLP.

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

                        *    *    *

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

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


CHEMTURA CORP: Posts US$80.6 Million Third Quarter 2006 Loss
------------------------------------------------------------
Chemtura Corp. reported a US$80.6 million loss from continuing operations
for the third quarter of 2006, and earnings from continuing operations on a
non-GAAP (Generally Accepted Accounting Principles) basis of US$18.3
million.

Robert L. Wood, the chairperson and chief executive officer of Chemtura,
commented, "This year's third quarter results reflect a number of operating
challenges and several notable accomplishments.  Crop Protection results
were negatively impacted by high bad debt reserves and lower sales in Latin
America and competitive pressures in the US mite market, and we continued to
struggle in Rubber Additives and EPDM Elastomers.  We've begun recapturing
volume in our non-flame retardant Plastic Additives business but it has not
yet translated into the margin recovery we anticipate.  Flame Retardants,
Consumer Products, Lubricant Additives and Urethanes all turned in solid
performances."

"Over the course of 2006, our managerial emphasis has been on strengthening
Chemtura's capabilities and resolving remaining legacy issues.  Third
quarter results demonstrate considerable progress toward those objectives.
We intend to continue focusing our efforts on growing our best franchises,
fixing problem areas, streamlining costs, and honing our portfolio to create
a far better performing company," Mr. Wood said.

                   Third Quarter Results

Chemtura's third quarter 2006 net sales of US$917.0 million were less than
one percent below third quarter 2005 net sales of US$918.4 million.  The
decrease is due to lower sales of US$13.6 million related to the sale of the
company's Industrial Water Additives business or IWA in May 2006 and a
US$21.7 million decrease in sales volume, which were mostly offset by
increased selling prices of US$26.5 million and favorable foreign currency
translation of US$7.0 million.

Included in Chemtura's operating loss for the three and nine month periods
ended Sept. 30, 2006, is a pre-tax charge of US$51.9 million, which
represents the estimated impact of the goodwill impairment that is being
evaluated in accordance with Statement of Financial Accounting Standards No.
142, "Goodwill and Other Intangible Assets."  This charge represents
management's current estimate of the impairment, which may be higher or
lower than the final measurement.  The final measurement of the impairment
is expected to be completed prior to the filing of the company's Quarterly
Report on Form 10-Q on Nov. 9, 2006.

Chemtura's operating loss for the third quarter of 2006 was US$45.2 million
as compared with an operating loss of US$49.7 million for the third quarter
of 2005.  This 9% improvement is primarily due to:

          -- the absence of non-recurring third quarter 2005
             merger related charges for the write-off of in-
             process research and development of US$75.4
             million, and

          -- a purchase accounting inventory adjustment of
             US$37.1 million resulting from the:

             * merger with Great Lakes Chemical Corp. on
               July 1, 2005;

             * reduced merger costs of US$18.3 million,

             * increased selling prices of US$26.5 million, and

             * cost reduction program savings of US$21.0
               million, which were partially offset by:

               (a) an estimated goodwill impairment charge of
                   US$51.9 million,

               (b) higher raw material and energy costs of
                   US$30.3 million,

               (c) a US$19.0 million increase in antitrust costs
                   primarily related to settlements reached in
                   the third quarter of 2006,

               (d) lower sales volume of US$18.4 million,

               (e) a US$14.5 million charge related to the
                   impairment of long-lived assets of the
                   Fluorine business,

               (f) US$11.8 million of unfavorable manufacturing
                   costs resulting from lower production
                   volumes,

               (g) higher freight costs of US$6.9 million
                   related to fuel surcharges,

               (h) an increase in the provision for doubtful
                   accounts of US$4.5 million primarily
                   resulting from the current economic situation
                   of the agricultural markets in Brazil,

               (i) inventory write-offs of US$3.6 million,

               (j) the absence of US$3.5 million of operating
                   profit due to the sale of the IWA in May
                   2006, and

               (k) additional depreciation expense of US$2.9
                   million resulting from a change in the useful
                   life of assets at one of the company's
                   manufacturing facilities.

Chemtura's operating loss also includes US$2.4 million (US$1.5 million
after-tax) related to the incremental stock-based compensation expense for
the quarter ended Sept. 30, 2006, associated with the adoption of FASB
Statement No. 123R, "Share Based Payment," on Jan. 1, 2006.

Chemtura's loss from continuing operations for the third quarter of 2006 was
US$80.6 million, compared with US$120.3 million for the third quarter of
2005.  This improvement is due in part to:

          -- the 9% improvement in operating profit,

          -- lower interest expense of US$6.8 million,

          -- a US$2.4 million increase in equity income from the
             Davis Standard joint venture,

          -- a gain of US$1.5 million due to the adjustment of a
             contingency related to the 2004 sale of the
             company's Gustafson joint venture, and

          -- a higher tax benefit in 2006 compared with 2005
             principally due to:

             * the absence of non-recurring taxes in 2005 on
               dividends under the Foreign Earnings Repatriation
               provisions of the 2004 American Jobs Creation
               Act, and

             * the lack of any tax benefit in 2005 for the
               write-off of in-process research and development
               related to the Merger.

The increases were partially offset by higher costs of US$13.5 million for
the loss on early extinguishment of debt principally related to the early
retirement of the company's 9.875% Notes in July 2006.

During the third quarter of 2006, Chemtura recorded a gain on sale of
discontinued operations of US$45.9 million (net of taxes of US$21.1
million), related to the sale of the OrganoSilicones business to General
Electric company in July of 2003.  This gain represents the recognition of
the additional contingent earn-out proceeds related to the combined
performance of GE's existing Silicones business and the OrganoSilicones
business from the date of the sale through Sept. 30, 2006.

              Third Quarter Non-GAAP Results

On a non-GAAP basis, third quarter 2006 operating profit was US$51.7 million
compared with third quarter 2005 pro forma non-GAAP operating profit of
US$93.6 million.  This 45% decrease is comprised of:

          -- higher raw material and energy cost of US$30.3
             million,

          -- lower sales volume of US$18.4 million,

          -- US$11.8 million of unfavorable manufacturing costs
             due to lower production volume,

          -- US$6.9 million of higher freight costs,

          -- US$4.5 million primarily due to an increase in the
             provision for doubtful accounts resulting from the
             current economic situation of the agricultural
             markets in Brazil,

          -- US$3.6 million of inventory write-offs,

          -- the absence of US$3.5 million of operating profit
             due to the sale of IWA,

          -- US$3.4 million of other strategic and corporate
             initiative costs,

          -- US$2.4 million related to the incremental effect of
             stock option expense, and

          -- other net increases in operating costs, which were
             partially offset by selling price increases of
             US$26.5 million and synergy cost savings of US$21.0
             million.

Chemtura's non-GAAP earnings from continuing operations for the third
quarter of 2006 was US$18.3 million, excluding pre-tax charges of US$51.9
million for the estimated impairment of goodwill, US$25.7 million for
antitrust costs resulting primarily from settlement offers made to certain
rubber chemicals and indirect class action claimants and legal fees
associated with the antitrust investigations and civil lawsuits, a US$24.3
million loss on early extinguishment of debt related to the retirement of
the company's 9.875% Senior Notes due 2012, a US$14.5 million asset
impairment charge related to the impairment of certain tangible and
intangible assets of the Fluorine business, US$2.9 million for additional
depreciation due to the change in the useful life of certain assets at one
of the company's manufacturing facilities, US$1.1 million for merger costs
related to the Merger, and US$0.9 million for facility closures, severance
and related costs.  Excluded from non-GAAP earnings is also a pre-tax credit
of US$1.5 million related to the reversal of certain reserves related to the
company's Gustafson joint venture that was sold in 2004. Non-GAAP earnings
from continuing operations includes US$2.4 million (US$1.5 million
after-tax) related to the incremental stock-based compensation expense for
the quarter ended Sept. 30, 2006, associated with the adoption of FASB
Statement No. 123R, "Share Based Payment," on Jan. 1, 2006.

Pro forma non-GAAP earnings from continuing operations for the third quarter
of 2005 excludes pre-tax charges of US$19.4 million for merger costs
resulting from the Merger, US$10.9 million for the loss on early
extinguishment of debt, US$6.7 million for antitrust costs, US$4.6 million
for direct costs resulting from Hurricanes Katrina and Rita, and US$0.2
million for facility closures, severance and related costs.

                    Nine-Month Results

Chemtura's net sales for the nine months ended Sept. 30, 2006, of US$2,849.1
million were US$738.6 million above net sales for the comparable period of
2005 of US$2,110.5 million.  The increase was primarily due to US$855.6
million in additional sales resulting from the Merger, partially offset by
the exclusion of US$48.3 million of sales due to the deconsolidation of the
company's Polymer Processing Equipment business in April 2005.

The operating profit of Chemtura for the nine months ended
Sept. 30, 2006, was US$53.6 million as compared with US$55.7 million for the
nine months ended Sept. 30, 2005.  This 4% decrease is primarily a result
of:

          -- a US$51.9 million charge related to the impairment
             of goodwill,

          -- higher antitrust costs of US$57.5 million due
             primarily to additional settlements throughout
             2006,

          -- US$66.0 million in higher raw material and energy
             costs,

          -- US$48.1 million in lower sales volume,

          -- US$28.6 million in unfavorable manufacturing costs
             resulting from lower production volumes,

          -- US$20.1 million for the impairment of long-lived
             assets,

          -- US$3.9 million in unfavorable currency
             translations,

          -- higher freight costs of US$7.6 million related to
             fuel surcharges,

          -- an increase in the provision for doubtful accounts
             of US$3.7 million primarily resulting from the
             current economic situation of the agricultural
             markets in Brazil,

         -- inventory write-offs of US$7.0 million,

         -- US$6.5 million due to the sale of the Industrial
            Water Additives business (IWA) in May 2006, and

         -- US$6.6 million related to the incremental effect of
            stock option expense.

The charges were offset in part by US$130.2 million of additional operating
profit resulting from businesses acquired in the Merger through the first
six months of 2006, US$46.7 million in higher selling prices, US$35.2
million in cost reduction program savings, lower facility closure, severance
and related costs of US$26.2 million, lower merger costs of US$12.2 million,
the absence of the write-off of in-process research and development of
US$75.4 million and purchase accounting inventory adjustments of US$37.1
million in 2005 related to the Merger.

Chemtura's loss from continuing operations for the nine months ended Sept.
30, 2006, was US$67.0 million, or US$0.28 per diluted share, compared with
the loss from continuing operations of US$91.9 million, or US$0.58 per
diluted share, for the nine months ended Sept. 30, 2005.  This improvement
is mainly due to a higher tax benefit during 2006 compared with 2005
principally due to the absence of non-recurring taxes in 2005 on dividends
under the Foreign Earnings Repatriation provisions of the 2004 American Jobs
Creation Act and the lack of any tax benefit for the write-off in-process
research and development related to the Merger, and an increase in other
income, net of US$11.5 million, which includes a US$6.0 million increase in
equity income from the Davis Standard joint venture, a US$4.3 million
favorable settlement of a contractual matter and income of US$1.5 million
related to the reversal of certain reserves related to the company's
Gustafson joint venture that was sold in 2004.  These increases were
partially offset by the four percent decrease in operating profit discussed
above, an increase in the loss on early extinguishment of debt of US$33.0
million resulting from the early retirement of the company's Senior Floating
Rate and 9.875% Notes in 2006, and higher interest expense of US$3.0
million.

For the nine months ended Sept. 30, 2006, Chemtura recorded a gain on sale
of discontinued operations of US$45.9 million (net of taxes of US$21.1
million), or US$0.19 per diluted share, related to the sale of the
OrganoSilicones business to General Electric company in July of 2003.  This
gain represents the recognition of the additional contingent earn-out
proceeds related to the combined performance of GE's existing Silicones
business and the OrganoSilicones business from the date of the sale through
Sept. 30, 2006.

Chemtura reported an income tax benefit for the first nine months of 2006 of
US$0.3 million.  This lower than expected tax benefit is attributable to
non-deductible goodwill written-off associated with the Industrial Waters
Additive divestiture and the impairment relating to the Fluorine business,
partially non-deductible anti-trust costs, offset by favorable settlements
of certain tax examinations and tax legislative changes.

            Nine-Month Pro Forma and Non-GAAP Results

Pro forma net sales of Chemtura for the first nine months of 2006 were
US$173.2 million or 6% less than nine-month 2005 pro forma net sales of
US$3,022.3 million.  Of this decrease US$201.0 million was attributable to
lower volume, US$48.3 million was due to the deconsolidation of the Polymer
Processing Equipment business unit in April 2005, an additional US$26.1
million was due to declines in volume and selling prices resulting from
supply agreements related to the divestiture of the Industrial Water
Additives business in May 2006, US$7.1 million due to the net effect of
other acquisitions and divestitures, and US$20.9 million due to unfavorable
foreign currency impact, partially offset by a US$130.2 million increase in
selling prices.

On a non-GAAP basis, Chemtura's nine-month 2006 operating profit of US$231.4
million was US$72.3 million or 24% lower than nine month 2005 pro forma
non-GAAP operating profit of US$303.7 million.  This decrease is comprised
of raw material and energy cost increases of US$76.5 million, lower volumes
of US$76.1 million, US$44.3 million of unfavorable manufacturing costs,
US$13.0 million of higher freight costs, US$10.2 million of other strategic
and corporate initiative costs, US$7.1 million of unfavorable foreign
currency translation, US$6.6 million related to the incremental effect of
stock option expense, US$6.5 million due to the sale of the Industrial Water
Additives business in May 2006, US$5.5 million of inventory write-offs, an
increase in the provision for doubtful accounts of US$3.7 million and other
net increases in operating costs, which were partially offset by selling
price increases of US$130.2 million and synergy cost savings of US$61.4
million.

Chemtura's non-GAAP earnings from continuing operations for the first nine
months of 2006 of US$95.3 million, or US$0.40 per diluted share, excludes
pre-tax charges of US$70.8 million for antitrust costs resulting primarily
from settlement offers made to certain rubber chemicals, plastic additives
and urethanes civil and indirect claimants and legal fees associated with
the antitrust investigations and civil lawsuits, US$51.9 million for the
estimated impairment of goodwill, a US$43.9 million loss on early
extinguishment of debt related to the retirement of the company's Senior
Floating Rate Notes due 2010 and the 9.875% Senior Notes due 2012, a US$20.1
million asset impairment charge related to the impairment of retained
long-lived assets related to the Industrial Water Additives business and
certain tangible and intangible assets of the Fluorine business, US$15.9
million for merger costs resulting from the Merger, a US$12.5 million loss
on the sale of the Industrial Water Additives business and US$8.7 million
for additional depreciation due to the change in the useful life of certain
assets at one of the company's manufacturing facilities.  Also excluded from
non-GAAP earnings are pre-tax credits of US$1.9 million for facility
closures, severance and related costs, a US$4.3 million favorable settlement
of a contractual matter, US$4.0 million of interest income on a favorable
tax settlement and US$1.5 million related to the reversal of certain
reserves related to of the company's Gustafson joint venture that was sold
in 2004.

Pro forma non-GAAP earnings from continuing operations for the first nine
months of 2005 of US$135.0 million, or US$0.57 per diluted, share excludes
pre-tax charges of US$25.5 million for facility closures, severance and
related costs, which included a charge of US$19.5 million related to the
closure of the company's Tarrytown, NY facility, US$28.1 million of merger
costs resulting from the Merger, US$13.2 million for antitrust costs,
US$10.9 million for the loss on the early extinguishment of debt and US$4.6
million for direct costs resulting from Hurricanes Katrina and Rita,
partially offset by a pre-tax credit of US$7.2 million for insurance
recoveries related to a fire at the company's Conyers, Georgia facility.

The non-GAAP effective rate of tax for 2006 is forecast to be approximately
34%.

Non-GAAP operating profit, non-GAAP earnings from continuing operations and
non-GAAP earnings per share from continuing operations are considered
non-GAAP financial measures.  A reconciliation of the company's GAAP
operating profit to non-GAAP and pro forma operating profit and of the
company's GAAP earnings from continuing operations to non-GAAP and pro forma
earnings from continuing operations is set forth in the supplemental
disclosure attached to this press release.

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

                        *    *    *

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

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


CHEMTURA: Selling EPDM & Certain Rubber Chemicals Businesses
------------------------------------------------------------
In order to place greater focus on its core businesses, Chemtura Corp. has
signed a letter of intent to sell its EPDM business and the Rubber Chemicals
businesses associated with Geismar, Louisiana as well as Flexzone
antiozonants worldwide.  The parties are working toward a definitive
agreement, which will be signed by the end of 2006.  The transaction is
subject to regulatory approvals.  Proceeds from the sale will be used
primarily for debt reduction.

Robert L. Wood, Chemtura's chairperson and chief executive officer, said,
"This sale is an important milestone in our plan to divest non-core assets
and businesses.  We are pleased to be transferring these businesses to a
buyer who is interested in growing them, which should benefit our
customers."

The EPDM and Rubber Chemicals businesses being sold had revenues for the
twelve months ended Sept. 30, 2006, of approximately US$300 million.

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

                        *    *    *

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

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


COMPANHIA SIDERURGICA: Tata Steel Denies Interest in Company
------------------------------------------------------------
Tata Steel Ltd. told the India Infoline News Service that it won't bid for
Companhia Siderurgica Nacional SA after completing the acquisition of Corus
Group Plc.

According to India Infoline, Tata Steel won approval from the Corus board
for its US$8 billion takeover bid.

Published reports, however, suggested that Companhia Siderurgica and Russian
steel makers could consider a rival bid.

India Infoline relates that a national daily reported that Tata Steel and
Corus may bid together for Companhia Siderurgica.

Tata Steel clarified to India Infoline that the news on its interest in
bidding for Companhia Siderurgica is speculative and based on
unsubstantiated sources.

It is false and would mislead the company's shareholders, India Infoline
says, citing Tata Steel.

Companhia Siderurgica Nacional aka CSN produces, sells, exports
and distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corporation or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case
---------------------------------------------------------
The Ontario Superior Court of Justice, entered a "Foreign Recognition
Order," which recognized under Canadian law the Chapter 11 bankruptcy
proceedings commenced by DURA Automotive Systems Inc. and its U.S. and
Canadian subsidiaries filed in the United States Bankruptcy Court for the
District of Delaware on Oct. 30, 2006.

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 Chapter 11 proceedings nor are they part of the Canadian Court
proceedings.  DURA's European and other non-US and non-Canadian operations
therefore remain unaffected by either orders entered by the U.S. Bankruptcy
Court or the Canadian Court's Foreign Recognition Order.

In the Foreign Recognition Order, the Canadian Court also:

     -- Granted a stay of all proceedings in Canada against DURA
        and its U.S. and Canadian subsidiaries;

     -- Recognized the U.S. Bankruptcy Court's interim order
        authorizing DURA to access up to US$50 million of the
        approximately US$300 million in Debtor in Possession
        (DIP) financing from Goldman Sachs, GE Capital and
        Barclays;

     -- Appointed RSM Richter Inc. as Information Officer for
        Canadian stakeholders in respect of DURA's Canadian
        recognition proceedings; and

     -- Recognized all other "first day orders" of the U.S.
        Bankruptcy Court that DURA submitted to the Ontario
        Court for recognition.

These other first day orders authorize DURA and its U.S. and
Canadian subsidiaries to:

      * Pay employee salaries, wages and benefits that accrued
        prior to the petition filing date;

      * Pay certain critical pre petition filing date vendor
        claims and certain claims of vendors whose goods were
        received within the 20 day period prior to the petition
        filing date;

      * Provide "adequate assurance" to utilities in the form of
        a deposit equal to an average of 2 weeks' worth of
        utilities' bills;

      * Pay all "trust fund" and similar taxes accruing prior to
        the petition filing date; and

      * Continue using the pre petition cash management system.

DURA and its U.S. and Canadian subsidiaries previously said that they will
be paying, in the ordinary course of business, all post petition employee,
wages, salaries and benefits accruing on and after the petition filing date.
They will also be paying on a going forward basis, and in the ordinary
course of business, all vendors and service providers who provide goods and
services to them after the petition filing date.

The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware is presiding over the Chapter 11 proceedings of Dura and its
U.S. and Canadian subsidiaries.

The Application Record filed in respect of the hearing and the Foreign
Recognition Order will be posted at http://www.rsmrichter.com/

               About DURA Automotive Systems

Rochester Hills, Michigan-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- designs and manufactures
driver control systems, seating control systems, glass systems, engineered
assemblies, structural door modules and exterior trim systems for the global
automotive industry.  The company also supplies similar products to the
recreation vehicle and specialty vehicle industries.  It currently operates
in 63 locations including joint venture companies and customer service
centers in 14 countries including Brazil.

The Debtors filed for chapter 11 protection on Oct. 30, 2006
(U.S. Bankr. Del. Case No: 06-11202).  Daniel J. DeFranceschi, Esq., and
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. represent the
Debtors.  No Official Committee of Unsecured Creditors has been appointed in
this case to date.  As of
July 2, 2006, the Debtors reported US$1,993,178,000 in total assets and
US$1,730,758,000 total debts.


FIDELITY NATIONAL: Plans to Refinance Credit Facilities
-------------------------------------------------------
Fidelity National Information Services, Inc., has engaged J.P. Morgan
Securities Inc., Banc of America Securities LLC and Wachovia Securities LLC
to act as lead arrangers and joint book runners in connection with the
refinancing of its existing senior secured credit facilities, under which
there is currently US$2.7 billion outstanding.  The new US$3.1 billion of
facilities will consist of a US$1.0 billion 5-year unsecured revolving
credit facility and a US$2.1 billion 5-year unsecured amortizing term loan
facility.

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

                        *    *    *

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


FIDELITY NATIONAL: Acquires Watterson Prime
-------------------------------------------
Fidelity National Information Services, Inc., has acquired Watterson Prime,
LLC, a leading provider of due diligence services to financial institutions
worldwide.

Fidelity National delivers technology and services to support every aspect
of the mortgage industry, from originations to servicing to settlement.
Watterson Prime provides outsourced loan due diligence services to Wall
Street investors and other financial institutions that invest in and
securitize mortgage loans.  The due diligence process includes evaluating
the integrity of the data used in underwriting the original loan, performing
an assessment of the collateral used for the loan and ensuring the loans are
compliant with federal and other regulations.

As a result of this acquisition, Watterson Prime's due diligence services
will be integrated with other Fidelity National service offerings, such as
the FIS Hansen Quality HQ Score, and will allow investors and other
participants in the mortgage capital markets to obtain fully integrated
service delivery for their contract finance needs.  The FIS HQ Score,
available in PRO and PREVIEW, was the first collateral risk score adopted by
Wall Street investors and protects clients against property valuation fraud
and overvaluation risk.

Eric Swenson, president of the Mortgage Information Services division of
Fidelity National, commented, "This acquisition expands our product breadth
and our ability to assess risk and certify the quality of mortgage
portfolios.  It also enables us to develop innovative products and provides
us with a competitive advantage in the marketplace."

Bruce Watterson, president of Watterson Prime, noted, "We are delighted to
be working with FIS as we continue to help our clients with new ways to
reduce risk in the mortgage capital market.  Fidelity National has the
capital, the technology and the commitment to help our customers become
increasingly more profitable by enabling them to make better informed
decisions."

The transaction closed on Nov. 1, 2006.  Financial terms of the transaction
were not disclosed.

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

                        *    *    *

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


GERDAU SA: Unit Completes Stake Acquisition in Joint Venture
------------------------------------------------------------
Gerdau Ameristeel, Gerdau SA's subsidiary in North America, has concluded
its acquisition of a controlling interest in a joint venture with Pacific
Coast Steel and Bay Area Reinforcing, Business News Americas reports.

Gerdau Ameristeel told BNamericas that it paid US$104 million in cash for
the stake.

The new joint venture firm is among the largest reinforcing steel
contractors in the United States, Gerdau Ameristeel said in a statement.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude steel and
related long rolled products, drawn products, and long specialty products.
In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United States.

Gerdau's four majority-owned Brazilian operating subsidiaries are:

   -- Acominas,
   -- Gerdau Acos Longos S.A.,
   -- Gerdau Acos Especiais S.A. and
   -- Gerdau Comercial de Acos S.A.;

                        *    *    *

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006, Standard &
Poor's Ratings Services raised its foreign currency counterparty credit
rating on Banco Nacional de Desenvolvimento Economico e Social SA to 'BB'
with a stable outlook from 'BB-' with a positive outlook.  The company's
local currency credit rating was also shifted to 'BB+' with a stable outlook
from 'BB' with a positive outlook.


GERDAU SA: Will Seek Strategic Partnerships in Latin America
------------------------------------------------------------
Jorge Gerdau Johannpeter, the president of Gerdau SA, told Business News
Americas that the firm will continue looking for strategic partnerships in
Latin American.

Gerdau told BNamericas, "We will continue to invest in Latin America to keep
up with the policy of consolidation prevalent in the region."

BNamericas relates that Gerdau SA could buy a 51.89% stake in Acerias Paz
del Rio.

However, Mr. Johannpeter told BNamericas, "We feel secure with Diaco in
Colombia and we are looking at other opportunities."

Mr. Johannpeter also denied to BNamericas a possible deal with a steelmaker
in Mexico, saying that Gerdau sees nothing concrete there in the short term
but is looking at a future opportunity.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude steel and
related long rolled products, drawn products, and long specialty products.
In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United States.

