TCRLA_Public/061110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, November 10, 2006, Vol. 7, Issue 224

                          Headlines

A R G E N T I N A

AGROPECUARIA LOS: Claims Verification Deadline Is on Dec. 11
COMPANIA LATINOAMERICANA: Issuing US$15 Million in Notes
CIA DE TRANSPORTE: Commences Purchase Offer on Eligible Notes
ESTRELLA FEDERAL: Trustee Verifies Proofs of Claim Until Dec. 5
FACHADAS INTEGRALES: Last Day for Claims Verification Is Dec. 7

FIDEICOMISOS CREDICUOTAS: S&P Puts raD Rating on US$5.9 Certs.
PAN AMERICAN: S&P Says BB- Rating Unaffected by Sale of Assets
PINNACLE ENT: Gets Voters Approval to Build US$350-Mil. Hotel
RLS SRL: Deadline for Verification of Proofs of Claim Is Dec. 28
SUSERLAND SA: Verification of Proofs of Claim Is Until Dec. 29

TELECOM PERSONAL: S&P Says Ratings Show Close Linkage to Parent
TRANSENER: Holding Shareholders Meeting to Discuss Debt Buy Back
YACIMIENTOS CARBONIFEROS: Building US$350-Million Power Plant

* ARGENTINA: Announces Sale of US$1 Billion in Bonds
* ARGENTINA: Buenos Aires Sells US$475-Million in Bonds
* ARGENTINA: IDB Grants US$32.6MM Loan to Boost Economic Growth

B A R B A D O S

ANDREW CORP: Expands Wireless & Fixed Line Telecom Support

B E R M U D A

ASPEN INSURANCE: AM Best Rates US$200 Mil. Pref. Shares at BB
FOSTER WHEELER: Earns US$75.8MM for Quarter Ended Sept. 29, 2006
SCOTTISH RE: Scor Management Won't Propose to Acquire Firm

B R A Z I L

AES TIETE: Board Okays Distribution of BRL106.2MM in Dividends
AES TIETE: Records BRL449.05MM Net Income for First Nine Months
BANCO ITAU: Expects Credit Card Sales in Brazil to Grow 25%
BANCO ITAU: In Dispute with Uniao de Bancos on Furnas Insurance
BANCO NACIONAL: Okays BRL875MM in Loans for Transmission Lines

BRASKEM SA: EBITDA Up 82% to BRL461MM in Third Quarter 2006
COMPANHIA ENERGETICA: Posts BRL1.11B First Nine-Month Profits
COMPANHIA SIDERURGICA: Posts BRL2.6MM Revenue in Third Quarter
COMPANHIA SIDERURGICA: Wheeling-Pittsburgh Prefers Firm's Offer
DRESSER-RAND: Commences Secondary Offering of Common Stock

ELETROPAULO METROPOLITANA: Earns BRL47.3MM in Third Quarter 2006
EMBRATEL: S&P Says Tender Offer Won't Affect Telmex's Ratings
GERDAU SA: Keen on Expanding Global Operations
GERDAU SA: Will Invest US$3 Billion in 2007 to 2009
GERDAU SA: Pouring Investments on Siderperu

GRAFTECH INTERNATIONAL: Moody's Places Loss-Given-Default Rating
GOL LINHAS: Reports Traffic Statistics for October 2006
UNIAO DE BANCOS: In Dispute with Banco Itau on Furnas Insurance
USINAS SIDERURGICAS: Posts BRL1.8B Profit for First Nine Months

C A Y M A N   I S L A N D S

AMADEUS FUNDING 1: Sets Final Shareholders Meeting on Nov. 16
ARGENT NIM: Shareholders Convene for Final Meeting on Nov. 16
CLYDESDALE CLO 2001-1: Last Shareholders Meeting Is on Nov. 16
CONTRATEMPS FUND: Final General Meeting Is Set for Nov. 16
CONTRATEMPS MASTER: Last Shareholders Meeting Is Set for Nov. 16

FINISTERRE LOCAL: Final Shareholders Meeting Is Set for Nov. 16
FINISTERRE (MASTER): Final Shareholders Meeting Is on Nov. 16
PERUVIAN FUTURE: Calls Shareholders for Final Meeting on Nov. 16
S&S REAL: Invites Shareholders for Final Meeting on Nov. 16
SANTO ANDRE: Shareholders Convene for Last Meeting on Nov. 16

TAURUS CAPITAL: Shareholders Gather for Last Meeting on Nov. 16
TIGERS CORP: Liquidator Presents Wind Up Accounts on Nov. 16
TOKYO KIRARI: Shareholders Gather for Final Meeting on Nov. 16

C O L O M B I A

BANCO DE BOGOTA: Completes Merger with Megabanco
BANCOLOMBIA: Earns COP181.5MM in Quarter Ended Sept. 30, 2006
MEGABANCO: Banco de Bogota Completes Merger with Firm

C O S T A   R I C A

H.J. HEINZ: Board Approves Majority Voting for Election
H.J. HEINZ: Declares Quarterly Dividends on Common & Pref. Stock

H A I T I

DYNCORP INT: Posts US$474.7MM Revenues in Second Quarter 2007

H O N D U R A S

* HONDURAS: IMF to Send Mission to Assess Economic Situation

J A M A I C A

AIR JAMAICA: Bustamante Industrial Seeks Meeting with Airline
AIR JAMAICA: Creditors Seize Plane at Miami Airport

M E X I C O

DIRECTV INC: Revenues Up 13% to US$3.67B in Third Quarter 2006
GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008
GLOBAL POWER: Hires AlixPartners LLC as Claims & Balloting Agent
NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
NORTEL NETWORKS: Posts US$99 Mil. Net Loss in 2006 Third Quarter

PORTRAIT CORP: Creditors' Panel Hires Stroock & Stroock as Atty.
PORTRAIT CORP: Panel Hires Peter Solomon Co. as Fin'l Advisor

* MEXICO: USW Accuses Gov't of Violating NAFTA Labor Agreement
* MEXICO: Fitch Releases Post-Electoral Update on Government

N I C A R A G U A

* NICARAGUA: World Bank Grants US$25 Mil. to Strengthen Economy

P A N A M A

CHARLES RIVER: Earns US$25.7 Million for Quarter Ended July 1
CB RICHARD: Launches 9-3/4% Senior Notes Solicitation Consent
GRUPO BANISTMO: HSBC Extends Tender Offer Period to Nov. 22

P A R A G U A Y

* PARAGUAY: IDB Grants US$31.5MM to Revise Agricultural Support

P E R U

CHARLES RIVER: Moody's Assigns Loss-Given-Default Ratings

P U E R T O   R I C O

DEVELOPERS DIVERSIFIED: Inks Joint Venture Deal with TIAA-CREF
DORAL FINANCIAL: Jose G. Vigoreaux Resigns as Bank President
RES-CARE INC: Moody's Assigns Loss-Given-Default Ratings
UNO RESTAURANT: Moody's Assigns Loss-Given-Default Ratings

T R I N I D A D   &   T O B A G O

JETBLUE: S&P Rates US$49.4MM Class-B Pass-Thru Certificate at B+
JETBLUE AIRWAYS: Reports 16.3% Increase in October Traffic

U R U G U A Y

AMERICAN AIRLINES: Flying Nonstop from Miami to Montevideo Hubs

* URUGUAY: Argentina Asks World Bank to Stop Loans for Pulp Mill
* URUGUAY: Repaying Early SDR726.7-Million Debts to IMF

V E N E Z U E L A

CITGO PETROLEUM: Unlikely to Suffer Long-Term Economic Damage
PETROLEOS DE VENEZUELA: Compania Nacional Running Thermal Assets
UNIVERSAL COMPRESSION: Board OKs US$200MM Repurchase Program
UNIVERSAL COMPRESSION: Earns US$25 Million in Third Quarter 2006

* VENEZUELA: Announces Sale of US$1 Billion in Bonds
* VENEZUELA: Revokes 8 Mining Pacts Over Regulatory Violations


                         - - - - -


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


AGROPECUARIA LOS: Claims Verification Deadline Is on Dec. 11
------------------------------------------------------------
Luis Julio Kuklis, the court-appointed trustee for Agropecuaria Los Moros
SA's bankruptcy proceeding, will verify creditors' proofs of claim until
Dec. 11, 2006.

Under the Argentine bankruptcy law, Mr. Kuklis is required to present the
validated claims in court as individual reports.  Court No. 6 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
Agropecuaria Los and its creditors.

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

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

Agropecuario Los was forced into bankruptcy at the request of Pedro Diaz e
Hijo Sociedad de Hecho, whom it owes US$9,411.99.

Clerk No. 12 assists the court in the proceeding.

The debtor can be reached at:

          Agropecuaria Los Moros SA
          Lavalle 445
          Buenos Aires, Argentina

The trustee can be reached at:

          Luis Julio Kuklis
          Lavalle 1619
          Buenos Aires, Argentina


COMPANIA LATINOAMERICANA: Issuing US$15 Million in Notes
--------------------------------------------------------
Compania Latinoamericana de Infraestructura & Servicios S.A. has asked
Comision Nacional de Valores, Argentina's securities regulator, for
authority to issue Class 1 of Obligaciones Negociables for up to
US$15,000,000.  These are included under the issuance program of
Obligaciones Negociables for up to US$1,000,000,000, approved by
shareholders on Sept. 14, 2006.

As reported on Oct. 17, 2006, Standard & Poor's rating services assigned
these ratings on Clisa's debts:

   -- Obligaciones Negociables with guarantee for
      US$100,000,000, D;

   -- Obligaciones Negociables with guarantee for US$15,000,000,
      raBB+;

   -- Obligaciones Negociables with guarantee for
      US$120,000,000, raBB+.

The rating action was based on the company's balance sheet at June 30, 2006.


CIA DE TRANSPORTE: Commences Purchase Offer on Eligible Notes
-------------------------------------------------------------
Compania de Transporte de Energia Electrica en Alta Tension aka Transener
S.A. has commenced an offer to purchase for cash for any and all of the
outstanding notes described in the table below and solicitation of proxies
for certain amendments with respect to the Eligible Notes.

The purpose of the proposed amendments is to eliminate substantially all of
the restrictive covenants and certain related provisions contained in the
indenture governing the Eligible Notes.  Holders who desire to tender their
Eligible Notes must vote in favor of the proposed amendments and holders may
not deliver proxies without tendering the related Eligible Notes.  The Offer
is conditioned upon, among other things, the receipt of the requisite
proxies to adopt such proposed amendments, as well as obtaining the
requisite funding.

The company reserves the right to extend, amend or terminate the Offer and
Proxy Solicitation at any time.  The terms and conditions of the Offer and
Proxy Solicitation are stated in an Offer to Purchase and Proxy Solicitation
Memorandum, dated
Nov. 8, 2006.


Series of                                      Nominal Principal
Eligible Notes        CUSIP/ISIN Number       Amount Outstanding

Par Listed
Regulation S
Notes due 2016       P3058XAE5/USP3058XAE50     US$38,898,946

Par Listed
Restricted
Notes due 2016       20448RAB4/US20448RAB42     US$6,237,895

Par Definitive
Notes due 2016       20448RAD0/US20448RAD08     US$466,101

Par Unlisted
Regulation S
Notes due 2016       P3058XAH8/USP3058XAH81     US$8,647,868

Subject to certain conditions described in the Offer to Purchase
Memorandum, in order to be eligible to receive Total Consideration:

   -- Holders of the Eligible Notes in Global Form must validly
      tender their Global Notes on or prior to 5:00 p.m., New
      York City time, on Nov. 21, 2006, unless extended and
      submit valid proxies by 5:00 p.m., New York City time, on
      Nov. 24, 2006, unless extended.

   -- Holders of the Eligible Notes in Definitive Form must
      validly tender their Definitive Notes and submit valid
      proxies by the Early Tender Deadline.

Subject to certain conditions described in the Offer to Purchase
Memorandum, in order to be eligible to receive Tender Consideration, holders
of Eligible Notes must validly tender their Eligible Notes and submit valid
proxies on or prior to 5:00 p.m., New York City time, on
Dec. 7, 2006, unless extended.

In addition, holders who validly tender their Eligible Notes and submit
valid proxies in the Offer and Proxy Solicitation will receive accrued and
unpaid interest from the last interest payment date up to, but not
including, the date payment is made for the Eligible Notes.

The Total Consideration per US$1,000 nominal principal amount of
Eligible Notes is US$850 multiplied by a scaling factor, which includes an
early tender premium of US$20 multiplied by the scaling factor.  As of Nov.
7, 2006, the scaling factor equaled 0.9875.

Transener has retained Deutsche Bank Securities Inc. to serve as joint
dealer manager and sole coordinator and solicitation agent and Citigroup
Global Markets Inc. to serve as joint dealer manager and solicitation agent
for the Offer and the Proxy Solicitation.

Questions about the Offer or the Proxy Solicitation may be directed to:

           Deutsche Bank Securities
           Liability Management Group
           Tel: (866) 627-0391 (U.S. toll-free)
                (212) 250-2955 (outside the U.S.)

                    -- and --

           Deutsche Bank S.A. - Argentina
           Tel: (54) 11-4590-2740 (in Argentina)

Global Bondholder Services Corporation is serving as information agent and
depositary and Deutsche Bank Luxembourg S.A. is serving as Luxembourg tender
agent.

Requests for documents may be directed to:

          Global Bondholder Services Corp.
          Tel: (866) 294-2200

In addition, copies of the Offer to Purchase Memorandum and related
materials may be obtained at the office of the Luxembourg Tender Agent:

          Deutsche Bank Luxembourg S.A.
          2 Boulevard Konrad Adenauer
          L1115 Luxembourg

Compania de Transporte de Energia Electrica en Alta Tension aka
Transener owns the national network of high-voltage power
transmission lines, which consist of nearly 8,800km of lines
together with the approximately 5,500km in its Transba
subsidiary's network.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 5, 2006, Fitch
Argentina Calificadora de Riesgo S.A. rated Transener
S.A.'s debts at:

   -- Obligaciones Negociables Class 3 for US$1,300,000, D

   -- Obligaciones Negociables Class 6, at same price, with
      public offer of up to US$100,000,000, BBB

   -- Obligaciones Negociables Class 7, with discount, public
      offer, for up to US$245,000,000, BBB-

   -- Obligaciones Negociables Class A for US$822,000, D

   -- Obligaciones Negociables Class B for US$3,100,000, amount
      in circulation: US$1,395,000, BBB-

The rating action was based on the company's financial status at
June 30, 2006.


ESTRELLA FEDERAL: Trustee Verifies Proofs of Claim Until Dec. 5
---------------------------------------------------------------
Roberto Quian y Asociados, the court-appointed trustee for Estrella Federal
Seguridad Privada Integral SRL's insolvency case, verifies creditors' proofs
of claim until Dec. 5, 2006.

The trustee will present the validated claims in court as individual reports
on Feb. 19, 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 Estrella Federal 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 Estrella Federal's accounting and
banking records will follow on Apr. 2, 2007.

On Aug. 21, 2006, Estrella Federal's creditors will vote on a se5ttlement
plan that the company will lay on the table.

The trustee can be reached at:

          Roberto Quian y Asociados
          25 de Mayo 168
          Buenos Aires, Argentina


FACHADAS INTEGRALES: Last Day for Claims Verification Is Dec. 7
---------------------------------------------------------------
Alfredo Donatti, the court-appointed trustee for Fachadas Integrales SRL's
bankruptcy case, will verify creditors' proofs of claim until Dec. 7, 2006.

Mr. Donatti will present the validated claims in court as individual reports
on Feb. 22, 2007.  Court No. 19 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 Fachadas Integrales 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 Fachadas Integrales' accounting
and banking records will follow on Apr. 5, 2007.

Clerk No. 38 assists the court in the case.

The debtor can be reached at:

          Fachadas integrals SRL
          Aguilar 2547
          Buenos Aires, Argentina


The trustee can be reached at:

          Alfredo Donatti
          Montevideo 31
          Buenos Aires, Argentina


FIDEICOMISOS CREDICUOTAS: S&P Puts raD Rating on US$5.9 Certs.
--------------------------------------------------------------
Fideicomisos Financieros Credicuotas III's Certificado de Participacion
ClasS C for US$5,897,876 is rated raD by Standard & Poor's.


PAN AMERICAN: S&P Says BB- Rating Unaffected by Sale of Assets
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Pan American
Energy LLC (PAE; BB-/Stable/--) are not affected by the recent sale of
exploration & production onshore assets in the Province of Tierra del Fuego
to U.S.-incorporated Apache Corp. (A-/Stable/A-2) for about US$380 million.

Standard & Poor's expects Pan American to use these proceeds to partially
finance its capital expenditures plan (mainly in Cerro Dragon and Acambuco,
its main areas).  Given that the assets involved in the transaction are not
significant to Pan American's profitability and cash flow (contributing less
than 5% of total combined oil and gas production and representing about 3%
of total proven reserves), this sale does not affect our ratings or outlook
on Pan American.


PINNACLE ENT: Gets Voters Approval to Build US$350-Mil. Hotel
-------------------------------------------------------------
Pinnacle Entertainment, Inc., disclosed that voters in Lake Charles, La.,
have approved a local-option referendum that would permit construction of a
new US$350 million casino hotel, Sugarcane Bay, adjacent to the company's
successful L'Auberge du Lac facility.

Preliminary results from the Nov. 7 election show that the referendum passed
decisively, with nearly two-thirds of voters supporting the measure.  In
August 2006, the Louisiana Gaming Control Board approved the Sugarcane Bay
project, subject to certain conditions.

"We're grateful to the voters of Lake Charles for allowing us the
opportunity to reinvest in their community," said Daniel R. Lee, Pinnacle's
Chairman and Chief Executive Officer.  "Sugarcane Bay will bring more than
2,000 construction jobs and 2,000 permanent jobs to the area, and millions
in tax revenues to the region and the state.  Beyond that, we hope to
enhance southwest Louisiana's status as a travel destination by building a
unique resort that combines the best of Caribbean excitement with gracious
Southern hospitality.  We expect to begin construction in 2007, with opening
scheduled for 2009.

"We owe particular thanks to all of our employees at L'Auberge, whose
commitment and support have made the resort such a success for the
community, the region and the Company," Mr. Lee continued. "Their hard work
has encouraged voters in Calcasieu Parish to support us as we prepare to
build on that success, and we deeply appreciate their effort."

Pinnacle signed a definitive agreement in May 2006 to acquire certain Lake
Charles gaming assets of Harrah's Entertainment. The pending acquisition
includes two casino boats and related gaming licenses, one of which would be
utilized by Sugarcane Bay.  The company has filed a proposal with state
gaming regulators to utilize the other boat and gaming license in Baton
Rouge, Louisiana.  Pinnacle anticipates completing its acquisition of the
Harrah's gaming assets in mid-November.

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.


RLS SRL: Deadline for Verification of Proofs of Claim Is Dec. 28
----------------------------------------------------------------
Adriana Gallo, the court-appointed trustee for RLS SRL's bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 28, 2006.

Under the Argentine bankruptcy law, Ms. Gallo is required to present the
validated claims in court as individual reports.  Court No. 24 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
RLS and its creditors.

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

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

Clerk No. 48 assists the court in the proceeding.

The debtor can be reached at:

          RLS SRL
          Viamonte 1453
          Buenos Aires, Argentina

The trustee can be reached at:

          Adriana Gallo
          Avenida Presidente Roque Saenz Prna
          Buenos Aires, Argentina


SUSERLAND SA: Verification of Proofs of Claim Is Until Dec. 29
--------------------------------------------------------------
Ricardo Jorge Randrup, the court-appointed trustee for Suserland SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Dec. 29,
2006.

Mr. Randrup 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 Suserland 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 Suserland's accounting and
banking records will follow on Apr. 11, 2007.

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

The trustee can be reached at:

          Ricardo Jorge Randrup
          Avenida Cordoba 1351
          Buenos Aires, Argentina


TELECOM PERSONAL: S&P Says Ratings Show Close Linkage to Parent
---------------------------------------------------------------
The ratings on Telecom Personal S.A. reflect the close linkage of the
company's credit quality to that of its parent, TECO, due to the fact that
Telecom Personal constitutes the growth vehicle for TECO.  In addition,
coupled with the economic incentives for the parent to support the company,
TECO's financial debt presents cross-default clauses with Telecom Personal.

