TCRLA_Public/061113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, November 13, 2006, Vol. 7, Issue 225

                          Headlines

A R G E N T I N A

AIRSYS SA: Deadline for Verification of Claims Is on Dec. 21
BAITEA SA: Proofs of Claim Verification Deadline Is on Dec. 18
BALLY TECH: Secures US$131-Million Oregon State Lottery Contract
BALLY TECHNOLOGIES: Discloses General Business Update
BEPO ARGENTINA: Claims Verification Deadline Is Set for Dec. 22

CAMUZZI GAS: Posts BRL22 Million First Nine-Month Net Profits
GRAN TIERRA: Completes Acquisition of Compania General's Assets
JUAN VAN: Verification of Proofs of Claim Is Set for Dec. 7
MANTESER SA: Trustee Verifies Proofs of Claim Until Nov. 2
PINNACLE ENT: Closes Buy of Harrah's Lake Charles Gaming Assets

TELECOM ARGENTINA: Earns ARS164MM in First Nine Months of 2006
TELECOM PERSONAL: Fitch Affirms Issuer Default Rating at 'B'
TELEFONICA DE ARGENTINA: Fitch Affirms BB- Issuer Default Rating
WENDY'S INTERNATIONAL: Names Kerrii Anderson as President

* ARGENTINA: Asks World Bank to Stop Loans for Uruguay Pulp Mill

B A H A M A S

WINN-DIXIE: Court Confirms Plan of Reorganization

B E L I Z E

* BELIZE: Cabinet Authorizes Special Oil Revenue Fund

B E R M U D A

ANNUITY & LIFE: Incurs US$205,690 Loss in Third Quarter 2006
GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM
SEA CONTAINERS: Court Hears Winding-Up Petition on Dec. 1

B O L I V I A

* BOLIVIA: Will Extend Renegotiation with Brazil

B R A Z I L

BANCO NACIONAL: Raises Lending by 5% in First 10 Months of 2006
BANCO SANTOS: Launches Auction of Santos Seguradora's Assets
BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
CIA DE BEBIDAS: Board OK's Quinsa's Class A & B Shares Purchase
CIA DE SANEAMENTO: Treating 70% of Sewerage by June 2007

COMPANHIA DE BEBIDAS: Posts BRL1.8B EBITDA in Third Quarter 2006
DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
FIDELITY NATIONAL: Closes Fidelity National Financial Merger
FIDELITY NATIONAL: Minority Equity Holders Sell Common Stocks

NOVELIS: Transferring Rights on Power Plants to Gerdau Acos
PETROLEO BRASILEIRO: Extends Contract Renegotiation with Bolivia
PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
TAM SA: Offering Third Daily Flight to Paris from Rio de Janeiro
TELE NORTE: Shareholder Wants Today's Meeting Postponed

UNIAO DE BANCOS: Posts BRL566 Net Income in Third Quarter 2006

* BRAZIL: Fitch Rates US$1.5-Bil. Global Bond Due 2017 at BB

C A Y M A N   I S L A N D S

AIM INVESTMENT: Creditors Must Submit Proofs of Claim by Nov. 17
CPF LTD: Creditors Have Until Nov. 17 to File Proofs of Claim
CURALIUM FUND: Deadline for Proofs of Claim Filing Is on Nov. 17
DEUTSCHE INT'L OCEANIC: Claims Filing Deadline Is on Nov. 17
DEUTSCHE INT'L PACIFIC: Proofs of Claim Filing Is Until Nov. 17

GLOBAL LONG/SHORT: Filing of Proofs of Claim Is Until Nov. 17
GLOBAL MACRO: Creditors Must Submit Proofs of Claim by Nov. 17
KG INTERNATIONAL: Last Day to File Proofs of Claim Is on Nov. 17
KICAP NETWORK: Shareholders' Final Meeting Is on Nov. 16
KICAP NETWORK (PLUS): Last Shareholders Meeting Is on Nov. 16

MUSASHINO INVESTMENT: Final Shareholders Meeting Is on Nov. 16
OLEA MANAGEMENT: Liquidator Presents Wind Up Accounts on Nov. 16

C H I L E

HOUGHTON INT'L: Moody's Assigns Loss-Given-Default Rating

* CHILE: Seven Banks Face US$22.9M Suit Over Mortgage Loan Fees

C O L O M B I A

BANCOLOMBIA SA: Board Approves Construction of New Headquarters
BBVA COLOMBIA: Expects to Post COP240-Billion Profit in 2006
COLOMBIA TELECOM: Telefonica Pays US$274 Mil. in Pension Debts
HEXION SPECIALTY: Moody's Assigns Loss-Given-Default Rating

C O S T A   R I C A

BETONSPORTS: Fails to Give Employees Full Salaries & Severances
GENERAL NUTRITION: Moody's Junks Rating on Proposed US$325M Debt

C U B A

* CUBA: In Talks with Fondel on Reduction of Shipments

D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Responds to Call for Madrid Accord Renegotiation

* DOMINICAN REPUBLIC: Secures US$10-Million Loan from IDB
* DOMINICAN REPUBLIC: Ministry Discloses Alleged Irregularities

E L   S A L V A D O R

BANCO CUSCATLAN: Refinances US$300-Million Bond Certificates

G U A T E M A L A

BANCAFE: Fitch Says Intervention Won't Affect Sovereign Ratings
BANCO G & T: S&P Places BB-/B Counterparty Credit Ratings
GOODYEAR TIRE: Posts US$48 Million Third Quarter 2006 Net Loss
GOODYEAR TIRE: Outlines New Proposal for Workers on Strike
UNIVERSAL CORP: Earns US$28.3MM in Quarter Ended Sept. 30, 2006

H O N D U R A S

* HONDURAS: IDB Lends US$1.4MM to Promote Business Participation
* HONDURAS: Overseas Private Investing US$181MM in CenAm Nations

J A M A I C A

AIR JAMAICA: Opposition Calls for Parliamentary Select Committee
AIR JAMAICA: Filing Revised Business Plan by December
AIR JAMAICA: Settles Dispute on Aircraft Confiscation
CLARENDON ALUMINA: Fitch Assigns B+ Rating on US$200MM Notes
CLARENDON ALUMINA: Moody's Rates US$200MM Senior Notes at Ba2

M E X I C O

AMB PROPERTY: To Complete Unit's Dissolution by End of November
BALLY TOTAL: Posts US$5.7 Million Third Quarter 2006 Net Loss
BALLY TOTAL: Will Launch Operations in Jacksonville
CINRAM INTERNATIONAL: Earns US$18.4MM in Quarter Ended Sept. 30
CINRAM INTERNATIONAL: Taps Fin'l Advisor for Strategic Review

DELTA AIR: Posts US$46 Million Third Quarter 2006 Net Loss
DELTA AIR: Will Recall 1,000 Flight Attendants in 2007
FORD MOTOR: To File Third Quarter 2006 Report on Nov. 14
GENERAL MOTORS: Higher Costs Result to Car Price Hike in 2007
GRUPO FINANCIERO: Unit Issues US$600-Million Debt Securities

KENDLE INTERNATIONAL: Earns US$3.9 Mil. in Third Quarter of 2006
NORTEL NETWORKS: Declares Preferred Share Dividends
ODYSSEY RE: Continues Convertibility of 4.375% Notes Due 2022
VITRO SA: Does Not Agree with Moody's Rating Actions on Nov. 3

P A N A M A

CHIQUITA BRANDS: Posts US$96 Million Third Quarter 2006 Net Loss

P E R U

BANCO CONTINENTAL: Appointed as Trustee for Callao Port Fund

P U E R T O   R I C O

MUSICLAND HOLDING: Inks Pact Allowing Panel to Pursue Actions
MUSICLAND HOLDING: Wants St. Clair Settlement Agreement Approved

T R I N I D A D   &   T O B A G O

BRITISH WEST: Flyer Miles Service Unusable Until April 2007

U R U G U A Y

BANCO HIPOTECARIO: Gov't Spending US$250 Mil. to Capitalize Firm

V E N E Z U E L A

CITGO PETROLEUM: Malenfant's Fuel Co. Distributing Firm's Fuel
CITGO PETROLEUM: McDermott Appealing on Pipe Fitting Ruling
DAIMLERCHRYSLER: Names B. Pilarski as Mergers Executive Director
PETROLEOS DE VENEZUELA: Gov't Wants Majority Stake in La Ceiba
PETROLEOS DE VENEZUELA: Names Felix Rodriguez President for Unit

PETROLEOS DE VENEZUELA: Refinery Project with Brazil Under Way

* VENEZUELA: Reducing Crude Oil Production Under OPEC Agreement
* BOOK REVIEW: Legal Aspects of Health Care Reimbursement


                         - - - - -


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


AIRSYS SA: Deadline for Verification of Claims Is on Dec. 21
------------------------------------------------------------
Gustavo A. Pagliere, the court-appointed trustee for Airsys SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Dec. 21, 2006.

Under the Argentine bankruptcy law, Mr. Pagliere is required to present the
validated claims in court as individual reports.  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 Airsys and
its creditors.

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

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

The trustee can be reached at:

          Gustavo A. Pagliere
          Tucuman 1424
          Buenos Aires, Argentina


BAITEA SA: Proofs of Claim Verification Deadline Is on Dec. 18
--------------------------------------------------------------
Jose Miguel Fernandez, the court-appointed trustee for Baitea SA's
bankruptcy case, will verify creditors' proofs of claim until Dec. 18, 2006.

Mr. Fernandez will present the validated claims in court as individual
reports on March 2, 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 Juan Van 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 Baitea's accounting and banking
records will follow on Apr. 17, 2007.

The debtor can be reached at:

          Baitea SA
          Uruguay 385
          Cordoba, Argentina

The trustee can be reached at:

          Jose Miguel Fernandez
          Junin 55
          Buenos Aires, Argentina


BALLY TECH: Secures US$131-Million Oregon State Lottery Contract
---------------------------------------------------------------
The Oregon State Lottery Commission has authorized Dale Penn, the lottery
director, to enter into a contract to purchase 2,300 machines valued at over
US$31 million from Bally Technologies, Inc.

Seeking to replace a large number of legacy machines, the Oregon Lottery
engaged Bally Technologies and three other companies in an evaluation
process.  The Oregon Lottery awarded 100% of the procurement to Bally
Technologies.

The contract will cover the purchase of 2,300 machines -- all in the form of
Bally's innovative wide-screen CineVision(TM) cabinet -- and related game
software.  The first 200 machines will be placed in Oregon Lottery retail
locations beginning in June 2007, with the balance to be installed in the
following months.

Mr. Penn commented, "The Oregon Lottery is excited about the dynamic look of
the CineVision VLT and the revenue potential we will have with this new
video lottery model and game mix."

Richard Haddrill, chief executive of Bally Technologies, said, "Clearly this
is a ringing endorsement of Bally's innovative video game offerings and the
unique CineVision cabinet.  This contract will give us an immediate 20
percent lottery market share in Oregon and positions Bally to be a long-term
partner with the Oregon Lottery as it continues to grow and prosper.  I
believe this deal is also further proof of Bally's ability to offer
innovative products that conform to the technology standards for both
traditional and non-traditional markets in North America and beyond."

For the past fiscal year ended June 30, 2006, the Oregon Lottery registered
US$1.09 billion in sales, marking the first time in the Lottery's 21-year
history that sales reached the billion-dollar level.  Bolstered by those
record sales, an all-time high US$483.6 million of lottery profits were
transferred to the State Economic Development Fund this fiscal year.

The Oregon Lottery's previous high sales mark was reached in fiscal year
2005 with sales totaling US$937 million.  The earlier record transfer to the
State was also in fiscal year 2005 with transfers of more than US$415.8
million.

Since the Oregon Lottery began in 1985, nearly US$4.8 billion in lottery
profits has gone to public education, economic development, state parks,
watershed enhancement, and salmon habitat restoration across the state.
Looking ahead, in the present biennium alone, the Oregon Lottery is
projected to provide US$1.05 billion for these programs.

Las Vegas, Nev.-based Bally Technologies, Inc. (NYSE: BYI)
-- http://www.BallyTech.com/-- designs, manufactures, operates, and
distributes advanced gaming devices, systems, and technology solutions
worldwide.  Bally Technologies' product line includes reel-spinning slot
machines, video slots, wide-area progressives and Class II lottery and
central determination games and platforms.  Bally Technologies also offers
an array of casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates Rainbow Casino in
Vicksburg, Miss.  The company's South American operations are located in
Argentina.  The company also has operations in Macau, China, and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally Technologies
Inc., including the 'B' corporate credit rating, on CreditWatch with
negative implications.

Las Vegas, Nev.-based Bally Technologies, Inc. (NYSE: BYI)
-- http://www.BallyTech.com/-- designs, manufactures, operates, and
distributes advanced gaming devices, systems, and technology solutions
worldwide.  Bally's product line includes reel-spinning slot machines, video
slots, wide-area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table management
solutions.  The company also owns and operates Rainbow Casino in Vicksburg,
Miss.  The company's South American operations are located in Argentina.
The company also has operations in Macau, China, and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally Technologies
Inc., including the 'B' corporate credit rating, on CreditWatch with
negative implications.


BALLY TECHNOLOGIES: Discloses General Business Update
-----------------------------------------------------
Bally Technologies, Inc., disclosed its general business update.  On Oct.
31, 2006, the company filed its amended 2005 Form 10-K and continues to make
progress toward the filing of fiscal year 2006 quarterly and annual
financial statements.  While that effort is underway, the company is
providing the following general business update.  The information is
preliminary, subject to change and has not been audited.

                     Fiscal Year 2007

Richard Haddril, chief executive officer of Bally Technologies, said, "The
past year was a successful retooling year for Bally Technologies.  By the
end of the fiscal year, our new gaming products were being well received by
customers, our systems business was experiencing renewed growth, we were
entering new markets and we added key people to the team.  I am pleased with
the investments we made in fiscal year 2006 that, when combined with our
current initiatives, position us very well for 2007 and into the future."

Bally Technologies currently anticipates modest profitability from
operations in the first quarter of fiscal year 2007, with improved operating
results expected in the latter half of the fiscal year as a result of a
number of key business developments:

   -- Compared with fiscal year 2006, a lower level of product
      line retooling cost, such as depreciation and inventory
      charges related to legacy products.

   -- Positive customer acceptance of newer game product
      offerings, both video slots and reel-spinners, on the
      ALPHA OS platform.  For example, the company has increased
      its gaming device market share within new property
      openings in several markets among both mechanical reel and
      video products.

      Additionally, the company separately disclosed the award
      To Bally by the Oregon Lottery of 100% of a competitive
      RFP for 2,300 gaming devices.  The contract is in the
      process of being finalized, with anticipated first
      shipments in June 2007.

   -- Improvement in gross margins on game sales as introductory
      pricing offers expire, average selling prices from new
      products increase and total manufactured costs on newer
      products, including the new ALPHA Elite series of common
      cabinets, are reduced.

   -- Growth in the company's Systems business related to new
      product offerings such as iVIEW and Bally Power Bonusing
      as product quality and functionality improvements
      continue.

   -- The success of new participation and daily fee units.  For
      example, Hot Shot Progressive, introduced in the second
      half of fiscal year 2006, has become the company's most
      successful participation title ever.  There are now
      approximately 1,100 Hot Shot machines deployed on a daily
      fee or participation basis.  Additionally, the company has
      900 participation and daily fee units on order and
      awaiting deployment.

   -- The opening of the Yonkers Raceway in suburban New York
      City as a gaming venue where the company has approximately
      1,200 participation units deployed.  With 50% market
      share, the company expects to place another 1,600 units
      during the balance of the fiscal year ending
      June 30, 2007.

   -- Continued expansion of participation gaming devices in
      Mexico.  There are 2,500 Bally Technologies units
      currently deployed, with another 1,000 units on order
      slated for installation during the second and third
      quarter of fiscal year 2007.

   -- An overall strengthening in the market for gaming devices
      compared with fiscal year 2006, with the rebuilding of the
      Gulf Coast region and market expansion potential in
      Pennsylvania, Florida, Oklahoma and Macau.

                      Fiscal Year 2006

Bally Technologies anticipates reporting a net loss per diluted share of
between US$0.55 and US$0.65 for the fiscal year ended June 30, 2006.  This
estimated net loss includes stock compensation expense of approximately
US$0.17 per share and also includes charges of approximately US$0.43 per
share related to inventory obsolescence, increased depreciation on
participation games as a result of shortening the estimated useful lives of
those assets, accrual for the probable settlement of class action
litigation, write-offs of certain other assets, and higher than normal
expenses related to accounting and legal matters.  As previously reported,
Bally Technologies experienced lower gross margins on newer gaming products
in fiscal year 2006 as a result of introductory pricing and high initial
production costs.

Additional information regarding the fiscal year 2006 financial results are:

   -- Gaming devices sold in fiscal year 2006 are estimated to
      be 14,250 units, which includes approximately 750 lower
      margin units sold to OEM partners.  The above total
      excludes 5,500 units sold with minimal margin for the Iowa
      and Mexico markets.  Approximately 8,000 units of the
      company's total 14,250 units are estimated to have been
      sold in the second half of the fiscal year.

   -- The company's installed base of participation and daily
      fee games deployed in Class III markets is estimated to
      have been 3,300 units at Dec. 31, 2005, and 3,700 units at
      June 30, 2006.  Similarly, the company's estimated
      installed base of daily fee units in Class II, bingo,
      lottery and central determination markets was 27,000 units
      at Dec. 31, 2005, and 31,000 units at June 30, 2006.

   -- Daily fee revenue from the State of Iowa Touch Play video
      lottery program for fiscal year 2006 is estimated to be
      US$9 million.  Operations in Iowa commenced in July 2005
      and were discontinued in May 2006.

   -- Revenues generated by the Systems business unit for fiscal
      year 2006 are estimated to be US$110 to US$115 million,
      with approximately 60-65% of those revenues estimated to
      have been recognized in the second half of the company's
      fiscal year.  Gross margins for Systems for fiscal year
      2006 are expected to be 70-75%.

   -- Selling, general and administrative expenses for fiscal
      year 2006 are estimated to be US$194 to US$199 million,
      including stock compensation expense.  Research and
      development expenses for fiscal year 2006 are estimated to
      be US$40 to US$45 million, including stock compensation
      expense.  The company expects a modest increase in these
      expenses in fiscal year 2007.

   -- The company estimates that the fiscal year 2006 accounting
      and legal fees associated with the investigation and
      internal review that resulted in the restatement of its
      2005, 2004 and 2003 financial statements and work related
      to certain of its fiscal 2006 financial statement filings
      to be US$5.5 million and is included in selling, general,
      and administrative expenses.  The company expects such
      fees to be lower in fiscal year 2007, although not
      returning to more normal levels until fiscal year 2008.

   -- Based on the success of the company's newer products and
      historical data indicating a shortening of the average
      deployment time of certain leased gaming equipment, the
      company re-evaluated the remaining useful lives and
      salvage values during the quarter ended Dec. 31, 2005,
      and reduced the depreciable lives for these products.  A
      significant portion of the units impacted by this
      re-evaluation will be fully depreciated by the end of the
      company's first fiscal quarter of 2007.

   -- At June 30, 2006, the company had long-term debt
      outstanding of US$323 million.  The interest expense
      associated with the debt increased in fiscal year 2006
      due to increases in the market rate of interest and the
      company's contractual interest rates with its lenders.
      Total interest expense for fiscal year 2006 was
      approximately US$28 million.  The company did not have
      any outstanding borrowings under its US$75 million
      revolving line of credit as of June 30, 2006.

   -- Rainbow Hotel Casino's revenues and operating income for
      fiscal year 2006 are estimated to be US$57 million and
      US$18 million, respectively.  Depreciation and
      amortization related to Rainbow for fiscal year 2006
      are estimated to be approximately US$3.5 million.  The
      company has recently engaged Credit Suisse to evaluate
      the possible sale of the Rainbow Hotel Casino.

                      Financial Filings

Bally Technologies previously disclosed that it plans to file its Form 10-Q
for each of the quarters within fiscal year 2006 and the 2006 Form 10-K,
before Dec. 31, 2006.

Bally Technologies does not expect to file its Form 10-Q for the period
ended Sept. 30, 2006, on time and it anticipates the filing of its Form 10-Q
for the period ended Dec. 31, 2006, will also be delayed.  The company
expects that it will complete these quarterly filings by the end of March
2007, bringing its filings current at that time.

While Bally Technologies believes it can achieve this filing schedule, there
can be no assurance that the schedule will be met.


BEPO ARGENTINA: Claims Verification Deadline Is Set for Dec. 22
---------------------------------------------------------------
Daniel Guillermo Contador, the court-appointed trustee for Bepo Argentina
SRL's bankruptcy proceeding, will verify creditors' proofs of claim until
Dec. 22, 2006.

Mr. Contador will present the validated claims in court as individual
reports on March 8, 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 Bepo Argentina 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 Bepo Argentina's accounting and
banking records will follow on Apr. 29, 2007.

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

The trustee can be reached at:

          Daniel Guillermo Contador
          Tusuman 1657
          Buenos Aires, Argentina


CAMUZZI GAS: Posts BRL22 Million First Nine-Month Net Profits
-------------------------------------------------------------
Camuzzi Gas Pampeana SA said in a filing with the Buenos Aires Stock
Exchange that its net profits in the first nine months of 2006 were BRL22
million.

Business News Americas relates that Camuzzi Gas did not disclose figures for
the first nine months of 2005.

However, a comparison with last year's filing indicated that the nine-month
performance this year increased 13.8% from the year-ago period, BNamericas
says.

Camuzzi Gas' net equity increased to BRL943 million in the first nine months
of 2006, compared with the BRL938 million recorded in the first nine months
of 2005, BNamericas states.

Camuzzi Gas Pampeana SA serves most of the province of Buenos Aires --
excluding the city of Buenos Aires and the greater metropolitan area of
Buenos Aires -- and the Province of La Pampa, encompassing primary
industrial and residential areas.  The company operates a 3,500-kilometer
pipeline network and a 17,600-kilometer distribution network and its primary
shareholder is Sodigas Pampeana, which has an 86.09% interest.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006, Moody's
Investors Service assigned a B2 global local currency rating and an A2.ar
national scale rating to Camuzzi Gas Pampeana's issue of up to ARS75
millions senior unsecured Class 3 notes with a stable outlook.


GRAN TIERRA: Completes Acquisition of Compania General's Assets
---------------------------------------------------------------
Gran Tierra Energy Inc. said in a statement that it has completed its
US$2.1-million purchase of the first of several exploration and production
assets in the Argentine Noroeste basin from Compania General de
Combustibles.

As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2006,
Gran Tierra expected to close at the end of October the purchase of the
assets.  Gran Tierra already owns 50% interests in two minor properties in
the northwest basin operated by Compania General.  The properties are
Nacatimbay and Ipaguazu.  Gran Tierra signed in February a letter of intent
to buy Compania General's Argentine assets in the northwest basin for
US$37.8 million.  The closure of the purchase, however, took longer than
expected due to regulatory and legal delays.

Business News Americas relates that the acquired assets include:

          -- 93.2% participation in the Valle Morado block,
          -- 100% interest in the Santa Victoria block, and
          -- 50% interests in the Nacatimbay and Ipaguazu
             blocks, in which Gran Tierra already holds 50%
             stakes.

Dana Coffield, the president of Gran Tierra said in a statement, "We are
moving into a second stage of growth, focused on drilling.  We have cash in
the bank and a portfolio of opportunities."

According to BNamericas, Gran Tierra is considering alternatives to acquire
interests in the remaining four properties.

Gran Tierra had disclosed that the properties would add 760 barrels per day
of oil production and 8.5 million cubic feet daily of natural gas production
net before royalties to Gran Tierra's operations.  The acquisition would
boost Gran Tierra's hydrocarbons production in Argentina to 1,600 barrels of
oil equivalent per day and expand the firm's exploration portfolio to 5,100
square kilometers of land.  Proven reserves in Compania General's assets are
1.9 million barrels of oil and liquids and 23 million cubic feet of gas,
BNamericas states.

                     About Gran Tierra

Gran Tierra Energy Inc., fka Goldstrike Inc., is an independent
international energy company involved in oil and natural gas exploration and
exploitation.

Gran Tierra's current activities in Argentina and Colombia have been
established via acquisitions.  The Company has also signed a license
contract in Peru and has offered to purchase a mix of producing and
prospective assets in Argentina.

                     Going Concern Doubt

As reported in the Troubled Company Reporter-Latin America on July 27, 2006,
Deloitte & Touche LLP expressed substantial doubt about the ability of Gran
Tierra Energy Inc. fka Goldstrike Inc. to continue as a going concern after
auditing the Company's financial statements for the year ending Dec. 31,
2005.  The auditing firm said that the company's ability to continue as a
going concern is dependent upon obtaining the necessary financing to acquire
oil and natural gas interests and generate profitable operations from the
company's oil and natural gas interests in the future.  The company incurred
a US$2.2 million net loss for the period ended Dec. 31, 2005, negative cash
flows from operations of US$1.9 million, and, as of Dec. 31, 2005, had an
accumulated deficit of US$2.2 million.


JUAN VAN: Verification of Proofs of Claim Is Set for Dec. 7
-----------------------------------------------------------
Estudio Contable D Hortensio-Diani-Olmedo, the court-appointed trustee for
Juan Van Muylem SA's bankruptcy case, will verify creditors' proofs of claim
until Dec. 7, 2006.

The trustee will present the validated claims in court as individual reports
on March 8, 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 Juan Van 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 Juan Van's accounting and banking
records will follow on May 10, 2007.

The debtor can be reached at:

          Juan Van Muylem SA
          San Martin 679, Ciudad de Cordoba
          Cordoba, Argentina


The trustee can be reached at:

          Estudio Contable D Hortensio-Diani-Olmedo
          La Rioja
          Cordoba, Argentina


MANTESER SA: Trustee Verifies Proofs of Claim Until Nov. 2
----------------------------------------------------------
Jorge Luis Blazquez, the court-appointed trustee for Manteser SA's
bankruptcy case, verifies creditors' proofs of claim until Nov. 2, 2006.

Mr. Blazquez will present the validated claims in court as individual
reports on Feb. 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 Juan Van 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 Manteser's accounting and banking
records will follow on Apr. 13, 2007.

The debtor can be reached at:

          Manteser SA
          Emilio Lamarca 1323
          Cordoba, Argentina


The trustee can be reached at:

          Jorge Luis Blazquez
          Fray Justo Santa Maria de Oro 2381
          Buenos Aires, Argentina


PINNACLE ENT: Closes Buy of Harrah's Lake Charles Gaming Assets
---------------------------------------------------------------
Pinnacle Entertainment, Inc., has completed its acquisition of Lake Charles
gaming assets owned by certain of Harrah's Entertainment, Inc.'s
subsidiaries.

The acquisition includes two casino boats and related gaming licenses, one
of which would be utilized at Sugarcane Bay.  Pinnacle Entertainment has
filed a proposal with state gaming regulators to utilize the other in Baton
Rouge, Louisiana.

Concurrent with the purchase, Pinnacle Entertainment completed the sale of
certain of its Casino Magic Biloxi assets, including all of the real estate,
to a subsidiary of Harrah's.  In conjunction with these transactions,
Harrah's Entertainment received additional consideration of US$25 million
from Pinnacle Entertainment, as the negotiated price of the Lake Charles
assets being acquired by Pinnacle was higher than the negotiated price of
the Biloxi assets being sold.  Each company will retain its respective
insurance claims related to extensive damage resulting from last year's
hurricanes.

Anthony Sanfilippo, president of Harrah's Entertainment Central Division,
said, "It has been a privilege to be a part of the Lake Charles community
for the last six years, and we wish the community every success as they work
to continue the growth of their gaming and tourism industry.  We look
forward to the future in Biloxi, where this acquisition gives us additional
flexibility in pursuing future development along the Mississippi Gulf
Coast."

Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle
Entertainment, commented, "This purchase allows us to move forward on two
exciting new projects.  In addition to Sugarcane Bay, we look forward to
further developing our proposed casino resort in Baton Rouge, which we
believe will help to expand that market and enhance Pinnacle's national
network of gaming properties."

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.


TELECOM ARGENTINA: Earns ARS164MM in First Nine Months of 2006
--------------------------------------------------------------
Telecom Argentina reported net income of ARS164 million for the nine-month
period ended Sept. 30, 2006.

                         Highlights

   -- During the first nine months of 2006, Telecom Argentina's
      operations continued its positive evolution.  Cellular
      subscribers increased 46% while broadband users grew 99%,
      when compared with September 2005.  Fixed lines in service
      grew 4% over the same period.

   -- Net revenues reached ARS5,262 million, mainly fueled by
      the expansion of the cellular business, which increased by
      56% and data & Internet revenues, which increased by 20%.

   -- Operating profit before depreciation and amortization
      increased by ARS250 million reaching ARS1,731 million.
      Operating Profit reached ARS676 million.