Gerdau's four majority-owned Brazilian operating subsidiaries are:

   -- Acominas,
   -- Gerdau Acos Longos S.A.,
   -- Gerdau Acos Especiais S.A. and
   -- Gerdau Comercial de Acos S.A.;

                        *    *    *

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006, Standard &
Poor's Ratings Services raised its foreign currency counterparty credit
rating on Banco Nacional de Desenvolvimento Economico e Social SA to 'BB'
with a stable outlook from 'BB-' with a positive outlook.  The company's
local currency credit rating was also shifted to 'BB+' with a stable outlook
from 'BB' with a positive outlook.


NOVELL: Debenture Holders Have Until Today to Tender Consents
-------------------------------------------------------------
Novell, Inc., has extended until 5:00 p.m., New York City time, on Nov. 6,
2006, its solicitation of consents from the holders of its 0.50% convertible
senior debentures due 2024 (CUSIP Nos. 670006AB1 and 670006AC9).  The
purpose of the consent solicitation is to obtain consent to amend certain
provisions of the indenture pursuant to which the debentures were issued and
to obtain a waiver of rights to pursue remedies available under the
indenture with respect to certain alleged defaults.

The consent solicitation was scheduled to expire at 5:00 p.m., New York City
time, on Nov. 2, 2006.  All holders of the debentures who have previously
delivered consents do not need to redeliver the consents or take any other
action in response to this extension.

All other provisions of the consent solicitation with respect to debentures
as set forth in Novell's consent solicitation statement, dated Oct. 17,
2006, as supplemented on Oct. 31, 2006, remain applicable.  Novell reserves
the right to further amend the consent solicitation for the debentures or
further extend the expiration time in its sole discretion.

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

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

Requests for copies of the Consent Solicitation Statement and related
documents may be directed to the information agent for the consent
solicitation at:

           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, NA, 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.


NOVELL INC: Names Troy Richardson President of Novell Americas
--------------------------------------------------------------
Novell Inc. named Troy Richardson as president, Novell Americas.  Formerly
vice president and general manager of sales for Novell's Northeast region,
Mr. Richardson brings more than 22 years of experience in technology sales
and management to the role.  He will be responsible for the full range of
Novell's sales and consulting business across the US, Latin America and
Canada.

Susan Heystee, the former president of Novell Americas, moves to become vice
president and general manager for global strategic alliances, a newly
created position that recognizes the importance of Novell's partner
community to Novell's success.

Tom Francese, Novell's executive vice president of worldwide sales, said,
"Troy has done a great job over the last year in driving Novell's success in
the Northeast region, helping customers in the financial services,
government and retail sectors leverage Novell(R) solutions for their
businesses.  I look forward to him expanding this success to our broader
Americas region, where we see real potential for our growth businesses of
Linux and open source and security, identity and resource management.  In
addition, I can't think of anyone better to lead our critical global
partnering efforts than Susan, whose done an excellent job driving our
Americas business over the last two years."

Mr. Richardson has over 22 years in the technology industry with a proven
track record for consistently delivering significant revenue and profit
growth and building high performance teams.  He joined Novell in July 2005
as vice president and general manager for the Northeast Area.  Before coming
to Novell, he served as vice president of Retail Solutions Division for the
Americas at NCR Corp.  He also held various executive level positions in
sales and marketing management over a 15-year career with IBM Corp.

Mr. Richardson commented, "This is a very exciting time for Novell as we
drive our new Linux and identity, security and resource management
businesses forward.  Novell is well positioned to help customers leverage
the performance and value of open source and standards-based solutions.  I
look forward to working with customers across the Americas region to help
them save money and improve their business processes with Novell solutions."

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, NA, 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.


PETROLEO BRASILEIRO: Begins Repair on Bolivia-Brazil Pipeline
-------------------------------------------------------------
Petroleo Brasileiro SA will begin the first stage of the repair work on the
Bolivia-Brazil gas pipeline Gasbol on Nov. 11.  The work is necessary
because of the damage caused to the ducts by the strong rainfall in Bolivia
in early April.  Supply has been ensured by measures such as reductions in
the company's own consumption.

The first phase of the work is expected to last six days, while the second
one, scheduled to begin on Nov. 23, will last about 11 days.  After the
repairs, the pipeline will be put back in design conditions and operate at
full capacity, recovering the system's reliability.

Acting jointly with the Ministry of Mines & Energy and the National System
Operator, Petroleo Brasileiro assures it will attend to all of the
contracted demand for the input.

The rains in Bolivia caused mudslides that partially damaged the gas
pipeline that runs the production of a few Bolivian gas fields off to
Brazil.  The situation led Yacimientos Petroliferos Fiscales Bolivianos to
declare a condition of Force Majeur, which will remain in effect until the
gas pipeline has been fully repaired.

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

                        *    *    *

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

                        *    *    *

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

  Maturity Date           Amount        Rate       Ratings

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

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


PETROLEO BRASILEIRO: Intecnial to Build Three Biodiesel Plants
--------------------------------------------------------------
Petroleo Brasileiro said in a statement that it has hired Intecnial, an
engineering firm, to construct three biodiesel plants.

Business News Americas relates that Petroleo Brasileiro will invest BRL227
million for the three plants, which will have capacity to produce 57 million
liters per year of biodiesel.

The plants are:

          -- Candeias in northeastern Bahia,
          -- Montes Claros in southeastern Minas Gerais, and
          -- Quixada in northeastern Ceara.

According to BNamericas, Petroleo Brasileiro chose Intecnial after a tender
process with other three firms.

Petroleo Brasileiro told BNamericas that construction will begin as soon as
the company gets full environmental license.  Commercial operations will
start by the end of 2007.

Petroleo Brasileiro is preparing to meet the obligatory 2% admixture of
biodiesel into diesel from January 2008, BNamericas states.

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

                        *    *    *

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

                        *    *    *

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

  Maturity Date           Amount        Rate       Ratings

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

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


PETROLEO BRASILEIRO: Sees 15% Return on Investments in Bolivia
--------------------------------------------------------------
Jose Gabrielli -- the chief executive officer of Petroleo Brasileiro, the
state oil firm of Brazil -- told Business News Americas that the company's
exploration and production contracts with Yacimientos Petroliferos Fiscales
Bolivianos, its Bolivian counterpart, will bring in over 15% return on
investments.

Mr. Gabrielli told the press, "Petrobras (Petroleo Brasileiro) will not lose
money on the operation because it will make a return of over 15% on the San
Alberto and San Antonio fields, which is above the cost of capital to the
company."

BNamericas relates that under the 30-year accord signed on
Oct. 29, Petroleo Brasileiro will be able to manage the reserves and retain
control of exploration and production assets in Bolivia despite having to
surrender to Yacimientos Petroliferos all gas and oil production and the
fact that the latter will not invest in any of Petroleo Brasileiro's
project.

Mr. Gabrielli told BNamericas, "Petrobras will be paid an amount which will
vary according to costs and the rate of hydrocarbons recovered.  This is a
risk-sharing agreement, not a service contract."

Petroleo Brasileiro said that it expects to pay 80% of its revenues as taxes
and royalties combined, BNamericas reports.

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

                        *    *    *

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

                        *    *    *

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

  Maturity Date           Amount        Rate       Ratings

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

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


PETROLEO BRASILEIRO: Will Issue US$500 Million of 10-Year Bonds
---------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said in a
statement that it will issue US$500 million of 10-year bonds in exchange for
outstanding shorter-term notes.

Petroleo Brasileiro said in a filing with the United States Securities and
Exchange Commission or SEC that Petroleo Brasileiro wants to swap 6.125%
bonds due in 2016 for securities maturing in 2008, 2011, 2013 and 2014 with
coupons of 7.75% to 12.375%.

Almir Barbassa, Petroleo Brasileiro's chief financial officer, told
Bloomberg that it will not raise new money through bond sales until at least
2008.  The company said it will focus its bond sale efforts on plans to
reduce borrowing costs and extend the repayment period by exchanging old
debt for new securities.

Petroleo Brasileiro said in the SEC filing that the exchange would reopen
the sale of bonds with the same maturity and interest coupon that were sold
in October.

Petroleo Brasileiro told Bloomberg that it selected Morgan Stanley and UBS
AG to administer the debt exchange.

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

                        *    *    *

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

                        *    *    *

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

  Maturity Date           Amount        Rate       Ratings

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

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


VARIG SA: Foreign Rep Objects to Port Authority's Payment Motion
----------------------------------------------------------------
Eduardo Zerwes, the Foreign Representative of VARIG S.A. and its
debtor-affiliates, objects to The Port Authority of New York and New
Jersey's request to compel the Foreign Debtors to pay postpetition flight
fees and other fees totaling US$207,500 as an administrative expense
pursuant to Sections 105, 503 and 507 of the Bankruptcy Code.

While VARIG, SA, acknowledges the debts mentioned by the Port
Authority of New York and New Jersey -- except that it does not have a
record of an invoice for a US$250 Supplemental Flight Fee -- Mr. Zerwes
asserts that Sections 503 and 507 of the Bankruptcy Code do not apply in the
ancillary case and allowance or disallowance of the claims must be
determined in the Foreign Proceeding in Brazil.

Representing Mr. Zerwes, Rick B. Antonoff, Esq., at Pillsbury
Winthrop Shaw Pittman LLP, in New York, argues that:

   * the Port Authority's request improperly applies the
     Bankruptcy Code and lacks the necessary basis to support an
     order granting the relief it seeks; and

   * any order from the U.S. Court compelling payment of any
     claim is premature because claims should first be
     administered in accordance with VARIG's approved In-Court
     Reorganization Plan.

Specifically, Mr. Antonoff says, nothing in Sections 503 and 507 authorizes
a U.S. court to direct payment of a claim in a case that was commenced as an
ancillary case under Section 304.  Section 304(b) sets forth the relief that
the Court may grant in an ancillary case, and yet Section 304 is not
mentioned in the
Port Authority's request other than in the caption and a background recital.

Moreover, while Section 304 ancillary cases permit a court to condition the
continuation of a preliminary injunction to grant certain relief, the court
lacks jurisdiction to compel production of assets administered in a foreign
bankruptcy proceeding, Mr. Antonoff explains.

Mr. Antonoff maintains that continuation of the Preliminary
Injunction should not be conditioned upon payment of a claim to
Port Authority.  Payment of any claim outside of the procedures approved in
VARIG's In-Court Recovery Plan would unfairly and unduly prejudice other
"bankruptcy creditors" that arose during the Foreign Proceeding.

Mr. Antonoff further notes that the Reorganization Plan, which was approved
by creditors and the Brazilian Court on
July 17, 2006, expressly sets forth the procedure for addressing all
"bankruptcy creditors" including Port Authority.

The Reorganization Plan provides that the Foreign Debtors will make
available, within 90 days after approval of the Plan, a "list of bankruptcy
creditors and their credits".  Within 30 days after the list is made
available, "bankruptcy creditors wishing to adhere to the Reorganization
Plan shall do so pursuant to the proper adhesion instrument."  Bankruptcy
creditors who do not state their adhesion to the Reorganization Plan remain
creditors of the Foreign Debtors and are entitled to receive payments
derived from the Foreign Debtors' remaining operating cash flow.

Since the Foreign Proceeding addresses treatment of the Port
Authority claim in a Reorganization Plan approved by creditors and the
Brazilian Court, the U.S. Court should not grant the Port Authority's
request, Mr. Antonoff says.

                   Port Authority Talks Back

Representing the Port Authority of New York and New Jersey,
Milton H. Pachter, Esq., points out that:

   * VARIG concedes that it owes the Port Authority US$207,250;

   * since June 17, 2005, VARIG has benefited from the U.S.
     Court's protection with respect to its creditors'
     prepetition claims; and

   * VARIG continued to use John F. Kennedy International
     Airport as part of its operations in the United States in
     May, June and July 2006, and thus earned revenues from the
     flights.

Mr. Pachter further notes that 90 days have passed yet no "list of
bankruptcy creditors and their credits" has been issued.  No specific date
for the issuance of the list has been stated too.

"It seems to be questionable whether the Port Authority will have any
opportunity to pursue its post-petition claim in the
Brazilian Court," Mr. Pachter says.

The Port Authority believes that it should not be required to litigate the
matter in Brazil since VARIG expressly sought and received the benefits of
the U.S. Court with regard to the issuance of a preliminary injunction.

Mr. Pachter contends that VARIG's argument that nothing in
Sections 503 and 507 authorize a U.S. court to direct payment of a claim in
a case commenced under Section 304, is disingenuous, since Section 304
specifically provides that court determination as to the relief it should
grant should be guided, among other things, "with the distribution of
proceeds of such estate substantially in accordance with the order
prescribed by [the
Bankruptcy Code]."

For these reasons, the Port Authority asks the U.S. Court to compel VARIG to
immediately pay the US$207,500 postpetition flight fees, parking fees and
charges that are presently owed.

Headquartered in Rio de Janeiro, Brazil, VARIG SA 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.

VARIG, 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)


VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes
----------------------------------------------------------------
Votorantim Group disclosed the price for its cash tender offer for any and
all of its wholly owned subsidiary Voto-Votorantim Overseas Trading
Operations III Ltd.'s US$300,000,000 aggregate principal amount outstanding
7.875% guaranteed Notes due 2014 (CUSIP Nos.: 92908FAA4, G9393BAA2).  The
offer expired at 5:00 p.m., New York time, on Nov. 2, 2006.

Votorantim will pay the purchase price and accrued and unpaid interest to,
but excluding, the settlement date, for the notes accepted pursuant to the
offer.  Settlement of the offer is expected to occur on the third business
day following the Expiration Date.  The table below sets the relevant
pricing information for the notes:

Notes: 7.875% Guaranteed Notes Due 2014

CUSIP/ISIN: 92908FAA4/US92908FAA49
            G9393BAA2/ USG9393BAA29

Reference Security: UST 4.875% Notes Due Aug. 15, 2016

Fixed Spread: 1.44%

Actual Reference Yield: 4.642%

Tender Offer Yield: 6.082%

Purchase Price per US$1,000
Original Principal Amount of Notes: 1,103.28

Quotation Report: Bloomberg PXI

Votorantim retained J.P. Morgan Securities Inc. to serve as Dealer Manager
for the offer, Bank of New York to serve as Depositary for the offer, Dexia
Banque Internationale a Luxembourg SA to serve as Luxembourg Agent for the
offer and D.F. King & Co., Inc. to serve as Information Agent for the offer.

Requests for the Offer to Purchase and the related Letter of
Transmittal and supplements to the documents may be directed to:

          D.F. King & Co., Inc.
          Tel: (212) 269-5550 (Banks and Brokers)
               (800) 290-6429 toll-free (others)

Requests for documentation may also be made to:

          Dexia Banque International
          Tel: + 352 4590 1
          Fax: + 352 4590 4227

Questions regarding the offer may be directed to:

          J.P. Morgan Securities Inc.
          Tel: (866) 846-2874 (U.S. toll-free)
               (212) 834-7279 (collect)

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

                        *    *    *

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




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


FORMOSA RE: Creditors Must Submit Proofs of Claim by Nov. 16
------------------------------------------------------------
Formosa Re Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidators:

          Wendy Ebanks
          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.

Formosa Re'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.


FUND SECURITIZATION: Claims Filing Deadline Is Set for Nov. 16
--------------------------------------------------------------
Fund Securitization Cayman, Inc.'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.

Fund Securitization'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.


GREEN T: Last Day for Proofs of Claim Filing Is on Nov. 16
----------------------------------------------------------
Green T 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.

Green T's shareholders agreed on Sept. 25, 2006, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


G-FORCE (2002-1): Last Day to File Proofs of Claim Is on Nov. 16
----------------------------------------------------------------
G-Force CDO 2002-1 Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Carlos Farjallah
          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.

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


G-FORCE (2001-1): Proofs of Claims Filing Is Until Nov. 16
----------------------------------------------------------
G-Force CDO 2001-1 Ltd.'s creditors are required to submit proofs of claim
by Nov. 16, 2006, to the company's liquidators:

          Carlos Farjallah
          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.

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


INTERNATIONAL WATER: Creditors Must Submit Claims by Nov. 16
------------------------------------------------------------
International Water Services Ltd.'s creditors are required to submit proofs
of claim by Nov. 16, 2006, to the company's liquidators:

          Mike Hughes
          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.

International Water'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.


IL INVESTMENT: Creditors Must File Proofs of Claim by Nov. 16
-------------------------------------------------------------
IL Investment's creditors are required to submit proofs of claim by Nov. 16,
2006, to the company's liquidators:

          Andrew Millar
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

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

IL Investment'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.


JAPAN CREDIT: Proofs of Claim Filing Deadline Is on Nov. 16
-----------------------------------------------------------
Japan Credit Management Co., Ltd. II's creditors are required to submit
proofs of claim by Nov. 16, 2006, to the company's liquidators:

          Phillip Hinds
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

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

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


JOFI YOKOHAMA-AOBA: Proofs of Claim Must be Filed by Nov. 16
------------------------------------------------------------
Jofi Yokohama-Aoba Holding Ltd.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

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

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.

Jofi Yokohama-Aoba'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.


KICAP (LEVERAGED): Proofs of Claim Filing Is Until Nov. 16
----------------------------------------------------------
Kicap Financials Leveraged 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 Financials' 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 (STANDARD): Filing of Proofs of Claim Is Until Nov. 16
------------------------------------------------------------
Kicap Financials Standard 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 Financials' 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 FINANCIALS: Claims Filing Deadline Is Set for Nov. 16
-----------------------------------------------------------
Kicap Financials 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 Financials' 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: Creditors Have Until Nov. 16 to File Proofs of Claim
----------------------------------------------------------------
Long Beach Asset Holdings Corp. CI 2003-2'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.


TROPICAL BLUE: Last Day to File Proofs of Claim Is on Nov. 16
-------------------------------------------------------------
Tropical Blue Funding Corp.'s creditors are required to submit proofs of
claim by Nov. 16, 2006, to the company's liquidators:

          Mora Goddard
          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.

Tropical Blue'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.


VIVACE TWO: Creditors Are Given Until Nov. 16 to File Claims
------------------------------------------------------------
Vivace Two Ltd.'s creditors are required to submit proofs of claim by Nov.
16, 2006, to the company's liquidators:

          Carrie Bunton
          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.

Vivace Two'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.




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


BLOCKBUSTER INC: Outlines New Deal for Online Renters
-----------------------------------------------------
Blockbuster Inc. is giving online renters expanded access to movies through
the introduction of BLOCKBUSTER Total Access(TM), a movie rental program
that gives online customers the option of returning their DVDs through the
mail or exchanging them at more than 5,000 participating BLOCKBUSTER(R)
stores for free in-store movie rentals.  The new program, available only
from Blockbuster, means Total Access subscribers don't need to wait to get
DVDs through the mail, essentially allowing them to double the number of
movies they can access each month.

Beginning Nov. 1, Blockbuster will automatically upgrade all current and new
online rental subscribers to the Blockbuster Total Access program at no
extra cost, immediately giving them the option of mailing back their online
movies, exchanging them at any participating Blockbuster store, or a
combination of the two.  For each online rental exchanged in the store,
customers can receive a free in-store movie rental.  Subscribers to
Blockbuster's lower-priced US$5.99 and US$7.99 plans will also be included
in the Total Access program and will be able to exchange their online DVDs
for free in-store movie rentals.

Another feature Blockbuster Total Access offers subscribers is a faster
shipping cycle.  When subscribers return their online rentals to a
participating Blockbuster store, the store check-in process automatically
initiates the shipment of the next available movies in the subscriber's
rental queue, whether they take advantage of the in-store exchange option or
not.  That means Total Access customers generally will get their online
movies a day faster than if they had dropped the return movies in the mail.
In addition to being able to exchange online rentals at participating
Blockbuster stores for free movie rentals, Blockbuster Total Access
customers will also receive a free in-store rental coupon each month.
Subscribers can use the monthly rental coupon in the same visit with their
in-store exchanges for another free movie, or by itself if they have already
returned their DVDs through the mail or just aren't ready to return their
online rentals yet.  Movies received through the in-store exchange option or
with the rental coupon do not count against the total number of DVDs an
online customer can have out at any one time per their subscription plan.

In-store movies are still subject to store rental terms, including due
dates, and must be returned to the store from which they were rented.

Another added convenience is that customers can now sign up for
Blockbuster's online rental service right in the stores.  With the launch of
the Blockbuster Total Access program, almost all participating Blockbuster
stores will have online wireless access, so store personnel can sign up new
subscribers on the spot.

As of the end of September, Blockbuster had approximately 1.5 million online
subscribers, a year-over-year increase in its subscriber base of 50%, which
included some 100,000 trial subscribers at quarter-end who subsequently
converted to paying members.  During the third quarter, the company added
approximately 150,000 net subscribers.

With more than 60,000 titles to choose from online, Blockbuster delivers
DVDs right to subscribers' mailboxes in return-pre-paid postage envelopes.
There are no due dates or late fees with movies rented from Blockbuster's
online rental service, and subscription plans start as low as US$5.99 a
month, with the US$17.99 three-out unlimited movie plan being the most
popular.  A two- week free trial membership to Blockbuster Total Access is
available for a limited time, including to those customers who have
previously tried Blockbuster's online rental service but are not currently
subscribing to the service.

                      About Blockbuster

Blockbuster Inc. -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout the Americas,
Europe, Asia and Australia.  The
company operates in Puerto Rico, Argentina, Brazil and Chile.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 11, 2006, Moody's
Investors Service affirmed its B3 Corporate Family Rating for Blockbuster
Inc. in connection with its implementation of the new Probability-of-Default
and Loss-Given-Default rating methodology for the US and Canadian Retail
sector.

Standard & Poor's Ratings Services lowered, in November 2005, its corporate
credit and bank loan ratings on Blockbuster Inc. to 'B-' from 'B' and the
subordinated note rating to 'CCC' from 'CCC+'. S&P said the outlook is
negative.

Fitch downgraded, in August 2005, Blockbuster Inc.'s Issuer default rating
to 'CCC' from 'B+'; Senior secured credit facility to 'CCC' from 'B+' with
an 'R4' recovery rating; and Senior subordinated notes to 'CC' from 'B-'
with an 'R6' recovery rating.


EMPRESAS IANSA: Fitch Upgrades US$100MM Sr. Notes Rating to BB+
---------------------------------------------------------------
Fitch Ratings has upgraded Empresas Iansa SA's Foreign and Local Currency
Issuer Default Ratings as well as the issue rating on the US$100 million
senior unsecured notes due 2012 to 'BB+' from 'BB'.  In addition, Fitch has
assigned a national scale rating of 'A-(ch)' to Empresas Iansa.  The Rating
Outlook is Stable.

The rating actions are supported by the improvement of Empresas Iansa's
credit protection measures as a result of debt reduction.  Since the end of
2005, higher sugar prices have translated into improved profitability and
cash flows.  The company has used free cash flow generation to reduce debt
levels, which together with higher EBITDA has strengthened credit ratios.
The ratings are also supported by Empresas Iansa's strong business position
as the sole producer of sugar in Chile, its low cost structure and the
existence of price protection mechanisms in the domestic sugar market.  The
ratings also incorporate the exposure of the company's agricultural
businesses to weather conditions, supply and demand imbalances and
competition from sugar substitutes.

In recent months, international prices of sugar have increased
substantially, to an average of US$437 per ton during the first nine months
of 2006 from a mean of US$270 per ton during the comparable period in 2005.
This is the result of a widening gap between supply and demand due to
increased production of bioethanol from sugar cane, organic demand increase,
higher sugar demand from China and the anticipated adverse effects on supply
from the reform of the European Union sugar policy system implemented in
November 2005.  It is important to note that the latter represents a
structural shift in the international sugar market as an estimated 6-7
million tons of sugar will cease to be traded globally in the near term,
accounting for approximately a 16% decrease in the surplus stock currently
available for international trading activity.  This change will yield
commercial and pricing advantages to producers like Empresas Iansa.

Empresas Iansa enjoys one of the lowest cost structures worldwide in the
production of sugar and is the world's lowest-cost producer of sugar from
beet.  The company benefits from protection mechanisms in the domestic
market, including a price band and a tariff system that increases the import
cost of sugar.  These mechanisms have been in place since 1986 but in 2003
underwent changes favorable to the company.  These changes included the
incorporation of imports of sugar blends in the protection system
(eliminating loopholes that allowed these sugar substitutes to enter the
Chilean market at a low tariff) and fixed upper and lower limits on the
price band for the period 2004-2007.  However, these limits gradually
decline each year for the period 2008-2014, which means that under lower
international sugar price scenarios (below the floor price of the band),
Empresas Iansa would need to achieve continuous efficiency improvements to
be able to remain profitable at all times.  Over the past several years, the
company, working together with sugar beet producers, has boosted yields of
sugar beet production and lowered unit production costs through mechanized
irrigation systems, enhanced crop management and seed improvement.  Empresas
Iansa is projecting continued yield gains over the next several years to
face declining limits on the price band system and continue to enjoy
protection from sugar imports.

During the first nine months of 2006, revenues declined by 5% due to lower
volume sales of sugar, sugar by-products, agricultural supplies and
non-sugar businesses.  However, EBITDA increased by 44% reflecting higher
sugar prices.  The EBITDA margin improved to 13.8% during the first nine
months of 2006 from 9.1% during the comparable period in 2005.  For the
twelve-month period ended Sept. 30, 2006, net debt to EBITDA and EBITDA to
interest expenses reached 1.9x and 5.2x, compared to 3.9x and 3.5x
respectively for the comparable prior period.