The rating on Telecom Personal also reflects the challenges of operating in
the volatile Argentine environment, the high competition in the mobile
segment, and the exposure to currency mismatch risks (as most of the
company's cash generation is in Argentine pesos, while about 80% of the
financial debt and some operational costs are foreign currency-denominated).
In contrast, the company enjoys a relatively good competitive position, as
one of three mobile players in Argentina, and its financials improved after
the closing of the restructuring and refinancing of its financial debt (in
November 2004 and December 2005, respectively).

The significant growth in mobile penetration in Argentina in the past three
years resulted in an increase in Telecom Personal's non-consolidated sales
of about 61% in 2005 and 53% in 2004, correlated with growth in the client
base of 60% in 2005 and 47% in 2004.  Nevertheless, EBITDA generation
declined by about 31% in 2005 and by about 3% in 2004 as a result of the
higher-than-expected erosion in margins derived from the high acquisition
costs (especially in 2005 when the industry experienced a significant jump
in penetration).  Although we expect margins to remain at lower-than-average
historical levels over the short term, profitability should gradually
improve as markets mature.  In this sense, during the first half of 2006,
Telecom Personal's sales increased by about 57% compared with those of the
same period in 2005 (as a result of the additional growth in the subscriber
base and the full effect of the incorporation of clients throughout 2005),
while EBITDA generation increased by about 56%.  S&P expects this trend to
continue in the short term, given the additional room for growth in the
mobile business.

The improvement in EBITDA generation allowed Telecom Personal to start
consolidating its credit measures, and we expect additional improvements for
the rest of 2006 and 2007.  EBITDA interest coverage and funds from
operations to debt improved to 3.1x and 21.8%, respectively, in the 12
months ended June 2006, compared with 2.5x and 15.1% in fiscal 2005. In
addition, Telecom Personal's cash flow generation and financial profile are
and will remain strongly dependent on the stability of Argentine
macroeconomics.

Telecom Personal's capital structure remains quite aggressive; its
debt-to-capitalization ratio was 63.1% as of June 2006, and debt-to-EBITDA
was 3.2x in the 12 months ended June 2006.  The future performance of these
measures depends strongly on the evolution of costs and cash flow generation
and exchange rates in Argentina, as more than 80% of the debt is
dollar-denominated (while almost all cash generation is in pesos).  Under a
scenario of relatively stable U.S. dollar exchange rates and inflation
levels in Argentina, Telecom Personal should be able to cover its interest
payments and fund the increasing investment needs to upgrade its network and
to gradually reduce debt and consolidate financial measures.

Telecom Personal is 100% owned by TECO.  TECO is, in turn, controlled by
Nortel Inversora S.A. (which has a 57.74% share).  Nortel is a holding
company jointly controlled by the Telecom Italia Group (BBB+/Watch Neg/A-2)
and the Werthein Group, a local investor group. TECO is one of the two
incumbent telephone companies in Argentina and one of the largest integrated
telecommunication providers in the country.  Through its subsidiaries, the
company participates in mobile communications in Argentina and Paraguay.

Liquidity

In December 2005, Telecom Personal refinanced most of its debt, releasing
certain restrictive conditions--which resulted from the previous
restructuring of such debt--and making the maturity schedule more
manageable.  This resulted in a slight improvement of its liquidity.  As of
June 2006, the company had cash holdings of about $69 million, covering a
significant proportion of its $81 million short-term debt.

The expected additional growth in Telecom Personal's cash generation should
allow the company to cancel a significant portion of its upcoming maturities
(US$18 million for the second half of 2006 and US$113 million in 2007) and
to fund the increased capital expenditures. In addition, Telecom Personal
has improved its financial flexibility, as evidenced by the mentioned debt
refinancing in December 2005.

Outlook

The stable outlook on Telecom Personal reflects the close linkage with
TECO's credit quality.  TECO's stable outlook reflects our expectation that
the company's good competitive position and a relatively stable economic
scenario will allow it to reduce debt and consolidate the financial
improvements achieved after the restructuring. Both the rating upside and
downside depend on TECO's creditworthiness.

Standard & Poor's Ratings Services raised on Oct. 9, 2006, Telecom Personal
S.A.'s counterparty credit rating to B+/Stable/-- from B/Stable-following
the upgrade of the Republic of Argentina to B+ from B on Oct. 2.


TRANSENER: Holding Shareholders Meeting to Discuss Debt Buy Back
----------------------------------------------------------------
Transener SA will hold a general assembly of shareholders on
Nov. 15, 2006, to ask for approval to repurchase debts currently in
circulation.

The company plans to finance the buy back through the issuance of a global
program of Obligaciones Negociables for a maximum of US$300 million, or its
equivalent in other currency.

As reported on Sept. 5, 2006, Fitch Argentina Calificadora de Riesgo S.A.
rated Transener S.A.'s debts at:

   -- Obligaciones Negociables Class 3 for US$1,300,000, D

   -- Obligaciones Negociables Class 6, at same price, with
      public offer of up to US$100,000,000, BBB

   -- Obligaciones Negociables Class 7, with discount, public
      offer, for up to US$245,000,000, BBB-

   -- Obligaciones Negociables Class A for US$822,000, D

   -- Obligaciones Negociables Class B for US$3,100,000, amount
      in circulation: US$1,395,000, BBB-

The rating action was based on the company's financial status at
June 30, 2006.


YACIMIENTOS CARBONIFEROS: Building US$350-Million Power Plant
-------------------------------------------------------------
Yacimientos Carboniferos Rio Turbio will construct a
US$350-million power plant, local media say.

Dow Jones Newswires relates that the federal government of Argentina will
provide funds for the project.

Daniel Peralta, a representative of Yacimientos Carboniferos, told El
Cronista that President Nestor Kirchner will call for bids for the
240-megawatt plant's construction on Dec. 6.

Dow Jones underscores that Mr. Peralta met with Julio De Vido, the Argentine
planning minister, in Buenos Aires on Nov. 7.

Mr. Peralta explained to Dow Jones, "Our plan is to convert Yacimiento
Carbonifero into an active protagonist in the Argentine energy matrix."

                        *    *    *

As reported by Troubled Company Reporter on March 21, 2005, the settlement
plan proposed by Yacimientos Carboniferos Rio Turbio
SA for its creditors acquired the number of votes necessary for
confirmation.  As such, the plan has been endorsed by the court and will now
be implemented by the company.


* ARGENTINA: Announces Sale of US$1 Billion in Bonds
----------------------------------------------------
The Finance and Economy ministries of Venezuela and Argentina announce the
issuance of US$1 billion of the so-called South Bonds, El Universal reports.

According to the same report, the Venezuelan Ministry of Finance issued a
statement saying the government will issue US$500 million in
dollar-denominated bonds maturing on April 6, 2017, to be sold on the local
market.  The bonds are issued at a minimum of US$1,000 for both corporate
and individual investors.

The statement added that Venezuela will use the sale proceeds to refinance
debts.

Meanwhile, Argentina will issue US$300 million in Boden 12 bonds maturing
Aug. 3, 2012, with a floating coupon, El Universal says.   The nation will
issue another US$200 million in Boden 15 bonds maturing Oct. 3, 2015, with a
coupon rate of 7%.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005


* ARGENTINA: Buenos Aires Sells US$475-Million in Bonds
-------------------------------------------------------
The province of Buenos Aires has sold among international investors a
12-year bond for US$475 million, with a rate of 9.375% per year.  Proceeds
from the sale will be used to pay-off public debts of more than ARS1,500
million.

The bonds were oversubscribed.  Sales reached US$1,200 million when the
original issuance was for US$200 million to US$300 million.

The new bond was rated B+ by S&P and B3 by Moody's.  The capital will be
totally paid by 2018.  Interests will be paid every 6 months.  The bonds
will trade at the Buenos Aires, New York and London stock markets.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005


* ARGENTINA: IDB Grants US$32.6MM Loan to Boost Economic Growth
---------------------------------------------------------------
The Inter-American Development Bank approved a US$32.6 million loan to the
province of San Juan in Argentina to finance a program to promote economic
growth and job creation by making supply chains more competitive and
generating investment projects.
San Juan, located in western Argentina's Cuyo region in the foothills of the
Andes, has an arid climate and has traditionally been a major producer of
table wines, grapes and olives, nuts and dried fruits, mining and
manufacturing, as well as tourism.

"Traditionally, provincial production has been tied to the primary sector.
The challenge is now to increase the locally generated value added and the
diversification of the province's economic base," said IDB Team Leader Juan
Antonio Ketterer.  "Working in that direction, several groups of companies
formed production-oriented networks and organized supply chains.  The main
objective of the project is to strengthen the process by fostering strategic
coordination and linkage among production units and access to long term
credit for the province's firms."

"In the last three years supply chain production volume has grown
significantly.  It now accounts for 76 percent of provincial exports and
employs 46,000 workers," added Mr. Ketterer.  "To sustain this growth
process requires accelerating the pace of medium and long-term investment in
critical phases of the supply chains, such as cold storage capacity for
grapes and winery capacity for varietal wines, new crushing plants, lime
ovens and oil mill capacity."

The loan to the province is for a 25-year term, with a five-year grace
period at a variable interest rate, and it has a national government
guarantee. Local counterpart financing will total US$20.4 million.  The
province's Ministry of Production and Economic Development will be in charge
of the project.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005




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


ANDREW CORP: Expands Wireless & Fixed Line Telecom Support
----------------------------------------------------------
Andrew Corp. has expanded its services offerings designed to support
wireless operators and fixed line telecommunications carriers with
leading-edge repair and maintenance capabilities.

Andrew After-Market Services leverages the company's expertise to maintain
and support radio frequency equipment that is in service in US networks,
helping operators and carriers minimize their capital investment in spare
equipment and improve the overall reliability and quality of their networks.

The foundation for Andrew's After-Market Services offerings is CellSite
Industries or CSI, a leading provider of wireless transmission equipment
repair, which Andrew acquired earlier this year.  The CSI acquisition
enabled Andrew to expand the various repair and maintenance services for
which it previously used third party vendors.  In addition, Andrew's
extensive market presence enables it to expand CSI's services to a broader
range of customers.

"We are proud to make available our support and maintenance centers to all
telecommunications network operators," said Mickey Miller, group president,
Wireless Network Solutions, Andrew Corp.  "We now are offering a compelling
combination of expertise, technology, speed, and pricing that is a huge
benefit to all companies who need repair and maintenance of telecom
equipment from a variety of manufacturers."

Andrew After-Market Services features new capabilities such as the
Multi-vendor Automated Test Equipment, which sets a new standard for
customer support by offering localized diagnostic and repair capabilities.
With its MATE technology, Andrew can identify and repair equipment failures
while on the customer site, saving repair time, product shipping costs, and
lowering spare inventory requirements.  MATEs located at customer locations
diagnose no-trouble failures and repair soft failures in radios, resulting
in a high percentage of products being returned to the field immediately.

Andrew After-Market Services provides other tangible advantages to
customers, including shortened lead-time on repairs.  Andrew's ability to
repair in an average of three to five days can result in a significant
reduction in spare inventory requirements.

"With expanded after-market service capabilities, Andrew is deepening its
commitment to customers," said Mr. Miller.  "From the early stages of
network planning and design, to product development and installation, and
through testing, optimization, and services, Andrew supports the entire
lifecycle of wireless networking to add greater value for our customers."

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

                        *    *    *

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




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


ASPEN INSURANCE: AM Best Rates US$200 Mil. Pref. Shares at BB
-------------------------------------------------------------
A.M. Best Co. has assigned an indicative rating of "bb" to the USD 200
million perpetual non-cumulative preference shares to be issued by Aspen
Insurance Holdings Ltd. (Bermuda), the non-operating holding company of the
Aspen group of companies.  The rating outlook is negative, which is in line
with the outlook on Aspen Insurance's issuer credit rating.

Aspen Insurance's financial leverage ratios remain within A.M. Best
tolerance levels. The proceeds of this issue are likely to be used to
repurchase outstanding ordinary shares.


FOSTER WHEELER: Earns US$75.8MM for Quarter Ended Sept. 29, 2006
----------------------------------------------------------------
Foster Wheeler Ltd. reported that for the third-quarter period ended Sept.
29, 2006, net income was US$54.6 million, excluding:

   (i) a gain of US$36.1 million arising from asbestos insurance
       settlements and a successful appeal relating to the
       company's subsidiaries' asbestos insurance coverage
       litigation, and

  (ii) a charge of US$14.8 million arising from the voluntary
       termination of the company's former credit agreement.

Including these items, net income for the quarter was US$75.8 million, or
US$1.07 per diluted share.

For the first nine months of 2006, net income was US$110.5 million or
US$1.57 per diluted share, excluding:

    (i) a gain of US$115.7 million arising from asbestos
        insurance settlements and a successful appeal relating
        to the company's subsidiaries' asbestos insurance
        coverage litigation,

   (ii) a charge of US$14.8 million arising from the voluntary
        termination of the company's former credit agreement,

  (iii) a US$12.5 million charge incurred in connection with
        certain debt reduction initiatives, and

   (iv) for EPS calculations only, the fair value of additional
        shares issued in January 2006 as part of certain warrant
        offers, which has the effect of reducing net income per
        diluted share by US$0.28.

Including these items, net income was US$198.9 million.
"I am delighted that we have delivered a second successive record-breaking
net earnings quarter and I am particularly pleased with the performance of
our Global Engineering and Construction or E&C Group, which continues to
drive our record earnings," said Raymond J. Milchovich, the company's
chairman, president and chief executive officer.  "Comparing the first nine
months of 2006 with the first nine months of 2005:

   -- EBITDA and excluding the items noted above, increased
      by 32%;

   -- Operating revenues, measured in Foster Wheeler scope,
      increased by 41%;

   -- New orders, measured in scope, increased by 43%; and

   -- Backlog, measured in scope, increased by 53%."

EBITDA

Consolidated third-quarter 2006 EBITDA, after excluding:

   (i) the gain of US$36.1 million arising from asbestos
       insurance settlements and a successful appeal relating
       to the company's subsidiaries' asbestos insurance
       coverage litigation, and

  (ii) the US$14.8 million charge arising from the voluntary
       termination of the company's former credit agreement,
       increased by 22% to US$73.8 million.

In comparison, consolidated third-quarter 2005 EBITDA, after excluding a
US$40.2 million, primarily non-cash, accounting charge relating to the
company's successful equity-for debt exchange concluded in August 2005, was
US$60.5 million.  Including the above items, consolidated third-quarter 2006
EBITDA was US$95.1 million.

For the first nine months of 2006, consolidated EBITDA, after excluding:

   (i) the gain of US$115.7 million arising from asbestos
       insurance coverage settlements and a successful appeal
       relating to the company's subsidiaries' asbestos
       insurance coverage litigation,

  (ii) the US$14.8 million charge arising from the voluntary
       termination of the former credit agreement, and

(iii) a US$12.5 million charge incurred in connection with
       certain debt reduction initiatives, was US$205.1 million,
       an increase of 32% from US$155.2 million for the first
       nine months of 2005.

Consolidated EBITDA, including the above items, was US$293.5 million for the
first nine months of 2006.

The company began recording stock option compensation expense in 2006 and
US$1.9 million and US$5.6 million, respectively, were expensed in the third
quarter and first nine months of 2006.

Bookings, Revenues and Backlog

The company achieved another very strong bookings quarter. Bookings during
the third quarter of 2006, measured in scope, increased to US$924.8 million,
up 5% from US$879.3 million in the year-ago quarter. For the first nine
months of 2006, bookings measured in scope increased significantly to
US$2.67 billion, up 43% from US$1.87 billion for the first nine months of
2005.

Operating revenues in the third quarter of 2006, measured in scope,
increased by 65% to US$727.1 million, compared with US$440.1 million in the
third quarter of 2005.  Operating revenues for the third quarter of 2006,
including flow through costs, increased to US$910.6 million, up 71% from
US$532.4 million in the third quarter of 2005.

For the first nine months of 2006, operating revenues, measured in scope,
were US$1.87 billion, up by 41% from US$1.33 billion for the first nine
months of 2005.  Including flow through costs, operating revenues for the
first nine months of 2006 were US$2.30 billion, up by 46% from US$1.58
billion for the first nine months of 2005.

Backlog, measured in scope, continued to grow, increasing by 53% to US$3.0
billion at the end of the third quarter of 2006, compared with backlog of
US$1.95 billion at the end of the third quarter of 2005.

Cash and Liquidity

The company's total cash and short-term investments at the end of the third
quarter of 2006 were US$509.7 million, of which US$372.5 million were held
by the company's non-U.S. subsidiaries.  This total cash balance compares
with US$372.7 million at the end of 2005, and US$342.1 million at the end of
the third quarter of 2005.  The substantial increase between the end of 2005
and the third quarter of 2006 resulted primarily from cash generated by
operations of US$133.6 million, mainly due to a very strong operating
performance in the Global E&C Group.

Global cash balances increased by US$151.7 million between the end of the
second quarter of 2006 and the end of the third quarter of 2006.  Movements
in working capital accounted for approximately US$90 million of the
increase, primarily due to favorable payment terms and collections on new
and existing projects.

On Oct. 16, 2006, the company announced that it had successfully closed on a
new US$350 million, five-year senior secured domestic credit facility.  The
company will be able to utilize the facility by issuing letters of credit up
to the full US$350 million limit.  The company also has the option to use up
to US$100 million of the US$350 million amount for revolving borrowings,
although the company has no current plans to do so.  The new credit
agreement provides the increased bonding capacity and financial flexibility
required to support the company's increased volume of business and, at
current usage levels, will also reduce the company's annual bonding costs by
approximately US$8 million.

During the third quarter of 2006, the company's subsidiaries agreed with
three additional insurers to settle disputed asbestos-related coverage.  As
a result of these settlements, the company recorded a gain of US$16.6
million, increased its insurance asset by US$4.0 million and received cash
of US$12.6 million.  In addition, during the third quarter of 2006, the
company's subsidiaries were successful in their appeal of the trial court
decision regarding the state law applicable in their asbestos insurance
coverage litigation.  As a result, the company further increased its
insurance asset and recorded a gain of US$19.5 million.

The company has funded US$30.2 million of asbestos liability indemnity
payments and defense costs from its cash flow during the first nine months
of 2006, net of the cash received from insurance settlements.  The company
expects net positive cash inflows of approximately US$38.0 million in the
fourth quarter of 2006 from its asbestos management program.  The estimated
positive fourth-quarter 2006 net cash inflow represents the excess of
estimated cash receipts from existing insurance settlements over its
estimated indemnity and defense payments. For all of 2006, the company
forecasts a net cash inflow of approximately US$7.8 million from its
asbestos management program.

Tax Provision

For the first nine months of 2006, the company's consolidated effective tax
rate was approximately 21%.  During this period, the company reported
several items on which there is no tax provision, including the asbestos
gain, the charge incurred by the company arising from the voluntary
termination of its former credit agreement, and charges associated with the
successful debt reduction initiatives.  These items reduced the company's
effective tax rate for the first nine months of 2006, and are expected to
reduce the company's effective tax rate for the full-year 2006.

Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd.
-- http://www.fwc.com/-- offers a broad range of engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services.  Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries.

                        *    *    *

As reported in the Troubled Company Reporter on Aug 7, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

As reported in the Troubled Company Reporter on May 30, 2006,
Moody's Investors Service upgraded Foster Wheeler's corporate
family rating to B1 from B3 and assigned a Ba3 rating to the
Company's US$250 million senior secured bank revolving credit
facility.  Moody's said the rating outlook is positive.


SCOTTISH RE: Scor Management Won't Propose to Acquire Firm
-----------------------------------------------------------
"Scor Management has decided not to make a proposal to acquire Scottish Re
(Group).  That's a management decision, not to submit to my Board and not to
make a proposal at the end of October." Denis Kessler -- Scor Management's
chief executive officer -- told analysts and reporters.

Mr. Kessler did not tell MarketWatch the reason for Scor Management's
decision not to bid.

According to MarketWatch, Scottish Re's shares dropped 15% on Wednesday
after Scor disclosed its decision.

MarketWatch relates that Scottish Re lost three quarters of its value on
July 31, after the firm's chief executive resigned after a second-quarter
loss was disclosed.  Scottish Re has since put itself up for sale and Scor
Management was considered a likely bidder.

Scottish Re said in September that it received several offers and would
invite some of the potential acquirers to bid again in a second round,
MarketWatch notes.

Scottish Re told MarketWatch it would then select one bidder for exclusive
negotiations.   Scottish Re predicted that the auction would end with a deal
by October or November.

Reports say that Hannover Re then withdrew from the bidding.

Meanwhile, Scor Management would continue examining acquisition
opportunities.  The firm has considered itself as a consolidator, Mr.
Kessler told Reuters.

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities.

