TCRLA_Public/061109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 9, 2006, Vol. 7, Issue 223

                          Headlines

A R G E N T I N A

ADELANTOS Y CREDITOS: Trustee Verifies Claims Until Dec. 29
BANCO MACRO: Net Income Up 63% to ARS106MM in 3rd Quarter 2006
BAPA SRL: Claims Verification Deadline Is Set for Dec. 29
CIVE LA RIOJA: Trustees Verify Proofs of Claim Until Dec. 26
CONSTRUCCIONES GIBERT: Asks for Court OK to Restructure Debts

DR. PHILIPPE: Claims Verification Deadline Is Set for Dec. 22
EUROMAYOR SA: Fitch Arg Puts E Rating on US$3.078-Mil. Notes
FIDEICOMISOS (GALTRUST II): Fitch Arg Puts Junk Ratings on Debts
GAS ARGENTINO: Fitch Argentina Puts D Rating on US$130-Mln Notes
MOLINOS RIO: Fitch Argentina Assigns BB- Local Currency IDR

PINNACLE ENTERTAINMENT: Earns US$22.4MM in Third Quarter of 2006
PREVENT ARC: Claims Verification Deadline Extended to Nov. 20
PROVINCIA DEL CHACO: Fitch Arg Puts D Rating on US$50-Mil. Debts

B A H A M A S

COMPLETE RETREATS: Creditors Panel Taps Fairfax Group as Advisor
COMPLETE RETREATS: Mexican Lenders Want to Take Property
COMPLETE RETREATS: Says Co-Debtors Are Current with Client Pacts

B E R M U D A

BACARDI HOLDINGS: Last Day to File proofs of Claim Is on Nov. 15
DANCREST CAPITAL: Creditors Have Until Nov. 20 to File Claims
FDVG CAPITAL: Last Day for Proofs of Claim Filing Is on Nov. 20
NORTIDE SHIPPING: Proofs of Claim Filing Deadline Is on Nov. 15
NORWEGIAN SHIPOWNERS: Proofs of Claim Must be Filed by Nov. 20

QUANTA CAPITAL: Posts US$3.3MM Net Income in Third Quarter 2006
SEA CONTAINERS: Reed Conner Ceases To Be A Major Shareholder
SEA CONTAINERS: Wants To Give Up Railway Services In May 2007
SILVER SHIELD: Creditors Must Submit Proofs of Claim by Nov. 20
SOUTHSIDE OFFICE: Creditors' First Meeting Is Set for Nov. 21

B R A Z I L

CIA SIDERURGICA: S&P Says Enhanced Pact Won't Affect Ratings
FIDELITY NATIONAL: Discloses Final Exchange Ratio for FNF Merger
GERDAU SA: Ends Negotiations on US$400MM Sr. Liquidity Facility
GERDAU SA: Posts BRL20.6B Revenue in First Nine Months of 2006
NOVELIS: Gets US$35MM Proceeds on Brazilian Assets Divestment

NOVELL INC: Outlines Details of Agreement with Microsoft
NOVELL: Debenture Holders Have Until Today to Tender Consents
NRG ENERGY: Issuance of Unsec. Debt Cues S&P to Affirm B+ Rating
PETROLEO BRASILEIRO: Inks 4 Shared Prod'n Pacts with Sonangol
TRW AUTOMOTIVE: Prices Public Offering of Common Stock

TRW AUTOMOTIVE: Fitch Says Stock Operations Won't Affect Ratings
VALMONT INDUSTRIES: Moody's Assigns Loss-Given-Default Rating

C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Final Shareholders Meeting Is on Nov. 15
AVENIR MASTER: Calls Shareholders for Final Meeting on Nov. 16
FRUCTOSE LTD: Shareholders Gather for Last Meeting on Nov. 16
GRAND CONSTELLATION: Last Shareholders Meeting Is on Nov. 16
GREEN T: Invites Shareholders for Final Meeting on Nov. 16

ISARIA LTD: Final General Meeting Is Set for Nov. 21
KICAP FINANCIALS: Sets Last Shareholders Meeting for Nov. 16
KICAP (LEVERAGED): Sets Final Shareholders Meeting on Nov. 16
KICAP MASTER (PLUS): Finals Shareholders Meeting Is on Nov. 16
KICAP MASTER: Invites Shareholders for Last Meeting on Nov. 16

KICAP (STANDARD): Last Shareholders Meeting Is Set for Nov. 16
MESPIL FUND: Shareholders Convene for Final Meeting on Nov. 16
MESPIL MASTER: Shareholders Convene for Last Meeting on Nov. 16

C H I L E

ENDESA CHILE: Earns CLP142.9B for First Nine Months of 2006
ENERSIS SA: Posts US$243,506 Million in Third Quarter Profits

C O L O M B I A

BANCOLOMBIA: Completes Integration Process of Merger
CA INC: Quarterly Results Prompts Moody's to Affirm Ba1 Rating

C U B A

* CUBA: American Companies Post Lower Sales at Havana Fair

H O N D U R A S

* HONDURAS: Commerce Minister Endorses Cement Importation

J A M A I C A

MAAX HOLDINGS: Moody's Assigns Loss-Given-Default Rating

M E X I C O

BEARINGPOINT INC: Launches Corp. Performance Management System
BEARINGPOINT INC: Obtains Waivers & Amends Credit Facility
DIRECTV INC: Creates In-House Advertising Sales Team
ENESCO: Inks Thirteenth Amendment to US Credit Facility
GENERAL MOTORS: Paying Fourth Quarter Dividends on Dec. 9

GENERAL MOTORS: Reduces Third Quarter Net Loss to US$91 Million
GENERAL MOTORS: Delphi Deal Coming Soon Says Rick Wagoner
INTERTAPE POLYMER: Provides Update on Ongoing Cost Cuts
OPEN TEXT: Posts USUS$101.2MM Revenue in First Quarter 2007

P A N A M A

BANCO DE CREDITO (PANAMA): Moody's Changes Outlook to Positive
CHIQUITA BRANDS: E.coli Prompts S&P's B Corporate Credit Rating
CHIQUITA BRANDS: US$96M Loss Cues Moody's B3 Corp. Family Rating

P E R U

BANCO DE CREDITO: Moody's Changes B1 Rating Outlook to Positive
BBVA BANCO: Moody's Changes B1 Rating Outlook to Positive
CB RICHARD: Launches 9-3/4% Senior Notes Solicitation Consent

* PERU: Moody's Revises Ratings Outlook to Positive from Stable

P U E R T O   R I C O

GLOBAL HOME: Proofs of Claim Filing Deadline Is on Nov. 15
HC CARIBBEAN: Court Sets Feb. 15 as Claims Filing Deadline
HC CARIBBEAN: U.S. Trustee Sets Nov. 17 Creditors Meeting
RENT-A-CENTER: Completes New US$1.3 Bil. Senior Loan Refinancing
WESCO INT'L: Completes Acquisition of Communications Supply

T R I N I D A D   &   T O B A G O

JETBLUE AIRWAYS: Names Charles Mees Chief Information Officer

U R U G U A Y

IMCOPA IMPORTACAO: S&P Assigns B Long-Term Corp. Credit Rating

V E N E Z U E L A

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


ADELANTOS Y CREDITOS: Trustee Verifies Claims Until Dec. 29
-----------------------------------------------------------
Jorge Fernando Podhorzer, the court-appointed trustee for
Adelantos y Creditos SA's bankruptcy proceeding, verifies
creditors' proofs of claim until Dec. 29, 2006.

Mr. Podhorzer will present the validated claims in court as
individual reports on March 14, 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 Adelantos y Creditos 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 Adelantos y Creditos'
accounting and banking records will follow on Apr. 11, 2007.

Mr. Podhorzer is also in charge of administering Adelantos y
Creditos' assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

          Jorge Fernando Podhorzer
          Pasaje del Carmen 716
          Buenos Aires, Argentina


BANCO MACRO: Net Income Up 63% to ARS106MM in 3rd Quarter 2006
--------------------------------------------------------------
Banco Macro SA, fka Banco Macro Bansud S.A. reported results for
the third quarter period ended Sept. 30, 2006.

                         Highlights

   -- The Bank's net income totaled ARS106 million in 3Q06.
      This result was 63% higher than 3Q05's ARS65 million and
      7% higher than 2Q06's ARS99 million.  The annualized
      Return on Equity or ROE for the quarter was 21.0%.

   -- Loans to the private sector also showed significant
      growth, with an organic growth of 10% QoQ and 87% YoY.
      Had it included Nuevo Banco Bisel, private loans growth
      was 27% QoQ and 116% YoY.  Personal loans, which
      represent a strategic product for the Bank, once again
      led private loan portfolio growth.

   -- Total deposits showed an organic growth of 6.5% QoQ and
      28.5% YoY.  Had it included Nuevo Banco Bisel, total
      deposits grew 25% in the quarter and 51% YoY.  The
      quarterly growth was fuelled by private sector deposits
      which climbed 28%.

   -- In the quarter, the Bank's solvency continued at strong
      levels since the Bank has a capital excess of 228% or
      ARS1,462 million compared with regulatory levels.  Once
      again, this demonstrated one of Banco Macro's strengths.
      The bank's liquidity also remained high with a ratio of
      liquid assets to deposits at 59%.

   -- Although the bank incorporated Nuevo Banco's credit
      portfolio, which had slightly worse asset quality than
      Banco Macro's, consolidated non-performing credit
      portfolio remained at 2.3%, showing the strong performance
      of the bank in this area.  The coverage ratio was 146.4%
      in the quarter.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 25, 2006,
Fitch Ratings has assigned the following ratings to Banco Macro
S.A.:

   -- Foreign and local currency long-term Issuer Default
      Ratings: 'B+';

   -- Foreign and local currency short-term IDRs: 'B';

   -- Individual rating 'D'; and

   -- Support rating '5'.

Fitch said the rating outlook is stable.


BAPA SRL: Claims Verification Deadline Is Set for Dec. 29
---------------------------------------------------------
Omar Sergio Luis Vazquez, the court-appointed trustee for Bapa
SRL's bankruptcy case, will verify creditors' proofs of claim
until Dec. 29, 2006.

Mr. Vazquez will present the validated claims in court as
individual reports on March 14, 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 Bapa 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 Bapa's accounting and
banking records will follow on Apr. 11, 2007.

The trustee can be reached at:

          Omar Sergio Luis Vazquez
          Bartolome Mitre 1970
          Buenos Aires, Argentina


CIVE LA RIOJA: Trustees Verify Proofs of Claim Until Dec. 26
------------------------------------------------------------
Elsa Beatriz Tenaguillo de Molina, Guillermo Enrique Posse and
Ernesto Pedro Corso, the court-appointed trustees for Cive La
Rioja SA's bankruptcy case, will verify creditors' proofs of
claim until Dec. 26, 2006.

The trustees will present the validated claims in court as
individual reports on March 14, 2007.  A court in Cordoba will
determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges
raised by Cive La Rioja and its creditors.

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

The trustees will also submit general report that contains an
audit of Cive La Rioja's accounting and banking records.  The
report submission dates are yet to be disclosed.

The debtor can be reached at:

          Cive La Rioja SA
          Parque Industrial de la Ciudad de la Rioja
          La Rioja, Argentina   

The trustee can be reached at:

          Elsa Beatriz Tenaguillo de Molina
          Guillermo Enrique Posse
          Ernesto Pedro Corso
          27 de Abril Ciudad de Cordoba
          Cordoba, Argentina


CONSTRUCCIONES GIBERT: Asks for Court OK to Restructure Debts
-------------------------------------------------------------
Court No. 6 in Buenos Aires is studying the merits of
Construcciones Gibert SA's petition to restructure its debts
after it stopped paying its obligations on December 2004.

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

Clerk No. 12 assists the court in the case.

The debtor can be reached at:

          Construcciones Gibert SA
          J. Cubas 3046
          Buenos Aires, Argentina


DR. PHILIPPE: Claims Verification Deadline Is Set for Dec. 22
-------------------------------------------------------------
Pedro Alfredo Valle, the court-appointed trustee for Dr.
Philippe Pinel SA's bankruptcy case, will verify creditors'
proofs of claim until Dec. 22, 2006.

Mr. Valle will present the validated claims in court as
individual reports on March 9, 2007.  Court No. 14 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 Dr. Philippe 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 Dr. Philippe's
accounting and banking records will follow on Apr. 26, 2007.

Dr. Philippe was forced into bankruptcy at the request of Delia
Boson de Erramuspe, whom it owes US$12,828.14.

Clerk no. 28 assists the court in the case.

The debtor can be reached at:

          Dr. Philippe Pinel SA
          Viamonte 1336
          Buenos Aires, Argentina

The trustee can be reached at:

          Pedro Alfredo Valle
          Avenida de Mayo 1260
          Buenos Aires, Argentina


EUROMAYOR SA: Fitch Arg Puts E Rating on US$3.078-Mil. Notes
------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned an E rating on
Euromayor S.A. de Inversiones' Obligaciones Negociables Series
II for US$3,078,183.  

Fitch also placed the ordinary shares class B in category 5.  
The rating action was done based on the company's balance sheet
at July 31, 2006.


FIDEICOMISOS (GALTRUST II): Fitch Arg Puts Junk Ratings on Debts
----------------------------------------------------------------
Fideicomisos Financieros Galtrust II's debts are rated by Fitch
Argentina Calificadora de Riesgo:

    -- US$46,000,000, CCC; and
    -- Certificados de Participacion for up to US$16,000,000, C.


GAS ARGENTINO: Fitch Argentina Puts D Rating on US$130-Mln Notes
----------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned a D rating to
the Obligaciones Negociables for US$130 million issued by Gas
Argentino SA.

The rate was given as the company has not been able to pay the
interests of debt since April 2002.  Despite that, Fitch
considers as positive the agreement reached by GASA with the
creditors on December 2005 in order to restructure its debt, it
will still mantain the low rate until the restructuring is
finished.  The agreement includes the capitalization of the
whole of the debt through the exchange of shares of GASA and
Metrogas.

The Obligaciones Negociables of GASA for US$70 million are with
the funds administrated by Ashmore Investment Management Limited
and Marathon Asset Management.  The agreement includes the
issuance of shares of GASA which represent 30% of its capital in
favor of the funds Ashmore, and the transfer of shares class B
of Metrogas in hands of GASA, representative of the 19% of the
capital of Metrogas; 3.65% in favor of the Ashmore funds and a
15.35% in favor of Marathon.  Within this, GASA will keep the
51% of participation of Metrogas (shares class A).  British Gas
and Repsol YPF, indirect controllers of Metrogas, will see their
holdings reduced.

Meanwhile, Metrogas has finished the restructuring of its debt
on May 12, 2006, through the combination of a repurchase in cash
and the exchange of new Obligaciones Negociables, which allowed
to reduce debt by US$300 million, from US$564 million of capital
and interests on March 2006.  Fitch understands that the
restructuring of Metrogas gives the company a better financial
flexibility, as not having financial commitments of capital
until 2010, though its generation of funds still continues to be
limited by the frozen of the rates and the exposition to the
type of change.

The income of GASA depends on the dividends that it might be
able to distribute with Metrogas.  The terms of the new ONs
emitted by Metrogas include restrictions for distributing
dividends.  As a result, it is not expected to make distribution
of dividends in the media term.  The net gain of Metrogas in the
first semester 2006 (US$307 million) comes mainly for the
restructuring of the debt.  This resulted in a net gain for GASA
of US$201.8 million for its shares in Metrogas.


MOLINOS RIO: Fitch Argentina Assigns BB- Local Currency IDR
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo placed a BB- local
currency issuer default rating on Molinos Rio de la Plata, S.A.  
The Rating Outlook is Stable.

The ratings reflect the company's ability to earn dollar-based
revenues through exports and a leading business position in
domestic branded food products.  The ratings are constrained by
the cyclicality of operations due to the volatility of crushing
margins.

Molinos' strategy is based on developing complementary crushing
activities and branded food products manufacturing activities.
Following the Argentine peso devaluation of 2001, the company
increased its focus on foreign markets, consolidating various
export-oriented businesses and expanding its crushing and
merchandising activities. Importantly, Molinos recently
completed the construction of a port at its San Lorenzo facility
and the expansion of the crushing plant, which tripled capacity
at the facility from 6,000 tons/day to 18,000 tons/day.  This
US$110 million project has strengthened the company's position
as one of the largest world players in soybean crushing. Over
the next few years, exports should continue to grow strongly as
a result of the large expansion of the San Lorenzo plant and, to
a lesser degree, from higher regional exports of branded foods.  
Sales of branded foods in the domestic market should continue to
increase gradually in line with the recovery of private
consumption in Argentina.

During 2005, revenues declined by 6%, driven by lower prices of
oilseeds, which offset an increase in sales of branded products.
Notwithstanding, margins recovered from 2004 across the
company's oilseed-crushing activities and in branded products,
translating into higher EBITDA for year.  During the six months
ended June 30, 2006, revenues grew by 65% driven by the capacity
expansion of the San Lorenzo plant.  Exports grew by 94%
compared to the first six months of 2006.  Consolidated profit
margins, however, were affected. While Molinos' business
reorientation to oilseed crushing activities has boosted dollar
revenues, volatility has increased and margins have declined.

The company's leverage is high as it requires important levels
of working capital to fund inventory purchases and carryover.  
Short-term debt is seasonal and increases substantially during
the April-June soybean harvest due to peak oilseed purchases.  
At June 30, 2006, total debt reached US$392 million, an increase
from US$377 million at Dec. 31, 2005, that followed higher
inventories related to the large increase of capacity at San
Lorenzo.  The vast majority of Molinos' debt is dollar
denominated.

At June 30, 2006, 78% of the debt was due in the short term
(largely pre export financing).  The debt was composed as
follows: US$7 million of outstanding balance on Molino's Senior
Export Notes (paid-out in its entirety last October 2006),
US$332 million of pre export financing and US$49 million in
loans with local and foreign banks.

Credit analysis for agricultural processors and merchandisers
considers leverage ratios that exclude short-term debt used to
finance readily marketable inventories that are hedged against
price risk. Fitch also reclassifies the interest expense on
short-term debt that finances RMIs as cost of goods sold when
calculating adjusted EBITDA-to-interest coverage ratios.  At
June 30, 2006, the ratio of consolidated net debt (adjusted for
RMIs) was 1.5 times compared to 2.2 times at Dec. 31, 2005.  The
balance of cash and marketable securities reached US$30 million,
which added to US$280 million of RMIs, provided the company with
adequate liquidity to meet short-term debt requirements.

Over the past several years, the company has been able to fund
capital expenditures with internal cash flow.  Capital
expenditures, including acquisitions, reached US$70 million in
2005 and US$75 million in 2004. This is an important increase
from US$13 million and US$10 million in 2003 and 2002,
respectively, due to the completion of the San Lorenzo project
over the past two years.  Over the next few years, annual
capital expenditures should reach more moderate levels of around
US$40 million to US$50 million.

Molinos is Argentina's largest food producer and one of the
largest and exporters of oilseed oil, as well as the country's
largest exporter of bottled oil.  The company is also
Argentina's largest manufacturer of branded food products.  
Molinos produces a wide range of packaged foods for domestic
consumption, including bottled oil, margarine, pasta, premixes,
packaged flour, yerba mate, rice, cold cuts and frozen foods. In
2005 revenues reached US$913 million, of which 64% were exports.
Oilseed crushing activities accounted for 55% of total revenues.  
The company's controlling shareholder is the Perez Companc
family with a 63.7% equity stake.  The remaining shares trade
publicly in the Buenos Aires stock market.