At Sept. 30, 2006, Empresas Iansa had US$106 million of total debt, a
reduction from US$156 million at Sept. 30, 2005.  The debt was comprised of
US$89 million outstanding on the US$100 million senior note due 2012, and
US$18 million of bank debt.  As it is the case for most agro-industrial
businesses, short-term debt fluctuates seasonally, increasing from March to
September, when it peaks.  The company provides support to local sugar beet
growers in the form of financing, fertilizers, pesticides, and irrigation
and harvesting technology, which requires working capital financing.  At
Sept. 30, 2006, grower advances reached US$30 million.  In recent months,
Empresas Iansa has been able to fund working capital requirements with its
own cash flow generation.  Relatively modest capital expenditure
requirements should also help maintain debt levels stable.

Empresas Iansa is the sole producer of sugar and sugar by-products in Chile.
This accounted for 80% of revenues.  The non-sugar businesses include the
production of frozen juice concentrate for the export market under a joint
venture (Patagonia) with Cargill, the production and sale of tomato paste in
Peru (Icatom) and the production and sale of frozen vegetables and fruits in
Chile (Iansafrut).  ED&F Man, a sugar distributor and trader based in the
UK, indirectly owns 22.8% of the company's equity.  The remaining equity is
owned by a group of Chilean pension funds and the public.  During the twelve
months ended Sept. 30, 2006, Empresas Iansa generated revenues of US$379
million and EBITDA of US$47 million.




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


CA INC: Posts US$996MM Revenue for Quarter Ended Sept. 30, 2006
---------------------------------------------------------------
CA, Inc., reported US$996-million revenue for the second quarter of fiscal
year 2007, ended Sept. 30, 2006.

                         Financial Overview
                 (in millions, except share data)

                             Q2FY07        Q2FY06      Change

Revenue                     US$ 996       US$ 950        5%
GAAP Diluted EPS            US$0.09       US$0.08       13%
Net Income                  US$  53       US$  46       15%
GAAP Cash Flow from
Operations                 US$   6       US$ 299      (98%)
Non-GAAP Operating EPS      US$0.25       US$0.25        0%

John Swainson, CA's president and chief executive officer, commented, "Our
second quarter total revenue, GAAP earnings per share and non-GAAP earnings
per share were at or above our expectations.  However, a number of changes
we implemented associated with our sales organization affected our business
activity in the second quarter, and consequently caused a drag on our
bookings and associated billings.  While a lower-than-anticipated level of
bookings and billings had a negative effect on cash flow in the quarter,
changes in working capital -- including a lower cash collections rate and
higher-than-expected accounts payable disbursements -- were the primary
factors in our cash flow from operations decline compared with the second
quarter of fiscal year 2006."

"We believe the issues that affected our second quarter performance are
behind us and we are confident in our ability to execute in the second half
of our fiscal year.  While our full-year cash flow from operations will be
lower than expected, we believe we are back on track and in a position to
grow our business going forward," Mr. Swainson said.

CA's revenue for the second quarter was US$996 million, an increase of 5%
over the US$950 million reported in the similar period last year.  The
increase in revenue was primarily attributed to growth in subscription and
professional services revenues, partially offset by declines in maintenance
and software fees and other revenue.  North American revenue was up 8% while
revenue from international operations was up 1%, including a positive
foreign exchange impact of US$15 million.

CA's subscription revenue for the second quarter increased 8% to US$762
million, compared with the US$704 million reported in the second quarter of
last year, and was affected positively by increases in new deferred
subscription value from acquired products.  Subscription revenue accounted
for 77% of total revenue in the quarter, increasing from the 74% reported in
the second quarter of fiscal year 2006.

CA expects subscription revenue to continue to become a larger percentage of
its total revenue as more contracts are renewed on a subscription basis.
The company added that as it begins to reach maturity on its model and based
upon the timing of remaining old business model contract renewals, the
impact of the transition to its new business model on revenues will decline.

CA's total product and services bookings in the second quarter decreased 10%
to US$690 million, from the US$765 million reported in the same period a
year ago.  This decrease is attributed to a decision to realign and
restructure the sales force to achieve lower cost of sales and higher
productivity and more discipline on contract renewals. Direct product
bookings declined 13% to US$498 million.  Indirect bookings grew 3% to US$75
million.  Despite flat bookings performance in the first half of the year,
the company continues to expect total bookings for the full year to grow.

Total expenses of CA for the second quarter increased 3% to US$918 million,
from the US$893 million reported in the similar period last year.  The
increase was mainly due to higher selling, general and administrative
expenses associated with personnel costs from recent acquisitions and
increased cost of professional services related to higher revenues.  The
expense increase was offset partially by a decline in the amortization of
capitalized software costs and a gain from the sale of marketable
securities.  The company announced a restructuring plan in August 2006
designed to eliminate US$200 million in costs on an annual basis by the end
of fiscal year 2008.

CA recorded GAAP (Generally Accepted Accounting Principles) net income US$53
million for the second quarter of 2006, compared with net income of US$46
million reported in the same period in 2005.

The company reported non-GAAP net income of US$145 million for the second
quarter of 2006, compared with US$151 million in 2005.

For the second quarter, CA generated cash flow from operations of US$6
million, compared with US$299 million in cash flow from operations reported
in the prior year period.  Second quarter cash flow was adversely affected
by working capital management issues, lower bookings and associated
billings, and higher operating expenses.  Cash flow from operations in the
second quarter of fiscal year 2006 was negatively affected by a US$75
million Restitution Fund payment.

            Cost Reduction and Restructuring Plan

CA disclosed in August a cost reduction and restructuring plan designed to
significantly improve the company's expense structure and increase its
competitiveness.  CA expects to deliver about US$200 million in annualized
savings when the plan is completed by the end of fiscal year 2008.

In the second quarter, CA recorded severance costs, relating to
approximately 750 positions, or US$39 million, US$11 million of which was
paid during the period.  The company expects total restructuring charges of
US$150 million, most of which will be recognized in fiscal 2007, and a
reduction in workforce of approximately 1,400 positions, including
approximately 300 positions associated with the divestiture of a number of
joint ventures.  The company also expects to eliminate an additional 300
positions through attrition.

                     Capital Structure

The balance of cash, cash equivalents and marketable securities at Sept. 30,
2006, was US$1.295 billion.  With US$2.588 billion in total debt
outstanding, the company has a net debt position of approximately US$1.293
billion.

                     Repurchase Program

The company completed a US$1 billion tender offer during the second quarter
and repurchased 41.2 million shares of common stock.  Fiscal year-to-date,
CA has repurchased about 51.1 million shares of common stock at a cost of
US$1.2 billion.  The tender offer was the first phase of a total of up to
US$2 billion repurchase plan.

Nancy Cooper, CA's chief financial officer, noted, "We are exploring options
regarding the remaining portion of the share repurchase program and will
provide updates on the timing and method at the appropriate time.  However,
we will want to see performance meeting our expectations, a return to strong
cash flows, and favorable market conditions before we move forward."

            Updated Outlook for Fiscal Year 2007

CA updated its outlook for the fiscal year and expects to meet or exceed
revenue guidance of US$3.9 billion and its original guidance for non-GAAP
operating earnings per share of US$0.83.  The company expects GAAP earnings
per share to be below its original outlook of US$0.44 per share as a result
of the still-to-be-determined timing of 2007 restructuring plan costs.  The
company expects cash flow from operations of between US$900 million and US$1
billion, which would be lesser than the original outlook of US$1.3 billion.
The new cash flow outlook includes the company's estimates of the impact of
the lower-than-expected growth in bookings for the full year, borrowing
costs associated with the tender offer and payments related to the 2007
restructuring plan.  The cash flow outlook also assumes that the sales force
will perform as expected and the company will improve its working capital
management.

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.




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


DENNY'S CORP: Reports Same-Store Sales for the Month of October
---------------------------------------------------------------
Denny's Corp. reported same-store sales for its company-owned Denny's
restaurants during the four-week month ended
Oct. 25, 2006, compared with the related period in fiscal year 2005.

      Sales:         Oct. 2006   YTD 2006

Same-Store Sales   3.9%              2.9 %
Guest Check Average  2.8%         5.0 %
Guest Counts   1.1%         (1.9%)

      Restaurant Counts:  10/25/06    12/28/05

      Company-Owned   535          543
Franchised and
       Licensed         1,022    1,035
      Total         1,557    1,578

Headquartered in Spartanburg, South Carolina, Denny's Corp.
-- http://www.dennys.com/-- is America's largest full-service family
restaurant chain, consisting of 543 company-owned units and 1,035 franchised
and licensed units, with operations in the United States, Canada, Costa
Rica, Guam, Mexico, New Zealand and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Denny's Corp.'s balance sheet at June 28, 2006, showed US$500.3 million in
total assets and US$758.2 million in total liabilities, resulting in a
US$257.9 million stockholders' deficit.

As reported in the Troubled Company Reporter on Oct. 9, 2006, Standard &
Poor's Ratings Services raised its corporate credit rating on Armstrong
World Industries Inc. to 'BB' from 'D', following the Company's emergence
from bankruptcy on
Oct. 2, 2006.  S&P said the outlook is stable.




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


FALCONBRIDGE LTD: Xstrata Completes Acquisition of Company
----------------------------------------------------------
Xstrata acquired on Nov. 1, 2006, all of the remaining outstanding common
shares of Falconbridge Ltd., pursuant to the statutory compulsory
acquisition procedures.  Xstrata now beneficially owns 100% of the Common
Shares.

Each shareholder of Falconbridge whose common shares were deemed to have
been acquired under the compulsory acquisition will receive the equivalent
of Xstrata's offer price of CAD62.50 in cash for each Common Share once the
shareholder delivers the certificate(s) representing those Common Shares,
together with a transmittal and election form, to CIBC Mellon Trust Company
in accordance with the instructions on the transmittal and election form.
The aggregate cash consideration for the Common Shares acquired under this
step of the Compulsory Acquisition is approximately CAD19.6 million
(approximately US$17.3 million).

Falconbridge completed the redemption of all of the outstanding Cumulative
Redeemable Preferred Shares, Series F (TSX: FAL.PR.F) and Series G (TSX:
FAL.PR.G), and Cumulative Preferred Shares, Series 1 for an aggregate cash
consideration of approximately CAD306 million (approximately US$270.4
million).

Following the completion of the Compulsory Acquisition and Preferred Share
Redemption, the Toronto Stock Exchange halted trading in and delisted the
common shares, the Series F shares and the Series G shares from the TSX as
of the close of the market on Nov. 1, 2006.

Falconbridge shareholders with questions or requests for copies of the
documents, may contact:

          CIBC Mellon Trust Company
          Tel: +1-416-643-5500
                1-800-387-0825

Further information is available from www.xstrata.com/falconbridge.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global diversified
mining group, listed on the London and Swiss stock exchanges.  The Group is
and has approximately 24,000 employees worldwide, including contractors.

Xstrata does business in six major international commodities markets:
copper, coking coal, thermal coal, ferrochrome, vanadium and zinc, with
additional exposures to gold, lead and silver.  The Group's operations and
projects span four continents and nine countries: Australia, South Africa,
Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Ltd. (TSX:FAL.LV)(NYSE:
FAL) -- http://www.falconbridge.com/-- is a leading copper and nickel
company with investments in fully integrated zinc and aluminum assets.  Its
primary focus is the identification and development of world-class copper
and nickel ore bodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns nickel mines
in Canada and the Dominican Republic and operates a refinery and sulfuric
acid plant in Norway.  It is also a major producer of copper (38% of sales)
through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and
Lomas Bayas mine.  Its other products include cobalt, platinum group metals,
and zinc.

                        *    *    *

Falconbridge's CAD150 million 5% convertible and callable bonds due April
30, 2007, carry Standard & Poor's BB+ rating.




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


PETROECUADOR: Gets 27 Bids for Marginal Fields in Amazon
--------------------------------------------------------
Petroecuador, the state-run oil firm of Ecuador, said in a statement that
its tender committee has received 27 bids for seven of eight marginal fields
in Amazon.

The eight marginal fields tendered include:

          -- Armadillo,
          -- Chanangue,
          -- Eno-Ron,
          -- Frontera-Tapi-Tetete,
          -- Ocano-Pena Blanca,
          -- Pucuna,
          -- Puma, and
          -- Singue.

Petroecuador told Business News Americas that the fields' proven reserves
total 120 million barrels and initial development investment is expected at
US$300 million.

BNamericas relates that Petroecuador received:

          -- six bids for Armadillo,
          -- five for Frontera-Tapi-Tetete,
          -- six for Pucuna,
          -- five for Puma,
          -- three for Singue,
          -- one for Chanangue, and
          -- one for Ocano-Pena Blanca fields.

According to BNamericas, there were no bids presented for Eno-Ron.

BNamericas underscores that firms and consortiums that made offers include:

          -- Cayman,
          -- Ecopetrol,
          -- JTI,
          -- Petroriva,
          -- Petrotesting Colombia,
          -- Sociedad Internacional Petrolera,
          -- Petrosud-Petroriva,
          -- Drilling and Workover Service and Marmaoil,
          -- a consortium led by Dygoil,
          -- a consortium led by Ecuavital
          -- a consortium led by Pecs Iecontsa
          -- a consortium led by Petrobel, and
          -- a consortium led by Petroleos del Pacifico.

BNamericas notes that Petroecuador will open technical bids the week of Nov.
6.  It will open the economic bids the week of
Nov. 13.

The Ecuadorean oil ministry hopes the contracts will boost total output from
the fields by over 400% to 30,000 barrels per day, BNamericas states.

Petroecuador is Ecuador's state oil company.  Its division Petroproduccion
is in charge of oil exploration and production activities, while its
Petrocomercial refines, markets and distributes fuels and gasoline.

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


PETROECUADOR: Reforms May Bring US$5B Investment in Oil Sector
--------------------------------------------------------------
Galo Chiriboga, an executive of Petroecuador, told Business News Americas
that investment in the nation's oil sector could reach at least US$5 billion
if sector reforms advance.

Mr. Chiriboga said in a statement that the oil sector's contribution to
gross domestic product could be 20% in the next four years.

The potential of the oil sector is not being tapped and Ecuador is becoming
a net importer, BNamericas says, citing Mr. Chiriboga.  Other problems are
environmental liabilities and poor quality fuels.

According to BNamericas, Mr. Chiriboga disclosed three strategies that could
to turn the oil sector around:

          -- reorganizing the sector's administration to include
             the participation of the energy and mines ministry,
             Petroecuador and an entity to replace the
             hydrocarbons department;

          -- integral development of upstream and downstream
             operations; and

          -- changes in Petroecuador.

Changes in Petroecuador would include turning the firm into a corporation to
boost competitiveness and allowing it to enter alliances and create
public-private companies, BNamericas states.

Petroecuador is Ecuador's state oil company.  Its division Petroproduccion
is in charge of oil exploration and production activities, while its
Petrocomercial refines, markets and distributes fuels and gasoline.

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




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


PAYLESS SHOESOURCE: Third Quarter Sales Up 5.5% to US$666.5 Mil.
----------------------------------------------------------------
Payless ShoeSource, Inc., reported that same-store sales increased 5.2%
during the third quarter of fiscal 2006, the thirteen weeks ended Oct. 28,
2006.  All data in this press release relate to continuing operations.

Payless ShoeSource's total sales for the third quarter increased 5.5% to
US$703.4 million, from US$666.5 million during the third quarter 2005.

              Third Quarter Sales (Dollars In Millions)

Fiscal       Fiscal             Percent      Same-Store Sales

2006         2005              Increase      Percent Increase
US$703.4     US$666.5             5.5%             5.2%


                Year To Date Sales (Dollars In Billions)

Fiscal       Fiscal            Percent      Same-Store Sales

2006        2005              Increase      Percent Increase
US$2.10     US$2.05               2.4%             2.6%

Matt Rubel, Payless ShoeSource's president and chief executive officer,
said, "We are very pleased with our sales results for the third quarter.
Footwear sales were strong across all segments of our women's and children's
categories."

Based on third quarter results, Payless ShoeSource expects diluted earnings
per share from continuing operations for the third quarter to be in the
range of US$0.43 to US$0.46, which includes a favorable income tax impact of
approximately US$0.02 to US$0.03 per diluted share for changes in the
effective income tax rate.

Payless ShoeSource said it will no longer be issuing a quarterly sales
release.  Quarterly sales results, including same-store sales results, will
be reported as part of the quarterly earnings release beginning in the
fourth quarter of fiscal 2006.

Payless ShoeSource exited retail operations in Japan during the third
quarter, closing its one test location.  Total exit costs are estimated to
be approximately US$2 million pre-tax and before minority interest, with
virtually all costs incurred in the third quarter of 2006.  Results of Japan
retail operations for all periods will be reported as discontinued
operations.

Headquartered in Topeka, Kansas, Payless ShoeSource, Inc., --
http://www.payless.com/-- is a family footwear specialty retailer with
4,605 retail stores, as of fiscal yearend
Jan. 28, 2006 (fiscal 2005), including 22 stores not open for operations.
The Company's Payless ShoeSource retail stores in the United States, Canada,
the Caribbean, Central America, South
America and Japan sold 182 million pairs of footwear, in fiscal
2005.  The Company operates its business in two segments -- Payless Domestic
and Payless International.  The Payless Domestic segment includes retail
operations in the United States, Guam and Saipan.  The Payless International
segment includes retail operations in Canada; Puerto Rico; the United States
Virgin Islands; Japan; the South American Region, which includes Ecuador,
and the Central American Region, which includes Costa Rica, Guatemala, El
Salvador, the Dominican Republic, Honduras, Nicaragua, Panama 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 US
and Canadian Retail sector, the rating agency confirmed its Ba3 Corporate
Family Rating for Payless ShoeSource, Inc., and upgraded its B2 rating on
the company's
US$200 million 8.25% senior subordinated notes to B1.

Moody's also assigned an LGD4 rating to notes, suggesting noteholders will
experience a 64% loss in the event of a default.




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


AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
----------------------------------------------------------------
Affiliated Computer Services, Inc., reported preliminary revenue of US$1.39
billion.

Affiliated Computer disclosed certain summary preliminary first quarter
fiscal year 2007 financial information.

       Summary Preliminary First Quarter Fiscal Year 2007

   -- Preliminarily reported total revenues was US$1.39 billion,
      an increase of 6% compared with the first quarter of the
      prior year.

   -- Preliminarily reported total revenue growth was 10% after
      adjusting for the divestiture of the welfare to workforce
      services business, substantially all of which was sold in
      the second quarter of fiscal year 2006.  Consolidated
      internal revenue growth for the first quarter was 4%.  The
      Commercial segment grew 10%, of which 6% was internal
      revenue growth, and accounted for 61% of revenues this
      quarter.  The government segment had 1% internal revenue
      growth and 10% total revenue growth, excluding the WWS
      Divestiture, and accounted for 39% of consolidated
      revenues this quarter.

   -- Preliminarily reported diluted earnings per share was
      US$0.60 for the first quarter of fiscal year 2007 (which
      also has not been modified to take into account the
      financial effects of the completion of the ongoing
      internal investigation into stock option matters).  The
      preliminary results include US$0.05 per diluted share of
      legal expenses related to the ongoing stock option
      investigation and shareholder derivative lawsuits,
      US$0.04 per diluted share related to restructuring
      activities, US$0.01 per diluted share related to a waiver
      fee on the company's credit facility and US$0.01 per
      diluted share related to asset impairments and other
      charges.

   -- Reported diluted earnings per share for the first quarter
      of fiscal year 2006 was US$0.74 (which also has not been
      modified to take into account the financial effects of the
      completion of the ongoing internal investigation into
      stock option matters).  Reported results included US$0.04
      per diluted share of compensation expense related to the
      departure of the company's former chief executive officer
      and the company's assessment of risk related to the
      bankruptcies of certain airline clients.

   -- During the first quarter of fiscal year 2007, the company
      executed certain restructuring activities to further
      support its competitive position.  These activities, which
      were largely completed in late September, will serve to
      reduce annual costs by approximately US$75 million.  The
      company believes the bulk of its restructuring activities
      have been completed, but will continue to review its
      operations.  The company may execute other restructuring
      activities in the future if it believes these activities
      will benefit its business both operationally and
      competitively over the long-term.

   -- Cash flow from operations was the company's highest ever
      for a first quarter, preliminarily reported at
      approximately US$173 million, or 12% of revenues.  Capital
      expenditures and additions to intangible assets were
      preliminarily reported at approximately US$110 million, or
      8% of revenues.  Free cash flow during the first quarter
      was preliminarily reported at US$63 million.

   -- During the first quarter of fiscal year 2007, the company
      acquired Primax Recoveries, Inc. for US$40 million, plus
      contingent payments of up to US$10 million based on future
      performance.  Primax, with trailing twelve month revenues
      of approximately US$39 million, is one of the oldest and
      largest health care recovery firms providing subrogation
      and overpayment recovery services to help its clients
      improve their profitability.

   -- Subsequent to Sept. 30, 2006, the company acquired Systech
      Integrators, Inc., for US$65 million, plus contingent
      payments of up to US$40 million based upon future
      performance.  Systech, with trailing twelve-month revenues
      of approximately US$61 million, is a premier partner of
      SAP Americas and will expand ACS' existing SAP service
      offering with consulting and systems integration services.

   -- The company signed US$132 million of annual recurring
      revenue during the first quarter of fiscal year 2007.  In
      addition to the first quarter signings, the company has
      also been awarded approximately US$170 million of annual
      recurring revenue.  These awards will be reflected as
      closed new business once the related contracts are
      finalized and executed.

   -- During the quarter, the company repurchased approximately
      14.4 million shares for an aggregate purchase price of
      US$730.4 million, before transaction costs, or an average
      purchase price per share of US$50.62 pursuant to the June
      2006 US$1 billion share repurchase program.  As of
      Sept. 30, 2006, the company has completed the Prior
      Program and has US$1 billion of availability under the
      August 2006 US$1 billion share repurchase program.  As a
      result of the company's share repurchase activity,
      weighted average shares used to calculate diluted earnings
      per common share at Sept. 30, 2006, were 104.6 million.
      Actual shares outstanding at September 30, 2006 were 98.9
      million, consisting of 92.3 million Class A shares and 6.6
      million Class B shares.

Affiliated Computer is providing only certain summary preliminary quarterly
financial information at this time because of the previously announced
ongoing internal investigation it has been conducting into stock option
matters, the outcome of which could impact these and prior period results
and could involve a restatement of prior periods.

The investigation, which is being conducted by an ad hoc committee of the
Affiliated Computer's board of directors consisting of all the independent
directors, who are proceeding with the assistance of specially engaged
independent outside legal counsel, is expected to be completed later this
quarter.  For the same reason, the company will not be in a position to file
its Quarterly Report on Form 10-Q for the quarterly period ended Sept. 30,
2006, on Nov. 9, 2006, when it would ordinarily be due for filing.

Affiliated Computer has also delayed the filing of its Annual Report on Form
10-K for its fiscal year ended June 30, 2006, in view of the ongoing
internal investigation.  The company expects to file the Form 10-K and Form
10-Q as soon as practical following completion of the internal
investigation.

The summary preliminary quarterly financial information has been prepared by
Affiliated Computer's management and does not take into account the
financial effects of the completion of the company's internal investigation
into stock option matters and has not been approved by the company's Audit
Committee.  In view of the company's decision to provide more limited
information than is customary, there will not be a conference call to more
fully discuss the results.

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

                        *    *    *

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


UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend
-------------------------------------------------------------
Allen B. King -- chairperson, president, and chief executive officer of
Universal Corp. -- disclosed that the company's board of directors has
declared a quarterly dividend of US$.44 per share on the common shares of
the company, payable
Feb. 12, 2007, to common shareholders of record at the close of business on
Jan. 8, 2007.

Mr. King noted, "This is our 36th consecutive annual dividend increase, and
we are proud of our record of delivering value to shareholders."

Universal has raised its common dividend every year since 1971.

Universal Corp.'s board of directors declared a quarterly dividend of
US$16.875 per share on the Series B 6.75% Convertible Perpetual Preferred
Stock, payable Dec. 15, 2006, to shareholders of record as of 5:00 p.m.
Eastern Time on
Dec. 1, 2006.

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco and
agri-products.  The company, through its subsidiaries, is one of two leading
independent tobacco merchants in the world.
Universal Corporation's gross revenues for the fiscal year that ended on
March 31, 2006, were approximately US$3.5 billion, which included US$1.4
billion related to operations that were sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the United States,
Guatemala, the Netherlands, Belgium and other countries in Europe.

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed its Ba1
Corporate Family Rating for Universal Corporation, and downgraded its Ba1
rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt obligation,
suggesting noteholders will experience a 73% loss in the event of a default.




===========
G U Y A N A
===========


DIGICEL LTD: Acquires U Mobile in Guyana
----------------------------------------
Digicel Group has acquired the Guyanese mobile operator U Mobile through the
direct acquisition of its ultimate parent holding company.  After the
acquisition of El Salvador mobile operator, Digicel Holdings Ltd., Digicel
Group now has operations in 22 markets.

Expected to introduce increased competition to the Guyana mobile market, the
acquisition of U Mobile, along with its employee base of 119 people, enables
Digicel to expand its footprint into South America following the launch in
French Guiana earlier this year.  Guyana has a population of close to
800,000 people.

By making considerable investments to upgrade and expand U Mobile's existing
GSM network, Digicel looks forward to making a significant impact on the
quality, standard and availability of mobile telecommunications in Guyana.