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

Moody's Investor Service downgraded Scottish Re's senior
unsecured debt rating to Ba3 from Ba2 due to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.




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


AES TIETE: Board Okays Distribution of BRL106.2MM in Dividends
--------------------------------------------------------------
AES Tiete S.A.'s board of directors approved on Nov. 8, 2006, the
distribution of dividends of BRL106.2 million and interest on own equity of
BRL37.2 million, that together corresponds to 100% of the net income of
quarter ended Sept. 30, 2006.

The dividends will be paid at BRL1.06 per thousand of common shares and
BRL1.17 per thousand of non-voting shares and the interest on own equity
will be paid at BRL0.37 per thousand of voting shares and BRL 0.41 per
thousand of non-voting shares.  The payment will be made on Nov. 30, 2006,
to shareholders holding shares on Nov. 17, 2006.  On Nov. 21, 2006, the
shares will be negotiated as ex-dividend.

AES Tiete S.A. is controlled by the Brasiliana holding company,
which is a joint venture between U.S.-based AES Corp. and
Brazil's National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                        *    *    *

Moody's Investors Service upgraded on Aug. 1, 2006, the foreign
currency rating for the senior secured certificates due 2016
issued by Tiete Certificates Grantor Trust to B1 from B3.  The
rating outlook is stable.  This rating action concludes the
review that was initiated on January 17, 2006.


AES TIETE: Records BRL449.05MM Net Income for First Nine Months
---------------------------------------------------------------
AES Tiete S.A. presented good results in the Jan-Sept 2006 period. EBITDA
reached BRL276.4 million in 3Q06 totaling BRL818.9 million in the Jan-Sept
06 period, compared with EBITDA of BRL306.7 million in 3Q05 and BRL734.1
million in the Jan-Sept 2005 period.  EBITDA Margin of the quarter and
accumulated nine-month period were 80.7% and 78.7%, respectively,
representing a little reduction when compared with the same period of 2005,
as a result of some non-recurring revenue recorded in 3Q05.

The 3Q06 net income reached BRL143.5 million, representing a decrease of
28.6% when compared with 3Q05 and BRL449.0 million in the Jan-Sept 2006
period and up 9.2% from the same period in 2005.  Net margin for both the
third quarter and accumulated in 2006 were 41.9% and 43.1%, respectively.

The decrease in quarterly net income was due to non-recurring revenue
registered on 3Q05.  The growth in margins was mainly the result of a higher
volume of sales through the bilateral contract with Eletropaulo that has
higher prices than the old initial contracts, ended in December 2005.  Since
January 2006, all the assured energy is sold through the bilateral contract.

AES Tiete S.A. is controlled by the Brasiliana holding company,
which is a joint venture between U.S.-based AES Corp. and
Brazil's National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                        *    *    *

Moody's Investors Service upgraded on Aug. 1, 2006, the foreign
currency rating for the senior secured certificates due 2016
issued by Tiete Certificates Grantor Trust to B1 from B3.  The
rating outlook is stable.  This rating action concludes the
review that was initiated on Jan. 17, 2006.


BANCO ITAU: Expects Credit Card Sales in Brazil to Grow 25%
-----------------------------------------------------------
The credit card division of Banco Itau Holding Financeira SA indicated in a
study it conducted that credit card sales volume in Brazil will likely
increase 25% to BRL159 billion in 2006, compared with 2005, Business News
Americas reports.

BNamericas relates that Banco Itau expects credit sales to grow 26.2% to
BRL14.5 billion in November 2006, compared with November 2005.  Banco Itau
also expects credit sales to increase 25.3% to BRL18.1 billion in December
2006, compared with December 2005.

According to BNamericas, credit card sales volume increased 23.4% to BRL14
billion in October 2006, from October 2005.

Banco Itau told BNamericas that credit cards represent 35% of all consumer
payments in Brazil, followed by debit cards with 7% and checks with 2%.
Cash, which still remains the most popular form of payment in Brazil,
accounts for 42% of consumer payments in the nation.

Banco Itau's study showed that 80% of people who earn at least BRL6,000
monthly have credit cards, while 20% who earn up to BRL299 have them,
BNamericas notes.

Banco Itau expects 76.6 million credit cards to be in circulation by the end
of 2006, BNamericas reports.

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

                        *    *    *

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

                        *    *    *

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

The affected ratings of Banco Itau were:

   Banco Itau Holding Financeira

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


BANCO ITAU: In Dispute with Uniao de Bancos on Furnas Insurance
---------------------------------------------------------------
Insurance units of Banco Itau Holding Financeira SA is in conflict with
Uniao de Bancos Brasileiros on insuring BRL17 billion of assets of Furnas, a
federal company, Panorama Brasil reports.

Business News Americas relates that Furnas concluded the bidding on the
contract on Sept. 19.  However, it has not yet disclosed the winning
insurer.

Market sources told Panorama Brasil that Unibanco AIG, a joint venture
between AIG and Uniao de Bancos, was the winner.  However, Itau Seguros --
Banco Itau's insurance unit -- appealed the result to Furnas' tender
committee.

Bradesco Auto/RE, the auto and reinsurance division of Banco Bradesco, held
the contract until it expired on Oct. 31, BNamericas states.

                        About Furnas

Furnas controls over 19,000 kilometers of transmission lines, including a
transmission link from the bi-national Itaipo hydroelectric power plant, and
9,000 megawatts of installed capacity through hydroelectric and
thermoelectric power plants.  The company supplies most of the power to
Brazil's southeast.

                    About Uniao de Bancos

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

                  About Banco Itau Holding

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

                        *    *    *

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

                        *    *    *

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

   Banco Itau Holding Financeira

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

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

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

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

      -- Individual rating affirmed at 'B/C'

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

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

      -- Support rating affirmed at '4'


BANCO NACIONAL: Okays BRL875MM in Loans for Transmission Lines
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said in a statement
that it has ratified BRL875 million in loans to fund 1,600 kilometers of new
transmission lines throughout Brazil.

Banco Nacional told Business News Americas that the financing is 61% of the
total project investment of BRL1.43 billion.  The lines will connect power
plants to the national grid.

According to BNamericas, Banco Nacional will lend BRL489 million to
Intumbiara Transmission, a special purpose power transmission firm, to
construct an 808-kilometer 500kV line crossing:

          -- Mato Grosso,
          -- Goias, and
          -- Minas Gerais.

BNamericas underscores that total investments in the line are estimated at
BRL788 million.

Banco Nacional will lend BRL188 million to transmission firm Vila do Conde
Transmissora de Energia for the construction of a 324-kilometer 500kV line
connecting the 8,000-megawatt Tucurui hydro plant in Para to a local grid,
BNamericas notes.  Total investment is estimated at BRL269 million.

Banco Nacional will lend BRL198 million to Porto Primavera Transmissora, a
transmission firm, to build a 490-kilometer 230kV line.  The construction of
the line is aimed at strengthening connection from the 1,540-megawatt Porto
Primavera hydro power plant in Sao Paulo to the national grid in neighboring
Mato Grosso do Sul.  Total investment in the project is estimated at BRL327
million, BNamericas reports.

Banco Nacional de Desenvolvimento Economico e Social is Brazil's national
development bank.  It provides financing for projects within Brazil and
plays a major role in the privatization programs undertaken by the federal
government.

                        *    *    *

As reported by Troubled Company Reporter-Latin America 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.


BRASKEM SA: EBITDA Up 82% to BRL461MM in Third Quarter 2006
-----------------------------------------------------------
Braskem S.A. reported results for the third quarter of 2006.

                     Main Highlights:

   -- EBITDA Margin grows 5.2 p.p:

      Braskem presented a 14.1% EBITDA margin in 3Q06,
      compared to a 8.9% margin in  Q06 and a 12.9% in 3Q05.
      This level of profitability confirms the strength of the
      company's business model and its capacity to deliver good
      results in a challenging scenario, evidenced by the high
      levels of prices for oil and naphtha.

   -- Braskem's net revenue reached BRL3.3 billion in 3Q06,
      posting a 16% growth over 2Q06 and 13% over 3Q05.  In the
      last twelve months, net revenue reached BRL11.6 billion;

   -- In 3Q06, Braskem's EBITDA reached BRL461 million, an 82%
      increase over the BRL253 million EBITDA posted in 2Q06 and
      a 23% growth over 3Q05 pro forma EBITDA. The key factor
      for this improvement in profitability was the successfully
      implemented price increase in the domestic market.  In the
      last twelve months, EBITDA reached BRL1.6 billion;

   -- Braskem recorded net income of BRL4 million in 9M06 and
      BRL65 million net loss in 3Q06 due to (1) higher financial
      expenses associated with new financial transactions
      implemented in September 2006 and (2) the foreign exchange
      losses in the period.

   -- 10% Growth of the Brazilian Thermoplastic Resins Market.

   -- 100% Completion of the Buy-Back Program

      On Oct. 23, Braskem completed 100% of its share buy-back
      program launched on May 4, 2006. The company acquired
      13.1 million class "A" preferred shares (PNA) and now
      holds 14.4 million PNA shares in treasury.

   -- Innovation and Technology -- launch of the first Brazilian
      resin using nanotechnology.

   -- "Formula Braskem" -- Successful implementation.

   -- Successful new financial transactions in local and
      international markets.

   -- Petroquimica Paulinia -- project within schedule;

   -- Corporate Governance obtains international recognition.

Braskem -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin American, and is among the three
largest Brazilian-owned private industrial companies.  The
company operates 13 manufacturing plants located throughout
Brazil, and has an annual production capacity of 5.8 million
tons of resins and other petrochemical products.

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 22, 2006,
its 'BB' senior unsecured debt rating to the proposed up to
US$275 million bonds due Jan. 2017 to be issued by Brazil-based
petrochemical company Braskem S.A. (BB/Stable/--).  The bonds
will rank pari passu with the company's other senior unsecured
notes.

Fitch assigned on Sept. 20, 2006, a rating of 'BB+' to Braskem
S.A.'s proposed issuance of US$275 million senior unsecured
notes due to 2017.  The notes are being offered under Rule 144A
Regulation S.  The proceeds of the offering are expected to be
used to prepay existing debts and extend debt maturities. Fitch
also maintains foreign currency and local currency Issuer
Default Ratings of 'BB+' and a national scale rating of
'AA(bra)' for Braskem.  Fitch said the Rating Outlook is Stable.


COMPANHIA ENERGETICA: Posts BRL1.11B First Nine-Month Profits
-------------------------------------------------------------
Companhia Energetica de Minas Gerais said in a filing with the Sao Paulo
stock exchange that its net profits decreased 25% to BRL1.11 billion in the
first nine months of 2006, from BRL1.49 billion in the same period of 2005.

Companhia Siderurgica told Business News Americas that its operational
revenues increased 10% to BRL9.74 billion in first three quarters of 2006
from BRL8.75 billion in the first three quarters of 2005.

According to BNamericas, Companhia Siderurgica's revenue increased due to
power rate adjustments and operations of Light Servicos de Eletricidade,
which the consortium of Companhia Siderurgica and Andrade Gutierrez bought
this year.

Companhia Siderurgica told BNamericas that operational expenses increased
35% to BRL469 million in the first nine months of 2006, compared with the
first nine months of 2005, due to higher personnel and transmission costs.

BNamericas relates that Companhia Siderurgica's operational profits grew 35%
to BRL1.41 billion in the first nine months of 2006, compared with the first
nine months of 2005.  The firm's Ebitda dropped to BRL2.10 billion in the
first nine months of 2006, from BRL2.39 billion in the same period of 2005.

The report says that power sales by Companhia Siderurgica's distribution of
operations increased 14% to 32.2-terawatt hour in the first nine months of
2006, compared with the first nine months of 2005.

Companhia Siderurgica's power sales to residential customers rose 25% to 6.2
terawatt hour in this year's first nine months, compared with last year's
first nine months.  Power sales to industrial clients increased 6.7% to
18.3-terawatt hour.  Sales to commercial clients grew 37% to 3.8-terawatt
hour, BNamericas reports.

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/-- is one
of the largest and most important electric energy utilities in Brazil due to
its strategic location, its technical expertise and its market.  Cemig's
concession area extends throughout nearly 96.7% of the State of Minas
Gerais, Brazil.  Cemig owns and operates 52 power plants, of which six are
in partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to supply more
than 17 million people living in the state's 774 municipalities.  In
addition to those 52 plants, another three are currently under construction.

Cemig is also active in several other states, through ventures for the
generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation) and Rio
Grande do Sul (commercialization).

                        *    *    *

Cemig's BRL312,500,000 12.7% debentures due Nov. 1, 2009, carry
Moody's B1 rating.


COMPANHIA SIDERURGICA: Posts BRL2.6MM Revenue in Third Quarter
--------------------------------------------------------------
Companhia Siderurgica Nacional reported results for the third quarter of
2006.

                         Highlights

   -- Net revenue of BRL2.6 billion in the third quarter, higher
      than 3Q05 and 2Q06 due to higher prices and sales volumes.
      Year-to-date net revenue totaled BRL 6.5 billion.

   -- EBITDA of BRL 1.1 billion in the quarter, already
      including the adjustments for lost profits.

   -- Net income of BRL1.1 billion in the first nine months,
      confirming that operations have fully recovered following
      the accident at Blast Furnace #3 (BF-3) in January 2006.
      Third quarter net income was at BRL334 million.

   -- Third quarter domestic sales and exports improved 16% and
      90%, respectively, over the previous three months.

   -- Sales mix concentrated in the domestic market, which
      accounted for 63% of third quarter sales.

   -- Average 3Q06 prices increased by 8% in Brazil and 6%
      abroad.

   -- Market share of the Distribution segment climbs from 29%
      to 34%.

   -- Quarter-over-quarter increase in raw material costs
      resulting from the return to operations of BF-3.

   -- Investments of BRL380 million in the third quarter and
      BRL1,115 million over the nine months.  In the quarter,
      the main investments went toward technological
      improvements, repairs and maintenance, "Casa de Pedra"
      Mine expansion project and the acquisition of the
      remaining 50% of Lusosider Projetos Siderurgicos S.A.,
      in Portugal.

   -- Anticipated payments of dividends of BRL333 million in
      3Q06.  Year-to-date, the total amount of distributed
      dividends is BRL2,072 million.

   -- Lost profits (BF-3 insurance claim)

      In 3Q06, the company booked BRL253 million under "Other
      Operating Income/Expenses."  On September 2006,
      adjustments for lost profits totaled BRL923 million.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *    *    *

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

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

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


COMPANHIA SIDERURGICA: Wheeling-Pittsburgh Prefers Firm's Offer
---------------------------------------------------------------
Wheeling-Pittsburg Corp. told Reuters that it considered the improved
purchase offer from Companhia Siderurgica Nacional as the best alternative
available.

As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2006,
that Wheeling-Pittsburgh's board of directors endorsed an enhancement by
Companhia Siderurgica to its existing agreement with the former.  Under the
original Agreement and Plan of Merger, the parties agreed to merge
Wheeling-Pittsburgh with a subsidiary of Companhia Siderurgica, as a result
of which the Wheeling-Pittsburgh shareholders are to receive 50.5% of the
combined company and Companhia Siderurgica the remaining 49.5%.  Companhia
Siderurgica had also agreed to contribute US$225 million in cash through the
issuance by the combined company of a convertible debt security.  However,
under the enhanced proposal, for each share of Wheeling-Pittsburgh Corp.,
shareholders will have the choice of electing to receive either:

   i) a share of common stock in the new combined company
      ("A Share");

  ii) a Depositary Share that requires Companhia Siderurgica to
      pay US$30 per share in cash four years after the merger
      ("B Share"); or

iii) a combination of A and B Shares.

James Bradley, the chairperson and chief executive officer of
Wheeling-Pittsburg, said in a statement, "The existing proposal represented
the best strategic option for Wheeling-Pittsburgh shareholders at the time,
continues to provide our shareholders an opportunity to realize
significantly greater value, and positions Wheeling-Pittsburgh for future
success."

According to Reuters, Esmark -- the rival of Companhia Siderurgica in
bidding for Wheeling-Pittsburgh -- criticized the new offer.  Esmark stated
that it was highly dilutive to Wheeling-Pittsburgh shareholders and would
saddle the company with debt.

"With their latest proposal, CSN (Companhia Siderurgica) and Wheeling-Pitt
management have done nothing more than engage in financial trickery in order
to mislead and confuse shareholders," James P. Bouchard, the chief executive
officer of Esmark, said in a statement.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *    *    *

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

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

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


DRESSER-RAND: Commences Secondary Offering of Common Stock
----------------------------------------------------------
Dresser-Rand Group Inc. commenced a secondary offering of 15,000,000 shares
of its common stock to be sold by its stockholder, D-R Interholding, LLC,
pursuant to an automatic shelf registration statement that Dresser-Rand
filed with the U.S. Securities and Exchange Commission.

The selling stockholder will grant the underwriter an option to purchase up
to 2,250,000 additional shares of common stock to cover over-allotments.
Dresser-Rand will not receive any proceeds from the sale of shares in the
offering.  The net proceeds will be distributed by the selling stockholder
to affiliates of First Reserve Corporation and to certain members of
Dresser-Rand management.

Morgan Stanley is acting as the sole underwriter for the offering.

A prospectus supplement relating to the offering will be filed with the
Securities and Exchange Commission.  When available, copies of the
prospectus supplement and the accompanying base prospectus may be obtained
by contacting:

           Morgan Stanley & Co. Incorporated
           Prospectus Department
           180 Varick Street, 2nd Floor
           New York, NY 10014
           Tel: 866-718-1649
           E-mail: prospectus@morganstanley.com

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway, India, and Brazil,
and maintains a network of 24 service and support centers
covering 105 countries.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


ELETROPAULO METROPOLITANA: Earns BRL47.3MM in Third Quarter 2006
----------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. reported results
for the third quarter of 2006.

Chief Financial Officer and Investor Relations Officer Britaldo Soares
commented, "The 3Q06 was quite positive for Eletropaulo. The company posted
a net income of BRL47.3 million for the quarter (versus a BRL324.1 million
loss in 3Q05), despite an extraordinary provision of BRL120.9 million
referring to the re-evaluation of the accounting criteria for civil and
labor contingencies, as previously disclosed to the market.

With this result, the company has already accumulated a net income of
BRL274.4 million for the first nine months of the year and accumulated
earnings of BRL29.6 million at Sept. 30, 2006.  Regarding its financial
strategy, an extension of the debt contracts with the Fundacao CESP was
approved, which will generate cash savings of approximately BRL633 million
until the end of 2008 and an increase in the average maturity of its debt
from 3.9 to 5.4 years.  As part of the shareholding and financial
reorganization of Brasiliana, Transgas conducted a secondary offer totaling
15.8 billion preferred Class B Eletropaulo shares, the second-largest in the
recent history of the Brazilian capital market.

The proceeds obtained were used to make the early liquidation of the debt
that Brasiliana had with BNDES.  In recognition of the improvement of the
debt profile and Eletropaulo's performance, and in view of the de-leveraging
of the Parent company, Brasiliana, the company's ratings were raised by
Fitch on the national scale (BBB+ to A) and the international scale (B+ to
BB-) on Oct. 5, 2006."

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns. Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 9, 2006, Fitch Ratings
has upgraded Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.'s
local and foreign currency issuer default ratings and the company's
five-year US$200 million bond issuance to 'BB-' from 'B+'.  In addition,
Fitch has upgraded Eletropaulo's national long-term rating to 'A(bra)' from
'BBB+(bra)' and its eighth and ninth debentures issuances, as well as its
bank credit facility, Cedula de Credito Bancario, of BRL300 million.  The
Rating Outlook for all corporate ratings is Stable.

As reported in the Troubled Company Reporter on Nov. 8, 2006, Standard &
Poor's Ratings Services raised the ratings on Brazilian electric utility
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. and its BRL474
million senior unsecured and unsubordinated euro bonds to 'BB-' from 'B+'.
On the Brazil national scale, the 'brBBB+' corporate credit rating was
raised to 'brA-'.


EMBRATEL: S&P Says Tender Offer Won't Affect Telmex's Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the results of Telefonos de
Mexico S.A. de C.V. aka Telmex's (BBB+/Stable/--) tender offer for shares of
Embratel Participacoes S.A., whereby Telmex invested an additional US$786.5
million in Brazil, will have no impact on the ratings or outlook on Telmex.
As a result of the tender offer, Telmex indirectly acquired 90.3% of the
preferred shares and 26.5% of the common shares of Embratel.