   -- Net income reached ARS164 million for the first nine
      months of 2006 and ARS65 million for the third quarter of
      2006, as a result of the general improvement of the
      business, partially offset by financial expenses
      (interest and holding results).  Net income for the first
      nine months of 2005 was ARS1,623 million, including a
      ARS1,424 million non-recurrent gain generated as a result
      of the closing of the debt restructuring process.
      Shareholders' equity as of Sept. 30, 2006, amounted to
      ARS2,043 million.

   -- Net financial Debt declined to ARS 3,777 million
      (-ARS795 million vs. 9M05), primarily as a result of the
      cash flow generated by operations.  The ratio of Net
      Financial Debt to OPBDA decreased from 2.3x as of
      Sept. 30, 2005, to 1.6x.

During the first nine months of 2006, consolidated net revenues of Telecom
Argentina increased 30% to ARS5,262 million, fueled by the expansion of the
cellular and broadband businesses, together with moderate growth in the
fixed telephony business.

Telecom Argentina's operating profit before depreciation and amortization
increased by 17% to ARS1,731 million (+ARS250 million), equal to 33% of
consolidated net revenues.

Net income of Telecom Argentina reached ARS164 million during 9M05 and ARS65
million in the third quarter of 2006.  Year-to-year comparison is affected
by the ARS1,424 million non-recurrent gain generated in 2005 as a result of
the closing of the debt restructuring process.

                Consolidated Net Revenues

Fixed Telephony (Voice, Data Transmission & Internet)

Fueled mainly by the increase in broadband penetration and an increase in
the number of lines in service, revenues generated by the Fixed Telephony
Business (including voice, data transmission and Internet services) amounted
to ARS2,249 million, a 6% increase over 9M05.

Voice

Following an increase of 4% in the number of lines in service, Monthly
Charges increased by ARS32 million or 6% in the first nine months of 2006,
compared with the first nine months of 2005, reaching ARS533 million.  This
growth occurred even though no increase has been applied to regulated
tariffs.

Local Measured Service and Domestic Long Distance revenues marginally
decreased when compared with the first nine months of 2005 to ARS379 million
(-2%) and ARS336 million (+1%) respectively, while overall traffic volume,
measured in minutes, remained basically stable.

Revenues generated by International Telephony reached ARS173 million (ARS6
million in the first nine months of 2006 or 4% higher than the first nine
months of 2005) due to an increase in traffic partially offset by marginally
lower prices.

Interconnection revenues increased by ARS44 million (+24%), reaching ARS225
million, driven by mobile traffic transported by and/or terminated in
Telecom Argentina's fixed line network.

Internet and Data Transmission

Revenues generated by Data transmission and Internet amounted to ARS411
million in the first nine months of 2006, an increase of ARS69 million, or
20% from the first nine months of 2005.  The strong growth in broadband
connections has been the most dynamic component of this item.

As of the end of the first nine months of 2006, Telecom Argentina's
Asymmetric Digital Subscriber Line or ADSL subscribers reached 375,000.
Lines with ADSL connections accounted for more than 9% of Telecom
Argentina's lines in service.  Regarding Internet service provider services,
Arnet subscribers totaled 400,000, as a consequence of the increase of
175,000 broadband subscribers and the decrease of 34,000 dial-up
subscribers.

This expansion is a consequence of Telecom Argentina's strategy of launching
quality products at accessible prices.  Also contributing is the new
portfolio of data transmission services that permits small and mid-size
businesses to access services that previously were only available for large
companies.

Directories

Publicom sales amounted to ARS20 million in the first nine months of 2006,
due to the positive evolution of the sales campaigns for advertising space
in directories.

Cellular Telephony

As of Sept. 30, 2006, the total subscriber base of Personal in Argentina
totaled 7.7 million; 2.4 million customers more than those registered as of
Sept. 30, 2005.  It is important to highlight that the postpaid customer
base increased by 54% in the first nine months of 2006, compared with the
first nine months of 2005.  The prepaid customer base increased by 40% in
the first nine months of 2006, compared with the first nine months of 2005.

As of Sept. 30, 2006, 65% of the overall subscriber base was prepaid and 35%
was postpaid.  Subscribers with GSM technology represented 85% of the
overall subscriber base.

Total traffic measured in minutes increased by 37% in the first nine months
of 2006, compared with the first nine months of 2005.  SMS traffic (outgoing
messages) increased to an average of 508 million per month in the first nine
months of 2006, from an average of 207 million per month in the first nine
months of 2005.  Value-added services continued to gain participation in the
overall average monthly revenue per user in Argentina.

Telecom Personal's revenues in Argentina reached ARS2,748 million in the
first nine months of 2006, increasing ARS985 million when compared with the
same period last year.  This positive evolution is the result of both a
larger subscriber base and higher average revenue per user, the latter
increasing by +11% to ARS39 in the first nine months of 2006, compared with
the first nine months of 2005.  Higher handset sales positively contributed
to the overall revenue growth.

In a highly competitive and dynamic market environment, Telecom Personal
continued to develop a commercial approach focused on growth in economic
value, by implementing activities to strengthen its brand positioning, with
a strategic focus on service quality, and to strengthen its distribution
channels throughout the country.

With regards to its product portfolio, Telecom Personal upgraded its
Blackberry platform, introduced new content offerings (realtones, ringtones,
speechtones) and launched a set of tailor-made plans designed for the
younger market.  Telecom Personal launched Mobile Banking services.

Nucleo, Telecom Personal's controlled subsidiary that operates in Paraguay,
generated revenues equivalent to ARS245 million in the first nine months of
2006.

Subscriber base as of Sept. 30, 2006, reached 949,000, with average revenue
per user increase of 7% over the same period, reaching the equivalent of
US$10.  Prepaid and postpaid customers represented 84% and 16%,
respectively.  GSM subscribers represented 67% of the overall subscriber
base.

               Consolidated Operating Costs

The Cost of Services Provided, Administrative Expenses and Selling Expenses
totaled ARS4,586 million in the first nine months of 2006, which represents
an increase of ARS876 million or 24% over the first nine months of 2005.

Salaries and Social Security Contributions increased by ARS107 million, or
21%, to ARS611 million, reflecting wage increases and a headcount increase
in line with the general growth of the business.

Taxes amounted to ARS380 million, representing an increase of 36%, mainly
due to increases in taxes directly calculated as a percentage of the
revenues.

Agents and Prepaid Card Commissions increased by ARS110 million to ARS365
million in the first nine months of 2006, or 43% over the first nine months
of 2005.  Advertising costs totaled ARS149 million.  It is important to
highlight that this increase in costs is related to the efforts implemented
by the Telecom Group to acquire new cellular and Internet customers, as well
as the increase in the volume of cellular pre paid credit.

The cost of cellular handsets increased by ARS264 million over the first
nine months of 2005 to ARS655 million in the first nine months of 2006,
mainly due to the increase in handset sales related subscriber growth and
time division multiple access to GSM migration.

TLRD (termination charges in third party cellular networks) and Roaming
costs increased by ARS107 million from the first nine months of 2005,
reaching ARS379 million in the first nine months of 2006, due to the
increase in traffic among cellular operators, in line with the significant
expansion of the market.

During the first nine months of 2006, the Allowance for Doubtful Accounts
was ARS51 million, equal to 1% of net revenues.

Depreciation of Fixed and Intangible Assets decreased by ARS79 million to
ARS1,055 million (+ARS33 million in the cellular operation, -- ARS111
million in the Fixed Telephony business and -- ARS1 million in the
Directories business).

         Consolidated Financial and Holding Results

Financial and Holding Results resulted in a loss of ARS412 million, as
compared with the ARS91 million profit registered in the first nine months
of 2005.  The difference is mainly due to foreign exchange fluctuations
(-ARS753 million), while net financial interest expense decreased by ARS177
million.  Interest accrued on financial debt totaled ARS278 million (ARS180
million of which corresponds to Telecom Argentina)

                    Net Financial Debt

As of Sept. 30, 2006, Net Debt (Loans before the effect of net present value
valuation, minus Cash, Banks, Current Investments and Other credits derived
from derivative Investments) amounted to ARS3,777 million, a reduction of
ARS759 million as compared with Dec. 31, 2005.  In October 2006 Telecom
Argentina prepaid an amount equivalent to 75% of the amortization originally
scheduled for October 2009, an amount equal to US$104 million.

On Oct. 9, 2006, Standard & Poor's upgraded the long-term debt rating of
Telecom Argentina and Telecom Personal to B+ from B in the international
scale and to raA+ from raBBB+ in the local scale, based on the improvement
of the financial situation of the company after the closing of its debt
restructuring process, its strong competitive positioning and its operative
efficiency indicators.

              Consolidated Capital Expenditures

A total amount of ARS755 million invested in fixed assets and intangibles
during the first nine months of 2006 was allocated to the cellular business
(ARS390 million) and the Voice data and Internet business (ARS365 million).

The Telecom Group continues to implement an important investment plan with
the goal of developing a new generation of services based on the
transformation of its networks.

This technological evolution will have a significant effect on the services
available for each type of client.  Residential subscribers will enjoy a
broad portfolio of value-added services, permanent connectivity,
entertainment and mobility to meet their communications demands.  Business
clients will have more flexible tools that will help to improve efficiency
and productivity.

Some of the new facilities that the Telecom Group will soon offer to its
corporate and residential clients are:

   -- Fiber Optic closer to the home;
   -- super broadband (20 MB) for internet;
   -- data, images & sound in a single access;
   -- Internet protocol telephony;
   -- Satellite & Wi-Max internet for remote locations; and
   -- e-government solutions (such as "digital signature" and
      remote administrative proceedings) and public security
      solutions (911).

        Conversion of Class "C" to Class "B" shares

In accordance with the approvals received at the Shareholders' Meeting in
April 2006, and the authorizations given by the Bolsa de Comercio de Buenos
Aires and Comision Nacional de Valores, a new conversion of Class "C" shares
into Class "B" shares was implemented.  As a result of this conversion, the
capital stock is composed as follows:

    Class "A" Shares            502,034,299
    Class "B" Shares            440,631,683
    Class "C" Shares            41,714,996
    Total                       984,380,978

As of Sept. 30, 2006, Telecom had 984,380,978 shares outstanding.

Headquartered in Buenos Aires, Telecom Argentina SA --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line operator for
local and long-distance services in northern and southern Argentina.  It
also provides cellular and PCS phone services in Argentina, as well as in
Paraguay through a 68% stake in Nocleo.  France Telecom formerly controlled
the company through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein Group, an
Argentine agricultural concern owned in part by vice chairman Gerardo
Werthein.  Nortel continues to be Telecom Argentina's largest shareholder
with a 55% stake.  Nortel is owned by Sofora, a consortium owned by Telecom
Italia (50%), the Werthein Group (48%), and France Telecom (2%).

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on April 27,
2006, Fitch Ratings made these changes on Telecom Argentina's ratings:

   Foreign Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

  Local Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

  US$1.5 billion, Senior Unsecured Notes due 2011 and 2014

    -- Previous Rating: 'B-'
    -- New IDR: 'B/RR4'

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on April 26,
2006, Standard & Poor's Ratings Services raised its foreign and local
currency corporate credit ratings on several Argentine entities and removed
them from CreditWatch, where they were placed with positive implications on
March 23, 2006.  Telecom Argentina SA's rating was upgraded to B from B-.

The rating actions followed the upgrade on the global foreign and local
currency ratings on the Republic of Argentina to 'B' from 'B-' and the
ratings on Argentina's national scale to
'raAA-' from 'raA'.


TELECOM PERSONAL: Fitch Affirms Issuer Default Rating at 'B'
------------------------------------------------------------
Fitch Ratings has affirmed Telecom Personal SA's foreign and local currency
Issuer Default Rating at 'B', and the senior unsecured at 'B/RR4', and
revised the Rating Outlook of the international scale IDRs to Positive from
Stable.  Approximately US$200 million in debt is affected by the rating
action. Fitch has also upgraded the national scale rating of Personal to
'A(arg)' from 'BBB+(arg)' with a Stable Rating Outlook.

The upgrade in the national scale and the revision of the Rating Outlook to
Positive in the international scale reflect the company's growing cash flow,
improved operating performance, stable debt levels, and expected overall
improvement in the company credit profile.  Telecom Personal's ratings
reflect its improved financial and operating profile, strong brand
recognition and market position, improved customer mix, and implicit support
from parent company Telecom Argentina.   Increased competition, high capital
expenditures, and negative free cash flow generation temper the ratings.

Personal is the most important business segment and operating subsidiary of
Telecom Argentina in terms of revenue and growth prospects.  The strong
relationship of Telecom with Telecom Personal is reflected by cross default
covenants and the financing of Telecom Personal by Telecom for up to US$150
million in case of financial needs.  The wireless business is strategically
important to Telecom Argentina that is well positioned to take advantage of
the fixed-mobile convergence.  The wireless business provides growth and
revenue diversification to the mature fixed-line business, and at least
partially offsets the migration of traffic from fixed to wireless networks.
The strategy of growing its customer base on higher average revenue per user
post-paid customers improves the revenue mix and its profitability for the
long term.  Telecom Personal is now the most important business unit of
Telecom Argentina in terms of consolidated revenues and, as the mobile
business gains scale and matures, should contribute more to cash flow
generation.  For the first six months of 2006, Telecom's consolidated
revenues and EBITDA from Telecom Personal's operations in Argentina
accounted for 51% and 37%, respectively; and considering its Paraguayan unit
Nucleo, revenues and EBITDA accounted for 56% and 42%, respectively.

The entrance of America Movil and the consolidation of the operations of
Telefonica Movistar and Movicom Bell South increased competition and
accelerated subscriber growth, initially resulting in a loss of market share
that stabilized during 2006.  Telecom Personal grew its subscriber base at a
slower pace than the competition, in part due to its strategy of acquiring
post-paid customers versus America Movil's CTI unit's strategy of increasing
prepaid users.  Telecom Personal nationwide market share is 30%.  The
company's strong brand recognition results in strong market share in the
northern part of Argentina where Telecom has an incumbent position, with an
estimated market share of approximately 40%.

Credit protection measures have improved over the last year, as better than
expected subscriber growth has affected overall revenues and EBITDA
positively, despite lower EBITDA margins when compared with previous years
associated with increased subscriber acquisition costs.  Fitch expects
EBITDA margins may tend to improve over the medium term helped by increased
service revenues and a reduction in SAC as mobile penetration matures and
subscriber growth slows down.  Total debt to EBITDA has improved
substantially to 2.0x for the first six months of 2006, from 3.0x in the
same period of 2005 as EBITDA continues to grow.  Total consolidated debt at
June 30, 2006, totaled ARS1,278 million, ARS1,248 owed by Telecom Personal,
and the rest in Nucleo.

Telecom Personal is the wireless provider of incumbent operator Telecom
Argentina SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated 30% market
share in Argentina and a customer mix of 66% prepaid and 34% postpaid as of
June 30, 2006.  For the full year ended Dec. 31, 2005, consolidated revenues
and EBITDA accounted for ARS2.8 billion and ARS378 million, respectively.


TELEFONICA DE ARGENTINA: Fitch Affirms BB- Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has taken these rating actions for Telefonica de Argentina
S.A. and Telefonica Holding de Argentina SA.  All ratings have a Stable
Outlook:

   Telefonica de Argentina

   -- International scale local currency Issuer Default Rating
      affirmed at 'BB-';

   -- International scale foreign currency IDR affirmed at
      'B+';

   -- Senior unsecured affirmed at 'B+/RR3'; and

   -- National scale rating upgraded to 'AA-(arg)' from
      'A+(arg)'.

   Telefonica Holding de Argentina

   -- International scale local currency IDR affirmed at 'B+';
   -- International scale foreign currency IDR affirmed at 'B+';
   -- Senior unsecured affirmed at 'B+/RR4'; and
   -- National scale rating upgraded to 'A+(arg)' from 'A(arg)'.

Telefonica de Argentina's ratings are supported by its improved financial
profile, strong business position in the Argentine telecom sector with an
estimated fixed-line local-service market share of 53.5%, solid
peso-denominated cash flow generation, and a manageable debt maturity
profile.  The ratings incorporate a level of implicit support from
controlling shareholder Telefonica SA of Spain, which has provided
flexibility in the form of intercompany loans, a continuing exposure to
foreign currency fluctuations, and the recently announced ARS1.048 billion
capital reduction.  Most of Telefonica de Argentina's revenues are peso
denominated while most of its debt is foreign currency denominated.  The
company faces regulatory risk and increased competition from wireless
services.

Telefonica Holding's ratings are largely dependent on the credit quality of
Telefonica de Argentina since Telefonica Holding ultimately relies on cash
flow generated by Telefonica de Argentina to service their debt obligations
through management fees.  Telefonica Holding's unconsolidated debt amounted
to US$16.5 million as of June 30, 2006 -- US$9.1 million of debt with
Telefonica Internacional SA and US$7.4 million in outstanding rated public
notes.  Until 2001, Telefonica Holding's main source of income was dividends
received from Cointel.  Because Cointel has not paid dividends since 2001,
Telefonica Holding's current source of cash flow is management fees
indirectly received from Telefonica de Argentina, which totaled US$12
million during 2005 and should be sufficient to meet its financial
obligations.

Telefonica de Argentina faces significant regulatory risk and its
profitability has been pressured because fixed-line operators are not
allowed to increase local service tariffs.  Although local service tariffs
remain frozen, the company has sufficient resources to meet its debt
obligations and capital expenditures due to its solid annual cash flow
generation in excess of US$500 million over the last three years.  Going
forward, Telefonica de Argentina's interest expenses are manageable in the
range of US$80 million-US$90 million per year.  Capital expenditures for the
next few years are expected to be moderate at US$175 million and should be
financed with internally generated cash flow.

Telefonica de Argentina's financial profile should continue to improve in
the medium term, despite the temporary increase in debt associated with the
capital reduction, as the company continues to use free cash flow to pay
debt.  The company has reduced its debt levels over the past few years with
internally generated cash flow to US$718 million as of June 30, 2006, from a
peak of over US$1.8 billion in 2002.  For the last 12 months ended June 30,
2006, credit protection measures of total debt to EBITDA and EBITDA to
interest expense were 1.4x and 5.7x, respectively.

On Aug. 9, 2006, Fitch affirmed Telefonica de Argentina's ratings after the
announcement of an ARS1,048 million capital reduction that will be financed
with cash balances and additional debt of maximum ARS350 million.  The
additional debt should be paid within the next 6-12 months.  Fitch views
Telefonica de Argentina's capital reduction as neutral to its credit quality
and mildly positive for Telefonica Holding's credit quality, given the fact
that Cointel may reduce debt levels with the proceeds from the capital
reduction or at least improve its liquidity position, maintaining the cash
in its balance sheet.  Considering a maximum additional indebtedness of 350
million for the equity reduction, Telefonica de Argentina's proforma total
debt to EBITDA ratio may increase to 1.5x, consistent with the rating
category.

Telefonica de Argentina is the incumbent local exchange carrier in the
southern region of Argentina providing local service, long distance,
broadband services and dial up Internet access with revenues and EBITDA
during 2005 of approximately US$1,110 million and US$572 million,
respectively.  Telefonica SA of Spain controls, either directly or
indirectly, 98% of Telefonica de Argentina.  Telefonica Holding controls 50%
of Cointel, which in turn controls 64.8% of Telefonica de Argentina.


WENDY'S INTERNATIONAL: Names Kerrii Anderson as President
---------------------------------------------------------
Wendy's International, Inc., has named Kerrii Anderson as President and
Chief Executive Officer of the company.  The decision by the company's board
of directors was unanimous.

Ms. Anderson was interim chief executive officer and president since April
2006, and was previously chief financial officer.  She is also a member of
the board of directors.

Jim Pickett, the chairperson of Wendy's International, "Following a national
search over the past six months, we have decided that Kerrii is our best
choice for CEO (chief executive officer).  Kerrii has demonstrated excellent
leadership skills.  As interim CEO, she began a transformation of the
company, improved Wendy's performance, developed a new strategic plan and
executed several transactions that will continue to create value for
shareholders.  The board knows that Kerrii has a passion for the Wendy's(r)
business.  She is committed to building strong relationships with our
franchisees, and has the respect and support of Wendy's management team.
Our entire board supports Kerrii, and we look forward to working with her in
the future."

Ms. Anderson joined Wendy's International in September 2000 as executive
vice president and chief financial officer, and was appointed to the board
in November 2000.  In addition to her accounting and finance
responsibilities, she has managed key areas of the corporation, including
Strategic Planning, Human Resources, Supply Chain, Information Technology
and Wendy's International bakery.

Ms. Anderson said, "I look forward to continuing to lead this great brand
and consider it a privilege to work with the entire Wendy's system.  We have
a talented management team, dedicated employees, and outstanding franchisees
that have supported me and the management team.  Over the past six months we
have restructured the Company and we will continue to aggressively manage
our brand for success.  Our highest priority is to build on our positive
momentum and significantly improve profits in every Wendy's restaurant in
the system."

Wendy's International will begin a search for a new chief financial officer,
and will consider both internal and external candidates.

              Focus on Driving Sales and Profits

Ms. Anderson commented, "I am pleased with the progress we are making on the
initiatives we announced in October to revitalize the Wendy's brand,
streamline and improve restaurant operations, reclaim innovation leadership
and enhance store economics.  As CEO, I will focus on maximizing the
performance of this company.  In my first 100 days, working with our team
and our Board, I will further analyze every facet of the business to
identify additional core growth and profit opportunities for every
restaurant in our system, beyond those already announced, for both the short
term and the long term.  Once this work is completed, targets will be
established for management's short-term and long-term incentive
compensation."

"Our store-level profit performance has been unacceptable over the past few
years and we are committed to producing profit margins that are similar to
the best restaurant companies that focus on superior operations and
financial performance for both company and franchised restaurants.  We will
do this by driving same-store sales and creating more efficiency in the
restaurants," Ms. Anderson stated.

    Management Continues to Transform Wendy's International

Over the past six months, the current management team has transformed the
Company and is focused on driving the Wendy's brand with a new strategic
plan.  Significant accomplishments since mid-April include:

     * Ms. Anderson hired Dave Near as Chief Operations Officer.
       Mr. Near has been instrumental in building support and
       unity throughout the franchisee community.

     * Mr. Near named Ed Choe as Executive Vice President of
       Restaurant Services.  Messrs. Near and Choe are focused
       on driving significant improvement in Wendy's operations.

     * Ms. Anderson, Chief Marketing Officer Ian Rowden and the
       company's marketing team are transforming Wendy's brand
       with marketing that emphasizes Wendy's International
       quality position with targeted advertising, improved
       creative, new products and menu management.

     * The management team, operators and franchisees drove
       positive same-store sales at Wendy's International in
       each month from June through October, and third quarter
       same-store sales were the best quarterly results in two
       years.

     * Store-level operating margins have improved significantly
       and food costs improved by 110 basis points at US
       company restaurants in the third quarter versus a year
       ago.

     * Management completed an initial public offering of Tim
       Hortons in March, and a spin-off of the business in
       September.

     * Wendy's International reached an agreement to sell the
       Baja Fresh Mexican Grill business.

     * Management announced plans to reduce G&A and overhead
       costs by US$100 million, and is on track with its
       restructuring.

     * Wendy's International has commenced a modified "Dutch
       Auction" tender offer to purchase up to 22.2 million of
       its common shares in a price range of US$33.00 to
       US$36.00 per share, for a maximum aggregate repurchase
       price of up to US$800 million.  The shares sought
       represent 19% of Wendy's International shares outstanding
       as of Oct. 12, 2006.  The tender is scheduled to expire,
       unless extended by the company, at 5 p.m., Eastern Time,
       on Nov. 16, 2006.

Headquartered in Dublin, Ohio, Wendy's International Inc. --
http://www.wendysintl.com/-- and its subsidiaries engage in the operation,
development, and franchising of a system of quick service and fast casual
restaurants in the United States, Canada, Mexico, Argentina, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
Moody's Investors Service held its Ba2 Corporate Family Rating for Wendy's
International Inc.

Additionally, Moody's held its Ba2 ratings on the company's US$200 million
6.25% Senior Unsecured Notes Due 2011 and US$225 million 6.2% Senior
Unsecured Notes Due 2014.  Moody's assigned the debentures an LGD4 rating
suggesting noteholders will experience a 54% loss in the event of default.


* ARGENTINA: Asks World Bank to Stop Loans for Uruguay 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.

                        *    *    *

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


WINN-DIXIE: Court Confirms Plan of Reorganization
-------------------------------------------------
Winn-Dixie Stores, Inc., disclosed that the U.S. Bankruptcy Court for the
Middle District of Florida entered an order confirming the company's Plan of
Reorganization.  With this action, Winn-Dixie expects to emerge from Chapter
11 within 30 days.

Following a confirmation hearing held on Oct. 13, the Honorable Jerry A.
Funk issued a ruling affirming that the company had met all of the necessary
statutory requirements to confirm its Plan.  The confirmation hearing
followed a creditor vote in which all impaired classes of unsecured
creditors voted in favor of the Plan.  The Plan will become effective -- and
the company will emerge from bankruptcy -- once all closing conditions to
the Plan and to the company's exit financing have been met.

Winn-Dixie has a commitment for US$725 million in exit financing from a
consortium led by Wachovia Bank.  The company expects to emerge from Chapter
11 protection with sufficient financing and liquidity to make significant
investments in its current store base, to develop new stores, and to take
other actions to position the business to compete effectively in its markets
over the next several years.  The company also expects to emerge with only a
minimal amount of long-term debt on its balance sheet.

Peter Lynch, Winn-Dixie President and Chief Executive Officer, said, "We are
very pleased that the court has confirmed our Plan of Reorganization and
that Winn-Dixie's emergence from Chapter 11 is now just around the corner.
This is an exciting time for everyone at the company.  We will continue to
work hard to build on the turnaround we have started and to accelerate our
momentum.  When Winn-Dixie emerges from bankruptcy, the company will be in a
stronger and more financially stable position.  We will be able to increase
the level of investment in our stores and pursue other initiatives to
improve and add value to our business.  Our focus will remain on providing
outstanding service and products to our customers."

Mr. Lynch noted, "I am grateful for the hard work and dedication of our
outstanding Associates throughout the Chapter 11 process.  Their energy and
enthusiasm is both inspiring and contagious.  We appreciate the strong
support of our Plan of Reorganization by virtually all of the various
creditor groups in our Chapter 11 proceedings.  We are also extremely
appreciative of our customers and our partners in the vendor and real estate
communities for their trust in us and their continued loyalty to
Winn-Dixie."

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest food
retailers.  The company operates 527 stores in Florida, Alabama, Louisiana,
Georgia, and Mississippi.  The company, along with 23 of its U.S.
subsidiaries, filed for chapter 11 protection on Feb. 21, 2005 (Bankr.
S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr. M.D. Fla.
Case Nos. 05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden Arps
Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in their
restructuring efforts.  Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne, Esq., at
Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald, Esq., at
Akerman Senterfitt give legal advice to the Official Committee of Unsecured
Creditors.  Houlihan Lokey & Zukin Capital gives financial advisory services
to the Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and US$1,870,785,000
in total debts.  (Winn-Dixie Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).




===========
B E L I Z E
===========


* BELIZE: Cabinet Authorizes Special Oil Revenue Fund
-----------------------------------------------------
The Cabinet of the Belizean government has approved a special fund for oil
revenues, Channel 5 Belize reports.

The Prime Minister's office said in a statement that legislation is being
prepared to establish the Belize Petroleum Revenue Management Fund.

According to Channel 5, the fund was created as advised by experts provided
by the Commonwealth Secretariat.  The fund will be the repository for all
government income derived from petroleum production.

Channel 5 notes that the Central Bank of Belize will manage the fund.

The report says that the Senate has yet to act on a bill that would increase
the income tax on oil producers from 25% to 40%.

The House of Representatives has already read the bill, Channel 5 states.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

        -- CC LT Foreign Bank Deposit, Caa3
        -- CC LT Foreign Currency Debt, Caa3
        -- CC ST Foreign Bank Deposit, NP
        -- CC ST Foreign Currency Debt, NP
        -- LC Currency Issuer Rating, Caa3
        -- FC Currency Issuer Rating, Caa3
        -- Foreign Currency Long-Term Debt, Caa3
        -- Local Currency Long-Term Debt, Caa3

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2006, Standard & Poor's lowered its long-term foreign currency
sovereign credit rating on Belize to 'CC' from 'CCC-' while leaving its
outlook on the rating at negative.  Standard & Poor's affirmed its 'CCC+'
long-term local currency sovereign credit rating on Belize and revised its
outlook on the rating to stable from negative.  The 'C' short-term sovereign
credit ratings on the sovereign were affirmed by S&&P.




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


ANNUITY & LIFE: Incurs US$205,690 Loss in Third Quarter 2006
------------------------------------------------------------
Annuity and Life Re (Holdings), Ltd., reported a net loss of US$(205,690) in
the third quarter of 2006, compared with a net loss of US$(2,628,482) for
the three months ended
Sept. 30, 2005.

Annuity and Life posted a net loss of US$(1,211,201) for the nine months
ended Sept. 30, 2006, compared with a net loss of US$(3,937,113) for the
nine months ended Sept. 30, 2005.  Total stockholder's equity at Sept. 30,
2006, is US$44,677,410.