Guyana's President Bharrat Jagdeo, commented, "Based on their hugely
successful track record across the Caribbean region in making mobile
communications more accessible to countries with low mobile penetration
rates, we are confident that the presence of Digicel in Guyana will bring
increased competition to the market.  This will result in new and improved
quality services allowing more Guyanese to avail of mobile technology."

Samuel Hinds, Guyana's Prime Minister, said, "We look forward to Digicel
providing better coverage and better value to the Guyana mobile customer as
well as being an active participant in our community."

Colm Delves, Digicel Group's chief executive officer, stated, "We look
forward to heralding a new era in mobile telecommunications in Guyana, where
mobile users can embrace new innovative technology and accessible telecom
services.  At Digicel, our customers are our number one priority and we will
bring this outlook to Guyana where we have already built strong ties with
the people through our partnership with West Indies cricket."

Barry Hon -- head of TWT, the former owner of U Mobile -- said, "We are very
proud of our record of being the first cellular company to introduce
competition to the Guyanese telecommunications marketplace.  We are happy
that our investment and hard work have now attracted a well-respected
international company of Digicel's caliber who will take competition to a
new level in Guyana.  We know that we are leaving our investment in good
hands."

Tim Bahrani, a senior executive who has over 11 years experience in mobile
telecommunications management, will head Digicel Guyana's operation.  Before
joining Digicel, he held senior management positions at Celtel, Africa's
leading mobile operator, and Millicom International in Asia.

With over US$1.2 billion invested in the Caribbean over the past five years,
Digicel has become one of the most admired and leading brands in the region
as well as a significant employer of close to 2,500 staff members.

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.




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


DYNCORP: Appoints Schehr as Sr. Vice President & General Counsel
----------------------------------------------------------------
DynCorp International LLC has appointed Curtis L. Schehr as its Senior Vice
President and General Counsel.

Mr. Schehr was the senior vice president, general counsel and secretary of
Anteon International Corp. from 1996 to July 2006, where he was part of the
corporate leadership team that spearheaded the company's vigorous growth,
including an initial public offering in early 2002.  From 1991-1996, he was
associate general counsel of Vitro Corp. of Rockville, MD.  Before that, Mr.
Schehr was corporate legal counsel at Information Systems and Networks Corp.
of Rockville, MD, and served in several legal and contracts positions at
Westinghouse Electric Corp.'s defense group in Baltimore, MD.

Herb Lanese, president and chief executive officer of DynCorp International,
said, "I'm delighted to have Curtis join our executive team in this highly
important role.  We are a newly formed public company with substantial
opportunity for growth, and Curtis's deep corporate legal experience,
business acumen, and track record in helping grow a business will add an
important dimension in support of the company's success."

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and military
government agencies.  The Company specializes in law enforcement training
and support, security services, base operations, aviation services and
operations, and logistics support.  The company has more than 14,400
employees in 33 countries including Haiti.  DynCorp International, LLC, is
the operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including the
corporate credit rating to 'BB-' from 'B+', on DynCorp International LLC.
The ratings were removed from CreditWatch where they were placed with
positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006, Moody's
Investors Service upgraded DynCorp International LLC's US$90 million senior
secured revolver maturing Feb. 11, 2010, to Ba3 from B2; US$345 million
senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior subordinated notes
due Feb. 15, 2013, to B3 from Caa1; Corporate Family Rating, to B1 from B2;
and Speculative Grade Liquidity Rating, to SGL-2 from SGL-3.  Moody's said
the ratings outlook is stable.


DYNCORP INTERNATIONAL: Secures US$450MM from Naval Facilities
-------------------------------------------------------------
The Naval Facilities Engineering Command aka NAVFAC has awarded DynCorp
International and its partners in Contingency Response Services LLC the
Global Contingency Services Contract.  The contract is valued at up to
US$450 million over a five-year period.

DynCorp International, Parsons Global Services, and PWC Logistics formed
Contingency Response Services LLC to provide a full range of worldwide
contingency and disaster-response services, including humanitarian
assistance and interim or transitional base-operating support services.  Key
functional areas where work will be performed include:

   -- facility operations and maintenance;
   -- air operations;
   -- port operations;
   -- health care;
   -- supply and warehousing;
   -- galley;
   -- housing support;
   -- emergency services;
   -- security, fire, and rescue;
   -- vehicle-equipment repair; and
   -- incidental construction.

Work will be performed through individual task orders extending through
August 2011.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and military
government agencies.  The Company specializes in law enforcement training
and support, security services, base operations, aviation services and
operations, and logistics support.  The company has more than 14,400
employees in 33 countries including Haiti.  DynCorp International, LLC, is
the operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including the
corporate credit rating to 'BB-' from 'B+', on DynCorp International LLC.
The ratings were removed from CreditWatch where they were placed with
positive implications on Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006, Moody's
Investors Service upgraded DynCorp International LLC's US$90 million senior
secured revolver maturing Feb. 11, 2010, to Ba3 from B2; US$345 million
senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior subordinated notes
due Feb. 15, 2013, to B3 from Caa1; Corporate Family Rating, to B1 from B2;
and Speculative Grade Liquidity Rating, to SGL-2 from SGL-3.  Moody's said
the ratings outlook is stable.




===============
H O N D U R A S
===============


WARNACO GROUP: Iconix Brand to Acquire Ocean Pacific for US$54MM
----------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement to purchase
the brand Ocean Pacific from The Warnaco Group, Inc., for US$54 million in
the aggregate.

The Ocean Pacific brand is a leading global action sports lifestyle brand
that is over 35 years old and currently has 30 license agreements, half of
which are international.  Primary licensed categories include footwear,
kid's apparel, eyewear, fragrance, skateboards and surfboards.  As part of
the transaction, Warnaco Group will be granted a license from Iconix to
continue to manufacture and sell women's and junior swimwear.

Neil Cole, Iconix Brand chairperson and chief executive officer, stated,
"The action sports lifestyle segment is an area that Iconix has been seeking
to penetrate.  Ocean Pacific is the original action sports lifestyle brand
with tremendous authenticity, high brand awareness and applicability to a
broad variety of consumer products, including apparel, accessories and
sports equipment like surf, snow and skateboards.  Ocean Pacific has a large
global footprint with 15 different international licensees, and Iconix
believes it can expand Ocean Pacific's international business further and
significantly grow the brand's penetration in the US."

Joe Gromek, Warnaco's president and chief executive officer, said, "As part
of our strategy to increase shareholder value, we continually assess our
portfolio of brands and licenses to ensure we focus on our strongest
platforms for growth.  While we have made significant progress in the
restructuring of the Ocean Pacific business, the sale will allow us to
increase our attention on our core brands and on our international
opportunities, which are the key drivers of our growth strategy.
Additionally, given the strength of the Ocean Pacific brand, we are pleased
to maintain our association with the Ocean Pacific swimwear business."

Under the purchase agreement, Warnaco Group will be paid US$10 million in
cash at closing, which is anticipated to be in November 2006.  The remainder
of the purchase price will be in the form of a short-term note from Iconix
Brand.  The note is payable in full on or prior to Dec. 31, 2006 through a
combination of cash of not less than US$17 million and shares of Iconix
Brand common stock.  Iconix Brand may at its election extend payment of the
note until Jan. 31, 2007, at which time it would have paid cash of not less
than US$30.5 million and the remainder in Iconix Brand common stock.

                        About Iconix

Iconix Brand Group Inc. owns, licenses and markets a growing portfolio of
consumer brands including CANDIE'S, BONGO, BADGLEY MISCHKA, JOE BOXER,
RAMPAGE, MUDD and LONDON FOG.  The company has also entered into definitive
agreements to purchase the brands MOSSIMO and OCEAN PACIFIC that is
anticipated to close this month.  The company licenses its brands to a
network of leading retailers and manufacturers that touch every major
segment of retail distribution from the luxury market to the mass market in
both the US and around the world.  Iconix Brand, through its in-house
advertising, promotion and public relations agency, markets its brands to
continually drive greater consumer awareness and equity.

                       About Warnaco

Headquartered in New York, The Warnaco Group, Inc., is a leading apparel
company engaged in the business of designing, marketing and selling intimate
apparel, men's wear, jeans wear, swimwear, men's and women's sportswear and
accessories under such owned and licensed brands as Warner's(R), Olga(R),
Lejaby(R), Body Nancy Ganz(tm), Speedo(R), Anne Cole(R), Op(R), Ocean
Pacific(R), Cole of California(R) and Catalina(R) as well as Chaps(R)
sportswear and denim, J. Lo by Jennifer Lopez(R) lingerie, Nautica(R)
swimwear, Michael Kors(R) swimwear and Calvin Klein(R) men's and women's
underwear and sportswear, men's, women's, junior women's and children's
jeans and accessories and women's and juniors' swimwear.  The company
emerged from bankruptcy protection in 2003.  Its Authentic Fitness unit is
the North American distributor of Speedo swimwear.  In 2003 the last two
US-based manufacturing facilities were closed and production shifted to
Honduras,
Mexico, and Asia.  In 2006 it acquired the license, wholesale, and retail
units for Calvin Klein jeans and accessories in
Europe and Asia.

                        *    *    *

Standard & Poor's Ratings Services revised on Aug. 11, 2006, its outlook on
The Warnaco Group, Inc.'s ratings to stable from positive.  At the same
time, the ratings on Warnaco were affirmed, including its 'BB-' corporate
credit rating.  Total debt outstanding at April 1, 2006, was about US$431
million.

"The outlook revision follows the company's announcement that it will
restate its financial statements for the fiscal year ended
December 2005 and the first quarter of 2006 ended April 1, 2006, as a result
of certain irregularities and errors related to its accounting for returns
and vendor allowances at its Chaps men's wear division," said Standard &
Poor's credit analyst Susan
H. Ding.


WARNACO GROUP: Posts US$452 Mil. Third Quarter 2006 Net Revenues
----------------------------------------------------------------
Net revenues of the Warnaco Group, Inc., increased to US$452 million in the
third quarter of 2006, compared with the US$326.3 million in the same period
of 2005.

Warnaco Group posted these results for the quarter ended
Sept. 30, 2006:

   -- Gross profit margin was 39.3% of net revenues compared
      with 34.4% in the prior year quarter.

   -- Operating income increased to US$34.0 million, from
      US$17.0 million in the prior year quarter.

   -- Net income was US$14.6 million compared with US$6.9
      million for the third quarter of fiscal 2005.

   -- Loss from discontinued operations was US$0.17 per diluted
      share.

   -- Income from continuing operations was US$22.5 million
      compared with US$9.1 million in the prior year quarter,
      and includes a retroactive benefit of US$3.2 million
      related to the previously announced favorable tax ruling
      from the Netherlands taxing authority.

Warnaco Group notes that fiscal 2006 third quarter results include the
operations of the Calvin Klein Jeans and related businesses in Europe and
Asia or CKJEA Business that were acquired on Jan. 31, 2006.  Excluding the
CKJEA Business, net revenues increased 6.0% to US$345.8 million compared
with US$326.3 million in the prior year quarter and operating income
declined 5.3% to US$16.1 million from US$17.0 million in the prior year
quarter.  For the third quarter, net revenues for the CKJEA Business were
US$106.2 million and operating income was US$17.9 million.

Warnaco Group has entered into an agreement to sell certain assets of its
Ocean Pacific business.  The third quarter and year-to-date operating
results of that business, excluding the operations of the Ocean Pacific
women's and juniors swimwear business (which the company will operate under
a new three year license agreement), are categorized as "assets held for
sale" and are reflected in discontinued operations.  For the three months
ended Sept. 30, 2006, the company recorded a loss of US$7.9 million, in
discontinued operations as a result of the divestiture of this business.
The company expects to record additional expenses in the fourth quarter of
fiscal 2006 relating to the divestiture of this business.  The company also
announced that over the next several months it expects to discontinue
certain other non-core businesses.

Joe Gromek, Warnaco Group's president and chief executive officer,
commented, "We are pleased with the results reported today.  For the
quarter, both the pre-acquisition business, led by the Intimate Apparel
Group, and the acquired CKJEA Business exceeded our expectations.  The
implementation of our key strategies for our continuing operations,
including geographic diversification and direct to consumer expansion, drove
solid gains in our top line and bottom line performance.  Our international
businesses continued to grow in the quarter, generating approximately half
of this quarter's net revenues, and revenues from our direct to consumer
business climbed to just over 16%."

"We remain dedicated to enhancing the performance of our portfolio of strong
brands, many of which hold leadership positions in their respective markets.
We will continue to evaluate our portfolio and focus our efforts on those
businesses that provide the greatest opportunity to create shareholder
value.  Our decisions to sell Ocean Pacific and discontinue certain other
non-core businesses reflects this commitment.  These decisions will allow
management to focus attention and resources on our key brands and
international opportunities, which are the foundation of our growth
strategy," Mr. Gromek stated.

                  Third Quarter Highlights

Warnaco Group's net revenues increased 38.5% to US$452.0 million for the
third quarter of fiscal 2006, compared with US$326.3 million for the third
quarter of fiscal 2005.  Continued strength in the Intimate Apparel Group
and an improvement in the Swimwear Group's revenues more than offset
declines in revenues from the Sportswear Group's pre-acquisition businesses,
and contributed to a 6.0% revenue increase for the company's pre-acquisition
businesses.  The translation of foreign currencies, primarily as a result of
a stronger euro and Canadian dollar, increased third quarter 2006 net
revenues by approximately US$4.9 million compared with the third quarter of
fiscal 2005.

Warnaco Group's gross profit rose to US$177.8 million, or 39.3% of net
revenues, for the third quarter of fiscal 2006, including US$55.5 million in
gross profit from the CKJEA Business, compared with US$112.3 million, or
34.4% of net revenues, for the third quarter of fiscal 2005.  The majority
of the 490 basis point improvement in gross profit margin is attributed to
the contributions from the CKJEA Business.  Gross profit margin for the
pre-acquisition businesses improved 100 basis points, driven by continued
improvement in the Intimate Apparel Group's gross profit margins and
increases in the Swimwear Group's gross profit margins.  The translation of
foreign currencies, primarily as a result of a stronger euro and Canadian
dollar, increased third quarter 2006 gross profit by approximately US$2.4
million compared with the third quarter of fiscal 2005.

Selling, general and administrative expenses of Warnaco Group were US$141.0
million, or 31.2% of net revenues, compared with US$95.0 million, or 29.1%
of net revenues, in the prior year quarter.  The increase in SG&A included:

   (i) US$36.1 million of SG&A from the CKJEA Business,

  (ii) approximately US$2.4 million of expenses incurred during
       the third quarter related to the previously announced
       investigation into accounting matters and subsequent
       restatement of the company's financial results,

(iii) a US$2.3 million increase in Swimwear SG&A (primarily
       related to incremental marketing and expenses associated
       with businesses to be discontinued),

  (iv) a US$2.0 million increase in Intimate Apparel related to
       the expansion of its direct to consumer initiative and

   (v) US$1.3 million of information technology expense related
       to the ongoing implementation of a new systems
       infrastructure.

The translation of foreign currencies, primarily as a result of a stronger
euro and Canadian dollar, increased third quarter 2006 SG&A expenses by
approximately US$1.5 million compared with the third quarter of fiscal 2005.

Amortization of intangible assets increased to US$2.7 million, compared with
US$1.2 million in the prior year period, primarily due to US$1.5 million of
amortization expense related to finite-lived intangible assets associated
with the acquisition of the CKJEA Business.

Warnaco Group's operating income for the third quarter of fiscal 2006 was
US$34.0 million compared with US$17.0 million in the prior year period. An
increase in the Sportswear Group operating income, driven largely by the
CKJEA Business, and the continued momentum of Calvin Klein Underwear more
than offset seasonal losses in the Swimwear Group and approximately US$2.8
million of expenses related to the businesses to be discontinued.  The
translation of foreign currencies, primarily as a result of a stronger euro
and Canadian dollar, increased third quarter 2006 operating income by
approximately US$0.9 million compared with the third quarter of fiscal 2005.

Other income of Warnaco Group was US$4.4 million, compared with US$0.1
million in the prior year quarter related primarily to realized and
unrealized foreign exchange rate gains related to inter company loans
denominated in foreign currencies.

Warnaco Group's net interest expense increased to US$9.3 million compared
with US$4.1 million in the prior year period.  The US$5.2 million increase
is primarily the result of incremental indebtedness incurred in connection
with the acquisition of the CKJEA Business.

The provision for income taxes was US$6.6 million, or an effective tax rate
of 22.8%, compared with US$3.9 million, or an effective tax rate of 30.1%,
in the prior year period.  In the quarter, Warnaco Group benefited from a
US$3.2 million reduction in the provision for taxes related to the
previously announced favorable tax ruling from the Netherlands taxing
authority that is retroactive to the beginning of fiscal 2006.  The company
expects its effective tax rate for fiscal 2006, for its continuing
operations, to be approximately 30.0%.

Warnaco Group's loss from discontinued operations, net of taxes, was US$0.17
per diluted share.  This includes certain costs related to the sale of
certain assets of the Ocean Pacific business.

Net income of Warnaco Group was US$14.6 million, or US$0.31 per diluted
share, compared with US$6.9 million for the third quarter of fiscal 2005,
which reflects contributions from the Sportswear Group (driven largely by
the CKJEA Business), the ongoing success in the Intimate Apparel Group and a
lower tax rate for the quarter.

Warnaco Group noted these balance sheet highlights as of
Sept. 30, 2006:

Cash and cash equivalents were US$113.4 million, compared with US$152.0
million of cash and cash equivalents at Oct. 1, 2005, notwithstanding
US$70.8 million of cash (net of acquired cash) used in connection with the
acquisition of the CKJEA Business on Jan. 31, 2006.

During the quarter Warnaco Group used US$11.0 million of cash to repurchase
525,000 shares of common stock under the company's previously announced
share repurchase program, at an average price of US$20.85.  Approximately
1.8 million shares remain authorized for repurchase under the share
repurchase program, subject to certain limitations on repurchases under
applicable debt instruments.  The share repurchase program may be modified
or terminated by the company's Board of Directors at any time.

Warnaco Group's accounts receivable were US$310.0 million, up from US$212.3
million at Oct. 1, 2005.  Accounts receivable related to the CKJEA Business
were US$86.4 million.  Excluding the CKJEA Business, receivables were up
5.3% in the quarter in line with top line growth.

Warnaco Group's net inventories were US$366.5 million, up from US$311.5
million at Oct. 1, 2005.  Inventories at
Sept. 30, 2006, include US$49.9 million of inventory of the CKJEA Business.
Excluding the CKJEA Business, inventories were up 1.7%.

                      Subsequent Events

Warnaco Group entered into an agreement to sell certain assets of its Ocean
Pacific business for US$54.0 million.  The results for Ocean Pacific,
excluding the operations of the Ocean Pacific women's and juniors swimwear
business (which the company will operate under a new three year license
agreement), are categorized as "assets held for sale" and appear in
discontinued operations.

Warnaco Group expects to discontinue over the next several months its Lejaby
Rose, JLO by Jennifer Lopez Lingerie and Axcelerate Activewear businesses.
Although the results of these businesses are currently included in
continuing operations, when the operations of each of these businesses has
ceased, the results will be reflected in discontinued operations.

Collectively, for the nine months ended Sept. 30, 2006, Ocean Pacific and
the other businesses that the company expects to discontinue over the next
several months accounted for revenues of approximately US$19.4 million and
produced an operating loss of US$17.0 million.  Included in these results
are US$5.8 million of charges, taken in the third quarter, associated with
discontinuance of these businesses.

                     Fiscal 2006 Outlook

Larry Rutkowski, Warnaco Group's chief financial officer, commented, "For
the year, for the company's continuing operations, we expect our
pre-acquisition business revenue growth to be in the low single digits.  In
addition, for our pre-acquisition businesses, we expect at least a 100 basis
point improvement in gross margin percentage and mid single digit percentage
improvement in the operating margin percentage over the prior year (assuming
minimal pension expense in fiscal 2006).  Overall, for the company's
continuing operations (including the acquired CKJEA Business), we expect for
2006 (i) revenue growth to be in the low 20 percent range; (ii) mid single
digit percentage improvement in the operating margin percentage over the
prior year (assuming minimal pension expense); and (iii) that the
acquisition of the CKJEA Business will be accretive to Warnaco's earnings
per share."

"The elimination of investment expense associated with the Ocean Pacific
brand and the planned discontinuation of certain underperforming businesses
are expected to favorably affect our profitability going forward.  These
decisions will allow us to redeploy resources to those brands that best suit
our key growth strategies," Mr. Rutkowski said.

Headquartered in New York, The Warnaco Group, Inc., is a leading apparel
company engaged in the business of designing, marketing and selling intimate
apparel, men's wear, jeans wear, swimwear, men's and women's sportswear and
accessories under such owned and licensed brands as Warner's(R), Olga(R),
Lejaby(R), Body Nancy Ganz(tm), Speedo(R), Anne Cole(R), Op(R), Ocean
Pacific(R), Cole of California(R) and Catalina(R) as well as Chaps(R)
sportswear and denim, J. Lo by Jennifer Lopez(R) lingerie, Nautica(R)
swimwear, Michael Kors(R) swimwear and Calvin Klein(R) men's and women's
underwear and sportswear, men's, women's, junior women's and children's
jeans and accessories and women's and juniors' swimwear.  The company
emerged from bankruptcy protection in 2003.  Its Authentic Fitness unit is
the North American distributor of Speedo swimwear.  In 2003 the last two
US-based manufacturing facilities were closed and production shifted to
Honduras, Mexico, and Asia.  In 2006 it acquired the license, wholesale, and
retail units for Calvin Klein jeans and accessories in Europe and Asia.

                        *    *    *

Standard & Poor's Ratings Services revised on Aug. 11, 2006, its outlook on
The Warnaco Group, Inc.'s ratings to stable from positive.  At the same
time, the ratings on Warnaco Group were affirmed, including its 'BB-'
corporate credit rating.  Total debt outstanding at April 1, 2006, was about
US$431 million.

"The outlook revision follows the company's announcement that it will
restate its financial statements for the fiscal year ended
December 2005 and the first quarter of 2006 ended April 1, 2006, as a result
of certain irregularities and errors related to its accounting for returns
and vendor allowances at its Chaps menswear division," said Standard &
Poor's credit analyst Susan
H. Ding.




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


AIR JAMAICA: Cabinet Rejects Firm's Proposed Business Plan
----------------------------------------------------------
The Jamaican Cabinet has rejected a new business plan for Air Jamaica, the
Jamaica Observer reports.

However, the government promised to keep Air Jamaica operating, The Observer
notes.

Donald Buchanan, the minister of information and development, said in a
weekly post-Cabinet press briefing at Jamaica House, "What we have said is
that, yes, we are committed to the airline continuing to operate, but you
have to operate within the commitment of government to support you with an
amount not exceeding (US$30 million)."

According to The Observer, the sub-committee's review substantially
supported the position of the Cabinet that it could not accommodate the
proposed plan.

As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2006,
the special sub-committee assigned to analyze business proposals for Air
Jamaica would present a report to the Jamaican Cabinet on Nov. 1.  As
previously reported, the Jamaican government's Cabinet did not approve Air
Jamaica's proposed new business plan.  Minister Buchanan 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.

Minister Buchanan told The Observer that among of the sub-committee's
recommendations was that Air Jamaica should not, at this time, be shut down.
The Cabinet accepted that recommendation.

The sub-committee, however, recommended that Air Jamaica devise a new
business plan with provisions to slim down its operations, including the
elimination of unprofitable routes and provisions for refleeting, by looking
at options for current leases and sub-leases and possible renegotiating the
lease contracts.

Minister Buchanan told The Observer, "One of the things that is going to be
central to the whole decision, which will eventually be made in respect of
Air Jamaica, is to minimize and bring to as close as possible, if not to the
actual amount (of US$30 million annually) which government has committed, as
the amount (needed) to support the airline."

The Observer relates that Air Jamaica's executives are formulating a new
business plan around its US$30-million subsidy.

The Cabinet did not consider merging Air Jamaica with other regional
airlines, The Observer says, citing Mr. Buchanan.

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.


KAISER ALUMINUM: Reports 3rd Qtr. Claim Settlement Fund & Escrow
----------------------------------------------------------------
Kaiser Aluminum & Chemical Corp.'s Tort Claims Settlement Fund reports
US$9,520 in total investments for the quarter ended
Sept. 30, 2006.

For the period July 1 through Sept. 30, 2006, the Tort Claims
Settlement Fund made cash disbursements totaling US$15,372,704.  It held
US$124,398 in principal cash as of Sept. 30.

Kaiser Aluminum's Asbestos Claim Settlement Escrow reports US$10,638 in
total investments for the quarter ending
Sept. 30, 2006.

The Asbestos Claim Settlement Escrow made cash disbursements totaling
US$17,086,665 in the third quarter, and held US$751,366 in principal cash as
of Sept. 30, 2006.

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


KAISER ALUMINUM: Settles OCP Status of Fleishman & Hewitt
---------------------------------------------------------
Kaiser Aluminum Corp. employed the two firms as ordinary course
professionals during its Chapter 11 cases:

   (a) Fleishman-Hillard, Inc., assisted Kaiser with public
       relations matters; and

   (b) Hewitt Associates LLC acted as the enrolled actuary for
       Kaiser's defined benefit pension plans and was also
       employed to provide other services, including assisting
       in the development of a post-emergence management equity
       incentive plan.

During the six-month period Feb. 1, 2006 through July 5, 2006, Fleishman and
Hewitt were paid fees that exceeded the US$210,000 limit imposed by the U.S.
Bankruptcy Court for the District of Delaware on ordinary course
professionals.  Specifically, Kaiser Aluminum paid Fleishman fees of
US$315,911 and Hewitt fees of US$363,507.