Telmex now owns 96.4% of all common and preferred shares of Embratel. The
company must receive and has requested a favorable statement from the
Brazilian Federal Telecommunications Agency
-- Anatel -- before the withdrawal of Embratel's registration as a Brazilian
public company, and the mandatory redemption of all remaining shares.  As of
September 2006, Telmex's financial flexibility was comfortable to fund this
investment without compromising its credit profile.


GERDAU SA: Keen on Expanding Global Operations
----------------------------------------------
Osvaldo Schirmer, the chief financial officer of Gerdau SA, told MarketWatch
that the firm is interested in expanding its global operations, especially
in Argentina and Mexico.

Mr. Schirmer denied to MarketWatch that Gerdau is engaged in takeover
negotiations.

MarketWatch relates that Gerdau has been linked as a possible buyer for
Argentina's Aceros Bragados aka AcerBrag and Mexico's Sicartsa.

Gerdau has had long-standing relationships with AcerBrag and Sicartsa.
However, discussions with the firms have not turned toward takeover
negotiations, MarketWatch says, citing Mr. Schirmer.

Mr. Schirmer explained to MarketWatch that Gerdau doesn't know that AcerBrag
is for sale.

"We have not heard that they want to sell.  If they want to sell, we are
interested," Mr. Schirmer told MarketWatch.

Published reports say that a deal would cost up to US$160 million for the
control of AcerBrag.

Gerdau is also not in talks with Grupo Villacero about buying a stake in its
Sicartsa unit, MarketWatch says, citing Mr.
Schirmer.

Grupo Villacero said in October it was in talks with several steelmakers
about the possible sale of a stake in the group's Sicartsa steel mill in
Lazaro Cardenas, Mexico.  Gerdau was among the firms Grupo Villacero
mentioned, MarketWatch notes.

Mr. Schirmer told MarketWatch, "Mexico is very important because of its
geographic position and the size of the market.  We are interested in
Mexico, but we are not in negotiations with Sicartsa at the moment."

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 SA,
   -- Gerdau Acos Especiais SA and
   -- Gerdau Comercial de Acos SA;

                        *    *    *

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

                        *    *    *

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


GERDAU SA: Will Invest US$3 Billion in 2007 to 2009
------------------------------------------------
Osvaldo Schirmer, the investor relations director of Gerdau SA, said in a
conference call that the company plans to invest US$3 billion in 2007 to
2009.

Business News Americas relates that of the US$3 billion:

          -- US$1 billion should be disbursed in 2007,
          -- US$1.1 billion would be invested in 2008, and
          -- US$900 million would be spent for 2009.

"From the US$3 billion, Brazil should receive some US$2 billion and the
remaining US$1 billion would go to our operations abroad," Mr. Schirmer told
BNamericas.

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 SA,
   -- Gerdau Acos Especiais SA and
   -- Gerdau Comercial de Acos SA;

                        *    *    *

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: Pouring Investments on Siderperu
---------------------------------------------
Osvaldo Schirmer, Gerdau SA's investor relations director, told Business
News Americas that the company is planning to make investments at Siderperu.

As reported in the Troubled Company Reporter-Latin America on June 30, 2006,
Gerdau won on June 28, 2006, the bid for 50% plus one share of Empresa
Siderurgica del Peru SA's capital stock.  The bid for this stake was made in
a public auction promoted by the Private Investment Promotion Agency of
Peru.   The amount totaled US$60.6 million to be paid in cash plus the
assumption of a net debt of approximately US$102 million.  The acquisition
was part of Gerdau's growth strategy in the Americas.  The investment would
ensure the company's presence in yet another country with relevant economic
growth and increase in steel consumption.

Mr. Schirmer told BNamericas, "This acquisition was a great growth and
expansion opportunity."

Mr. Schirmer explained to BNamericas that more specific and detailed studies
regarding investments at Siderperu could push the figure past US$100
million.

                      About Siderperu

Headquartered in Chimbote, Peru, Siderperu SA has steel production capacity
of 400,000 tons per year.  The company reported a net loss of 5.99 million
soles (US$1.82 million) in 2005, compared to a net profit of 28.8 million
soles in 2004.

                        About Gerdau

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 SA,
   -- Gerdau Acos Especiais SA and
   -- Gerdau Comercial de Acos SA;

                        *    *    *

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.


GRAFTECH INTERNATIONAL: Moody's Places 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. Chemicals and Allied Products sectors, the rating agency confirmed its
B1 Corporate Family Rating for GrafTech International Ltd.

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

                                                   Projected
                         Old POD  New POD  LGD      Loss-Given
   Debt Issue            Rating   Rating   Rating   Default
   ----------            -------  -------  ------   ----------
   US$215 Million
   Guaranteed Senior
   Secured Revolving
   Credit Facility
   due 2010                Ba3      Ba1     LGD1        7%

   US$435 Million
   10.25% Guaranteed
   Senior Unsecured
   Global Notes
   due 2012                B2       B2      LGD4       62%

   US$225 Million
   1.625% Guaranteed
   Conv. Debentures
   due 2024                B2       B2      LGD4       62%

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%).

GrafTech International Ltd. -- http://www.graftechaet.com/-- manufactures
and provides synthetic and natural graphite and carbon based products and
technical and research and development services, with customers in 80
countries engaged in the manufacture of steel, aluminum, silicon metal,
automotive products and electronics.  It manufactures graphite electrodes
and cathodes, products essential to the production of electric arc furnace
steel and aluminum.  It also manufactures thermal management, fuel cell and
other specialty graphite and carbon products for, and provides services to,
the electronics, power generation, semiconductor, transportation,
petrochemical and other metals markets.  It operates 13 manufacturing
facilities located on four continents including Mexico and Brazil.
GRAFCELL, GRAFOIL, and eGRAF are its registered trademarks.


GOL LINHAS: Reports Traffic Statistics for October 2006
-------------------------------------------------------
GOL Linhas Aereas Inteligentes released preliminary passenger statistics for
the month of October 2006.  System-wide passenger traffic or RPK increased
40% and capacity or ASK increased 50% year-over-year.  GOL's system load
factor for the month of October 2006 was 70%.

Domestic passenger traffic for October increased 33% and capacity increased
41%.  GOL's domestic load factor for the month of October 2006 was 71%.
International passenger traffic for October increased 155% and capacity
increased 194%.  International load factor for the month of October 2006 was
64%.  Average fares increased 5% versus October 2005.

Operating Data       October 2006*   October 2005*    Change (%)

Total System
ASK (mm)                1,905.1         1,273.4         49.6%
RPK (mm)                1,333.0           953.9         39.7%
Load Factor               70.0%           74.9%        -4.9 p.p.

Domestic Market
ASK (mm)                1,703.0         1,204.7         41.4%
RPK (mm)                1,203.1           903.0         33.2%
Load Factor               70.6%           75.0%        -4.4 p.p.

International Market
ASK (mm)                  202.1            68.7        194.2%
RPK (mm)                  129.9            50.9        155.2%
Load Factor               64.3%           74.1%        -9.8 p.p.

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

                        *    *    *

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

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

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

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


UNIAO DE BANCOS: In Dispute with Banco Itau on Furnas Insurance
---------------------------------------------------------------
Insurance units of Uniao de Bancos Brasileiros is in conflict with Banco
Itau Holding Financeira SA on insuring BRL17 billion of assets of Furnas, a
federal company, Panorama Brasil reports.

Business News Americas relates that Furnas concluded the bidding on the
contract on Sept. 19.  However, it has not yet disclosed the winning
insurer.

Market sources told Panorama Brasil that Unibanco AIG, a joint venture
between AIG and Uniao de Bancos, was the winner.  However, Itau Seguros --
Banco Itau's insurance unit -- appealed the result to Furnas' tender
committee.

Bradesco Auto/RE, the auto and reinsurance division of Banco Bradesco, held
the contract until it expired on Oct. 31, BNamericas states.

                        About Furnas

Furnas controls over 19,000 kilometers of transmission lines, including a
transmission link from the bi-national Itaipo hydroelectric power plant, and
9,000 megawatts of installed capacity through hydroelectric and
thermoelectric power plants.  The company supplies most of the power to
Brazil's southeast.

                  About Banco Itau Holding

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

                    About Uniao de Bancos

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

                        *    *    *

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

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

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

Moody's rating action was the direct result of the upgrade of Brazil's
country ceiling for foreign currency bonds and notes to Ba2, from Ba3, as
well as Brazil's country ceiling for foreign currency bank deposits to Ba3,
from B1, and the local currency bank deposit ceiling to A1, from A3.


USINAS SIDERURGICAS: Posts BRL1.8B Profit for First Nine Months
---------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais aka Usiminas reported results for third
quarter 2006.

"The Brazilian economy's performance has, for the most part, been sustained
by domestic consumption, and this trend should be the main GDP growth
driver.  Exports, on the other hand, have maintained their dynamic pace in
spite of the loss of competitive strength due to an unfavorable exchange
rate and increase in imports, which have directly affected the industrial
activity level, growing far less in the last few years than its potential,"
Usiminas Chief Executive Officer Rinaldo Campos Soares, said.

"This panorama has a direct impact on several flat steel consumer segments.
It is expected that an increase in the level of investments materializes in
the coming four years of this federal government administration, favored by
a continuous reduction in interest rates within a lower-risk environment.

"In such economic context, the Usiminas System arrives in the third quarter
of 2006 showing consistent results within its planning for the period.
Nine-month net profit of BRL1.8 billion, operating cash generation measured
by EBITDA of BRL3.2 billion, maintenance of leadership in the domestic
market and other operating efficiency indicators assured us of the company's
strategic direction.

"With confidence, we keep on implementing our investment program in order to
gain scale, maintaining the mills technologically updated, reducing
production cost and increasing the quality of our products even further.

"We have just announced a new Usiminas shareholders' agreement, constituted
by traditional members, which reaffirms our interest in investing with a
long-term vision, in strengthening the Company and in its strategic position
in the current global steel industry.

"The steel industry is making great strides into a new era, in which only
competitive, sustainable companies will achieve success. Once again, we
reaffirm that the Usiminas System is prepared to reap opportunities," Mr.
Soares concluded.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais aka Usiminas is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.

                        *    *    *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais SA -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  S&P
says the outlook on the corporate credit rating is stable.




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


AMADEUS FUNDING 1: Sets Final Shareholders Meeting on Nov. 16
-------------------------------------------------------------
Amadeus Funding 1 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:

          Emile Small
          Guy Major
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


ARGENT NIM: Shareholders Convene for Final Meeting on Nov. 16
-------------------------------------------------------------
Argent NIM 2004-WN6'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:

          Emile Small
          Mora Goddard
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CLYDESDALE CLO 2001-1: Last Shareholders Meeting Is on Nov. 16
--------------------------------------------------------------
Clydesdale CLO 2001-1, 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 liquidator can be reached at:

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


CONTRATEMPS FUND: Final General Meeting Is Set for Nov. 16
----------------------------------------------------------
The Contratemps 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 liquidator can be reached at:

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


CONTRATEMPS MASTER: Last Shareholders Meeting Is Set for Nov. 16
----------------------------------------------------------------
The Contratemps 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 liquidator can be reached at:

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


FINISTERRE LOCAL: Final Shareholders Meeting Is Set for Nov. 16
---------------------------------------------------------------
Finisterre Local Markets Fund'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 liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


FINISTERRE (MASTER): Final Shareholders Meeting Is on Nov. 16
-------------------------------------------------------------
Finisterre Local Markets Master Fund'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 liquidator can be reached at:

          Mike Hughes
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


PERUVIAN FUTURE: Calls Shareholders for Final Meeting on Nov. 16
----------------------------------------------------------------
Peruvian Future Flows, 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 liquidator can be reached at:

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


S&S REAL: Invites Shareholders for Final Meeting on Nov. 16
-----------------------------------------------------------
S&S Real Estate Cayman Co., 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:

          Carrie Bunton
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SANTO ANDRE: Shareholders Convene for Last Meeting on Nov. 16
-------------------------------------------------------------
Santo Andre Future Flows, 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:

          Guy Major
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


TAURUS CAPITAL: Shareholders Gather for Last Meeting on Nov. 16
---------------------------------------------------------------
Taurus Capital Funding 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:

          Wendy Ebanks
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


TIGERS CORP: Liquidator Presents Wind Up Accounts on Nov. 16
------------------------------------------------------------
Tigers Corp.'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:

          Guy Major
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


TOKYO KIRARI: Shareholders Gather for Final Meeting on Nov. 16
--------------------------------------------------------------
Tokyo Kirari Corp.'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 liquidator can be reached at:

          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands




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


BANCO DE BOGOTA: Completes Merger with Megabanco
------------------------------------------------
Banco de Bogota SA said in a filing with Superfinanciera, Colombia's
financial regulator, that it has concluded its merger with Megabanco.

As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2006,
Banco de Bogota said that the firm expected to complete the merger with
Megabanco by Nov. 7.  Banco de Bogota won the auction for a 94.99% stake in
Megabanco with a COP808-billion bid in March.  Banco de Bogota would absorb
Megabanco and exchange each Megabanco share for 0.01 of its own shares.
Superfinanciera had ratified the merger on Oct. 26.

                      About Megabanco

Megabanco operates 187 branches and 322 ATMs throughout Colombia and has
some 2,000 employees.  The board of Colombia's second largest bank Banco de
Bogota has approved the merger with liquidated bank Megabanco through a
share swap.  The bank called for an extraordinary shareholders' meeting for
Oct. 2 to approve the merger.  Banco de Bogota won the auction for Megabanco
with an 808bn-peso (US$335mn at today's exchange rate) bid in March.  Banco
de Bogota recently increased its share capital in Megabanco to COP25.4
billion from COP15.5 billion.  Banco de Bogota is controlled by local
financial group Grupo Aval.

                   About Banco de Bogota

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota SA --
http://www.bancodebogota.com -- is a private national bank based in
Columbia.  The company is involved in all activities associated with a
commercial banking institution as regulated by Colombian law.  On a national
level, it also operates through subsidiaries: Corporacion Financiera
Colombiana SA, an investment bank; Almacenes Generales de Deposito "Almaviva
SA", a products supply logistics company; Sociedad Fiduciaria Bogota
"Fidubogota SA" and Fiduciaria del Comercio "Fiducomercio SA", trust and
portfolio investment companies; Leasing Bogota SA, a leasing company;
Valores Bogota SA, a provider of brokerage services; and Fondos de Pensiones
y Cesantias Porvenir, a pensions and suspensions administrator.  The Bank
operates 275 offices, five corporate service centers and a banking attention
center.  The company also has affiliates in Panama, Nassau, Miami, and New
York.

                        *    *    *

As reported by Troubled Company Reporter on March 13, 2006, Moody's
Investors Service assigned a 'Ba3' long-term foreign currency deposit rating
on Banco de Bogota and changed the outlook to stable from negative.  Moody's
also assigned a 'D+' bank financial strength rating on the company, while
the outlook remained stable.


BANCOLOMBIA: Earns COP181.5MM in Quarter Ended Sept. 30, 2006
-------------------------------------------------------------
Bancolombia SA disclosed financial results for the third quarter ended Sept.
30, 2006.

                       Highlights:

   -- Net income amounted to COP181,486 million or US$0.417 per
      ADS, for the third quarter of 2006.  This represents an
      increase of 162.8% as compared with COP69,048 million, or
      US$0.147 per ADS, for the second quarter of 2006, and a
      decrease of 32.7% compared with COP269,239 million or
      US$0.647 per ADS, for the third quarter of 2005.

   -- As of Sept. 30, 2006, Bancolombia's net loans totaled
      COP23,010 billion, increasing 9.1% as compared with
      COP21,085 billion in the previous quarter and 33.1% as
      compared with the third quarter of 2005.  Additionally,
      interest on loans increased 10.8% as compared with the
      previous quarter and 13.7% as compared with the third
      quarter of 2005.

   -- Investments in debt securities amounted to COP5,141
      billion, which represents a decrease of 33.2% as compared
      with the previous quarter and 30.0% over the year.
      Interest on investment securities amounted to COP173,771
      million, increasing 209.7% as compared with the previous
      quarter, due mainly to a more stable environment of
      Colombian bond prices, and decreasing 36.4% as compared
      with the third quarter of 2005.

   -- Net fees and income from services totaled COP219,206
      million for the quarter, increasing 4.2% as compared with
      the previous quarter and 5.4% as compared with the third
      quarter of 2005.

   -- Total operating expenses remained stable, increasing 1.26%
      on a year-to-year basis, which is lower than the growth
      rate in the Bank's assets.

   -- Bancolombia's ratio of past due loans to total loans at
      Sept. 30, 2006, was 2.4% and the ratio of allowances to
      past due loans was 144.4%.

                        *    *    *

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.


MEGABANCO: Banco de Bogota Completes Merger with Firm
-----------------------------------------------------
Banco de Bogota SA said in a filing with Superfinanciera, Colombia's
financial regulator, that it has concluded its merger with Megabanco.

As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2006,
Banco de Bogota said that the firm expected to complete the merger with
Megabanco by Nov. 7.  Banco de Bogota won the auction for a 94.99% stake in
Megabanco with a COP808-billion bid in March.  Banco de Bogota would absorb
Megabanco and exchange each Megabanco share for 0.01 of its own shares.
Superfinanciera had ratified the merger on Oct. 26.

                   About Banco de Bogota

Headquartered in Sante Fe de Bogota, Colombia, Banco de Bogota SA --
http://www.bancodebogota.com -- is a private national bank based in
Columbia.  The company is involved in all activities associated with a
commercial banking institution as regulated by Colombian law.  On a national
level, it also operates through subsidiaries: Corporacion Financiera
Colombiana SA, an investment bank; Almacenes Generales de Deposito "Almaviva
SA", a products supply logistics company; Sociedad Fiduciaria Bogota
"Fidubogota SA" and Fiduciaria del Comercio "Fiducomercio SA", trust and
portfolio investment companies; Leasing Bogota SA, a leasing company;
Valores Bogota SA, a provider of brokerage services; and Fondos de Pensiones
y Cesantias Porvenir, a pensions and suspensions administrator.  The Bank
operates 275 offices, five corporate service centers and a banking attention
center.  The company also has affiliates in Panama, Nassau, Miami, and New
York.

                       About Megabanco

Megabanco, with 187 branches throughout the country and 2025 workers,
controls a 2% slice of the banking market in Colombia.
The bank posted a net income of COP63 billion in 2005, compared with COP25
billion the year before, according to Fogafin.  Bankrupt cooperative
development bank, Coopdesarrollo, previously owned the 95% stake that Grupo
Aval bought.




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


H.J. HEINZ: Board Approves Majority Voting for Election
-------------------------------------------------------
H.J. Heinz Co.'s board of directors has approved a proposed amendment to the
company's Articles of Incorporation that, if adopted by the shareholders,
will require approval of the election of directors in uncontested elections
by a majority vote of shareholders.  Currently, Heinz operates under a
plurality-voting standard, where the directors who receive the most "for"
votes are elected.

The proposed amendment to the Articles of Incorporation would change the
plurality-voting standard to a majority-voting standard.  This amendment
will be placed on the ballot for approval by the Heinz shareholders at its
2007 annual meeting.  If approved, the revised majority-voting standard will
apply to future uncontested director elections.

Under the proposed amended Articles, a director who does not receive a
majority of "for" votes based on the number of votes cast will be required
to offer his or her resignation, which will be reviewed promptly by the
Corporate Governance Committee and acted upon by the full Board.

In order to implement majority-voting commencing with the 2007 director
election when the shareholders will consider the amendment to the Articles,
the Board adopted a majority voting policy for the election of directors in
uncontested elections.  The policy will be incorporated into the company's
Corporate Governance Principles and will operate in a manner consistent with
the proposed amendment to the Articles.

The Board also adopted a policy under which it will seek shareholder
approval within one year in the event it adopts a shareholder rights plan,
commonly known as a "poison pill."

The Board reiterated that Heinz expects to expand the Board to 14 from 12
directors in the near future.  The Board search is being led by Spencer
Stuart, one of the world's leading recruitment firms that also specializes
in board director appointments.

Heinz Chairman, President and CEO William R. Johnson said, "These actions
are consistent with Heinz's commitment to good corporate governance.
Furthermore, Heinz is focused on executing our plan to enhance shareholder
value and accelerate growth, and is firmly on track to achieve 10% earnings
growth and its target of US$2.35 for the year."