PINNACLE ENTERTAINMENT: Earns US$22.4MM in Third Quarter of 2006
----------------------------------------------------------------
Pinnacle Entertainment Inc. reported strong financial results
for the third quarter and nine months ended Sept. 30, 2006.

Revenues for the third quarter of 2006 were US$236.7 million, an
increase of 35.7% from US$174.4 million in last year's quarter.
Adjusted EBITDA rose 160% to US$54 million in the current period
from US$20.8 million.  Adjusted EBITDA margin was approximately
22.8%.

The quarterly results include solid business levels at L'Auberge
du Lac, continued strong performance at Boomtown New Orleans and
continued margin improvement at Boomtown Bossier City.  The 2006
results were strong, but the year-over-year comparisons are
augmented by the effects of Hurricanes Katrina and Rita in 2005
and start-up costs associated with L'Auberge du Lac's May 2005
opening.

On a GAAP basis, the Company reported net income of US$22.4
million versus the prior-year net income of US$5 million.  GAAP
net income in the 2006 quarter benefited from asset sale gains
included in discontinued operations, while GAAP net income in
the prior year quarter was boosted by a US$14.9 million income
tax benefit.

"We are pleased with our Company's performance in the third
quarter," Pinnacle's chairman and chief executive officer
Daniel R. Lee said.

"L'Auberge's adjusted EBITDA was US$19.8 million, bringing us to
US$55 million for the nine-month period.  Belterra achieved
record adjusted EBITDA and Boomtown New Orleans continues to do
well, as the New Orleans area continues to be rebuilt.

"We look forward to the additional benefit that the hotel
expansion projects at these three properties will provide when
they open in late 2007 and early 2008.

"We also continue to lay the framework for Pinnacle's extended
growth," Mr. Lee continued.  "Construction continues apace on
both our projects in St. Louis.

"Local approval for our Sugarcane Bay project in Lake Charles,
Louisiana, is on the November 7 ballot.  We recently submitted
plans to the Louisiana Gaming Control Board for a new casino in
Baton Rouge.

"We have also passed the 'overbid period' in our agreement to
purchase The Sands/Traymore site in Atlantic City.  In sum, our
development pipeline positions us well for at least the next
five years."

                     Nine-Month Results

Revenues for the nine months ended Sept. 30, 2006, increased
58.5% to US$699.7 million from US$441.4 million for the 2005
period, reflecting the May 2005 opening of L'Auberge du Lac and
the adverse effect to 2005 results from the hurricanes.  
Adjusted EBITDA rose 135% to US$168 million from US$71.6 million
in the prior-year nine-month period.

On a GAAP basis, net income for the first nine months of 2006
was US$81.9 million, compared with a net loss of US$1.4 million
for the nine months ended Sept. 30, 2005.

The recent nine-month period's GAAP net income includes merger
termination proceeds from the Company's proposed agreement to
purchase Aztar Corp. and asset sale gains, while the net loss in
the 2005 nine-month period was narrowed by a sizable income tax
benefit recorded in the third quarter.

                    Recent Developments

   -- In September 2006, Pinnacle signed an agreement to
      purchase the entities that own The Sands Hotel and Casino
      and Traymore sites in Atlantic City, New Jersey, from
      entities affiliated with financier Carl Icahn for
      approximately US$250 million, plus an additional US$20
      million for certain tax-related benefits and additional
      real estate.

      Together, the land being acquired comprises approximately
      18 contiguous acres at the heart of Atlantic City, with
      extensive frontage along The Boardwalk, Pacific Avenue,
      and Brighton Park.

      Pinnacle plans to design and build an entirely new casino
      hotel on the site, which is intended to be among the
      largest and most spectacular resorts in the region.  
      Design and construction of such casino resort is expected
      to require four to five years.

      The agreement included a time period, which expired on
      Oct. 18, wherein the seller of The Sands could terminate
      the agreement in connection with higher offers.

   -- In September 2006, Pinnacle broke ground on its US$45
      million hotel tower expansion at L'Auberge du Lac in Lake
      Charles, Louisiana.  The new tower will feature expanded
      retail space, a VIP lobby and lounge, and an additional
      250 rooms or suites, bringing the total number of
      guestrooms at the property to approximately 1,000.  It is
      expected to be complete by the end of 2007.

   -- In October 2006, Pinnacle reached a settlement agreement
      with President Casinos, Inc. and related parties to
      complete the purchase by Pinnacle of the bankrupt
      President Casino in St. Louis.

      If approved by the bankruptcy court and the Missouri
      Gaming Commission, Pinnacle will pay US$31.5 million to
      the bankruptcy estate and receive a distribution of
      approximately US$52 million in respect of the
      approximately US$62 million of allowed claims that
      Pinnacle acquired in a tender offer process in August and
      September.

      Pinnacle may receive up to another US$5 million in
      payments at a later date and has agreed to waive US$5
      million in claims.  On that basis, and before any later
      recoveries, Pinnacle effectively will have paid
      approximately US$41.5 million for the President Casino in
      St. Louis and certain related assets.

   -- At Pinnacle's construction site in downtown St. Louis,
      concrete forms are being installed for the sixth level.
      The project is scheduled to open in the second half of
      2007, subject to licensing by the Missouri Gaming
      Commission, and will include a casino with approximately
      2,000 slot machines and 40 table games, a spa, several
      restaurants, and 12,000 square feet of meeting and
      convention space.

   -- At River City, Pinnacle's US$375 million casino project in
      south St. Louis County, site clearing and demolition are
      complete.  Environmental remediation is underway and is
      expected to be substantially complete by the end of the
      year.  Foundation work is expected to begin in December.

      The project is scheduled to open in the second half of
      2008, subject to licensing by the Missouri Gaming
      Commission, and will include a casino wit h approximately
      3,000 slot machines and 60 table games, a 100-room hotel,
      full-service spa, restaurants, a boutique bowling alley, a
      multiplex movie theatre, an indoor ice rink, a public park
      with athletic fields and a hatch-shell music and
      entertainment venue.  Artists' renderings of the Company's
      St. Louis projects and pictures of the work in progress
      are accessible via the Company's corporate Web site at
      http://www.pnkinc.com/

   -- The Company anticipates completing its acquisition of the
      Harrah's Lake Charles gaming assets and related licenses
      In mid-November.  Completion of the transaction received
      Louisiana regulatory approval in August.

      A local-option referendum is scheduled to be held on
      November 7 which would permit construction of a new
      US$350 million casino hotel, Sugarcane Bay, adjacent to
      the Company's L'Auberge du Lac facility rather than
      reopening the Harrah's facility.  The Company intends to
      acquire the Harrah's assets irrespective of the outcome of
      the local referendum.

   -- The Company also recently purchased approximately 54 acres
      of land in Baton Rouge, Louisiana, and informed the
      Louisiana Gaming Control Board of its intent to construct
      a casino on the site, subject to a local-option referendum
      and Louisiana regulatory approval.

   -- The Company is scheduled to present its Philadelphia
      project plans to the Pennsylvania Gaming Control Board in
      November.  Pinnacle is one of five companies vying for two
      licenses expected to be issued in Philadelphia.  Artists'
      renderings and an overview of the proposal, which would
      initially include a 3,000-slot casino, a multiplex movie
      theater, and multiple dining and entertainment options,
      are accessible at http://www.pnkinphilly.com/

   -- In October 2006, Pinnacle executed an amendment to its
      credit facility.  The amendment becomes effective upon
      completion of the Sands transaction and receipt of final
      regulatory approvals.  Among other things, the amendment
      improves overall financing flexibility, particularly in
      relation to Pinnacle's agreement to acquire the entities
      that own The Sands and Traymore sites in Atlantic City.

      The Company also anticipates increasing the credit
      facility by US$250 million to US$1 billion concurrently
      with the closing of the Sands transaction.

                        Other Items

Biloxi Insurance Matters

On April 11, the Company filed a US$346.5 million insurance
claim for its losses associated with Hurricane Katrina at Casino
Magic Biloxi.  To date, Pinnacle has received a total of US$100
million in advances towards resolution of its insurance claim,
including US$15 million received and recorded in October.

In August 2006, Pinnacle filed suit against three of its excess
insurance carriers.  The suit relates to the loss incurred by
Pinnacle as a result of Hurricane Katrina at its Casino Magic
property in Biloxi, Mississippi.

Collectively, the three insurers provide US$300 million of
coverage, in excess of US$100 million of coverage provided to
Pinnacle by other insurers.

In total, Pinnacle's policies applicable to the Hurricane
Katrina loss provide an aggregate of up to US$400 million of
coverage for loss caused by a Weather Catastrophe Occurrence and
up to US$100 million of inclusive coverage for loss caused by a
Flood Occurrence.

The three insurers are Allianz Global Risks US Insurance
Company, Arch Specialty Insurance Company and RSUI Indemnity
Company.

The suit alleges, among other things, that those insurers have
improperly asserted that Pinnacle's losses were due to a Flood
Occurrence as opposed to a Weather Catastrophe Occurrence; that,
after the close of the proposed sale of certain Casino Magic
Biloxi assets to Harrah's Entertainment, Inc., Pinnacle is not
covered for any continued business interruption loss; and that
Pinnacle is not entitled to designate its St. Louis County
project as a replacement for Casino Magic Biloxi under the
policies.

The Company strongly disagrees with those assertions and intends
to pursue its insurance claim vigorously.  Nevertheless, the
Company anticipates that full resolution of its insurance claim
and related litigation will be protracted.

New Orleans Insurance Matters

In the 2006-second quarter, the Company filed insurance claims
of approximately US$11 million for its business interruption and
property losses associated with Hurricane Katrina at Boomtown
New Orleans.  A deductible of approximately US$5 million would
likely apply against this claim amount.

Corporate Expenses

Excluding the corporate portion of the non-cash stock-based
compensation charge of US$1 million, corporate costs for the
third quarter of 2006 were US$7.3 million.  For the prior-year
period, corporate costs were US$5.8 million.  The Company
expects to continue to hire additional corporate staff in
support of its expanding operations.

Pre-opening and Development Costs

During the quarter, the Company incurred pre-opening and
development costs of US$7 million, including US$2.7 million
related to the St. Louis projects, US$2.1 million for the Sands
acquisition and US$1.2 million related to the Sugarcane Bay
project.  The 2005-quarter included US$2.3 million of those
costs, primarily related to the St. Louis projects.

Tax Matters

In the 2005 third quarter, the Company reversed a valuation
allowance of US$9.8 million related to the utilization of net
operating loss carry-forwards for Indiana state income tax
purposes.  A benefit is reflected in the income tax provision
for the 2005 third quarter, and had no cash impact on the
Company's results or financial condition.

Discontinued Operations

The Company completed the sale of its leasehold interest and
related receivables in the Hollywood Park Casino card club in
July for net cash proceeds of approximately US$24.2 million plus
the cancellation of Pinnacle's lease obligation.  The sale of
the Hollywood Park Casino assets resulted in a pre-tax book gain
of approximately US$16.5 million, which is reflected in
discontinued operations in the 2006 third quarter.  Also
included in discontinued operations are the results of Casino
Magic Biloxi, as the Company has agreed to sell the Casino Magic
Biloxi site.

Liquidity

The Company had approximately US$308 million in cash, cash
equivalents and restricted cash at Sept. 30, 2006.  
Approximately US$220 million of this balance will be used to
complete the purchase of The Sands/Traymore site, in addition to
the US$50 million already in escrow.

Of the Company's US$750 million bank credit facility,
approximately US$484 million remained unutilized as of Sept. 30,
2006.  This amount does not include the US$250 million increase
in the Company's credit facility, which is expected to become
effective upon closing of The Sands/Traymore site purchase.

                   Community Contribution

Pinnacle pays significant taxes in the communities in which it
operates.  During the first nine months of 2006, Pinnacle paid
or accrued US$168.6 million in gaming taxes, US$12.1 million in
payroll taxes, US$10.1 million in property taxes, and US$3.8
million in sales taxes.  Setting aside income taxes, Pinnacle
paid or accrued US$194.6 million for taxes to state and local
authorities in the first nine months of 2006.

               About Pinnacle Entertainment

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

                        *    *    *

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

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


PREVENT ARC: Claims Verification Deadline Extended to Nov. 20
-------------------------------------------------------------
Court No. 2 in Buenos Aires extended the deadline for
verification of creditors' proofs of claim against bankrupt
company Prevent Arc SRL until Nov. 20, 2006.  Jorge Guillermo
Podesta will continue to serve as trustee for the proceeding.

Mr. Podesta will present the validated claims in court as
individual reports on Feb. 6, 2007.  Court No. 2 will determine
if the verified claims are admissible, taking into account the
trustee's opinion and the objections and challenges raised by
Prevent Arc 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 Prevent Arc's
accounting and banking records will follow on March 20, 2007.

Clerk No. 3 assists the court in the proceeding.

The debtor can be reached at:

          Prevent Arc S.R.L.
          Tapalque 7450
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Guillermo Podesta
          Reconquista 336
          Buenos Aires, Argentina


PROVINCIA DEL CHACO: Fitch Arg Puts D Rating on US$50-Mil. Debts
----------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo assigned a D rating on
Provincia del Chaco's debts (with guarantee from the Federal
Coparticipation) for US$50,000,000.  This is the result of the
non-payment of interests since Oct. 21, 2002.

The large public debt of the province, added to the low amount
of resources that the province has got, made the major of the
provinces present debt on November 2001.  The Argentine province
of Chaco presented this bond to the exchange of the province of
the debt, which had originally an acceptance of the 96% from its
investors.  After the law decreto 1577, which gave the
possibility of exchanging to those who have already accepted,
these investors decided not to participate, remaining only the
4% of the exchanged stock of bonds.  Those who did not accept
this offer, suffered the changes and modification of the
issuance, by which the bonds were turned into pesos at a rate of
1.40.

The titles were issued on Jan. 21, 2000, using funds for the
cancel of the debt of the province.  According to the original
conditions of the issuance, these titles would pay capital after
24 months, in 25 installments, equals and consecutives,
equivalents each to the 4% of the amount of issuance.  As
guarantee, the province gave a percentaje of the funds, which
come from incomes for the coparticipation of taxes.




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


COMPLETE RETREATS: Creditors Panel Taps Fairfax Group as Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete
Retreats LLC and its debtor-affiliates' bankruptcy cases ask the
U.S. Bankruptcy Court for the District of Connecticut for
authority to retain The Fairfax Group, as its forensic advisor,
nunc pro tunc to Sept. 11, 2006.

Committee Chair Joel S. Lawson III relates that the Committee
formed a subcommittee of its members to interview and evaluate
candidates qualified to perform the type of forensic accounting
and investigatory due diligence services required in the
Debtors' cases.  After soliciting qualification materials from,
and rigorously interviewing various candidates, the subcommittee
recommended the retention of Fairfax as the Committee's forensic
advisor.

Mr. Lawson notes that Fairfax employs and has working
professional relationships with some of the world's leading
experts in compliance, investigations and security.  Fairfax's
past engagements have included rendering service in the areas of
corporate internal investigations; due diligence; asset tracing
and anti-money laundering; electronic evidence-gathering and
preservation; witness identification and interview; documentary
evidence gathering and research of corporate and individual
histories.

Fairfax will, among others, perform forensic accounting and
investigatory due diligence concerning the Debtors; the Debtors'
businesses and operations; and any individuals or entities with
whom the Debtors, their officers, directors, shareholders,
agents and employees, have done business or may decide to do
business.  Fairfax will also analyze all relevant information
from the time of the Debtors' formation through and including
the present.

The Committee reserves its rights to augment or authenticate the
work of XRoads Solutions Group, or any other professionals
conducting forensic analysis, where it deems that the additional
work is necessary to maximize the recovery of unsecured
creditors.

The Debtors will pay Fairfax for its services according to its
customary hourly rates.  The hourly rates charged by Fairfax
professionals differ based on, among other things, the
individual professional's experience.  The customary rates for
Fairfax personnel in year 2006 range from US$275 to US$400 per
hour.

Fairfax will provide a phased budget, which will contain
explicit fee limitations for each phase of its investigation.

The Debtors will reimburse Fairfax's out-of-pocket expenses
reasonably incurred in connection with services it renders to
the Committee.

Michael J. Hershman, president of the Fairfax Group, assures the
Court that the firm has no connection with the Debtors, their
creditors, the U.S. Trustee or any other party in interest in
the Chapter 11 cases.

Mr. Hershman asserts that Fairfax is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
Debtors' estates with respect to the matters for which it is to
be retained.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


COMPLETE RETREATS: Mexican Lenders Want to Take Property
--------------------------------------------------------
On Oct. 21, 2005, Fideicomiso F/197, Fideicomiso F/198,
Fideicomiso F/199 and Preferred Retreats LLC, entered into a
management and operating agreement, pursuant to which the Debtor
was granted occupancy of three houses located on a waterfront
property in Cabo San Lucas, Mexico.

According to Douglas S. Skalka, Esq., at Neubert, Pepe &
Monteith, P.C., in New Haven, Connecticut, the Debtor defaulted
on the Agreement prior to the Debtors' bankruptcy filing.  The
Debtor also became delinquent in the discharge of its
obligations to the Lessors.

Through a July 7, 2006 Delinquency Notice, the Lessors notified
the Debtor that it had 20 days to pay the delinquent sum or the
delinquency would become a non-curable Event of Default under
the Agreement.

The Debtor did not cure the default, Mr. Skalka says.  Thus, the
default and delinquency became non-curable immediately after
Sept. 21, 2006.

Mr. Skalka asserts that the Debtor owes the Lessors US$626,056
prepetition and US$251,907 postpetition, plus damages for breach
of the Agreement.  Disregarding the delinquency interest, the
Debtor owes the Lessors US$136,979 prepetition and US$67,783
postpetition, plus damages for breach of the Agreement.

Accordingly, the Lessors ask the U.S. Bankruptcy Court for the
District of Connecticut to:

   (a) lift the automatic stay to permit them to take all
       necessary steps to terminate the Agreement;

   (b) deem the Agreement rejected; and

   (c) direct the Debtor to surrender the Property to them by
       Nov. 21, 2006.

In the alternative, the Lessors ask the Court to require the
Debtor, no later than Nov. 20, 2006, to assume or reject the
Agreement and cure all defaults as a condition of assumption

Mr. Skalka argues that the automatic stay should be lifted for
these reasons:

   (1) The Agreement has been terminated through the Debtor's
       default and delinquency, the Delinquency Notice, and
       the expiration of the time to cure the default and
       delinquency;

   (2) The interests of the Lessors in the Property are not
       adequately protected;

   (3) The Property has its greatest utility and its greatest
       value from the period covering late December through the
       middle of April; and

   (4) The Debtor does not have equity in the Property and the
       property is not necessary to the Debtor's effective
       reorganization.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


COMPLETE RETREATS: Says Co-Debtors Are Current with Client Pacts
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates believe that
Preferred Retreats LLC and Preferred Retreats Design Group,
L.L.C., are current on their obligations under their client
service agreements with Administaff Companies II, L.P.

The Debtors are currently negotiating with Administaff
regarding the relief requested in the Administaff Motion.

Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford,
Connecticut, relates that the Debtors are willing to prepare a
motion either to assume or to reject the Service Agreements
within "a reasonable time", presumably around mid January 2007.  
The Debtors aver that this amount of time is reasonable,
especially in light of the fact that they are current on their
obligations under the Service Agreements.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Connecticut to allow them to file a motion to
assume, assume and assign or reject the Service Agreements no
later than Jan. 16, 2007.

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Administaff Companies asked the Court to compel the Debtors to
assume or reject two client service agreements the Debtors
entered into with Administaff.