Kaiser Aluminum and Kelly Beaudin Stapleton, the U.S. Trustee for the
District of Delaware, have agreed that despite the terms of the Court order
governing the employment of ordinary course professionals:

   (1) Kaiser Aluminum should not have to seek a Court order
       approving the employments of Fleishman and Hewitt under
       Section 327 of the Bankruptcy Code; and

   (2) Kaiser Aluminum is permitted to pay Fleishman and Hewitt
       as ordinary course professionals.

Judge Fitzgerald approved the stipulation on Oct. 13, 2006.

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


NATIONAL WATER: Conducting Repair & Expansion Works in Kingston
---------------------------------------------------------------
The National Water Commission of Jamaica is conducting repair and expansion
works to a water supply and wastewater system in Kingston's metropolitan
area, the government said in a statement.

Business News Americas relates that the project costs US$85 million and is
partly financed by the Japan Bank for International Cooperation and the
European Union.

According to BNamericas, the project is the largest of its kind that the
National Water has ever carried out.  It involves four main activities:

          -- institutional strengthening of National Water,

          -- rehabilitation of existing facilities,

          -- development of new water sources to supply the
             growing customer base, and

          -- recharge of artificial aquifers.

Charles Buchanan, the communications manager of National Water, told
BNamericas that the project is intended to complement a number of other
projects that are being undertaken, including the US$55-million Soapberry
phase I to expand water services.

Mr. Buchanan said that National Water wants to decrease the level of
non-revenue water lost due to leaks in the existing pipe system, BNamericas
notes.

BNamericas underscores that rehabilitation works are slated for water
treatment plants:

          -- Mona,
          -- Hope,
          -- Constant Spring, and
          -- Sea View.

The report says that the works will decrease the amount of water lost due to
overflows in treatment plants and water distribution tanks.  They will also
improve the manageability of the system.

About 92% of repairs on existing facilities have been carried out, 81% of
new water supplies have been developed and 27% of recharge aquifer works
have been completed, BNamericas says, citing Mr. Buchanan.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 7, 2006, the National
Water Commission of Jamaica had been criticized for failing to act promptly
in cutting its losses.  For the fiscal years 2002 and 2003, the water
commission accumulated a net loss of US$2.11 billion.  The deficit fell to
US$1.86 billion the following year, and to US$670 million in 2004 and 2005.




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


ALASKA AIR: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of Alaska Air
Group, Inc., and the Equipment Trust Certificate rating of Alaska Airlines,
Inc., at B1, and changed the outlook to stable from negative.  Moody's also
withdrew the prospective ratings on certain inactive shelf registrations.

The B1 rating reflects Alaska Air's credit metrics of EBIT to Interest of
1.3x and Debt to EBITDA of 6.0x (through
Sept. 30, 2006, using Moody's standard adjustments), and the potential for
further improvement as a result of management programs to reduce non-fuel
costs during an improving operating environment.  Nonetheless, growth in
unit revenues and passenger yield over the last twelve months through Sept.
30 2006, while positive, somewhat lags the meaningful recent improvements at
other air carriers suggesting that Alaska Air has been less successful in
passing through fare increases.  This weaker yield performance is one factor
that constrains the rating.  Nonetheless, financial performance has
benefited from the company's fuel hedging program as well as operating cost
reductions as part of the "Long-Term Transformation Plan".  Positively
reflected in the ratings are the company's solid brand and specialty markets
served (intra- and inter-Alaska) which are somewhat more protected from
competition, and the company's particularly strong liquidity.

The stable outlook reflects Moody's expectation that Alaska Air's fleet
transition program -- replacing the MD-80 aircraft with a new B737-800
fleet -- will not increase financial leverage meaningfully and that
operations will not be disrupted as the transition occur.  As well,
operating profit, EBIT to Interest and retained cash flow to debt should
improve steadily over the near term and remain consistent with other issuers
with a B1 corporate family rating.  Ratings could be pressured down should
EBIT to Interest fall below 1.5x, or retained cash flow to debt fall below
7.5%.  Inability to efficiently employ its new B737-800 aircraft,
higher-than-expected borrowing as a result of fleet deliveries and/or a
worsening of the operating environment would likely put downward pressure on
the rating.  The rating could be raised if sustained growth in operating
income and cash flows, resulting from further unit cost reductions and
accelerated yield growth, results in ratios of EBIT to Interest sustainably
exceeding 2x and retained cash flow to debt in excess of 15%.

Outlook Actions:

   Alaska Air Group, Inc.

      -- Outlook, Changed To Stable From Negative.

   Alaska Airlines Inc.

      -- Outlook, Changed To Stable From Negative.

Withdrawals:

   Alaska Air Group, Inc.

      -- Multiple Seniority Shelf, Withdrawn, previously rated
         (P)Caa1.

   Alaska Airlines Inc.

      -- Multiple Seniority Shelf, Withdrawn, previously rated
         (P)B2.

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


FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
---------------------------------------------------------------
Ford Motor Co. plans to reduce expenses for U.S. salaried workers by
abolishing merit-pay raises, requiring bigger payments for health benefits
and reducing health-care payouts for retirees, Bill Koenig and John Lippert
at Bloomberg News report.

The changes will take effect June 1, company spokeswoman Marcey Evans said
in the report.

Ford will require active salaried workers to increase monthly health-care
contributions and pay higher deductibles, Ms. Evans told Bloomberg.
Specifics will vary because the company offers those employees five
health-care plans, she explained.

Ford also will now provide salaried retirees and their spouses 65 and older
US$1,800 each for health-care expenses.  The automaker currently provides
the employees company-paid supplemental health insurance beyond U.S.
Medicare benefits.  The affected retirees can use the US$1,800 payments to
purchase supplemental insurance, the source said, citing Ms. Evans.

In addition, Ms. Evans noted that Ford will no longer provide supplemental
health insurance for dependent children of retirees older than 65.

Ms. Evans also noted that Ford will cut merit-pay increases to
active salaried employees and will reinstate matching contributions for the
salaried employee 401(k) retirement plans.

Ford had suspended such matching payments in July 2005.  The company will
pay 60 cents for each dollar employees contribute for the first 5 percent of
a worker's base pay, Bloomberg relates.

                      About Ford Motor

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

                        *    *    *

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

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

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


FORD MOTOR: Shows Improvement in October Sales Figures
------------------------------------------------------
Ford Motor Company's dealers delivered 215,985 vehicles to U.S. customers in
October, up 8 percent compared with a year ago.  It is the second monthly
sales increase for the company, which posted a 5-percent increase in
September.

October car sales were up 22 percent as sales for the company's new mid-
size cars (Ford Fusion, Mercury Milan and Lincoln MKZ) were more than double
a year ago.  The Ford Focus and the outgoing Ford Taurus also posted sharply
higher sales.

Truck sales were up 1 percent, led by gains for the new 2007-model
Expedition and Navigator, which now are on sale in dealerships.

Expedition sales were 8,553 (up 41 percent), and Navigator sales were 2,066
(up 44 percent).

Ford's F-Series pickup also was up 3 percent, and the Ford Econoline full-
size van was up 31 percent.

October sales for the Ford Escape (9,603) lifted the vehicle's lifetime
sales to more than 1 million.  The Escape has been the best-selling small
utility vehicle in the United States since it was introduced in late 2000.
Cumulative sales now total 1,001,186.

                Lower U.S. Inventories Lower

Ford, Lincoln and Mercury inventories were estimated at 622,000 units.  This
level is 107,000 units lower than a year ago and 30,000 units lower than at
the end of September.  The company estimates three- quarters of the present
inventory is new 2007 models.

"We are very serious about aligning inventories with demand," said Al
Giombetti, president, Ford and Lincoln Mercury sales and marketing.  "Our
dealers did an outstanding job with the 2006 model sell-down program, and we
took a painful but necessary action to reduce fourth-quarter production."

                      About Ford Motor

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

                        *    *    *

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

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

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


GRUPO CASA: Sales Up 3.27% to US$5.6B in Third Quarter 2006
-----------------------------------------------------------
Grupo Casa Saba reported consolidated financial and operating results for
the third quarter of 2006.

                    Financial Highlights

   -- Sales in the third quarter increased 3.27% to US$5,590.61
      million;

   -- Cost of sales in the quarter rose by 3.66%;

   -- Gross margin declined by 34 basis points from 3Q05
      to 9.15%;

   -- Operating expenses decreased 4.09% in the third quarter;

   -- Operating income grew 6.00% from 3Q05;

   -- Operating margin gained 9 b.p. to 3.47%;

   -- Operating income plus depreciation and amortization
      totaled US$214.86 million, increasing 1.65% from 3Q05;

   -- Third quarter net income rose 26.74%, while the net margin
      rose from 2.28% in 3Q05 to 2.80% in 3Q06;

   -- No cost-bearing liabilities were registered during the
      quarter; and

   -- company's cash position rose 41.75% from 3Q05.

                     Quarterly Results

Net Sales

During the third quarter of the year, sales of its Private Pharma division
showed the highest growth of all of its divisions, when compared to 3Q05.
This result is attributable to the positive performance of the private
pharmaceutical market, which maintained its sustained growth in terms of
values as well as the competitive market participation of Grupo Casa Saba
during the period.

The divisions of Government Pharma and Health, Beauty, Consumer Goods,
General Merchandise and Others registered lower sales when compared to 3Q05,
affecting the Group's total sales.  Reduction of sales in these divisions
stems from the lack of sales of certain products to some clients due to
changes in bidding processes and/or sales characteristics.  In addition, the
company no longer distributed some beauty and consumer goods lines that did
not meet the company's established profitability parameters.

It is worth noting that Grupo Casa Saba will continue to operate under
strict profitability parameters established for each business line and/or
product, seeking to incorporate new product lines that add value and
increase profitability to its operations.

As a result, Grupo Casa Saba recently acquired a specialized pharmaceutical
products distributor. Through this acquisition, which amounted to less than
US$5.0 million, the company expects to penetrate faster and more efficiently
the distribution and commercialization market of specialized
pharmaceuticals, which represent a new market niche and a potential site of
additional sales in the short and medium term.

As per its operating structure, the company has been renewing the automatic
picking and order fulfillment systems of its main distribution centers.
This decision will allow us to improve its efficiency and, consequently, its
profitability levels.  In addition, it entered into the vaccine business,
which represents a potential sitsce of growth in the medium term, given the
arrival of new vaccines developed to prevent diverse and complex diseases,
which will soon be available in the market.

Grupo Casa Saba continues with its technological renewal program.  It is
currently working with IBM and SAP to develop the most advanced technology
that will allow us to offer its clients and suppliers the most efficient
national distribution network.

                     Sales By Division

Private Pharma

During third quarter 2006, sales in the Private Pharma division grew as a
result of the sustained growth in terms of value of the private
pharmaceutical market as well as Grupo Casa Saba's competitive performance,
which includes combined operations both with clients and suppliers.

Private Pharma's sales as a percentage of the Group's total sales were
83.65%, showing a slight increase from 3Q05, when it represented 82.23%.

Government Pharma

Government Pharma's performance shifted from previous quarters, decreasing
12.43% from 3Q05 as a result of lower sales of subrogate products.  It is
worth noting that sales to state-owned health institutions continued
increasing during the quarter.

As a result of such trend, sales of this division represented 3.24% of total
sales, decreasing from the 3.82% posted in 3Q05.

                  Health, Beauty, Consumer
                 Goods, General Merchandise

Sales from this division declined 5.24% when compared to 3Q05, as sales of
certain products and to certain clients decreased along with the
discontinuation of some health and beauty product lines that did not meet
established profitability parameters.

As a percentage of total sales, this division decreased its participation
from 9.91% in 3Q05 to 9.10% in 3Q06.

Publications

Citem's sales increased 2.51%, mainly due to changes in magazine mix
according to points of sale requirements.  These efforts were aimed to
increase volumes sold.  In addition, more booths were placed in the
different markets attended in order to better display the magazines.

As a percentage of total sales, Citem's sales slightly decreased from 4.04%
in 3Q05 to 4.01% in 3Q06.

Grupo Casa Saba's consolidated sales increased 3.27% from 3Q05.

                        Gross Income

Gross income during the quarter slightly decreased 0.49% when compared to
3Q05.  Consequently, gross margin decreased 34 basis points with respect to
3Q05, reaching 9.15%.

Gross margin decreased as a result of greater discounts offered to its
diverse clients with which we have operations due to the competition
registered in the different markets in which we participate.

                     Operating Expenses

The improvement in productivity and efficiency in the Group as a result of
implementation of efficiency programs in warehouses, delivering routes,
employees and operations in general, allowed us to reduce its expenses as a
percentage of sales above the reduction showed in its gross margin.
Consequently, Grupo Casa Saba's operating margin improved in 3Q06 when
compared to
3Q05.

Operating expenses decreased 4.09%, or US$13.53 million, in the quarter.  As
a percentage of sales, operating expenses represented 5.67% in 3Q06, down 44
b.p. from 6.11% in 3Q05.

                     Operating Income

Operating income increased 6.00% as sales grew and operating expenses
declined.  The operating margin increased from 3.38% in 3Q05 to 3.47% in
3Q06, representing a nine basis point growth.

                  Operating Income Plus
               Depreciation & Amortization

Operating income plus depreciation and amortization of the Group in 3Q06
rose 1.65% from 3Q05 to US$214.86 million.

Its margin showed a slight decrease of six basis points from 3.90% in 3Q05
to 3.84% in 3Q06, influenced by the 26.49% decrease registered in
depreciation and amortization during the quarter due to the complete
depreciation of the company's computer systems.

             Cash And Cost-Bearing Liabilities

Grupo Casa Saba's balance remained free of cost-bearing liabilities in the
third quarter of the current year.

During the quarter, cash and cash equivalents totaled MXN586.59 million,
41.75% higher than in 3Q05.

             Comprehensive Cost Of Financing

Grupo Casa Saba's comprehensive cost of financing during the quarter was
US$3.65 million, 73.99% higher than the US$2.10 million of 3Q05. The
increase is primarily due to a greater expense as a result of monetary
position, which shifted from US$5.11 million in 3Q05 to US$13.55 million in
3Q06.  This increase was not compensated by higher interest gain registered
during the quarter, which rose by 159.11% to MXN12.35 million.

                  Other Expenses/Income

Other expenses/income decreased 12.82% with respect to 3Q05, totaling a net
income of US$3.29 million.  It is worth noting that in this line, the
company registers expenses and revenues from operations differently than for
its core business, such as the sale of transportation equipment and other
services.

                    Tax Provisions

Tax provisions during the third quarter decreased 40.87% from 3Q05 to
MXN36.36 million pesos.  The Group's tax rate provision declined from 33.27%
in 3Q05 to 18.77% in 3Q06.

                       Net Income

Net income in the period increased 26.74% to US$156.27 million as a result
of greater operating profit and lower tax provisions.  As a percentage of
sales, net income increased from 2.28% in 3Q05 to 2.80% in 3Q06.

                    Working Capital

Accounts receivables in the third quarter increased slightly by 0.2 days in
3Q05 to 58.3 days.  Inventory days to costs rose 6.1 days to 51.2 days.
Account payables increased 5.5 days to 47.3 days.

Grupo Casa Saba, S.A. de C.V., operates as a multichannel,
multiproduct wholesale distributor in Mexico.  It primarily
offers pharmaceutical products, health, beauty aids and consumer
goods, general merchandise, publications, and office and other
products.  The company distributes its products through
pharmacies, mass merchandisers, retail and convenience stores,
supermarkets, and other specialized channels.  As of
Dec. 31, 2005, it operated a network of 22 distribution centers.
Grupo Casa Saba also offers a range of value-added services,
including multiple daily deliveries and emergency product
replacement services, as well as provides services that include
training, conferences, and trade fairs.  The company was founded
in 1892 and is based in Mexico City, Mexico.

                        *    *    *

Moody's assigned a Ba2 long-term corporate family rating on
Grupo Casa Saba S.A. de CV since July 15, 2003.


GRUPO FINANCIERO: Eyes Full Control of Inter National Bank
----------------------------------------------------------
Luis Pena Kegel, the chief executive officer of Grupo Financiero Banorte,
said in published reports that the firm is considering taking full control
of Inter National Bank.

Business News Americas relates that Grupo Financiero disclosed in January a
plan to purchase a 70% stake in Inter National for US$259 million in cash
with an option to buy the remainder, as part of its plan to offer banking
services to the US Hispanic market.

Mr. Kegel told BNamericas that he expects to complete the acquisition in the
fourth quarter of 2006 and would then consider purchasing the remaining 30%
if the initial results from the Inter National deal are promising.

Grupo Financiero is keen on buying another bank but only after carefully
evaluating the returns from the Inter National purchase, BNamericas says,
citing Mr. Kegel.

Mr. Kegel said that he expects to launch about 220 new offices in Mexico
during the next three years, with a special focus on the capital, according
to reports.

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

                        *    *    *

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

Grupo Financiero Banorte and Banco Mercantil del Norte:

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

Fitch said ratings outlook is stable.


GRUPO MEXICO: La Caridad Copper Production at 75%
-------------------------------------------------
Grupo Mexico SA de CV told Noticias Financieras that copper output at its La
Caridad mine is 75% of its capacity after the four-month strike in July.

As reported in the Troubled Company Reporter-Latin America on Sept. 6, 2006,
Grupo Mexico restarted operations at its copper mine and cathode plant in La
Caridad at a minimal production level.  The company said that production at
the mine would return at reasonable levels by late September or early
October.

Grupo Mexico rehired people and trained new workers to bring La Caridad's
production back to normal, Noticias Financieras reports.

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

                        *    *    *

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

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


GRUPO MEXICO: Will Pay MXN1.44 Billion in Dividends Today
---------------------------------------------------------
Grupo Mexico SA de CV told Dow Jones Newswires that it will pay out MXN1.44
billion in dividends at the rate of MXN0.56 per share.

Grupo Mexico told Dow Jones that based on the company's third-quarter
results, the dividends will be paid on Nov. 6.

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

                        *    *    *

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

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


MERIDIAN AUTOMOTIVE: Court Extends Foreign Unit Financing Period
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized Meridian
Automotive Systems Inc. and its debtor-affiliates to modify the terms of the
Foreign Funding Order to:

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

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

         (ii) June 26, 2007; and

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

The Debtors previously obtained permission from the Court to advance up to
US$9,700,000 to their non-debtor Foreign Subsidiaries over a 14-month period
ending on June 26, 2006.

As reported in the Troubled Company Reporter on Oct. 17, 2006, under the
terms of the Foreign Funding Order, the Debtors were authorized to advance:

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

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

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

As of Oct. 5, 2006, the Debtors had advanced approximately
US$3,500,000 to the Foreign Subsidiaries pursuant to the Foreign
Funding Order.

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

It is necessary for the Debtors to continue advancing funds to their Foreign
Subsidiaries to:

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

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

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

If the Foreign Subsidiaries ceased operations:

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

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

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

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

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


MERIDIAN AUTO: Sells Mich. Property to Roskam for US$2.45 Mil.
--------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorizes Meridian Automotive Systems Inc. and its
debtor-affiliates to sell a parcel of real property located at 3225 32nd
Street Southeast, in Kentwood, Michigan, referred to as the GR1 Plant to
Roskam Baking Company for US$2,450,000, free and clear of all liens, claims
and encumbrances, and pursuant to the terms of the Sale Agreement, as
amended on Oct. 19, 2006.

The Sale Agreement has been amended to include these provisions:

   1. The Due Diligence Period for Roskam to complete the Phase1
      Review, Title Review and Survey Review is extended for two
      additional weeks.  The new deadline for Roskam to complete
      due diligence is on Nov. 2, 2006.

   2. The Debtors agree to work with Consumers Energy regarding
      the release of the easements that the existing building
      encroaches on the Premises.  In the event the matter
      cannot be resolved by Nov. 2, 2006, the parties agree to
      enter into an Escrow Agreement, whereby US$50,000 will be
      withheld from the proceeds of closing to assume Roskam's
      continued work towards the release of the encroached
      easements.  The closing deadline, however, will not be
      delayed as a result of it.

   3. Subject to the satisfaction or waiver of Roskam's
      remaining contingencies, the closing of the sale of the
      Premises will take place on a date mutually agreeable to
      the parties within 10 days of Nov. 2, 2006.

The Court also authorizes the Debtors to pay the commission
earned by real estate broker NAI West Michigan.

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


RADIOSHACK CORP: Ronald E. Elmquist Resigns as Board Director
-------------------------------------------------------------
RadioShack Corp.'s board of directors accepted Ronald E. Elmquist's
resignation from his post as director.  Mr. Elmquist has informed the
company that he has resolved to devote his entire time and energies to his
defense against charges recently filed against him in Clay County, Missouri.

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 27, 2006,  Standard &
Poor's Ratings Services lowered the corporate credit and senior unsecured
ratings on Fort Worth, Texas-based RadioShack Corp. to 'BB' from 'BBB-'.
At the same time, the rating agency lowered the short-term rating to 'B-1'
from 'A-3'.  The outlook is negative.  Total debt was US$610 million as of
Sept. 30, 2006.


UNITED RENTALS: Posts US$1.07B Third Quarter 2006 Total Revenues
----------------------------------------------------------------
United Rentals, Inc., reported record third quarter 2006 diluted earnings
per share of US$0.85.  The third quarter 2006 diluted earnings per share,
which absorb charges of US$.03 per diluted share related to two previously
announced debt prepayments, represent an increase of 20% compared with
US$0.71 for the third quarter 2005.

Total revenues of US$1,070 million for the third quarter increased 9.3% from
the third quarter 2005.  Third quarter net income of US$95 million increased
25% from US$76 million for the third quarter 2005.  Same-store rental
revenues increased 3.5% from the third quarter 2005, and dollar utilization
was essentially flat at 72.2%.  Free cash flow for the third quarter was
US$135 million after total capital expenditures of US$192 million. Free cash
flow is a non-GAAP measure.

The company adjusted its full year 2006 outlook range for diluted earnings
per share to US$2.12 to US$2.22 after absorbing the charges of US$.03 per
diluted share for the debt prepayments. Diluted earnings per share for 2005
were US$1.80.  The company expects to generate US$3.95 billion in total
revenues in 2006, and raised its outlook for free cash flow to US$175
million after total capital expenditures of approximately US$955 million.

            Third Quarter 2006 Financial Highlights

For the third quarter 2006 compared with last year's third quarter:

   -- Return on invested capital improved 2.3 percentage
      points to 13.0%.

   -- Rental rates increased 5.1%.

   -- SG&A expenses improved 1.2 percentage points to 15.3%
      of revenues.

   -- Operating income of US$216 million increased 25%.

   -- Free cash flow generation was US$135 million compared
      with negative free cash flow of US$62 million.

   -- Contractor supplies sales increased 23% to US$109 million.

The size of the rental fleet, as measured by the original equipment cost,
was US$4.1 billion and the age of the rental fleet was 38 months at Sept.
30, 2006, compared with US$3.9 billion and 40 months at year-end 2005, and
US$4.0 billion and 39 months at Sept. 30, 2005.

Cash flow from operations was US$237 million for the third quarter 2006
compared with US$96 million for the same period last year.  After total
rental and non-rental capital expenditures of US$192 million, free cash flow
for the third quarter 2006 was US$135 million compared with negative free
cash flow of US$62 million for the same period last year.

                 First Nine Months Results

For the first nine months 2006, including second quarter charges of US$.05
per diluted share to correct previously recorded depreciation expense and
provide for a tax contingency and third quarter charges of US$.03 per
diluted share related to two debt prepayments, the company reported diluted
earnings per share of US$1.56, an increase of 18% compared with US$1.32 for
the first nine months 2005.  Net income, including the second and third
quarter charges totaling US$9 million, increased 24% to US$171 million for
the first nine months 2006 from US$138 million for the first nine months
2005.  Total revenues of US$2.91 billion for the first nine months 2006
increased 12.0% from the first nine months 2005.  After total rental and
non-rental capital expenditures of US$851 million compared with US$736
million for the first nine months 2005, free cash flow for the first nine
months 2006 was US$19 million compared with negative free cash flow of US$83
million for the same period last year.

Net debt, which represents debt plus subordinated convertible debentures
less cash, of US$2.82 billion at Sept. 30, 2006 decreased US$19 million from
Dec. 31, 2005, and US$190 million from Sept. 30, 2005.

Wayland Hicks, chief executive officer for United Rentals, said, "The
combination of improved rental rates and excellent profit flow-through
resulted in our continued strong performance in the quarter.  We also
continued our strong contractor supplies growth, improved our SG&A expense
ratio and increased our operating margin to more than 20%.

"The investments we have been making to take advantage of the growth
opportunities in our markets are paying off in the form of free cash flow
generation, debt reduction and return on invested capital improvement."

Mr. Hicks also said, "We remain focused on driving revenue growth, improving
our margins and increasing our return on capital.  For the full year 2006,
after absorbing the impact of the second and third quarter items, we are
adjusting our outlook range for diluted earnings per share to US$2.12 to
US$2.22 on total revenue of US$3.95 billion and increasing our outlook for
free cash flow to US$175 million."

                 Return on Invested Capital

Return on invested capital was 13.0% for the twelve months ended Sept. 30,
2006, an improvement of 2.3 percentage points from the same period a year
ago.  The company's ROIC metric uses operating income for the trailing
twelve months divided by the averages of stockholders' equity, debt and
deferred taxes, net of average cash.  The company reports ROIC to provide
information on the company's efficiency and effectiveness in deploying its
capital and improving shareholder value.