Founded in 1869, H. J. Heinz Company markets and produces
branded foods in ketchup, condiments, sauces, meals, soups,
seafood, snacks and infant foods. Key brands include Heinz(R)
Ketchup, sauces, soups, beans, pasta and infant foods, Ore-
Ida(R) French Fries and roasted potatoes, Boston Market(R) and
Smart Ones(R) meals and Plasmon(R) baby food.  Heinz's 50
companies have number-one or number-two brands in 200 countries.
In South America, Heinz operates in Mexico, Costa Rica,
Venezuela and Argentina.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2006, Moody's Investors Service downgraded the long-
term debt ratings of H.J. Heinz Company and its subsidiaries'
senior unsecured debt to Baa2 from Baa1, preferred stock to Ba1
from Baa3 and retained the negative rating outlook.  The Prime-2
short-term rating of H.J. Heinz Company was affirmed.


H.J. HEINZ: Declares Quarterly Dividends on Common & Pref. Stock
----------------------------------------------------------------
The H.J. Heinz Co.'s board of directors declared quarterly dividends on both
common and preferred stock.

                    Dividend Declaration

Common Stock

35.0 cents per share on the company's 25-cent par value Common Stock payable
on Jan. 10, 2007, to shareholders of record at the close of business on Dec.
22, 2006.

Preferred Stock

42.5 cents per share on the company's Third Cumulative Preferred Stock,
US$1.70 First Series, payable Jan. 1, 2007, to shareholders of record at the
close of business on
Dec. 22, 2006.

Founded in 1869, H. J. Heinz Company markets and produces
branded foods in ketchup, condiments, sauces, meals, soups,
seafood, snacks and infant foods. Key brands include Heinz(R)
Ketchup, sauces, soups, beans, pasta and infant foods, Ore-
Ida(R) French Fries and roasted potatoes, Boston Market(R) and
Smart Ones(R) meals and Plasmon(R) baby food.  Heinz's 50
companies have number-one or number-two brands in 200 countries.
In South America, Heinz operates in Mexico, Costa Rica,
Venezuela and Argentina.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2006, Moody's Investors Service downgraded the long-
term debt ratings of H.J. Heinz Company and its subsidiaries'
senior unsecured debt to Baa2 from Baa1, preferred stock to Ba1
from Baa3 and retained the negative rating outlook.  The Prime-2
short-term rating of H.J. Heinz Company was affirmed.




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


DYNCORP INT: Posts US$474.7MM Revenues in Second Quarter 2007
-------------------------------------------------------------
DynCorp International Inc. reported results for the 2007-second quarter.

"We continue to focus on growing core competencies as demonstrated by our
internal revenue growth of 8.0% and US$63.0 million in positive operating
cash flow," said Herb Lanese, president and chief executive officer of
DynCorp International Inc.

                  Second Quarter Results

Revenue for the 2007-second quarter was US$474.7 million, up 8.0% over
revenue for the 2006-second quarter.  International Technical Services or
ITS revenue represented 65.1% of second quarter revenue in fiscal 2007, and
grew 16.0% to US$309.2 million from the second quarter of fiscal 2006.  The
ITS revenue increase was led by growth in its Civilian Police program or
CIVPOL and International Narcotics and Law Enforcement Air-Wing program.
Revenue from the Field Technical Services or FTS segment declined 4.3% to
US$165.5 million from the second quarter of fiscal 2006, and represented
34.9% of second quarter revenue in fiscal 2007.  The completion of a
contract in FTS's Domestic Aviation program, combined with fewer Global Air
Traffic Management avionics modifications under the Life Cycle Contractor
Support program, contributed to lower FTS revenue for the quarter.

As the company announced on Oct. 4, 2006, operating results for the
2007-second quarter were affected by three matters.  First, the company
recognized US$4.7 million of severance expense during the quarter resulting
from the departure of certain senior executives.  Second, the company
recognized US$5.3 million of operating cost in excess of contract funding in
order to finish construction of a camp in Iraq for the Department of State.
Third, the company recognized charges of US$7.9 million related to the
suspension of a security contract for a customer in Saudi Arabia.  Including
the effect of these charges, operating income for the 2007-second quarter
decreased 59.3% to US$9.5 million from the 2006-second quarter.  Operating
margin was 2.0%, as compared with operating margin of 5.3% in the
2006-second quarter. Adjusted earnings before interest, taxes, depreciation
and amortization for the 2007-second quarter declined to US$26.9 million, or
5.7% of revenue, from US$35.1 million, or 8.0% of revenue, for the
comparable period in fiscal 2006.

The 2007 second quarter adjusted operating income would have increased
US$4.0 million as compared with the same period last year to US$27.4
million, or 17.1%, had the company not incurred expenses related to the
severance cost, excess funding for camp construction, and security contract
charges.  The company's adjusted operating margin of 5.8% for the second
quarter improved 0.5% of revenue over the operating margin of 5.3% for the
comparable period in fiscal 2006. The increased operating margin reflects
solid performance from CIVPOL and Air-Wing programs.  Net loss for the
2007-second quarter was US$2.9 million, resulting in a US$0.05 loss per
share as compared with net income of US$1.8 million and earnings per share
of US$0.06 for the 2006-second quarter.

                   Year-to-Date Results

Revenue for the first six months of fiscal 2007 was US$1,012.4 million, up
17.1%, as compared with revenue for the first six months of fiscal 2006.
ITS revenue represented 65.6% of total revenue for the first six months of
fiscal 2007, growing 27.2%, to US$664.2 million, over the comparable period
in fiscal 2006.  ITS revenue growth resulted primarily from increased
activities under the CIVPOL and Air-Wing programs.  FTS segment revenue
represented 34.4% of total company revenue for the first six months of 2007
and increased 1.7% to US$348.2 million, as compared with the first six
months of fiscal 2006.

Operating income for the first six months of fiscal 2007 was US$38.3
million, a 4.2% decrease over the comparable period in fiscal 2006.
Operating margin for the first six months of fiscal 2007 was 3.8%, as
compared with 4.6% for the first six months of fiscal 2006.

The first six months of fiscal 2007 operating income would have increased
US$16.2 million as compared with the same period last year to US$56.2
million, or 40.5%, had the company not incurred expenses related to
executive severance, excess funding for camp construction, and the Saudi
security contract, as compared with the same period in fiscal 2006.  The
company's operating margin of 5.6% for the first six months of fiscal 2007
improved 1.0% of revenue over the 4.6% operating margin achieved for the
comparable period in fiscal 2006.  The increased operating margin reflects
strong performance from the CIVPOL and Air-Wing programs.

Net loss for the first six months of fiscal 2007 was US$3.5 million,
resulting in a loss per share of US$0.07 compared with a net loss of
US$149,000 for the first six months of fiscal 2006.  The net loss included
special expense items related to the company's initial public offering,
which are not expected to continue.  On a pro forma basis after adjusting
for the special expense items and severance costs, net income for the first
six months of fiscal 2007 was US$9.6 million and earnings per share were
US$0.17.  For the first six months of fiscal 2007, cash earnings per share
improved 7.3% to US$0.55 per share, after adding back to pro forma earnings
per share amortization and non-cash equity-based compensation expense.
Adjusted EBITDA for the first six months of fiscal 2007 improved to US$69.2
million, or 6.8% of revenue, compared with adjusted EBITDA of US$62.6
million, or 7.2% of revenue, for the first six months of fiscal 2006.

"I am pleased with the momentum we are experiencing with our three largest
contracts," said Herb Lanese, DynCorp International's president and chief
executive officer.  "As compared with the same period a year ago, Air-Wing
has grown 82.3%, CIVPOL increased 21.3% and Contract Field Team increased
8.0%.  We expect to continue to recognize growth in these programs."

At Sept. 29, 2006, cash and cash equivalents totaled US$80.4 million, up
US$59.9 million from March 31, 2006.  The company had working capital of
US$262.7 million at Sept. 29, 2006, compared with US$251.3 million at March
31, 2006.  The substantial increase in cash and cash equivalents was the
primary factor contributing to higher current year working capital.  Total
debt stood at US$632.7 million at
Sept. 29, 2006, a reduction of US$248.7 million from
March 31, 2006, resulting from the use of proceeds from the company's IPO.

During the first six months of fiscal 2007, the company generated operating
cash flow of US$66.0 million, which was partially offset by capital
expenditures and cash used for financing activities in connection with the
company's IPO.  Operating cash flow of US$66.0 million for the first six
months of fiscal 2007 decreased from operating cash flow of US$91.8 million
for the first six months of fiscal 2006.  The prior year's relatively high
operating cash flow resulted from unusually high accounts receivable
collection activity.  The company's days sales outstanding were 65.8 days a
year ago versus 77.1 days in the current year.

Backlog as of Sept. 29, 2006, was US$2.7 billion, including US$0.9 billion
in funded backlog and US$1.8 billion in unfunded backlog.  Estimated
remaining contract value was US$5.7 billion as of Sept. 29, 2006.

                    Fiscal 2007 Guidance

The company provides the following guidance for its fiscal year ending March
30, 2007, based on its current backlog and management's estimate of future
contract awards.  EBITDA and diluted earnings per share have been updated to
include US$3.5 million in severance expense.

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

                        *    *    *

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

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




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


* HONDURAS: IMF to Send Mission to Assess Economic Situation
------------------------------------------------------------
Mario Garza, the International Monetary Fund resident representative in
Tegucigalpa, said that an IMF mission will visit Tegucigalpa during Nov. 13
to 21 to conduct the Article IV consultation discussions with Honduras.

"As is customary in these discussions, the mission in coordination with the
authorities will assess the economic situation of Honduras and discuss the
government's macroeconomic strategy for 2007 and the medium term to sustain
high growth and alleviate poverty.  The mission will also meet with key
sectors of society.  The Executive Board of the IMF will conclude the
Article IV consultation in the early months of 2007," Mr. Garza added.

                        *    *    *

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


AIR JAMAICA: Bustamante Industrial Seeks Meeting with Airline
-------------------------------------------------------------
The Bustamante Industrial Trade Union has requested a meeting with Air
Jamaica to discuss the airline's imminent reorganization, Radio Jamaica
reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2006,
the National Workers Union wrote to Dr. Omar Davies, the finance minister of
Jamaica, asking for a meeting regarding the possible dismissal of Air
Jamaica's employees.  According to reports, Air Jamaica might have to
downsize its operations, hinting possible layoffs.

Like the National Workers, Bustamante Industrial wanted to know how changes
in Air Jamaica would affect the workers, Radio Jamaica notes.

The National Workers told Radio Jamaica that Air Jamaica has not responded
regarding the union's request for a meeting, Radio Jamaica states.

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

                        *    *    *

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


AIR JAMAICA: Creditors Seize Plane at Miami Airport
---------------------------------------------------
The International Lease Financing Corp. agents, who represented Air Jamaica
creditors, seized the airline's plane at the Miami International Airport in
Florida, the Jamaica Observer reports, citing industry reporters.

According to The Observer, the creditors were anxious to collect the US$7
million Air Jamaica owed them.

The Observer relates that Mike Conway -- air Jamaica's chief executive
officer -- confirmed the incident.  According to him, all passengers were
accommodated at hotels and would be flown to Jamaica.

Mr. Conway did not name the lessor on whose behalf the International Lease
acted.  However, he told The Observer that the seizure was due to the
lessor's nervousness.

"There are a number of contractual disputes.  The lessor was nervous about
press reports and Minister (Donald) Buchanan talking about downsizing," Mr.
Conway explained to The Observer.

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

                        *    *    *

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




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


DIRECTV INC: Revenues Up 13% to US$3.67B in Third Quarter 2006
--------------------------------------------------------------
The DIRECTV Group, Inc., reported that third quarter revenues increased 13%
to US$3.67 billion and operating profit before depreciation and amortization
more than doubled to US$894 million compared to last year's third quarter.
The DIRECTV Group reported that third quarter 2006 operating profit
quadrupled and net income more than tripled to US$628 million and US$370
million, respectively, when compared to the same period last year.  Earnings
per share were US$0.30 compared with US$0.07 in the same period last year.
These financial results include the effect of US$325 million of equipment
that DIRECTV U.S. capitalized during the third quarter under its lease
program, which was implemented March 1, 2006.

"Third quarter results provide an accurate snapshot of the benefits gained
from our principal goal to grow DIRECTV profitably with a particular focus
on higher quality subscriber growth.  Highlights for DIRECTV U.S. included a
12% increase in revenues to US$3.40 billion, a more than doubling of
operating profit before depreciation and amortization to US$823 million and
a 31% increase in cash flow before interest and taxes to US$416 million,"
said Chase Carey, president and CEO of The DIRECTV Group, Inc.

Mr. Carey continued, "As we've seen in recent quarters, much of the improved
financial results can be attributed to our strategy of targeting higher
quality subscribers. Although total gross subscriber additions of 1.0
million in the quarter were down 9% compared to the prior year, the more
important metric is that we increased the number of higher quality
subscribers added in the quarter by 7% compared to last year.  We're seeing
that higher quality subscribers tend to buy more services -- particularly
high definition and digital video recorder services -- which is contributing
to our strong ARPU growth of 6% in the quarter. The improved subscriber base
and higher penetration of advanced services are also the main factors
driving the average monthly churn rate down from 1.89% last year to 1.80% in
the current period, resulting in 165,000 net subscriber additions in the
quarter.

"The increases in both operating profit before depreciation and amortization
(including the cost of capitalized set-top receivers under our new lease
program) as well as cash flow before interest and taxes are also largely due
to the improved customer credit profiles and focus on controlling costs.
For example, the total cost to acquire new subscribers was down 8% or US$56
million in the quarter due to the significant reduction in lower quality
subscribers attained as well as an acquisition cost per subscriber, or SAC,
that was relatively unchanged from the prior year despite a 72% increase in
new customers added in the quarter with advanced services."

Mr. Carey concluded, "In the coming months, we look forward to launching
another 30 markets with standard definition local channels and 12 markets
with high definition local channels, bringing our total coverage to
approximately 97% and 70%, respectively, of U.S. TV households.  With the
launch of two additional dedicated HD satellites next year, we are poised to
offer the most comprehensive and compelling HD programming to a segment of
the population that is expected to experience dramatic growth: homes with HD
televisions. In addition, we will continue to introduce exciting services
over the coming months including video-on-demand, a gaming lounge and
software that enables your television to interact with your personal
computer."

                   Third Quarter Review

Lease Program

On March 1, 2006, DIRECTV U.S. introduced a set-top receiver lease program
primarily to increase future profitability by providing DIRECTV U.S. with
the opportunity to retrieve and reuse set-top receivers. Under this new
program, set-top receivers are capitalized and depreciated over their
estimated useful lives of three years.  Prior to March 1, 2006, set-top
receivers provided to new and existing DIRECTV U.S. subscribers were
immediately expensed upon activation as a subscriber acquisition or upgrade
and retention cost.  The lease program is expected to result in a reduction
in subscriber acquisition, upgrade and retention costs.  The amount of
set-top receivers capitalized during the period is now reported in the
DIRECTV U.S. Consolidated Statements of Cash Flows under the captions "Cash
paid for subscriber leased equipment -- subscriber acquisitions" and "Cash
paid for subscriber leased equipment
-- upgrade and retention."  The amount of cash DIRECTV U.S. paid during the
quarter ended Sept. 30, 2006, for leased set-top receivers totaled US$325
million-US$204 million for subscriber acquisitions and US$121 million for
upgrade and retention.

Operational Review. In the third quarter of 2006, The DIRECTV Group's
revenues of US$3.67 billion increased 13% over the same period in the prior
year principally due to strong growth in average revenue per subscriber
(ARPU) and a larger subscriber base at DIRECTV U.S., as well as the
consolidation of Sky Brasil's financial results due to the completion of the
merger with DIRECTV Brasil on Aug. 23, 2006.

The higher operating profit before depreciation and amortization of US$894
million and operating profit of US$628 million were mostly related to the
DIRECTV U.S. business due to the capitalization of customer equipment under
the lease program for both new and existing subscribers, the increase in
gross profit generated from the higher revenues, and reduced subscriber
acquisition costs resulting from the decline in lower quality gross
subscriber additions.  In addition, DIRECTV Latin America booked a gain of
US$61 million associated with the DIRECTV Brasil and Sky Brasil merger.
Also impacting the comparison was a US$30 million non-cash gain in the third
quarter of 2005 related to the Sky Mexico transaction.  The change in
operating profit also reflects an increase in depreciation expense related
to the new set-top box lease program at DIRECTV U.S.

Net income increased to US$370 million in the third quarter of 2006
primarily due to the changes in operating profit discussed above partially
offset by higher income tax expense in the most recent quarter associated
with the higher pre-tax income.

Year-To-Date Review

The DIRECTV Group's revenues of US$10.57 billion in the first nine months of
2006 increased 10% compared to the same period of 2005 driven principally by
subscriber growth at DIRECTV U.S. and DIRECTV Latin America, as well as
continued solid ARPU growth at DIRECTV U.S. and the consolidation of the Sky
Brasil financial results following the merger with DIRECTV Brasil in August
2006.  These changes were partially offset by the exclusion of Hughes
Network Systems' results in 2006 due to its sale.

In the first nine months of 2006, operating profit before depreciation and
amortization more than doubled to US$2.48 billion and operating profit more
than quadrupled to US$1.76 billion driven primarily by DIRECTV U.S. due to
the capitalization of US$664 million of customer equipment under the lease
program for both new and existing subscribers, the increase in gross profit
generated from higher revenues, and reduced subscriber acquisition costs
resulting from the decline in lower quality gross subscriber additions,
partially offset by higher retention and upgrade spending.  Also impacting
the comparison were several non-cash gains at DIRECTV Latin America
including US$61 million recorded in the third quarter of 2006 at the
completion of the Sky Brasil merger with DIRECTV Brasil, as well as US$57
million recorded in the first quarter of 2006 and US$58 million in the first
nine months of 2005 related to the Sky Mexico transaction. In addition, HNS
recorded losses in the first quarter of 2005 primarily related to charges
associated with its sale.  Operating profit was also negatively impacted by
an increase in depreciation expense primarily as a result of the new set-top
receiver-leasing program at DIRECTV U.S.

Net income in the first nine months of 2006 increased to US$1.06 billion
primarily due to the higher operating profit discussed above as well as a
second quarter 2005 charge of US$65 million related to the premium paid for
the redemption of senior notes and the write-off of a portion of deferred
debt issuance costs from debt refinancing.  Partially offsetting these
improvements were higher 2006 income tax expense resulting from an increase
in pre-tax income and a US$31 million credit in the second quarter of 2005
related to the favorable settlement of a U.S. federal income tax dispute
associated with a previously divested business.

DIRECTV U.S. gross subscriber additions of 1,006,000 declined 9% compared to
the third quarter of 2005 primarily due to the implementation of revised
credit policies and dealer incentives designed to improve the quality of new
subscriber additions. As a result of these changes, DIRECTV U.S. increased
the number of higher quality subscribers attained in the quarter by 7%
compared to last year.  This trend of attaining higher quality subscribers
combined with the significant increase in subscribers with advanced services
were major contributors to the reduction in monthly churn from 1.89% to
1.80% in the current quarter.  DIRECTV U.S. added 165,000 net subscribers in
the quarter, bringing the total number of DIRECTV U.S. subscribers to 15.68
million as of Sept. 30, 2006, an increase of 5% over the 14.93 million
subscribers on Sept. 30, 2005.

In the quarter, DIRECTV U.S. revenues increased nearly 12% to US$3.40
billion due to strong ARPU growth and the larger subscriber base.  ARPU of
US$72.74 increased 6.0% compared to last year principally due to programming
package price increases as well as higher mirroring, lease, digital video
recorder and high-definition programming fees.

The third quarter 2006 operating profit before depreciation and amortization
increased 144% to US$823 million and operating profit more than tripled to
US$597 million primarily due to the capitalization of customer equipment,
the increase in gross profit generated from the higher revenues and lower
subscriber acquisition costs resulting from the decline in lower quality
subscriber additions. Excluding the US$325 million of customer equipment
that was capitalized under the new lease program, operating profit before
depreciation and amortization would have increased 48%.

               DIRECTV Latin America Segment

DIRECTV Latin America and Sky Consolidation

In August 2006, The DIRECTV Group completed a series of transactions with
News Corporation, Grupo Televisa, Globo and Liberty Media that will
strengthen the operating and financial performance of DIRECTV Latin America
by combining the two platforms into a single platform in each of the major
territories served in the region.  In 2006, The DIRECTV Group paid News
Corporation and Liberty Media approximately US$373 million for their equity
stakes in Sky Mexico and received approximately US$59 million from Televisa.
The DIRECTV Group also received a net payment of US$97 million from News
Corporation at the completion of the Sky Brasil transaction.  As a result of
these transactions, The DIRECTV Group has a combined direct and indirect
ownership of approximately 74% of the merged business in Brazil, 41% of Sky
Mexico and 100% of PanAmericana, which covers most of the remaining
countries in the region.  These ownership percentages do not consider
Darlene Investment LLC's minority interest in these businesses. Sky Mexico,
whose results are not consolidated by DIRECTV Latin America, had
approximately 1.40 million subscribers as of September 30, 2006.