Administaff serves as a full-service human resources department
for small and medium-sized businesses throughout the United
States.  Administaff delivers personnel management services by
entering into a co-employment relationship with a client company
and its existing employees.

Before the Debtors' bankruptcy filing, Administaff entered into
two client service agreements with Debtors Preferred Retreats
Design Group, LLC, and Preferred Retreats, LLC.  The Client
Service Agreements were effective as of Jan. 24, 2004, and
Dec. 27, 2003.  The terms of the Agreements are continuous until
either Administaff or the Debtors terminate them in accordance
with their terms.

Pursuant to the Agreements, Administaff:

   -- acts as co-employer of the Debtors' employees;

   -- pays the salaries and wages of the Debtors' employees; and

   -- provides other personnel management services to the
      Debtors.

If the Debtors decided to assume the Service Agreements,
Administaff asks the Court to require the Debtors to provide
adequate assurance of future performance by prepaying all
salaries, wages, and charges in advance of the first pay day of
each payroll period.

In Administaff's behalf, Daniel E. Bruso, Esq., at Cantor
Colburn LLP, in Bloomfield, Connecticut, explained that
Administaff pays the salaries and wages of the Debtors'
employees in arrears on a bi-weekly basis.  All payroll checks
are drawn on Administaff's account and Administaff collects its
fee to cover wages and other costs for each pay period by
drafting on the Debtors' account when the payroll is run.  As a
result, Administaff incurs financial obligations of
approximately US$480,000 per pay period before it is paid by the
Debtors.

Mr. Bruso asserted that Administaff continues to incur liability
to the Debtors' employees but have no adequate assurance that
the Debtors will continue to pay their obligations to
Administaff.

          Motion Filing Violates Court Procedures

The Clerk of the Bankruptcy Court noted that Administaff's
Motion was not submitted through the Court's Electronic Filing
System and thus, was filed in violation of the Court's
Administrative Procedures.  The Clerk asserted that the Motion
should be stricken from the Court record.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).




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


BACARDI HOLDINGS: Last Day to File proofs of Claim Is on Nov. 15
----------------------------------------------------------------
Bacardi Holdings Ltd.'s creditors are given until Nov. 15, 2006,
to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 6, 2006, at 9:30 a.m., or as soon as
possible.

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

Bacardi Holdings' shareholders agreed on Oct. 27, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


DANCREST CAPITAL: Creditors Have Until Nov. 20 to File Claims
-------------------------------------------------------------
Dancrest Capital Ltd.'s creditors are given until Nov. 20, 2006,
to prove their claims to David I. Morrison, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 6, 2006, at 9:30 a.m., or as soon as
possible.

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

Dancrest Capital's shareholders agreed on Oct. 30, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David I. Morrison
         #2 Reid Street
         Hamilton, Bermuda


FDVG CAPITAL: Last Day for Proofs of Claim Filing Is on Nov. 20
---------------------------------------------------------------
FDVG Capital Ltd.'s creditors are given until Nov. 20, 2006, to
prove their claims to David I. Morrison, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 6, 2006, at 9:30 a.m., or as soon as
possible.

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

FDVG Capital's shareholders agreed on Oct. 30, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David I. Morrison
         #2 Reid Street
         Hamilton, Bermuda


NORTIDE SHIPPING: Proofs of Claim Filing Deadline Is on Nov. 15
---------------------------------------------------------------
Nortide Shipping Ltd.'s creditors are given until Nov. 15, 2006,
to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 11, 2006, at 9:30 a.m., or as soon as
possible.

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

Nortide Shipping's shareholders agreed on Oct. 30, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

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


NORWEGIAN SHIPOWNERS: Proofs of Claim Must be Filed by Nov. 20
--------------------------------------------------------------
The Norwegian Shipowners' Mutual War Risks Insurance
Association(Bermuda Ltd.)'s creditors are given until
Nov. 20, 2006, to prove their claims to Sverre Th. Huse, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 5, 2006, at 10:00 a.m., or as soon as
possible.

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

Norwegian Shipowners' shareholders agreed on Oct. 30, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Sverre Th. Huse
         c/o Den Norske Krigsforsikring
         Radhusgaten 25
         P.O. Box 1464 Vika
         NO-0116, Oslo, Norway


QUANTA CAPITAL: Posts US$3.3MM Net Income in Third Quarter 2006
---------------------------------------------------------------
Quanta Capital Holdings Ltd. reported financial results for the
third quarter ended Sept. 30, 2006.

During the third quarter of 2006, Quanta and its Board of
Directors announced its intention to pursue an orderly, self-
managed run-off of the company's insurance and reinsurance
operations other than Lloyd's. At the same time, the company
also announced that it will continue to participate in the
underwriting activities of the A-rated Lloyd's market by
maintaining its investment in Syndicate 4000 at least through
the 2009 underwriting year.  It is the Board's view that these
actions are the best means to preserving value for Quanta's
shareholders.

The company also announced during the third quarter that
Environmental Strategies Consulting LLC was sold to WSP
Environmental Holdings, Inc., for total cash proceeds of US$11.5
million, plus the forgiveness of intercompany debt of
approximately US$1.0 million resulting in a gain of
approximately US$0.7 million.

The company believes that comparisons with prior year results
are neither meaningful nor indicative of future results.  This
is because the company only retains a portion of its ongoing
business and is running off its remaining business in this
quarter as compared with the third quarter of 2005, when it was
fully engaged in the insurance and reinsurance business.

The company had a negative US$6.7 million in gross premiums
written for the three months ended Sept. 30, 2006, as compared
with US$171.5 million for the three months ended Sept. 30, 2005.  
The gross written premiums for the third quarter of 2006 include
approximately US$22.1 million from the company's Lloyd's
syndicate and are net of US$32.9 million of gross premiums
written that were returned to our clients through cancellations.

Net premiums earned were US$49.2 million for the three months
ended Sept. 30, 2006, as compared with US$100.5 million for the
three months ended Sept. 30, 2005. The decrease in premiums
earned was largely due to the significant adverse effects on the
company's business arising from the A.M. Best ratings downgrade
in March 2006, and the subsequent decision to cease writing new
business in all but the company's Lloyd's syndicate.  Third
quarter 2006 technical services revenues were US$0.8 million,
compared with technical services revenues of US$8.6 million for
the third quarter 2005.  The decrease is due to the fact that
the existing environmental liability programs are substantially
completed and the company has not entered into new environmental
liability program transactions.

Quanta's net income from continuing operations for the third
quarter was US$3.3 million or US$0.04 per diluted share,
compared with a net loss from continuing operations of US$(60.3)
million or US$(1.06) per diluted share in the third quarter of
2005.  The company's book value per diluted share was US$4.79 as
of Sept. 30, 2006, compared with US$5.49 on December 31, 2005.

Net income available to ordinary shareholders excluding net
realized gains on investments for the third quarter of 2006 was
US$2.2 million, or US$0.03 per diluted share.  This compares to
net loss available to ordinary shareholders excluding realized
losses on investments for the third quarter of 2005 of US$(57.9)
million, or US$(1.02) per diluted share.

The company's general and administrative expenses for the third
quarter of 2006 were US$20.6 million as compared with US$30.7
million for the third quarter of 2005.  The company is
continuing its expense reduction initiatives.

Lastly, the company's net investment income was US$12.8 million
for the third quarter of 2006 as compared with US$7.0 million
for the third quarter of 2005.

The company's reserves for losses and loss expenses at the end
of the third quarter of 2006 were US$619 million as compared
with US$534 million at Dec. 31, 2005.  The company has not made
any significant changes to its loss estimates pertaining to
prior periods, including hurricane losses.

Other key developments announced during the third quarter and
early fourth quarter of 2006 include:

   -- On Sept. 14, 2006, the company announced the
      appointment of a new President and Chief Executive
      Officer, Peter Johnson, a veteran insurance executive
      with extensive experience as a run-off specialist.

   -- On Oct. 25, 2006, the company disclosed that it had
      signed definitive documents with Chaucer Holdings PLC,
      the specialty Lloyd's insurer, and the senior underwriting
      team of Syndicate 4000, for the formation of the Pembroke
      Managing Agency.  Pembroke is a joint venture among
      Quanta, Chaucer and the Syndicate 4000 underwriting team,
      designed to provide Syndicate 4000 with the necessary
      administrative resources it needs to maintain a long-term
      presence in the Lloyd's market.  The formation of Pembroke
      Managing Agency, along with commitments by Quanta and
      Chaucer to provide financial support to Syndicate 4000 at
      least through the 2009 underwriting year, are designed to
      preserve the capital Quanta has committed to the Lloyd's
      platform.  The transaction is expected to close following
      the receipt of required Lloyd's and FSA regulatory
      approvals.

   -- On Oct. 27, 2006, the company announced that it entered
      into a new credit facility with ING Bank N.V., London
      Branch, as Mandated Lead Arranger, and a syndicate of
      lenders.  This new facility will be used primarily to
      replace letters of credit from its existing credit
      facility and to issue new letters of credit securing
      Quanta's obligations to pay claims under its remaining
      reinsurance contracts and other obligations.

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

                        *    *    *

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

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

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


SEA CONTAINERS: Reed Conner Ceases To Be A Major Shareholder
------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Reed Conner & Birdwell, LLC, discloses that it has
ceased to be the beneficial owner of more than 5% of the Common
Stock of Sea Containers, Ltd.

As of Oct. 20, 2006, the investment adviser beneficially owned  
1,100 shares of the Company's common stock.

A month earlier, as of Sept. 11, 2006, Reed Conner
beneficially owned 2,818,510 shares, representing a 10.84%
equity stake in Sea Containers.

Donn B. Conner is the firm's president and chief executive
officer while Jeffrey Bronchick is the chief investment officer.

                    About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Wants To Give Up Railway Services In May 2007
-------------------------------------------------------------
Sea Containers, Ltd., will walk away from its wholly owned
non-debtor subsidiary, Great North Eastern Railway Ltd., in May
2007, if it will not obtain more favorable franchise terms, The
Sunday Times reports.

GNER operates high-speed passenger trains between London and
Scotland along the East Coast main line of Britain under a
franchise agreement with the British Government since April
1996.

Robert D. MacKenzie, president and chief executive officer of
Sea Containers, told The Sunday Times although GNER is
profitable, it cannot "cope with the GBP1.3 billion premium that
it had to pay to the Treasury under the franchise agreement."  
What's more, GNER's performance bond nearly doubles on May 1
from GBP15.3 million to GBP28.7 million, Dominic O'Connell of
The Sunday Times writes.

According to Mr. O'Connell, Britain's Department for Transport
has rejected suggestions it will renegotiate the franchise.

GNER currently operates a fleet of 41 train sets totaling 463
cars and locomotives covering approximately 920 route miles and
52 stations, and in 2005 achieved 16,700,000 passenger journeys.  

As previously reported, Sea Containers, Ltd., and its
subsidiaries, Sea Containers Services, Ltd., and Sea Containers
Caribbean, Inc., filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.

On Oct. 16, 2006, the Company initiated a complementary
proceeding in Bermuda to facilitate the Chapter 11 Filing.

                   About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SILVER SHIELD: Creditors Must Submit Proofs of Claim by Nov. 20
---------------------------------------------------------------
Silver Shield Management Ltd.'s creditors are given until
Nov. 15, 2006, to prove their claims to David I. Morrison, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

A final general meeting will be held at the liquidator's place
of business on Dec. 6, 2006, at 9:30 a.m., or as soon as
possible.

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

Silver Shield's shareholders agreed on Oct. 30, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David I. Morrison
         #2 Reid Street
         Hamilton, Bermuda


SOUTHSIDE OFFICE: Creditors' First Meeting Is Set for Nov. 21
-------------------------------------------------------------
Southside Office Depot Ltd.'s creditors will gather for a first
meeting on Nov. 21, 2006, at the Provisional Liquidator's place
of business.

The purpose of the meeting is to determine whether or not an
application is to be made to the Supreme Court of Bermuda for
the appointment of a Permanent Liquidator, in place of the
Provisional Liquidator, and a Committee of Inspection.

Proofs of Debt and Proxies to be used at the meeting must be
lodged with the Official Receiver/Provisional Liquidator no
later than 5:00 p.m. on Nov. 17, 2006.

The Official Receiver/Provisional Liquidator can be reached at:

          Stephen Lowe
          Attn: Carolyn Dutton
          Government Administration Building
          30 Parliament Street
          Hamilton, HM12, Bermuda




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


CIA SIDERURGICA: S&P Says Enhanced Pact Won't Affect Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that the announcement of
the enhanced agreement between CSN and Wheeling-Pittsburgh Corp.
to merge their assets in the U.S. does not have an immediate
impact on the ratings on Companhia Siderurgica.

Companhia Siderurgica has offered to purchase, four years after
the merger, up to 50% of Wheeling-Pittsburgh's existing shares
for US$30 per share.  The total consideration is estimated at
approximately US$221 million, adding up to CSN's $225-million
contribution to the new WPSC in the form of convertible notes,
which were part of the original agreement.

Standard & Poor's believes this additional cash outflow does not
have a negative effect on Companhia Siderurgica's
creditworthiness, but the rating agency also acknowledge that
the enhanced agreement reflects difficult negotiations to carry
out the transaction.


FIDELITY NATIONAL: Discloses Final Exchange Ratio for FNF Merger
----------------------------------------------------------------
Fidelity National Financial, Inc., or FNF and Fidelity National
Information Services, Inc., or FIS, disclosed the final exchange
ratio for the merger of FNF with and into FIS.

Under the terms of the merger, FNF shareholders will receive
0.537410 shares of FIS common stock for each share of FNF common
stock, based on FNF's ownership of 96,521,877 shares of FIS
common stock and 179,605,521 shares of outstanding FNF common
stock. The merger is expected to close on Nov. 9, 2006.

             About Fidelity National Financial

Fidelity National Financial, Inc., provides outsourced products
and services to a variety of industries.  Through its majority-
owned, publicly traded subsidiary, Fidelity National Information
Services, Inc., FNF provides an industry leading suite of data
processing, payment and risk management services to financial
institutions and retailers.

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: Ends Negotiations on US$400MM Sr. Liquidity Facility
---------------------------------------------------------------
Gerdau SA concluded on Nov. 1, 2006, negotiations for a senior
liquidity facility aiming at improving its liquidity by means of
an additional instrument to manage its exposure to market risks.  
This transaction contributes to minimizing the company's
exposure to financial and capital markets liquidity reduction
and is part of a Liability Management Program being implemented
by the company.

Noteworthy is the non-existence of "material adverse change"
clauses as a condition precedent to disbursement, which ensures
that Gerdau will have access to financing even in stressed
market conditions.

The senior liquidity facility amounts to a total of US$400
million and will be made available to GTL Trade Finance Inc.  
guaranteed by Gerdau SA, Gerdau Acominas SA, Gerdau Acos Longos
SA, Gerdau Acos Especiais SA and Gerdau Comercial de Acos SA.  
The program has an availability period of three years and a two-
year payment period as of any effective disbursement.  Costs are
a Facility Fee of 0.27 % p.a. and interest of Libor + 0.30% to
0.40% p.a. when actually withdrawn.

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: Posts BRL20.6B Revenue in First Nine Months of 2006
--------------------------------------------------------------
The consolidation of new steel companies in 2006, together with
sales growth in the Brazilian market, increased Gerdau Group
revenue by 5.3% compared to the first three quarters of 2005,
from BRL19.6 billion (US$8.8 billion) to BRL20.6 billion (US$9.5
billion).  This year, Siderperu (Peru) and the Sheffield Steel
Corporation (United States) became part of the Gerdau Group.  
Gerdau also became a shareholder in Corporacion Sidenor (Spain),
with a 40% stake.  At the end of 2005, it acquired Diaco
(Colombia) and assumed control of Sipar Gerdau (Argentina),
which also positively affected the performance for the period.

Of the total revenue, 46.1% was generated in Brazil, 42.0% in
the United States and Canada, 9.0% in other South American
countries and 2.9% in Spain.  From January to September, revenue
in foreign currency originating from units outside Brazil and
exports from the country represented 62.0%.

Gerdau Group physical sales totaled 11.1 million metric tons,
representing a 9.5% increase compared to the volume recorded
during the first three quarters of 2005.  The operations in
Brazil sold 4.6 million metric tons, 3 million of which were
sold in the domestic market, where the Group increased its sales
by 12.8%.  

"The expansion of sales in Brazil reflects the growing demands
from civil construction due to increased real estate financing,
improved employment rates and reduced interest rates," explained
the Group's senior vice president, Frederico Gerdau Johannpeter.  

The volume of exports from Brazil during the same period was 1.6
million metric tons.

Consequently, steel production in Brazil -- slabs, blooms and
billets -- increased 4.4%, totaling 5.4 million metric tons,
while rolled product production grew 15.2%, and reached 3.4
million metric tons.

In North America, physical sales increased 6.5%, from 4.9
million to 5.2 million metric tons.  During the same period,
steel production totaled 5.2 million metric tons and rolled
product production totaled 5 million metric tons, representing a
growth of 11.1% and 8.8%, respectively.

The units in Argentina, Chile, Colombia, Peru and Uruguay
together sold 1.1 million metric tons, representing a 137.6%
growth.  Steel production grew 154.2%, reaching a total of
863,000 metric tons.  Rolled product production grew 170.5%,
totaling 1 million metric tons. In Spain, the Group sold 203,000
metric tons and produced 226,000 metric tons, volumes that
correspond to its stake in the unit.

The EBITDA totaled BRL4.1 billion (US$1.9 billion) during the
first three quarters of the year, representing a 6.7% growth.  
The consolidated net profit totaled BRL2.7 billion (US$1.2
billion), a value 7.0% higher than that recorded during the same
period in 2005.

The Gerdau Group invested US$1.4 billion during the first three
quarters of the year, with half of the resources directed at the
expansion and technological upgrade of its units.

Of a total US$700 million, US$484.6 million (69.2%) was invested
in Brazil, primarily in Gerdau Acominas and Gerdau Sao Paulo.  
On Oct. 31, Gerdau Sao Paulo located in Aracariguama, started
operating its rolling mill.  The Group invested US$159.9 million
(22.8%) in the North American units, directed primarily at
expanding the capacity of Gerdau Ameristeel Jacksonville.  The
units in Argentina, Chile, Colombia, Peru and Uruguay received
US$39.6 million (5.7%) and the unit in Spain, US$16 million
(2.3%).

The investments directed at the acquisition of new steelmaking
ventures -- equivalent to US$697.5 million -- include the
Group's 40% stake in Corporacion Sidenor (Spain), its stake in
Siderperu, as well as control of the Sheffield Steel Corporation
(United States).  Gerdau also acquired Fargo Iron and Metal
Company (United States), a company that stores and processes
scrap, and Callaway Building Products (United States), which
serves civil construction with fabricated rebar and other
products for the sector.

In November, the Gerdau Group acquired majority interest in the
joint venture formed with Pacific Coast Steel, Inc and Bay Area
Reinforcing. This company is one of the largest fabricated rebar
suppliers in the United States, specializing in rebar
fabrication and steel product assembly.

In November, Gerdau S.A. concluded negotiations for a Senior
Liquidity Facility operation in the sum of US$400 million.  This
line of credit is an additional instrument used in the liability
management implemented by the company.

The program has an availability period of three years and a two-
year payment period as of any effective disbursement.  Costs are
a facility fee of 0.27 % p.a. and interest of Libor + 0.30% to
0.40% p.a. when actually withdrawn.