                    Segment Performance

The company's financial reporting segments are general rentals; trench
safety, pump and power; and traffic control.

General Rentals

The general rentals segment includes rental of construction, aerial,
industrial and homeowner equipment, as well as related services and
activities.

Third quarter 2006 revenues for general rentals were US$921 million, an
increase of 9.1% compared with US$844 million for the third quarter 2005.
Rental rates for the third quarter increased 5.3% and same-store rental
revenues increased 3.3% from the same period last year. Operating income for
general rentals was US$190 million for the third quarter, an increase of
21.8% compared with US$156 million for the same period last year.

First nine months 2006 revenues for general rentals were US$2.54 billion, an
increase of 11.8% compared with US$2.27 billion for the first nine months
2005.  Operating income for general rentals was US$414 million for the first
nine months, an increase of 18.3% compared with US$350 million for the same
period last year.

General rentals segment revenues represented 87% of total revenues for the
first nine months 2006.

Trench Safety, Pump and Power

The trench safety, pump and power segment includes rental of steel trench
shields and shoring, pumps, temporary power and climate control equipment,
as well as related services and activities.

Third quarter 2006 revenues for trench safety, pump and power of US$62
million, including a rental rate increase of 2.9%, represent an increase of
19.2% compared with US$52 million for the third quarter 2005.  Operating
income for trench safety, pump and power was US$18 million for the third
quarter, unchanged from the same period last year, reflecting the impact of
start up costs related to seven new branch locations.

First nine months 2006 revenues for trench safety, pump and power were
US$166 million, an increase of 27.7% compared with US$130 million for the
first nine months 2005.  Operating income for trench safety, pump and power
was US$44 million for the first nine months, an increase of US$9 million
from the same period last year.

Traffic Control

The traffic control segment includes rental of equipment used for traffic
management, as well as related services and activities.

Third quarter 2006 revenues for traffic control were US$87 million, an
increase of US$4 million from the third quarter 2005.  Operating income for
traffic control was US$8 million for the third quarter compared with an
operating loss of US$1 million for the same period last year.

First nine months 2006 revenues for traffic control were US$209 million, an
increase of 4.5% compared with US$200 million for the first nine months
2005.  Traffic control had an operating loss of US$4 million for the first
nine months 2006 compared with an operating loss of US$14 million for the
first nine months 2005.

                 Third Quarter 2006 Charges

The third quarter 2006 results include debt prepayment charges of US$6
million pre-tax, or US$.03 per diluted share, related to the retirement of
US$63 million of subordinated convertible debentures in connection with the
QUIPs redemption and a US$400 million prepayment of the term loan.

                 Status of the SEC Inquiry

The previously announced SEC inquiry of the company is ongoing and the
company is continuing to cooperate fully with the SEC.  The inquiry appears
to relate to a broad range of the company's accounting practices and is not
confined to a specific period.

Headquartered in Greenwich, Connecticut, United Rentals, Inc.
-- http://unitedrentals.com/-- is an equipment rental company,
with an integrated network of more than 750 rental locations in
48 states, 10 Canadian provinces and Mexico.  United Rentals is
a member of the Standard & Poor's MidCap 400 Index and the
Russell 2000 Index(R).

                        *    *    *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed the ratings of United Rentals, Inc. and its
principal operating subsidiary, United Rentals (North America),
Inc., and removed them from Rating Watch Negative where they
were placed on July 14, 2005.  Approximately US$2.9 billion of
debt is affected by the action.  The rating outlook for URI and
URNA was Stable.

Fitch's affirmed United Rentals Inc.'s Issuer Default Rating and
United Rentals (North America) Inc.'s Issuer Default and Senior
Unsecured Debt ratings at 'BB-'.

                        *    *    *

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. rental company sector, the
rating agency confirmed its B1 Corporate Family Rating for
United Rentals (North America), Inc.

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

Issuer: United Rentals (North America), Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2009               B1       Ba1     LGD2       16%

   Sr. Sec.
   Institutional
   Letter of Credit
   Facility due 2011      B1       Ba1     LGD2       16%

   Sr. Sec. Term
   Loan due 2011          B1       Ba1     LGD2       16%

   6.5% Gtd. Sr.
   Unsec. Nts due
   2012                   B2       B1      LGD4       52%

   7.75% Gtd. Sr.
   Sub. Nts due 2013      B3       B3      LGD5       83%

   7.0% Gtd. Sr. Sub.
   Nts due 2014           B3       B3      LGD5       83%

   1.875% Gtd.
   Convertible Nts
   due 2023               B3       B3      LGD5       83%


Issuer: United Rentals Trust I

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6.5% Convertible
   Quarterly Income
   Pref. Securities
   (QUIPS) due 2028      Caa1     B3       LGD6       96%


VISTEON CORP: Balance Sheet Upside-Down by US$102MM at Sept. 30
---------------------------------------------------------------
Visteon Corp. reported third quarter 2006 results that included a net loss
of US$177 million, or US$1.38 per share, an improvement over the third
quarter 2005's net loss of US$207 million, or US$1.64 per share.  The
company also reported continued progress in implementing its three-year
plan, which includes restructuring, improving base operations and profitably
growing its business.

"Our third quarter results came under pressure due, in part, to significant
reductions in vehicle production by a number of our customers.  We are
taking aggressive actions to resize the business in light of these declines,
and we expect conditions to continue to be challenging for the remainder of
the year and into 2007," said Michael F. Johnston, chairman and chief
executive officer.  "Through the efforts of our employees around the world,
we continued to make solid progress implementing our three-year plan which
is key to positioning Visteon for the long-term."

                    Third Quarter Results

For third quarter 2006, product sales were US$2.48 billion.  Sales for the
same period a year ago totaled US$4.12 billion. Lower product sales were
primarily due to the Oct. 1, 2005, transaction with Ford Motor Co. that
transferred 23 Visteon facilities to Automotive Components Holdings, LLC, a
Ford-managed business entity.  Services sales for third quarter 2006 were
US$133 million; no sales for services were recorded in third quarter 2005.

Visteon reported a net loss of US$177 million, or US$1.38 per share, for the
quarter that included US$14 million of restructuring expenses that qualify
for reimbursement from the escrow account established to fund restructuring
activities.  In the third quarter 2005, Visteon reported a net loss of
US$207 million, or US$1.64 per share, which included US$11 million of
restructuring expenses.

EBIT-R for the third quarter was a loss of US$127 million, improving US$10
million from the same period a year ago.

                     Nine-Month Results

For the first nine months of 2006, product sales were US$8.16 billion. More
than half of the company's product sales were generated from customers other
than Ford, demonstrating continued progress in diversifying Visteon's
customer base.  Sales for the same period a year ago totaled US$14.11
billion, of which non-Ford sales were 35%.  Product sales were lower by
US$5.95 billion, primarily due to the transfer of certain plants to
Automotive Components in October 2005. Services sales for the first nine
months of 2006 were US$416 million; no sales for services were recorded in
the first nine months of 2005.

Visteon's net loss of US$124 million, or US$0.97 per share, for the first
nine months reflects cost savings net of customer price reductions, the
financial benefit of the elimination of the plants transferred to Automotive
Components and lower depreciation and amortization expense.  The results
include US$22 million of non-cash asset impairments related to the company's
restructuring actions and an extraordinary gain of US$8 million associated
with the acquisition of a lighting facility in Mexico, both of which were
recognized in the second quarter of 2006.  Also Visteon recognized a
cumulative benefit of US$72 million in the first half of 2006 related to the
relief of post-employment benefits for Visteon salaried employees associated
with two Automotive Components manufacturing facilities transferred to Ford.

For the first nine months of 2005, Visteon reported a net loss of US$1.61
billion, or US$12.78 per share.  These results included US$1.18 billion, or
US$9.35 per share, of non-cash asset impairments and US$18 million of
restructuring expenses.

EBIT-R for the first nine months of 2006 totaled US$64 million, an increase
of US$339 million compared to an EBIT-R loss of US$275 million for the first
nine- months of 2005.

                      New Business Wins

During the first nine months of the year, Visteon was awarded new
incremental business totaling nearly US$1 billion, more than 20 percent of
which will go into production in 2007.  The company continues to win new
business from a diverse range of customers around the world and across each
of the company's key product lines of climate, electronics, including
lighting, and interiors.

"Our business wins highlight the strength of our global footprint, our
innovation, the capability of our people and the growing diversification of
our customer base," said Donald J. Stebbins, president and chief operating
officer.  "Growing the business profitably and leveraging technology for our
customers are key elements of our three-year plan."

          Free Cash Flow and Financing Activities

Free cash flow of negative US$116 million for the quarter was an improvement
of US$137 million over third quarter 2005. For the first nine months of
2006, free cash flow was negative US$223 million, compared with negative
US$25 million for the same period in 2005 in which Visteon received the
benefit of accelerated payment terms from Ford as part of the funding
agreement.

During the third quarter, Visteon closed on a new U.S. secured five-year
revolving credit facility with an aggregate availability of up to US$350
million and a European accounts receivable securitization facility that
provides for up to US$325 million of funding for qualified trade
receivables, both of which expire in 2011.  These facilities replaced the
company's multi-year secured revolving credit facility of US$500 million
that was to expire in June 2007.

The completion of these financings, including the seven-year US$800 million
secured term loan closed earlier this year, provides Visteon with additional
flexibility as it implements its three-year plan.

               Restructuring and Other Actions

Visteon's three-year restructuring plan remains on track. In January of this
year, the company announced plans to fix, sell or close 23 facilities, of
which 11 were to be addressed in 2006.  To date, the company has addressed
seven of the 11 facilities. The company continues to evaluate alternatives
and solutions for the remaining facilities, including divestitures that
yield acceptable returns to the company.  In the third quarter, the company
announced two additional restructuring actions that were not in the original
plan.  These actions were the announcement of the closure of Visteon's
Chicago facility and the exit of its Vitro Flex glass joint venture.

Visteon expects to reduce its salaried workforce by approximately 900
people, primarily in higher cost countries.  A charge of up to US$65 million
is expected to be recorded in the fourth quarter of 2006, and the related
costs will qualify for reimbursement from the escrow account.  The company
anticipates that this action will generate up to US$75 million of annual
savings when completed.

"We are making good progress implementing our restructuring activities,"
said James F. Palmer, executive vice president and chief financial officer.
"In addition to the original actions identified, we have addressed more
facilities and announced plans to further reduce our salaried workforce to
continue improving performance. We know we have to do more to meet our
objectives, and we are taking the necessary actions."

                           Outlook

The fourth quarter of 2006 is expected to be challenged by low production
volumes from several key customers globally.  Visteon currently estimates
that its 2006 full year EBIT-R will be in the range of US$40 million to
US$50 million, reflecting lower production levels and other cost pressures
in the second half of the year.  Additionally, the company currently expects
free cash flow to be negative US$100 million for full year 2006.  Full year
product sales are expected to be US$10.9 billion.

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.

                        *    *    *

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




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


CHIQUITA BRANDS: Incurs US$96MM Net Loss in Third Quarter 2006
--------------------------------------------------------------
Chiquita Brands International, Inc., reported that net sales increased by 8%
year-over-year to US$1.0 billion.  The company reported a quarterly net loss
of US$96 million, including a noncash charge of US$43 million, for goodwill
impairment at Atlanta AG, the company's German distributor.  In the third
quarter 2005, the company reported net income of US$0.3 million.

"Our third quarter results were disappointing and worse than expected for
several reasons," said Fernando Aguirre, chairman and chief executive
officer.  "First, we recorded a noncash charge for goodwill impairment at
Atlanta AG due to a decline in its business performance resulting primarily
from intense pricing pressure in Germany. Second, temperatures during the
third quarter reached record highs across much of northern Europe.  This
unusually hot weather reduced consumer demand for bananas, depressed prices
and contributed to substantial price weakness in trading markets, where we
incurred substantial losses on the sale of temporary excess supply from
Latin America.  Third, beginning in September, our Fresh Express operations
experienced lower sales and unforeseen costs due to consumer concerns
regarding the safety of fresh spinach in the United States, despite the fact
that no confirmed cases of consumer illness were linked to our Fresh Express
products."

Mr. Aguirre continued, "While the banana market dynamics in Europe have been
more difficult than expected, we continue to sustain our leadership position
in the premium quality segment and believe we are well-positioned to win in
this market in the long-term.  In addition, we continued to drive sustained
progress in other key markets.  Our North American banana pricing remained
strong, reflecting successful customer contract negotiations, and our Fresh
Express business continued to grow as distribution gains and new product
introductions drove strong year-over-year volume growth in retail
value-added salads in spite of the spinach issue."

                 Quarterly Financial Summary

   -- Net sales were US$1.0 billion, up 8% from US$954 million
      in the third quarter 2005.  The increase resulted
      primarily from increased banana volume in Europe, higher
      banana pricing in North America and increased sales in
      retail value-added salads.  These were partly offset by
      lower banana pricing in Europe.

   -- Operating loss was US$79 million, compared with
      operating income of US$20 million in the year-ago period.
      Higher banana pricing in North America was more than
      offset by several factors, including the Atlanta AG
      goodwill impairment charge as well as the impacts from
      hot weather in Europe, temporary excess banana supply
      from Latin America, regulatory changes in the European
      banana market, which have resulted in lower local pricing
      and increased tariffs, the recent concerns about the
      safety of fresh spinach and higher fuel and other industry
      costs.

   -- Operating cash flow was US$27 million, compared with US$63
      million in the year-ago period.

   -- Total debt was US$990 million at Sept. 30, 2006, compared
      with US$1.1 billion at Sept. 30, 2005.

   -- Cash was US$102 million at Sept. 30, 2006, compared with
      US$181 million at Sept. 30, 2005.

                 Quarterly Segment Results

Bananas

In the company's Banana segment, which includes the sourcing,
transportation, marketing and distribution of bananas, net sales were US$444
million, up 8% from US$411 million.  The operating loss for the segment was
US$43 million, compared with operating income of US$17 million in the prior
year.

Segment operating income was adversely affected by the following factors:

   -- US$39 million from lower core European local banana
      pricing, attributable to unseasonably hot weather in
      many parts of Europe, which depressed consumer demand,
      as well as the impact of excess supply from Latin
      America and regulatory changes that resulted in more
      intense price competition in the market.

   -- US$19 million of net incremental costs associated with
      higher banana import tariffs in the European Union,
      reflecting the duty increase to EUR176 from EUR75 per
      metric ton effective Jan. 1, 2006.  This increase resulted
      in approximately US$27 million of incremental tariff
      costs, which was partially offset by savings of
      approximately US$8 million as the company was not required
      to purchase banana import licenses.

   -- US$15 million of industry cost increases for fuel, fruit,
      paper and ship charters, which was in line with previous
      company guidance.

   -- US$14 million noncash charge for goodwill impairment of
      Atlanta AG.

   -- US$13 million from higher volumes and lower banana pricing
      in the company's trading markets, which are primarily
      European and Mediterranean countries that do not belong to
      the European Union, and from losses incurred on excess
      fruit sold in Latin America.

These adverse items were partially offset during the quarter by:

   -- US$9 million of net cost savings in the Banana segment,
      primarily related to efficiencies in the company's supply
      chain and tropical production.

   -- US$8 million from higher pricing in North America,
      including the impact of the company's fuel surcharge
      policy.

   -- US$7 million from lower accruals for performance-based
      compensation due to lower operating results relative to
      targets.

   -- US$5 million from lower marketing costs in Europe.

   -- US$4 million from higher banana volume in the company's
      core European markets.

   -- US$4 million benefit from the impact of European currency.

Fresh Select

In the company's Fresh Select segment, which includes the sourcing,
marketing and distribution of whole fresh fruits and vegetables other than
bananas, net sales were US$291 million, up 8% from US$268 million. The
operating loss was US$30 million, including a US$29 million noncash charge
for goodwill impairment at Atlanta AG, compared with an operating loss of
US$3 million in the 2005 third quarter.  Aside from the impairment charge,
year-over-year improvements in the company's North American Fresh Select
operations were partially offset by a decline in profitability at Atlanta.

During the third quarter, due to the decline in Atlanta AG's business
performance, the company accelerated the testing of Atlanta's goodwill and
fixed assets for impairment.  Although the analysis is not yet complete, the
company recorded a goodwill impairment charge in the 2006 third quarter for
the full amount, of which US$29 million was included in the Fresh Select
segment and US$14 million was included in the Banana segment.  Upon
completion of the impairment analysis in the fourth quarter 2006, the
company does not anticipate additional, material asset impairments at
Atlanta AG.

Fresh Cut

In the company's Fresh Cut segment, which includes value-added salads and
fresh-cut fruit operations, net sales were US$278 million, up 8 percent from
US$259 million.  The operating loss for the segment was US$3 million,
compared with operating income of US$7 million in the same quarter of 2005.

Fresh Cut operating income benefited from these factors:

   -- US$5 million from the achievement of acquisition
      synergies; and

   -- US$4 million from 13% higher unit volume in retail
      value-added salads.

However, these items were more than offset by:

   -- US$9 million of higher direct costs, including lost raw
      product inventory and noncancellable purchase commitments,
      related to consumer concerns about the safety of fresh
      spinach products following the discovery of E. coli and
      resulting investigation by the U.S. Food and Drug
      Administration;

   -- US$4 million of higher industry costs;

   -- US$3 million of increased production overhead costs,
      including higher costs for maintenance and repair and
      warehousing; and

   -- US$2 million from lower volume in foodservice.

In addition to the direct costs, the company believes that third quarter
operating income was at least US$3 million lower than it otherwise would
have been as a result of reduced sales and decreased margins during the
final three weeks of the quarter.  Although the FDA investigation has linked
no cases of illness to the company's Fresh Express products, this industry
outbreak will likely continue to have a significant impact on Fresh Cut
segment results into the 2007 first quarter, and possibly beyond.

"Looking ahead to the fourth quarter, we anticipate better banana pricing in
Europe along with improvement in several factors that negatively impacted
third quarter results, such as unseasonably hot weather and temporary excess
supply.  We also believe the impact of the spinach outbreak will begin to
diminish in the fourth quarter as consumer confidence returns," said Mr.
Aguirre.

"In sum, while European banana prices remain under pressure, we believe
certain of our challenges in the third quarter were unusual, and we remain
focused on driving profitable growth in each of our operations. Most
importantly, we are confident in our ability to manage through this
challenging period and remain on-track to achieve our long-term vision to be
a consumer-driven leader in branded, healthy, fresh foods," Mr. Aguirre
concluded.

                  Financial Covenant Waiver

At the beginning of October the company obtained from its lenders a
temporary waiver of certain financial covenants in its revolving credit and
term loan facility, effective through
Dec. 15, 2006.  The company is currently seeking an amendment of its credit
facility to cure any violation of its covenants that otherwise would occur
upon the expiration of the temporary waiver and to provide additional
flexibility in future periods.

While the company is targeting completion of the amendment process prior to
the filing of its next Quarterly Report on Form 10-Q, no assurance can be
given regarding the timing and terms of such an amendment.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including Panama.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action followed the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.


CHIQUITA BRANDS: Mulls Great White Fleet Shipping Operation Sale
----------------------------------------------------------------
Chiquita Brands International, Inc., is considering the sale of the Great
White Fleet, its shipping operation, Bulletin Panama reports.

The Great White Fleet runs 12 owned refrigerated cargo vessels and charters
additional vessels for use principally in the long-haul transportation of
Chiquita Brands' fresh fruit products from Latin America to North America
and Europe.  The owned vessels consist of eight reefer ships and four
container ships that carry 70% of Chiquita's banana volume delivered to core
markets in Europe and North America.

According to Bulletin Panama, Chiquita Brands disclosed that it is taking
two initiatives designed to improve financial flexibility and lessen debt,
with the aim of investing the firm's resources in ways that help to create
long-term shareholder value.

Chiquita Brands said in a statement, "The two actions are the exploration of
strategic alternatives for the sale and long-term management of its shipping
assets and shipping-related logistics activities, and the suspension of its
quarterly dividend."

Bulletin Panama relates that Chiquita Brands will analyze various
structures, including:

          -- sale and lease-back of the firm's owned ocean-going
             shipping fleet,

          -- sale and/or outsourcing of related ocean-shipping
             assets and container operations, and

          -- entry into a long-term strategic partnership to
             meet all of Chiquita Brands' international cargo
             transportation needs.

Fernando Aguirre, Chiquita Brands' chairperson and chief executive officer,
told Bulletin Panama, "Our Great White Fleet has represented a strong
competitive advantage for Chiquita for many years, and continuing to excel
in cold-chain management -- delivering our high-quality fresh products
quickly and efficiently - will remain critical to our company.  However, we
believe there is an opportunity to enhance shareholder value while
maintaining high quality and competitive long-term operating costs by
partnering with an expert shipping service provider that can grow with
Chiquita.  This would allow us to focus our efforts and resources even more
on strengthening customer relationships and providing healthy, fresh foods
to consumers.  In addition, an asset sale would generate significant
capital, which would be used primarily to reduce debt, as well as to invest
in new growth opportunities."

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including Panama.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action followed the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.


CHIQUITA BRANDS: Positive About New Banana Packaging
----------------------------------------------------
Chiquita Brands International, Inc., believes it has developed a new way of
packaging bananas that would let the fruits stay yellow and fresh until the
consumer is ready to eat them, the South Florida Sun-Sentinel reports.

Through the new packaging, bananas will stay fresh up to four days longer
than a traditional bunch, the Sun-Sentinel says, citing Chiquita Brands.
The company claimed that it has developed the perfectly ripened banana
through the new packaging.

The Sun-Sentinel underscores that Chiquita Brands' packaged bananas are all
natural with no preservatives added.  The firm's patented packaging slows
the ripening by controlling the amount of air that the bananas are exposed
to over time.

Mike Mitchell, a spokesperson of Chiquita Brands, told the Sun-Sentinel,
"We're offering consumers perfectly ripe bananas for the week between their
shopping pattern."

According to the Sun-Sentinel, Chiquita Brands is packaging bananas in
sealed three-serve packs at its Port Everglades ripening plant and testing
them in 10 Publix grocery stores in Broward and Miami-Dade counties.

The report says that Chiquita Brands' packaging test with Publix is an
extension of its new single-serve, packaged bananas.  They are sold to
convenience stores across North America.  Marketed as "Chiquita To Go",
Chiquita Brands tested the product at 200 convenience stores and is on
target to distribute them to about 7,500 outlets by the end of 2006.

Chiquita Brands' company and port officials told the Sun-Sentinel that Port
Everglades handles over 20% of Chiquita Brands' American bananas and
plantains imports.

Mr. Mitchell told the Sun Sentinel that the packaged bananas hit six Broward
County stores on Oct. 31, the Sun-Sentinel notes.  Over the next several
months, Chiquita Brands will be analyzing response from clients to decide
whether to bring the new packaging on a large scale in 2007.  Other than the
10 Publix stores in South Florida, Chiquita Brands will test the product in
dozens of grocery stores in other states.

According to the report, Chiquita Brands is selling up to 15 single bananas
daily per store.

"We're very pleased with how they are selling," Mr. Mitchell told the
Sun-Sentinel.

The Sun-Sentinel emphasizes that Chiquita Brands and Publix are hoping
buyers will go for bananas with Fresh & Ready packs.

However, Earle Fischer, a resident of Fort Lauderdale, told the
Sun-Sentinel, "It's fancy packaging.  I still prefer the old-fashioned
ones."

The bananas, which are best for two to three days after the package is
opened, are expensive, the Sun-Sentinel says.  The bananas cost US$1.59 per
17.2-ounce package or US$2.98 for two packages.  Regular bananas cost 49
cents a pound, or US$1 more for the Chiquita Fresh & Ready bananas.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including Panama.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action followed the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.


HUNTSMAN INT: Moody's Rates US$400-Million Sr. Sub. Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Huntsman International
LLC's, a wholly owned subsidiary of Huntsman Corp., proposed US$400 million
senior subordinated notes.  Moody's also assigned Loss Given Default
Assessment of LGD6 to these notes in accordance with its Loss-Given-Default
rating methodology that was initially implemented at the end of September
2006.  Proceeds from the private offering of the proposed US dollar and euro
denominated notes will be used to redeem part of the company's outstanding
10-1/8% senior subordinated notes due 2009.  The corporate family ratings of
B1 for both Huntsman International and Huntsman Corp. were affirmed and the
rating outlooks for both companies remain developing.

Moody's assigned these new ratings:

   -- Proposed Sr. Sub Notes, US$400 million, due 2013 and 2014:
      B3, LGD6, 91%.

The proposed transaction is a modest credit positive for Huntsman Corp. (and
Huntsman International) as it will reduce the company's interest expense by
redeeming high coupon debt.  The rating outlook (for both, Huntsman Corp.
and Huntsman International) was changed to developing from positive in March
2006 after Huntsman Corp.'s management announced plans to separate Huntsman
Corp.'s Base Chemicals and Polymer segments from Huntsman Corp.'s
differentiated segments.

The developing outlook reflects the possibility of additional transactions,
over the medium term, to further separate the company.  The outlook also
reflects that the ratings may change subject to the development of a more
formal debt structure and financial philosophy (including the possibility of
dividends and incremental acquisitions) for the remaining businesses to be
held at the differentiated segments.