Net realized investment losses for the three months ended
Sept. 30, 2006, were US$(73,795), as compared with net realized investment
gains of US$99,506 for the three months ended
Sept. 30, 2005.  Net realized losses for the nine-month period ended Sept.
30, 2006, amounted to US$(1,131,847) compared with a net realized gain of
US$500,650 for the nine months ended
Sept. 30, 2005.

Gross unrealized losses on Annuity & Life's investments were US$(162,353) as
of Sept. 30, 2006, compared with gross unrealized losses of US$(837,723) at
Sept. 30, 2005.  The company's investment portfolio currently maintains an
average credit quality of AA.  Cash used by operations for the nine months
ended Sept. 30, 2006, was US$5,281,380 as compared with cash used by
operations of US$42,478,631 for the nine months ended Sept. 30, 2005.

The arbitration proceeding instituted by Transamerica against Annuity and
Life Reassurance, Ltd., concerning an Agreement to novate certain
reinsurance contracts to Transamerica effective Dec. 31, 2004, is
progressing.

Since the organizational meeting, the parties have proceeded both with
discovery, and with briefing on Transamerica's request for interim security.
In its latest brief, Transamerica stated that it is not seeking security in
an amount that would prevent Annuity and Life Reassurance, Ltd., from
defending itself on the merits, but suggested that it would be reasonable
for the Arbitration Panel to require security that would leave Annuity and
Life Reassurance, Ltd., with only US$2 million in unencumbered capital.
That would mean security of approximately US$30 million.  Briefing on the
security issue was completed in early November and the Panel should soon
render its decision on that issue.

Annuity and Life believes Transamerica's position is without merit.  The
company is working with counsel in presenting its position to the
arbitration panel.  The company cannot predict the outcome of the
arbitration proceedings or the impact the arbitration may have on its
financial position.

Reinsurance agreements that Annuity and Life had with Scottish Re Life Corp.
and which were novated to Transamerica are a part of the Transamerica
arbitration claim.  The company has been informed that Scottish Re's
reinsurance settlements for 2004 and 2005 were incorrect and Scottish Re is
making corrections.  These corrections indicate that the company may have
received overpayments of premiums and / or may not have been billed for
claims for which it may be responsible.  In October 2006, Scottish Re
provided a summary of those corrections.  The company would own about US$10
million for the period prior to the novation of the business to
Transamerica.  (It appears that most of this amount is included in
Transamerica's arbitration claim against the company.)  The company has not
been provided any data or back-up in order to validate the corrections and
no additional liability has been established at this time. The company
cannot predict the timing or magnitude of any required adjustments related
to the Scottish Re treaty, nor the impact these adjustments may have on its
financial position.

Annuity and Life has also learned that Scottish Re has made adjustments to
its billing methodology for 2004 and 2005.  These adjustments indicate that
the company may have received overpayments of premiums and / or may not have
been billed for claims for which it is responsible.  In October 2006,
Scottish Re provided a summary of the adjustments it has made.
Approximately US$10 million would be related to the period prior to the
novation.  (It appears that most of these adjustments are included in
Transamerica's arbitration claim.)  The company has not been provided any
data or back-up in order to validate the adjustments and no additional
liability has been established at this time.  The company cannot predict the
timing or magnitude of any required adjustments related to the Scottish Re
treaty, nor the impact these adjustments may have on its financial position.

Annuity and Life Re (Holdings), Ltd. -- http://www.alre.bm/or
http://www.annuityandlifere.com/-- provides annuity and life reinsurance to
insurers through its wholly owned subsidiaries, Annuity and Life
Reassurance, Ltd., and Annuity and Life Reassurance America, Inc.

                    Going Concern Doubt

Chartered Accountants of Hamilton, Bermuda, raised substantial doubt about
Annuity and Life Re (Holdings), Ltd.'s ability to continue as a going
concern after it audited the company's annual report for 2004.  The auditor
pointed to the company's significant losses from operations and experience
of liquidity demands.


GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM
---------------------------------------------------------------
Global Crossing Ltd. disclosed its financial results for the third quarter
of 2006 and provided updates on its business activities for the same period.

John Legere, Global Crossing's chief executive officer, said, "We've revved
up our business and it shows on many fronts.  We've generated positive
adjusted EBITDA in the third quarter and posted revenue growth for the
second quarter in a row -- and with the completed acquisition of Fibernet
and our announced merger with Impsat, we've found two companies that
complement our portfolio and are expected to contribute positively to our
overall financial goals.  Our strategy is sound, our business is healthy and
our employees are focused on ensuring that Global Crossing is a true
stand-out in the telecommunications industry."

                         Highlights

Global Crossing's business performance continued to improve in the third
quarter of 2006 on a sequential and year-over-year basis.  On a sequential
basis, "invest and grow" revenue, namely that part of the business focused
on serving global enterprises, carrier data and indirect channel customers,
grew by 5% compared with the second quarter for both the company's UK
subsidiary (GCUK) and for its businesses outside of the UK.  Adjusted gross
margin improved to 41% of revenue from 38% in the second quarter, and
adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) was positive, ending the quarter at US$7 million.

In addition, Global Crossing recently announced the acquisition of UK-based
Fibernet Group Plc and the planned acquisition of Latin America-based Impsat
Fiber Networks.  Both companies will accelerate execution of Global
Crossing's strategy of delivering converged IP services to enterprises and
carriers globally, and they will expand Global Crossing's UK and Latin
American offerings in their respective regions.

Global Crossing expects the Fibernet acquisition to contribute annual
revenue of more than US$80 million, and to yield annual adjusted EBITDA of
US$30 million after completion of the integration and operational synergies
are fully realized.  Additionally, the combination of Fibernet with GCUK
will yield up to US$10 million of capital expense savings.  Integration is
expected to be complete in 12 to 18 months and to cost up to US$10 million.

The Impsat acquisition is expected to generate US$270 million in annual
revenue and US$70 million in adjusted EBITDA following integration, which
includes the impact of anticipated net expense synergies of more than US$10
million per year.  Integration will take approximately 12 to 18 months after
the transaction closes, which is expected in the first quarter of 2007.

                     Revenue and Margin

During the third quarter, Global Crossing's consolidated revenue grew
sequentially by US$5 million to US$466 million.  Adjusted gross margin (as
defined in the tables that follow) grew US$16 million and was 41% of revenue
or US$191 million in absolute terms, compared with 38% of revenue or US$175
million in the second quarter.  "Invest and grow" revenue grew sequentially
by 5% or US$14 million to US$313 million in the third quarter.  This was
driven by growth in the company's businesses outside of the UK, which
generated US$205 million in "invest and grow" revenue, up US$9 million from
US$196 million in the second quarter.  Global Crossing's GCUK subsidiary
generated US$108 million in "invest and grow" revenue, a US$5 million
sequential improvement.  Adjusted gross margin for the "invest and grow"
segment was US$172 million in absolute terms or 55% of revenue for the third
quarter.  This was a US$17 million sequential improvement from US$155
million in the second quarter of 2006 or 52% of revenue.

Cost of revenue -- which includes cost of access; technical real estate,
network and operations; third party maintenance; and cost of equipment
sales -- was US$381 million in the third quarter, down US$12 million or 3%
from US$393 million in the second quarter of 2006.  Cost of access accounted
for US$275 million of Global Crossing's cost of revenue during the third
quarter, down US$11 million or 4% from the second quarter of 2006 when cost
of access expense was US$286 million. Sales, general and administrative
(SG&A) costs were US$78 million in the third quarter of 2006, compared with
US$85 million in the second quarter of 2006.

                          Earnings

Adjusted EBITDA (as defined in the tables that follow) was positive for the
third quarter at US$7 million, compared with a loss of US$17 million in the
second quarter of 2006.  Consolidated loss applicable to common shareholders
was US$51 million, compared with a loss of US$77 million in the second
quarter of the year.

                     Cash and Liquidity

As of Sept. 30, 2006, unrestricted cash and cash equivalents totaled US$417
million, and restricted cash was US$7 million.  Global Crossing used US$39
million of cash in the third quarter, including the use of US$45 million for
capital expenditures and principal on capital leases (cash capex).  Cash
sources included US$17 million of sales proceeds for Indefeasible Rights of
Use.

Global Crossing expects that it will generate positive cash flow for the
fourth quarter of 2006.

On Oct. 11, 2006, Global Crossing disclosed it had acquired Fibernet for
approximately US$95 million in cash.  The company has received a financing
commitment for up to approximately US$95 million from ABN Amro to finance
the Fibernet acquisition.  On Oct. 26, 2006, Global Crossing disclosed an
agreement to acquire Impsat for US$95 million in cash and the assumption of
Impsat's debt, which totaled US$241 million as of June 30, 2006.  The
company will fund the Impsat transaction with approximately US$160 million
of its cash resources, and it has received a financing commitment from
Credit Suisse for up to US$200 million to be used to refinance existing
Impsat debt.  Closing is subject to the approval of Impsat's common
shareholders, certain debt holders, certain regulatory approvals and other
closing conditions.

                       2006 Guidance

Below is a summary of specific financial guidance for 2006, which was
provided by the company on March 16, 2006.

Metric                                     2006 Guidance
(US$ in millions)

Revenue                                  US$1,800 - US$1,900
Invest and grow revenue                  US$1,190 - US$1,245
Wholesale voice revenue                  US$605 - US$650
Harvest/exit revenue                     US$5
Adjusted gross margin%age                41% - 43%
Invest and grow adjusted gross margin
Percentage                               56% - 58%
Wholesale voice adjusted gross margin
Percentage                               12% - 14%
Adjusted EBITDA                          (US$20) - US$5
Adjusted EBITDA less non-cash stock
compensation                             US$10 - US$40
Cash use                                 (US$140 - US$100)

Headquartered in Florham Park, New Jersey, Global Crossing Ltd. --
http://www.globalcrossing.com/-- provides telecommunication services over
the world's first integrated global IP-based network, which reaches 27
countries and more than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Chile, Mexico, Panama, Peru and Venezuela.  Global
Crossing serves many of the world's largest corporations, providing a full
range of managed data and voice products and services.  The company filed
for chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their creditors, they
listed US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet reflected a US$131
million stockholders' deficit.  At June 30, 2006, Global th company reported
US$1.87 billion in total assets and US$1.95 billion in total liabilities,
resulting to a stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.


SEA CONTAINERS: Court Hears Winding-Up Petition on Dec. 1
---------------------------------------------------------
The Supreme Court of Bermuda will hear at 9:30 a.m. on
Dec. 1, 2006, the petition to wind-up Sea Containers Ltd.'s business that
was presented by the company on Oct. 16, 2006.

Any creditor or shareholder of Sea Containers desiring to support or oppose
the making of an order on the petition may appear at the time of the hearing
in person or by counsel for that purpose.

A copy of the petition will be sent to all creditors and shareholders of the
company.

Parties-in-interests who want to attend the hearing must inform of their
intention to do so to Sea Containers' counsel at:

          Appleby Hunter Bailhache
          Canon's Court, 22 Victoria Street
          Hamilton, HM 12, Bermuda

Those who intend to appear on the hearing must serve notice not later than
4:00 p.m. on Nov. 30, 2006.




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


* BOLIVIA: Will Extend Renegotiation with Brazil
------------------------------------------------
Yacimientos Petroliferos Fiscales Bolivianos, the state oil firm of Bolivia,
will extend the renegotiation of a gas export contract with Petroleo
Brasileiro, its Brazilian counterpart, by 30 days from the Nov. 10 deadline,
the latter said in a statement.

Business News Americas relates that Petroleo Brasileiro and Yacimientos
Petroliferos have twice before delayed negotiations.  At first, the two
firms decided on a 60-day period, which was then extended to 30 days.

The Bolivian government had complained that the export price to Brazil of
US$3.6/MBTU (million British thermal unit) is too low.  Meanwhile, Petroleo
Brasileiro argued the Brazilian clients would not accept a price raise,
BNamericas states.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- was
founded in 1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various wholesale
customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


BANCO NACIONAL: Raises Lending by 5% in First 10 Months of 2006
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said in a statement
that it increased lending by 5% during the first 10 months of 2006, compared
with the same period of 2005.

Business News Americas relates that Banco Nacional issued BRL35.4 billion in
new loans during the 10-month period.

According to BNamericas, Banco Nacional's lending increased 48.3% to BRL3.98
billion in October 2006, compared with October 2005.

Banco Nacional told BNamericas that October 2005 was a slow month in terms
of new loans.

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.


BANCO SANTOS: Launches Auction of Santos Seguradora's Assets
------------------------------------------------------------
Banco Santos has started auctioning the assets of Santos Seguradora, its
insurance unit, Panorama Brasil reports.

Business News Americas relates that Banco Santos was intervened in November
2004 due to financial problems and alleged irregularities.  It was then
declared bankrupt.  Susep, the insurance regulator of Brazil, also ordered
Santos Seguradora to be liquidated in January.

Superbid will sell Santos Seguradora's furniture and information technology
equipment at the auction.  Superbid had also handled the auction of Banco
Santos' assets.  It was hired by the central bank in 2005 to hold two
auctions of Banco Santos' assets.  It sold 12,000 items, BNamericas states.

Banco Santos is a wholesale bank that was geared mainly towards corporate
banking and chiefly focused on the medium-sized enterprise segment.


BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
--------------------------------------------------------
Christian Schmidt-Sommerfeld, chief senior public prosecutor, told the
southern German daily Suddeutsche Zeitung that it has started an
investigation into the bankruptcy of BenQ Mobile GmbH & Co. OHG, the German
unit of BenQ Corp., without discussing further details.

Insiders told The Register that BenQ Mobile's management knew of the
company's cashflow problems as early as August but deliberately delayed the
bankruptcy filing and withheld this information to its employees.  The
company also allegedly reported 10.7 million BenQ handsets sold in the
second quarter when it only sold 7.4 million units, The Register states
citing other sources.

In a TCR-Europe report on Oct. 25, BenQ Mobile confirmed plans to cut 1,900
jobs of its 3,000-strong workforce.  The job cuts, bankruptcy administrator
Martin Prager said, would affect all areas of the business including
administration, marketing, sales and production.  Deutsche Welle says 1,100
jobs will be reduced at the company's Kamp Lintfort site and around 850 jobs
in Munich.

The company intends to raise a profit by the end of the year in order to
invite investors to rescue the troubled handset maker, after losing EUR850
million (US$1 billion) in the past 12 months.

The insolvent handset maker earlier said it was working on a new business
model that will focus on research, development and design.  The remaining
business would develop and manufacture mobile phone handsets under license
for other makers, the German daily relates.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing, developing
and selling of computer peripherals and telecommunication products.  It is
also a major provider of 3G handset, 3G handset, Camera phones, and other
products.  BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency in Germany
on Sept. 29, with Martin Prager serving as insolvency manager.  The collapse
came a year after Siemens sold the company to Taiwanese technology group
BenQ.  BenQ Mobile has lost market share against giant competitors.  In
Latin America, BenQ is active in Brazil and Mexico.

                        *    *    *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp. affirmed its
twBB+/twB corporate credit ratings and twBB+ unsecured corporate bond issue
rating on BenQ Corp.  The outlook on the long-term rating is negative.  At
the same time, Taiwan Ratings removed all ratings from Credit Watch with
negative implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


CIA DE BEBIDAS: Board OK's Quinsa's Class A & B Shares Purchase
---------------------------------------------------------------
Companhia de Bebidas das Americas aka AmBev's board of directors has
approved a plan to make a voluntary offer to purchase any and all Class A
shares and Class B shares of its subsidiary Quilmes Industrial, Societe
Anonyme aka Quinsa that are not owned by AmBev or its subsidiaries.  AmBev
indirectly owns approximately 97% of the voting interest and approximately
91% of the economic interest in Quinsa.

The commencement of the offer is subject to the prior approval of the offer
to purchase by the Commission de Surveillance du Secteur Financier or CSSF
in Luxembourg.  The offer will commence as soon as practicable after the
CSSF's approval.  The offer will also comply with applicable U.S. Securities
Law, including the disclosure requirements of Rule 13e-3.

Subject to the CSSF's review, the offer will be made by Beverage Associates
Holding Ltd., a Bahamian corporation and a wholly owned subsidiary of AmBev,
and the purchase price will be US$3.35 per Class A share, US$33.53 per Class
B share (US$67.07 per ADS), net to the seller in cash (less any amounts
withheld under applicable tax laws), without interest, which corresponds to
the same price per share paid by AmBev to Beverage Associates Corp., on Aug.
8, 2006, in a negotiated transaction for the acquisition of Beverage
Associates Corp.'s controlling interest in Quinsa.  The offer will be
subject to certain conditions that will be described in the offer to
purchase.

Upon consummation of the offer, AmBev intends for Beverage Associates
holding to acquire the remaining Class A shares and Class B shares
(including Class B shares held as ADSs) pursuant to a squeeze-out right
under the law of the Grand-Duchy of Luxembourg of May 19, 2006, transposing
Directive 2004/25/EC of the European Parliament and of the Council of April
21, 2004, on takeover bids on the same terms as the offer.

Following the consummation of the offer and the squeeze-out, AmBev intends
for Quinsa to apply to delist the remaining non-tendered ADSs from the New
York Stock Exchange and the remaining non-tendered Class A shares and Class
B shares from the Luxembourg Stock Exchange, as well as to terminate the
registration of the Class B shares under the US Securities Exchange Act of
1934, as amended.

AmBev has selected Credit Suisse Securities (USA) LLC to act as Dealer
Manager for the offer.  Innisfree M&A Incorporated will act as Information
Agent and The Bank of New York will act as the Share Tender Agent
(Luxembourg) and ADS Tender Agent (U.S.) in connection with the offer.

                        About Quinsa

Quinsa is a Luxembourg-based holding company that controls 93% of Quilmes
International (Bermuda).  The remaining stake is held by Companhia de
Bebidas das Americas -- AmBev.

Quinsa, through QIB, controls beverage and malting businesses in five Latin
American countries.  Its beer brands are strong market leaders in Argentina,
Bolivia, Paraguay and Uruguay and have a presence in Chile.

                        About AmBev

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

                        *    *    *

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


CIA DE SANEAMENTO: Treating 70% of Sewerage by June 2007
--------------------------------------------------------
Cia. de Saneamento Basico do Estado de Sao Paulo, the state water utility of
Sao Paulo, said in a statement that it will treat 70% of sewerage discharged
into rivers by June 2007.

Edson Santana Borges, an official of Cia. de Saneamento, told Business News
Americas that the utility treats only 60% of the waste emitted into rivers
around Sao Paulo.

BNamericas relates that Mr. Borges highlighted at a meeting with basic
sanitation professionals from England, India and Mexico, works on the Tiete
river.  The project to revive Tiete started in the 1990s and the second
stage of works will be completed in 2007.

Mr. Borges told BNamericas, "We have already invested more than BRL1.1
billion [US$514mn] to construct wastewater treatment facilities and
collection networks."

Cia. De Saneamento launched BRL16-million construction works on the Sao Joao
do Barueri collection pipeline as part of the Tiete project.  Works on the
pipeline will take 18 months, BNamericas states.

Companhia de Saneamento Basico do Estado de Sao Paulo is one of the largest
water and sewage service providers in the world based on the population
served in 2005.  It operates water and sewage systems in Sao Paulo, Brazil.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on June 23, 2006,
Standard & Poor's Ratings Services has raised its Brazilian national-scale
corporate credit rating on Companhia de Saneamento Basico do Estado de Sao
Paulo to 'brA+' from 'brA'.  At the same time, it affirmed the company's
global-scale ratings at 'BB-'.  S&P said the outlook is stable.


COMPANHIA DE BEBIDAS: Posts BRL1.8B EBITDA in Third Quarter 2006
----------------------------------------------------------------
Companhia de Bebidas das Americas aka AmBev reported results for the third
quarter 2006.

AmBev's consolidated results are the sum of these three business units:

   Brazil

   -- Beer Brazil;
   -- CSD & Nanc (Carbonated Soft Drinks and Non-Alcoholic,
      Non-Carbonated beverages); and
   -- Malt and By-Products Sales

   Hispanic Latin America (HILA):

   -- AmBev's stake in Quinsa; and
   -- HILA-ex (which corresponds to AmBev's controlled
      operations in Northern Latin America)

   North America

   -- representing the operations of the Canadian Labatt Brewing
      Company Limited.

Comparisons, unless otherwise stated, refer to the third quarter 2005.

             Operating And Financial Highlights

   -- Consolidated EBITDA reached BRL1,824.0 million (+18.0%).
      EBITDA margin reached 42.1% (+250 bps).

   -- Beer Brazil EBITDA's grew 18.0%, achieving 48.2% margin;
      AmBev market share reached 68.6% during 3Q06, and sales
      volume increased 4.3%.

   -- CSD & Nanc sales volume rose 10.4% in Brazil; EBITDA
      amounted to BRL132.4 million, up 4.4% reaching 30.9%
      margin.

   -- Quinsa total EBITDA grew 31.9% in US dollars, excluding
      the higher stake from AmBev in Quinsa.

   -- Labatt EBITDA increased 4.5% in Canadian dollars, and the
      EBITDA margin reached 43.0% in North American operation.

   -- Net earnings per thousand shares rose 23.9%.  Excluding
      goodwill amortization, we observed a 23.4% increase in
      earnings per thousand shares.

           Financial Highlights - AmBev Consolidated

                                                           %
BRL million                        3Q06         3Q05     Change

Net revenues                     4,337.3      3,910.3     10.9%
Gross profit                     2,857.8      2,518.6     13.5%
EBIT                             1,531.5      1,197.6     27.9%
EBITDA                           1,824.0      1,546.0     18.0%
Net income                         486.1        399.1     21.8%
No. of shares outstanding
(millions)                     64,458.2     65,580.1     -1.7%
EPS (BRL/000 shares)                7.54         6.09     23.9%
EPS excl. goodwill
amortization (BRL/000 shares)     12.77        10.35     23.4%
EPS (US$/ADR)                       0.35         0.26     33.6%
EPS excl. goodwill
amortization (US$/ADR)             0.59         0.44     33.1%

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

                        *    *    *

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


DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ Kirkland &
Ellis as their bankruptcy counsel, under a general retainer, nunc pro tunc
to Oct. 30, 2006.

Keith Marchiando, chief financial officer of Dura Automotive Systems, Inc.,
tells the Court that Kirkland has been actively involved in major
reorganization cases, and has represented several debtors, including W.R.
Grace & Co., Harnischfeger Indus., Inc., Musicland Holding Corp., Leaseway
Motorcar Transport Co., Calpine Corp., Collins & Aikman Corp., Tower
Automotive Inc., and UAL Corp.

Mr. Marchiando discloses that Kirkland has been counsel to the
Debtors on a number of matters for ten years, including the preparation of
their Chapter 11 filings, and, accordingly, will be able to quickly respond
to any issues that may arise during the Reorganization Cases.

Specifically, Kirkland will:

    (a) advise the Debtors with respect to their powers and
        duties as debtors-in-possession in the continued
        management and operation of their business and
        properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties in interest;

    (c) take all necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors' interests in
        negotiations concerning all litigation in which the
        Debtors are involved;

    (d) prepare all motions, applications, answers, orders,
        reports, and papers necessary to the administration of
        the Debtors' estates;

    (e) take any necessary action on behalf of the Debtors to
        obtain approval of a disclosure statement and
        confirmation of the Debtors' plan of reorganization;

    (f) represent the Debtors in connection with obtaining
        financing after its filing for Chapter 11 protection;

    (g) advise the Debtors in connection with any potential sale
        of assets;

    (h) appear before the Court, any appellate courts, and the
        U.S. Trustee, and protect the interests of the Debtors'
        estates before the courts and the U.S. Trustee; and

    (i) perform all other necessary legal services to the
        Debtors in connection with the Reorganization Cases,
        including:

        * analyze the Debtors' leases and executory contracts
          and their assumption or assignment;

        * analyze the validity of liens against the Debtors; and

        * advise on corporate, litigation, environmental, and
          other legal matters.

Kirkland will be paid based on the firm's standard hourly rates:

          Professional                Hourly Rate
          ------------                ------------
          Partners                   US$425 to US$950
          Counsel                    US$325 to US$740
          Associates                 US$245 to US$540
          Paraprofessionals           US$90 to US$280

Nineteen professionals are expected to have primary
responsibility for providing services to the Debtors:

          Lyndon E. Norley                   US$975
          Richard M. Cieri                   US$825
          Todd F. Maynes, P.C,               US$795
          Partha Kar                         US$775
          Marc Kieselstein, P.C.             US$745
          Dennis M. Myers, P.C.              US$745
          Natasha Watson                     US$610
          Maureen Sweeney                    US$575
          Dr. Bernd Meyer-Lowy               US$575
          Roger J. Higgins                   US$545
          David A. Agay                      US$545
          Leo Plank                          US$525
          Ryan Blaine Bennett                US$510
          Michelle Mulkem                    US$430
          Uday Gorrepati                     US$355
          Joy Lyu Monahan                    US$350
          Kathryn Koenig                     US$350
          Thad Davis                         US$325
          Lauren Hawkins                     US$295

The Debtors will reimburse Kirkland for necessary out-of-pocket expenses.

Marc Kieselstein, Esq., a partner at Kirkland, informs the Court that in
August 2006, the Debtors advanced US$400,000 to Kirkland as a retainer.  In
September, the Debtors advanced a further US$900,000 as an increase to the
retainer.  The Debtors have since then replenished the retainer to
US$500,000 on a weekly basis.

Mr. Marchiando adds that Kirkland received payments for professional
services performed in the 90 days prior to the Petition Date, and additional
amounts for the reimbursement of reasonable and necessary expenses incurred.
The Debtors have agreed that fees, after the date of filing for Chapter 11
protection, are an advance payment and not a retainer.

As of Oct. 30, 2006, the Debtors do not owe Kirkland any amounts for legal
services rendered prior to the bankruptcy filing.

Mr. Kieselstein assures the Court that his firm is a "disinterested person,"
as that term is defined in Section 101(14) of the Bankruptcy Code, as
modified by Section 1107(b) Kirkland does not hold or represent an interest
adverse to the Debtors or their estates, Mr. Kieselstein adds.

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

The Debtors filed for chapter 11 petition on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy
proceedings.  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the
Debtors' co-counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire
& Co., LLC is the Debtors' investment banker.  Glass & Associates Inc.,
gives financial advice to the Debtor.  Kurtzman Carson Consultants LLC
handles the notice, claims and balloting for the Debtors and Brunswick Group
LLC acts as their Corporate Communications Consultants for.  As of July 2,
2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000
in total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates, seek permission
from the U.S. Bankruptcy Court for the District of Delaware to employ
Richards, Layton & Finger, P.A., as their local counsel, general co-counsel,
and conflicts counsel, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, chief financial officer, explains that granting the
application will avoid unnecessary litigation and reduce the overall expense
of administering the Debtors' bankruptcy cases.

Mr. Marchiando relates that RL&F, a Delaware counsel, has extensive
experience and knowledge in the field of debtors' and creditors' rights and
business reorganizations under Chapter 11 of the Bankruptcy Code.

Moreover, Mr. Marchiando says RL&F has become familiar with the
Debtors' business and affairs and many of the potential legal issues that
may arise in the context of their Chapter 11 cases.

RL&F will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The firm will be paid based on their customary hourly rates.  The principal
attorneys and paralegals presently designated to
represent the Debtors and their hourly rates are:

          Directors                  US$390 to US$605
          Mark D. Collins                      US$520
          Daniel J. DeFranceschi               US$465

          Associates                 US$210 to US$350
          Jason M. Madron                      US$270
          Mark Kurtz                           US$225

          Paralegals                 US$125 to US$180
          Ann Jerominski                       US$165
          Rebecca V. Speaker                   US$165

The Debtors will reimburse RL&F for necessary out-of-pocket expenses.

Mr. Marchiando discloses that RL&F has received a US$193,638 retainer as an
advance against expenses for services to be performed in the preparation and
prosecution of the Debtors' Chapter 11 cases, which will be applied to
postpetition allowances of compensation and reimbursement of expenses.

Daniel J. DeFranceschi, a director of RL&F, assures the Court that his firm
is "disinterested person," as that term is defined in Section 101(14) of the
Bankruptcy Code.  RL&F does not hold or represent an interest adverse to the
Debtors or their estates, Mr. DeFranceschi says.

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006, (Bankr. District
of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc Kieselstein,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland
& Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings.  Mark
D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq.,
of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.
Baker & McKenzie acts as the Debtors' special counsel.  Togut, Segal & Segal
LLP is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC is the
Debtors' investment banker.  Glass & Associates Inc., gives financial advice
to the Debtor.  Kurtzman Carson Consultants LLC handles the notice, claims
and balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for.  As of July 2, 2006, the Debtor
had US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FIDELITY NATIONAL: Closes Fidelity National Financial Merger
------------------------------------------------------------
Fidelity National Financial, Inc., aka FNF, and Fidelity National
Information Services, Inc. aka FIS, disclosed the closing of the merger of
FNF with and into FIS.