Gerdau company shares listed on various international stock
exchanges represent more than US$60 million in daily trading

On Nov. 30, shareholders of the Gerdau Group's publicly listed
companies in Brazil will receive dividends in the form of
interest on own capital for the third quarter of 2006 based on
the positions of the shares held on Nov. 21.  Metalurgica Gerdau
S.A. will pay BRL110.4 million or US$50.8 million (BRL0.60 per
share or US$0.28) and Gerdau S.A., BRL231.9 million or US$106.7
million (BRL0.35 per share or US$0.16).  For the accrued year,
Metalurgica Gerdau S.A. dividends totaled BRL305.9 million
(US$140.7 million) and Gerdau S.A. dividends, BRL663.2 million
(US$305.0 million).

From January to September, Metalurgica Gerdau S.A. recorded a
net profit of BRL1.0 billion -- US$459.9 million (BRL5.61 per
share or US$2.58), representing a 5.7% growth compared to the
same period in 2005.  During the period, Metalurgica Gerdau S.A.
shares moved BRL3.1 billion (US$1.4 billion) on the Sao Paulo
Stock Exchange aka BOVESPA, representing an increase of 50.3%.  
The average daily value of transactions with preferred shares
was BRL15.5 million (US$7.1 million) and the trading volume grew
21.1% for a total of 112,537 transactions.

Gerdau S.A. recorded a net profit of BRL2.2 billion or US$1.0
billion (BRL3.31 per share or US$1.52), representing a 2.6%
growth compared to last year.  On the BOVESPA, Gerdau S.A.
shares were responsible for transactions of BRL8.3 billion
(US$3.8 billion), a 17.6% growth.  The average daily trading
volume of Gerdau S.A. preferred shares totaled BRL39.9 million
(US$18.4 million), and 287,462 shares were traded until
September, 6.1% more than that recorded in 2005.

On the New York Stock Exchange, Gerdau S.A. ADRs were
responsible for transactions of US$5.0 billion during the first
three quarters of the year, a value 129.3% higher than that
recorded during the same period in 2005.  Trading with ADRs
presented a daily average of US$26.2 million.  On the Madrid
Stock Exchange aka LATIBEX, Gerdau S.A. preferred shares were
responsible for transactions of EUR20.6 million, surpassing the
EUR19.5 million recorded in 2005.

On Dec. 7, the Gerdau Ameristeel Corp. will pay an additional
US$0.02 per share, a value associated with the third quarter
based on the positions held on Nov. 22.  During the period,
Gerdau Ameristeel presented a net profit of BRL681.8 million
(US$313.6 million), adjusted to Brazilian accounting standards.

On the Toronto Stock Exchange, Gerdau Ameristeel shares were
responsible for transactions of CAD860.7 million during the
first three quarters of the year, representing a 46.5% growth
over 2005.  As a result, the average daily trading volume
reached CAD4.6 million.  On the NYSE, there was a 96.3% growth
in the trading of Gerdau Ameristeel shares to US$753.2 million,
representing a daily average of US$4million.

The shares of the Gerdau Group's companies listed on several
international stock exchanges represent more than US$60 million
in daily trading.

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.


NOVELIS: Gets US$35MM Proceeds on Brazilian Assets Divestment
-------------------------------------------------------------
Novelis Inc. has sold its 25 percent stake in a calcined coke
facility in Brazil and has transferred its rights to develop and
operate two hydroelectric power plants in the country.

The company sold the common and preferred shares of its 25%
interest in Petrocoque S.A. Industria e Comercio to its partners
in the business:

   -- Petrobras Quimica SA Petroquisa,
   -- Companhia Brasileira de Aluminio, and
   -- Universal Empreendimentos e Participacoes Ltda.

Petrocoque produces calcined petroleum coke used in the aluminum
smelting process.

The company also received pre-authorization from Brazil's
National Electric Energy Agency -- Aneel -- to transfer its
rights to develop and operate two hydroelectric power plants at
Cacu and Barra dos Coqueiros, Brazil, to steel producer Gerdau
Acos Longos S.A.  The hydroelectric rights represent a combined
generating capacity of 155 megawatts.

Novelis received combined proceeds of US$35 million associated
with the divestments and expects to recognize a pre-tax gain of
approximately US$26 million in the fourth quarter of 2006.

The divestments are part of a previously announced exploration
of options for the company's non-core, upstream operations in
Brazil.

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

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

                        *    *    *

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


NOVELL INC: Outlines Details of Agreement with Microsoft
--------------------------------------------------------
Novell Inc. published additional details on the agreements
announced with Microsoft on Nov. 2, outlining the substantial
commitment made by both companies to address customers' growing
requirement for Windows and Linux interoperability.  

The details were made available by Novell in a filing with the
SEC.  The financial terms of the agreements include payments for
pre-paid SUSE Linux Enterprise subscriptions, sales, marketing
and development commitments, and payments under the patent
cooperation agreement.  The company also provided answers to a
series of questions raised by the open source community in an
FAQ posted on its website.  Novell reinforced its commitment to
working with the open source community and to fully meet the
requirements of the GNU General Public License or GPL that
governs the distribution of Linux and other free software.

"The financial commitments Microsoft is making as part of this
agreement are significant," said Ron Hovsepian, president and
CEO of Novell.  "This will help drive Linux more rapidly into
the enterprise and government arenas, broadly expanding
opportunities for Linux and open source.  This is good for
Novell, but it's also good for the community because it will
make Linux and open source much more prevalent and drive demand
for Linux-based solutions."

As part of the business cooperation agreement, Microsoft will
make an upfront payment to Novell of US$240 million for SUSE
Linux Enterprise Server subscription certificates.  Microsoft
may use, resell or distribute them over the term of the
agreement, allowing customers to redeem a single or multi-year
subscription for upgrades, updates and technical support from
Novell.  Microsoft will dedicate US$60 million total over the
five-year period for marketing Linux and Windows virtualized
scenarios and will also spend US$34 million over the five-year
term of the agreement for a Microsoft sales force devoted
primarily to marketing the combined offering.

Additionally, under the business collaboration agreement,
Microsoft agreed that for three years, it will not enter into an
agreement with another Linux distributor to encourage adoption
of Linux/Windows virtualization solutions through a Linux
subscription certificate program.  IDC projects the market for
virtual machine software to be US$1.8 billion by 2009.

Under the patent cooperation agreement, Microsoft will make an
up-front net payment to Novell of US$108 million, and Novell
will make ongoing payments of at least US$40 million over five
years to Microsoft, based on percentages of Novell's Open
Platform Solutions and Open Enterprise Server revenues.

Novell also published answers to a series of questions raised by
the open source community regarding the agreements.  A primary
question pertains to Novell's compliance with the terms of the
GPL. The patent agreement complies with the GPL.

"Novell entered this broad set of agreements with Microsoft to
further promote the adoption of Linux," said Joseph A. LaSala,
Jr., senior vice president and general counsel for Novell.  
"Many people want to know whether this agreement is compatible
with Novell's obligations under the GPL, especially section 7.  
This was an important consideration for us as well.  Under the
patent cooperation agreement, Novell's customers receive
directly from Microsoft a covenant not to sue.  Novell does not
receive a patent license or covenant not to sue from Microsoft,
and we have not agreed with Microsoft to any condition that
would contradict the conditions of the GPL.  Our agreement does
not affect the freedom that Novell or anyone else in the open
source community, including developers, has under the GPL and
does not impose any condition that would contradict the
conditions of the GPL. Therefore, the agreement is fully
compliant with the GPL."

For years, Novell has been a leader in defending the open source
community from attacks by those who would harm Linux.  Novell's
strong challenge to SCO, which began in 2003 and is ongoing, our
debut of indemnification of customers for possible copyright
infringement claims in early 2004, our patent policy adopted in
2004, and our co-founding of Open Invention Network in 2005 all
speak to our strong commitment to the community.  This latest
business transaction, which promotes interoperability between
proprietary and open source solutions, takes that commitment to
another level, this time by focusing on the IT needs of our
customers.     

Additional answers to questions raised by the open source
community are available at
http://www.novell.com/linux/microsoft/faq_opensource.html.

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: Debenture Holders Have Until Today to Tender Consents
-------------------------------------------------------------
Novell, Inc., has further amended and extended until 5:00 p.m.,
New York City time, on Nov. 9, 2006, its solicitation of
consents from the holders of its 0.50% convertible senior
debentures due 2024 (CUSIP Nos. 670006AB1 and 670006AC9).  

The purpose of the consent solicitation is to obtain consent to
amend certain provisions of the indenture pursuant to which the
debentures were issued and to obtain a waiver of rights to
pursue remedies available under the indenture with respect to
certain alleged defaults thereunder with respect to covenants
regarding Novell's filing of periodic reports with the
Securities and Exchange Commission.

Under the terms of the amended consent solicitation:

   -- If Novell receives the requisite consents from
      debenture holders, Novell will, upon the terms and subject
      to the conditions described in the Supplemental Consent
      Solicitation Statement, pay an additional 7.33% per
      annum (payable semi-annually) in special interest on the
      debentures from and after the Expiration Date to, but
      excluding, the first anniversary of the Expiration Date.
      Payments of Special Interest will be made along with the
      regular interest payments to holders of debentures
      entitled to such regular interest payments.

   -- No Consent Fee will be paid.

The consent solicitation was previously scheduled to expire at
5:00 p.m., New York City time, on Nov. 6, 2006.

All holders of the debentures who have previously delivered
consents will be released from their consents, and their prior
consents will be of no effect.  In order to consent, such
holders must deliver a new Consent Form in accordance with the
terms contained in the Supplemental Consent Solicitation
Statement.

All other terms of the consent solicitation with respect to
debentures as set forth in Novell's Consent Solicitation
Statement, dated Oct. 17, 2006 and supplemented as of Oct. 31,
2006, remain applicable.

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

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

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 would not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.


NRG ENERGY: Issuance of Unsec. Debt Cues S&P to Affirm B+ Rating
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit on NRG Energy Inc.  The outlook is stable.

Princeton, N.J.-based NRG is an owner and operator of power
generating facilities, thermal production and resource recovery
facilities, and various international independent power
producers.

The rating affirmation follows the company's announced plan to
issue US$1.1 billion of additional unsecured debt, a 30%
addition to the outstanding US$3.6 billion of unsecured debt.

The proceeds of the planned US$1.1 billion unsecured debt
issuance, together with approximately US$250 million of cash on
hand, will be paid to counterparties on existing hedges to reset
those hedges to current market prices.

The resetting of the hedges to the market prices, together with
the upsizing of credit facilities, will cancel the company's
currently substantial collateral requirements and create
capacity for new, longer-term hedges under the company's second
lien pledged to counterparties.

"Although the reset will add significant debt, the new hedges
that we expect to simultaneously be executed with the debt
issuance will result in greater stability--and possible
strengthening--of cash flows through 2010," said Standard &
Poor's credit analyst David Bodek.

The stable outlook reflects Standard & Poor's view that NRG's
near-term credit quality should benefit from the stability
provided by additional hedging arrangements and a commitment to
increased levels of secured debt reduction.

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns
and operates power generating facilities, primarily in Texas and
the northeast, south central and western regions of the United
States.  NRG also owns generating facilities in Australia,
Brazil, and Germany.


PETROLEO BRASILEIRO: Inks 4 Shared Prod'n Pacts with Sonangol
-------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras signed four shared
production agreements with the Sociedade Nacional de
Combustiveis de Angola aka Sonangol in Luanda, relative to
Blocks 6/06, 15/06, 18/06, and 26.

Block 6/06 is located in shallow Kwanza Basin waters, and covers
a total area of 4,930 square kilometers. The agreement's initial
phase work program foresees 3D seismic data acquisition and the
drilling of two exploratory wells.  Petrobras is the operating
company, and holds 40% of the rights.

Block 18/06 is in deep Baixo Congo Basin waters, one of the most
prolific oil industry regions in Angola, and south of the
country's important oil-producing areas.  The block encompasses
an area of 4,611 square kilometers, and, with 30% participation,
Petrobras is its operating company.  In the initial phase, the
agreement foresees 3D seismic data acquisition and the drilling
of seven exploratory wells.

Block 26 is south of Angola, in deep Benguela Basin waters, with
a total area of 4,838 square kilometers.  This is an exploratory
frontier area.  The integration of the block's geological and
geophysical data, and analogies with Western African coast and
Brazilian Eastern coast oil models attracted Petrobras' interest
to it.  The company will operate as the block's operator,
holding 80% of the rights to it.  The agreement foresees seismic
data acquisition and the drilling of two pioneer wells.

Block 15/06 is also located in the Baixo Congo Basin, and is
part of the prolific alignment of producing fields found in deep
Angolan waters.  Its area is 3,025 square kilometers.  Petrobras
will perform there as a non-operating partner, holding 5% of the
rights.

Angola is one of Petrobras' investment priorities, and the
company has had a presence there since 1979.  The signature of
these four exploratory block agreements is strictly in line with
Petrobras' Strategic Plan and inaugurates a new phase in Angola,
where it will perform as an operator for the first time.

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.


TRW AUTOMOTIVE: Prices Public Offering of Common Stock
------------------------------------------------------
TRW Automotive Holdings Corp. has priced a registered public
offering of 6,743,500 shares of common stock pursuant to the
company's universal shelf registration statement filed with the
U.S. Securities and Exchange Commission.  The company will raise
approximately US$155 million of net proceeds from the offering,
which it expects to close by Nov. 10, 2006.

Lehman Brothers will serve as the sole underwriter for the
offering.  A prospectus supplement relating to this offering
will be filed with the SEC.  When available, copies of the
prospectus supplement and the accompanying base prospectus may
be obtained by contacting:

          Lehman Brothers
          c/o ADP Financial Services
          Prospectus Fulfillment
          1155 Long Island Avenue, Edgewood
          NY 11717
          Email: monica_castillo@adp.com
          Fax: (631) 254-7268

Separately, the company has entered into a stock purchase
agreement with Northrop Grumman Corp. whereby the company will
purchase Northrop Grumman's remaining ownership position of
9,743,500 shares of TRW's common stock at an aggregate price of
approximately US$210 million.  The company expects to complete
the share purchase transaction by Nov. 10, 2006, at which time
the shares will be retired.

The company intends to use the net proceeds of the public
offering, together with a combination of cash on hand and a draw
on its existing receivable facilities, to fund the purchase of
the 9,743,500 shares from Northrop Grumman.  Upon completion of
the transactions, TRW's outstanding share count will be reduced
by 3.0 million shares of common stock.

Headquartered in Livonia, Michigan, TRW Automotive --
http://www.trwauto.com/-- through its subsidiaries, employs  
approximately 63,000 people in 26 countries including Brazil,
China, Germany and Italy.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Fitch Ratings affirmed these ratings of TRW Automotive Holdings
Inc:

  -- Issuer Default Rating 'BB'
  -- Senior secured bank lines 'BB+'
  -- Senior unsecured notes 'BB-'
  -- Senior subordinated unsecured Notes 'B+'


TRW AUTOMOTIVE: Fitch Says Stock Operations Won't Affect Ratings
----------------------------------------------------------------
The announcement of certain common stock transactions by TRW
Automotive Holdings Corp does not affect the current ratings or
Rating Outlook. The transactions, resulting in a net share
repurchase of approximately US$55 million, include the issuance
of 6.7 million shares of common stock for approximately US$155
million and the simultaneous repurchase of common share held by
Northrop Grumman for approximately US$210 million.  TRW's
existing cash portfolio of approximately US$369 million and
positive cash flow provide adequate liquidity to absorb the
transactions within the existing rating category.  TRW's ratings
are:

   -- Issuer Default Rating: 'BB';
   -- Senior secured bank lines: 'BB+';
   -- Senior unsecured notes: 'BB-';
   -- Senior subordinated unsecured notes: 'B+'.

The Rating Outlook is Stable.

Fitch views the timing of the stock repurchase as less than
optimal, given the decline in fourth quarter domestic original
equipment makers' production schedules and the stresses in the
automotive supply industry.  However, Fitch expects TRW to
remain free cash flow positive for 2006 and 2007 and recognizes
TRW's more than adequate liquidity to complete the repurchase.  
The fourth calendar quarter is generally a positive working
capital cash flow period for most automotive suppliers.  Last
year, TRW produced US$104 million in positive working capital
cash flow and had free cash flow of US$158 million.  For the
third quarter ended Sept. 30, 2006, TRW had cash and marketable
securities of US$369 million and US$956 million in revolver
availability.

The company has more than 63,000 employees worldwide, and
significant presence in Brazil, China, Germany and Italy.


VALMONT INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Ba2 Corporate Family Rating for Valmont Industries
Inc., as well as the rating on the company's $150 Million Senior
Subordinated 6.875% Notes due 2014.  Those debentures were
assigned an LGD5 rating suggesting noteholders will experience
an 82% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Mil. Sr.
   Unsec. Bank
   Facility
   Due 2009 (Rev.)       Ba2       Ba1     LGD3        34%
   US$75 Mil. Sr.
   Unsec. Bank
   Facility due 2014     Ba2       Ba1     LGD3        34%

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

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

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

Headquartered in Valley, Nebraska, Valmont Industries Inc. is
engaged in the manufacture of fabricated metal products, metal
and concrete pole and tower structures. http://www.valmont.com/




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


ANTHRACITE BALANCED: Final Shareholders Meeting Is on Nov. 15
-------------------------------------------------------------
Anthracite Balanced Company (JR-16) Ltd.'s final shareholders
meeting will be at 10:00 a.m. on Nov. 15, 2006, at:

          HSBC Financial Services (Cayman) Limited
          P.O. Box 1109, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Tel: (345) 949-7755
         Fax: (345) 949-7634


AVENIR MASTER: Calls Shareholders for Final Meeting on Nov. 16
--------------------------------------------------------------
The Avenir Master Fund Ltd.'s final shareholders meeting will be
at 10:30 a.m. on Nov. 16, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

         Geoffrey Varga
         Attn: Bernadette Bailey-Lewis
         Kinetic Partners
         P.O. Box 10387
         Grand Cayman, Cayman Islands
         Tel: (345) 623 9900
         Fax: (345) 623 0007


FRUCTOSE LTD: Shareholders Gather for Last Meeting on Nov. 16
-------------------------------------------------------------
Fructose Ltd.'s shareholders will convene for a final meeting on
Nov. 16, 2006, at:

           Maples Finance Jersey Limited
           2nd Floor, Le Masurier House
           La Rue Le Masurier, St. Helier
           Jersey JE2 4YE

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Mark Wanless
           Liam Jones
           Maples Finance Jersey Limited
           2nd Floor, Le Masurier House
           La Rue Le Masurier, St. Helier
           Jersey JE2 4YE


GRAND CONSTELLATION: Last Shareholders Meeting Is on Nov. 16
------------------------------------------------------------
Grand Constellation, Inc.'s shareholders will convene for a
final meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


GREEN T: Invites Shareholders for Final Meeting on Nov. 16
----------------------------------------------------------
Green T Fund Ltd.'s shareholders will convene for a final
meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


ISARIA LTD: Final General Meeting Is Set for Nov. 21
----------------------------------------------------
Isaria Ltd.'s final general meeting will be at 10:00 a.m. on
Nov. 21, 2006, or as soon as possible, at the liquidator's place
of business.