Moody's believes the decision to pursue a split by Huntsman Corp.'s
management was prompted by ongoing concern over stock price valuation along
with the receipt of an indication of interest from an outside party,
occurring in late 2005, regarding an acquisition of all of the outstanding
stock of Huntsman Corp.  Moody's continues to believe that objectives for
incremental debt reduction approaching US$1.45 billion by the end of 2007
are possible.  Upon completion of debt reduction with proceeds of the
proposed sale of Huntsman's European Commodities Business to SABIC, the
ratings outlook may move to positive.

The notching of the proposed senior subordinated notes at B3 and LGDA of
LGD6 take into consideration the unconditional guarantees, on a subordinated
basis, from all of Huntsman International's domestic subsidiaries and
certain foreign subsidiaries.  LGDAs are assigned to individual rated debt
issues -- loans, bonds, and preferred stock. Moody's opinion of expected
loss are expressed as a percent of principal and accrued interest at the
resolution of the default, with assessments ranging from LGD1 (loss
anticipated to be 0%-9%) to LGD6 (loss anticipated to be 90%-100%).

Huntsman 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.


NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter
------------------------------------------------------
NCO Group, Inc., reported net income of US$11.4 million, including special
charges of US$3.6 million, net of taxes for the third quarter of 2006.  This
compares to net income of US$7.6 million in the third quarter of 2005;
including special charges of US$2.2 million, net of taxes.

The special charges are associated with the restructuring of the Company's
legacy operations to streamline the Company's cost structure, the
integration of recent acquisitions, and costs associated with the Company's
proposed merger.  The special charges for 2005 also included the impact from
Hurricane Katrina.  The restructuring charges are included as a separate
line item under operating costs and expenses, and the integration, merger,
and Hurricane Katrina charges are included in payroll and related expenses,
and selling, general and administrative expenses.

NCO is organized into four divisions that include Accounts Receivable
Management North America, Customer Relationship Management, Portfolio
Management, and Accounts Receivable Management International.

Overall revenue in the third quarter of 2006 was US$301.6 million, an
increase of 21.0%, or US$52.4 million, from revenue of US$249.2 million in
the third quarter of 2005.

For the third quarter of 2006, ARM North America's revenue was US$205.7
million as compared to US$186.8 million in the third quarter of 2005.  The
increase was primarily attributable to the acquisition of Risk Management
Alternatives, Inc., which was completed on Sept. 12, 2005, and an US$8.7
million increase in inter-company revenue from Portfolio Management, which
is eliminated in consolidation.  During the quarter, this division recorded
approximately US$3.4 million, net of taxes, of restructuring charges, costs
associated with integration of the Company's recent acquisitions, and merger
costs.

For the third quarter of 2006, CRM's revenue was US$62.8 million as compared
to US$44.9 million in the third quarter of 2005.  The increase was primarily
attributable to new clients ramping up business during the end of 2005 and
during 2006.  While these new contracts have allowed this division to expand
its revenue base in 2006, the deployment of large numbers of seats on an
expedited schedule adversely impacts near-term profitability because the
operating expenses are incurred in advance of the revenue growth.

Partially offsetting the revenue from new clients in the third quarter of
2006 was the reduction in revenue from a major client where NCO ceased
providing certain services when the client exited the consumer long-distance
business due to changes in telecommunications laws.  During the quarter this
division recorded approximately US$133,000, net of taxes, of restructuring
and integration charges.

For the third quarter of 2006, Portfolio Management's revenue was US$55.3
million compared to US$35.1 million in the third quarter of 2005.  The
increase included additional revenue from portfolio assets acquired as part
of two business combinations at the end of the third quarter of 2005.
Portfolio Management recorded US$13.1 million of revenue during the third
quarter of 2006 from the sale of portions of several older portfolios with
little or no remaining carrying value, as compared to US$2.8 million during
the third quarter of 2005.

For the third quarter of 2006, ARM International's revenue was approximately
US$8.4 million compared to US$3.5 million in the third quarter of 2005.  The
increase in revenue was primarily attributable to the acquisition of the
international operations of RMA.  During the quarter this division recorded
approximately US$80,000, net of taxes, of restructuring and integration
charges.

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.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 2, 2006, 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.


NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract
----------------------------------------------------------------
Nortel Government Solutions(x), a company wholly owned by Nortel(x), has
been selected by the U.S. Nuclear Regulatory Commission to operate and
maintain its digital courtroom systems in Rockville, Maryland and Las Vegas,
Nevada.

Nortel Government Solutions will provide the services under an agreement
estimated at US$7.7 million over four years.  The agreement also includes
support for NRC hearings, as well as application development and testing.

The systems were developed by Nortel Government Solutions and delivered to
the NRC earlier this year.  They provide electronic evidence presentation,
digital audio and video transcripts, and electronic capture and display of
evidence.  This enables immediate electronic access to documents, and live
video and audio feeds to ensure the widest possible public access to NRC
proceedings.

The digital courtroom systems are designed to help the NRC's Atomic Safety
and Licensing Board Panel simplify proceedings ranging from routine cases to
more complicated hearings involving nuclear reactor licenses.

The Company says that one of the proceedings is the potential adjudication
regarding a U.S. Department of Energy license application for a commercial
nuclear reactor waste storage facility at Nevada's Yucca Mountain, located
100 miles northwest of Las Vegas, which is expected to last three to four
years as mandated by Congress and could become one of the largest and most
complex administrative hearings in U.S. history.  The digital database
available to the two courtrooms is capable of storing and providing
electronic access to the millions of pages of evidence and thousands of
hours of testimony that may accumulate.

"These showcase systems integrate everything into one multimedia system with
real-time access to information for all participants," Chuck Saffell, chief
executive officer, Nortel Government Solutions, said.  "Our operations and
maintenance services will help the NRC to achieve and sustain the highest
performance, efficiency, security and reliability from its electronic
courtrooms."

               About Nortel Government Solutions

Based in Fairfax, Virginia, Nortel Government Solutions --
http://www.nortelgov.com/-- is a network-centric integrator, providing the
services expertise, mission-critical systems and secure communications that
empower government to ensure the security, livelihood, and well being of its
citizens.  The company is a provider for solutions designed to improve
workforce productivity, reduce operating costs, and streamline inter-agency
communications.

                     About Nortel Networks

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

                          *    *    *

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

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

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

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




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


CONSOLIDATED CONTAINER: S&P Affirms B- Corporate Credit Rating
-------------------------------------------------------------- Standard &
Poor's Ratings Services affirmed its ratings on Consolidated Container Co.
LLC and removed all ratings from CreditWatch with negative implications,
where they were placed on Aug. 23, 2006.  The corporate credit rating on
Consolidated Container is 'B-'.

The CreditWatch placement had followed the company's announcement that it
would delay filing its June 30, 2006,
10-Q, due to an evaluation of the accounting implications of a settlement
agreement with a customer related to historical bottle and resin supply
contracts.  The outlook is negative.

Atlanta, Ga.-based Consolidated Container had total debt outstanding of
about US$592 million at June 30, 2006.

"The affirmation of the ratings follows Consolidated Container's October
2006 announcement that it has concluded its accounting review," said
Standard & Poor's credit analyst Liley Mehta.

The negative outlook incorporates refinancing risk and concerns regarding
the company's ability to meet its significantly increased interest burden
from 2007 onward when interest on the 10.75% senior secured discount notes
becomes cash payable.  Improved operating results support the current
ratings, although the ratings outlook will be constrained until management
takes steps to extend its credit facilities, senior secured discount notes,
and subordinated notes that mature in December 2008, June 2009, and July
2009 respectively.

The company also reported improved financial results for the quarter ended
June 30, 2006.  The restatements for prior periods resulted in somewhat
weaker operating results for the periods in question and related primarily
to the company's customer contracts with Dean Foods. In August 2006, the
company entered into a settlement agreement with Dean Foods, whereby
Consolidated Container agreed to pay US$10 million to Dean Foods in
installments through 2008 (US$4 million by year-end 2006, US$3 million by
August 2007, and US$3 million by August 2008).  Because of the financial
restatement and resultant delay in reporting its financial statements, the
company obtained a permanent waiver and amendment to its credit agreement
and regained access to its revolving credit facility in October 2006.

Consolidated Container's cash generated from operations is expected to be
sufficient to meet capital expenditures and working capital needs in 2006.

The ratings on Consolidated Container and its wholly owned subsidiary,
Consolidated Container Capital Inc., reflect the company's highly leveraged
financial profile, which overshadows its weak business risk profile in the
relatively stable beverage and consumer product packaging markets.  With
annual revenues of about US$870 million, Consolidated Container is a
domestic producer of rigid plastic containers for dairy products, water,
juice, and other beverages; food, household, and agricultural chemicals; and
motor oil.  The company derives about 59% of its revenues from dairy, water,
and juice packaging, which are relatively commodity-type products and have
mature demand patterns.

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.


R&G FINANCIAL: Dividend Payments on Pref. Stocks & Sec. Approved
----------------------------------------------------------------
R&G Financial Corp. has requested and received regulatory permission to pay
its dividend obligations for both November and December on its four
outstanding series of preferred stock, three of its trust preferred
securities issues that have payments due in November and five of its trust
preferred securities issues that have payments due in December. Regulatory
approvals are necessary as a result of the company's agreements with the
Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation and Commissioner of Financial Institutions of the
Commonwealth of Puerto Rico.

Headquartered in Hato Rey, Puerto Rico, R&G Financial Corp.
(NYSE: RGF) -- http://www.rgonline.com/-- is a diversified
financial holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the Company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the Company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *    *    *

Fitch Ratings lowered on Oct. 30, 2006, these ratings of R&G Financial Corp.
and its subsidiaries:

  R&G Financial Corp.

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Preferred stock to 'B' from 'BB'; and
      -- Individual to 'D' from 'C'.

   R-G Premier Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+' from 'BBB';
      -- Short-term deposit obligations to 'B' from 'F3'; and
      -- Individual to 'C/D' from 'C'.

  R-G Crown Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+ from 'BBB'; and
      -- Individual to 'C/D' from 'C'

  R&G Mortgage

      -- Long-term IDR to 'BB' from 'BBB-'.

Fitch said the rating outlook is negative.


RENT-A-CENTER: Completes Sr. Sec. Debt Financing Documentation
--------------------------------------------------------------
Rent-A-Center, Inc., completed the documentation of its previously announced
senior secured debt refinancing.  The new US$1,322.5 million senior credit
facilities consist of US$922.5 million in term loans and a US$400 million
revolving credit facility.  The company intends to utilize the proceeds of
the new senior credit facilities to repay its existing senior debt,
currently US$365.2 million outstanding, finance the proposed acquisition of
Rent-Way, Inc., and for general corporate purposes.

The funding of the new senior credit facilities is contingent upon the
closing of the pending acquisition of Rent-Way, Inc. and customary closing
conditions for financings of this nature.  The company anticipates closing
the refinancing substantially contemporaneously with the closing of the
acquisition of Rent-Way, Inc.  In connection with the closing of the
refinancing, the company will record a charge in the fourth quarter of
approximately US$2.7 million relating to capitalized costs incurred in
connection with the Company's existing senior credit facility.

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

                        *    *    *

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

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

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

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


SALOMON BROTHERS: Moody's Ratings on 3 Cert. Classes Slides to C
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three classes, affirmed
the ratings of six classes and downgraded the ratings of four classes of
Salomon Brothers Mortgage Securities VII, Inc., Commercial Mortgage
Pass-Through Certificates, Series 2000-C2:

   Class A-2, US$452,975,589, Fixed, affirmed at Aaa
   Class X, Notional, affirmed at Aaa
   Class B, US$33,214,000, Fixed, upgraded to Aaa from Aa1
   Class C, US$33,215,000, Fixed, upgraded to A1 from A2
   Class D, US$7,815,000, Fixed,  upgraded to A2 from A3
   Class E, US$11,723,000, Fixed, affirmed at Baa1
   Class F, US$13,677,000, Fixed, affirmed at Baa2
   Class G, US$9,769,000, WAC, affirmed at Baa3
   Class J, US$13,677,000, Fixed, affirmed at B3
   Class K, US$5,861,000, Fixed, downgraded to Caa2 from Caa1
   Class L, US$5,861,000, Fixed, downgraded to C from Caa2
   Class M, US$8,792,000, Fixed, downgraded to C from Caa3
   Class N, US$2,833,398, Fixed, downgraded to C from Ca

As of the Oct. 18, 2006 distribution date, the transaction's aggregate
certificate balance has decreased by approximately 20.6% to US$620.9 million
from $781.5 million at securitization.

The Certificates are collateralized by 164 mortgage loans ranging in size
from less than 1% to 4.8% of the pool, with the top 10 loans representing
28.8% of the pool.  Thirty loans, representing 22.4% of the pool, have
defeased and have been replaced with U.S. Government securities.

Six loans have been liquidated from the pool resulting in aggregate realized
losses of approximately $9 million.  Six loans, representing 6.6% of the
pool, are currently in special servicing.  The largest specially serviced
loan is Diamond Point Plaza, which is discussed below.  Moody's has
estimated aggregate losses of approximately US$13.3 million for all of the
specially serviced loans.

Thirty seven loans, representing 19.7% of the pool, are on the master
servicer's watchlist.

Moody's was provided with year-end 2005 operating results for 98.7% of the
performing loans.  Moody's loan to value ratio is 92.6%, compared to 95.5%
at Moody's last full review in February 2005 and compared to 84.2% at
securitization.  Moody's is upgrading Classes B, C and D due to increased
credit support, defeasance and stable overall pool performance.

Class B was upgraded on Aug. 2, 2006 and placed on review for further
possible upgrade based on a Q tool based portfolio review.  Moody's is
downgrading Classes K, L, M, and N due to realized and expected losses from
the specially serviced loans.  Class P has been eliminated in its entirety
due to losses and Class N has sustained approximately $4.1 million in
losses.

The top four non-defeased loans represent 12.4% of the pool.

                              I

The largest loan is the 1615 Poydras Street Loan (US$27.7 million - 4.5%),
which is secured by a 502,000 square foot office building located in the
Warehouse District of New Orleans, Louisiana. Damage from Hurricane Katrina
has been repaired and the property is fully operational.  The largest tenant
is FM Services Company, which occupies 61% of the premises under a lease
that expires in April 2011.  The property is 89% leased, compared to 90.4%
at last review.  Moody's LTV is 91.2%, compared to 76.4% at last review.

                             II

The second largest loan is the Western Plaza II Loan
($17.9 million - 2.7%), which is secured by a 343,000 square foot strip
shopping center located in Mayaguez, Puerto Rico.  The center is anchored by
Sam's Club, Caribbean Cinemas and Pep Boys. The center is also shadow
anchored by a Super Kmart.  The property has maintained a stable occupancy
since securitization and is currently 98.6% leased.  Moody's LTV is 80.2%,
compared to 83.1% at last review.

                             III

The third largest loan is the Red Lion Shopping Center Loan ($16.1 million -
2.6%), which is secured by a 218,000 retail center located 10 miles
northeast of downtown Philadelphia, Pennsylvania.  The property is anchored
by Best Buy, Staples and Pep Boys.  The property is currently 67.0%
occupied, compared to 100.0% at last review.  The decline in occupancy is
due to the 2005 lease expiration of two tenants.  The loan is on the master
servicer's watchlist due to declines in occupancy and a low debt service
coverage ratio.  Moody's LTV is in excess of 100%, compared to 88.6% at last
review.

                             IV

The fourth largest loan is the Diamond Point Plaza Loan
($14.6 million - 2.4%), which is secured by a 251,000 retail center located
in suburban Baltimore, Maryland.  The loan was transferred to special
servicing in June 2002 and became REO in March 2006.  The loan was
transferred due to the unexpected vacancy of Sam's Club which went dark in
2002 although it continues to pay rent (56% GLA; lease expiration January
2009).  Ames, formerly the second largest tenant, also vacated its space
prior to its lease expiration.  The property is currently
67% leased but only 5.5% occupied. The Trust was awarded a
$22.8 million judgment against the borrower and its affiliates in December
2005 and successfully won the appeal in Sept. 2006, defeating the debtors'
attempts to have the judgment overturned.  Moody's anticipates a significant
loss upon the resolution of this loan, although the loss could be partially
or substantially mitigated if the special servicer is successful in its
efforts to collect on the judgment.

The pool collateral is a mix of office, U.S. Government securities, retail,
industrial and self-storage, multifamily, lodging, and healthcare.  The
collateral properties are located in 39 states and Puerto Rico.


SEARS HOLDINGS: Files Proxy Circular & Extends Offer to Nov. 20
---------------------------------------------------------------
Sears Holdings Corp. disclosed that its wholly owned subsidiary, SHLD
Acquisition Corp., has filed a proxy circular to permit it to solicit
proxies in connection with the Nov. 14, 2006, meeting of the shareholders of
Sears Canada Inc.

At the meeting shareholders will be asked to consider a proposed
consolidation of the shares of Sears Canada, which if approved in accordance
with all legal requirements, would result in Sears Canada becoming a wholly
owned subsidiary of Sears Holdings.

On Oct. 23, 2006, the Ontario Securities Commission issued a stay of its
Aug. 8, 2006 cease trade order to permit Sears Canada to hold the meeting.
The holding of the meeting complies with all requirements of the Canada
Business Corporations Act and has been authorized by the Ontario Securities
Commission.

Sears Holdings encourages Sears Canada shareholders to review this proxy
circular in its entirety.

Sears Holdings also disclosed that SHLD Acquisition Corp. has extended its
take-over bid for all the shares not already owned by Sears Holdings and its
affiliates to 5:00 p.m. (Toronto time) on Nov. 20, 2006.  As a result of the
cease trade order issued on Aug. 8, 2006, by the Ontario Securities
Commission, no Sears Canada shares may be accepted or taken up under such
offer.

Hoffman Estates, Illinois-based Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is the
nation's third largest broadline retailer, with approximately
US$55 billion in annual revenues, and with approximately 3,800
full-line and specialty retail stores in the United States,
Canada and Puerto Rico.  Sears Holdings is a home appliance
retailer as well as a retailer of tools, lawn and garden, home
electronics, and automotive repair and maintenance.  Key
proprietary brands include Kenmore, Craftsman and DieHard, and a
broad apparel offering, including well-known labels as Lands'
End, Jaclyn Smith, and Joe Boxer, as well as the Apostrophe and
Covington brands.

                        *    *    *

As reported in the Troubled Company Reporter on June 23, 2006,
Standard & Poor's Ratings Services revised its outlook on Sears
Holdings Corp. to stable from negative.  All ratings, including
the 'BB+' corporate credit rating, and the 'B-1' short-term
rating for Sears Roebuck Acceptance Corp., are affirmed.

As reported in the Troubled Company Reporter on Jun 22, 2006,
Fitch affirms its ratings of Sears Holdings Corp. including its
Issuer Default Rating (IDR) at 'BB'; Senior notes at 'BB'; and
Secured bank facility at 'BBB-'.


SUNCOM WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$378MM
---------------------------------------------------------------
SunCom Wireless Holdings, Inc., reported 2006 third quarter financial
results, which reflected higher average revenues per user, an increase in
the number of subscribers and higher roaming revenues as compared with the
second quarter of 2006.  These factors contributed to Adjusted EBITDA of
US$30.2 million compared with US$24.5 million in the second quarter of 2006,
while net cash used in operating activities improved to US$5.3 million from
US$21.2 million in the second quarter.

During the quarter, the company added a net 15,387 subscribers on gross
additions of 105,564.  Monthly churn was 2.9%, up from 2.2% in the second
quarter of 2006.  Approximately 25% of the increased churn was due to the
planned decommissioning of SunCom's domestic TDMA - Time Division Multiple
Access -- network.  Additionally, the temporary deployment of service
representatives to help with the transition of customers from the TDMA
network had a negative impact on churn related to non-TDMA customers.

SunCom transitioned more than 40,000 subscribers from its TDMA network to
the GSM network, the most popular standard for mobile phones in the world.
Most of the 40,000 were not under long-term contracts and SunCom
successfully transitioned 84% of those into a one or two-year agreement on
the GSM network.

Deactivations due to the TDMA conversion were 13,667 in the third quarter as
compared with 8,055 in the second quarter of 2006.  "Any time you require
customers to change technology, it has a negative impact on your customer
service support system ... even when the outcome is positive, that is,
converting subscribers to long-term contracts and replacing out-of-date
handsets with newer versions," said Bill Robinson, executive vice president
of operations.

ARPU increased 3.2% to US$54.56 from US$52.89 in the second quarter of 2006,
driven by a combination of higher access revenues, increased feature
revenues and seasonal increases for customer usage and roaming charges.

The ARPU gain along with the higher subscriber count produced a 4.1%
increase in service revenues to US$171.1 million from US$164.4 million in
the second quarter.

"The positive third quarter results are another indication that SunCom is
making gains in growing its cash flows and building its subscriber base,"
said Chairman and Chief Executive Officer Michael E. Kalogris.  "Our
Associates have done a fantastic job of positioning SunCom as a viable
competitor in a very tough industry."

Mr. Kalogris added, "The third quarter demonstrated SunCom has a solid
foundation from which to generate additional growth and we are looking
forward to an exciting fourth quarter."

SunCom recently launched a fresh marketing campaign featuring new equipment
offerings and promotional rate plans and new television advertising.
Additionally, SunCom successfully launched a new prepaid product --
GoodCall -- during the quarter.

                    Financial Highlights

   -- Adjusted EBITDA in the third quarter was US$30.2 million,
      a 23.2% increase from US$24.5 million reported in the
      second quarter of 2006.

      Net cash used in operating activities was US$5.3 million
      in the third quarter of 2006 compared with a use of
      US$21.2 million in the second quarter of 2006.

   -- ARPU increased sharply to US$54.56 from US$52.89 in the
      second quarter of 2006, which reflected a combination of
      higher access revenues, increased feature revenues as
      well as seasonal increases for customer usage and roaming
      charges.

   -- Service revenues increased 4.1% to US$171.1 million from
      US$164.4 million in the second quarter of 2006, reflecting
      a higher ARPU and the greater number of subscribers in the
      quarter.

   -- Roaming revenues were US$23.5 million compared with
      US$19.5 million in the second quarter of 2006.   The
      quarter-to-quarter increase was due to a higher volume
      of minutes.  Total roaming minutes of use -- MOUs - were
      296 million compared with 256 million in the second
      quarter 2006.

   -- Monthly churn was 2.9% compared with 2.2% in the second
      quarter of 2006.  This increase was due, in part, to the
      planned decommissioning of SunCom's TDMA network.

   -- Cost of service for the third quarter of 2006 was US$66.7
      million, unchanged from the second quarter.  Lower cell
      site expenses, primarily from the decommissioning of the
      TDMA network, were responsible for the flat
      quarter-over-quarter costs, despite the company's higher
      subscriber count.  Average home MOUs for the quarter was
      1,459 compared with 1,455 in the prior quarter.

   -- Total cost of equipment was US$38.0 million compared with
      US$32.3 million in the second quarter of 2006.  The
      increase in the third quarter compared with the second
      quarter was due to higher gross additions and increased
      handset upgrades related to retention programs.

   -- Costs per gross addition of US$400 declined from US$409
      in the second quarter due to increased leverage on
      advertising and fixed costs from higher gross additions.

   -- Capital expenditures in the quarter were US$7.3 million
      versus US$34.9 million a year ago.

   -- The company ended the quarter with US$236.2 million in
      cash and short-term investments.

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) -- http://www.suncom.com/-- offers digital wireless
communications services to more than one million subscribers in
the southeastern United States, Puerto Rico and the U.S. Virgin
Islands.  SunCom is committed to delivering Truth in Wireless by
treating customers with respect, offering simple,
straightforward plans and by providing access to the largest GSM
network and the latest technology choices.

SunCom Wireless' balance sheet showed a stockholders' deficit of
US$378,099,000 at Sept. 30, 2006, compared with a deficit of US$338,223,000
at June 30, 2006.


UNIVISION COMM: Acquires Full Control of Disa Records
-----------------------------------------------------
Univision Communications Inc. purchases the remaining 50% of Mexico-based
Disa Records and Edimonsa Publishing.  Univision purchased 50% of Disa from
the Chavez family of Monterrey, Mexico, in June 2001 with the provision to
purchase the remaining 50% in five years.  With this purchase, Univision
Music Group accounts for over 40% of the Latin music market share in the
country.

Disa Records will continue to operate as a separate label under Univision
Music, similar to Fonovisa Records, Univision Records and La Calle Records.
Edimonsa Publishing will be merged into the Univision Music Publishing
companies.

Carlos Ruiz has been appointed Vice President/General Manager of Disa
Records.  He previously served for Univision Music Group-Mexico, where he
developed commercial strategies to leverage business growth.  Mr. Ruiz'
career in the Latin music industry spans over 18 years and includes
leadership positions with Warner Music Brazil, Peerless-MCM and Metro Casa
Musical.

"I want to congratulate the Chavez family for building a successful record
and publishing company that has endured the test of many years in the Latin
music industry and I wish them success in future endeavors," said Jose
Behar, President and Chief Executive Officer, Univision Music Group.  "I am
very excited about the role Carlos Ruiz will play in continuing the success
of Disa Records.  I am confident in his ability to capitalize on the label's
current position in the marketplace and further strengthen the Disa brand
under Univision Music Group."

The Chavez family expressed, "We deeply thank our friends Mr. Jerry
Perenchio and Mr. Jose Behar for opening the doors of Univision to the Disa
Records label and for their confidence and support during our five-year
venture.  We believe that, under the direction of Mr. Carlos Ruiz and Mr.
Josť Behar, Disa will continue to be one of the most important and
successful regional Mexican music labels.  Congratulations to Univision and
we reiterate that, Disa Records and Edimonsa Publishing will continue to
flourish within the Univision Music Group."