Under the terms of the merger, FNF shareholders received 0.537410 shares of
FIS common stock for each share of FNF common stock, based on FNF's
ownership of 96,521,877 shares of FIS common stock and 179,605,521 shares of
outstanding FNF common stock.  No fractional shares of FIS common stock were
issued, but FNF shareholders will receive cash in lieu of any fractional
shares.  FNF shareholders will recognize a gain or loss on the receipt of
cash in lieu of any fractional shares in the merger of FNF with and into
FIS.

FNF's common stock last traded on the New York Stock Exchange on Nov. 9,
2006.

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

                        *    *    *

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


FIDELITY NATIONAL: Minority Equity Holders Sell Common Stocks
-------------------------------------------------------------
Fidelity National Information Services, Inc., aka FIS disclosed that its
minority equity shareholders, Thomas H. Lee Partners, Texas Pacific Group
and Evercore, Inc., sold shares of FIS common stock in a secondary public
offering.

Under the terms of the secondary public offering, the minority shareholders
sold 5,546,600 shares of FIS common stock in a block trade after the close
of trading on Nov. 9, 2006.  Bear, Stearns & Co. Inc. agreed to purchase the
shares of FIS common stock from the shareholders and subsequently sell those
shares of FIS common stock to public investors.  FIS will not receive any
proceeds associated with the secondary public offering.

Copies of the prospectus related to the offering may be obtained from the
offices of:

           Bear Stearns & Co. Inc.
           383 Madison Avenue, New York, NY 10179
           Phone: 1-866-803-9204

A registration statement relating to these securities has been filed with
and declared effective by the U.S. Securities and Exchange Commission.  This
communication will not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of such
jurisdiction.

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

                        *    *    *

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


NOVELIS: Transferring Rights on Power Plants to Gerdau Acos
-----------------------------------------------------------
Novelis Inc. has received pre-authorization to transfer to Gerdau Acos Longs
SA, Gerdau SA's unit, rights on the development and operation of two
hydroelectric power plants in Brazil, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2006,
Novelis received pre-authorization from Brazil's
National Electric Energy Agency to transfer its rights on the two plants at
Cacu and Barra dos Coqueiros to Gerdau Acos.  The hydroelectric rights
represent a combined generating capacity of 155 megawatts.  Novelis had also
received combined proceeds of US$35 million associated with the divestments
and expects to recognize a pre-tax gain of approximately US$26 million in
the fourth quarter of 2006.  The divestments were part of an exploration of
alternatives for Novelis' non-core, upstream operations in Brazil.

                        About Novelis

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

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

                       *    *    *

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


PETROLEO BRASILEIRO: Extends Contract Renegotiation with Bolivia
----------------------------------------------------------------
Petroleo Brasileiro, the state-run oil firm of Brazil, said in a statement
that it will extend the renegotiation of its gas export contract with
Yacimientos Petroliferos Fiscales Bolivianos, its Bolivian counterpart, by
30 days from the
Nov. 10 deadline.

Business News Americas relates that Petroleo Brasileiro and Yacimientos
Petroliferos have twice before delayed negotiations.  At first, the two
firms decided on a 60-day period, which was then extended to 30 days.

The Bolivian government had complained that the export price to Brazil of
US$3.6/MBTU (million British thermal unit) is too low.  Meanwhile, Petroleo
Brasileiro argued the Brazilian clients would not accept a price raise,
BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- was
founded in 1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various wholesale
customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

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

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

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

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


PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
--------------------------------------------------------------
Eduardo Campos, Pernambuco, Brazil's governor, told the Associated Press
that Petroleo Brasileiro's oil refinery project with Petroleos de Venezuela
in Pernambuco is under way.

El Universal relates that the planned refinery will process equal volumes of
Brazilian Marlim crude oil and extra-heavy crude oil from Venezuela Orinoco
belt.  The cost of the plant has not been disclosed.

However, sources told El Universal that the construction of the plant could
cost up to US$2.8 billion.

Oil authorities of Venezuela hinted that Petroleo Brasileiro and Petroleos
de Venezuela will hold a 50% stake each in the plant, el Universal notes.

Paulo Roberto Costa, Petroleo Brasileiro's supply and refining director,
told el Universal that the firm and Petroleos de Venezuela agreed to process
200,000 barrels per day at the plant.

Mr. Campos told El Universal that Brazil's President Luiz Inacio Lula da
Silva will be visiting Venezuela to discuss the project with Hugo Chavez,
his Venezuelan counterpart.

Construction is expected to begin in 2007 and could be completed in 2010 or
2011, El Universal says, citing Mr. Campos.

               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.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- was
founded in 1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various wholesale
customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

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

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

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

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


TAM SA: Offering Third Daily Flight to Paris from Rio de Janeiro
----------------------------------------------------------------
TAM SA will offer a third daily flight to Paris beginning
Jan. 12, 2007.  The new flight will operate at night and fly from Galeao
Airport (Rio de Janeiro) directly to the Charles de Gaulle Airport in Paris.
This third flight to Paris was obtained by TAM in line with the increase in
flights in the bilateral agreement authorized in October by the Brazilian
and French governments.

The operation of this flight aims to fulfill increasing demand for the
international route, providing passengers a greater degree of comfort when
traveling non-stop between Rio de Janeiro and Paris.

Currently, TAM offers two daily flights to Paris from the Guarulhos
International Airport in Sao Paulo.  Once a week, one flight makes a stop in
Recife.  In Europe, the company also offers a daily flight from Guarulhos to
London (Heathrow).

Other international destinations operated by TAM will have flights extended
in the months to come.  On Dec. 15, the company will start offering a second
daily flight to New York, the fifth daily flight operated by TAM to the Unit
ed States.  There are three daily flights to Miami.  In January 2007, TAM
will start a second daily flight to Santiago (Chile) as well.

TAM's operations in South America currently include non-stop flights to
Santiago (7 weekly) and Buenos Aires (49 weekly).  Five other destinations
are reached through TAM Mercosur:

   -- Asuncion and Ciudad del Este (Paraguay),
   -- Montevideo (Uruguay), and
   -- Santa Cruz de la Sierra and Cochabamba (Bolivia).

The company also offers a daily flight to Lima (Peru) operated in code-share
with TACA.

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

                        *    *    *

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


TELE NORTE: Shareholder Wants Today's Meeting Postponed
-------------------------------------------------------
Polo Norte Fundo de Investimento Multimercado, an investment fund and Tele
Norte Leste Participacoes SA's minority shareholder, has asked a Rio de
Janeiro court to postpone the firm's shareholders meeting scheduled today,
Valor Economico reports.

Business News Americas relates that Polo Norte filed the request as it is
against the meeting, which has Tele Norte's corporate restructuring as the
main item on the agenda.

According to BNamericas, Tele Norte's restructuring plan is aimed at
simplifying the ownership structure of:

          -- Telemar Participacoes,
          -- Tele Norte Leste Participacoes, and
          -- Telemar Norte Leste.

The restructuring plan would bring all the shareholders together under a
single firm, BNamericas notes.  The operation would involve a major share
exchange program, with each preferential share (without voting rights) being
swapped for an ordinary share.

Marcos Duarte, a Polo Norte partner, told Valor Economico, "Our objective is
to try to stop the operation under the terms that have been proposed."

BNamericas emphasizes that Polo Norte previously appealed to Comissao de
Valores Mobiliarios, Brazil's securities regulator, to postpone the meeting.
However, its request was declined.

Meanwhile, Brandes Investment Partners -- one of Tele Norte's major
shareholders -- tried to oppose the restructuring, claiming that it would be
detrimental to preferential shareholders, BNamericas says.

The Institutional Shareholders Service, a US proxy advisory organization,
advised shareholders that the fragmentation of Tele Norte's capital and the
conversion of preferential shares into ordinary shares will substantially
lessen the position of the preferential shareholders, whose lack of a vote
renders them powerless, BNamericas states.

Telemar provides telecommunication services in South America.
It offers local, intra-regional long distance, and data transmission
services in 16 Brazilian states, which covers approximately 64% of the
country.  Mobile services are provided through its wireless unit Oi, and it
has acquired data transmission services provider Pegasus.

                        *    *    *

On April 25, 2006, Fitch Ratings upgraded Telemar Norte Leste
SA's rating on its US$150 million, Offering Notes to BB from
BB-, in conjunction with the roll out of Issuer Default Ratings and Recovery
Ratings for Latin America Corporates.

                        *    *    *

Standard & Poor's Ratings Services disclosed on May 24, 2006, that its 'BB'
long-term corporate credit ratings on Brazil-based integrated
telecommunications carrier Telemar Norte Leste SA and its holding company
Tele Norte Leste Participacoes SA remain on CreditWatch with positive
implications, where they were placed on Feb. 28, 2006.  The national scale
rating assigned to three local debentures issued by Telemar Participacoes SA
(Tele Norte's holding company) also remain on CreditWatch with positive
implications.


UNIAO DE BANCOS: Posts BRL566 Net Income in Third Quarter 2006
--------------------------------------------------------------
Unibanco-Uniao de Bancos Brasileiros' net income before the extraordinary
event of goodwill amortization was BRL1,634 million in the first nine months
of 2006 and BRL566 million in the third quarter of 2006, increasing 22.9%
and 3.3% when compared with the first nine months of 2005 and the second
quarter of 2006, respectively.

Operating income for the quarter reached BRL906 million, an increase of
18.7% when compared with the same period of last year and 4.3% from the
second quarter of 2006.

The annualized return on average equity before the extraordinary event of
goodwill amortization reached 24.8% in the third quarter of 2006.

In the third quarter of 2006, Unibanco reduced its goodwill amortization
period from 10 to 5 years.  The impact of the non-recurring goodwill
amortization was BRL464 million.  The tax credits related to the
extraordinary amortization were entirely offset by the constitution of
additional provisions.

It is worth mentioning that Interest on Capital Stock/Dividends of 2006 will
disregard the extraordinary effect of the goodwill amortization, preserving
the stockholders' cash flow.

The efficiency ratio reached 48.5% in the first nine months of 2006,
compared with 52.5% in the first nine months of 2005.  This 400 b.p.
improvement is a result of growth in credit activity and service fees, in
addition to budgetary discipline.

Unibanco surpassed the mark of BRL100 billion in total assets in September,
2006, reaching BRL101,999 million in September 2006, up 15.1% when compared
with September 2005.

The loan portfolio increased 17.5% over the past 12 months and 3.3% over the
quarter.  The consumer credit companies portfolios were up 18.1% over the
last 12 months, with highlight to the 30.2% increase in credit card
companies portfolio.

Total deposits and assets under management stood at BRL79,246 million in
September, 2006, BRL42,475 million of which arose from assets under
management.

The core deposits represented 39.9% of total deposits in September 2006, a
significant increase from the 33.7% in September 2005.

Unibanco remains satisfied and confident with the ongoing results and the
continuous improvement of its performance.

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.


* BRAZIL: Fitch Rates US$1.5-Bil. Global Bond Due 2017 at BB
------------------------------------------------------------
Fitch assigns a 'BB' rating with a Stable Outlook to Brazil's USD1.5 billion
Global bond issued this week, with a maturity of ten years (2017) and a
coupon of 6%.  Fitch last upgraded Brazil's sovereign ratings (long-term
foreign and local currency Issuer Default Ratings) to 'BB' from 'BB-' in
June, reflecting the improvement in the country's external finances,
especially the sharp reduction in the public sector's external exposure.

Brazil's national elections in October yielded the reelection of the
center-left incumbent, President Lula, as well as a deeply divided Congress
lacking clear coalitions.  As a result, the prospect for pro-growth economic
reform remains at best challenging.  The consequent uncertainty about
medium-term GDP and export growth prospects, as well as likely pressures to
loosen macroeconomic policies, could slow improvement in Brazil's sovereign
creditworthiness.

The centrist PMDB party gained seats in the lower house of Congress and has
become the largest single party in that chamber.  Not currently affiliated
with either the government or the opposition, the PMDB could be the key to
governing Brazil in the next four years.  Yet even this party lost seats in
the Senate (upper house), yielding its leadership position to the PFL, one
of the principal opposition parties.  The current coalition of opposition
parties headed by the PSDB gained seats in the lower house, but fell some 30
seats short of the ruling PT coalition, which with 223 seats is itself short
of a simple majority.

A new electoral rule (the 'minimum barrier clause') penalizes parties that
failed to meet a minimum threshold of votes, making existing coalitions
untenable.  The president will not only have to lure the PMDB party into a
coalition, but will have to appeal to opposition parties to obtain the votes
of 60% of both chambers necessary to reform the constitution.  Brazil's
constitution regulates minute aspects of public policy, necessitating
amendments for ordinary economic reforms.  In order to maintain the current
level of taxation and ensure spending flexibility, constitutional amendments
extending the term of the CPMF financial transactions tax and the DRU
de-earmarking provision, both of which expire in 2007, will be needed.

Fitch's upgrade of Brazil's sovereign ratings last June reflected not only
improved external finances, but also the assumption that the country's sound
macroeconomic policy settings would continue into the next administration.
The commitment to a sizable primary budget surplus target, currently at
4.25% of gross domestic product, to a prudent inflation-targeting monetary
policy, and to a flexible exchange rate has underpinned lower inflation and
a decline in real interest rates in recent years.  Yet public spending
growth has been very strong in this election year, with real federal
spending rising 9.6% in the first half of 2006.  The Lula government will
likely have to apply the brakes on spending in order to ensure meeting the
primary surplus target next year.  Any further unwinding of the commitment
to sound macro policies in the coming years would result in deterioration in
sovereign creditworthiness.  Fitch will closely monitor the Lula
government's choices to fill key economic policy posts, as well as official
statements about the continuity of macro policies.

Over the longer term, good macro policies are not enough. Pro-growth reforms
are the only way to get Brazil's heavy government debt burden, which stands
at 70-75% of gross domestic product, on a clear downward path.  The list of
reforms that would improve growth prospects and public debt dynamics is well
known:

   -- central bank independence;

   -- social security reform;

   -- a more pro-business tax regime and ultimately a lower tax
      burden;

   -- permanent de-earmarking of revenues and broad spending
      control;

   -- labor reform easing restrictions on hiring and firing;

   -- microeconomic reforms and policies promoting
      infrastructure investment; and

   -- reforms encouraging financial sector competition.

Given Brazil's heavy electoral calendar, early passage of reforms is
critical to the government's success.

In addition to economic reform, sovereign creditworthiness in Brazil would
be served by a political reform that strengthens political parties and
reduces the current fragmentation of power, which would enhance the
prospects for substantive public policy action.




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


AIM INVESTMENT: Creditors Must Submit Proofs of Claim by Nov. 17
----------------------------------------------------------------
Aim Investment Fund, SPC's creditors are required to submit proofs of claim
by Nov. 17, 2006, to the company's liquidator:

          Richard L. Finlay
          Conyers Dill & Pearman, Cayman
          George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

Aim Investment's shareholders agreed on Oct. 6, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

         Krysten Lumsden
         P.O. Box 2681
         Grand Cayman, Cayman Islands
         Tel: (345) 945 3901
         Fax: (345) 945 3902


CPF LTD: Creditors Have Until Nov. 17 to File Proofs of Claim
-------------------------------------------------------------
CPF Ltd.'s creditors are required to submit proofs of claim by Nov. 17,
2006, to the company's liquidator:

          Commerce Corporate Services Limited
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

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


CURALIUM FUND: Deadline for Proofs of Claim Filing Is on Nov. 17
----------------------------------------------------------------
Curalium Fund Inc.'s creditors are required to submit proofs of claim by
Nov. 17, 2006, to the company's liquidator:

          Q&H Nominess Ltd.
          P.O. Box 1348, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 17 deadline
won't receive any distribution that the liquidator will make.  Creditors are
required to present proofs of claim personally or
through their solicitors.

Curalium Fund's shareholders agreed on July 10, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Patties-in-interest may contact:

          Greg Link
          P.O. Box 1348, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 4123
          Fax: (345) 949 4647


DEUTSCHE INT'L OCEANIC: Claims Filing Deadline Is on Nov. 17
------------------------------------------------------------
Deutsche International Oceanic Ltd.'s creditors are required to submit
proofs of claim by Nov. 17, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

Deutsche International's shareholders agreed on Oct. 6, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


DEUTSCHE INT'L PACIFIC: Proofs of Claim Filing Is Until Nov. 17
---------------------------------------------------------------
Deutsche International Pacific Ltd.'s creditors are required to submit
proofs of claim by Nov. 17, 2006, to the company's liquidator:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

Deutsche International's shareholders agreed on Oct. 6, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


GLOBAL LONG/SHORT: Filing of Proofs of Claim Is Until Nov. 17
-------------------------------------------------------------
Global Long/Short Equity Portfolio Ltd.'s creditors are required to submit
proofs of claim by Nov. 17, 2006, to the company's liquidator:

          Commerce Corporate Services Limited
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

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


GLOBAL MACRO: Creditors Must Submit Proofs of Claim by Nov. 17
--------------------------------------------------------------
Global Macro Portfolio Ltd.'s creditors are required to submit proofs of
claim by Nov. 17, 2006, to the company's liquidator:

          Commerce Corporate Services Limited
          P.O. Box 694, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 0626

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

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


KG INTERNATIONAL: Last Day to File Proofs of Claim Is on Nov. 17
----------------------------------------------------------------
KG International's creditors are required to submit proofs of claim by Nov.
17, 2006, to the company's liquidators:

          David A.K. Walker
          Lawrence Edwards
          PricewaterhouseCoopers
          Strathvale House, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 17 deadline won't receive
any distribution that the liquidator will make.  Creditors are required to
present proofs of claim personally or through their solicitors.

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

Parties-in-interest may contact:

          Jodi Jones
          P.O. Box 258
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8694
          Fax: (345) 945 4237


KICAP NETWORK: Shareholders' Final Meeting Is on Nov. 16
--------------------------------------------------------
Kicap Network 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


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

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

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

The liquidator can be reached at:

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


MUSASHINO INVESTMENT: Final Shareholders Meeting Is on Nov. 16
--------------------------------------------------------------
Musashino Investment 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:

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


OLEA MANAGEMENT: Liquidator Presents Wind Up Accounts on Nov. 16
----------------------------------------------------------------
Olea Management (Cayman) Ltd.'s shareholders will convene for a final
meeting on Nov. 16, 2006, at:

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

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

The liquidators can be reached at:

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




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


HOUGHTON INT'L: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. chemicals and allied products sectors, the rating agency confirmed its
B2 Corporate Family Rating for Houghton International Inc.

Additionally, Moody's 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
   ----------            -------  -------  ------   ----------
   US$90 Million
   Guaranteed Senior
   Secured Term
   Loan due 2011           B2       B2      LGD3       45%

   US$25 Million
   Guaranteed Senior
   Secured Revolving
   Credit Facility
   due 2010                B2       B2      LGD3       45%

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

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

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

Headquartered in Valley Forge, Pennsylvania, Houghton International Inc.
manufactures oils and specialty chemicals for lubrication in most of the big
Midwestern industries: metalworking, automotive, and steel.  Its products
range from aluminum and steel rolling lubricants to rust preventatives to
fire-resistant hydraulic fluids.  The FLUIDCARE division helps manufacturers
reduce costs through chemical management and recycling.  It maintains more
than 30 sales and manufacturing facilities in North and South America,
Europe, Africa, Australia, and Asia.  The Company was founded in 1865.  It
has operations in Brazil and Chile.


* CHILE: Seven Banks Face US$22.9M Suit Over Mortgage Loan Fees
---------------------------------------------------------------
A Chilean consumer rights group filed a US$22.9 million class action was
filed against seven local banks for allegedly charging extra operating costs
associated with mortgage loans, The El Mercurio reports.

The banks named in the suit are:

       -- Santander Santiago (NYSE: SAN),
       -- Banco de Chile (NYSE: BCH),
       -- Corp Banca (NYSE: BCA),
       -- the Chilean unit of Spain's BBVA (NYSE: BBV)
       -- the Chilean unit of Bank of America (NYSE: BAC),
       -- Banco Internacional, and
       -- state-owned BancoEstado.

BancoEstado is still facing another potential US$16.5 million payout as it
was sued in 2005 by three million of its customers for allegedly charging
extra savings account maintenance fees on top of value added tax.

The BancoEstado lawsuit was the first class action lawsuit to be heard by a
Chilean court ever.  Class action lawsuits were legalized in the country
under a new consumer rights law in
October 2004.




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


BANCOLOMBIA SA: Board Approves Construction of New Headquarters
---------------------------------------------------------------
Bancolombia SA's board of directors, after conducting a careful and detailed
financial analysis, approved the construction of the new headquarters of
Bancolombia Group, located in the city of Medellin, at Avenida de los
Industriales.  The constructed area will be 125,000 square meters and will
have the capacity to allocate 4,200 employees of the Bank and its
subsidiaries.  It is estimated that the project will be completed in two
years.

The total investment is approximated at COP300 billion.

It is expected, based on the analysis carried out under applicable Colombian
accounting and tax laws, that the effects of this investment on the
consolidated financial results during the next following years shall not be
material and shall be offset mostly by the sales of more than ten offices
where the Bank is currently operating in Medellin.

                        *    *    *

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.  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.


BBVA COLOMBIA: Expects to Post COP240-Billion Profit in 2006
------------------------------------------------------------
Luis Juango -- the chief executive officer of BBVA Colombia, the Colombian
unit of Banco Bilbao Vizcaya Argentaria SA -- told MarketWatch that the
firm's profit is expected to increase 60% to COP240 billion in 2006,
compared with 2005.

The increase is due to profits from the recently acquired Banco Granahorrar,
MarketWatch says, citing Mr. Juango.

MarketWatch relates that BBVA Colombia acquired the Banco Granahorrar for
US$423.5 million, becoming the fourth biggest bank in Colombia.

Mr. Juango said BBVA Colombia is evaluating potential acquisitions in the
nation, MarketWatch notes.

"In Colombia, BBVA -- unlike in other countries -- is interested in any
possibility of investment," Mr. Juango told Dow Jones Newswires.

Mr. Juango had disclosed in August that BBVA Colombia was planning two
acquisitions by the end of 2006, according to MarketWatch.

"I told you an acquisition might be carried out in September, but in three
months a lot of things can happen," Mr. Juango told MarketWatch.

Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and accomplishment of
all operations, acts and contracts of banking establishments.  It is 95.16%
owned by Banco Bilbao Vizcaya Argentaria.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on March 13,
2006, Moody's Investors Service assigned a 'Ba3' long-term foreign currency
deposit rating on BBVA Colombia.  Moody's changed the outlook to stable from
negative.


COLOMBIA TELECOM: Telefonica Pays US$274 Mil. in Pension Debts
--------------------------------------------------------------
Spain's Telefonica SA paid on Nov. 2 COP640 billion (US$274 million) in
pension debt owed by its recently acquired Colombia Telecommunicaciones.

Telefonica acquired a majority stake in Colombia Telecom from the government
in April 2006.  The purchase included the assumption of COP7.58 trillion
debt, which included a US$3.26 billion pension liability and other debts
totaling US$449 million.

Alfonso Gomez, Telefonica-Telecom, formerly known as
Colombia Telecomunicaciones, a state telephone firm sold to Telefonica
earlier this year, said Telefonica had already paid back a COP370-billion
loan guarantee to the Finance Ministry in June.

During the same month, Telefonica also had prepaid a COP75-billion loan
issued by the Treasury.  The smaller loan was due to expire in December
2006.

Mr. Gomez told reporters, "The payment marks the completion of the
short-term debt commitments assumed by Telefonica after purchasing Colombia
Telecomunicaciones."

The executive said Telefonica still has to pay COP830 billion of Colombia
Telecomunicaciones' long-term debt.  The company committed to pay the debt
between 2006 and 2022.

Telefonica Telecom is the country's biggest long-distance operator and
manages 2.6 million fixed lines.

The Colombian government sold a majority stake on state-owned telecom
company, Colombia Telecomunicaciones, on the premise that it would be better
for the state to hold a minority, but profitable shares rather than a losing
majority.


HEXION SPECIALTY: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Chemicals and Allied Products sectors, the rating agency confirmed its
B2 Corporate Family Rating for Hexion Specialty Chemicals Inc.

Moody's revised or 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
   ----------            -------  -------  ------   ----------
   US$225 Million
   Guaranteed Senior
   Secured Revolving
   Credit Facility
   due 5/2011              B2       Ba3     LGD2       29%

   US$50 Million
   Guaranteed Senior
   Secured Letter of
   Credit Facility
   due 5/2011              B2       Ba3     LGD2       29%

   US$1.625 Million
   Guaranteed Senior
   Secured Term
   Loan due 5/2013         B2       Ba3     LGD2       29%

   US$300 Million
   Float Rate
   Guaranteed Second
   Lien Senior
   Secured Notes
   due 7/2010              B3       B3      LGD5       77%

   US$325 Million
   9.0% Guaranteed
   Second Lien
   Senior Secured
   Notes due 7/2014        B3       B3      LGD5       77%

   US$114.8 Million
   9.2% Unsecured
   Debentures
   due 3/2021             Caa1     Caa1     LGD6       94%

   US$246.8 Million
   7.875% Unsecured
   Notes due 2/2023       Caa1     Caa1     LGD6       94%

   US$78.0 Million
   8.375% S.F.
   Debentures
   due 4/2016             Caa1     Caa1     LGD6       94%

   US$34.0 Million
   Pollution Control
   Revenue Bonds
   Series 1992
   due 12/2009            Caa1      B3      LGD5       77%

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




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


BETONSPORTS: Fails to Give Employees Full Salaries & Severances
----------------------------------------------------------------
Dismissed workers of BetonSports Plc have not received the full salaries and
severances the company promised, Inside Costa Rica reports.

According to Inside Costa Rica, over 1,400 BetonSports employees were
promised on Aug. 10 that they would receive payment within 30 days of the
firm's shutting down.  That never happened and 877 workers are still waiting
to get paid.

Inside Costa Rica relates that Costa Rica's Ministerio de Trabajo or the
ministry of labor then decided to intervene, as BetonSports had 90 days, the
maximum time allowed under Costa Rican laws, to settle dues with former
workers.

Rodrigo Acuna, a representative of the Ministerio de Trabajo, told Inside
Costa Rica that the last workers waiting their paycheck and who are
reportedly owed US$4.3 million would get a partial payment on Nov. 10, with
the remaining balance to be paid not later than Dec. 15.  The Nov. 10
payment represents 30% of what BetonSports owes to its former workers.

Ministerio de Trabajo will supervise this process, making sure that each and
every former worker may access the Resolucion Alternativa de Conflictos
process, Inside Costa Rica says, citing Mr. Acuna.

Francisco Conejo, a representative of BetonSports, told Inside Costa Rica,
"The company has the money to pay.  We are doing everything possible to
access existing resources.  The BoS (BetonSports) directors made the
decision to shut down their operations in Costa Rica and re-open in Antigua;
pay its liabilities to staff and creditors in an orderly manner; and repay
balances due to US customers as well.  The payment to staff and creditors
will depend on the successful completion on BoS' ability to persuade banks
and cash processors to release its funds.  It also will depend on the BoS'
ability to realize further and sufficient funds from its assets and
operations outside Costa Rica and Antigua and to earn sufficient profits
from operations which are not US facing."

US clients' hopes to receive their account balances within the year could be
fading as former workers will be paid first, Inside Costa Rica states.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
Argentina and Mexico.


GENERAL NUTRITION: Moody's Junks Rating on Proposed US$325M Debt
----------------------------------------------------------------
Moody's Investors service assigned a Caa1, LGD5, 87% rating to GNC Parent
Corporation's proposed US$325 million note issue.  GNC Parent Corp.
ultimately owns General Nutrition Centers Inc.  Moody's also affirmed the
secured bank loan rating and corporate family rating at Ba2 and the B2,
respectively.

Per Moody's loss given default methodology and the capital structure change,
the senior notes and senior subordinated notes were upgraded to Ba3 and B3,
respectively.  Proceeds from the new debt principally will be used to retire
its PIK preferred stock for US$149 million and to pay a US$190 million
dividend.

In conjunction with disclosing the new holding company debt, the company
also announced that it is exploring strategic alternatives such as a sale of
the company or an initial public offering.  Affirmation of the corporate
family rating reflects that quantitative and qualitative debt reflects that
credit risk remains consistent with a B2 rating, in spite of the higher
leverage.

These are the newly assigned rating:

   -- US$325 million notes issued by GNC Parent Corp. at Caa1,
      LGD5, 87%.

Ratings affirmed:

   -- Senior secured bank loan at Ba2, LGD1, 6%;
   -- Corporate family rating at B2;
   -- Probability of Default Rating at B2.

These ratings are upgraded:

   -- US$150 million of 8.625% senior notes (2011) to Ba3, LGD3,
      31% from B1;

   -- US$215 million of 8.5% senior subordinate notes (2010) to
      B3, LGD4, 64% from Caa1.

GNC's corporate family rating of B2 balances the company's aggressive
financial policy, weak credit metrics, and revenue vulnerability to new
product introductions against certain qualitative aspects that have low
investment grade or high non-investment characteristics.  Weighing down the
overall rating with B characteristics are the company's shareholder
enhancement policy and credit metrics that have remained weak since the
November 2003 leveraged buyout.  The ongoing challenges in matching changes
in consumer preferences for VMS products also constrain the ratings.