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

The liquidator can be reached at:

             Ernest A. Morrison
             Messrs. Conyers Dill & Pearman
             Cox Hallett Wilkinson
             Milner House, 18 Parliament Street
             Hamilton, HM12, Bermuda    


KICAP FINANCIALS: Sets Last Shareholders Meeting for Nov. 16
------------------------------------------------------------
Kicap Financials Fund Ltd.'s shareholders will convene for a
final meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


KICAP (LEVERAGED): Sets Final Shareholders Meeting on Nov. 16
-------------------------------------------------------------
Kicap Financials Leveraged Master Fund Ltd.'s shareholders will
convene for a final meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


KICAP MASTER (PLUS): Finals Shareholders Meeting Is on Nov. 16
--------------------------------------------------------------
Kicap Master Fund Plus Ltd.'s shareholders will convene for a
final meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


KICAP MASTER: Invites Shareholders for Last Meeting on Nov. 16
-------------------------------------------------------------
Kicap Master Fund Ltd.'s shareholders will convene for a final
meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


KICAP (STANDARD): Last Shareholders Meeting Is Set for Nov. 16
--------------------------------------------------------------
Kicap Financials Standard Master Fund Ltd.'s shareholders will
convene for a final meeting on Nov. 16, 2006, at:

           Maples Finance Limited
           Queensgate House, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidators can be reached at:

           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


MESPIL FUND: Shareholders Convene for Final Meeting on Nov. 16
--------------------------------------------------------------
The Mespil Fund Ltd.'s final shareholders meeting will be at
11:30 a.m. on Nov. 16, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

         Geoffrey Varga
         Attn: Bernadette Bailey-Lewis
         Kinetic Partners
         P.O. Box 10387
         Grand Cayman, Cayman Islands
         Tel: (345) 623 9900
         Fax: (345) 623 0007


MESPIL MASTER: Shareholders Convene for Last Meeting on Nov. 16
---------------------------------------------------------------
The Mespil Master Fund Ltd.'s final shareholders meeting will be
at 11:00 a.m. on Nov. 16, 2006, at:

          Kinetic Partners Cayman LLP
          Strathvale House, 90 North Church Street
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

         Geoffrey Varga
         Attn: Bernadette Bailey-Lewis
         Kinetic Partners
         P.O. Box 10387
         Grand Cayman, Cayman Islands
         Tel: (345) 623 9900
         Fax: (345) 623 0007




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


ENDESA CHILE: Earns CLP142.9B for First Nine Months of 2006
-----------------------------------------------------------
Endesa Chile produced a net income of CLP142,942 million in the
first nine months of 2006, which compares favorably with the
CLP81,707 million reported for the same period of the year
before.  This is basically explained by an improvement in
operating income and the coming to fruition of its investments.

Endesa Chile's operating income amounted to CLP374,783 million,
a 24.4% increase over the same period of 2005 as the result of
higher sales produced by the full use of its investments in
hydroelectric plants, which enabled it to increase its
hydroelectric production.

It should be noted that the consolidated figures at
Sept. 30, 2005, included the operating results of Cachoeira
Dourada in Brazil.  This company became part of the assets of
the Endesa Brasil holding company as from the fourth quarter of
2005, a company in which Endesa Chile has a 36% shareholding.

Endesa Chile's consolidated EBITDA reached CLP506,996 million,
an increase of 19.7% over the 2005 period.  The distribution of
EBITDA by country, adjusted for the shareholdings in each
subsidiary, shows that Chile contributes 76.3%, Colombia 10.3%,
Argentina 7.8% and Peru 5.6%.

                           Sales

The company's consolidated sales to September 2006 increased by
10.5% to CLP995,643 million.  Electricity generation amounted to
39,506 GWh, an increase of 1,411 GWh over the same period of the
previous year. This was due to the favorable hydrology and the
increase in demand in all the countries where Endesa Chile
operates.

The cost of sales to September 2006 was CLP592,544 million,
CLP22,646 million higher than in the 2005 period.  This is
explained by the 28.6% increase in fuel costs following the
consolidation of Etevensa with Edegel, whose Ventanilla thermal
plant operates with natural gas from Camisea, and higher fuel
prices in the Argentine market.

This was compensated by lower fuel costs in Chile due to the
fall in thermal production because of the positive hydrology in
this market. The company's higher total energy production
enabled it to reduce energy purchases by 29.9%, resulting in a
CLP10,581 million reduction in costs.

                        In the region

In order to properly analyze the situation of Endesa Chile in
each of the countries where it operates, the depreciation of the
Chilean pesos against the dollar should be taken into account,
amounting to 1.48% with respect to the same period of the year
before, in the context of the accounting treatment of foreign
currency results that is required by Technical Bulletin No.64.  
In this respect, it is important to note what occurred with the
Colombian currency which last quarter showed a significant
appreciation against the dollar that compensated the large
depreciation that occurred during the first half of the year and
which was reflected at the non-operating level of the company's
results.

In Argentina, accumulated operating income rose by 37.2% to
CLP26,988 million to September 2006.  This was the result of
improved hydrology, which permitted an increase in hydroelectric
production of 1,239 GWh with respect to the 2005 period.  There
was also an increase in energy prices due to the recognition of
higher fuel costs in the system.

In Colombia, operating income improved over the first half of
the year due to higher sales prices as a result of poorer
hydrology.  However, the accumulated operating income to
September 2006 showed a fall of 5.4% compared to the same period
of the previous year due to lower average sale prices compared
to those of the 2005 period; this despite the 2.3% increase in
energy sales volumes.  However, the situation was partially
compensated by the fall in the cost of sales due to an 18.5%
reduction in energy purchases and the reduction in the spot
market price.

Operating income in Peru was CLP39,009 million to the third
quarter of 2006, representing a reduction of 7.1% with respect
to the same period of 2005.  Sales increased by 30.5% as a
result of a 39.6% increase in energy sales volumes despite the
average sales price falling by 6.3% following the arrival of
natural gas from Camisea.  The cost of sales increased as a
result of the merger of Etevensa into Edegel.  

In Chile, operating income reached CLP218,345 million to
September 2006, an increase of 75% over the same period of the
previous year.  This was basically the product of higher sales
due to the 6.6% increase in energy production following greater
hydroelectric generation and an improved price scenario.  This
is explained by a more than 6% increase in demand and constant
cuts in natural gas supplies from Argentina.

The consolidated non-operating result was a negative CLP70,653
million, which compares favorably with a negative CLP120,579
million for the same period of 2005.  Endesa Chile's
consolidated financial expenses reduced by CLP12,448 million, a
fall of 8.7%.  In addition, the result of investments in related
companies improved as a result of the shareholding in Endesa
Brasil.

                    Projects in Progress

Endesa Chile is currently developing four projects and carrying
out numerous studies of possible investment alternatives.  Of
the undertakings in progress, the first to enter service will be
the expansion of the San Isidro plant which will require an
estimated investment of US$ 200 million and start commercial
operations in open cycle with an estimated capacity of 220 MW in
April 2007, using diesel oil.  This cycle will be closed the
following year, raising its capacity to approximately 300 MW.  
At the end of 2008, once liquefied natural gas (LNG) is
available in Chile, it will achieve its full capacity of 377 MW.

The second Project to enter service will be the 32-MW Palmucho
pass-through hydroelectric plant that will use the ecological
flow of the Ralco hydroelectric plant.  The required investment
is estimated to be US$43.2 million and its commercial start-up
is planned for the second half of 2007.

In July, Endesa Chile submitted the Bocamina plant expansion
project to the Environmental Impact Evaluation System.  This
project consists of the building and start-up of a second 350 MW
generating unit on a site adjoining that of the first unit.  The
project includes the installation of a hose filter in the
present unit in order to reduce particle matter emissions.  The
total investment is estimated at US$460 million.

At the same time, and following the initiative of developing
non-conventional renewable energy projects through the
subsidiary Endesa Eco, it is contemplated that during the second
half of 2007, the Canela wind-generating farm will enter service
on the SIC, the first of its kind, to be built in two stages.  
The project will be located near to Los Vilos in Chile's 4th
Region and will have an initial estimated capacity of 9.9 MW,
and a total capacity of 18.15 MW.  The environmental impact
declaration for this project has already been approved.

With respect to long-term investment decisions, Endesa Chile
disclosed on April 12 details of its negotiations with Colbun
S.A. for the development of hydroelectric plants in Aysen.  The
agreement provides for the creation of a company with a
structure granting Endesa Chile a 51% shareholding and in which
the investment will be divided according to the percentage
shareholdings.

Empresa Nacional de Electricidad S.A. aka Endesa Chile and its
subsidiaries generate and supply electricity.  The company owns
and operates generating plants, and offers civil, mechanical,
and electrical engineering, architectural environmental, and
project management services.

                        *    *    *

Moody's Investor Service assigned a Ba1 foreign currency long-
term debt rating to Empresa Nacional de Electricidad SA (Chile)
on Jan. 26, 2005.


ENERSIS SA: Posts US$243,506 Million in Third Quarter Profits
-------------------------------------------------------------
Enersis SA showed revenues of US$243,506 million at
Sept. 30, 2006, displaying a significant increase in regard to
the previous year, when it showed profits of US$38,667 million,
reflecting a US$204.839 million increase in profit.

This is mainly due to excellent operating results, which
increased by 31.7%, or the equivalent of US$191,955 million;
also to the improved non-operating results that increased by
US$72,367 million, and to the positive tax-deferral effects
effect on Chilectra (ex Elesur S.A.), as a result of the merger
with Chilectra.

It is important to point out that as of October 2005, with the
creation of the Endesa Brasil Holding, Enersis financial
statements now are consolidated with the companies Central
Geradora Termeletrica Fortaleza and Companhia de Interconexao
Energetica.

If similar consolidation perimeters are considered for both
periods, operating results show an increase of 19.8%.  If this
comparison was to include the effects of devaluation of the
Chilean peso against US currency, which devaluated 1.5% between
Sept. 30, 2005, and Sept. 30, 2006, going from US$529.20 to
US$537.03 pesos, respectively, then operating results grow by
17.3%.

                Distribution Business Line

The regional subsidiaries continue to present important increase
in physical sales and in the number of customers.  The physical
sales increased by 5.2%, equivalent to 2,142 GWh, amounting to
sales of 43,175 GWh, while the number of clients rose by 357,000
new subscribers, which represents a 3.2% increase, reaching a
total of nearly 11.5 million.  This confirms the sustained
growth of the customer base, a structural characteristic of the
distribution business line that explains, in a large part, the
stability of the income.

To serve 357,000 new clients is equivalent to providing electric
power for a new city with over one million inhabitants, which
helps to understand the enormous effort in maintenance
investment that is realized each year in the distribution
business and which surpasses USUS$600 million annually.  Only by
making these investments can the trustworthiness of the service
be guaranteed, which is shown in the high standards of electric
supply quality that the subsidiaries of the Enersis Group
provide in Latin America.

This line of business, just as in previous periods, presented an
interesting 5% and 3% increase in physical sales and customer
numbers, respectively, the results of the sustained growth in
demand in the six concession areas in Latin America.

In Brazil the subsidiary Ampla presents operating results of
US$87,523 million, which compared to 2005, displays an increase
of 36.4% equivalent to US$23,369 million.  These improved
results are mainly due to the increase in demand for power that
made the physical sales rise by 6.8%, amounting to 6,428 GWh
during the period, to the improved purchase-sales margin, and to
the 0.7% decrease in power losses, amounting to 22.0%.  The
number of clients in Ampla increased by 101,000 reaching a
current total of 2.3 million customers.

Moreover, Coelce also showed an increase in operating results of
US$30,604 million, thereby reaching US$71.210 million.  This
growth is due to the rise in demand for power which caused
physical sales to increase by 2.6%, amounting to 4,968 GWh for
the period, and to the improved purchase-sales margin due in
part to the important 1.4% reduction in energy loss, situating
said indicator at 12.6%.  The number of customers reached 2.51
million, which represents an increase of 103,000 clients, and a
growth equivalent of 4.3%.

In Argentina, Edesur decreased the operating results by US$239
million, by going from an operating loss of US$2,453 million
(September 2005) to an operating loss of US$2,692 million in the
period.  This operating result was obtained in spite of the fact
that all the main indicators of the company improved.  The
physical sales had a 5.0% increase (due to increase in energy
demand), amounting to 11,022 GWh, energy losses decreased by
0.7% amounting to 11.0%, and the number of customers increased
by 31,000, thus reaching 2.2 million.

In September, to be prudent, the administration decided to
reverse the accrued income derived from the transitional rate
regime foreseen in the Agreement signed in August 2005 between
the company and the Ministries of Economy and Production and
General Planning, Public Investment and Services, due to the
fact that, at the time of issue of the financial statements, the
Agreement was still pending ratification by the National
Executive Power.

In Colombia, Codensa reached operating results of US$105,220
million, representing a 24.1% increase in regard to the same
period of the previous year.  This increase is due to an
improved energy purchase-sales margin, to a 0.5% decrease in
energy losses, to the increase in demand that caused physical
sales to rise by 6.0% amounting to 7,917 GWh, and to the
increase in income from the other exploited services. The number
of customers increased by 67,000 thereby surpassing 2.1 million.  
Energy losses are situated at 9.0%.

In Peru, Edelnor presents an operating result of US$26,913
million, which surpasses the results obtained on the same date
of the previous year by US$3,920 million.  This is due to the
greater demand and improved unitary sales margins.  The increase
in energy demand caused physical sales to rise by 7.4% reaching
3,605 GWh.  The number of customers increased by 22,000,
reaching a total of 942,000.  Energy losses decreased by 0.3%,
amounting to 8.3% at September 2006.

In Chile, Chilectra presents an increase in operating results of
US$3,316 million (3.6% in regard to the same period of the
previous year), obtaining to date profits of US$94,447 million.  
This increase is mainly due to the 4.4% rise in physical sales
amounting to 9,235 GWh, which reflects the current state of the
country's economic activity, and to an improved purchase-sales
margin, due to less energy loss.  The number of customers
increased by 33,000, surpassing a total of 1.4 million.  Energy
losses dropped to 5.5%.

       Power Generation and Transmission Line of Business

The power generation and transmission line of business shows a
US$111,188 million increase in operating results, equivalent to
36.7%. This is due to significant increase in operating results
in Chile and Argentina (El Chocon), as well as from the
incorporation of the operating results of Central Geradora and
Companhia de Interconexao in 2006. Physical sales in this period
grew by 23.1%, going from 42,437 GWh in September 2005 to 52,243
GWh in September 2006.

In Chile, operating results were US$215,676 million at September
2006, compared to US$123,722 million at the same date the
previous year, equivalent to a 74.3% increase.  This increase is
due to greater operating revenues which grew US$74,029 million
for a total of US$472,411 million, reflecting a 6.6% increase in
energy production, boosted by greater volumes of hydroelectric
generation, an improved pricing scenario for this period, and an
increase in other revenues.

A growth in demand of over 6%, together with frequent cuts in
the supply of natural gas from Argentina, have put pressure on
the power system, which has been operating close to its
installed capacity, and have led to the spot price topping the
US$100 per MWh mark in the Alto Jahuel node in April and May.  
These prices have slackened in the third quarter as a result of
abundant rainfall and high water levels in hydro dams.

The Endesa Chile subsidiary, had sales of 3,520 GWh into the
spot market at September 2006, the average price in this market
being USUS$48.5 per MWh.  Decreased thermal power generation due
to the increased hydropower generation resulting from greater
rainfall, is reflected in fuel costs decreasing 15.2%, and
purchases of energy and power decreased 15.3%. This resulted in
a 6.0% drop in operating costs.

In Brazil, operating results of the Cachoeira Dourada subsidiary
were US$22,944 million, up from US$19,275 million in 2005,
equivalent to a 19.0% increase.  This was due to an increase of
19.0% in physical sales, which totaled 3,186 GWh, countered by
smaller margins in sales and increased power transmission costs.
Additionally, good rainfall in the south-eastern/central-west
regions allowed production to increase and resulted in lower
physical power purchases.

Operating results of Central Geradora were US$26,914 million,
which, compared with the US$38,971 million for the same period
in 2005, represent a drop of 30.9%.  This decrease is due to the
lower mean price of sales during the current period.  Physical
sales were 2,016 GWh at September 2006 (2,012 GWh at September
2005).

The operating results of Companhia de Interconexao showed a loss
of US$7,951 million which, when compared with the US$20,862
million profit obtained in 2005, amounts to a drop of 138.1%.
This is due to the lower mean sales margin for the year 2006 and
to lower physical sales that amounted to 4,747 GWh at September
2006 (5,100 GWh at September 2005).

In Argentina, operating results for the subsidiaries
Hidroelectrica El Chocon and Endesa Costanera are equivalent to
a profit of US$24,119 million (US$10,590 million at September
2005) and US$2,020 million (US$8,262 million at September 2005),
respectively.

Hidroelectrica El Chocon has continued to capitalize the
increased demand in the Argentine market, which is up
approximately 10%, due to good rainfall levels in the Comahue
Region.  Its sales totaled 4,161 GWh, equivalent to an increase
of 39.3% over the previous year.  Good rainfall levels and the
increased demand were responsible for a 43.5% jump in
production, which reached 4,087 GWh, the greater part of this
energy being sold into the spot market.  Furthermore, energy
prices were higher as a result of higher fuel costs in the
system.

Endesa Costanera shows a drop of US$6,242 million in operating
results, as a result of higher fuel prices and lower revenue
from power production due to low export demand, factors which
were partially offset by higher sales prices.  As a result, in
spite of operating revenues growing by 19.1% to a total of
US$135,503 million, costs increased 26.8% for a total of
US$131,994 million because of greater fuel purchases. Physical
sales amounted to 6,336 GWh at September 2006.

In Peru, Edegel had operating results of US$39,009 million,
which is 7.1% down from the US$42,006 million for the same
period in 2005. Exploitation revenues showed an increase of
30.5%, going from US$92,358 million to US$102,572 million,
because of a 39.6% increase in physical sales.  Although the
mean sale price dropped 6.3% because of the natural gas from
Camisea, there was an increase in fuel prices due to increased
generation in single cycle at the Etevensa thermal power
station, mainly as a result of the non-availability of some
power stations currently undergoing maintenance, and of the
lower rainfall which affected the availability of some of
Edegel's power stations, all of which raised exploitation costs
by 67.9%.

In Colombia, Emgesa's operating results totaled US$79,912
million for the period, a drop of US$2,871 million from the
results obtained during the same period in 2005.  Emgesa's
production was up 7.7%, for a total of 7,844 GWh; however,
exploitation results totaled US$172.977 million, or 1.4% less
than 2005. Physical sales totaled 9,166 GWh (9,233 GWh at
September 2005).

Betania's operating results were lower by US$2,330 million, for
a total of US$10,528 million for the current period.  Betania
also increased its production by 10.4%, for a total power
generation of 1,733 GWh. Sales amounted to 2,364 GWh, equivalent
to an increase of 15.7% compared to the same period in 2005.

The high rainfall in Colombia boosted hydropower generation,
pushing down market prices and resulting in smaller sales
margins, though this trend is being reverted over the last
quarter.

                    Non-Operating Results

At Sept. 30, Enersis showed non-operating losses of US$258,447
million, an improvement of US$72,367 over the results obtained
at the same date in 2005, which showed a loss of US$330,814.

Net financial expenses for financial revenues show a significant
drop of 11.9%, equivalent to US$25,713 million, resulting in a
net expense of US$190,313 million.  This decrease is due to
higher financial revenues from investments of cash surpluses,
and containing the mean debt over both periods; and this in
spite of being in the process of consolidating two new companies
and their debts during this period (Companhia de Interconexao
and Central Geradora).

Net profits from investments in related businesses decreased by
US$931 million, passing from a net profit of US$5,115 million at
September 2005 to a net profit of US$4,184 million for the
current period.  This lower profit is due to Inversiones Gas
Atacama's lower profits, which were down US$2,948 million, and
Inversiones Electrogas' lower profits, which were down US$219
million; these drops in profits were partly offset by the
smaller loss registered by Companhia de Interconexao, which was
down US$8,789 million, and profits of US$6,130 million at
Central Geradora, all of which amounted to a net loss of US$
2,660 at September 2005, while for this period the VPP seen in
both companies is nil, as both companies have been consolidated
with Enersis as of October 2005.