Operational Review. In the third quarter of 2006, DIRECTV Latin America's
net subscriber additions of 33,000 were relatively unchanged from the prior
period.  The total number of DIRECTV subscribers in Latin America as of
Sept. 30, 2006, increased 69% to 2.63 million compared to 1.56 million as of
Sept. 30, 2005.  The increase is due to the 869,000 subscribers added as a
result of the merger with Sky Brasil, as well as the new subscribers added
throughout the region over the past year.

Revenues for DIRECTV Latin America increased 43% to US$264 million in the
quarter primarily due to the consolidation of Sky Brasil's operations.  Also
contributing to the increase in revenue was continued subscriber growth,
particularly in Argentina and Venezuela. The increase in DIRECTV Latin
America's third quarter 2006 operating profit before depreciation and
amortization to US$92 million and the operating profit to US$52 million were
primarily attributable to a non-cash gain of US$61 million in the third
quarter of 2006 associated with the DIRECTV Brasil and Sky Brasil merger, as
well as the gross profit on the increased revenue.  Also impacting the
comparison was a US$30 million non-cash gain in the third quarter of 2005
related to the Sky Mexico transaction.

On April 22, 2005, The DIRECTV Group completed the sale of a 50% interest in
HNS LLC, an entity that owns substantially all of the assets of HNS, to
SkyTerra Communications, Inc. As of the date of this sale until January
2006, The DIRECTV Group accounted for 50% of HNS' net income or loss as an
equity investment in "Other, net" in the Consolidated Statements of
Operations. In January 2006, The DIRECTV Group completed the sale of the
remaining 50% interest in HNS LLC to SkyTerra and received US$110 million in
cash

The DIRECTV Group's consolidated cash and short-term investment balance of
US$2.27 billion declined by US$2.11 billion in the first nine months of 2006
mostly due to the implementation of a US$3.00 billion share repurchase
program announced on
Feb. 8, 2006.  Through Sept. 30, 2006, The DIRECTV Group had repurchased and
retired 182.7 million shares of DIRECTV Group common stock for approximately
US$2.95 billion at an average price of US$16.12 per share.  Also impacting
the cash balance through Sept. 30, 2006, were net payments of US$218 million
related to the DIRECTV Latin America transactions, US$110 million received
for the sale of the remaining interest in HNS, as well as free cash flow in
the period of US$886 million.  Free cash flow was driven by cash flow from
operations of US$2.17 billion partially offset by cash paid for satellites
and property and equipment of US$1.29 billion.  Total debt increased to
US$3.62 billion primarily due to the consolidation of US$210 million of
outstanding debt at Sky Brasil upon its merger with DIRECTV Brasil.

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.


GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008
------------------------------------------------------------- General Motors
Corp. will launch its hybrid cars in China beginning 2008, in time for the
Beijing Olympics, Geoff Dyer of the Financial Times reports.

GM chief executive Rick Wagoner revealed that it will work with its local
partner Shanghai Automotive Industry Corp. to provide alternative energy
vehicles for the fast-growing Chinese market, FT relates.

According to the report, GM would continue its investment in China despite
the group's cost pressures.  Mr. Wagoner said that the company is buying
more parts locally in order to cut costs in its China operations in order to
maintain a healthy profit while lowering prices, Gordon Fairclough writes
for The Wall Street Journal.

                   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 Corporation 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.


GLOBAL POWER: Hires AlixPartners LLC as Claims & Balloting Agent
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave Global Power
Equipment Group Inc. and its debtor-affiliates permission to employ
AlixPartners LLC, as its noticing, claims and balloting agent.

AlixPartners is expected to:

     a) prepare and serve required notices in these chapter 11
        cases, including:

        -- notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under Section
           341(a) of the Bankruptcy Code.

        -- notice of claims bar date;

        -- notice of objections to claims;

        -- notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization;

        -- other miscellaneous notices to any entities as the
           Debtor of the Bankruptcy Court may deem necessary or
           appropriate for an orderly administration of these
           chapter 11 cases; and

        -- the publication of required notices, as necessary.

     b) file with the clerk, within 5-days after the mailing of
        a particular notice, with the clerk's office a
        certificate of affidavit of service that includes a copy
        of the notice involved, a list of persons to whom the
        notice was mailed, and the date and manner of mailing;

     c) assist the Debtor in the preparation and filing of the
        schedules of assets and liabilities and statement of
        financial affairs;

     d) maintain copies of all proofs of claim and proofs of
        interest filed;

     e) maintain official claims registers, including, among
        other things, these information for each proof of claim
        or proof of interest:

        -- name and address of the claimant and any agent
           thereof;

        -- date received;

        -- claim number assigned; and

        -- asserted amount and classification of the claim;

     f) create and administer a claims database;

     g) implement necessary security measure to ensure the
        completeness and integrity of the claims register;

     h) transmit to the clerk's office a copy of the claims
        register on a monthly basis or, in the alternative, make
        available the proof of claim docket online to the
        clerk's office via the claims manager claims system;

     i) maintain an up to date mailing list for all entities
        that have filed a proofs of claim or interest, which
        list shall be available upon request of a party in
        interest or the clerk's office;

     j) provide access to the public for examination of copies
        of the proofs of claim or interest without charge during
        regular business hours;

     k) record all transfers of claims pursuant to the
        Bankruptcy Rule 3001(e) and provide notice of such
        transfers as required by the Bankruptcy Rule 3001(e);

     l) assist the Debtors in the reconciliation and resolution
        of claims;

     m) comply with applicable federal, state, municipal, and
        local statutes, ordinances, rules, regulations, orders
        and other requirements;

     n) provide temporary employees to process claims, as
        necessary;

     o) provide balloting services in connection with the
        solicitation process for any chapter 11 plan to which a
        disclosure statement has been approved by the Court;

     p) provide other claims processing, noticing, and related
        administrative services as may be requested form time to
        time by the Debtors; and

     q) promptly comply with further conditions and requirements
        as the clerk's office of the Court may at any time
        prescribe.

The Debtor's application did not disclose the firm's compensation rates.

Meade A. Monger, Esq., firm's managing director, assured the Court that his
firm does not hold any interest adverse and is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.

Mr. Monger can be reached at:

     Meade A. Monger, Esq.
     Managing Director
     AlixPartners LLC
     2100 McKinney Avenue, Suite 800
     Dallas, TX 75201
     Tel: (214) 647-7500
     Fax: (214) 647-7501
     http://www.alixpartners.com/

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

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


NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
----------------------------------------------------------
Nortel Networks Corp. reported that Dr. Kristina M. Johnson, dean of Duke
University's Edmund T. Pratt, Jr., School of Engineering, has been appointed
to the Company's Board of Directors, effective immediately.

Dr. Johnson has been with Duke University since 1999.  As dean of the Pratt
School of Engineering, she oversees more than 1100 undergraduates, 440
graduate students and 120-tenure track and non-tenure track faculty.  She
joined Duke from the University of Colorado, where she served as a professor
of Electrical and Computer Engineering from 1985-1999.

Dr. Johnson has helped start several companies including ColorLink, Inc.,
and sits on several corporate Board of Directors including Mineral
Technologies Inc., Boston Scientific Corporation, and AES Corporation.  She
also currently serves on the advisory boards of the Colorado School of
Mines, the Georgia Institute of Technology School of Engineering, the Duke
Childrens' Classic, and the Institute for Emerging Issues.

Dr. Johnson received her B.S., M.S. (with distinction) and Ph.D. in
electrical engineering from Stanford University.  She completed a NATO
post-doctoral fellowship at Trinity College in Dublin, Ireland, and was a
Fulbright Fellow in 1991.  Johnson has published more than 140 refereed
papers and proceedings, holds forty-three patents, and has pioneered work in
liquid crystal-on-silicon microdisplays, a marriage of LC electro-optic
materials and VLSI technology.

"I am pleased to announce Dean Johnson's appointment," said Harry Pearce,
chairman of Nortel's Board of Directors.  "Her insight and experience will
greatly benefit Nortel and contribute to our focus on innovation and R&D
effectiveness."

Dr. Johnson has also been appointed to the Nortel Networks Limited Board of
Directors.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel
Networks Corp. to B2.

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

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

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


NORTEL NETWORKS: Posts US$99 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Nortel Networks Corp. reported a US$99 million net loss in the third quarter
of 2006, compared to a net loss of US$136 million in the third quarter of
2005 and net earnings of US$366 million in the second quarter of 2006.

Revenues were US$2.96 billion for the third quarter of 2006 compared to
US$2.52 billion for the third quarter of 2005 and US$2.74 billion for the
second quarter of 2006.

Net loss in the third quarter of 2006 included a benefit of approximately
US$43 million related to the announced changes to the North American
employee benefit plans, a gain of US$16 million on the sale of assets, a
shareholder litigation expense of US$38 million reflecting a mark-to-market
adjustment of the share portion of the global class action settlement and
special charges of US$25 million for restructuring.

The net loss in the third quarter of 2005 included special charges of US$39
million related to restructuring activities and a net charge of US$20
million related to the re-filing of the Company's tax returns as a result of
the financial restatements.

Net earnings in the second quarter of 2006 included a shareholder litigation
recovery of US$510 million reflecting a mark-to-market adjustment of the
share portion of the global class action settlement, special charges of
US$45 million for restructuring and a loss of US$10 million on the sale of
assets.

Cash balance at the end of the third quarter of 2006 was
US$2.60 billion, up from US$1.90 billion at the end of the second quarter of
2006.  This increase in cash was primarily driven by cash received upon the
closing of the offering of US$2 billion aggregate principal amount of senior
notes, less cash used of
US$1.3 billion to repay the US$1.3 billion one-year credit facility that was
entered into in February 2006, partially offset by a cash outflow from
operations of US$46 million.

"I am pleased with our overall revenue growth and, in particular, in our
focus areas of next generation mobility, enterprise and related services,
and metro optical.  I am also pleased with the 270 basis points operating
margin improvement versus the third quarter of 2005. However, we should and
will be moving faster.  Pricing pressures and the speed at which our
revenues are shifting to next generation, early cycle products is increasing
our challenge to drive profitability improvements," said Mike Zafirovski,
president and chief executive officer, Nortel.  "The management team and I
are resolute in achieving a globally competitive cost structure and we are
accelerating and enhancing our Business Transformation and Lean Six Sigma
programs to close this gap and achieving double digit operating margins in
2008.  I believe recent steps of establishing the Microsoft alliance,
divesting our UMTS access business, and increasingly shifting resources to
lower cost centers are indicative of our resolve."

                  Nine-Month 2006 Results

For the first nine months of 2006, revenues were US$8.08 billion compared to
US$7.53 billion for the same period in 2005.  The Company reported net
earnings for the first nine months of 2006 of US$100 million, compared to a
net loss of US$273 million for the same period in 2005.

Net earnings in the first nine months of 2006 included a shareholder
litigation recovery of US$453 million reflecting mark-to-market adjustments
of the share portion of the global class action settlement, special charges
of US$75 million related to restructuring activities, a benefit of
approximately US$43 million related to the announced changes to the North
American employee benefit plans and a benefit of US$41 million related to
the sale of assets.  The first nine months of 2005 results included special
charges of US$145 million related to restructuring activities and US$36
million of costs related to the sale of businesses and assets.

                           Outlook

Commenting on the Company's financial expectations, Peter Currie, executive
vice president and chief financial officer, Nortel, said, "For the fourth
quarter of 2006, we expect revenue growth in the mid to high single digits
compared to the fourth quarter of 2005, gross margin to be between 38 and 39
as a percentage of revenue and spending to be approximately flat compared to
the fourth quarter of 2005.  Based on this fourth quarter outlook, we now
expect mid to high single digit revenue growth for the full year 2006
compared to 2005, full year gross margin to be between 38 and 39 as a
percentage of revenue, and we continue to expect operating expenses to be
flat to up slightly from 2005."

                    Share Consolidation

Nortel also disclosed the planned consolidation of the Company's common
shares as approved at the Company's annual and special meeting of
shareholders held on June 29, 2006.  The consolidation is expected to be
effective on Dec. 1, 2006, at a ratio of one consolidated share for every 10
pre-consolidation shares, as approved by the Company's board of directors.
The consolidation is expected to increase investors' visibility into the
Company's profitability on a per share basis, reduce share transaction fees
for investors and certain administrative costs for Nortel, and broaden
interest to institutional investors and investment funds.

"True shareholder value will be driven by ongoing progress and Company
performance, but this step helps create a better foundation on which to
build," said Peter Currie, Nortel's executive vice president and chief
financial officer.

Registered shareholders of the Company will receive instructions by mail on
how to obtain a new share certificate representing their consolidated common
shares.

Upon implementation of the consolidation, the Company's 4.25 percent
convertible senior notes due September 1, 2008 will be convertible by
holders into common shares of Nortel Networks Corporation at a new
conversion price of US$100 per common share.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel
Networks Corp. to B2.

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

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

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


PORTRAIT CORP: Creditors' Panel Hires Stroock & Stroock as Atty.
----------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of Unsecured
Creditors appointed in Portrait Corporation of America, Inc., and its
debtor-affiliates' bankruptcy cases to retain Stroock & Stroock & Lavan LLP
as its counsel, nunc pro tunc to Sept. 11, 2006.

In this engagement, Stroock & Stroock will:

     a) assist, advise and represent the Committee with respect
        to the administration of the Chapter 11 Cases, as well
        as issues arising from or impacting the Debtors, the
        Committee or the Chapter 11 Cases;

     b) provide all necessary legal advice with respect to the
        Committee's powers and duties;

     c) assist the Committee in maximizing the value of the
        Debtors' assets for the benefit of all creditors;

     d) pursue confirmation of a plan of reorganization;

     e) investigate, as the Committee deems appropriate, among
        other things, the assets, liabilities, financial
        condition and operations of the Debtors;

     f) commence and prosecute necessary and appropriate actions
        or proceedings on behalf of the Committee that may be
        relevant to the Chapter 11 Cases;

     g) review, analyze or prepare, on behalf of the Committee,
        all necessary applications, motions, answers, orders,
        reports, schedules and other legal papers;

     h) communicate with the Committee's constituents and others
        as the Committee may consider desirable in furtherance
        of its responsibilities;

     i) appear before this Court to represent the interests of
        the Committee;

     j) confer with professional advisors retained by the
        Committee so as to more properly advise the Committee;
        and

     k) perform all other legal services for the Committee that
        are appropriate and necessary in the Chapter 11 Cases.

Kristopher M. Hansen, Esq., and Michael J. Sage, Esq., will lead Stroock &
Stroock's engagement by the Committee.  They will be assisted by Karyn B.
Zeldman, Esq. (Financial Restructuring Special Counsel), Irina Gomelskaya,
Esq. (Financial Restructuring Associate), James Gutierrez, Esq. (Financial
Restructuring Associate) and Sayan Bhattacharyya, Esq. (Financial
Restructuring Associate).  The current standard hourly rates for the
bankruptcy attorneys who are expected to render services to the Committee
are:

        Professional                       Hourly Rate
        ------------                       -----------
        Michael J. Sage, Esq.                 US$825
        Kristopher M. Hansen, Esq.            US$675
        Karyn B. Zeldman, Esq.                US$575
        Irina Gomelskaya, Esq.                US$395
        James Gutierrez, Esq.                 US$355
        Sayan Bhattacharyya, Esq.             US$280

The hourly rates for the firm's other professionals are:

        Designation                        Hourly Rate
        -----------                        -----------
        Partners                           US$575 to US$825
        Associates/Special Counsel         US$260 to US$600
        Paraprofessionals                  US$185 to US$260

Mr. Hansen assures the Court that his firm is a "disinterested person"
within the meaning of section 101(14) of the Bankruptcy Code.

Stroock & Stroock can be reached at:

        Stroock & Stroock & Lavan LLP
        Attn: Michael J. Sage, Esq.
        180 Maiden Lane
        New York, NY 10038-4982
        Phone: 212.806.5400

                    About Portrait Corp.

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

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


PORTRAIT CORP: Panel Hires Peter Solomon Co. as Fin'l Advisor
-------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of Unsecured
Creditors appointed in Portrait Corporation of America, Inc., and its
debtor-affiliates' bankruptcy cases to retain Peter J. Solomon Company as
its financial advisor, nunc pro tunc to Sept. 11, 2006.

PJSC is expected to:

     a) evaluate the assets and liabilities of the Debtors;

     b) analyze and review the financial and operating
        statements of the Debtors;

     c) analyze the business plan and financial results of the
        Debtors;

     d) review all aspects of debtor in possession financing (if
        any), cash collateral usage and adequate protection
        and any exit financing in connection with the Debtors'
        joint plan of reorganization and any related budgets;

     e) provide specific valuation or other financial analyses
        as the Committee may require in connection with the
        Chapter 11 Cases;

     f) help with the claim resolution process and distributions
        relating thereto;

     g) prepare, analyze and explain the Plan to various
        constituencies;

     h) provide testimony in court on behalf of the Committee,
        if necessary or as reasonably requested by the
        Committee; and

     i) provide other financial advisory services as PJSC, the
        Committee and/or counsel to the Committee may, from
        time to time agree in writing and which are consistent
        with PJSC's capabilities.

PJSC will be entitled to receive, as compensation for its services, a
US$125,000 monthly advisory fee plus the reimbursement of all reasonable and
actual out of pocket expenses.  Prior the Debtors' bankruptcy filing, PJSC
has received advance payments, aggregating US$407,300, comprised of:

      -- US$400,000 for monthly advisory fees, and
      -- US$7,300.71 for reimbursement of out-of-pocket
         expenses.

Anders J. Maxwell, at PJSC, assures the Court that his firm does not hold
any interest adverse to the Debtors' estates and is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

PJSC can be reached at:

          Peter J. Solomon Company
          Attn: Anders J. Maxwell
          520 Madison Avenue
          New York, NY 10022
          Telephone: (212) 508-1600
          Fax: (212) 508-1633

                   About Portrait Corp.

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

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


* MEXICO: USW Accuses Gov't of Violating NAFTA Labor Agreement
--------------------------------------------------------------
The United Steelworkers or USW charged that the government of Mexico
violated the NAFTA labor side agreement when it removed the leader of the
National Mineworkers' Union from office.

In a complaint filed with the U.S. Department of Labor under the North
American Agreement on Labor Cooperation or NAALC, the USW accuses Mexican
labor authorities of violating both Mexican and international law when they
withdrew legal recognition from the Mexican union leader Napoleon Gomez
Urrutia in February.  The USW also accuses Mexico of failing to carry out
safety inspections at the Pasta de Conchos mine, where an explosion killed
65 mineworkers on Feb. 17.

"The Mexican government saw Napoleon Gomez as a threat because he fought
successfully for higher wages, because he engaged in international
solidarity, and because he challenged the government-controlled labor
federations," said Steelworkers president Leo Gerard. "They decided to use
any means necessary to eliminate that threat."

The USW, which represents 850,000 industrial workers in the United States
and Canada, signed a solidarity pact with the Mexican Mineworkers in 2004.
In 2005, the Mexican union supported a strike by copper miners in Arizona
against Group Minero Mexico, a Mexican multinational company.

Gerard vowed that the Steelworkers and the international labor movement
would continue to put pressure on Mexico's incoming president, Felipe
Calderon, to respect international labor law and end the government's
interference in the Mineworkers union.  "If Calderon decides to be more
reasonable than outgoing president Vicente Fox, good.  If not, we are going
to be his worst nightmare."

The conflict between the government and the union, whose members continue to
support Mr. Gomez, continues to feed the climate of political uncertainty in
Mexico.  In April, government security forces fired on striking union
members, killing two workers.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating with stable outlook on the state of Mexico.


* MEXICO: Fitch Releases Post-Electoral Update on Government
------------------------------------------------------------
Fitch Ratings has published a special report, titled "Mexico: Post-Electoral
Update," which details some of the challenges confronting President-elect
Calderon when he takes office in December 2006.

In Fitch's opinion, in light of Mr. Calderon's narrow victory margin, and
the post-electoral conflict, there are three key political issues that
President-elect Calderon would have to address:

   -- uniting the country behind him, as the election result
      points to the increased polarization in the country;

   -- securing governability by marginalizing the civil
      resistant movement stirred by Mr. Lopez Obrador (AMLO),
      the defeated candidate from the leftist-PRD party; and

   -- securing alliances in a divided Congress on the
      long-pending structural reforms.