The company's geographic diversification and the relative lack of cash flow
seasonality have solidly investment grade scores, while the company's scale
and widespread consumer recognition of the GNC name in the intensely
competitive segment of vitamin, mineral, and nutritional supplement
retailing have Ba scores.

The stable rating outlook recognizes that the recent negative trends in
sales and operating profit have turned positive, and that debt protection
measures have progressed to levels that are appropriate for a B rated
credit.

The outlook also considers Moody's expectation that a material portion of
future discretionary cash flow will be applied to balance sheet improvement.
A permanent decline in cash balances or revolving credit facility
availability that would result if free cash flow fell below break-even, a
return to declining store-level operating performance, or an aggressive
financial policy action would cause the ratings to be lowered.  Given the
sizable contribution to operating profit from franchise royalties,
difficulties or closure of many franchisees also would negatively impact the
ratings.

Specifically, debt to EBITDA sustained above 6.5x, EBIT to interest expense
below 1 time, or break-even free cash flow to debt would cause ratings to be
lowered.  In the near term, a rating upgrade is unlikely.

Ratings could eventually move upward if the company establishes a long-term
track record of sales stability and improved margins, the system expands
both from new store development and existing store performance, and if
financial flexibility were to sustainably strengthen such that EBIT coverage
of interest expense approaches 2 times, leverage falls toward 5 times, and
Free Cash to Debt rises to exceeds 5%.

General Nutrition Centers Inc., with headquarters in Pittsburgh,
Pennsylvania, retails and manufactures vitamins, minerals, and nutritional
supplements domestically and internationally through about 5850 company
operated and franchised stores.  Revenue for the twelve months ending
September 2006 approached US$1.5 billion.  GNC's Latin American operations
are in the Bahamas, Cayman Islands, Chile, Colombia, Costa Rica, among
others.




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


* CUBA: In Talks with Fondel on Reduction of Shipments
------------------------------------------------------
Cubaniquel, a state-owned nickel producer in Cuba, is negotiating with
Fondel International BV to reduce shipments to the latter, Reuters reports,
citing diplomatic and banking sources.

Reuters relates that Fondel International is a firm in Rotterdam,
Netherlands, that purchases around 50% of Cuba's nickel.  Cubaniquel got
about half of its US$1 billion in revenues last year.

A European diplomat told Reuters, "The only question now is how much less
they plan to export to Rotterdam."

A diplomat and a banker said they were positive Cuba planned to send more of
the unrefined metal to China, Reuters notes.

According to Reuters, China is Cuba's second trading partner this year at
over US$1 billion.  China is providing hundreds of millions in soft credits.
Minmetals Corp., a state-run firm in China, has signed some accords to
invest in Cuba and purchase the latter's nickel.  Major investments have yet
to materialize.  A 5,000-ton purchasing agreement is reportedly in place.
China is also considering providing credits for the sector.

"We are definitely planning to send more nickel to China.  We had hoped to
be producing more by 2007 and have made commitments," a local expert told
Reuters.

                        *    *    *

Moody's assigned these ratings on Cuba:

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




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


AES DOMINICANA: Responds to Call for Madrid Accord Renegotiation
----------------------------------------------------------------
AES Andres, a unit of AES Dominicana, has responded to the Contract
Renegotiation Committee's call for energy distributors to decide whether or
not they will renegotiate the Madrid Accord, DR1 Newsletter reports.

DR1 Newsletter relates that four out of the 10 energy firms presented a
response, leaving the process temporarily stalled.

Radhames Segura, renegotiation committee coordinator and Dominican
Electricity Company vice president, told DR1 that these companies responded:

          -- AES Andres,
          -- Palamara-La Vega,
          -- EGE-Haina, and
          -- Electric Co. of Puerto Plata.

Mr. Segura did not reveal to El Caribe the nature of the responses that were
received.

The Dominican government is giving the energy firms the option to
renegotiate the Madrid Accord as a way of solving the energy problem or face
a decline of energy contracts, DR1 states.

                      About AES Andres

AES Andres is a 310-megawatt gas fired combined cycle plant co-located with
a liquefied natural gas importing terminal.
The plant and LNG facility are located 30 kilometers east of Santo Domingo
in the Dominican Republic.

                   About AES Dominicana

AES Dominicana is a special-purpose financing entity of AES Corp. in the
Dominican Republic.  It manages two of AES Corp.'s wholly owned generating
facilities, Andres and DPP.  Andres is incorporated under the laws of the
Netherlands, and it owns a
304-megawatt gas-fired, combined-cycle plant outside of Santo
Domingo. The facility also includes an LNG regasification terminal.  AES
Dominicana also includes Itabo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on July 21, 2006,
Standard & Poor's Ratings Services' 'B-' rating on AES Dominicana Energia
Finance SA's US$160 million senior notes due 2015 reflects the challenges of
operating in the electric sector in the Dominican Republic, and a legacy
liquefied natural gas contract that could be burdensome, offset by the
contractual nature of the revenue stream, and continued support of the
electricity sector by the Dominican government.  S&P said the outlook is
stable.


* DOMINICAN REPUBLIC: Secures US$10-Million Loan from IDB
---------------------------------------------------------
The Inter-American Development Bank approved a US$10 million loan to the
Dominican Republic to support the modernization of the Supreme Court of
Justice agency responsible for property title registration.

Over the past few years the agency, know in Spanish as the Jurisdiccion
Inmobiliaria, has received support from the IDB to decentralize and improve
its registry system.  Under the new program it will expand the coverage of
the information systems in the title registration bureaus and land tribunals
with the highest volume of operations.

New communications networks will be set up, new systems to run and maintain
equipment will be implemented and agency staff will be trained.  A financial
management system will be put in place for a guarantee fund established to
compensate people who, through no fault of their own, sustain economic
losses due to registry errors.

The program will also help the agency control and reduce the number of
constancias anotadas, an affidavit often used as a provisional document in
property transfers carried out without conducting surveys.  The use of
affidavits proliferated over the past 50 years, to a point where these
documents account from some 420,000 properties, or 46% of all the registered
properties in the country.

Among other benefits the program is expected to strengthen the legal
certainty of property ownership, helping to improve the business climate and
the operation of the Dominican financial and real estate markets.

The loan is for a 25-year term, with a three-year grace period and an
adjustable interest rate.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.


* DOMINICAN REPUBLIC: Ministry Discloses Alleged Irregularities
---------------------------------------------------------------
Vicente Bengoa, the minister of finance, told Dominican Today that 18
employees in the ministry have been suspended for alleged irregularities.

Octavio Lister, director of the Department for the Prevention of
Administrative Corruption or DEPRECO, told DR1 Newsletter that workers at
the Pensions and Retired Persons Office were caught stealing pensions
totaling over DOP50 million.

Dominican Today relates that the 18 people suspended includes the finance
ministry's:

          -- director,
          -- deputy director, and
          -- head of information technology.

The dismissed officials have not been submitted to the justice yet,
Dominican Today says, citing Minister Bengoa.

Diario Libre relates that at least eight people are in police custody.

According to Dominican Today, the mafia stole pensions that were being paid
to:

          -- dead people,
          -- people who didn't claim their pensions, and
          -- people who had lost their claims in the
             bureaucratic process.

Minister Bengoa told Dominican Today that Banco de Reservas discovered the
scheme after audits indicated that a large number of pensions were being
paid out to young people, as well as increases in those payments.

The amount of money stolen was allegedly DOP50 million, Dominican Today
states.

Diario Libre underscores that DEPRECO will handle the pension theft case.

Bernardo Santana -- the Police chief told Dominican Today that the police,
justice ministry and criminal laboratory investigators are working together
in the case to establish responsibilities.

Mr. Lister will meet with Minister Bengoa to discuss the evidence, DR1
notes.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
May 9, 2006, that Fitch Ratings upgraded these debt and issuer
Default Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and
   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.




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


BANCO CUSCATLAN: Refinances US$300-Million Bond Certificates
------------------------------------------------------------
Banco Cuscatlan de El Salvador has refinanced and extended the maturity of
US$300-million bond certificates, LatinLawyer Online reports.

The rationalization project saw Banco Cuscatlan prepaying bonds issued in
2002, 2003 and 2004 and extending a 2005 issuance by two years.  The
issuances were consolidated and reissued on
Sept. 7, LatinLawyer relates.

Headquartered in San Salvador, El Salvador, Banco Cuscatlan de El Salvador
is the oldest and largest commercial bank of the group (the second largest
in El Salvador), established in 1972 with subsidiaries in credit cards,
factoring, stock brokerage and remittances.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2006, Standard & Poor's Ratings Services assigned these ratings on
Banco Cuscatlan SA:

   -- credit rating: BB/Stable/B;
   -- counterparty credit rating: BB/Stable/B; and
   -- certificate of deposit: BB/B.

                        *    *    *

Fitch Ratings assigned these ratings on Banco Cuscatlan:

          -- BB long-term issuer default rating;
          -- B short-term rating;
          -- BBB local currency long-term rating;
          -- F3 local currency short-term rating;
          -- NR (SLV) national long-term rating;
          -- NR (SLV) national short-term rating;
          -- Outlook is Stable.




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


BANCAFE: Fitch Says Intervention Won't Affect Sovereign Ratings
---------------------------------------------------------------
Fitch Ratings has published a special report titled, "Intervention of Banco
del Cafe (Bancafe)" which analyzes key factors that could affect the
Republic of Guatemala's creditworthiness.

The recent intervention and planned liquidation of Bancafe, Guatemala's
fourth largest bank, is not likely to put the sovereign's credit ratings in
jeopardy at this time given the authorities' prompt actions.  However, going
forward Fitch will monitor any broader impact on the banking system that
could affect the sovereign's creditworthiness.  Since the authorities have
transferred Bancafe's deposits to three local banks, deposit flight has been
muted and mostly reflected a transfer of deposits to other banks within
Guatemala.  Fitch's base case scenario does not foresee this bank
intervention contributing to a broader systemic crisis at this time.
Nevertheless, Fitch will be closely monitoring the performance of
Guatemala's financial sector, particularly with respect to signs of deposit
flight abroad, creditor runs and/or liquidity pressures.  The rapid and
efficient implementation of the banking regulator's strategy to liquidate
the institution will also be important for maintaining confidence.

Although the economic cost of Bancafe's intervention to the economy in terms
of contributing to potential macroeconomic instability and foregone growth
would be difficult to estimate, the net cost to the public sector should be
relatively low in terms of GDP (gross domestic product) as the government
does not intend to recapitalize the bank or assume any obligations of the
trust formed to liquidate Bancafe's assets.  Outlays for liquidity support
and payout of guarantees on deposits has been muted thus far.  However, if
the authorities change their strategy and assume the obligations of the
trust, the ultimate fiscal cost will be determined by the level of
recoveries achieved and the degree to which the authorities lean on private
commercial banks to recapitalize FOPA.  Bancafe's total deposits only
accounted for about 2.4% of estimated 2006 GDP, while available liquid
resources accounted for about 0.9% of GDP at the time of intervention.

The Outlook on Guatemala's ratings is Stable.  Economic and financial
pressures that could arise due to the recent intervention and planned
liquidation of Bancafe appear contained due to the superintendency of bank's
prompt actions, the government's favorable balance sheet and steady
improvement in economic fundamentals.  Conversely, an unfavorable resolution
of the Bancafe situation and/or unforeseen problems with other offshore
entities could pressure creditworthiness going forward.


BANCO G & T: S&P Places BB-/B Counterparty Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-/B' counterparty credit
and CD ratings to Banco G&T Continental SA.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'BBB-' survivability assessment to
G&T Continental.

Francisco Suarez, an analyst at Standard & Poor's, said, "The counterparty
credit rating assigned to G&T Continental is limited by its low adjusted
capitalization, low profitability, structural asset concentrations, and the
strong competitive environment in Guatemala. Balancing factors are the
bank's strong market position in Guatemala, better-than-average asset
quality, and good and experienced management."

As of June 2006, the bank exhibited an adjusted common equity or ACE of
GTQ817 million (US$112 million) that results in an ACE-to-assets ratio of
5.5%, which Standard & Poor's considers low.  The difference between
adjusted capital and statutory capital of 15% is because the rating agency
does not consider hybrid capital as part of ACE.  Adjusted total equity to
assets of 6.2% is also low.  The bank's stockholders have been and are
expected to remain supportive of capital growth; still, real combined annual
growth rate in ACE represented 5% in the past four years, half the growth
rate in loans.

The interest margin is the largest source of revenues, as fee-based revenues
account for 15% of total revenues, which is adequate for the country's
standards.  Despite good income generation, decreasing but still high
operating costs have limited ROA to an average of 1% during the past three
years.

G&T Continental is the second-largest bank in Guatemala, with a 17% market
share in deposits and 13% in loans.  The bank has been able to develop a
large distribution network and benefit from a growing, stable, and
diversified deposit base that, in turn, provides enough flexibility for
growth as loans represents 51% of core deposits.

The 'BBB-' bank survivability assessment takes into consideration G&T
Continental's relevance to Guatemala's banking system and its good liquidity
levels.  Standard & Poor's bank survivability assessment is a current
opinion on the likelihood that over the medium term, a bank will continue to
operate either directly or through a successor organization regardless of
whether it is solvent or insolvent or is paying all of its obligations on a
timely basis.  The survivability assessment, however, does not itself
comment on which particular functions the bank might continue to perform and
which it may cease in a stress situation.

The outlook is stable.  Standard & Poor's expects capital injections,
reinvestment of profits, and the addition of equity-like debt instruments to
improve the bank's capitalization toward more reasonable levels according to
our criteria.  If asset quality and profitability indicators deteriorate, or
if its already low capitalization experiences pressures, negative rating
actions might follow.  Positive rating actions could result from
improvements in its capabilities to handle operational risks, a rise in
capitalization well within the range of comparable banks in the region, or a
sustained improvement in core-earning generation.


GOODYEAR TIRE: Posts US$48 Million Third Quarter 2006 Net Loss
--------------------------------------------------------------
Including US$126 million in after-tax restructuring charges, The Goodyear
Tire & Rubber Company reported a net loss of US$48 million during the 2006
third quarter.  Of those charges, US$107 million is related to the
previously announced plan to close the Tyler, Texas, tire plant.

Net income for the first nine months of 2006 was US$28 million compared to
net income of US$279 million during the year-ago period.  Sales for the
first nine months of 2006 were a record US$15.3 billion, an increase of 3%
from US$14.8 billion in the 2005 period.
The results also reflect higher raw material costs of
US$249 million, offset partially by US$225 million of improved price/mix,
and lower tire volume.  During the period, the company also recorded an
after-tax gain of US$10 million from a supplier settlement, and after-tax
expenses of US$7 million share) related to accelerated depreciation
primarily for a previously announced plant closure in New Zealand.  Net
income in the 2005 quarter was US$142 million,

Goodyear reported third quarter sales of US$5.3 billion, a record for any
quarter and a 6% improvement compared to the year-ago period excluding the
impact of businesses divested in 2005, and despite the strategic decision to
exit certain segments of the private label tire business in North America.

Third quarter 2006 sales were driven by improved pricing and product mix,
particularly in North American Tire, and the favorable impact of currency
translation, estimated at US$77 million.  All five of the company's tire
businesses achieved sales that were a record for any quarter.

Tire unit volume was 55.8 million units in the quarter, compared to 58.4
million units in the 2005 period.  This 4% decrease was in part a result of
the company's move to exit certain segments of the private label tire
business in North America.  Revenue per tire increased 8% compared to the
third quarter of 2005.

Robert J. Keegan, Goodyear Tire chairperson and chief executive officer,
stated, "Despite ongoing market weakness in North America and record high
raw material costs, we continue to demonstrate the strength of our business
model changes and successful product portfolio.  After a challenging first
half, our European Union business achieved year-over-year improvements in
sales, units and segment operating income.  Our key business strategies are
also continuing to drive excellent results in the Asia Pacific, Latin
America and Eastern Europe, Middle East and Africa tire businesses."

"Although we are in the midst of a strike by the United Steelworkers in
North America, we continue to work hard for a contract that is fair to all
stakeholders and puts Goodyear on a level playing field with our
competitors.  In the meantime, we are executing on our contingency plans to
continue providing our customers with outstanding value, products and
services," Mr. Keegan noted.

                      Segment Results

Third quarter total segment operating income was US$313 million, a decrease
of 5% compared to US$330 million in the 2005 period.  The European Union;
Eastern Europe, Middle East and Africa, and Asia Pacific businesses each
achieved segment operating income records. Prior-year segment operating
income benefited from US$8 million related to businesses divested in 2005.

North America

North American Tire's sales were a record for any quarter, and increased 5%
compared to the year-ago period excluding the impact of divestitures in
2005, as a result of strong sales in the chemical and other tire related
businesses, and favorable price and product mix, led by high-value Goodyear
and Dunlop branded tires.

Third quarter segment operating income was US$19 million, compared to US$58
million in the prior year period, reflecting lower volume resulting from
reduced demand in the consumer replacement market, the exit from the
wholesale private label business, and higher costs related to lower
production.  Favorable price and product mix of US$103 million partially
offset approximately US$108 million in higher raw material costs.  Segment
operating income also benefited from lower SAG expenses and higher operating
income from other tire related businesses.

Divestitures in 2005 reduced third quarter 2006 sales by approximately US$61
million, segment-operating income by US$8 million, and volume by 200,000
units.

The 2005-quarter also included approximately US$10 million of costs
associated with Hurricanes Katrina and Rita in the U.S. Gulf Coast region.

European Union

European Union Tire's sales were a record for any quarter and 12% higher
than in the 2005 quarter, due primarily to improved pricing and product mix,
the impact of foreign currency translation, estimated at US$61 million, and
higher volume.

Segment operating income was a third-quarter record.  The increase primarily
reflected improved pricing and product mix, as increased sales of consumer
replacement tires -- especially winter tires -- compensated for a decline in
OE unit sales. Lower SAG expense also helped to partially offset higher raw
material costs, estimated at US$66 million.

Eastern Europe

Eastern Europe, Middle East and Africa Tire's sales were a record for any
quarter and up 9% compared to the third quarter of 2005 due to improved
pricing and product mix, and higher volume.  The company estimates currency
translation had a negative impact on sales of approximately US$10 million in
the third quarter.

Segment operating income was a record for any quarter, and represented a 20%
improvement over 2005.  This gain was due to improved pricing and product
mix and higher volume.  These offset higher raw material costs, estimated at
US$17 million.

Latin America

Latin American Tire's sales were a record for any quarter and increased 9%
compared to the prior-year period due to higher volume, the favorable impact
of currency translation, estimated at US$9 million, and favorable pricing
and product mix.

Segment operating income was flat compared to the 2005 quarter, as the
approximately US$7 million favorable impact of currency translation, higher
volume, and improved pricing and product mix, were offset by higher raw
material costs, estimated at US$26 million.

Asia Pacific

Asia Pacific Tire's sales were a record for any quarter and a 7% increase
compared to the 2005 period due to improved pricing and product mix and
favorable currency translation, estimated at US$2 million, partially offset
by lower volume.

Segment operating income was a record for any quarter and a 17% improvement
compared to the 2005 quarter as a result of improved pricing and product
mix, offset in part by higher raw material costs, estimated at US$22
million, and lower volume.

Engineered Products

Engineered Products' third quarter 2006 sales decreased 9% due to lower
volume, primarily related to anticipated declines in military sales.  This
offset improved pricing and product mix, as well as favorable currency
translation of approximately US$4 million.

Segment operating income increased 15% due primarily to a favorable legal
settlement with a supplier of approximately US$10 million.  Pricing and
product mix improved compared to the prior-year quarter, but higher raw
material costs, estimated at US$10 million, and lower volume had a negative
impact on results.

                      Contract Proposal

Goodyear disclosed that its bargaining team is returning to Cincinnati in
the hopes USW representatives will return to discussions.  The company says
its union proposal includes provisions to protect employment levels at all
tire manufacturing plants other than Tyler, Texas, which the company has
announced the intention to close.  Also included is a proposal to contribute
US$660 million to a Voluntary Employees Beneficiary Association, an
independent trust fund that would provide retiree health care benefits to
USW members and would eliminate the portion of Goodyear's post-retirement
health care obligations related to the USW workforce.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE:
GT) -- http://www.goodyear.com/-- is the world's largest tire company.  The
company manufactures tires, engineered rubber products and chemicals in more
than 90 facilities in 28 countries.  It has marketing operations in almost
every country around the world.  Goodyear Tire has marketing operations in
almost every country around the world including Chile, Colombia and
Guatemala in Latin America.  Goodyear employs more than 80,000 people
worldwide.  Goodyear employs more than 80,000 people worldwide.  Goodyear
employs more than 80,000 people worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006, Fitch Ratings
placed The Goodyear Tire & Rubber Company on Rating Watch Negative.
Goodyear's current debt and recovery ratings are -- Issuer Default Rating
(IDR) 'B'; US$1.5 billion first lien credit facility 'BB/RR1'; US$1.2
billion second lien term loan BB/RR1; US$300 million third lien term loan
'B/RR4'; US$650 million third lien senior secured notes 'B/RR4'; Senior
Unsecured Debt 'CCC+/RR6'.

As reported in the Troubled Company Reporter on Oct. 19, 2006, Standard &
Poor's Ratings Services placed its 'B+' corporate credit rating on Goodyear
Tire & Rubber Co. on CreditWatch with negative implications because of the
potential for business disruptions and earnings pressures that could result
from the ongoing labor dispute at some of its North American operations.
Goodyear has total debt of about US$7 billion.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to negative
from stable.  At the same time, the company's Speculative Grade Liquidity
rating was lowered to SGL-3 from SGL-2.  These rating actions reflect the
increased operating uncertainty arising from the ongoing United Steelworkers
strike at Goodyear's North American facilities, and the company's decision
to increase cash on hand by drawing-down US$975 million under its domestic
revolving credit facility.


GOODYEAR TIRE: Outlines New Proposal for Workers on Strike
----------------------------------------------------------
The Goodyear Tire & Rubber Company informed all striking steelworkers, in a
letter dated Nov. 9, of its proposal to the United Steelworkers of America.

The United Steelworkers struck Goodyear on Oct. 5 after refusing to further
extend a three-year master contract with the Company.  Following the July 22
termination of the master contract, USW and Goodyear had agreed to a
day-to-day extension of the pact.

The master contract between the USW and Goodyear covers 14,000 workers at 12
U.S. plants in Akron, Ohio; Gadsden, Ala.; Buffalo, N.Y., St. Mary's, Ohio;
Lincoln, Neb.; Topeka, Kan.; Tyler, Texas; Danville, Va.; Marysville, Ohio;
Union City, Tenn.; Sun Prairie, Wis.; and Fayetteville, N.C.  Pursuant to
the master contract, the USW had agreed to the closure of Goodyear's
Huntsville, Ala. facility and wage, pension and health care cuts aimed at
providing Goodyear with additional financial flexibility.

As reported in the Troubled Company Reporter on Oct. 6, 2006, USW executive
vice president Ron Hoover commented that the union struck because Goodyear
had left it with no other option.  Mr. Hoover said "we cannot allow
additional plant closures after the sacrifices we made three years ago to
help this company survive."

                       Goodyear's Offer

Goodyear's package of proposals, as of Nov. 9, would:

     -- preserve the current wage structure of every active
        associate in every circumstance, including those on
        layoff for less than two years;

     -- provide wage increases for some associates;

     -- continue 100% COLA for all current employees;

     -- maintain or improve current benefits package;

     -- restore service credit to current associates for the
        two-year pension freeze;

     -- protect all USW master agreement plants except Tyler;

     -- share profits on an ongoing basis;

     -- maintain the current Supplemental Unemployment Benefits
        program;

     -- maintain the current Supplemental Workers Compensation
        program, and;

     -- except in Gadsden, continue all current incentive
        programs on all incentive jobs for all current employees
        who are currently on incentive jobs.

USW has rejected this offer.  However, Goodyear urged individual union
members to decide for themselves whether to continue supporting the strike.

Under the applicable terms of the 2003 master agreement, striking workers
are entitled to return to work at any time.  Goodyear said associates who
return to work prior to
Jan. 3, 2007, will maintain their company-provided benefits package beyond
the Jan. 3, 2007, cut-off date.

                       Tyler Closure

In the same letter to the union members, Goodyear explained the reasons
behind its decision to close its facility in Tyler, Texas.

According to the company, the Tyler plant closure is related to the
company's exit from the extremely unprofitable wholesale private label
business.  Goodyear said the problem was getting worse for the Tyler plant
because of a continuous drop in demand for the types of products made there,
the ongoing flood of imports from low-cost countries and rising raw material
costs.  The company explained that continuing the wholesale private label
business would mean less money available to modernize factories, bring more
new branded high value added products into production at USW plants, fund
pensions, provide retirement benefits and fund marketing and other programs
needed to continue its turnaround.

Goodyear also disputed allegations that the Tyler closure is the first step
in a grander plan to phase out the Company's North American manufacturing
operations and that it had been investing disproportionately offshore.  The
company assured its workers that going forward, it is proposing minimum
investments in USW master plants of US$447 million over the life of the
contract.  The company added that it has agreed to protect all plants,
except for Tyler, for the life of the agreement.

                  Retiree Medical Benefits

Goodyear also explained why it believes that establishing a trust fund
provides the best solution for retirees, Goodyear and all stakeholders.

Goodyear said the intent of proposing an independent trust fund is to make
retiree benefits more secure as well as more affordable in the long run,
with the potential for retirees to keep pace with, if not out-run,
inflation.  According to Goodyear, establishing a Voluntary Employees'
Beneficiary Associations, commonly called VEBA trusts, for Goodyear retirees
would provide increased security for current and future retirees.

Under Goodyear's current retiree medical benefits plan, there is zero money
currently set aside to provide and secure retiree medical benefits.  Under
the new proposal, Goodyear would make a contribution valued at US$660
million to initiate the trust and secure the benefits.

The only alternative to the VEBA trust is to continue the current approach
of providing retiree medical benefits.  However, Goodyear warned that
premiums will inevitably go higher and higher.  According to the company,
premiums are projected to exceed US$200 in 2008 and reach nearly US$350 in
2009 and will continue to increase with medical inflation.

                    About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE:
GT) -- http://www.goodyear.com/-- is the world's largest tire company.  The
company manufactures tires, engineered rubber products and chemicals in more
than 90 facilities in 28 countries.  It has marketing operations in almost
every country around the world.   Goodyear Tire has marketing operations in
almost every country around the world including Chile, Colombia and
Guatemala in Latin America.  Goodyear employs more than 80,000 people
worldwide.  Goodyear employs more than 80,000 people worldwide.  Goodyear
employs more than 80,000 people worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Fitch Ratings placed The Goodyear Tire & Rubber Company on Rating Watch
Negative.  Goodyear's current debt and recovery ratings are -- Issuer
Default Rating (IDR) 'B'; US$1.5 billion first lien credit facility
'BB/RR1'; US$1.2 billion second lien term loan BB/RR1; US$300 million third
lien term loan 'B/RR4'; US$650 million third lien senior secured notes
'B/RR4'; Senior Unsecured Debt 'CCC+/RR6'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Standard & Poor's Ratings Services placed its 'B+' corporate credit rating
on Goodyear Tire & Rubber Co. on CreditWatch with negative implications
because of the potential for business disruptions and earnings pressures
that could result from the ongoing labor dispute at some of its North
American operations.
Goodyear has total debt of about US$7 billion.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to negative
from stable.  At the same time, the company's Speculative Grade Liquidity
rating was lowered to SGL-3 from SGL-2.  These rating actions reflect the
increased operating uncertainty arising from the ongoing United Steelworkers
strike at Goodyear's North American facilities, and the company's decision
to increase cash on hand by drawing-down US$975 million under its domestic
revolving credit facility.


UNIVERSAL CORP: Earns US$28.3MM in Quarter Ended Sept. 30, 2006
---------------------------------------------------------------
Allen B. King, Chairman, President, and Chief Executive Officer of Universal
Corp. disclosed that income from continuing operations for the quarter ended
Sept. 30, 2006, was US$28.3 million, compared with US$23.1 million last
year.

After accounting for a loss on the sale of the company's Dutch non-tobacco
businesses on Sept. 1, 2006, and the results of those operations prior to
the sale, net income for the quarter was US$3.1 million, compared with
US$26.5 million last year.  Revenues in the quarter were US$630 million, up
6.7% from the same period last year principally due to higher sales prices
in Brazil, which were mostly related to currency changes there.

For the six months ended Sept. 30, 2006, income from continuing operations
was US$13.2 million, including the effect of a US$12.3 million impairment
charge on long-lived assets in Zambia, on which no tax benefit was
recognized, and a US$4.9 million valuation allowance on deferred tax assets
there.  The total effect of these issues related to Zambia was a reduction
of net income of US$17.2 million.  Net income for the six months was US$0.7
million, including the sale of the Dutch non-tobacco businesses and the
results of those operations prior to sale.  After accounting for preferred
dividends, the net loss per diluted share was US$0.25.  Revenues for the six
months increased by about 9%, to US$1.15 billion, due to strong carryover
sales in the current year's first quarter in the United States and higher
sales prices in Brazil.