Other net non-exploitation income and expenses, show an
improvement of US$32,758 million, from a net loss of US$69,850
at September 2005, to only US$37,092 in the current period.  The
main reasons for this are:

   a) an increase of US$39,149 million in net profit as a result
      of the adjustment for conversion to Chilean norms, in
      accordance with Technical Bulletin No. 64, mostly for the
      subsidiaries in Colombia, Brazil and Peru;

   b) an increase of US$11,990 million in profits from the sale
      of fixed assets, basically the sale of power generation in
      Ampla; and

   c) a decrease of US$ 10,116 million in expenses for
      provisions and contingencies.

All of the former were partly offset by an increase of US$11,371
million in expenses on energy efficiency in Brazilian
subsidiaries, and an increase of US$11,496 million for tax
payments in Brazil.

Exchange rate corrections showed a positive change of US$1,955
million, due to the effects of 1.9% inflation from January to
September 2005, and of 2.5% inflation during the same period of
2006, on non-monetary and UF assets and liabilities, as well as
the updating of results accounts.

Currency exchange differences show a net positive variation of
US$12,436 million, passing from a US$5,937 million loss due to
currency exchanges differences at September 2005, at which time
the peso had valuated 5.1%, to a US$6,499 million profit in the
current period, due to a peso devaluation of 4.8%.  This last
was a consequence of the posicion de descalce activa in dollars
that the company has maintained to September 2006.

Payments of income tax and deferred tax at September 2006 stand
at US$95,243 million, which compared to payments of US$139,694
at September 2005, show a positive variation of US$44,451
million.

               Economic and Financial Situation

The figures of the Enersis Group, at the third quarter, confirm
the positive tendency shown by the two main businesses
throughout the year 2006.  Profits grew by 530%, aligned with
the market's most demanding expectations.  Investors have also
recognized these good results.  In fact, the ADR of Enersis is
one of the three Chilean shares with the greatest profitability
in the year 2006, marking a 30% higher price during the period.

In the economic area, the new signals of the price of energy in
Chile can also be highlighted, as the result of a combination of
the scarcity of natural gas, the large availability of
hydrological resources, and the upcoming bids for long-term
contracts that will be realized by the distribution companies.

In Brazil, despite of the Presidential elections, there seems to
be relative consensus so that the general rules of electric
power operation do not suffer major adjustments.  For the time
being, the evolution of the bids for long term contracts are
under study, a circumstance that may stimulate the Enersis Group
to invest in a new generation project in that country.

In summary, a quite stable economic situation registered in the
five countries where the Enersis Group operates, has stimulated
the consumption of electric power.  The result was the 18%
growth in sales income amounting to CLP400 billion.  This
positive effect was based on the increase of sales to final
customers in distribution and sales of the generating company
subsidiaries, in terms of more energy produced to satisfy this
demand.

The Group's solid financial, operating and commercial position
has also been observed by Moody's international risk assessment
agency, which, on October 18 of this year, improved its
expectations of both Enersis, and its subsidiary Endesa Chile,
granting them the status of "Under review for possible Upgrade."

Finally, it is important to point out that the stock market has
not been unaware of the timely recognition of the progress by
the Enersis Group.  Thus, the stock market valuation of Enersis
has shown an important 15% rise in the past twelve months
amounting to USUS$8,620 million.  Likewise, the level of
transactions, both in the national market as well as the New
York stock exchange (via ADR's), continues to confirm the good
perception of the agents in regard to the high liquidity of the
company shares.

Based in Santiago, Chile, Enersis is owned 60% by Endesa Spain,
one of the largest integrated Spanish utilities in the world.  
Endesa Chile, the largest electric generation company in Chile,
is owned 60% by Enersis.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006,
Moody's Investors Service placed the senior unsecured Ba1 debt
ratings of Enersis S.A., and Empresa Nacional de Electricidad,
S.A. aka Endesa Chile under review for possible upgrade.




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


BANCOLOMBIA: Completes Integration Process of Merger
----------------------------------------------------
Bancolombia disclosed that, as a new step in the technological
integration process in connection with the merger between
Bancolombia, Conavi and Corfinsura, certain changes were made
last weekend in order to allow Bancolombia to, as of
Nov. 4, 2006, offer transactional services to all its customers,
in the same manner, both electronically and through its branch
offices.

                        *    *    *

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

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


CA INC: Quarterly Results Prompts Moody's to Affirm Ba1 Rating
--------------------------------------------------------------
Moody's Investors Service affirmed CA's Ba1 senior unsecured
rating and negative rating outlook following the company's
announcement of fiscal second quarter financial results and
fiscal 2007 revised guidance.

On Nov. 2, 2006, CA announced Q2 fiscal 2007 results, including
client bookings and billings, which were below the company's and
Moody's expectations.  In addition, the company revised FY 2007
guidance for cash flow from operations to a range of US$900
million to US$1 billion from a prior US$1.3 billion target, a
nearly 30% reduction, and announced its intention to reassess
further share repurchases until it deems financial performance
has improved.

The company's Ba1 senior unsecured rating reflects its large
portfolio of mission critical software product offerings and
installed base of a diverse set of creditworthy clients, which
in isolation could potentially map to a high Baa rating.  
However, the rating also reflects the company's weakened client
billings and bookings performance, exposure to mature mainframe
and Unix markets, uncertainties surrounding effective internal
financial controls, unsettled fulfillment of the terms of the
Deferred Prosecution Agreement, moderate financial leverage, and
modest returns on net assets, which collectively drive the
overall Ba1 rating.

The negative outlook reflects challenges the company has to
revive organic growth, implement effective financial controls,
remediate material weaknesses to its financial reporting, and
contain costs.

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.




=======
C U B A
=======


* CUBA: American Companies Post Lower Sales at Havana Fair
----------------------------------------------------------
The Associated Press reports that American companies sold US$87
million of food and agricultural products during the recently
concluded International Fair of Havana.  The figure, AP says, is
just one third of last year's sales figure.

According to Cuba's food import company, Alimport, there are
lesser participations from American firms due to steady
tightening of the U.S. trade embargo against the nation, AP
relates.

"We've had less participation and fewer contracts with American
companies this year," Pedro Alvarez, Alimport's chairman was
quoted by AP as saying.  "Unfortunately, they've been affected
by the regulations imposed on them by their government."

This year's trade fair attracted 80 companies compared with the
190 attendees last year, AP says.  

                        *    *    *

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


* HONDURAS: Commerce Minister Endorses Cement Importation
---------------------------------------------------------
Elizabeth Azcona, the minister of Honduras Industry and
Commerce, promotes the importation of cement from foreign
countries after cement prices increased HNL7 per bag, the
Honduran This Week reports.

Honduran President Manuel Zelaya recently opined that the nation
should promote free trade to diminish business monopolies.  Once
the free trade is in effect, this would mean increased
competition fro Lafarge Inceha -- one of two cement producers in
Honduras, the same paper relates.

Industry observers believe that the government's move to promote
free trade is to put pressure on local major players to stop
raising prices, the Honduras This Week says.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


MAAX HOLDINGS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
revised the Corporate Family Rating for Maax Holdings Inc. to B2
from B3, as well as the rating on the company's 11.57% Senior
Unsecured Discount Notes due 2013 to Caa1 from Caa3.  Those
debentures were assigned an LGD6 rating suggesting noteholders
will experience a 99% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   C$50m bank fac
   due 2010 (Rev.)        B2       B2      LGD3       49%

   C$130m bank fac
   due 2010               B2       B2      LGD3       49%

   US$115m bank fac
   due 2012               B2       B2      LGD3       49%

   9.75% Sr. Unsec.
   sub notes due 2012    Caa1     Caa1     LGD6       91%

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

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

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

Headquartered in Brooklyn Park, Minnesota, Maax Holdings, Inc.
is engaged in the manufacture of bathroom fixtures.  The company
has operations in Jamaica.




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


BEARINGPOINT INC: Launches Corp. Performance Management System
--------------------------------------------------------------
BearingPoint Inc. leveraged its 10-year commitment to developing
innovative corporate performance management systems to unveil
Corporate Performance Management, a premier global services
solution integrated with Oracle Business Intelligence.

According to a recent study, business intelligence ranks second
behind security on the CIO's list of top 10 priorities.  In
today's changing business environment, CEOs and CFOs of leading
organizations need more insight into their business.  The
pressure to deliver results while shouldering responsibility for
compliance compels them to demand greater return on investments
in enterprise resource planning systems, business intelligence
applications and compliance tools.  BearingPoint CPM is
designed to help companies improve return on investment, enhance
timely and accurate information delivery, and improve reporting
and corporate governance, while increasing efficiency and
effectiveness.

"BearingPoint's solution enables businesses to leverage the
costs associated with streamlining business processes to help
meet regulatory and governance mandates, such as Basel II,
gaining value and competitive advantage from their investment,"
said Greg Molley, managing director, for BearingPoint's
Oracle Business Intelligence Practice.  "We've strategically
aligned our resources with Oracle to make the connections needed
for the development and delivery of innovative business
transformation solutions.  Our cross-competency teams have been
working together extensively, giving us more experience on
Oracle technologies, greatly reducing client risk.  We were the
first to consolidate both the Oracle and PeopleSoft practices
and added the Siebel Practice to our global integrated community
as of January 2006.  Because of this, we're more closely aligned
with Oracle and its development process and have contributed to
the development and roll-out of upgrades and Oracle's Business
Intelligence strategy leveraging Oracle SOA."

BearingPoint's CPM provides the business insight executives
require, delivering in high value, business transformation
through:

   -- seasoned practitioners with cross-industry and
      cross-functional business process knowledge, as well as
      Oracle and non-Oracle technology experience;

   -- repeatable implementation practices to help companies
      manage risk and deliver predictable, value-added outcomes;

   -- reusable tools and project accelerators that are tailored
      to individual client needs through a collaborative
      delivery approach;

   -- specialized vertical solutions to meet the needs of the
      company's financial services clients; and

   -- specialized domain solutions for helping companies to meet
      their compliance needs and drive focused process
      improvement.

"BearingPoint was a very early partner in embracing our larger
BI strategy and working with our development team to understand
our strategy.  They communicated this strategy to our clients
and built out a solution we recognized this week with a Titan
Award.  BearingPoint moved quickly to align its practice to
capitalize on the opportunity," said Robert Stackowiak, vice
president, Business Intelligence Oracle Corporation Technology
Business Unit.  "BearingPoint's CPM solution leverages its
significant Oracle technology expertise with industry expertise,
business process and change management to help their clients
deliver solid business results.  The company's leadership in
developing innovative solutions has made it a valuable Oracle
partner for many years and they are well positioned to deliver
our Fusion business intelligence solutions as they are
introduced."

"BearingPoint takes a holistic approach in applying strategy,
business process industry expertise, and change management to
help increase our clients' return on investment," said Mr.
Molley.  "With the power of Oracle Business Intelligence at the
core, our teams focus on developing an integrated view of the
data locked in customers' information systems. With our CPM
solution, we can offer a global network of professionals
providing implementations, upgrades and strategic solutions
across the entire suite of Oracle products."

As a Certified Advantage Partner in the Oracle Partner Network,
BearingPoint has completed more than 2,000 Oracle
implementations and upgrades in more than 50 countries. To date,
it supports the evolution of Oracle Fusion Applications,
Oracle's initiative to protect customer investments while
extending and evolving the functionality of its Oracle,
PeopleSoft, JD Edwards, Siebel and emerging product lines.

"BearingPoint has been a trusted advisor to our organization for
many years," said Jennifer Fancher, first vice president,
Washington Mutual, Inc.  "We have clearly benefited from their
strategic vision, and the business acumen, project management,
and technical skills they bring to their teams to make the
visioning a reality.  Their work on our Corporate Performance
Management Solution has allowed us to manage our company more
effectively.  This is why BearingPoint continues to be one of
our key strategic partners."

                      About the Company

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management   
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations in Australia, Austria, Brazil,
China, France, India, Indonesia, Japan, Mexico, Portugal,
Singapore, Thailand, and the United Kingdom, among others.

                        *    *    *

As reported in the TCR-Europe on Oct. 11, Moody's
downgraded and placed these ratings on review for further
possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

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

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


BEARINGPOINT INC: Obtains Waivers & Amends Credit Facility
----------------------------------------------------------
BearingPoint Inc. reached an agreement in principle with holders
of a majority of each of the Company's 2.50% Series A
Convertible Subordinated Debentures due 2024 (CUSIP No.
074002AA4) and 2.75% Series B Convertible Subordinated
Debentures due 2024 (CUSIP No. 074002AB2).  

The agreement, among other things, contains waivers through
Oct. 31, 2008, to the covenants relating to the Company's U.S.
Securities and Exchange Commission reporting requirements and
rescinds any acceleration related to the Company's failure to
file such SEC reports.

The proposed agreement with the holders of the Series A and
Series B Debentures is also conditioned on the relevant holders
of the Series B Debentures who had alleged that the Company is
in default under the applicable indenture discontinuing their
current lawsuit pending in New York State Supreme Court entitled
The Bank of New York v. BearingPoint, Inc., Index No. 600169/06.

                  Credit Facility Amendment

The Company also amended its existing US$150 million senior
secured credit facility.  The amendments to the credit facility
include extensions of the filing deadlines for the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2005, to
Nov. 30, 2006, and the Company's Quarterly Reports on Forms 10-Q
for the first three quarters of 2005 to the earlier of two
months after filing the 2005 Form 10-K and Jan. 31, 2007.  The
filing dates for the Company's 2006 Quarterly Reports on Form
10-Q have also been extended.  

"While we continue to disagree with the opinion of the New York
State Court, we are pleased to have so quickly resolved the
debenture issue in the best interest of all parties such that we
may now move quickly on completing our 2005 Form 10-K filing,"
said Harry You, the Company's Chief Executive Officer.  "We
appreciate the continuing support of our shareholders, banks,
surety providers, clients and employees in standing by us as we
worked through this process.  We have already turned our
attention to completing our 2005 Form 10-K filing and hope to
complete this by Thanksgiving to stay on course for holding our
annual meeting of shareholders in early December."

The revised terms of the consent solicitation for the Series A
and Series B Debentures will be reflected in a supplement, which
will be distributed to holders of the Series A Debentures and
Series B Debentures shortly and which amend certain of the terms
and conditions of the Consent Solicitation Statement dated
Oct. 18, 2006.  The terms, as modified, have been agreed to in
principle by holders of a majority of each series of Debentures.

                   Consent Solicitation

Among other things, under the revised terms of the consent
solicitation, in lieu of paying a consent fee:

   -- the interest rate payable on the Series A Debentures will
      be increased from the current 3.00% interest per annum to
      3.10% per annum (inclusive of any liquidated damages
      relating to the failure to file a registration statement
      for the Series A Debentures that may be payable) until
      Dec. 23, 2011; and

   -- the interest rate payable on the Series B Debentures will
      be increased from the current 3.25% per annum to 4.10% per
      annum (inclusive of any liquidated damages relating to the
      failure to file a registration statement for the Series B
      Debentures that may be payable) until December 23, 2014.

The increased interest rate will apply to all Series A
Debentures and Series B Debentures outstanding.

Additionally, the expiration date for the consent solicitation
with respect to the Series A Debentures and Series B Debentures
was extended until 5:00 p.m. New York City time on Nov. 6, 2006.  
BearingPoint reserves the right to further amend the consent
solicitation for the Series A Debentures and Series B Debentures
or further extend the expiration date at its sole discretion.

On Nov. 2, 2006, the Company entered into a Supplemental
Indenture with The Bank of New York, as trustee, which amends
the indenture governing the Company's 5.00% Convertible Senior
Subordinated Debentures due 2025 (CUSIP No. 074000AE0) in
accordance with the Consent Solicitation Statement sent to the
holders of the 5.00% Debentures.  The Supplemental Indenture
includes a waiver of the Company's SEC reporting requirements
through Oct. 31, 2007, and provides for further extension
through Oct. 31, 2008, upon payment of an addition fee of 0.25%.  
The Company paid to the holders of the 5.00% Debentures who
provided their consents prior to the expiration of the consent
solicitation the consent fee required under the Consent
Solicitation Statement in an amount equal to 1.00% of the
outstanding principal amount of the 5.00% Debentures.

Citigroup Corporate and Investment Banking continues to serve as
the solicitation agent for the consent solicitations.  Questions
regarding the consent solicitations may be directed to the
Liability Management Group of Citigroup Corporate and Investment
Banking at (800) 558-3745 (toll-free) or (212) 723-6106.  The
information agent for the consent solicitations is Global
Bondholder Services Corporation.  Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to Global Bondholder Services Corporation at (866) 857-
2200 (toll- free) or (212) 430-3774.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc.,
-- http://www.BearingPoint.com/-- is an I/T systems integrator,  
consultancy, and managed services provider for commercial and
governmental entities worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 10, 2006,
Moody's Investors Service downgraded the ratings of
BearingPoint, Inc., and has placed the company's ratings on
review for further possible downgrade.

Ratings downgraded and placed on review for further possible
downgrade are:

   * Corporate Family Rating --downgraded to B2 from B1

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

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

As reported in the Troubled Company Reporter on Oct. 2, 2006
Standard & Poor's Ratings Services' ratings on BearingPoint
Inc., remained on CreditWatch with developing implications,
where they were placed on March 18, 2005.

Ratings on CreditWatch are:

     * Corporate credit rating: B-/Watch Dev./--
     * Senior secured: B-/Watch Dev.
     * Senior unsecured: B-/Watch Dev.
     * Subordinated debt: CCC+/Watch Dev.

As reported in the Troubled Company Reporter on Sept. 29, 2006,
BearingPoint, Inc., received an order entered by the New York
State Supreme Court for New York County on Sept. 20, 2006,
finding the Company in default under the indenture governing the
its 2.75% Series B Convertible Subordinated Debentures due 2024.


DIRECTV INC: Creates In-House Advertising Sales Team
----------------------------------------------------
Signaling an aggressive, new strategy to generate more national
ad sales and revenue, DIRECTV, Inc., is streamlining its
advertising sales division by bringing the entire operation in-
house.  As part of this new transition, DIRECTV will combine its
existing Advertising Sales team with a group of DIRECTV account
representatives from DIRECTV's former ad sales vendor, Twentieth
Television.

The newly combined DIRECTV Advertising Sales team, operating out
of DIRECTV offices in Los Angeles, New York and Chicago, will be
responsible for attracting new national advertisers to DIRECTV
while also working with internal DIRECTV departments to create
new partnerships and revenue sources.

"Fully in-sourcing our Ad Sales team enables DIRECTV to
implement an aggressive new advertising sales strategy with more
control and better efficiency," said Eric Shanks, executive vice
president, DIRECTV Entertainment.  "Twentieth Television,
combined with our existing internal ad sales team, executed
extraordinary year-over-year revenue growth through traditional
media and DIRECTV's advanced interactive services platform.  We
are confident that our newly combined team will not only keep
this momentum going but create even more unique opportunities
for the DIRECTV Ad Sales division."

Leading the group and responsible for annual gross ad sales
revenues while serving at Twentieth Television, Bob Riordan,
senior vice president of Advertising Sales, will be based in New
York City and will report to Shanks.

Mr. Riordan's responsibilities include all aspects of
advertising sales, including traditional media sales, advanced
services applications, sports (NFL SUNDAY TICKET, etc.),
pricing, planning and research (including the relationship with
Nielsen Media Research).  As the DIRECTV account lead at
Twentieth Television, Mr. Riordan will now manage the entire Ad
Sales team.