"While it is too early to tell whether the congressional gridlock can be
broken by the new president to advance his legislative agenda, the odds are
in favor of President-elect Calderon, as his party commands the largest
number of seats in both houses of Congress," said Shelly Shetty, lead
analyst for Mexico at Fitch.

A stronger position of the PAN (Mr. Calderon's party), together with the
weak performance of the PRI in the presidential and congressional elections
would give the new administration greater flexibility to strike deals with
other political parties in order to gain support for some of its reform
initiatives.

Mexico's president-elect will inherit an economy that is in relatively good
shape, with the GDP growth expected to reach over 4% in 2006 on the back of
rising consumption, investment and exports, and a balanced fiscal position.
The three main economic challenges facing the new administration will be:

   -- sustaining the economic recovery,

   -- dealing with the prospect of falling oil prices and
      possibly falling oil production during the next six years,
      and

   -- addressing the fiscal challenges that emerge from high
      dependence on oil revenues and rising spending pressures.

"We are encouraged that the new president's agenda includes reforms that
could improve the medium-term health of public finances, and increase
competitiveness of the Mexican economy, including its energy sector. Yet,
the experience of the Fox administration is an ample reminder that making
progress on reforms in Mexico's divided Congress can be an arduous task,
even in good times," added Ms. Shetty.

In the coming months, Fitch will monitor announcements related to key
cabinet positions, as well as the political strategy for proceeding with the
long-pending reforms.  In addition, the agency will evaluate the 2007
budget, which will provide the first signal of the new administration's
fiscal goals and demonstrate how the new administration balances the demand
for higher social spending against fiscal prudence.  Key reforms required
for faster improvement in creditworthiness include tax reform that would
reduce the vulnerability of fiscal accounts to falling oil prices, as well
as energy sector reforms that would help increase oil production and exports
while limiting the increase in the indebtedness of Pemex.  Finally, a reform
that encouraged private participation to improve the efficiency and overall
supply of electricity at more competitive tariffs would also promote
economic activity.




=================
N I C A R A G U A
=================


* NICARAGUA: World Bank Grants US$25 Mil. to Strengthen Economy
---------------------------------------------------------------
The World Bank's board of directors approved on a US$25 million
International Development Association or IDA zero-interest credit to
Nicaragua to strengthen the overall economy by boosting the macroeconomic
stability that the Government has achieved and continue its progress in
areas likely to have significant impact on economic growth and poverty
reduction.

The Second Poverty Reduction Support Credit or PRSC II will provide
budgetary financing within a medium term macroeconomic framework.

"Over the last twenty years, Nicaragua has managed to make substantial
progress in development despite confronting volatile natural disasters and
external shocks," said Jane Armitage, World Bank Director for Central
America.

The PRSC II is the third operation in a series of programmatic credits in
support of Nicaragua's Poverty Reduction Strategy and the second in the PRSC
series.  PRSC II will provide needed resources to finance general government
expenditures.  This operation will also contribute to donor coordination
through its close links with other external financing agencies in the Budget
Support Group.

The five strategic areas of PRSP II that credit will support are:

   -- economic growth for poverty reduction;
   -- human capital development and social protection;
   -- productive and social public infrastructure;
   -- governance and state reforms; and
   -- macroeconomic stability.

The PRSP II, also known as the National Development Plan
2005-2009, emerged from a broad participatory process at the local level
with departmental development councils and sector consultations.

"The PRSP incorporates views voiced in the consultations, such as increasing
infrastructure investment, emphasizing participation and decentralization in
the PRSP's implementation, increasing transparency in program monitoring and
evaluation," said Joseph Owen, World Bank Country Manager for Nicaragua.
"The new financing also seeks to improve the alignment of donor
contributions with the PRSP II goals."

The economy has continued to perform well, notwithstanding the adverse
pressure from higher oil prices.  Growth accelerated to 5.1% in 2004 and 4%
in 2005.

"This is an optimal time for the Government of Nicaragua to heavily invest
in policies and programs that foster greater macroeconomic stability and
poverty reduction," explains Amparo Ballivian, World Bank Lead Economist and
Task Team Leader for the project.  "We hope that the new wave of funding
will help Nicaragua to reduce poverty over the medium- and long-term, and
that the benefits of these measures will be felt by Nicaraguans at all
levels."


In March 2006 the Bank completed the financing the PRSC I program of US$65
million in light of Nicaragua's satisfactory overall performance and
progress in the implementation of the reform program.  The World Bank's
current portfolio in Nicaragua comprises 14 active projects and one Global
Environment Facility grant, totaling US$378.3 million in net commitments, of
which US$163.4 million are still to be disbursed.

This US$25 million Poverty Reduction Support Credit has a reimbursement
period of 40 years with a 10-year grace period.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date

   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


CHARLES RIVER: Earns US$25.7 Million for Quarter Ended July 1
-------------------------------------------------------------
Charles River Laboratories International, Inc., reported net income of
US$25.7 million for the three months ended
July 1, 2006, compared to net income of US$31.9 million for the three months
ended June 25, 2005.

The Company reported a net loss of US$74.4 million for the six
months ended July 1, 2006, versus a US$59.5 million net income for the six
months ended June 25, 2005.

The Company disclosed net sales from continuing operations
increased 6.8% in the second quarter of 2006 to US$267.9 million
from US$250.9 million in the second quarter of 2005.

For the first six months of 2006, the Company's net sales from
continuing operations increased by 6% to US$522 million, compared to
US$492.3 million in the same period in 2005.  The negative effect of foreign
exchange reduced the Company's six-month growth rate by approximately 1.6%.

"We are very pleased with the progress we achieved during the
second quarter," said James C. Foster, Chairman, President and
Chief Executive Officer. "Exceptional sales growth in the
Preclinical Services segment, due in part to new capacity, stable pricing,
an optimal study mix and improved operating efficiency, translated into
stronger sales and operating income growth for the quarter.  In the RMS
segment, we saw improvement in Vaccine product sales and another strong
quarter for our In Vitro business, however, ongoing cost reductions by
several large pharmaceutical customers limited research model sales."

                 Stock Repurchase Program

The Company has a stock repurchase authorization, in place from
its board of directors, for the purchase of up to US$300 million of its
common stock.  It repurchased a total of approximately 900,000 shares at a
cost of US$37.5 million through June 5, 2006 stock under the authorization.

In the second quarter of 2006, the Company closed the sale of
US$350 million of Convertible Senior Notes due in 2013.  Concurrent with the
sale of the notes, it repurchased approximately 3.7 million shares at a cost
of US$148.9 million.  The Company has repurchased a total of approximately
4.6 million shares at a cost of US$186.4 million.  As of July 1, 2006, the
Company had approximately 68.3 million shares of common stock outstanding.

The Company further disclosed its intention to implement an
accelerated stock repurchase program in the third quarter of 2006, where it
expects to repurchase approximately US$75 million of common stock leaving a
balance of approximately US$39 million available for repurchases under the
authorization.

                    About Charles River

Charles River Laboratories International, Inc. (NYSE: CRL) sells
pathogen-free, fertilized chicken eggs to poultry vaccine makers.  It also
offers contract staffing, preclinical drug candidate testing, and other drug
development services.  It also markets research models -- rats and mice bred
for preclinical experiments, including transgenic "knock out" mice -- to the
pharmaceutical and biotech industries.  It sells its products in more than
50 countries to drug and biotech companies, hospitals, and government
entities.

                        *    *    *

As reported in the Troubled Company Reporter on June 21, 2006
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to Charles River Laboratories International Inc.'s
US$300 million 2.25% convertible senior notes due 2013.  The corporate
credit rating is 'BB+' and the rating outlook is positive.


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 5:00 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.

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.

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.  In Latin America, CB Richard
Ellis has operations in Argentina, Brazil, Chile, Mexico, Panama, Peru,
Venezuela and Caribbean countries.

                        *    *    *

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.


GRUPO BANISTMO: HSBC Extends Tender Offer Period to Nov. 22
-----------------------------------------------------------
HSBC said in a filing with Conaval -- the securities regulator of Panama --
that it has extended the acceptance period of its tender offer for 100% of
the outstanding shares of Grupo Banistmo until Nov. 22.

As reported in the Troubled Company Reporter-Latin America on Oct. 20, 2006,
Grupo Banistmo said that HSBC extended the acceptance period of its tender
offer for the shares until Nov. 7.  HSBC launched the tender offer on Sept.
20 through its Netherlands-based HSBC Asia Holding unit at US$52.63 per
share, valuing Grupo Banistmo at US$1.77 billion.  HSBC would acquire at
least 65% of all 33,629,730 outstanding shares in Grupo Banistmo.

Panamanian bank Primer Banco del Istmo (Banistmo) started operations in
September 1984 under the name Banco del Istmo.  Banistmo is the country's
largest bank and also one of the biggest financial institutions in Central
America.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Moody's Investors Service placed the Ba1/Not
Prime long- and short-term deposit ratings of Primer Banco del Istmo, SA aka
Banistmo on review for possible upgrade.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2006, Standard & Poor's Ratings Services placed its
'BB+/B' counterparty credit rating on Primer Banco del Istmo SA aka Banistmo
on CreditWatch with positive implications.  S&P has also placed its 'BB/B'
counterparty credit rating on Banco Salvadoreno SA on CreditWatch with
positive implications and affirmed its ratings on HSBC Holdings PLC (HSBC)
and related entities, including the 'AA-/A-1+' counterparty credit rating on
HSBC, with a stable outlook.




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


* PARAGUAY: IDB Grants US$31.5MM to Revise Agricultural Support
---------------------------------------------------------------
The Inter-American Development Bank approved a US$31.5 million loan to
Paraguay to raise productivity and income of small and medium-scale
producers by modernizing public management of its agricultural support
policy.

"The agricultural sector plays a strategic role in the Paraguayan economy,
accounting for nearly 90 percent of exports and about 43 percent of
employment nationwide," said IDB Team Leader Hector Malarin.

"With this performance-driven loan, the IDB is assisting the government's
efforts to improve the effectiveness of its agricultural support policy to
poor rural families by switching from cotton-oriented input deliveries to a
mechanism based on direct income payments for the adoption of economically
and environmentally viable technologies," Mr. Malarin added.

"This mechanism will give decision-making power to poor rural families in
terms of what, when and how to grow on their lands, reducing their income
dependence on non-competitive crops, providing them with better access to
expanding markets and, in some cases, overcoming liquidity constraints for
some families."

The Ministry of Agriculture will be in charge of the program, which will
redirect efforts to achieve greater efficiency in the provision of
agricultural health and innovation services and a more transparent
management of public resources, providing greater coverage with equal
opportunity among rural families.  It will also reverse the environmental
degradation of the land and consolidate achievements in expanding
private-sector involvement in the provision of agricultural services.

The new agricultural support mechanism will also have a positive impact on
the overall economy because it will have a less distortive effect in the
markets than the current input-delivery system or other alternatives
involving state price-policy interventions.

The loan will be for a 25-year term, with a five-year grace period, at an
adjustable interest rate. Local counterpart funds will total US$3.5 million.

                        *    *    *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Currency Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issuer Rating, Caa1
     -- FC Currency Issuer Rating, Caa1
     -- Local Currency LT Debt, WR

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

     -- Foreign Currency LT Debt B-
     -- Local Currency LT Debt   B-
     -- Foreign Currency ST Debt C
     -- Local Currency ST Debt   C




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


CHARLES RIVER: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
Healthcare Service and Distribution sector, the rating agency confirmed its
Ba1 Corporate Family Rating for Charles River Laboratories International
Inc.

Additionally, Moody's upgraded its probability-of-default ratings and
assigned loss-given-default ratings on these debts:

   ISSUER: Charles River Laboratories International Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Senior Secured
U.S. Revolving
Credit Facility           Ba1      Baa3    LGD2        23%

Senior Secured
U.S. term loan A          Ba1      Baa3    LGD2        23%

   ISSUER: Charles River Laboratories Pre-clinical
           Services Montreal

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Canadian Term Loan        Ba1      Baa3    LGD2        23%

Canadian Revolving
Credit Facility           Ba1      Baa3    LGD2        23%


   ISSUER: Charles River Laboratories Pre-clinical
           Services Edinburgh

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
GBP Revolving
Credit Facility           Ba1      Baa3    LGD2        23%

GBP Term Loan             Ba1      Baa3    LGD2        23%

Moody's 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 its 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% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Wilmington, Mass.-based Charles River Laboratories International Inc. (NYSE:
CRL) -- http://www.criver.com/-- sells pathogen-free, fertilized chicken
eggs to poultry vaccine makers.  It also offers contract staffing,
preclinical drug candidate testing, and other drug development services.  It
also markets research models -- rats and mice bred for preclinical
experiments, including transgenic "knock out" mice -- to the pharmaceutical
and biotech industries.  It sells its products in more than 50 countries
including Argentina, Brazil, Peru, Puerto
Rico and Uruguay to drug and biotech companies, hospitals, and
government entities.  The Company employs 7,500 people.




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


DEVELOPERS DIVERSIFIED: Inks Joint Venture Deal with TIAA-CREF
--------------------------------------------------------------
TIAA-CREF and Developers Diversified have entered into a joint venture to
purchase a portfolio of 67 community retail centers for approximately US$3
billion of total asset value.

"We believe that this joint venture shows that TIAA-CREF Global Real Estate
can move nimbly on large and complex transactions and forge strong
relationships with expert operators, such as Developers Diversified," said
Tom Garbutt, managing director and head of TIAA-CREF's Global Real Estate
unit.  "As a long-term investor, we believe the purchase of high quality
properties such as the 67 community retail centers will be an attractive way
to bring value to our clients."

The properties that this joint venture intends to acquire represent a
portion of the assets that will be acquired by Developers Diversified upon
the consummation of its merger with Inland Retail Real Estate Trust, Inc.
The execution of this merger agreement was announced on Oct. 23, 2006 and
the merger is expected to be completed in the first quarter of 2007.  The
purchase by the joint venture of these 67 properties is conditioned upon the
consummation of Developers Diversified's merger with Inland and other
closing conditions.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive
Officer, commented, "We're delighted to establish this strategic partnership
with TIAA-CREF, which we consider to be a leader among institutional real
estate investors.  TIAA-CREF's early commitment to this portfolio
acquisition underscores both their recognition of the quality of the real
estate and our ability to create value through aggressive asset management."

Mr. Garbutt further stated, "We believe that the attractive pricing and
terms of this venture are a direct result of TIAA-CREF Global Real Estate's
early participation in this transaction.  We have been looking to
strategically increase our retail exposure and we believe this purchase
represents a unique opportunity to do so while focusing on opportunities for
attractive rates of return for our investors."

Given Developers Diversified's size and experience, TIAA-CREF expects to
receive added value from Developers Diversified's management through
enhanced operating proficiency and strong tenant relationships.

An affiliate of TIAA will contribute 85% of the equity in the joint venture,
and an affiliate of Developers Diversified will contribute 15% of the equity
in the joint venture.  The parties expect that leverage will not exceed 60%
of the aggregate value of the properties.

The properties in this portfolio are located predominately in Southeastern
U.S. markets and are currently anchored by leading discount and specialty
retailers.

With an approximately US$68 billion global portfolio of direct and indirect
investments, TIAA-CREF is one of the largest institutional real estate
investors in the nation.  TIAA-CREF Global Real Estate through the accounts
they manage directly owns over US$20 billion in real estate assets made up
of primarily high quality properties in the office, retail, industrial, and
multi-family sectors.  Investments are both domestic -- covering more than
40 states and the District of Columbia -- and foreign -- in Canada and
Western Europe.

                      About TIAA-CREF

TIAA-CREF -- http://www.tiaa-cref.org/-- is a national financial services
organization with more than US$390 billion in combined assets under
management.  The Company provides retirement services to individuals and
institutions in the academic, research, medical, philanthropic and cultural
fields.

               About Developers Diversified

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

                        *    *    *

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


DORAL FINANCIAL: Jose G. Vigoreaux Resigns as Bank President
------------------------------------------------------------
Doral Financial Corp. disclosed that Mr. Calixto Garcia-Velez assumed the
duties of President of Doral Bank in addition to his current duties as
Chairman and Chief Executive Officer of Doral Bank following the resignation
of Jose G. Vigoreaux as the Bank's President effective Nov. 3, 2006.

On Nov. 4, 2006, Doral entered into an agreement with Lidio Soriano, the
company's former Chief Financial Officer who resigned effective Oct. 31,
2006.  Pursuant to the agreement, Mr. Soriano has agreed to assist the
company during a 90-day transition period and will receive:

   (i) monthly payments of $40,000 during such transition
       period, and

  (ii) a lump sum payment of $360,000 at the end of the
       transition period, in each case less required deductions.

The agreement is subject to certain other customary conditions.

Doral's board of directors appointed on Nov. 1, 2006, Cesar Ortiz as the
Controller and Chief Accounting Officer of the company.  The company's prior
8-K, dated Oct. 31, 2006, incorrectly stated that Mr. Ortiz had previously
served as Senior Vice President-Comptroller of Banco Santander Puerto Rico.
Mr. Ortiz served as Senior Vice President-Comptroller of Santander Financial
Services, Inc. from February to July 2006.

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

                        *    *    *

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


RES-CARE INC: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
Healthcare Service and Distribution sectors, the rating agency confirmed its
BA3 Corporate Family Rating for Res-Care, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2010             Ba2      Ba1      LGD2     16%

   Sr. Unsec. Notes
   due 2013             B1       B1       LGD5     73%

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

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

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

Based in Louisville, Kentucky, ResCare, Inc. (NASDAQ/NM: RSCR)
-- http://www.rescare.com/-- ResCare is a human service company that
provides residential, therapeutic, job training and educational supports to
people with developmental or other disabilities, to youth with special needs
and to adults who are experiencing barriers to employment.  Founded in 1974,
the Company provides services in 36 states, Washington, D.C., Puerto Rico
and Canada.


UNO RESTAURANT: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
Restaurant sector, the rating agency held its B3 Corporate Family Rating for
Uno Restaurant Holdings Corp., and lowered its B3 rating to Caa1 on the
company's US$142 million, 10% Second Lien Notes due on 2011.  Additionally,
Moody's assigned an LGD4 rating to those bonds, suggesting noteholders will
experience a 60% loss in the event of a default.

Moody's explains that current long-term credit ratings are opinions about
expected credit loss, which incorporate both the likelihood of default and
the expected loss in the event of default.  The LGD rating methodology will
disaggregate these two key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy of 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%).

Based in Boston, Massachusetts, Uno Restaurant Holdings Corporation --
http://www.unos.com/-- franchises and operates over 200 restaurants.  Uno
Chicago Grill restaurants are located in 32 states, the District of
Columbia, Puerto Rico, South Korea and the United Arab Emirates.  The
company also operates a consumer foods division, which supplies airlines,
movie theaters, hotel restaurants and supermarkets with both frozen and
refrigerated private label foods and branded Uno products.




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


JETBLUE: S&P Rates US$49.4MM Class-B Pass-Thru Certificate at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'AAA' preliminary rating to
JetBlue Airways Corp.'s (B/Stable/B-3) US$74.1 million Class G pass-through
certificates, and its 'B+' preliminary rating to the US$49.4 million Class B
pass-through certificates.

The Class G certificates have an expected maturity of
Jan. 2, 2014, and a final maturity date of Jan. 2, 2016; the Class B
certificates mature Jan. 2, 2014.  Final ratings will be assigned upon
completion of the review of legal documentation.

"The rating on the Class G certificates is based on an insurance policy
provided by MBIA Insurance Corp. [AAA/Stable/-]," said Standard & Poor's
credit analyst Betsy Snyder.  "The rating on the Class B certificates is
based on the credit of JetBlue Airways, the strategic importance of the
aircraft spare parts that collateralize the certificates in any bankruptcy
reorganization, and various structural features intended to maintain
collateral access and asset protection for certificateholders."

The transaction has a structure similar to those of aircraft-backed enhanced
equipment trust certificates, but it benefits from credit strengths that
parallel those for debtor-in-possession or DIP financings.  As is the case
for enhanced equipment trust certificates or EETCs, creditors' access to
collateral is based on legal protections available under Section 1110 of the
federal bankruptcy code, there is a liquidity facility (for Class G
certificates only) intended to cover a period during which the collateral
could be repossessed and remarketed following a default by the airline, and
the securities are tranched.  However, the most important source of credit
support in any Chapter 11 bankruptcy reorganization would be how essential
the collateral (aircraft spare parts) is to maintaining JetBlue's
operations, a feature shared with DIP credit facilities.