On Sept. 1, 2006, Universal Corp. completed the sale of the non-tobacco
businesses managed by its wholly owned subsidiary, Deli
Universal Inc.  Those businesses were in the lumber and building products
distribution segment and a portion of the agri-products segment.  The total
value of the transaction was US$567 million.  After selling and other
expenses, the company realized a net value of approximately US$552 million,
consisting of net cash proceeds of US$398 million and the buyer's assumption
of US$154 million in debt of the acquired businesses.

Universal Corp.'s financial statements now report the results and financial
position of the businesses that were sold as discontinued operations.  Those
operations earned US$8 million after taxes during the portion of the quarter
that the company owned them and US$20.8 million for the five-month period
before the sale.  During fiscal year 2007, these earnings were a result of
improved performance by the lumber and building products distribution group
offset by lower results in agri-products.  As required by the accounting
rules, those results reflect the cessation of depreciation effective July 6,
2006.  Interest expense was also allocated to these operations for all
periods presented.  Universal Corp. recorded a net loss on the sale of
approximately US$33 million, which stems primarily from transaction costs, a
small discount to book value, and the recognition in earnings of items
previously recorded in other comprehensive income.  The loss, net of
earnings to the date of sale, was US$0.83 per diluted share for the quarter
and US$0.48 per diluted share for the six months.  The value of the
transaction is subject to refinement, which could result in future
adjustments.  Those adjustments could also affect the loss on the sale.

Universal Corp.'s tobacco segment earnings improved by US$9 million, or 16%,
in the second fiscal quarter.  That improvement occurred despite the effect
of approximately US$15 million in additional provisions for farmer
receivables caused by the company's reduction of primarily flue-cured crops
in Brazil and Africa and short deliveries by poor performing farmers.  The
company also recorded US$14 million in lower of cost or market inventory
adjustments in Africa related to the high cost of flue-cured growing
projects there.  Shipment delays reduced results of the company's oriental
tobacco joint venture during this seasonally low period.  The increase in
tobacco segment earnings was primarily due to improved sales mix and
volumes, as well as benefits from prior actions to reduce costs.  An
improved sales mix of South American tobaccos and increased volumes of leaf
handled in or sold from the United States, Asia, and Europe increased
earnings.  Dark tobacco operations improved on generally higher volumes and
some pricing improvement.  The quarter also benefited from US$3 million in
gains on the sale of property and equipment, as well as from cost savings
from last year's closure of a processing facility and two administrative and
sales offices.  Finally, the company's results reflect the favorable
resolution of a tax case in South America that resulted in the recovery of
US$8.5 million in revenue taxes and interest in the quarter.  The recovery
was recorded as part of sales and other operating revenues.

The six-month results for the tobacco segment were largely influenced by the
effect of the second quarter performance although the company also
recognized benefits from carryover sales of tobaccos from Europe, Asia, and
the United States that were partially offset by last year's sales of old
crop tobacco from Malawi.  Losses incurred in Zimbabwe operations last year
prior to their deconsolidation also contributed to the favorable earnings
comparisons.  Excluding Zimbabwe's losses last year, lower foreign exchange
remeasurement gains nearly offset the effect of the US$8.5 million tax
recovery in South America for the six-month period.

The agri-products segment, which is now composed of the company's dried
fruits and nuts business, has continued to post losses in the quarter
related to inventory write-downs and legal costs at a California nut
processing subsidiary.  The net loss for this segment totaled US$8.4 million
for the quarter and US$8.6 million for the six months compared to prior year
income of US$2.3 million for the quarter and US$4.4 million for the six
months.

Corporate overhead increased by about US$5 million in the six-month period
primarily because of the combined effect of increased costs due to new
stock- based compensation accounting rules, professional fees, and last
year's exchange gain on withholding taxes.  The increased costs were
partially mitigated by the increase in investment income from the temporary
investment of proceeds of the Deli Sale.

Universal Corp.'s consolidated effective income tax rates for continuing
operations for the three and six months ended
Sept. 30, 2006, were 37% and 70%, respectively.  The tax rate for the six
months is substantially higher than that of the second quarter because of
the effect of the Zambian impairment charge, which had no tax benefit, and
the write-off of deferred tax assets related to those operations.  Income
tax expense for the six months ended Sept. 30, 2006, was approximately
US$9.5 million higher than it would have been at the approximately 37%
effective tax rate applicable to pretax earnings excluding the charge.  The
consolidated effective income tax rates for continuing operations for the
three and six months ended
Sept. 30, 2005, were approximately 42% and 44%, respectively.  The effective
tax rate expected for the remainder of the fiscal year is lower than the
prior fiscal year primarily because of the deconsolidation of the Zimbabwe
operations.

Mr. King stated, "The remainder of the fiscal year is expected to benefit
from stronger shipments from Africa and continued strong results in the
United States, especially as we realize more of the savings from the
Danville plant closure which was completed in fiscal year 2006.  We are
reducing our 2007 crop production in Brazil, which caused an increase in bad
debt provisions related to accounts receivable from farmers during the first
six months of the fiscal year.  These provision increases in Brazil should
not continue during the second half of the current fiscal year.  We will
continue our efforts to improve operations and to eliminate unproductive
operations and assets worldwide.  While it will take time to restore our
profitability to prior levels, we continue to believe that these steps are
essential, and we have made significant progress."

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

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

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




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


* HONDURAS: IDB Lends US$1.4MM to Promote Business Participation
----------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment Fund or MIF
approved a US$1,373,386 grant for a project to promote the participation of
businesses owned by ethnic minorities in the Honduran tourism industry.

Tourism is the third largest source of hard currency for Honduras,
surpassing traditional exports such as bananas and coffee.  In 2005 the
tourism industry generated US$431 million in revenues.

Three of Honduras' most dynamic tourism destinations, Copan Ruinas, Roatan
and Tela Bay, have high concentrations of Maya Chorti, Afro-Caribbean and
Garifuna population, respectively.  Nevertheless, members of these ethnic
groups have relatively little participation in the tourism industry, other
than providing employees.

The project backed by the MIF, which will be carried out by CARE
International, will seek to establish three networks of enterprises owned by
members of the three communities.

By targeting different obstacles that hinder the formation of enterprises
among these ethnic groups, the project will foster businesses capable of
providing quality goods and services and take part in an industry dominated
by hotel groups, cruise lines and tour operators.

The project will provide technical assistance or microcredit to some 500
minority-owned businesses and train 45 people as tourism trainers.  With
support from the Honduran Social Investment Fund, investments will be made
in nine ethnic communities to upgrade basic services and tourism-related
services.  Minority-owned enterprises will be encouraged to cooperate on
common challenges such as marketing, procurement, training and access to
credit.

The MIF, an autonomous fund managed by the IDB, promotes private sector
development and investment in Latin America and the Caribbean, with an
emphasis on microenterprises and small businesses.  Among its different
activities it supports projects involving value chains and tourism.


                        *    *    *

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


* HONDURAS: Overseas Private Investing US$181MM in CenAm Nations
----------------------------------------------------------------
Overseas Private Investment Corp. disclosed its plan to invest at least
US$181 million in four countries in Central America: Honduras, Nicaragua, El
Salvador and Guatemala, Honduras This Week reports.

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

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

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

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

                           Housing

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

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

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

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

                           Energy

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

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

                        Microfinance

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

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

                   About Overseas Private

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

                        *    *    *

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: Opposition Calls for Parliamentary Select Committee
----------------------------------------------------------------
Bruce Golding, a government opposition leader, has called for the activation
of a parliamentary select committee on Air Jamaica, the Jamaica Observer
reports.

The Observer relates that the select committee was created in February but
has not had one session.  The Dr. Omar Davies, the finance minister, heads
the committee.  Other members are:

          -- Dr. Wykeham McNeil, minister of state for tourism;

          -- Dr. Fenton Ferguson, minister of state for
             transport;

          -- Dr. Morais Guy, government backbencher, from
             government side;

          -- Audley Shaw, the opposition's spokesperson on
             finance;

          -- Mike Henry, the opposition's spokesperson on
             transport; and

          -- Clive Mullings, the opposition's spokesperson on
             energy.

Mr. Golding told The Observer, "From last year June I pleaded with the
government, through a resolution: I said, let's sit down -- government and
opposition -- and examine the operations of Air Jamaica."

Although the government eventually agreed to a bipartisan select committee
on Feb. 28 to examine Air Jamaica's financial and operational status, the
group has not met since, The Observer says, citing Mr. Golding.

"To this day that committee has not been called to a meeting once and, in
the meantime, Air Jamaica accumulated losses of US$105 million last year,
[and is] expected this year to accumulate losses of US$135 million.  For
more than a year the government has sat down allowing things to run them,
rather than them running things," Mr. Golding complained 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.


AIR JAMAICA: Filing Revised Business Plan by December
-----------------------------------------------------
A revised business plan for Air Jamaica is expected by December, Radio
Jamaica reports, citing Michael Conway -- the airline's chief executive
officer.

As reported in the Troubled Company Reporter-Latin America on Nov. 7, 2006,
the Jamaican cabinet requested Air Jamaica to present a revised business
plan aimed at decreasing and eliminating unprofitable routes.

The management team of Air Jamaica will be holding meetings with the cabinet
sub-committee to finalize the plan, Radio Jamaica says, citing Mr. Conway.

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: Settles Dispute on Aircraft Confiscation
-----------------------------------------------------
Air Jamaica disclosed that it has settled a conflict that resulted in the
confiscation of one of its aircraft in Miami, Florida, Radio Jamaica
reports, citing Michael Conway, the chief executive officer of the airline.

As reported in the Troubled Company Reporter-Latin America on Nov. 10, 2006,
the International Lease Financing Corp. agents, who represented Air Jamaica
creditors anxious to collect the US$7 million the airline owed them, seized
the airline's plane at the Miami International Airport.

Reports say that the International Lease took action after Air Jamaica
failed to meet certain conditions under the lease accord.

Radio Jamaica relates that Bruce Golding -- a government opposition
leader -- described the incident as a national embarrassment, blaming the
government for failing to move decisively to address Air Jamaica's financial
woes.  He warned that the Miami embarrassment was just the "tip of the
iceberg".

Mr. Golding told Radio Jamaica, "It means in effect that Air Jamaica is
grounded.  Because any plane that lands in the united States now is likely
to be seized because we have not paid the lease on the plane.  And I suspect
that any plane that lands anywhere in the world, whether in Toronto or
London, there's going to be some appropriate official there with locks to
put on the wheels of the plane."

According to Radio Jamaica, Mr. Golding is foresaw further heavy losses for
Air Jamaica in 2006.  He suggested that if the airline would shut down it
should not do so in shame.

However, Michael Conway told Radio Jamaica that the conflict was resolved
and that the aircraft should be operating again on
Nov. 9.

OK Melhado, Air Jamaica's chairperson has supported Mr. Conway, telling
Radio Jamaica that reports that the aircraft could be confiscated were
unfounded.

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.


CLARENDON ALUMINA: Fitch Assigns B+ Rating on US$200MM Notes
------------------------------------------------------------
Fitch has assigned a preliminary 'B+' issue rating and an 'RR4' recovery
rating to the proposed issuance of US$200 million unsecured notes due in
2021 by Clarendon Alumina Production Limited (Clarendon Alumina).  The
15-year notes will benefit from an explicit unconditional and irrevocable
guarantee by the Government of Jamaica for timely payment of interest and
principal on the notes.  The foreign currency Issuer Default Rating of the
government of Jamaica is 'B+'.

The notes will amortize beginning in June 2011 with 21 equal semi-annual
payments of approximately US$9.52 million until 2021.  The proceeds of the
issuance will be used primarily to refinance existing debt obligations.  The
proposed issuance, which is expected to close in November 2006, will allow
for a more long-term debt maturity profile and should improve the company's
financial flexibility.

Fitch maintains a local and foreign currency IDR of 'B' for Clarendon
Alumina.  The Rating Outlook is Stable.  Clarendon Alumina is 100% owned by
the Government of Jamaica and is a partner with a subsidiary of Alcoa Inc.
in a bauxite mining and alumina refining operation in Jamaica called
Jamalco.

Clarendon Alumina's ratings reflect the company's position as a partner in
Jamalco, a leading alumina production joint venture in Jamaica, and the
support the company receives from the Government of Jamaica.  Clarendon
Alumina benefits from this explicit support due to the company's position as
a partner in the country's second largest producer and exporter of alumina,
Jamalco, and as the official vehicle through which the government promotes
and develops its bauxite mining and alumina production interests.  With a
production capacity of 4.3 million tons, Jamaica is the fifth-largest
producer of alumina in the world.  The country's bauxite and alumina
industry is its largest exporter and accounts for approximately 6% of the
nation's GDP.

The Jamaican government guarantees one of Clarendon Alumina's outstanding
long-term foreign currency debt obligations totaling US$77 million, or about
46% of Clarendon Alumina's total debt.  The government guarantees
approximately an additional US$600 million in external debt obligations of
other public entities.  Jamaica has never let any of its public-sector
entities default and the Government of Jamaica has a good track record of
servicing its debt obligations.  Nevertheless, the willingness of the
Government of Jamaica to provide financial support could be hindered by its
ability to do so, as the Jamaican government is highly indebted.

Clarendon Alumina's financial profile is weak for the 'B' rating category.
In 2006 (fiscal year ending March 31, 2006), Clarendon Alumina generated
operating EBITDA of US$10 million and had total debt of US$166 million,
resulting in a total debt-to-operating EBITDA ratio of 16.6x and interest
coverage of about 0.6x.  Operating EBITDA in 2006 decreased about 60% from
two years ago due to the rising cost of production inputs, primarily fuel
and caustic soda.

Clarendon Alumina's ratings also consider the strength of Clarendon
Alumina's joint venture partner Aloca Minerals of Jamaica (Alcoa), which is
an indirect subsidiary of Alcoa, Inc. of the United States, an
industry-leading producer of alumina and aluminum.  Clarendon Alumina
benefits from the technical expertise and industry position of Alcoa, which
manages and operates the Jamalco production facilities.

Clarendon Alumina was incorporated in April 1985 in Jamaica and is 100%
owned by the government of Jamaica.  In 1988, Clarendon Alumina entered into
a joint-venture agreement with a subsidiary of Alcoa Inc., to become
partners in a bauxite mining and alumina refining operation in Jamaica
called Jamalco.  Jamalco is an unincorporated joint-venture association that
involves the proportionate sharing of production costs and the alumina
output of the Clarendon Alumina Refinery or CAR.  In 2006, CAR produced 1.26
million tons of alumina and Clarendon Alumina's 50% share of the output
generated revenues of US$126 million from the sale of 645,808 tons of
alumina.


CLARENDON ALUMINA: Moody's Rates US$200MM Senior Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency rating to
Clarendon Alumina Production Ltd.'s US$200 million senior unsecured note
issue due 2021.  Payments on the notes are unconditionally and irrevocably
guaranteed by the government of Jamaica.  Proceeds will be used to refinance
existing secured indebtedness, other liabilities and for general corporate
purposes.  The rating assumes that the secured existing indebtedness has
been repaid and that the relevant security interests, particularly in
receivables, have been released. Clarendon Alumina, 100% owned be the
Government of Jamaica, holds a 50% interest in Jamalco, a Jamaican alumina
refinery.  The balance is owned indirectly by Alcoa, through Alcoa World
Alumina.  The rating outlook is stable.  This is the first time Moody's has
rated Clarendon Alumina.

The Ba2 foreign currency rating on the notes reflects the application of
Moody's rating methodology for government-related issuers and is a result of
the combination of these inputs:

   -- baseline credit assessment of 18 on a scale of 1-21, where
      1 represents the lowest credit risk;

   -- the Ba2 local currency rating of the Jamaican government;
      and

   -- high support and high dependence.

The high support factor reflects the guarantee provided by The Government of
Jamaica.  The high dependence factor reflects Clarendon Alumina's need for
funds from the government on an ongoing basis and the level of correlation
of default risk between the company and the Jamaican government.

The Ba2 foreign currency rating on the notes, which is higher than the
government's B1 foreign currency bond rating, reflects the application of
Moody's piercing methodology and considers the moderate moratorium risk that
a foreign currency moratorium would be put in place in the event of a
government foreign currency bond default plus the low probability that
Clarendon Alumina would be included in such a moratorium.

The baseline credit assessment or BCA considers several key risk factors
with respect to Clarendon Alumina:

   1) single operating facility,

   2) high cost base reflective principally of fuel costs, but
      also caustic soda costs,

   3) the nature of alumina off-take contracts, and

   4) excessive leverage relative to revenues, earnings and cash
      flow generation.

Moody's estimates that the pro-forma debt/EBITDA ratio for the year ended
March 31, 2006 would be approximately 20x.  Clarendon Alumina, wholly owned
by the government of Jamaica, holds a 50% interest, as a co-tenant in
common, in the assets of Jamalco, a joint venture with Alcoa World Alumina
and Chemicals, which in turn is owned 60% by Alcoa Inc., and 40% by Alumina
Ltd. of Australia.  Alumina output goes proportionately to the joint venture
partners, currently approximately 637,000 metric tons each and each share in
the costs and capital expenditures.

While Alcoa's position as the operator of Jamalco provides positive benefits
given Alcoa's global expertise in alumina and aluminum production, the
single-location nature of the facility and the potential for labor and other
disruptions presents a greater risk factor to Clarendon Alumina.  Clarendon
Alumina's share of the output is sold principally to Glencore under
long-term contracts.  The pricing mechanism varies with a portion of the
sales under fixed price agreements and the balance based upon a percentage
of the LME aluminum price.  As a consequence of the fixed price component of
its contract position, Clarendon Alumina's earnings performance has
deteriorated due to the inability to cover its increased cost base or take
advantage of increased pricing for alumina.  Moody's does not expect this
situation to materially change in the near term although Clarendon Alumina
has hedged its price exposure to contracts priced on a floating basis
through calendar 2007, which, absent further significant increase in the
price of fuel, should mitigate the degree of earnings compression.
Nonetheless, Moody's expects the company to continue to be negative free
cash flow generative and likely to continue to need support from the
government given Clarendon Alumina's lack of other external sources of
liquidity.

The stable outlook acknowledges the favorable conditions currently existing
for aluminum and alumina and the modest improvement that Clarendon Alumina
should be able to obtain for a portion of its alumina sales.  The outlook
also considers the position of Clarendon Alumina within the Jamaican mining
and quarrying sector, the support provided to the company by the government,
and Moody's expectation that the government will continue to provide funds
as necessary for the company to meet ongoing obligations.  Due to the
current challenging cost position, limited upside alumina price potential,
and high degree of leverage, upside rating movement is unlikely.  The rating
could be lowered should Clarendon Alumina continue to experience escalating
production costs, alumina price realizations contract significantly in a
falling aluminum price environment, or should any of the key variables
impacting the GRI rating methodology change.

Moody's assigned this rating with a stable outlook:

   -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2.

Clarendon Alumina Production Limited, located in Kingston Jamaica, had
revenues of US$125 million in its fiscal year ended March 31, 2006.




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


AMB PROPERTY: To Complete Unit's Dissolution by End of November
---------------------------------------------------------------
AMB Property LP has reported the dissolution of AMB Institutional Alliance
Fund I, LP.  Fund I completed the sale of substantially all of its assets in
December 2005.  After the final distribution of assets to its partners, Fund
I will be finally dissolved and cancelled.  AMB expects to complete the
dissolutions by the end of November.

These partners and subsidiaries will also be dissolved:

     -- AMB Institutional Alliance, REIT I, Inc.
     -- AMB Fund Special GP, LLC
     -- AMB/TR Three 2000, Ltd.
     -- Dulles Airport Development, LLC

Inquiries may be directed to:

        Lindsey Adams
        AMB Property, LP
        Pier 1, Bay 1,
        San Francisco, CA 94111

AMB Property Corp. -- http://www.amb.com/-- owns and manages commercial
properties in the US, France, and Mexico.  Includes property portfolio,
alliance partner center, and investor center.  The Company operates its
business through its subsidiary, AMB Property, L.P.  As of Sept. 30, 2006,
AMB owned, or had investments in, on a consolidated basis or through
unconsolidated joint ventures, properties and development projects expected
to total approximately 124.8 million square feet (11.6 million square
meters) and 1,109 buildings in 42 markets within 11 countries.


BALLY TOTAL: Posts US$5.7 Million Third Quarter 2006 Net Loss
-------------------------------------------------------------
Bally Total Fitness Holding Corp. incurred a US$5.7-million, or 14 cents per
share, net loss from continuing operations in the third quarter of 2006,
Reuters reports.

Reuters relates that Bally Total's net loss increased in the third quarter
of 2006, from a net loss of US$214,000, or a penny per share, in the same
period of 2006.

Bally Total told Reuters that its performance was hurt by unfavorable
pricing and membership trends.

Bally Total's net revenue increased slightly to US$248.37 million in the
third quarter of 2006, from US$247.9 million in the third quarter of 2005,
Reuters states.

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE: BFT) --
http://www.Ballyfitness.com/-- is a commercial operator of fitness centers,
with over 400 facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports Clubs, and
Sports Clubs of Canada brands.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed its junk credit ratings for Bally Total
Fitness Holding Corp., including the company's US$235 million 10.5% senior
unsecured notes (guaranteed) due 2011 and US$300 million 9.875% senior
subordinated notes due 2007.  Moody's said the rating outlook remains
negative.


BALLY TOTAL: Will Launch Operations in Jacksonville
---------------------------------------------------
Kevin Craig, a franchisee of Bally Total Fitness, will launch the firm's
first health club at the intersection of Baymeadows Road and Philips Highway
in Jacksonville, the Florida Times-Union reports.

The Times-Union states that the first Bally Total location will be in a new
shopping center owned by Ash Properties Inc.

Hawk St. John, Ash Properties commercial leasing consultant, told the
Times-Union that Bally Total signed the lease for his location on Nov. 3.
He said he expects the gym to help attract clients for other tenants in the
center.

"It will be a perfect complement to the location," Mr. St. John commented to
the Times-Union.

The Times-Union underscores that the Baymeadows location will open in a
temporary, 4,500-square-foot site in January 2007, which will then be
expanded to 33,000 square feet.

Mr. Craig told the Times-Union, "Our great advantage is that we're buying a
successful operations model.  We also have a brand awareness from the US$50
million national ad campaign that Bally already airs locally."

According to the Times-Union, Mr. Craig hopes to add several locations over
the next few years.

Bally Total already holds a large share of the health club industry that
brought in US$15.9 billion in revenue in 2005, the Times-Union says, citing
the International Health, Racquet & Sportsclub Association.

Bob Moschorak, Bally Total's managing director of franchising, explained to
the Times-Union that until recently the firm's national franchise program
was dormant.  The company has also struggled financially, almost defaulting
on existing debt before creditors kicked in US$284 million in loans to
refinance it.

The Times-Union relates that Bally Total re-launched its US franchise
program in June.  It will focus franchising in markets where the firm has no
unit.

Bally Total's national advertising sometimes makes pent-up demand in markets
where locations don't exist, like as Jacksonville, the Times-Union notes,
citing Mr. Moschorak.

Mr. Moschorak told the Times-Union, "This is a key example of the type of
strategy Bally is putting in place.  It complements the existing investment
we've made in our brand and infrastructure."

Officials at other local gyms stated that they don't expect Bally Total to
eat into their share of the market, the Times-Union notes.

Having more gym-oriented advertising might even boost the percentage of the
population that goes to a gym, the Times-Union says, citing Jay Kaplan,
chief operating officer of Gold's Gym.

Mr. Kaplan told the Times-Union, "It gets people shopping.  Whether they
stop at a Gold's Gym first or a competitor first, it still gets people off
the couch and out looking for health club memberships."

Bally Total's move could help attract more clients into health clubs, David
Bailey, co-owner of Bailey's Powerhouse Gym, commented to the Times-Union.
He is, however, concerned customers might confuse the Bally Total with his
firm.

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE: BFT) --
http://www.Ballyfitness.com/-- is a commercial operator of fitness centers,
with over 400 facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports Clubs, and
Sports Clubs of Canada brands.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed its junk credit ratings for Bally Total
Fitness Holding Corporation, including the company's US$235 million 10.5%
senior unsecured notes (guaranteed) due 2011 and US$300 million 9.875%
senior subordinated notes due 2007.  Moody's said the rating outlook remains
negative.


CINRAM INTERNATIONAL: Earns US$18.4MM in Quarter Ended Sept. 30
---------------------------------------------------------------
Cinram International Income Fund reported consolidated revenue of US$477.2
million for the quarter ended Sept. 30, 2006, decreasing from US$544.7
million in 2005, principally as a result of lower DVD and CD sales.

The Fund recorded net earnings of US$18.4 million for the quarter, down from
net earnings of US$35.5 million for the third quarter of 2005.

"Our results were in line with expectations of softer DVD sales in the third
quarter compared to the exceptionally strong third quarter performance we
reported in 2005.  Looking out to 2007, we are confident that our customers'
upcoming slate of releases will translate into DVD unit volume growth on a
year-over-year basis," said Dave Rubenstein, Cinram Chief Executive Officer.

Cinram generated third quarter earnings before interest, taxes and
amortization of US$89.3 million compared with US$118.5 million in 2005, due
to lower DVD and CD volumes, increased one-time costs, and lower printing
and distribution revenue, which were offset by lower raw material costs as
well as cost reductions and efficiencies.

Cinram's liquidity and balance sheet remained strong in the third quarter.
The Fund had cash on hand of US$108.9 million, debt of US$679.1 million,
resulting in a net debt position of US$570.2 million at Sept. 30, 2006.
Cinram's US$150-million revolving line of credit was not used during the
third quarter and currently remains undrawn. Working capital was US$208.4
million at Sept. 30, 2006, relatively unchanged from
June 30, 2006.

                 Year-to-Date Performance

Consolidated revenue for the nine months ended Sept. 30, 2006, was US$1.3
billion, compared with US$1.4 billion in 2005.  EBITA for the nine months
decreased to US$215.4 million from US$268.8 million in 2005.  Year-to-date
EBITA declined relative to 2005 as a result of lower DVD, CD and printing
revenue, as well as increased costs related to Sarbanes-Oxley compliance and
severance costs.  EBITA for the nine months ended
Sept. 30, 2006, also included unusual items of US$11.1 million related to
restructuring expenses and costs incurred in relation to the May income
trust reorganization.

The Fund reported net earnings of US$3.7 million for the nine months ended
Sept. 30, 2006, compared with net earnings of US$44.2 million in 2005.

                       Product Revenue

Third quarter DVD revenue was down 15% to US$237.4 million from US$279.6
million in 2005 principally as a result of lower volume for some from our
major customers and their comparatively strong performance in the third
quarter of 2005.  DVD sales remained our major source of revenue,
representing 50% of consolidated revenue for the third quarter compared with
51 per cent last year.  For the nine months ended Sept. 30, 2006, DVD
revenue was down 10% to US$650.1 million from US$723.2 million in 2005.  On
a year-to-date basis, DVD revenue accounted for 49% of consolidated revenue,
compared with 50 per cent in the comparable prior year period.

Cinram recorded third quarter and year-to-date high-definition DVD revenue
of US$1.6 million and US$2.8 million, respectively, following the June
retail launch of both formats.

CD revenue decreased 16% in the third quarter to US$71.8 million from
US$85.7 million in 2005, and declined 11% year-to-date relative to 2005,
part of which was attributable to cessation of CD manufacturing operations
at Louviers in France earlier this year.

Printing revenue for the third quarter was down three per cent to US$63.3
million from US$65.2 million in 2005, primarily due to lower DVD and CD
replication volume.  For the year to date, printing revenue dropped 13% to
US$145.5 million from US$167.6 million, principally as a result of lower DVD
volumes for customers for whom the company provides related printing
products.

Distribution revenue declined four per cent in the third quarter to US$66.1
million from US$68.9 million in 2005.  The impact of the decline in DVD
revenue on distribution was mitigated in the third quarter as some of its
major customers shipped a greater proportion of units from inventory that
was replicated in previous periods.  On a year-to-date basis, distribution
revenue increased four per cent to US$205.6 million from US$197.7 million in
2005, with the full nine-month contribution from new Twentieth Century Fox
Home Entertainment business in Europe.

Giant Merchandising generated revenue of US$31.8 million in the third
quarter rose 6% from US$30.1 million in 2005.  For the nine months ended
Sept. 30, 2006, Giant Merchandising recorded revenue of US$97.1 million
compared with US$97.4 million in 2005.

                     Geographic Revenue

North American revenue declined 12% in the third quarter to US$360.6
million, compared with US$410.8 million in 2005, principally as a result of
lower DVD and CD sales.  Year-to-date, North American revenue was down 11
per cent to US$981.0 million from US$1.1 billion in 2005 as a result of
lower DVD, CD and printing revenue.  North America accounted for 76% and 74%
of third quarter and year-to-date consolidated revenue, respectively,
compared with 75% and 76%, respectively, in 2005.

European revenue decreased 13% in the third quarter to US$116.6 million from
US$133.9 million in 2005 as a result of lower DVD, CD and distribution
revenue from The Entertainment Network.  Year-to-date, European revenue
declined marginally to US$342.9 million from US$345.0 million in 2005.
Third quarter European revenue represented 24 per cent of consolidated sales
compared with 25% in the third quarter of 2005.  Year-to-date, European
revenue represented 26% of consolidated revenue, up from 24% in 2005.