"I am thrilled about my new position with Disa Records and look forward to
the challenge of leading a music label with such a powerful roster of
artists and with such a rich catalog of music," said Mr. Ruiz.

Disa Records currently represents an impressive roster of international
artists including Montez de Durango, Los Horoscopos, Patrulla 81, Los
Brindis and Beto y Sus Canarios.  Disa Records will continue to operate
primarily from Monterrey, Mexico, with major offices in Mexico City, Los
Angeles, San Antonio and Miami.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., -- http://www.univision.net/-- a Spanish-language
broadcaster, owns and operates more than 60 television stations
in the U.S. and Puerto Rico offering a variety of news, sports,
and entertainment programming.  The company had about US$1.4
billion in debt at March 31, 2006.

                        *    *    *

As reported in the Troubled Company Reporter on July 4, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured notes ratings on Univision Communications
Inc. to 'BB-' from 'BBB-', based on the company's agreement in
principle to a US$12.3 billion (excluding existing debt) LBO led
by investor group Madison Dearborn Partners LLC.

As reported in the Troubled Company Reporter on June 30, 2006,
Fitch downgraded Univision Communications Inc.'s IDR and senior
unsecured debt ratings to 'BB' from 'BBB-', and the ratings
remain on Rating Watch Negative.




============================
S T  K I T T S  &  N E V I S
============================


DIGICEL LTD: Launches Credit Me Credit U Service
------------------------------------------------
Digicel Ltd. has launched a new service called the Credit Me Credit U in St.
Kitts and Nevis, SKNVibes reports.

According to SKNVibes, the new service makes it easier for prepaid clients
to receive credit on their prepaid mobile phones in St. Kitts and Nevis, and
the wider Organization of Eastern Caribbean States.

SKNVibes relates that Credit Me Credit U is a secure and dynamic handset to
handset based method of topping up account that allows for persons to
request "Credit Me" from another Digicel subscriber by dialing
*127*1areacodenumber*amountrequested#.  For the other client to "Credit U",
he/she would dial *128*1areacodenumber*amount to be transferred#.

The "Credit Me" service is free of charge, SKNVibes notes.  However, the
"Credit U" service will be charged at EC$0.25 per transaction.

SKNVibes emphasizes that prepaid clients can use Credit Me Credit U to
request or send credit from or to, any Digicel client pre or postpaid
located in any Eastern Caribbean Island.  With this product, Digicel offers
the Federation the most ways to top up their prepaid mobile phones with:

          -- Direct Flex,
          -- Flex Cards,
          -- Top u Up,
          -- Webflex,
          -- E Top Up, and
          -- Credit Me Credit U.

Donovan White -- the marketing manager of Digicel St. Kitts, Nevis &
Anguilla -- told SKNVibes that the company is delighted to offer prepaid
clients another method of recharging their Digicel mobile phones.  Credit Me
Credit U grants the convenience of receiving credit quickly from a friend or
family member at the most inconvenient times when phones need recharge.

Digicel continues to work hard to meet clients' needs and offer convenience
in the service it provides to the Federation of St. Kitts and Nevis,
SKNVibes says, citing Mr. White.

Credit Me Credit U is perfect for parents who provide their children with
mobile phones because it gives them an alternative of recharging their
children's mobile phones at their own convenience, Kevin Edwards, also a
marketing manager of Digicel St. Kitts and Nevis -- told SKNVibes.

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 Ltd. 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.




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


BRITISH WEST: Former Workers Lament Treatment & Firm's Closure
--------------------------------------------------------------
The former workers of British West Indies Airlines aka BWIA in the United
States mourned the airline's closure and the way the company treated them,
Newsday reports.

According to Newsday, BWIA is in transition mode towards closure by Dec. 31.
Caribbean Airlines will take its place on Jan. 1.

US workers said in a statement that they were deeply saddened over the loss
of BWIA after the airline gave the region and its foreign destinations 66
years of excellent service with an impeccable safety record.

The workers told Newsday that the International Association of Machinists or
IAM, the union representing them, had rejected the voluntary separation
offer, as the Trinidad and Tobago workers were offered substantially greater
packages for the same level of jobs.

The management had completed negotiations with IAM on the voluntary
separation packages for its workers in New York and Miami, BWIA said in a
statement.  The company said it entered into a Memorandum of Understanding
on Oct. 12, under the auspices of the US National Mediation Board.

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.


DIGICEL LTD: Inks Roaming Accord with Azercell Telecom
------------------------------------------------------
Digicel Trinidad and Tobago has signed a roaming agreement with JV Azercell
Telecom, the latter told Azertag.

Azertag relates that other firms that entered into the same agreement with
JV Azercell include:

          -- Digicel (Curacao)
          -- T Mobile, and
          -- Bharti Airtel.

JV Azercell has signed 296 roaming accords with mobile operators in 134
nations, Azertag reports.

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 Ltd. 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.


DIGICEL LTD: Launches Free Calls in Trinidad & Tobago
-----------------------------------------------------
Kevin White, the chief executive officer of Digicel Trinidad and Tobago,
said in a news conference that the firm has launched its latest "Talk for
Free" promotion.

Mr. White told the Trinidad & Tobago Express that once the client speaks for
five minutes -- Digicel to Digicel -- and paid for five minutes, calls for
the rest of the day until midnight will be free.

The promotion ends on Nov. 29, The Express reports.

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 Ltd. 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.


DIGICEL LTD: Rival Firm Fails to Resolve Calls Conflict
-------------------------------------------------------
The Telecommunications Services of Trinidad and Tobago aka TSTT failed to
resolve the calls conflict with Digicel Ltd. at the deadline the
Telecommunications Authority demanded, the Trinidad and Tobago Express
reports.

According to The Express, TSTT has not implemented any changes to its
networks.

As reported in the Troubled Company Reporter-Latin America on Oct. 25, 2006,
the Telecommunications Authority called for immediate action from TSTT to
fully cooperate with the investigation resulting from Digicel's complaint
against TSTT.  Digicel claimed that TSTT intentionally blocked the former's
calls.

TSTT blamed the call conflict on a software problem resulting from the
"decommissioning" of its Time Division Multiple Access, The Troubled Company
Reporter-Latin America relates.  TSTT said that it had not intended to block
calls from Digicel's clients.  TSTT said that the software conflict had been
resolved and the company was waiting for feedback from Digicel as to whether
that problem is still affecting the latter's users.

The Express underscores that the Telecommunications Authority told Samuel
Martin, the chairperson of TSTT, that the latter had seven days to correct
the problem.

Bernard Mitchell, the chief operating officer of TSTT, pointed to
correspondence existing between TSTT and Digicel, agreeing to domestic
traffic only because of Digicel's injection of international traffic and
that call completion was proving very low, The Express says.

Mr. Mitchell told The Express, "With respect to the issue of the link
between us being deployed strictly for domestic traffic, we have the
correspondence to prove that."

"TSTT's claim that the interconnection was to, or should apply to domestic
traffic only, is unsustainable.  Digicel is authorized, as TSTT was at all
material times well aware, to carry both domestic and international
traffic... the lack of a formal interconnection agreement between TSTT and
Digicel is irrelevant.  TSTT agreed to provide interconnection services
between TSTT and Digicel on a sender keeps all basis and has been doing so
for more than six months now," The Express says, citing the
Telecommunications Authority.

Elizabeth Camps, the legal and policy adviser of TSTT, assured The Express
that the company is addressing the issue with the Telecommunications
Authority.

Mr. Mitchell told The Express, "We've gone the distance in facilitating the
competitive process... and what we're saying now is we need an agreement
that would guide the relationship between the two players in the market.
One may ask why we have an issue with the injection of international
traffic.  Really it is because apart from the issue of reduced call
completion, you must bear in mind that TSTT has been able to sign two
interconnect agreements so far -- one with Laqtel which deals with mobile
communications and one with 360 Communications, a subsidiary of Illuminat,
for bringing into Trinidad and Tobago international traffic.  It would be
discriminatory against our very local entrepreneurs from participating in
the local sector, while allowing other entities from abroad to reap the
benefits of the competitive process, so we are studiously resisting having
to entertain such a situation."

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 Ltd. 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.


DIGICEL LTD: Seeks Halt of Rival Firm's Call Block
--------------------------------------------------
Kevin White, the chief executive officer of Digicel Trinidad and Tobago,
told the media that the company has filed an injunction to stop the
Telecommunications Services of Trinidad and Tobago aka TSTT from blocking
calls from the firm's clients.

"We filed an injunction with the courts on Monday (Oct. 30) and we served
notice on TSTT last night (Tuesday night) and we expect a court hearing
tomorrow (Nov. 2).  The injunction has nothing to do with interconnect
rates...the injunction is to stop them from blocking calls.  TSTT are
blocking calls-we have independent proof.  We've invited in the engineers
from the regulators office, they saw it, they were horrified and TATT had
written to TSTT last Monday-as far as I know neither of these letters have
been responded to," the Trinidad and Tobago Express says, citing Mr. White.

Mr. White said that TSTT is not willing to negotiate with regards to the
interconnection issue, The Express notes.

"TSTT are not willing to negotiate, they are only willing to negotiate on
their own terms," Mr. White told The Express.

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 Ltd. 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.


HILTON HOTELS: Ends Coral Hotels Joint Development Agreement
------------------------------------------------------------
Coral Hotels & Resorts and Hilton Hotels Corp. jointly decided to dissolve
their agreement to develop the Coral by Hilton brand.  The decision, reached
by mutual agreement, is effective Oct. 31, 2006.

"This de-branding stems from a mutually agreed and amicable decision,"
states Simon Suarez, executive vice president of Coral Hotels & Resorts.
"The superior infrastructure and unique characteristics of Coral Hotels &
Resorts guarantee seamless branding without starting from zero.  Under the
new structure, guests will continue to enjoy four exciting all-inclusive
resorts with a wide variety of activities and accommodations to please any
discerning traveler."

"Hilton has enjoyed a successful three year relationship with Coral Hotels &
Resorts.  This mutual decision is a result of our companies pursuing new
direction and focus for development opportunities," said Matthew J. Hart,
president and chief operating officer, Hilton Hotels Corporation.

Coral's four existing all-inclusive resorts in the Dominican Republic will
no longer operate under the Coral by Hilton brand as of Oct. 31, 2006, and
will revert back to the Coral Hotels & Resorts brand.  All existing
reservations will be honored by all four hotels.

Since 1996, Coral Hotels & Resorts has operated in the Dominican Republic,
and will continue to do so under that banner.  Following the de-branding
process from Hilton, Coral Hotels & Resorts will soon launch a comprehensive
marketing campaign, and will continue to sell through all existing
distribution channels, including tour operators, travel agencies, electronic
media and direct-consumers.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *    *    *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors, the rating agency confirmed its Ba2
Corporate Family Rating for Hilton Hotels Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%




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


AES CORP: Unit Says Firm Complies with Regulations
--------------------------------------------------
"AES's purchase complied with all the norms of the regulatory bodies.  There
is no problem because it complies with all the regulations," Julian
Nebreda -- the executive president of Electricidad de Caracas, AES Corp.'s
unit in Venezuela -- told reporters.

Reuters relates that the Supreme Court of Venezuela disclosed on Oct. 30
that it would hear a lawsuit challenging AES Corp.'s acquisition of a 71.3%
stake in 2000 and questioning the legality of a foreign firm controlling a
public utility.

Electricidad de Caracas contested on Oct. 31 charges that AES Corp.'s
purchase of the controlling stake in the company was illegal, Reuters notes.

The court will decide whether to continue with the lawsuit after hearing
testimony from the executives of Electricidad de Caracas and Venezuela's
parliament, Reuters 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.

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.


CITGO PETROLEUM: Selling Two Asphalt Plants & Stake in Pipeline
---------------------------------------------------------------
Felix Rodriguez, the president of Citgo Petroleum Corp., told Business News
Americas that the company will sell two asphalt refineries on the East Coast
and a stake in a pipeline system.

"We are carrying out the due diligence for the asphalt refineries we have in
Paulsboro [New Jersey] and Savannah [Georgia]," BNamericas says, citing Mr.
Rodriguez.

BNamericas relates that the sale of Citgo Petroleum's 15.8% stake in the
5,500-mile Colonial pipeline system is more advanced than the plants.

"We are in the process of receiving offers for it," Mr. Rodriguez told
BNamericas.

Mr. Rodriguez said that Citgo Petroleum will stop providing gasoline to
1,600 7-Eleven gas stations in the US and plans no expansions for its
remaining US plants in the foreseeable future, BNamericas notes.

Citgo Petroleum will expand the sale of heating oil at subsidized prices to
poor communities, BNamericas says.

Mr. Rodriguez told BNamericas, "We are estimating that we will reach 100M
gallons [379M liters] in 19 states this year.  Last year, we served seven
states and 40M gallons."

According to BNamericas, the sales are part of Citgo Petroleum's strategy to
lessen its presence in the US.

Petroleos de Venezuela ratified earlier this year the sale of a 41.25%
interest in a Houston refinery to Lyondell Chemical, its majority partner in
the venture, BNamericas states.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned
subsidiary of Petroleos de Venezuela SA, the state-owned oil company of
Venezuela.

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on Citgo
Petroleum Corp.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.  Fitch also rates
the company's US$1.15 billion senior secured revolving credit facility
maturing in 2010 at 'BB+', its US$700 million secured term-loan B maturing
in 2012 at 'BB+', and its senior secured notes at 'BB+'.


CITGO PETROLEUM: Two Units Restarting Operations This Month
-----------------------------------------------------------
Operators told El Universal that the catalytic cracking unit and an
alkylation unit in a Citgo Petroleum refinery in Lemont, Illinois, will
restart operations in the middle of November.

El Universal relates that the catalytic cracking unit is used to manufacture
gasoline.  The Citgo Petroleum refinery has a daily production of 167,000
barrels.

According to El Universal, the two units were slated for maintenance
starting in October.

The specific date for the restart of the operations were not disclosed, El
Universal states.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned
subsidiary of Petroleos de Venezuela SA, the state-owned oil company of
Venezuela.

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on Citgo
Petroleum Corp.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.  Fitch also rates
the company's US$1.15 billion senior secured revolving credit facility
maturing in 2010 at 'BB+', its US$700 million secured term-loan B maturing
in 2012 at 'BB+', and its senior secured notes at 'BB+'.


ELECTRICIDAD DE CARACAS: Says AES Complies with Regulations
-----------------------------------------------------------
"AES's purchase complied with all the norms of the regulatory bodies.  There
is no problem because it complies with all the regulations," Julian
Nebreda -- the executive president of Electricidad de Caracas, AES Corp.'s
unit in Venezuela -- told reporters.

Reuters relates that the Supreme Court of Venezuela disclosed on Oct. 30
that it would hear a lawsuit challenging AES Corp.'s acquisition of a 71.3%
stake in 2000 and questioning the legality of a foreign firm controlling a
public utility.

Electricidad de Caracas contested on Oct. 31 charges that AES Corp.'s
purchase of the controlling stake in the company was illegal, Reuters notes.

The court will decide whether to continue with the lawsuit after hearing
testimony from the executives of Electricidad de Caracas and Venezuela's
parliament, Reuters 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.


PETROLEOS DE VENEZUELA: Constructing Submarine to Spot Leaks
------------------------------------------------------------
Petroleos de Venezuela SA, the state oil firm of Venezuela, is working with
a university in Carabobo to develop a submarine, which could spot leaks in
underwater pipelines in the Maracaibo lake, Business News Americas reports,
citing Ana Elisa Osorio, the company's corporate manager for environmental
and occupational hygiene.

Maracaibo is one of Petroleos de Venezuela's leading exploration and
production areas.  The area has for decades been faced with a series of
environmental issues due to large-scale crude oil and gas production,
BNamericas relates.

Ms. Osorio declined to tell BNamericas the launching date for the submarine.

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 3, 2006,
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
S&P's 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+'.


PETROLEOS DE VENEZUELA: Fails Shipping Gasoline to US
-----------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of Venezuela, has not
delivered gasoline to the United States since September, El Universal
reports.

Oil operators and shipping agents told Reuters that the delay of the
shipment was partly due to problems on Petroleos de Venezuela's US refining
operations.

According to El Universal, power troubles and scheduled plant closures in
three of the four refineries comprising the domestic circuit led to a
significant output reduction in September and October.

However, Rafael Ramirez, Venezuela's minister of energy and petroleum and
Petroleos de Venezuela chief told El Universal that exports to the US have
been within normal limits.

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 3, 2006,
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
S&P's 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+'.


PETROLEOS DE VENEZUELA: Posts US$43.6B First Nine-Month Revenue
---------------------------------------------------------------
Rafael Ramirez -- the president of Petroleos de Venezuela SA, the state-run
oil company of Venezuela, and the energy and oil minister of the country --
said to lawmakers that the firm had a US$43.6 billion revenue for the first
nine months of 2006, Business News Americas reports.

BNamericas relates that Petroleos de Venezuela incurred costs and expenses
of US$11.1 billion in the first nine months of 2006, paying US$13.7 billion
in royalties to the treasury and US$4.58 billion in taxes.

Minister Ramirez told BNamericas that Petroleos de Venezuela invested about
US$8.31 billion in social development or missions in the first nine months
of 2006 to provide health care and eliminate illiteracy.

BNamericas underscores that Petroleos de Venezuela has experienced serious
delays in releasing its financial results since the 2002-03 oil workers'
strike.

According to BNamericas, Petroleos de Venezuela published its financial
results for the year 2003 in late 2005, reporting a US$2-billion profit.

However, Minister Ramirez told BNamericas that Petroleos de Venezuela's
auditing system had been repaired.

Petroleos de Venezuela's results for January-September 2006 have not been
audited or published.  The company does not report to any Venezuelan
regulator as it is not publicly traded and lists the energy and oil ministry
as stockholder, BNamericas states.

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 3, 2006,
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
S&P's 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+'.


PETROLEOS DE VENEZUELA: Will Reduce Daily Oil Production
--------------------------------------------------------
Petroleos de Venezuela SA, the state oil firm of Venezuela, has warned its
clients that it will slash output in line with 138,000 barrels per day (b/d)
reduction agreed with the Organization of the Petroleum Exporting Countries
or OPEC, Business News Americas reports.

Rafael Ramirez, the president of Petroleos de Venezuela and the country's
energy and oil minister, told BNamericas that to honor the commitment,
Venezuela will reduce the production of its heaviest cheapest crude.

Minister Ramirez said in a statement posted on the firm's Web site, "A
letter is being sent to all foreign consumers of Venezuelan crude explaining
to them our sovereign position and the cut of 138,000b/d we will make
starting on Nov. 1."

Minister Ramirez told BNamericas that he expects that oil prices could keep
on decreasing but would always remain above the US$8-10/b levels in 1998.

"The price of a barrel will not go back to US$30/b due to structural
factors," BNamericas says, citing Minister Ramirez.

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.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 3, 2006,
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
S&P's 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+'.


* IMF Sees Continued Growth in LatAm and the Caribbean Regions
--------------------------------------------------------------
The Latin American and Caribbean region continues to grow robustly and above
its historical average, the International Monetary Fund concludes in its
2006 Regional Economic Outlook.

In 2006, real growth should average around 4.75%, making the ongoing
expansion the most vigorous three-year period since the 1970s.  This is
about a half percentage point higher than in 2005.

Mr. Anoop Singh, Director of the IMF's Western Hemisphere Department,
presented the 2006 Regional Economic Outlook today in a conference in Mexico
City, during the 11th Annual Meeting of the Latin American and Caribbean
Economic Association, hosted by the Instituto Tecnologico Autonomo de
Mexico.

The report's main findings are:

Strong economic performance

Recent economic performance in Latin America and the Caribbean has been
strong, and is expected to remain solid in 2007. Moreover, this expansion is
generally on a sound macroeconomic footing.

Latin America and Caribbean growth is projected to reach around 4.75% in
2006. The growth pace is expected to recede slightly to about 4.25% in 2007,
in line with a more measured global expansion, the likely easing of
commodity prices, and the maturing of recoveries within the region.

The region's recovery in recent years has contributed to an increase in
employment and falling poverty rates.  In many countries, employment growth
has accelerated, with formal unemployment declining toward 10% on average.
Reductions in poverty have been widespread.  In Brazil, for example, the
poverty rate fell from 28% in 2003 to 23% in 2005, with the income of the
poorest half of the population growing over twice as fast as that of the top
10 percent.

Inflation has generally remained subdued and is expected to decline
moderately further, to a regional average of about 5% in 2007, testimony to
the growing credibility of central banks in the region.

This expansion is supported by solid economic fundamentals.  External
current accounts and primary fiscal balances are generally in surplus,
exchange rates are more flexible than in previous expansions, inflation is
much lower, and the structure of public debt is safer, with lower shares of
short-term and foreign currency debt in most large countries. In this
regard, further progress was made in recent months, with Peru and Brazil
issuing 20-and 16-year bonds in their own currencies, and Mexico issuing a
30-year peso bond.

Potential risks

Notwitstanding this solid performance, a number of factors warrant
monitoring.

External risks to the outlook include a sharper-than-expected slowdown in
U.S. growth; an unexpected tightening of global financial markets; commodity
price volatility (particularly sharply lower non-oil commodity prices); and
trade pressures following the erosion of preferential access in the
Caribbean and lack of progress on agreements to liberalize trade further.

Some domestic vulnerabilities remain.  Public debt remains relatively high,
at over 50% of GDP on average.  Budgets remain rather rigid, with a high
proportion of expenditures mandatory and a large share of revenues
earmarked. Government spending in a number of countries has recently
accelerated, and lower commodity prices could erode fiscal surpluses.
Public revenue remains low in some countries, particularly in light of
social needs.  And, while not yet a source of concern in most countries,
high real credit growth requires close monitoring.

Policy challenges

To entrench macroeconomic stability, raise growth, and help more countries
in the region move toward investment grade ratings, countries are preparing
to confront these vulnerabilities, and address the longstanding causes of
crises in the region, including high inequality.

Although making societies more equitable is inherently a slow and difficult
process, policy levers exist that could be used more, including fiscal
reforms to make the tax system fairer and focus public spending on social
programs for the poorest; labor market policies; and other reforms that
extend public services to economic opportunity to disenfranchised groups.

To raise investment and productivity growth to the levels of the most
dynamic emerging market economies, these reforms need to be matched with
greater efforts to make Latin American economies more open and competitive,
to build stronger institutions, and to raise the level of human capital in
the region.

Achieving lasting improvements in these areas will require building
constituencies that support reform.


* BOOK REVIEW: The Managerial Mystique
--------------------------------------
Author:     Abraham Zaleznik
Publisher:  Beard Books
Paperback:  320 pages
List Price: $34.95

Order your personal copy at
p://amazon.com/exec/obidos/ASIN/1587982811/internetbankrupt"|http://amazon.c
om/exec/obidos/ASIN/1587982811/internetbankrupt

"Business in America has lost its way ... desperately needing leadership to
face worldwide economic competition."

Zaleznik wrote these words in 1989 when The Managerial Mystique was first
published.  But his observation remains as true today as it was then.

In 1989, the problems included high debt and the decline of major industries
such as steel and automobiles.  To these problems can now be added
outsourcing and the growing economic power of China and India.  Zaleznik
primarily attributes the weakened condition of American business to errors
in business management.

"The causes of this decline in competitiveness are complex, but at the
forefront is the attitude of American management," he says. Mainly,
management strayed from its critically important role of encouraging,
nurturing, and recognizing initiative and creativity of individuals.

Instead, management concentrated myopically on restructuring, lateral
organization, communication, charismatic leadership, and mergers and
acquisitions.  While each of these strategies has a place in the corporate
world, they are not the basis for a strong business that can compete
effectively.  Zaleznik contends that it is the relationship between
management and employees that count the most in generating the ideas, goals,
cooperation, and endurance that make a corporation competitive.

Zaleznik puts to good use his background in social psychology and
psychoanalysis to explore this essential, yet neglected, area of business
management.  Social psychology and psychoanalysis are not normally
associated with business management.  However, the author applies these
so-called "soft sciences" to business organizational structures and
processes.  He critiques business organizations and their activities and
management at all levels by looking at what has been excluded that really
accounts for the quality of a business.

Zaleznik points to some high-profile examples to illustrate what is wrong
with American management.  One is Harold Geneen, the former chief executive
officer of ITT, who, the author says, epitomized a managerial approach that
stifled company energy and potential.

According to Zaleznik, Geneen is one of the many business managers who "have
put their faith in numbers, managed by process, and formed elaborate
structures to get people to do the predictable thing."

Geneen's perspective fails to acknowledge that there are differences between
one business and another.  That such a belief -- easily disproved by
experience -- has come to be the core principle of American business
evidences, to Zaleznik's mind, just how far off course American business has
strayed.

Zaleznik offers a business approach that concentrates on nurturing
creativity and moral connections among employees.  He recognizes employees
as individuals and as a corrective to business practices gone awry.  The
values advocated by Zaleznik should not be regarded as an alternative
technique or peripheral considerations.  They are the basis of a strategy
that all businesses need to compete effectively.

A professor emeritus of Harvard Business School and a certified
psychoanalyst, Abraham Zaleznik has an international reputation for his
studies and teaching on social psychology in the business setting and the
characteristics of managers and leaders.

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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
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and Beard Group, Inc., Frederick, Maryland USA.  Marjorie C. Sabijon, Sheryl
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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

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