Alison Pascola, vice president of Ad Sales, will report to
Riordan and focus on ad sales marketing and research -- shifting
from her current role at DIRECTV while continuing as the
internal point of contact for employees in Los Angeles.  Ms.
Pascola and her team will also be responsible for developing and
presenting ad sales promotional opportunities directly to
clients and their advertising agencies.

Joining DIRECTV from Twentieth Television and also reporting to
Riordan are:

   -- Rich Forester, vice president, New Business Development,
      based in New York;

   -- Jamie Calandruccio, vice president, Planning and
      Operations, based in New York;

   -- Steve Fish, vice president, Mid-West Region, based in
      Chicago; and

   -- JC Kawalec, vice president, Western Region, based in Los
      Angeles.

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.


ENESCO: Inks Thirteenth Amendment to US Credit Facility
-------------------------------------------------------
Enesco Group, Inc., signed a thirteenth amendment to its current
U.S. credit facility with Bank of America, N.A. and LaSalle Bank
N.A., effective as of Nov. 6, 2006, to extend the company's
credit facility to Dec. 29, 2006.

The amendment continues existing financial covenants requiring
compliance (subject to permitted variances) with budgeted cash
receipts, cash disbursements and loan formulas.  The amendment
also provides for a forbearance of certain existing events of
default under the credit agreement as of the date of the
thirteenth amendment and requires the company to enter into a
definitive agreement on/or prior to Nov. 30, 2006, for a
transaction that will refinance Enesco's existing credit
facility.

Enesco Group, Inc. --- http://www.enesco.com/-- is a world
leader in the giftware, and home and garden decor industries.
Serving more than 44,000 customers worldwide, Enesco distributes
products to a wide variety of specialty card and gift retailers,
home decor boutiques, as well as mass-market chains and direct
mail retailers.  Internationally, Enesco serves markets
operating in the United Kingdom, Canada, Europe, Mexico,
Australia and Asia.  With subsidiaries located in Europe and
Canada, and a business unit in Hong Kong, Enesco's international
distribution network is a leader in the industry.  Enesco's
product lines include some of the world's most recognizable
brands, including Border Fine Arts, Bratz, Circle of Love,
Foundations, Halcyon Days, Jim Shore Designs, Lilliput Lane,
Pooh & Friends, Walt Disney Classics Collection, and Walt Disney
Company, among others.

                       Credit Default

As reported in the Troubled Company Reporter on Aug. 15, 2006,
Enesco is continuing to aggressively pursue long-term debt
financing.  Enesco previously had agreed to obtain a commitment
for long-term financing by Aug. 7, 2006.  Because Enesco has not
obtained a commitment, the company is in default of its current
credit facility agreement.

Enesco is working with the lenders for possible additional
loans or terms and conditions, but has been advised that the
lenders are not committing to waive the default.

Enesco reported a US$24.9 million net loss in the quarter ended
June 30, 2006.


GENERAL MOTORS: Paying Fourth Quarter Dividends on Dec. 9
---------------------------------------------------------
General Motors Corp. declared a fourth-quarter dividend of
US$0.25 per share on GM common stock.  The dividend is payable
Dec. 9, 2006, to holders of record as of Nov. 17, 2006.  The
dividend is unchanged from the previous quarter.

                    About General Motors

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

                        *    *    *

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

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

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

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


GENERAL MOTORS: Reduces Third Quarter Net Loss to US$91 Million  
---------------------------------------------------------------
General Motors Corp.'s consolidated net loss for the third
quarter of 2006 has been reduced by US$24 million to a net loss
of US$91 million.  General Motors Corporation previously
announced preliminary consolidated net loss for the third
quarter of 2006 as US$115 million.

The reduction in net loss is attributable to additional loan
sales that had not been previously reported by GM's unit,
General Motors Acceptance Corporation LLC.  GMAC has also
revised its loss to US$325 million, from the US$349 million it
reported earlier, the Associated Press reports.

A full-text copy of GM's revised quarterly report, filed with
the Securities and Exchange Commission on Nov. 7, 2006, is
available for free at http://researcharchives.com/t/s?14a0

                    About General Motors

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

                        *    *    *

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

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

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

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


GENERAL MOTORS: Delphi Deal Coming Soon Says Rick Wagoner
---------------------------------------------------------
General Motors Corp. anticipates forging a deal with Delphi
Corp. over contributions to the bankrupt auto parts maker's
labor costs "reasonably soon," The Wall Street Journal reports.

GM's Chief Executive, Rick Wagoner, told The Journal's Gordon
Fairclough "a huge amount of progress has been made" towards a
compromise with Delphi.  GM had recently updated estimates
related to benefit guarantees as a result of progress in ongoing
discussions with Delphi and its unions.  

In its report for the quarter-period ended Sept. 30, 2006, GM
disclosed that its has narrowed the range of estimated potential
exposure related to Delphi's bankruptcy at between US$6 and
US$7.5 billion pre-tax, as compared to a previously disclosed
range of US$5.5 to US$12 billion.  

Reflecting these updated estimates, GM also increased the
reserve for its contingent liability for Delphi by US$500
million in the third quarter, bringing the total charges taken
to date to US$6 billion pre-tax.  In addition to these charges,
the final agreement with Delphi may result in GM agreeing to
reimburse Delphi for certain labor expenses to be incurred upon
and after Delphi 's emergence from bankruptcy.  

The initial payment in 2007 is not expected to exceed
approximately US$400 million pre-tax, and the ongoing expenses
would be of limited duration and estimated to average less than
US$100 million pre-tax annually.  

                        About Delphi

Troy, MI-based Delphi Corporation -- http://www.delphi.com/--   
supplies vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  Robert J. Rosenberg, Esq.,
Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham &
Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet
showed US$17,098,734,530 in total assets and US$22,166,280,476
in total debts.

                    About General Motors

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

                        *    *    *

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

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

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

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


INTERTAPE POLYMER: Provides Update on Ongoing Cost Cuts
-------------------------------------------------------
Intertape Polymer Group Inc. expects to record a non-cash
goodwill impairment charge and is updating the status of its
cost reduction initiatives.

In accordance with applicable accounting requirements, the
Company is performing an impairment test as at Sept. 30, 2006 on
its goodwill.  This analysis is expected to result in a non-cash
impairment charge to operating expenses of approximately US$120
million to be recorded in the third quarter.  This impairment
relates to goodwill recorded at the time of various acquisitions
during the period from 1996 through 2000 in light of current
economic and market conditions.

                   Cost Reduction Update

The closing date of the Brighton, Colorado facility is expected
to be achieved ahead of schedule on Nov. 1, 2006 versus the
originally scheduled date of Jan. 1, 2007.  As a result of
productivity improvements at its other facilities, the Company
has determined that it does not need to relocate certain
Brighton equipment resulting in an additional non-cash write off
US$10.4 million to be recorded in the third quarter of 2006.

The previously estimated cash outlay of US$4.2 million in
capital expenditures and US$3.8 million in equipment relocation
costs will therefore not be incurred.  The annual cost savings
from this revised initiative are now estimated to be US$8.9
million as compared to the previously announced US$7.3 million.  
These savings will begin to be realized in the fourth quarter of
2006.

The Company's corporate aircraft is contracted for sale.  The
transaction is expected to close by the end of October with
estimated annual savings of approximately US$2 million to begin
in the fourth quarter of 2006.

In addition to these previously announced initiatives, Intertape
disclosed further annual cost reductions of approximately US$7.4
million, principally in selling, general and administrative
expenses.  These further planned cost reductions will result in
additional severance costs of approximately US$4.4 million to be
realized in the fourth quarter of 2006 and the first quarter of
2007.

In total, the Company has announced annualized cost reductions
in excess of US$20 million that will begin to take effect in the
fourth quarter of 2006.  These programs are intended to align
the Company's cost structure with its current revenue base.

                     Improved Cash Position

Intertape continues to focus on improving the utilization of its
working capital.  As at Sep. 30, 2006, the Company's cash
balance was US$15.5 million, as compared to US$8 million as at
June 30, 2006.  The Company believes that it has the ability to
generate sufficient working capital, now and for the foreseeable
future, to meet the requirements of its day-to-day operations,
given its anticipated operating margins and expected results.  
The Company believes it has sufficient liquidity to meet its
business requirements for the foreseeable future.

"Intertape remains dedicated to providing its customers with a
complete range of products to meet their requirements, including
the launch of its new ICushion air pillow system and Clarity
display films.  This, coupled with the adjustments we are making
to align our cost base with the changes in the marketplace, in
addition to our focus on working capital management and the
resulting improvement in our cash balances, position the Company
to continue as an industry leader," stated Interim CEO Dale
McSween.

The Company is requesting an amendment to its Credit Facilities
to modify certain financial covenants and other provisions
contained therein.  Specifically, the Company is requesting that
the lenders under the Credit Facilities temporarily relax the
interest coverage, leverage ratio and fixed charges covenants
and waive the non-cash goodwill impairment charge.

Finally, the Company reports that while its CEO search process
has been successful in identifying well qualified candidates,
the Board of Directors is deferring the selection decision until
the outcome of the previously announced strategic alternatives
process becomes better defined.

                     About Intertape Polymer

Intertape Polymer Group -- http://www.intertapepolymer.com/--  
develops and manufactures specialized polyolefin plastic and
paper based packaging products and complementary packaging
systems for industrial and retail use.  Headquartered in
Montreal, Quebec and Sarasota/Bradenton, Florida, the Company
employs approximately 2450 employees with operations in 18
locations, including 13 manufacturing facilities in North
America and one in Europe.

                        *    *    *   

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services placed its ratings, including
its 'B+' corporate credit rating, on Intertape Polymer Group
Inc. on CreditWatch with negative implications.   The
CreditWatch placement follows the company's announcement that
its Board of Directors will initiate a process to explore
various strategic and financial alternatives.  The nature of
options being explored and the timeline of the exercise have not
been announced, but the culmination of such an exercise could
result in a change of ownership.


OPEN TEXT: Posts USUS$101.2MM Revenue in First Quarter 2007
-----------------------------------------------------------
Open Text Corp. reported unaudited financial results for its
first quarter that ended Sept. 30, 2006.

Total revenue for the first quarter was US$101.2 million,
compared with US$92.6 million for the same period in the prior
fiscal year. License revenue in the first quarter was US$28.8
million, compared with US$24.9 million in the first quarter of
the prior fiscal year.

Adjusted net income in the quarter was US$12.2 million or
US$0.24 per share on a diluted basis, compared with US$6.3
million or US$0.13 per share on a diluted basis for the same
period in the prior fiscal year. Net income in accordance with
U.S. generally accepted accounting principles was US$7.3 million
or US$0.15 per share on a diluted basis, compared with a net
loss of (US$12.9) million or (US$0.27) per share on a diluted
basis for the same period in the prior fiscal year.

The cash, cash equivalents and short-term investments balance as
of Sept. 30, 2006, was US$111.2 million.  Accounts receivable as
of Sept. 30, 2006, totaled US$76.7 million, compared with
US$73.6 million as of Sept. 30, 2005, and Days Sales Outstanding
was 68 days in the first quarter of fiscal 2007, compared with
71 days in the first quarter of fiscal 2006.

Operating cash flow in the first quarter of fiscal 2007 was
US$9.6 million compared with US$0.3 million in the first quarter
of fiscal 2006.

"With the addition of Hummingbird, we are the largest
independent ECM provider.  The combination of deep vertical
solutions expertise, market independence and the ability to
leverage Microsoft, Oracle and SAP, allows us to scale to the
enterprise, offering customers comprehensive solutions and the
capability of implementing an enterprise wide ECM strategy,"
said John Shackleton, President and Chief Executive Officer of
Open Text.

"Now that we have completed the Hummingbird acquisition, our
focus is on integrating the two organizations as quickly and
smoothly as possible," said John Shackleton.

The majority of Hummingbird's integration will be completed
during the second quarter of fiscal 2007, which ends on
Dec. 31, 2006.  As part of the integration, Open Text is
reducing its worldwide workforce of 3,500 people by
approximately 15 percent.  The restructuring actions commenced
in October 2006 and to date, approximately 60 percent of these
reductions have been completed.  The remaining staff reductions
are expected to be completed by the end of November 2006.  The
staff reductions will be focused on redundant positions or areas
of the business that are not consistent with the company's
strategic focus.  Open Text is also reducing 38 facilities by
closing or consolidating offices in certain locations.

"Actions are well underway to rationalize staff levels and
consolidate facilities to meet our operating goals. Based on our
expected run-rate in our second quarter, these actions will
result in savings of approximately US$50.0 million for the
current fiscal year and on an annualized basis, approximately
US$80.0 million beginning in fiscal 2008," said Paul McFeeters,
Chief Financial Officer of Open Text.

Headquartered in Waterloo, Ontario, Open Text Corp.
(NASDAQ:OTEX, TSX:OTC) -- http://www.opentext.com/-- provides  
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp., a leading provider of enterprise content
management software.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss-given-default of LGD-2 for the senior
secured facilities.  Moody's also assigned a SGL-1 speculative
grade liquidity rating, reflecting very good liquidity.  Moody's
said the ratings outlook is stable.




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


BANCO DE CREDITO (PANAMA): Moody's Changes Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on the B1 long-term foreign currency deposit ratings
of Banco de Credito del Peru and BBVA Banco Continental.

Moody's has also changed the outlook to positive from stable on
the Ba2 subordinated debt rating of Banco de Credito del Peru,
Panama Branch's foreign currency subordinated notes due in 2021.

The rating actions are in line with Moody's change in outlook to
positive on Peru's B1 foreign currency country ceiling for
deposits and Ba2 country ceiling for bonds.


CHIQUITA BRANDS: E.coli Prompts S&P's B Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

The ratings remain on CreditWatch with negative implications
where they were placed on Sept. 26, 2006, after the company's
announcement that third-quarter operating performance was
expected to be significantly affected by continued weak banana
prices in European and trading markets, excess fruit supply, and
lower sales/higher costs in its Fresh Express business because
of recent industry health concerns related to E.-coli-tainted
spinach.

Total debt outstanding at the company was about US$990 million
as of Sept. 30, 2006.

"The downgrade follows Chiquita's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said Standard &
Poor's credit analyst Alison Sullivan.

For the twelve months ended Sept. 30, 2006, adjusted EBITDA
declined by 45% as compared to the prior-year period.

This included over a 75% decline in adjusted EBITDA for the
third quarter alone:

   -- Third-quarter operating performance was weaker than
      expected because of intense pricing pressure in Europe;
      and,

   -- unusually hot weather in northern Europe, which reduced
      consumer demand for bananas, depressed prices, and
      contributed to substantial price weakness in trading
      markets, where Chiquita incurred substantial losses on the
      sale of temporary excess supply from Latin America.

Additionally, Fresh Express experienced lower sales and higher
costs related to fresh spinach health concerns in the U.S.
beginning in mid-September, although there have been no
confirmed cases of consumer illness linked by the FDA to Fresh
Express products.  Chiquita is also faced with ongoing
challenging conditions in Europe after the tariff change
effective January 2006, that has increased competition, leading
to lower pricing, and higher net tariff costs.

As a result, credit measures have weakened further.  Lease
adjusted total debt to EBITDA increased to about 6.5x for the
12 months ended Sept. 30, 2006, from about 4x at Dec. 31, 2006,
and we believe leverage could increase further over the near
term, given challenging operating conditions.

In addition, the company is seeking an amendment of its credit
facility to preclude any violation of its covenants that
otherwise would occur upon the expiration of the existing waiver
and to provide additional flexibility in future periods.

If Chiquita receives an amendment to its credit facility and
operating performance does not deteriorate significantly in the
interim, Standard & Poor's will affirm the 'B' corporate credit
rating, remove all ratings from credit watch and assign a
negative outlook.


CHIQUITA BRANDS: US$96M Loss Cues Moody's B3 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C.

     -- senior secured to B1 from Ba3,

as well as for its parent Chiquita Brands International, Inc.

     -- corporate family rating to B3 from B2.

The outlook on all ratings is stable.

The rating action follows the company's announcement that it had
incurred a US$96 million net loss for its 2006 third quarter.
This weaker-than-expected operating performance results from a
number of factors including continuing weak pricing in core
European markets, losses in key secondary European banana
trading markets, unexpected lower demand for bananas in some
European markets and the resulting need to liquidate at a very
low prices excess fruit, as well as a US$43 million non-cash
impairment charge to write-off goodwill related to an
underperforming European subsidiary.

Operations are also continuing to suffer from the impact of
recent e. coli discoveries in US fresh spinach products, which
during September and October had resulted in an FDA advisory and
industry-wide withdrawals of fresh spinach product by most
processors, and lower consumption of some salad products.

Continuing high fuel and other industry costs, as well as
unusually high costs to source fruit during shortages in late
2005/early 2006, have also pressured earnings and cash flow.

Given the company's weak operating performance, it is unlikely
that it will be able to meet the target credit metrics Moody's
had set out in order for it to maintain its prior rating.

The stable rating outlook reflects Moody's expectation that
Chiquita's operating performance will continue to be pressured
by fierce competition and margin pressure in its key European
banana markets as the industry adapts to the new banana
marketing regulations, which took effect in January 2006.

It is Moody's view that Chiquita's ratings reflect the
continuing uncertainty surrounding how the company's operations
will ultimately be impacted by this new regulatory environment,
and the volatility in earnings and cash flow that is likely to
exist throughout the transition period.  Existing ratings also
assume that Chiquita is successful in negotiating an amendment
to its bank credit facilities in a manner, which provides ample
financial flexibility to the company.

Chiquita's existing ratings reflect a company with a good
qualitative profile, but with credit metrics, which have been
weakening due to a combination of leveraged acquisitions and
weaker than expected operating performance, resulting in an
overall B3 rating.

The key rating factors currently influencing Chiquita's ratings
and stable outlook are:

   -- The company is one of the largest global producers and
      marketers of fresh fruit and vegetables, with good
      geographic and product market diversity.

   -- Its franchise strength and growth potential are considered
      moderate, with good market share and volume growth in some
      segments, partially offset by the low margin commodity
      nature of much of its business which, at times, can lead
      to earnings and cash flow volatility.

   -- Liquidity under stress has been weak over the past year,
      as evidenced by the need to seek financial covenant
      relief.

   -- Overall credit metrics had been relatively strong for its
      rating category, but have been weakening due to a
      combination of higher debt from leveraged acquisitions and
      weak operating performance.

Chiquita's ratings could be further downgraded if its earnings
and cash flow remain weak - conceivably due to the impact of the
new EU banana regulations being more negative than anticipated,
the company's inability to successfully pass along higher energy
costs, or its liquidity becomes constrained as it seeks further
amendments to financial covenants from its lenders.

Specifically, Chiquita's ratings could be downgraded if three-
year average Debt/EBITDA (incorporating Moody's standard
analytic adjustments) rose above 6x times and was likely to rise
above 8x on a lagging 12-month basis in a downturn, and/or three
year average EBIT/Interest fell below 1x and were likely to fall
below 0.7x on a lagging 12-month basis in a downturn.

Given the recent downgrade, a rating upgrade in the near term is
unlikely.

Over the intermediate term, however, upward rating pressure
would start to build if the company successfully adapts to the
new EU banana import regulations, its operating performance
improves, and it successfully negotiates amendments to its bank
facilities which provide it with ample financial flexibility.

A ratings upgrade would also require Chiquita to be able to
sustain three-year average Debt/EBITDA below 5.5x and lagging
12-month Debt/EBITDA below 7x in a downturn, and to maintain
three-year average EBIT/Interest above 1.5x, with lagging
12-month EBIT/Interest above 1x in a downturn.