                       Distributions

The Fund paid distributions of US$40.3 million in the third quarter.
Cinram's current annual distribution policy remains unchanged at CDNUS$3.25
per unit, to be paid in monthly distributions of CDNUS$0.2708 on or about
the 15th day of the month to unit holders of record on the last business day
of each previous month.

Cinram has declared a cash distribution of CDNUS$0.2708 per unit for the
month of November 2006, payable on Dec. 15, 2006, to unit holders of record
at the close of business on
Nov. 30, 2006.

Cinram International Limited Partnership has also declared a cash
distribution of CDNUS$0.2708 per Class B limited partnership unit for the
month of November 2006, payable on
Dec. 15, 2006, to unit holders of record at the close of business on Nov.
30, 2006.

                   Full Year 2006 Guidance

Cinram expects to generate EBITA for the year ending
Dec. 31, 2006, in the range of US$335 to US$340 million, including unusual
items for the full year, which are expected to result in a net gain of
US$4.1 million.  Cinram also expects capital expenditures to be in the range
of US$70 million for the full year in 2006.  This guidance does not include
the impact of any future merger or unidentified restructuring charges, as
well as sales and acquisitions of operating assets that may occur from time
to time due to management decisions and changing business circumstances,
which the Fund is currently unable to forecast.

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International Income Fund,
provides pre-recorded multimedia products and related logistics services.
With facilities in North America and Europe, Cinram International Inc.
manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio
CDs, audio cassettes and CD-ROMs for motion picture studios, music labels,
publishers and computer software companies around the world.  The company
has sales offices in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior secured rating to
the US$825 million credit facility of Cinram International Inc. dated May 5,
2006, removing the provisional status from this rating.  Moody's also
withdrew the B1 senior secured rating from Cinram's prior credit facility,
originally dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed its B1 Corporate
Family Rating for Cinram International, Incorporated, as well as its B1
rating on the company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors will experience
a 32% loss in the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit rating on
prerecorded multimedia manufacturer Cinram International Inc. to 'BB-' from
'BB' following the company's announcement that it had successfully converted
into an income trust.  The ratings were removed from CreditWatch with
negative implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: Taps Fin'l Advisor for Strategic Review
-------------------------------------------------------------
Cinram International Income Fund's Board of Trustees disclosed it has
directed management to retain a financial advisor to review strategic and
financial alternatives.  This will include a careful review of Cinram's
business plan, growth strategy and market valuation.

"Although it does not appear that Cinram will be directly impacted by the
Department of Finance's Tax Fairness Plan for Canadians, this plan will
significantly change the landscape for income trusts in Canada.  Given these
circumstances, the Board of Trustees must consider such factors which could
ultimately impact the value of the Fund," said Henri A. Aboutboul,
chairperson of the Fund's Board of Trustees.

"The Board of Trustees is focused on creating long-term value for unit
holders.  To that end, we wish to carefully evaluate and pursue strategic
and financial alternatives which represent the best use of the Fund's
capital, taking into account our commitment to enhance the Fund's market
valuation and grow Cinram's business." Mr. Aboutboul stated.

As reported in the Troubled Company Reporter on Sept. 26, 2006, Cinram
informed Amaranth Advisors that its Board of Directors has no intention of
selling, or exploring the possibility of selling, the Fund or any of its
operating subsidiaries or their respective businesses.

The statement came in response to a memorandum issued by Amaranth Canada
Trust urging Cinram to immediately retain financial advisors to explore a
sale of the Fund, including a going private transaction.

Amaranth had issued the memorandum after the Amaranth investment fund group
announced significant trading losses in its natural gas trading business.
Following Amaranth's disclosure, the trust units of Cinram came under
intense selling pressure.

Amaranth Canada Trust has beneficial ownership of 8,000,000 trust units of
Cinram representing approximately 15.3% of the issued and outstanding trust
units, and is the largest equity holder in the fund.  Amaranth LLC
indirectly beneficially owns all units beneficially owned by Amaranth Canada
Trust.  Amaranth has an economic interest in 2,654,895 units.

                        About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/-- an
indirect wholly owned subsidiary Cinram International Income Fund, provides
pre-recorded multimedia products and related logistics services.  With
facilities in North America and Europe, Cinram International Inc.
manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio
CDs, audio cassettes and CD-ROMs for motion picture studios, music labels,
publishers and computer software companies around the world.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior secured rating to
the US$825 million credit facility of Cinram International Inc. dated May 5,
2006, removing the provisional status from this rating.  Moody's also
withdrew the B1 senior secured rating from Cinram's prior credit facility,
originally dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the US
manufacturing sector, the rating agency confirmed its B1 Corporate Family
Rating for Cinram International, Incorporated, as well as its B1 rating on
the company's US$675 million Senior Secured Term Loan.  The debentures were
assigned an LGD3 rating suggesting creditors will experience a 32% loss in
the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit rating on
prerecorded multimedia manufacturer Cinram International Inc. to 'BB-' from
'BB' following the company's announcement that it had successfully converted
into an income trust.  The ratings were removed from CreditWatch with
negative implications, where they were placed March 3, 2006.


DELTA AIR: Posts US$46 Million Third Quarter 2006 Net Loss
----------------------------------------------------------
Delta Air Lines reported that incurred US$46 million net loss in the third
quarter of 2006.  It was a US$392 million improvement compared with the
US$438 million net loss excluding reorganization and special items in the
third quarter of 2005.

Delta Air's net income increased by US$1.2 billion to US$52 million in the
third quarter of 2006, compared with the same period of 2005.

Gerald Grinstein, the chief executive officer of Delta Air, commented,
"Delta's accomplishments of the past quarter -- from our second consecutive
quarterly operating profit, to improving our customers' experience by
launching our new domestic transcontinental product, and completing our goal
of fleet simplification -- are evidence of the continued progress we are
making in transforming our company.  Without a doubt, these are demanding
times at Delta, and Delta people are more focused than ever on our mission
to emerge from bankruptcy as a profitable, competitive, stand-alone
airline."

Delta Air's third quarter operating revenues increased by 8.1%, or US$351
million, compared with the third quarter of 2005, despite a 3.4% decrease in
capacity and an estimated US$40 million negative impact of increased
security measures after the security threat in London in August.  Passenger
unit revenues (PRASM) increased 12.9% compared with the September 2005
quarter due to an 11.5% improvement in passenger mile yield.

Operating expenses of Delta Air for the third quarter of 2006 decreased
1.3%, or US$57 million, from the corresponding period in the prior year,
despite a fuel expense increase of US$246 million attributable to higher
fuel prices.  Fuel prices rose 20.3% year over year to an average of US$2.19
per gallon, driving a 2.3% increase in consolidated unit costs (CASM).  As a
result of the cost reduction initiatives in Delta's restructuring plan,
mainline CASM excluding fuel and special items decreased 4.8% to 6.77 cents.

                   Restructuring Progress

In September 2005, Delta Air disclosed a comprehensive restructuring plan
intended to deliver US$3 billion in annual financial benefits through
revenue improvements and cost reductions by the end of 2007.  As of Sept.
30, 2006, Delta has achieved 85% of the targeted benefits under its plan.
During the September 2006 quarter, the company took these under its
restructuring plan:

          -- Delta Air made significant improvements in its unit
             revenue performance by restructuring its overall
             network and rebalancing the mix of domestic and
             international flying.  Delta Air's strategic
             initiative to shift capacity from domestic to
             international flying resulted in year over year
             improvements to both domestic and international
             passenger unit revenues, which increased 18.1%
             and 3.3%, respectively, for the September 2006
             quarter.  For the month of September, Delta Air's
             passenger unit revenue on a length-of-haul adjusted
             basis was 92% of industry average, up from 84% for
             the same month last year, illustrating the
             company's progress in closing the gap to industry
             standard.

          -- Through more than 100,000 messages and dozens of
             visits to Capitol Hill, employee and retiree
             grassroots advocacy pushed pension reform
             legislation through the legislative process,
             culminating in US President George W. Bush signing
             The Pension Protection Act of 2006 into law.  As a
             result of the law's enactment, Delta Air does not
             intend to terminate the defined benefit pension
             plan for its active and retired ground and flight
             attendant employees.

          -- In September, the Bankruptcy Court ruled that Delta
              Air met the financial requirements for a distress
              termination of the Delta Pilots Retirement Plan
              (Pilot Plan).  Unfortunately, the Pension
              Protection Act of 2006 will not allow Delta Air to
              preserve the Pilot Plan, as it provides no relief
              from the unaffordable costs from the Pilot Plan's
              lump sum feature.  The company is continuing
              discussions with the Pension Benefit Guaranty
              Corp. regarding termination of the Pilot Plan.

           -- Delta Air and its retirees, represented by two
              committees created in accordance with Section 1114
              of the Bankruptcy Code, agreed to changes to
              healthcare benefits for existing retirees that
              will result in US$50 million in annual savings for
              Delta Air.  The changes, approved by the
              Bankruptcy Court on Oct. 20, 2006, will take
              effect on Jan. 1, 2007.

           -- Delta Air achieved its goal of eliminating four
              aircraft types from its fleet, reducing its fleet
              by an additional 17 aircraft during the September
              2006 quarter.  Since filing for bankruptcy, Delta
              Air has rejected, returned or sold 123 aircraft as
              of Sept. 30, 2006.  As part of its restructuring,
              the company intends to reduce its fleet by at
              least 20 additional regional aircraft.

Edward H. Bastian, Delta Air's executive vice president and chief financial
officer, said, "Our restructuring efforts continue to result in significant
year-over-year improvements to both our operating income and margin.
Despite the nearly US$250 million impact of higher fuel prices, we improved
our operating profits by more than US$300 million for the quarter.  While we
certainly have more work ahead of us, our business plan is on track and we
look to emerge from bankruptcy in the first half of next year."

                         Liquidity

At Sept. 30, 2006, Delta Air had US$3.9 billion in cash, cash equivalents
and short-term investments, of which US$2.8 billion was unrestricted.
Capital expenditures during the September 2006 quarter were US$95 million
and debt maturity payments were US$181 million.  At Sept. 30, 2006, Delta
Air was in compliance with all of the financial covenants in its
post-petition financing arrangements.

                        Fuel Hedging

For the September 2006 quarter, Delta Air hedged 69% of its fuel
consumption.  In accordance with SFAS No. 1336, Delta Air recognizes certain
changes in the fair market values of its fuel hedge contracts in its
Consolidated Statements of Operations, which in the September 2006 quarter
included a US$31 million charge to miscellaneous expense, net to account for
the ineffective portion of hedge contracts in the current and future
quarters.

As of Oct. 31, 2006, Delta Air had hedged 71% of its planned fuel
consumption for the December 2006 quarter and the company is currently
forecasting its average fuel price for the quarter at US$2.03 per gallon.

In the third quarter of 2006, Delta Air recorded a US$98 million non-cash
gain from reorganization items.  These items primarily relate to a decrease
in previously estimated pre-petition bankruptcy claims for the restructuring
of aircraft financing arrangements.
In the third quarter of 2005, Delta Air recorded US$692 million in net
charges for reorganization and special items, including:

          -- a US$607 million charge for reorganization items
             related to the rejection of aircraft leases and the
             write-off of debt issuance costs and discounts, and

          -- an US$85 million settlement charge related to the
             company's defined benefit pension plan for pilots.

Delta Air also filed its Monthly Operating Report for September 2006 with
the U.S. Bankruptcy Court.  The company reported a net loss of US$6 million
for the month.  Excluding reorganization items, the September 2006 net loss
was US$134 million.

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


DELTA AIR: Will Recall 1,000 Flight Attendants in 2007
------------------------------------------------------
Delta Air Lines disclosed plans of recalling an additional 1,000 flight
attendants next year.  This latest recall will start in January 2007 with
500 previously fired flight attendants scheduled for training in the first
few months of the year.

Jim Whitehurst, the chief operating officer of Delta Air, said, "Our recalls
will help ensure a smoother operation for our customers and our people as we
build a more competitive network during what is the largest and most
exciting international expansion in Delta's history."

Delta Air has added or announced over 70 new international routes since
2005, with many of the routes starting later this year and during 2007.

Mr. Whitehurst commented, "It is great that our plan is working and we are
able to continue to bring back Delta people."

Delta Air disclosed in September a recall of over 200 flight attendants, and
its second pilot recall of 2006, for a total of 130 pilots recalled this
year.  The company also continues to recall maintenance personnel and is
hiring in its Airport Customer Service and Reservation divisions.

Delta Air continues to make significant progress in all areas of its
restructuring and remains on track to emerge from Chapter 11 during the
first half of 2007.

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


FORD MOTOR: To File Third Quarter 2006 Report on Nov. 14
--------------------------------------------------------
In a Nov. 9, 2006, filing with the U.S. Securities and Exchange Commission,
Ford Motor Co. disclosed that it is restating
its financial statements for the third quarter ended
Sept. 30, 2005, and finalizing its financial results for the third quarter
ended Sept. 30, 2006, to reflect the changes in fair value of its derivative
instruments as gains and losses, without recording any offsetting change in
the value of the debt it was economically hedging.

Because the analysis and preparation of its restated financial information
is not yet complete, Ford said it will be filing its quarterly report on
Form 10-Q for the period ended
Sept. 30, 2006, by Nov. 14, 2006, instead of Nov. 9.

Ford's indirect wholly owned subsidiary Ford Motor Credit Co. became aware
of a matter related to the application of paragraph 68 of Statement of
Financial Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities, as amended, during the preparation of
its response to a comment letter from the Division of Corporation Finance of
the Securities and Exchange Commission.

Ford performed a review of the company and Ford Credit's hedge accounting
policies and practices relating to the "assumption of no ineffectiveness"
for interest rate swaps pursuant to paragraph 68 of SFAS No. 133.  Although
the interest rate swaps were and continue to be highly effective economic
hedges, the company has determined that nearly all of the trans-actions
failed to meet the requirements of Paragraph 68.

              Preliminary Third Quarter 2006 Results

On Oct. 23, 2006, the company issued a press release announcing its
preliminary financial results for the third quarter ended Sept. 30, 2006.
The company also furnished the preliminary results to the SEC in its Current
Report on Form 8-K dated
Oct. 20, 2006.

For the third quarter of 2006, the company reported a preliminary net loss
of US$5.8 billion, compared with a US$284 million net loss for the third
quarter of 2005.

Excluding special items, the third quarter loss from continuing operations
was US$1.2 billion compared with a loss of US$191 million a year earlier.

                      About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents including Brazil and Mexico in Latin
America.  With more than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover,
Lincoln, Mazda, Mercury and Volvo.  Its automotive-related services include
Ford Motor Credit Company and The Hertz Corp.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 24, 2006,
Standard & Poor's Ratings Services placed its 'B' senior unsecured debt
issue ratings on Ford Motor Co. on CreditWatch with negative implications.
At the same time, S&P affirmed all other ratings on Ford, Ford Motor Credit
Co., and related entities, except the rating on Ford Motor Co. Capital Trust
II 6.5% cumulative convertible trust preferred securities, which was lowered
to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debt holders.  Under Fitch's recovery rating scenario it was
estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a Recovery Rating of
'RR3' (50-70% recovery).

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance, with automotive operations generating a pre-tax
loss of US$1.8 billion and a negative operating cash flow of US$3 billion,
was consistent with the expectations which led to the Sept. 19 downgrade of
the company's long-term rating to B3.


GENERAL MOTORS: Higher Costs Result to Car Price Hike in 2007
-------------------------------------------------------------
General Motors Corp. has raised prices on about one-third of its 2007
model-year vehicles in the United States to cover increased costs for steel
and other commodities, Reuters reports.

The price increases range from US$60 to US$425 per vehicle at an average of
about 0.5% increase per vehicle, affecting 239 of GM's 681 vehicle models
and its variants, the report said.

                   About General Motors

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

                        *    *    *

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

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

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

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


GRUPO FINANCIERO: Unit Issues US$600-Million Debt Securities
------------------------------------------------------------
Grupo Financeiro Banorte, through its subsidiary Banco Mercantil del Norte,
has placed US$600-million in debt securities internationally, LatinLawyer
Online reports.

Michael Fitzgerald of Milbank, Tweed, Hadley & McCloy LLP -- advisors of
Banorte -- told LatinLawyer that the two-tiered capital securities were more
than three times over-subscribed.  This is a sign of the level of confidence
in Banorte and in Mexico's political and economic outlook.

"There is a strong market for debt securities issued by high-quality Mexican
issuers.  Years ago, observers of Banorte said it would not be able to
compete with international banks and would have to be sold, but recent years
have seen it compete very effectively," Mr. Fitzgerald explained to
LatinLawyer.

According to LatinLawyer, the issuance was divided between two series:

          -- the first placed US$200 million worth of bonds
             payable over 15 years with a 6.8% interest rate,
             and

          -- the second series contained US$400 million of
             notes, payable over 10 years with a 6.1% interest
             rate.

LatinLawyer underscores that the funds raised will fund growth in Mexico and
the US.

Credit Suisse, Morgan Stanley and UBS were the underwriters in the
transaction, LatinLawyer states.

Grupo Financiero Banorte SA de CV is a holding company that operates,
through its subsidiaries, in the Mexican banking industry.  The company's
main activities include commercial, personal and investment banking,
securities trading, insurance, pension funds, leasing and credit financing.
Its two main subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as credit and debit
cards, insurance products, savings accounts and mortgage financing.  As of
Dec. 31, 2005, Grupo Financiero Banorte run a total of 986 offices and over
2,800 automated teller machines across Mexico.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Fitch upgraded the individual and Issuer Default
Ratings of Mexico's Grupo Financiero Banorte and Banco Mercantil del Norte
as:

Grupo Financiero Banorte and Banco Mercantil del Norte:

   -- Foreign & local currency IDR to 'BBB' from 'BBB-';
   -- Short-term local currency to 'F2' from 'F3'; and
   -- Individual to 'C' from 'C/D'.

Fitch said ratings outlook is stable.


KENDLE INTERNATIONAL: Earns US$3.9 Mil. in Third Quarter of 2006
----------------------------------------------------------------
Kendle International Inc. has reported its third quarter 2006 financial
results.  Reflected in the company's third quarter performance are results
from mid-August through Sept. 30 related to its acquisition of the Phase
II-IV clinical services business of Charles River Laboratories International
Inc.  Kendle completed this acquisition on Aug. 16.

Net service revenues for third quarter 2006 were US$75.2 million, an
increase of 46% over net service revenues of US$51.6 million for third
quarter 2005.

Of the growth in net service revenues, 24% was organic growth with the
remainder of the growth due to the acquisition.  Income from operations for
the third quarter 2006 was approximately
US$8.1 million, or 11% of net service revenues, compared with income from
operations of approximately US$5.5 million in third quarter 2005.

Net income for the quarter was approximately US$4 million after accounting
for certain acquisition-related expenses compared with net income of US$3.4
million in third quarter 2005.

New business awards were a record US$148 million for third quarter 2006, an
increase of 76% over new business awards in second quarter 2006.

Contract cancellations for the quarter were US$7 million.  Total business
authorizations, which consist of signed backlog and verbally awarded
business, totaled a record US$590 million at
Sept. 30, 2006, a 69% increase from June 30, 2006.

"Kendle continues to focus first and foremost on meeting the global clinical
development needs of our customers," PharmD chairman and chief executive
officer Candace Kendle said.

"Our enhanced position in the marketplace and expanded therapeutic expertise
are already having a strong impact on our results.  During the quarter we
delivered significant growth in backlog and new business awards, further
strengthening and diversifying our customer base and demonstrating the
confidence our customers have in Kendle as a global provider."

She continued, "We are very pleased with the pace at which the integration
is progressing and believe we are well positioned to meet the increasing
needs of our customers for large global programs across all therapeutic
areas and geographic regions."

Net service revenues by geographic region for the third quarter were 59% in
the Americas, 38% in Europe, and 3% in the Asia/Pacific region.

The top five customers based on net service revenues accounted for 30% of
net service revenues for third quarter 2006 compared with 34% of net service
revenues for third quarter 2005.

Reimbursable out-of-pocket revenues and expenses were
US$21.5 million for third quarter 2006 compared with US$12.9 million in the
same quarter a year ago.

Cash flow from operations for the quarter was a positive
US$9.6 million.  Cash and marketable securities totaled
US$27.9 million, including US$2.6 million of restricted cash.

Days sales outstanding in accounts receivable were 46 and capital
expenditures for third quarter 2006 totaled US$1.9 million.

Net service revenues for the nine months ended Sept. 30, 2006, were US$197.1
million compared with net service revenues of
US$149.2 million for the nine months ended Sept. 30, 2005.

Net service revenues by geographic region for the nine months ended Sept.
30, 2006, were 60% in the Americas, 37% in Europe, and 3% in the
Asia/Pacific region.

The top five customers based on net service revenues accounted for 29% of
net service revenues for the first nine months of 2006 compared with 35% of
net service revenues for the first nine months of 2005.

Income from operations for the nine months ended Sept. 30, 2006, was
approximately US$21.8 million, or 11% of net service revenues, compared with
income from operations of approximately US$12 million, or 8% of net services
revenues, in the first nine months of 2005.

For the three months ended Sept. 30, 2006, the Company reported US$3.997
million of net income compared with US$3.394 million of net income in the
comparable period in 2005.

Cash flow from operations for the nine months ended Sept. 30, 2006, was a
positive US$17.1 million.  Capital expenditures for the nine-month period
totaled US$6.1 million.

                 About Kendle International

Cincinnati, Ohio-based Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research organization and is
the fourth-largest provider of Phase II-IV clinical development services
worldwide to biopharmaceutical companies.  It delivers integrated clinical
research services, including clinical trial management, clinical data
management, statistical analysis, medical writing, regulatory consulting and
organizational meeting management and publications services on a contract
basis to the biopharmaceutical industry.  The company operates in North
America, Europe, Asia Pacific, Latin America, and Africa.  Kendle's 3,000
associates worldwide have conducted clinical trials and provided regulatory
and pharmacovigilance services in more than 80 countries including Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006, Moody's
Investors Service revised Kendle International Inc.'s Corporate Family
Rating to B2 from B1 in connection with the rating agency's implementation
of its new Probability-of-Default and Loss-Given-Default rating methodology.

Standard & Poor's Ratings Services assigned in June 2006 its 'B+' corporate
credit rating and stable outlook to Cincinnati, Ohio-based pharmaceutical
contract research organization Kendle International Inc.


NORTEL NETWORKS: Declares Preferred Share Dividends
---------------------------------------------------
The board of directors of Nortel Networks Limited has declared a dividend on
each of the outstanding Cumulative Redeemable Class A Preferred Shares
Series 5 and the outstanding Non-cumulative Redeemable Class A Preferred
Shares Series 7.

The dividend amount for each series is calculated in accordance with the
terms and conditions applicable to each respective series, as set out in the
Company's articles.  The annual dividend rate for each series floats in
relation to changes in the average of the prime rate of Royal Bank of Canada
and The Toronto-Dominion Bank during the preceding month and is adjusted
upwards or downwards on a monthly basis by an adjustment factor which is
based on the weighted average daily trading price of each of the series for
the preceding month, respectively.

The maximum monthly adjustment for changes in the weighted average daily
trading price of each of the series will be plus or minus 4.0% of Prime.
The annual floating dividend rate applicable for a month will in no event be
less than 50% of Prime or greater than Prime.  The dividend on each series
is payable on January 12, 2007 to shareholders of record of such series at
the close of business on December 29, 2006.

                   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.


ODYSSEY RE: Continues Convertibility of 4.375% Notes Due 2022
-------------------------------------------------------------
Odyssey Re Holdings Corp. disclosed that, under the terms of the indenture
governing its 4.375% convertible senior debentures due 2022, the Notes will
continue to be convertible during the period from Nov. 14, 2006, through
Feb. 13, 2007, as a result of the trading price of the company's common
stock exceeding certain thresholds set forth in the indenture.

The full terms of the conversion rights of the holders of the Notes are set
forth in the indenture.  Holders of the Notes may obtain information on how
to convert their Notes by contacting The Bank of New York, the Trustee and
Conversion Agent for the Notes, at:

                     The Bank of New York
                     Attn: Mr. Randolph Holder
                     Corporate Trust Operations
                     101 Barclay Street, Floor 7E
                     New York, NY  10286
                     Tel:  (212) 815-7198
                     Fax:  (212) 298-1915

Odyssey Re Holdings Corp. is an underwriter of property and casualty treaty
and facultative reinsurance, as well as specialty insurance.  OdysseyRe
operates through its subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.,
Clearwater Insurance Co., Newline Underwriting Management
Limited and Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto and Mexico
City.  Odyssey Re Holdings Corp. is listed on the New York Stock Exchange
under the symbol ORH.

                        *    *    *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2 from Moody's
and BB from Fitch.  The Company's senior unsecured debt and long-term issuer
default ratings also carry BB+ from Fitch.  Moody's placed its rating on
Oct. 12, 2005 with a stable outlook.  Fitch placed its ratings on March 23,
2006.


VITRO SA: Does Not Agree with Moody's Rating Actions on Nov. 3
--------------------------------------------------------------
Vitro SA de CV, expressed its view on the action taken by Moody's on Nov. 3,
2006, to change the outlook for the ratings of the company to negative from
stable.

Vitro does not concur with the rating action given its consistent delivery
on the financial plan established during mid-2005 and the continuous
improvement of its financial position.

These are the debt reduction milestones achieved as of the third quarter of
2006:

   -- Achieved on Sept. 30, 2006, the lowest comparable total
      gross debt;

   -- Lowered holding company debt year-on-year by US$103
      million to US$506 million;

   -- Lowered consolidated gross debt year-on-year by US$231
      million to US$1.209 billion, the lowest level ever on a
      comparable basis;

   -- Reduced consolidated net debt year-on-year by US$88
      million to US$1.132 billion; and

   -- Total Net Debt/EBITDA of 3.1 times.

These are the operating milestones achieved as of the third quarter of 2006:

   -- The company achieved an all-time highest comparable
      consolidated EBITDA;

   -- Glass Containers reached an all-time high for a third
      quarter comparable EBITDA; and

   -- Flat Glass reported the highest third quarter EBITDA since
      the third quarter of 2004.

These are the asset sales and capital raising milestones achieved as of the
third quarter of 2006:

   -- Divested its stake on Crisa for a total of US$119 million;

   -- Closed asset sales for a total of US$43 million, exceeding
      the US$40 million target; and

   -- Successfully completed a US$50 million rights offering
      that was 95% subscribed by current shareholders who
      strongly support Vitro's strategy.

As Vitro has stated in the past, it expects to reduce debt by US$300 million
at the holding company level.  Vitro has already obtained US$212 million
through the sale of Crisa, the equity offering and real estate sales.  The
company is actively working on a project that it expects will provide the
remaining US$100 million before year's end to accomplish its goal of holding
company debt reduction.

Vitro's bonds are trading above par and at the highest prices ever
demonstrating the market's understanding of the company's strategy,
recognizing the good financial standing of the company and the belief that
it will continue delivering on our commitments.

Vitro has had continuous access to the financial markets in the past few
years.  Vitro has never missed an interest or principal payment in its
97-year history -- a statement that cannot be made by many Mexican
industrial companies.  It has been diligent on delivering its financial plan
and expects to complete it before year-end.  With the completion of the
financial plan and the improved financial position, the company has a high
confidence that it will continue having wide access to the financial markets
and we expect to begin obtaining better conditions in our financings.

Vitro completed an equity offering on Nov. 1, 2006.  The use of proceeds of
these new funds will be to pay down debt.  The company said that it makes
little sense to have received a negative change in rating outlook two days
after new equity funds have come into the company.

Vitro has gone from a 4.2 times to a 3.3 times leverage ratio.  At the same
time, the company has gone from a rating of Ba3 to B2, and most recently
with a rating outlook being moved from Stable to Negative.  With this
figures and the above rationale, the company said that is having a hard time
understanding the logic of trend in ratings.

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its subsidiary
companies, is one of the world's leading glass producers.  Vitro is a major
participant in three principal businesses: flat glass, glass containers and
glassware.  Its subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine, liquor,
cosmetics and pharmaceutical glass containers; glassware for commercial,
industrial and retail uses.  Vitro also produces raw materials and equipment
and capital goods for industrial use, which are vertically integrated in the
Glass Containers business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint ventures with major
world-class partners and industry leaders that provide its subsidiaries with
access to international markets, distribution channels and state-of-the-art
technology.
Vitro's subsidiaries have facilities and distribution centers in eight
countries, located in North, Central and South America, and Europe, and
export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local and foreign
currency corporate credit ratings assigned to glass manufacturer Vitro SA de
CV and its glass containers subsidiary Vitro Envases Norteamerica SA de CV
(Vena) to 'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale corporate credit
rating assigned to Vitro to 'mxBB+' from
'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's notes due 2013
and Servicios y Operaciones Financieras Vitro
SA de CV notes due 2007 (which are guaranteed by Vitro) to 'CCC' from
'CCC+'.  Standard & Poor's also lowered the rating assigned to Vena's notes
due 2011 to 'B-' from 'B'.