The spare parts securing the notes consist of aircraft and engine spare
parts that can be used on various models of Airbus A320 and Embraer 190
aircraft, which together comprise all of JetBlue's fleet.  The spare parts
have been appraised initially at US$164.7 million, and the loan-to-value of
the Class G notes upon issuance is 45%.  The loan-to-value of the Class B
notes upon issuance is 75%.  JetBlue may also issue additional equipment
notes secured by the collateral and additional pass-through certificates
under certain conditions (in particular, if the collateral pool increases as
JetBlue acquires more spare parts to support its growing fleet).

Compared to an aircraft-backed EETC, the secured notes being rated benefit
from spare parts' relatively stable values over time, their lower risk of
obsolescence, and from the fact that the collateral would be crucial to any
bankruptcy reorganization of JetBlue.  The last implies that the senior and
junior certificates would either be affirmed by the airline or renegotiated
in a manner that would preserve payments to at least the Class G
certificates (and the insurance policy would cover such payments for up to
24 months even if not received from JetBlue).

The Class B certificates do not have a dedicated liquidity facility, nor an
insurance policy, and would therefore default on interest payments if a
payment fell due during the first 60 days of a JetBlue bankruptcy, or if
negotiations between the airline and certificate holders stretched beyond
that initial automatic stay period under Section 1110 of the Bankruptcy
Code.

Drawbacks to spare parts financings include the inherent difficulty of
tracking a pool of assets that turns over, the fact that (absent
replenishment with new inventory) collateral coverage could change
materially in a short period due to normal operational use of spares, and
that it would very likely take longer and be more costly to sell a large
pool of repossessed spares than to sell aircraft.  The last of these would
likely be less of an issue in the case of JetBlue than for a large
hub-and-spoke airline that operates many models of aircraft and holds spare
parts in many locations.

The certificates incorporate two mechanisms not found in typical EETCs to
mitigate these drawbacks.  The first is collateral maintenance ratios, which
require JetBlue to add spare parts, provide other collateral, or pay down
debt to restore loan-to-values (maximum 45% for Class G certificates and 75%
for Class B certificates) or to maintain a minimum 150% ratio of rotable
spare parts (those that can be refurbished, in contrast to expendable
spares) to Class G certificates, in each case measured against semiannual
appraised values.

In a JetBlue bankruptcy, however, additions of spare parts or other
collateral may be avoided by the bankruptcy judge under certain
circumstances, and collateral other than spare parts (including cash
collateral) would not benefit from Section 1110 protections. Because of the
way the collateral maintenance and rotables ratios are calculated (cash is
netted against outstanding certificates, rather than being counted as a form
of collateral), substitution of cash for other collateral could actually
cause the ratio of outstanding certificates to total collateral to be
somewhat higher than the nominal loan-to-value ceilings. Second, the
liquidity facility is sized to cover eight quarterly interest payments (up
to 24 months) on the Class G certificates, longer than the typical three
semiannual (18 months) payments typical for aircraft EETCs.

The primary liquidity facility is provided by Landesbank Hessen-Thueringen
Girozentrale (A/Stable/A-1).  Even with these mechanisms to mitigate
drawbacks of a spare parts financing, repossession and sale of the
collateral would be a less attractive option for certificate holders than is
the case for holders of aircraft-backed EETCs; this is due to the logistical
difficulties and lengthy period likely needed to sell the spare parts
collateral.  Conversely, the risk of JetBlue choosing to abandon this
collateral to reduce its financial burden in bankruptcy is far less than
would be true for any aircraft collateral pool backing an EETC.

The 'B' corporate credit rating on JetBlue reflects its participation in the
high-risk airline industry and a weaker financial profile due to both weak
profitability and losses that began in the third quarter of 2005.

                       Ratings List

JetBlue Airways Corp.
Corporate Credit Rating           B/Stable/B-3

Ratings Assigned

Pass-thru cert, Class G-1         AAA/Stable (prelim.)
Pass-thru cert, Class B-1         B+ (prelim.)

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.


JETBLUE AIRWAYS: Reports 16.3% Increase in October Traffic
----------------------------------------------------------
JetBlue Airways Corp. reported that its traffic in October increased 16.3%
from October 2005, on a capacity increase of 15.7%.

Load factor for October 2006 was 78.8%, an increase of 0.4 points from
October 2005.  JetBlue's preliminary completion factor was 99.8% and its
on-time performance was 71.4%.

"October was a strong month for our airline, as passenger revenue per
available seat mile (PRASM) rose approximately 25% year over year," said
David Neeleman, CEO of JetBlue.

                JetBlue Airways Traffic Results

                          October 2006   October 2005  % Change
Revenue
passenger miles (000)       1,858,989      1,599,022     16.3
Available seat miles (000)  2,359,931      2,039,401     15.7
Load factor                      78.8%          78.4%  0.4 pts.
Revenue passengers          1,551,815      1,132,102     37.1
Departures                     14,245          9,257     53.9
Average stage length            1,105          1,412    (21.7)

                            Y-T-D 2006     Y-T-D 2005  % Change

Revenue
passenger miles (000)      19,380,540     16,642,060     16.5
Available seat miles (000) 23,676,049     19,386,116     22.1
Load factor                      81.9%          85.8%  (3.9) pts.
Revenue passengers         15,184,769     12,010,661     26.4
Departures                    128,661         90,380     42.4
Average stage length            1,211          1,375    (11.9)

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


AMERICAN AIRLINES: Flying Nonstop from Miami to Montevideo Hubs
---------------------------------------------------------------
American Airlines will begin seasonal nonstop service between its Miami hub
and Montevideo, Uruguay, this November.  The seasonal service was originally
introduced in December 2004, and is being renewed this year as a result of
its success.

American's nonstop flight will operate from Nov. 17, 2006, to April 10,
2007, and will be flown three times weekly in each direction.  On days the
nonstop flight does not operate, American will continue to fly its current
schedule of service to Montevideo via Buenos Aires, Argentina.

"All of us at American Airlines are proud and excited to be the first
carrier to operate nonstop service between Miami and Montevideo," said Peter
J. Dolara, American's Senior Vice President-Miami, Caribbean and Latin
America.  "As the capital and largest city in Uruguay, Montevideo has long
been an important part of American's extensive Latin American route network.
Nonstop service between Montevideo and our international gateway in Miami
makes it more convenient than ever to travel to and from this wonderful
South American city and country."

"Maintaining sustainable growth in our country is intrinsically tied to our
accessibility and the ability to connect," said Dr. Hector Lescano,
Uruguay's Minister of Tourism.  "The return of American Airlines direct
nonstop service from Miami to Montevideo for the third year in a row is
greatly satisfying and an ongoing goal."

American Airlines, Inc. -- http://www.AA.com/-- American Eagle,
and the AmericanConnection regional airlines serve more than 250
cities in over 40 countries, including Uruguay and Argentina, with more than
3,800 daily flights.  The combined network fleet numbers more than 1,000
aircraft.  American Airlines, Inc. and American Eagle are subsidiaries of
AMR Corp.

                         *     *     *

As reported in the Troubled Company Reporter on April 25, 2006,
Standard & Poor's Ratings Services placed its ratings on AMR Corp. (B-/Watch
Pos/B-3) and subsidiary American Airlines Inc. (B-/Watch Pos/--) on
CreditWatch with positive implications.  The CreditWatch placement reflected
improving earnings and cash flow prospects, which should translate into a
strengthened financial profile.  The 'B+' bank loan rating on American's
$773 million credit facility was placed on CreditWatch, but the '1' recovery
rating (which addresses recovery prospects in a default scenario) was not
placed on CreditWatch.

As reported in the Troubled Company Reporter on Feb. 24, 2006,
Moody's Investors Service affirmed all debt ratings of AMR Corp., and its
primary subsidiary American Airlines, Inc. -- corporate family rating at
B3 -- as well as all tranches of the Enhanced Equipment Trust Certificates
supported by payments from American and the SGL-2 Speculative Grade
Liquidity Rating.


* URUGUAY: Argentina Asks World Bank to Stop Loans for Pulp Mill
----------------------------------------------------------------
Argentine President Nestor Kirchner has written to Paul Wolfowitz the World
Bank president, asking that funds for a pulp mill being built in Uruguay be
put on hold until the conflict between the two nations regarding the project
has been resolved, Telam -- the state news agency of Argentina -- reports.

Metsa-Botnia is building a pulp mill alongside a river dividing Uruguay and
Argentina.

Critics said the pulp mill will harm the environment.

The conflict on the pulp mill has been taken to the International Court of
Justice in The Hague.

As previously reported, the World Bank's International Finance Corp. offered
to provide US$170 million in loans for the mill.  The Multilateral
Investment Guarantee Agency is also mulling political risk insurance of
US$300 million.

It wasn't appropriate for World Bank to disburse financing for the pulp mill
while an international legal case is ongoing, Telam says, citing President
Kirchner.

                        *    *    *

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


* URUGUAY: Repaying Early SDR726.7-Million Debts to IMF
-------------------------------------------------------
Finance Minister Astori disclosed Uruguay's intention to repay early all
outstanding obligations to the International Monetary Fund, amounting to
SDR726.7 million (about US$1.08 billion).  Uruguay will also be canceling
the current Stand-By Arrangement.

Mr. Rodrigo de Rato, the Managing Director of the IMF, said, "I welcome
Uruguay's decision to repay its outstanding obligations to the Fund. This
decision reflects the quick recovery of Uruguay from crisis, supported by
the international community and the Fund, and its renewed access to
international capital markets.  The track record of sound macroeconomic
policy management has provided the basis for the consolidation of market
confidence, strong economic outcomes, and an improved profile of public
debt.

"We look forward to continuing a close and constructive relationship with
Uruguay as the authorities continue to pursue their important reform
agenda," Mr. de Rato added.

Total drawings by Uruguay under its two Stand-By Arrangements were
equivalent to SDR2.25 billion (about US$3.35 billion).  Uruguay made three
early repayments between September 2005 and August 2006 amounting to SDR1.14
billion (US$1.69 billion).  Under the original schedule, the final repayment
of outstanding loans from the IMF would have taken place in 2010.

                        *    *    *

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




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


CITGO PETROLEUM: Unlikely to Suffer Long-Term Economic Damage
-------------------------------------------------------------
Sources told the Associated Press that it is unlikely that Venezuelan
President Hugo Chavez's calling US President George W. Bush a devil in his
United Nations speech will cause any long-term economic damage to Citgo
Petroleum, the US arm of Venezuelan state firm Petroleos de Venezuela SA.

As reported in the Troubled Company Reporter-Latin America on Oct. 16, 2006,
gas stations throughout the US stopped using Citgo Petroleum's gasoline.
The 7-Eleven had dropped its affiliation with Citgo Petroleum after 20
years.  T.D. Pete's five stations were planning to switch to another brand.
Perry Denault, the co-owner of T.D. Pete's, said that stores in Manteno,
Bradley, Coal City and on Brookmont Boulevard in Kankakee were shifting to
Shell.  Road Ranger and its 47 stores in five states also terminated its
affiliation with Citgo Petroleum.  Rob Harmon -- the Road Ranger's general
manager of merchandising and food service operations -- said that though the
decision to change petroleum already had been made, President Chavez's
comments prompted the firm to make the switch as quickly as possible.
President Chavez's UN speech spurred mass e-mailings and Internet blogs that
ask people to boycott Citgo Petroleum.

AP relates that some politicians were also against Citgo Petroleum.  A city
councilor in Boston wanted to tear down a landmark Citgo Petroleum sign in
the Fenway.

However, experts told AP that anti-Citgo Petroleum campaigns typically don't
succeed.

Citgo Petroleum said that it hasn't seen any financial damage from the
boycott, AP states.

                         About Citgo

Headquartered in Houston, Texas, CITGO Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned
subsidiary of Petroleos de Venezuela SA, the state-owned oil company of
Venezuela.

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

                        *    *    *

As reported at the Troubled Company Reporter on Feb. 16, 2006, Standard and
Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.

Citgo carries Fitch's BB- Issuer Default Rating.  Fitch also rates the
Company's US$1.15 billion senior secured revolving credit facility maturing
in 2010 at 'BB+', its US$700 million secured term-loan B maturing in 2012 at
'BB+', and its senior secured notes at 'BB+'.


PETROLEOS DE VENEZUELA: Compania Nacional Running Thermal Assets
----------------------------------------------------------------
Rafael Ramirez -- the president of Petroleos de Venezuela SA, the state-run
oil company of Venezuela -- told Business News Americas that Compania
Nacional de Generacion, a state-owned power firm, will operate the former's
thermal generation assets.

BNamericas relates that Petroleos de Venezuela is constructing new
generation capacity in or near its three main plants:

         -- CRP,
         -- El Palito, and
         -- Puerto La Cruz.

According to BNamericas, Compania Nacional will work to meet the power needs
of Petroleos de Venezuela in these areas and supply the balance of power to
the national grid.

For example, Compania Nacional will deliver 150 megawatts to Petroleos de
Venezuela from the 450-megawatt Josefa Camejo plant in Falcon, with the rest
going to areas of the state with faulty service, BNamericas notes.

When Companhia Nacional incorporates new Petroleos de Venezuela assets, the
company's capacity will increase to almost 3,000 megawatts.  It will become
the third largest generator in Venezuela, BNamericas reports.

                  About Compania Nacional

Petroleos de Venezuela and the oil and energy ministry each own 40% stake in
Compania Nacional de Generacion.  Enelven and Enelbar hold 10% each.  The
company has 1,500 megawatts of installed thermo generation capacity, which
is less than 10% of Venezuela's installed capacity but about 25% of the
thermal total.

               About Petroleos de Venezuela

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

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 3, 2006, Standard & Poor's Ratings Services revised the
CreditWatch implications on its 'B+' long-term foreign currency
corporate credit rating on Petroleos de Venezuela SA to positive
from developing.

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


UNIVERSAL COMPRESSION: Board OKs US$200MM Repurchase Program
------------------------------------------------------------
Universal Compression holdings, Inc.'s board of directors has authorized the
repurchase of up to US$200 million of the company's common stock.  This
authorization extends until November 2008.  Universal intends to make
purchases from time to time as market conditions warrant and hold the
repurchased shares in treasury for general corporate purposes.

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas compression
equipment and services, primarily to the energy industry in the United
States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                        *    *    *

Moody's Investors Service assigned on Oct. 22, 2006, a Ba1, LGD 3 (36%)
rating to Universal Compression, Inc.'s US$500 million senior secured bank
credit facility.  At the same time, Moody's affirmed Universal's Ba2
Corporate Family Rating, its Ba2 Probability of Default Rating and its B1,
LGD5 (88%) ratings on its US$175 million 7-1/4% Senior Notes.  Moody's said
the outlook remains stable.


UNIVERSAL COMPRESSION: Earns US$25 Million in Third Quarter 2006
----------------------------------------------------------------
Universal Compression Holdings, Inc., reported record net income of US$25.0
million, in the three months ended Sept. 30, 2006, including approximately
US$0.07 per diluted share of benefit related to employee benefit programs.
Without this benefit, earnings per diluted share would have been US$0.73.

Universal reported net income of US$21.8 million, or US$0.70 per diluted
share, in the three months ended June 30, 2006, and US$17.7 million, or
US$0.54 per diluted share, in the prior year period.

Revenue was US$246.9 million in the three months ended
Sept. 30, 2006, compared to US$218.7 million in the three months ended June
30, 2006, and US$181.1 million in the prior year period.  EBITDA, as
adjusted, was a record US$84.0 million in the three months ended Sept. 30,
2006, as compared to US$75.2 million in the three months ended June 30,
2006, and US$66.2 million in the comparable period of the prior year.

"Our overall strong financial results in the third quarter reflect continued
favorable business conditions in each of our contract compression,
fabrication and aftermarket services segments.  Due to the high activity
levels in our fabrication facilities during the most recently completed
quarter, we experienced some unexpected delays in the production of new
units for third-party sales and for our contract compression fleet, delaying
revenue recognition in both the contract compression and fabrication
segments.  We are incurring continuing expenses related to our new
enterprise resource planning system and incremental costs associated with
our newly formed public entity, Universal Compression Partners, L.P.  We
believe both of these initiatives are important steps in driving our long
term growth strategy," commented Stephen A. Snider, Universal's Chairman,
President and Chief Executive Officer. "The outlook for domestic and
international markets continues to be positive as reflected by a strong
level of customer inquiries and orders for compression services and products
well into 2007."

"We are very excited that the initial public offering of Universal's
subsidiary, UCLP, was successfully completed last month and that UCLP has
been well-received by investors. We believe that UCLP will create
significant value to Universal's stockholders, as Universal intends to
utilize UCLP's lower cost of capital to purchase the remainder of
Universal's domestic contract compression fleet and for UCLP to be the
primary growth vehicle for the domestic contract compression business,"
added Mr. Snider.

                          Guidance

For the three months ending Dec. 31, 2006, Universal Compression expects
revenue of US$240 million to US$250 million and earnings per diluted share
of US$0.70 to US$0.74.  For the twelve months ending Dec. 31, 2006, the
company now expects:

   -- revenue of US$935 million to US$945 million,
   -- earnings per diluted share of US$2.88 to US$2.92 and
   -- capital expenditures, net of sale proceeds, of
      approximately US$210 million;

this compares to previously reported guidance of:

   -- revenue of US$950 million to US$970 million,
   -- earnings per diluted share of US$2.85 to US$2.95 and
   -- capital expenditures, net of sale proceeds, of US$210
      million to US$240 million.

Guidance for earnings per diluted share does not include any special charges
associated with our recent refinancing activities in the fourth quarter.

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas compression
equipment and services, primarily to the energy industry in the United
States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                        *    *    *

Moody's Investors Service assigned on Oct. 22, 2006, a Ba1, LGD 3 (36%)
rating to Universal Compression, Inc.'s US$500 million senior secured bank
credit facility.  At the same time, Moody's affirmed Universal's Ba2
Corporate Family Rating, its Ba2 Probability of Default Rating and its B1,
LGD5 (88%) ratings on its US$175 million 7-1/4% Senior Notes.  Moody's said
the outlook remains stable.


* VENEZUELA: Announces Sale of US$1 Billion in Bonds
----------------------------------------------------
The Finance and Economy ministries of Venezuela and Argentina announce the
issuance of US$1 billion of the so-called South Bonds, El Universal reports.

According to the same report, the Venezuelan Ministry of Finance issued a
statement saying the government will issue US$500 million in
dollar-denominated bonds maturing on April 6, 2017, to be sold on the local
market.  The bonds are issued at a minimum of US$1,000 for both corporate
and individual investors.

The statement added that Venezuela will use the sale proceeds to refinance
debts.

Meanwhile, Argentina will issue US$300 million in Boden 12 bonds maturing
Aug. 3, 2012, with a floating coupon, El Universal says.   The nation will
issue another US$200 million in Boden 15 bonds maturing Oct. 3, 2015, with a
coupon rate of 7%.

                        *    *    *

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


* VENEZUELA: Revokes 8 Mining Pacts Over Regulatory Violations
--------------------------------------------------------------
The Venezuelan government rescinded eight mining contracts in the southern
Bolivar state after a number of decrees were posted in the Official Gazette
prohibiting mining activities in the municipalities of Sifontes and Gran
Sabana, El Universal reports.

The decrees were published on Oct. 30 to 31 and Nov. 1 to 6, after
violations were reported against some regulations, including tax payment,
mandatory filing of both topographic blueprints for each mine and annual
exploitation plans, the Caracas-daily says.

Among the licences revoked are for:

    -- Inversiones Guatepereque,
    -- Mineria Industrial Roraima,
    -- Venecia Explotacion Minera Internacional,
    -- Mineria Jaspe,
    -- Corpoaurifera,
    -- Tecno-Geo and
    -- Corporacion Minera Nacional.

Vice-Minister of Mining Ivan Hernandez Rojas told El Universal that the
government has plans to turn mining licenses into joint ventures similar to
those already operating in the oil sector, with the Venezuelan state holding
a majority stake.

Jose Ramon Rivero, chairman of The National Assembly's mining committee, did
not give a timeline for the revision of the mining bill, El Universal
relates.  He added that a national mining company could be included in the
bill to centralize the mining sector.

"The idea is to create a Pdvsa Mining Corporation, as those are the
guidelines set by the Ministry of Basic Industries and Mining," Mr. Rivero
explained to El Universal.

                        *    *    *

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


                         ***********


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.


           * * * End of Transmission * * *