Ratings downgraded with a stable outlook:

   * Chiquita Brands LLC (operating subsidiary)

     -- US$200 million senior secured revolving credit to
        B1,LGD2, 26% from Ba3 LGD2, 26%

     -- US$24.5 million senior secured term loan B to B1 LGD2,
        26% from Ba3 LGD2, 26%

     -- US$372.2 million senior secured term loan C to B1 LGD2,
        26% from Ba3 LGD2, 26%

   * Chiquita Brands International, Inc.

     -- US$250 million 7.50% senior unsecured notes due 2014 to
        Caa2, LGD 5, 89% from Caa1, LGD 5, 89%

     -- US$225 million 8.875% senior unsecured notes due 2015 to
        Caa2, LGD5, 89% from LGD 5, 89%

     -- Corporate family rating at B3

     -- Probability of default rating at B3

With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is
one of the global producers and marketers of fresh fruit and
vegetables.




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BANCO DE CREDITO: Moody's Changes B1 Rating Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on the B1 long-term foreign currency deposit ratings
of Banco de Credito del Peru and BBVA Banco Continental.

Moody's has also changed the outlook to positive from stable on
the Ba2 subordinated debt rating of Banco de Credito del Peru,
Panama Branch's foreign currency subordinated notes due in 2021.

The rating actions are in line with Moody's change in outlook to
positive on Peru's B1 foreign currency country ceiling for
deposits and Ba2 country ceiling for bonds.


BBVA BANCO: Moody's Changes B1 Rating Outlook to Positive
---------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on the B1 long-term foreign currency deposit ratings
of Banco de Credito del Peru and BBVA Banco Continental.

Moody's has also changed the outlook to positive from stable on
the Ba2 subordinated debt rating of Banco de Credito del Peru,
Panama Branch's foreign currency subordinated notes due in 2021.

The rating actions are in line with Moody's change in outlook to
positive on Peru's B1 foreign currency country ceiling for
deposits and Ba2 country ceiling for bonds.


CB RICHARD: Launches 9-3/4% Senior Notes Solicitation Consent
-------------------------------------------------------------
CB Richard Ellis Services Inc., wholly owned subsidiary of CB
Richard Ellis Group Inc., commenced a cash tender offer for any
and all of its outstanding US$130,000,000 aggregate principal
amount 9-3/4% Senior Notes due 2010 on the terms and subject to
the conditions set forth in its Offer to Purchase and Consent
Solicitation Statement dated Nov. 3, 2006, and the related
Consent and Letter of Transmittal.  The Company is also
soliciting consents to certain proposed amendments to the
indenture governing the Notes to eliminate most of the
restrictive covenants and certain events of default.  The tender
offer documents more fully set forth the terms of the tender
offer and consent solicitation.

The tender offer will expire at 5 p.m., New York City time, on
Dec. 4, 2006, unless extended or earlier terminated by the
Company.  The Company reserves the right to terminate, withdraw
or amend the tender offer and consent solicitation at any time
subject to applicable law.

The Company expects to pay for any Notes purchased pursuant to
the tender offer and consent solicitation in same-day funds on
a date promptly following the expiration of the tender offer.

The Company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not withdrawn pursuant to the tender
offer and the consent solicitation is subject to the
satisfaction or waiver of certain conditions, including the
receipt of sufficient consents with respect to the proposed
amendments to the indenture.  The Company intends to finance the
purchase of the Notes and related fees and expenses with cash on
hand or funds drawn under its existing credit facility.  The
complete terms and conditions of the tender offer and the
consent solicitation are set forth in the tender offer
documents, which are being sent to holders of Notes.  Holders
are urged to read the tender offer documents carefully.

The Company has retained Credit Suisse to act as Dealer Manager
in connection with the tender offer and consent solicitation.
Questions about the tender offer and consent solicitation may
be directed to Credit Suisse at 800-820-1653 or 212-538-0652.
Copies of the tender offer documents and other related documents
may be obtained from Georgeson Inc., the information agent for
the tender offer and consent solicitation, at 866-244-9585 or
212-440-9800.

The tender offer and consent solicitation is being made solely
by means of the tender offer documents.  Under no circumstances
shall this press release constitute an offer to purchase or
the solicitation of an offer to sell the Notes or any other
securities of the Company or CB Richard Ellis Group, Inc.  It
also is not a solicitation of consents to the proposed
amendments to the indenture.  No recommendation is made as to
whether holders of the Notes should tender their Notes or give
their consent.

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

                        *    *    *

On Nov. 2, 2006, Moody's Investors Service affirmed the ratings
of CB Richard Ellis Services Inc.'s senior secured bank credit
facility at Ba1; senior unsecured debt at Ba1, with a stable
outlook following the announcement that CBRE will acquire
Trammell Crow Company in a transaction valued at US$2.2 billion.

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


* PERU: Moody's Revises Ratings Outlook to Positive from Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on the Ba3-rated foreign-currency government bonds
of Peru to reflect significant reductions in Peru's external
vulnerabilities as a result of a continuous decline in external
debt indicators, further strengthening of the international
reserve position, and evidence of diversified and robust export
growth.

An outlook change to positive from stable was also made to
Peru's Ba2 foreign currency country ceiling for bonds, which is
based on the government bond rating and Moody's assessment of a
moderate likelihood of a payments moratorium by the government
in the event of a government default and to the B1 ceiling for
foreign currency bank deposits.

"The declining trend observed in Peru's external debt ratios has
led to increased convergence towards the mean values of the
corresponding ratios for Ba-rated countries," said Moody's Vice
President Mauro Leos. "Since Peru's ratios are still above those
of the Ba peer group, additional progress will be required to
contemplate future improvements in Peru's credit ratings."

Mr. Leos said the continued presence of low government debt
ratios, coupled with modest gross borrowing requirements,
represent underlying strengths of the rating.  "Indications that
the Peruvian government does not need to access the
international capital markets to cover its financing needs
represent a positive development as it effectively reduces
Peru's credit exposure to potential changes in international
market conditions.

"While government's efforts have been effective in increasing
local currency funding in the domestic market, a latent credit
vulnerability remains given the presence of a relatively high
share of foreign currency denominated debt," said Mr. Leos.  
"This condition may operate as a restriction to future
improvements in the government's credit rating."

Mr. Leos said the positive outlook incorporates prospects of
continued economic and export growth, as well as signals
indicating that the administration of President Alan Garcia
intends to preserve conservative fiscal and monetary polices, a
condition that should help reinforce positive trends in the
coming years.

Mr. Leos said Moody's will monitor the potential impact on
Peru's credit perspective of challenges posed by a less benign
international economic environment, including such things as a
possible deceleration in world economic growth and an eventual
reduction in commodity prices in general, metals prices in
particular.

The outlook of the government's Baa3 local-currency bond remains
stable.  The outlook also remains stable on Peru's Baa1 local
currency deposit ceiling and A3 local currency bond ceiling, the
highest possible rating that could be assigned to obligors and
obligations denominated in local currency within the country.




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


GLOBAL HOME: Proofs of Claim Filing Deadline Is on Nov. 15
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered
an order in Global Home Products LLC and its debtor-affiliates'
chapter 11 cases setting Nov. 15, 2006, 4:00 p.m. E.S.T., as:

   (a) the last day for filing all proofs of claim against the
       Debtors arising prior to April 10, 2006;

   (b) the last day for all governmental units, as defined in
       Section 101(27) of the Bankruptcy Code, to assert claims
       arising before April 10, 2006; and

   (c) the last day for all parties asserting administrative
       expenses against the Debtors' estates arising under
       Section 503(b)(9) of the Bankruptcy Code, to file a
       request for payment of these administrative expense with
       the Claims Agent, Bankruptcy Services, LLC.

Proofs of claims must be received on or before the Bar Dates by:

      Global Home Products Claims Processing
      c/o Bankruptcy Services, LLC
      FDR Station, P.O. Box 5269
      New York, NY 10150-5269

These claims are not required to be filed on or before the
Claims Bar Date, the Governmental Unit Bar Date, and the
Administrative Bar Date:

   -- claims already duly filed in the Debtors' chapter 11 cases
      with the Claims Agent, or the Clerk of Court;

   -- claims listed in the Debtors' schedules of assets and
      liabilities, or as listed in any supplements or amendments
      in the schedules; and

   -- claims arising on or after the Petition Date, except as
      provided pursuant to 503(b)(9) Administrative Bar Date

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


HC CARIBBEAN: Court Sets Feb. 15 as Claims Filing Deadline
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
set these deadlines for persons owed money by HC Carribean
Chemicals Inc. to file proofs of claim against the Debtor:

   a) Feb. 15, 2007 -- for all creditors except governmental
      units; and

   b) April 18, 20007 -- for governmental units.

Proofs of claim must be received by the bankruptcy clerk's
office on the bar dates at this address:

          Celestino Matta-Mendez
          Clerk of the Bankruptcy Court
          District of Puerto Rico
          Room 109
          U.S. Post Office and Courthouse Building
          300 Recinto Sur Street
          San Juan, PR 00901

Headquartered in Ponce, Puerto Rico, HC Caribbean Chemicals Inc.
sells chemical, industrial, and janitorial cleaning products.  
The company is the exclusive distributor for Zep Products in
Puerto Rico.  HC Caribbean filed a chapter 11 petition on
October 16, 2006 (U.S. Bankr. P.R. Case No. 06-03960).  Nydia
Gonzalez Ortiz, Esq. at Santiago & Gonzalez represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it disclosed more than US$100
million in assets and more than US$100 million in debts.


HC CARIBBEAN: U.S. Trustee Sets Nov. 17 Creditors Meeting
---------------------------------------------------------
The United States Trustee for Region 21 will convene a meeting
of HC Carribean Chemicals Inc.'s creditors on Nov. 17, 2006,
1:30 p.m., at the first floor of Ochoa Building, 500 Tanca
Street, San Juan, Puerto Rico.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Ponce, Puerto Rico, HC Caribbean Chemicals Inc.
sells chemical, industrial, and janitorial cleaning products.  
The company is the exclusive distributor for Zep Products in
Puerto Rico.  HC Caribbean filed a chapter 11 petition on
October 16, 2006 (U.S. Bankr. P.R. Case No. 06-03960).  Nydia
Gonzalez Ortiz, Esq. at Santiago & Gonzalez represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it disclosed more than US$100
million in assets and more than US$100 million in debts.


RENT-A-CENTER: Completes New US$1.3 Bil. Senior Loan Refinancing
----------------------------------------------------------------
Rent-A-Center Inc. disclosed the completion of the documentation
of its previously reported 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.


WESCO INT'L: Completes Acquisition of Communications Supply
-----------------------------------------------------------
WESCO International, Inc., completed its acquisition of
Communication Supply Corporation.  Communications Supply is
headquartered in Carol Stream, Illinois and is a leading
national distributor of low voltage network infrastructure and
industrial wire and cable products.
    
Chairman and CEO, Roy W. Haley stated, "We are very pleased to
have Communications Supply as part of the WESCO organization.  
The management team has done an outstanding job of building the
business, and Communications Supply has a customer service
culture that is closely aligned to WESCO's extra-effort work
ethic.  We are enthusiastic about the growth potential in the
data communications market and the opportunities to strengthen
our overall position in multiple market segments."

Separately, Stephen A. Van Oss, WESCO's Senior Vice President
and Chief Financial and Administrative Officer noted, "We are
excited about the business opportunities provided by the
combination of WESCO and Communications Supply and pleased with
the financing that we have been able to obtain.  WESCO
successfully completed the issuance of US$300 million in
convertible debentures on Nov. 2, 2006.  The company was able to
obtain an attractive long-term, fixed rate of 1.75% on the
convertible debentures due 2026.  Also, as previously reported,
we anticipate the acquisition of Communications Supply will
contribute US$0.04 earnings per share this year and US$0.35 to
US$0.40 per share in 2007."

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
WESCO International Inc.'s proposed US$250 million convertible
senior unsecured notes 2026.  Proceeds from the offering will be
used to help finance WESCO's acquisition of Communications
Supply Holdings Inc. for US$525 million.  WESCO International is
the parent company of WESCO Distribution Inc., its main
operating subsidiary.

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




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


JETBLUE AIRWAYS: Names Charles Mees Chief Information Officer
-------------------------------------------------------------
JetBlue Airways appointed Charles "Duffy" Mees to the position
of Vice President, Chief Information Officer, effective
immediately.

Mr. Mees joined JetBlue in August 2006 as Vice President, Chief
Technology Officer, responsible for the design and
implementation of the low-fare airline's solutions to create
efficiencies while improving the customers' and crewmembers'
experience.  In this new role, Mr. Mees assumes responsibility
for company wide information technology projects and operations,
spanning all systems, networks, servers, data centers, desktops,
and devices.  Mr. Mees will report to the airline's Founder and
CEO, David Neeleman.

"Duffy's experience creating and continually improving the
information infrastructure at prior companies will help JetBlue
grow our market advantage in this very important realm," said
Mr. Neeleman.  "Today, JetBlue customers and crewmembers benefit
from an innovative and fresh approach to information technology,
and we can look forward to improving and refreshing the JetBlue
Experience through technology as we grow the airline."

Mr. Mees succeeds Todd Thompson, who had served JetBlue as Chief
Information Officer since joining the company in December 2003.

"We wish Todd all the best in his career," said Mr. Neeleman.  
"Todd was instrumental in building the foundation of our IT
Team, and we especially appreciate his focus on implementing
systems and processes that support the growth of the airline."

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

                        *    *    *

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

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

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




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


IMCOPA IMPORTACAO: S&P Assigns B Long-Term Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Brazil-based soybean processing
company Imcopa Importacao, Exportacao e Industria de Oleos Ltda.  
At the same time, the rating agency assigned a 'B' issue credit
rating to the proposed three-year US$100 million notes offered
by Imcopa International S.A., a wholly owned subsidiary of
Imcopa, based in Montevideo-Uruguay.  The notes will be
unconditionally and irrevocably guaranteed by Imcopa.  Imcopa's
total debt outstanding at June 30, 2006, amounted to
approximately US$290 million.  The outlook is stable.

Bondholders will benefit from negative pledge including
restrictions on debt incurrence, dividend distributions and
disposal of assets, and financial covenants, including minimum
coverage ratios and maximum leverage ratios.  The proceeds from
the new issuance will be used entirely to refinance existing
company debt.

The rating assigned to Imcopa reflects the volatilities
associated with the company's operations in soft-commodities
and, in particular, with:

    -- soybean crushing margins;

    -- the company's highly leveraged financial risk profile,
       including a high exposure to short-term debt and
       significant working capital requirements due to the
       soybean harvest cycle (a single crop per year);

   -- increasing incentives for genetically modified organism or
      GMO planting in Brazil, which could jeopardize the
      company's strategy to focus on non-GMO niche products; and

   -- Imcopa's below par corporate governance practices
      despite expected improvements in reporting practices going
      forward.

These negative factors are tempered by:

   -- Imcopa's successful strategy of focusing on higher margin,
      non-GMO soybean oil and soybean meal products to date
      (despite the  aforementioned risks related to growing
      appeal for GMO);

   -- its fair product and sales diversification, with the bulk
      of its sales originated from exports;

   -- the company's favorable logistics due to the proximity of
      its processing plants to its main suppliers of soybeans
      and to port terminals; and

   -- its conservative hedging strategy.

Although Imcopa has been fairly successful in focusing on
generally higher-margin, non-GMO processed soybean products, the
company is exposed to the growing appeal for GMO due to its
lower planting costs and the potential increase in the
acceptance of GMO among certain countries and large food
industries that historically avoided it.  Imcopa intends to
further diversify its product portfolio, developing new soybean
meals with different protein contents, increasing production of
refined soybean oil versus lower-value crude soybean oil, and
augmenting its own energy production using the residuals from
the soybean crushing and degumming process.

"Imcopa faces the challenges associated with soft-commodity
operations, typified by low and potentially volatile operating
margins, high working capital requirements, price volatility,
and limited product differentiation," said Standard & Poor's
credit analyst Jean-Pierre Cote Gil.  Some of these risks are
partially attenuated by Imcopa's business model.  Imcopa does
not run any credit risk associated with soybean
suppliers/farmers, as no financing is extended to these parties
(the company is exposed to potential supply disruption).  In
addition, Imcopa's focus on processed soybean products provides
for some product differentiation and better margins (highlighted
by non-GMO), vis-a-vis pure commodity trading activities.  Also,
Imcopa maintains an active hedging desk that ensures the so-
called 'crushing margin' to be locked up from the purchase of
soybeans through the delivery of its processed products.

Imcopa benefits from its favorable location in Brazil, in the
coastal state of Parana, which reduces its logistics expenses
when compared to competitors located in other soybean-producing
areas farther inland. Imcopa's processing plants are located
near its main sources of soybean and major port terminals (not
owned by the company), through which its products are shipped.

Imcopa's highly leveraged financial risk profile is a major
constraint on the ratings.  Imcopa's financial policy is
aggressive as debt leverage and refinancing risk have
historically been high, in part due to the industry's intrinsic
intense working capital needs.  The company invested US$60
million in 2004 and 2005 to increase its processing capacity,
which also resulted in additional debt.  Projected capital
expenditures for the 2006-2010 period are approximately $80
million, which Imcopa expects to finance with internal cash
flows.

The stable outlook reflects our expectations that Imcopa will
retain a highly leveraged financial risk profile in the next few
years, with limited ability to promote a significant reduction
in debt levels. The stable outlook also incorporates our view
that market and economic fundamentals supporting Imcopa's
operations will be sustained in the near future, including the
demand for non-GMO products.

A positive review of the ratings or outlook would depend on
Imcopa's capacity to achieve its business targets, consistently
improving operating margins to high single-digit levels,
reducing both its debt levels and its significant exposure to
short-term financing, and mitigating possible debt maturity
concentration risk (if the new bond is successfully placed).

A negative review of the ratings or outlook could be prompted by
a potential deterioration of Imcopa's credit metrics, which
could be triggered by a further appreciation of the local
currency, higher volatility of soybean prices (as experienced in
2004), or if the company failed to retain its ability to
adequately fund its short-term working capital requirements.




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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate Update
         CityPlace Conference Center, Dallas, TX
            Contact: http://www.turnaround.org/

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

November 10, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         San Francisco, CA
            Contact: http://www.ceb.com/

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

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

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

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Sure-Fire Strategies for Destroying Value: An Expose of
      Common Errors, Oversights, and Missed Opportunities
      in Turnaround Management, Workouts, and Restructurings
         Marriott Downtown, Los Angeles, CA
            Contact: http://www.turnaround.org/

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

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

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

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Arena
      Panel Discussion with Some of the Leading Investors
         Red Barn Restaurant, Westport, CT
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround & Transaction of the Year
      Award Presentations
         Solera, Minneapolis, MN
            Contact: http://www.turnaround.org/

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

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

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      The Brave New World of Selling Distressed Companies
         Mid-Day Club, Chicago, IL
            Contact: http://www.turnaround.org/

November 22, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      "Inherent Jurisdiction of the Courts"
      Dinner Event - Special Presentation by
      Madam Justice Juliana Topolniski
         Union Bank Inn, Edmonton, AB
            Contact: http://www.turnaround.org/

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

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

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

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

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

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Some Do's and Don'ts in Investing in Turnarounds
         University Club, Milwaukee, WI
            Contact: http;//www.turnaround.org/

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

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

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

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

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

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

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

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

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

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

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

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

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

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

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

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

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

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

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

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

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

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

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

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

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

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

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

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

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

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

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

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

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

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

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

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

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

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

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

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

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

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

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

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

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                        ***********


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

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

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

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

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

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


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