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


CHIQUITA BRANDS: Posts US$96 Million Third Quarter 2006 Net Loss
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and operational
results for the third quarter 2006, in which net sales increased by 8%
year-over-year to US$1 billion, from US$954 million in the third quarter
2005.  The increase resulted primarily from increased banana volume in
Europe, higher banana pricing in North America and increased sales in retail
value-added salads.

The company reported a quarterly net loss of US$96 million, including a
noncash charge of US$43 million for goodwill impairment at Atlanta AG, its
German distributor.  In the third quarter 2005, the company reported net
income of US$300,000.

Fernando Aguirre, chairperson and chief executive officer, said, "Our third
quarter results were disappointing and worse than expected for several
reasons.  First, we recorded a noncash charge for goodwill impairment at
Atlanta AG due to a decline in its business performance resulting primarily
from intense pricing pressure in Germany.  Second, temperatures during the
third quarter reached record highs across much of northern Europe.  This
unusually hot weather reduced consumer demand for bananas, depressed prices
and contributed to substantial price weakness in trading markets, where we
incurred substantial losses on the sale of temporary excess supply from
Latin America.  Third, beginning in September, our Fresh Express operations
experienced lower sales and unforeseen costs due to consumer concerns
regarding the safety of fresh spinach in the United States, despite the fact
that no confirmed cases of consumer illness were linked to our Fresh Express
products."

Chiquita Brands' operating loss for the quarter ended
Sept. 30, 2006, was US$79 million, compared to operating income of US$20
million in the year-ago period.

For the quarter ended Sept. 30, 2006, operating cash flow was
US$27 million, compared with US$63 million in the year-ago period.

Total debt was US$990 million at Sept. 30, 2006, compared to US$1.1 billion
at Sept. 30, 2005.  Cash was US$102 million at
Sept. 30, 2006, compared to US$181 million at Sept. 30, 2005.

                 Quarterly Segment Result

In Chiquita Brands' Banana segment, net sales were US$444 million, up 8%
from US$411 million.  The operating loss for the segment was US$43 million,
compared to operating income of US$17 million in the prior year.

In the company's Fresh Select segment, net sales were US$291 million, up 8%
from US$268 million.  The operating loss was US$30 million, including a
US$29 million non-cash charge for goodwill impairment at Atlanta AG,
compared to an operating loss of US$3 million in the 2005 third quarter.

In the company's Fresh Cut segment, net sales were US$278 million, up 8%
from US$259 million.  The operating loss for the segment was US$3 million,
compared to operating income of US$7 million in the same quarter of 2005.

                Financial Covenant Waiver

Chiquita Brands further disclosed that, at the beginning of October it
obtained from its lenders a temporary waiver of certain financial covenants
in its revolving credit and term loan facility, effective through Dec. 15,
2006.  The company is currently seeking an amendment of its credit facility
to cure any violation of its covenants that otherwise would occur upon the
expiration of the temporary waiver and to provide additional flexibility in
future periods.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh
food products including bananas and nutritious blends of green salads.  The
company markets its products under the Chiquita(R) and Fresh Express(R)
premium brands and other related trademarks.  Chiquita employs approximately
25,000 people operating in more than 70 countries worldwide including
Panama.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006, Moody's
Investors Service affirmed all ratings for Chiquita Brands L.L.C. (senior
secured at Ba3), as well as for its parent Chiquita Brands International,
Inc. (corporate family rating at B2), but changed the outlook to negative
from stable.  The action followed the company's announcement that its
operating performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit supply.




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


BANCO CONTINENTAL: Appointed as Trustee for Callao Port Fund
------------------------------------------------------------
The National Ports Authority of Peru has selected BBVA Banco Continental as
trustee to a US$144-million fund to be used for the Callao Port development,
LatinLawyer Online reports.

LatinLawyer relates that Dubai Ports and Uniport won in June a 30-year
concession to develop and run Callao's south terminal.  The consortium had
offered an additional investment on the port as a whole.  The consortium
offered US$144 million in extra cash, to be paid in monthly installments.

Banco Continental will manage the distribution of the monthly installments,
LatinLawyer notes.

Jean Paul Chabaneix -- a representative of Rodrigo, Elias & Medrano Abogados
SCRL, which advised DP World Callao, the company the consortium has created
to operate the concession -- told LatinLawyer that the expected works will
allow post-Panamax vessels, which are container ships that are too large to
fit through the Panama canal, to stop in Callao.  The extra vessels would
increase the port's volume.

It was important to include checks and balances into the trust accord to
guarantee that the money would be properly used, LatinLawyer says, citing
Mr. Chabaneix.

Mr. Chabaneix told LatinLawyer, "The installments will run for a number of
years during the 30 year-concession and people at the authority deciding how
to invest the US$144 million will most likely change over time."

There was a lot of negotiation between the ports authority and DP World as
to how the funds should be administered, Juan Jose Cardenas of Rebaza,
Alcazar & De Las Casas Abogados Financieros, explained to LatinLawyer.

"The money is not just for the south terminal but for the whole the port.
Handling interests of DP World Callao and the state was the main task of
drafting the agreement," Mr. Cardenas told LatinLawyer.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2006,
Moody's Investors Service changed the outlook to positive from stable on the
B1 long-term foreign currency deposit ratings of Banco de Credito del Peru
and BBVA Banco Continental.  Moody's also changed the outlook to positive
from stable on the Ba2 subordinated debt rating of Banco de Credito del
Peru, Panama Branch's foreign currency subordinated notes due in 2021.  The
rating actions were in line with Moody's change in outlook to positive on
Peru's B1 foreign currency country ceiling for deposits and Ba2 country
ceiling for bonds.




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


MUSICLAND HOLDING: Inks Pact Allowing Panel to Pursue Actions
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in Musicland Holding Corp. and
its debtor-affiliates' chapter 11 cases intends to file actions against
various Secured Trade Creditors, including Paramount Pictures, Home Video
Division; Sony Pictures Home Entertainment, Inc.; and Twentieth Century Fox
Home Entertainment LLC, seeking the return of transfers that they received
within 90 days prior to Jan. 12, 2006.

The DIP Order provides that the Committee can, within 60 days from the date
of appointment of the Committee's counsel, file certain claims against the
Secured Trade Creditors.  Pursuant to several Court-approved stipulations,
the Committee's deadline to file the DIP STC Claims has been extended.

The Debtors assert that they may have potential causes of action against
Paramount, Sony Pictures and Twentieth Century -- the
Turnover Defendants -- relating to goods provided by those
Creditors and the Debtors' entitlement to certain deductions or
charge backs relating to the provision of those goods.

After engaging in consultations, the Debtors, the Creditors' Committee and t
he Informal Committee of Secured Trade Vendors have determined that it is
best and most cost-efficient for any and all claims and causes of action
against the Turnover Defendants to be pursued in conjunction with the
Creditors' Committee's pursuit of the Paramount/Sony/Twentieth Century
Preference Actions.

Accordingly, the parties stipulate that:

   (a) the Creditors' Committee is deemed to have standing and
       authority, as of Nov. 1, 2006, to investigate, pursue
       and prosecute all actions against the Turnover
       Defendants, including the Debtors' Turnover Action;

   (b) any settlement of the Turnover Action will need consent
       from the Informal Committee and the Responsible Person as
       defined in the Debtors' Plan of Liquidation; and

   (c) the Debtors and the Creditors' Committee agree to
       mutually cooperate and share information and documents,
       and the Debtors agree to reasonably cooperate in making
       their documents available to the Creditors' Committee for
       its review without formal subpoena or discovery demands.

Ms. Johnson asserts that the Settlement Agreement is fair and equitable,
falls well within the range of reasonableness and enables the parties to
avoid any further costs of negotiation and litigation.  "If the Court does
not approve the Settlement Agreement, the Debtors and St. Clair will likely
engage in a protracted litigation under the Adversary Action."

Headquartered in New York, New York, Musicland Holding Corp., is a specialty
retailer of music, movies and entertainment-related products.  The Debtor
and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from their
creditors, they estimated more than US$100 million in assets and debts.
(Musicland Bankruptcy News, Issue
No. 21; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


MUSICLAND HOLDING: Wants St. Clair Settlement Agreement Approved
----------------------------------------------------------------
Musicland Holding Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve their Settlement
Agreement with St. Clair Entertainment Group pursuant to Sections 105(a),
362 and 363(b)(1) of the Bankruptcy Code.

In January 2005, the Debtors entered into a consignment agreement with St.
Clair whereby the Debtors could order goods from St. Clair on consignment
and later remit payment to St. Clair if and when they sold the goods.

St. Clair purportedly perfected its interest in the consigned goods by
filing a financing statement pursuant to the Uniform Commercial Code.  St.
Clair is a supplier of entertainment-related goods, including, but not
limited to, digital videodisks and video movies.

As of Jan. 12, 2006, St. Clair asserted that the Debtors owed it
approximately US$230,526 generated by the Debtors' prepetition sale of
certain goods that it had delivered to the Debtors.

In Feb. 2006, at St. Clair's request, the Court modified the automatic stay
to allow St. Clair to proceed with an adversary proceeding against the
Debtors in an attempt to gain possession of the Sale Proceeds totaling
US$230,526.

In April 2006, St. Clair filed Claim No. 1633 against the Debtors, asserting
a secured claim for US$463,264 and a non-priority, general unsecured claim
for US$96,739.

St. Clair then filed an adversary proceeding in May 2006 against the Debtors
and Wachovia Bank, as agent for the Debtors' senior secured lenders, seeking
to recover the Sale Proceeds, plus interest.

The Debtors and Wachovia Bank have both objected to the Adversary
Proceeding.

In August 2006, the parties stipulated that the Informal Committee of
Secured Trade Vendors is permitted to intervene in the Adversary Proceeding.

Subsequently, the parties engaged in negotiations and ultimately entered
into a settlement to resolve the Adversary Proceeding,
Claim No. 1633 and other related disputes.

The salient terms of the Settlement Agreement are:

   * In full and final satisfaction of the claims alleged in the
     Adversary Proceeding and Claim No. 1633, St. Clair will
     have an Allowed Secured Claim for US$85,000 and an Allowed
     Unsecured Claim for US$145,000;

   * St. Clair's Allowed Unsecured Claim will be treated as a
     Class 5 Claim under the proposed Plan of Liquidation;

   * The parties will mutually release and discharge all claims
     and liabilities against each other; and

   * St. Clair will dismiss the Adversary Proceeding, with
     prejudice.

The Official Committee of Unsecured Creditors, Wachovia Bank and the
Informal Committee all support the proposed settlement,
Andrea L. Johnson, Esq., at Kirkland & Ellis LLP, in New York, informs the
Court.

Ms. Johnson asserts that the Settlement Agreement is fair and equitable,
falls well within the range of reasonableness and enables the parties to
avoid any further costs of negotiation and litigation.  "If the Court does
not approve the Settlement Agreement, the Debtors and St. Clair will likely
engage in a protracted litigation under the Adversary Action."

Headquartered in New York, New York, Musicland Holding Corp., is a specialty
retailer of music, movies and entertainment-related products.  The Debtor
and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from their
creditors, they estimated more than US$100 million in assets and debts.
(Musicland Bankruptcy News, Issue
No. 21; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)




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


BRITISH WEST: Flyer Miles Service Unusable Until April 2007
-----------------------------------------------------------
The BWEE Frequent Flyer Miles service of British West Indies Airlines aka
BWIA may not be used in booking for flights in BWIA until April 2007,
Newsday reports.

Several concerned individuals complained to Newsday that they called the
BWEE Miles center and were told that they may not be able to use Flyer Miles
to book tickets for the remainder of 2006 and possibly the first three
months of 2007.

Newsday relates that booking for flights using Flyer Miles may not be
possible, as all mile bookings for confirmed seats on BWIA for the rest of
2006 and early next year have been filled.

Sources told Newsday that this could be a case where people with Flyer Miles
wanted to use up as many miles as they could before BWIA shuts down and its
successor Caribbean Airlines takes over its operations.

Dionne Ligoure, BWIA communications manager, reiterated to Newsday that
Flyer Miles and club memberships will be transferred to Caribbean Airlines
and qualify on the new airline to guarantee client continuity and
confidence.

Caribbean Airlines will honor all tickets bought for travel on BWIA.  RBTT,
which has a partnership arrangement with BWIA for Miles Flyer, will be
maintaining this arrangement with Caribbean Airlines and no client will lose
miles when Caribbean Airlines becomes operational, Newsday notes, citing Ms.
Ligoure.

RBTT executives told Newsday that they have received no word from BWIA that
suggests that this arrangement has changed.

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

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

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




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


BANCO HIPOTECARIO: Gov't Spending US$250 Mil. to Capitalize Firm
----------------------------------------------------------------
The Uruguayan government posted on its Web site that it will spend up to
US$250 million to improve Banco Hipotecario del Uruguay's capitalization, as
part of a restructuring plan disclosed in March.

Business News Americas relates that the government has forwarded Banco
Hipotecario's restructuring bill to congress on Nov. 7.

According to BNamericas, the restructuring plan would allow Banco
Hipotecario to return to lending in the second quarter of 2007, due to the
creation of a new unit that will manage the its past-due loans and offload a
US$500-million debt with BROU.

BNamericas underscores that Banco Hipotecario would transfer about 40% of
its loan book to the new agency to decrease the level of past-due loans to
20% from 70.5%.

AEBU, Uruguay's powerful banking union, resisted the plan, fearing that it
will result to layoffs, BNamericas notes.

A spokesperson of Banco Hipotecario explained to BNamericas that about 500
of Banco Hipotecario's 900 workers would be transferred to the new agency or
asked to accept early retirement.

The spokesperson told BNamericas, "The reform is on but we know it will be
difficult to carry out without long meetings with AEBU.  We must be very
careful to implement the plan successfully without hurting any of the
workers' rights and comply with IMF requirements."

Banco Hipotecario will grant loans in the US$2,500-12,500 range with 4-5
year maturities at 5% annual interest rate.  The loans would be for families
with monthly incomes of around US$870, BNamericas says, citing the
spokesperson.

Banco Hipotecario del Uruguay is a state-run bank that focuses on financing
construction and individual mortgages.  It is the second largest bank in
Uruguay.

                        *    *    *

Moody's Investors Services placed these ratings on Banco
Hipotecario del Uruguay:

          -- Baa2 long-term local currency bank deposits;
          -- Caa1 long-term foreign currency bank deposits;
          -- Aaa.uy NSR long-term local currency bank deposits;
          -- E bank financial strength;
          -- NP on short-term bank deposits; and
          -- Ba2.uy NSR long-term foreign currency bank
             deposits.

Moody's said the outlook is stable.




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


CITGO PETROLEUM: Malenfant's Fuel Co. Distributing Firm's Fuel
--------------------------------------------------------------
The Penobscot Indian Nation has awarded Malanefant's Fuel Co. to distribute
fuel from Citgo Petroleum Corp. to the tribe's members, Bangor Daily News
reports.

According to Bangor Daily, the Penobscots have developed a relationship with
the Venezuelan government over the last couple of years, entering an
agreement with the government to have Citgo Petroleum sell discounted oil to
Maine's tribes:

          -- Maliseet,
          -- Micmac,
          -- Passamaquoddy, and
          -- Penobscot.

The Penobscots have awarded the contract to Malenfant's Fuel the second year
in a row, Bangor Daily relates.

Malenfant's Fuel told Bangor Daily that it has been doing business in the
area for about 40 years and is pleased to have been selected by the tribe.

"It's good for business.  We know we're going to get the money from Citgo.
It's good business.  It helps," Lou Malenfant, co-owner of Malenfant's Fuel,
commented to Bangor Daily.

Bangor Daily notes that the contract has not been signed yet.

However, Ms. Malenfant told Bangor Daily that oil delivery is expected to
start around Nov. 15.

Bangor Daily underscores that Citgo Petroleum was expected to provide about
950,000 gallons of discounted oil to almost 1,000 low-income residents on
the tribal reservation lands in 2005.

Ms. Malenfant told Bangor Daily, "It's going to be for more [this year].
More gallons to more people."

According to the report, the tribes receive a 40% discount off the market
price of Citgo Petroleum fuel.  The discount was expected to help tribal
residents save around US$900,000 in fuel costs last year.

Bango Daily notes that this year's deal is proposed to be slightly
different.  Of the 40% discount, half of the money will be returned to the
community and used for a variety of community needs from literacy education
to health care.

Bangor Daily emphasizes that interest in the program has risen around the
US.

The Maine tribes are expected to be part of the process of getting other
tribes in the country involved, Bangor Daily states.

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

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


CITGO PETROLEUM: McDermott Appealing on Pipe Fitting Ruling
-----------------------------------------------------------
McDermott International Inc., the parent company of parts manufacturer The
Babcock & Wilcox Co., told the Houston Business Journal that it will make an
appeal on the US$387-million court ruling that favored Citgo Petroleum Corp.
in the pipe fitting case.

As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2006,
a jury in Cook County Court Judge James Varga's courtroom ruled in favor of
Citgo Petroleum in the latter's lawsuit against The Babcock.  Citgo
Petroleum sued The Babcock in 2003, accusing the latter for being
responsible for a fire at Citgo Petroleum's Romeoville plant on Aug. 14,
2001.  A subsequent probe on the fire found that the fitting from The
Babcock was made of the wrong kind of metal to withstand the corrosive
chemicals in petroleum.  The jury ruled that the latter was 45% responsible
for the accident and that Unocal, the former owner of the refinery, was 40%
responsible for the fire.  The jury also said that Citgo Petroleum was 15%
liable for the fire.

The Babcock, under a settlement accord in December 2005, paid US$7.5 million
to the plaintiff, and limited its additional exposure to the plaintiff to a
maximum of US$42.5 million, which is payable after all appeals of the Citgo
Petroleum action and claims against The Babcock's insurance broker and
applicable insurers have been exhausted, The Business Journal relates.

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

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

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

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


DAIMLERCHRYSLER: Names B. Pilarski as Mergers Executive Director
----------------------------------------------------------------
DaimlerChrysler appointed Barbara J. Pilarski as
Executive Director for the firm's Mergers Acquisitions North and South
America operations, effective Jan. 1, 2007.

Ms. Pilarski will be responsible for all aspects of merger and acquisition
activities affecting North and South America for all DaimlerChrysler
business units.

Ms. Pilarski was formerly Director of Mergers Acquisitions.  She joined the
company in 1985 as a financial analyst, and has worked in various functions
including Controlling, Treasury and MA.

Ms. Pilarski replaces John C. Stellman who will retire at year-end.

Mr. Stellman, who joined Chrysler Corp. in 1968, played a key role in the
company's restructuring, negotiating the sale of nine
component-manufacturing operations.  He was also instrumental in structuring
a number of strategic partnerships including the Hybrid Cooperation among
DaimlerChrysler, General Motors and the BMW Group and the Global Engine
Manufacturing Alliance (GEMA) joint venture with Mitsubishi Motors Corp. and
Hyundai Motor Co.

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages in the
development, manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial vehicles
worldwide.  It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.  In Latin
America, Daimler/Chrysler is present in Argentina, Brazil and Venezuela.

The Chrysler Group segment offers cars and minivans, pick-up trucks, sport
utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names.
It also sells parts and accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees and
retirees, continuing high fuel prices and a stronger shift in demand toward
smaller vehicles.  At the same time, key competitors have further increased
margin and volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest rates caused
higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group as quickly
and comprehensively, measures to increase sales and cut costs in the short
term are being examined at all stages of the value chain, in addition to
structural changes being reviewed as well.


PETROLEOS DE VENEZUELA: Gov't Wants Majority Stake in La Ceiba
--------------------------------------------------------------
The government of Venezuela wants Petroleos de Venezuela, the state-run oil
firm of Venezuela, to have a majority stake in ExxonMobil Corp.'s La Ceiba
oil field, MarketWatch reports.

MarketWatch notes the La Ceiba is located in Venezuela's western oil region.
ExxonMobil Corp. and Petro-Canada each hold a 50% stake in La Ceiba, which
concluded a period of test production earlier this year.  ExxonMobil, La
Ceiba's operator, declared the field commercial in late 2005 after an
exploration campaign.

However, Venezuela is demanding that all private oil operations come into
line with the 2001 Hydrocarbons Law, which demands that Petroleos de
Venezuela hold at least a 51% stake in upstream oil operations, MarketWatch
states.

Rafael Ramirez, the oil minister of Venezuela, told MarketWatch that
ExxonMobil must give Venezuela a majority stake in La Ceiba before starting
commercial production.

According to MarketWatch, La Ceiba is expected to eventually produce over
40,000 barrels per day of medium-grade crude oil.

Petroleos de Venezuela has estimated La Ceiba's average production around
20,000 barrels a day for 2007, according to MarketWatch.

However, Minister Ramirez told MarketWatch that this depends on contract
negotiations.

"That is the plan we have, but it will happen when (the project) adjusts to
current laws," reporters say, citing Minister Ramirez.

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

                        *    *    *

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

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


PETROLEOS DE VENEZUELA: Names Felix Rodriguez President for Unit
----------------------------------------------------------------
Anibal Rosas -- the outgoing president of PDVSA Gas, Petroleos de
Venezuela's natural gas subsidiary -- told Business News Americas that the
Venezuelan government has appointed Felix Rodriguez as president of PDVSA
Gas.

BNamericas relates that the appointment has not been published in the
Venezuela's official gazette.   Mr. Rosas also did not reveal the reason for
his resignation.

According to BNamericas, Mr. Rosas managed a phase of expansion for
Venezuela's gas industry in the aftermath of the 2002-03 oil strike, when
gas production almost stopped.  Venezuela's oil output is now almost 7
billion cubic feet per day.

Meanwhile Mr. Rodriguez had said earlier this year that he favored buying a
stake in Ypergas, the largest private natural gas firm in Venezuela,
BNamericas states.

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

                        *    *    *

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

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


PETROLEOS DE VENEZUELA: Refinery Project with Brazil Under Way
--------------------------------------------------------------
Eduardo Campos -- the governor of Pernambuco, Brazil -- told the Associated
Press that Petroleos de Venezuela's oil refinery project with Petroleo
Brasileiro in Pernambuco is under way.

El Universal relates that the planned refinery will process equal volumes of
Brazilian Marlim crude oil and extra-heavy crude oil from Venezuela Orinoco
belt.  The cost of the plant has not been disclosed.

However, sources told El Universal that the construction of the plant could
cost up to US$2.8 billion.

Oil authorities of Venezuela hinted that Petroleo Brasileiro and Petroleos
de Venezuela will hold a 50% stake each in the plant, el Universal notes.

Paulo Roberto Costa, Petroleo Brasileiro's supply and refining director,
told el Universal that the firm and Petroleos de Venezuela agreed to process
200,000 barrels per day at the plant.

Mr. Campos told El Universal that Brazil's President Luiz Inacio Lula da
Silva will be visiting Venezuela to discuss the project with Hugo Chavez,
his Venezuelan counterpart.

Construction is expected to begin in 2007 and could be completed in 2010 or
2011, El Universal says, citing Mr. Campos.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- was
founded in 1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various wholesale
customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is

               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+'.


* VENEZUELA: Reducing Crude Oil Production Under OPEC Agreement
---------------------------------------------------------------
Rafael Ramirez, Venezuela's minister of energy and petroleum, informed all
operating enterprises in the country about the measure to reduce the crude
oil production in Venezuela, based on the agreement arrived at the OPEC
during its last meeting in Doha, Qatar.

Minister Ramirez said, "a letter will be sent to all foreign producers of
Venezuelan crude oil.  The letter will explain our sovereign position and
how Venezuela's reduction of 138,000 boe/d as of Nov. 1 is but the country's
quota of the total 1,200,000 boe/d reduction all countries of the OPEC will
assume."

Technicians from the Ministry of Energy and Petroleum will carry out a
strict follow-up of this measure and will closely supervise the evolution of
the market.

Minister Ramirez ratified his disposition to support a new reduction of
300,000 barrels of crude during the next meeting of the organization that
will take place on Dec. 14 in Abuja, Nigeria.  If this decision is made, the
crude production of the OPEC will have a reduction of 1,700,000 boe/d by the
end of the year.

Minister Ramirez indicated that the objective is to defend the fair price of
the barrel and to stabilize the market.  He noted that "the price per barrel
of petroleum will not be US$30 again, given the structural factors that
prevent it from going down."

The world's lack of capacity in refinery, speculation and geo-political
issues are among the factors that prevent it from going back to that price.

At the same time, the rest of the OPEC countries have supported the
organization's criteria, in order to stabilize the prices of crude oil.
Kuwait, for example, announced that its oil production will be reduced by
100,000 boe/d as of Nov. 1.  Likewise, Libya will reduce its production by
72.000 boe/d.

                        *    *    *

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


* BOOK REVIEW: Legal Aspects of Health Care Reimbursement
---------------------------------------------------------
Author:     Robert J. Buchanan and James Minor
Publisher:  Beard Books
Paperback:  304 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587980932/internetbankrupt


With Legal Aspects of Health Care Reimbursement, Buchanan, a professor in
the School of Public Health at Texas A&M, and Minor, an attorney, have come
up with an invaluable resource for lawyers and anyone else seeking an
introduction to the legal and social issues related to Medicare and
Medicaid.

The administrative costs of Medicare and Medicaid reimbursement have been a
heated topic of debate among public officials and administrators of provider
healthcare organizations, especially health maintenance organizations.

Although inflation and the use of costly medical technology are key factors
in the rise in Medicare and Medicaid costs, some control can be gained
through appropriate compliance, using more efficient procedures and better
detection of fraud.  This work is a major guide on how to go about doing
this.

Though mostly a legal treatise, Legal Aspects of Health Care Reimbursement,
first published in 1985, also offers commentary through legislative and
regulatory analyses, thereby explaining how healthcare reimbursement
policies affect the solvency and effectiveness of the Medicare and Medicaid
programs.

In discussing how legislation and regulations affect the solvency and
effectiveness of government-provided healthcare, the authors offer insight
into the much-publicized and much-discussed issue of runaway healthcare
costs.

Buchanan and Minor do not deny that healthcare costs are out of control and
are onerous for the government and ruinous for many individuals.  But
healthcare reimbursement policies are not the cause of this, the authors
argue.

To make their case, they explain how the laws and regulations in different
areas of the Medicare and Medicaid programs create processes that are
largely invisible to the public, but make the programs difficult to manage
financially.

The processes are not well thought out nor subject to much quality control,
with the result that fraud is chronic and considerable.

The areas of Medicare covered in the book are inpatient hospital
reimbursement, long-term care, hospice care, and end-stage renal disease.
The areas of Medicaid covered are inpatient hospital and long-term care plus
abortion and family planning services.

For each of these areas, the authors discuss the conditions for receiving
reimbursement, the legislation and regulations regarding reimbursement, the
procedures for being reimbursed, the major areas of reimbursement (for
example, capital-related costs, dietetic services, rental expenses); and
court cases, including appeals. Reimbursement practices of selected states
are covered.

For each of the major areas of interest, the chapters are organized in a
manner that is similar to that found in reference books and professional
journals for attorneys and accountants.

Laws and regulations are summarized and occasionally quoted with expert
background and commentary supplied by the authors.

With regard to court cases and rulings pertaining to Medicare and Medicaid,
passages from court papers are quoted, references to legal records are
supplied, and analysis is provided.

Though the text delves into legal issues, it is accessible to administrators
and other lay readers who have an interest in the subject matter.

Clear chapter and subchapter titles, a table of cases following the text,
and a detailed index enable readers to use this work as a reference.

The value of this book is reflected in the authors' ability to distill great
amounts of data down to one readable text.  It condenses libraries of
government and legal documents into a single work.

Answers to questions of fundamental importance to healthcare providers --
those dealing with qualifications, compliance, reimbursable costs, and
appeals -- can be found in one place.

Timely reimbursement depends on proper application of the rules, which is
necessary for a provider's sound financial standing.

But the authors specify other reasons for writing this book, to wit:
"Providers should have a general knowledge of the law and should not rely on
manuals and regulations exclusively."

By summarizing, commenting on, and citing cases relating to principal
provisions of Medicare and Medicaid, the authors accomplish this objective.

The authors also cover the topic of fraud with respect to both Medicare and
Medicaid, offering both a legal treatment and commentary.  At the end of
each chapter is a section titled "Outlook," which contains a discussion of
government studies, changes in healthcare policy, or other developments that
could affect reimbursement.  Although this work was published over two
decades ago, much of this discussion is still relevant today.

Finally, the book is a call for change.  The authors remark in their closing
paragraph: "Given the increasing for-profit orientation of the major
segments of the health care industry, proprietary providers should be
particularly responsive to new efficiency incentives" in reimbursement.

In relation to this, "policymakers [should] develop reimbursement methods
that will encourage providers to become more efficient."

Robert J. Buchanan is currently a professor in the Department of Health
Policy and Management in the School of Rural Public Health at the Texas A&M
University System Health Sciences Center.  James D. Minor, a former law
professor at the University of Mississippi, has his own law practice.


                        ***********


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 * * *